MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
TNT INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
TNT EXPRESS WORLDWIDE ( |
|
|
|
|
Registered
Office : |
No. 82/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.09.1993 |
|
|
|
|
Com. Reg. No.: |
08-016275 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64120KA1993PTC016275 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Couriers, Cargo and Logistics Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3826000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having moderate track. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
The Profit and Loss of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
Management is Non Co-operative
LOCATIONS
|
Registered Office : |
No. 82/1, |
|
Tel. No.: |
91-80-2292221 / 3 / 30598000 |
|
Fax No.: |
91-80-2292227 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Located at : Ø
Tel. No. 91-562-2855341/42 Ø
Ahmedabad Tel. No. 91-79-26585135/4263 Ø
Tel. No. 91-9814158464 / 9417286964 Ø
Ankleswar Tel. No. 91-9898471908 Ø
Tel. No. 91-9822496660 Ø
Tel. No. 91-80-22292221 Ø
Tel. No. 91-9341056040 Ø
Bhilwara Tel. No. 91-291-23953331 Ø
Bhiwadi Tel. No. 91-291-23953331 Ø
Tel. No. 91-674-2534304/308 Ø
Tel. No. 91-9888482036 Ø
Chennai Tel. No. 91-44-24315100/15 Ø
Tel. No. 91-484-2353346/351, 2371934 Ø
Tel. No. 91-422-2211433 / 2216792 Ø
Tel. No. 91-9866633388 / 9840153520 Ø
Guwahati Tel. No. 91-9435144868 / 9435048955 Ø
Hubli Tel. No. 91-9341056040 Ø
Tel. No. 91-731-2499091-4 Ø
Jaipur Tel. No. 91-141-2370157/2379618/28 Ø
Jalandhar Tel. No. 91-9814158464 / 9417286964 Ø
Tel. No. 91-9814158464 / 9417286964 Ø
Tel. No. 91-291-3953331 Ø
Karur Tel. No. 91-4324-237644 Ø
Tel. No. 91-9822060651 Ø
Kolkata Tel. No. 91-33-23552680 Ø
Tel. No. 91-161-5053531-33 Ø
Mangalore
Tel. No. 91-9341056040 Ø
Meetur Tel. No. 91-121-2557197 Ø
Tel. No. 91-591-2499841/42 Ø
Mumbai Tel. No. 91-22-28234060 / 80, 28239555 Ø
Tel. No. 91-9341056040 Ø
Tel. No. 91-9823012370 Ø
Tel. No. 91-9890511109 Ø
Tel. No. 91-11-41004242 Ø
Panipat Tel. No. 91-180-3090568 Ø
Tel. No. 91-9888482036 Ø
Tel. No. 91-9334155293 / 9334335839 Ø
Pune Tel. No. 91-20-26612604 / 26612671 / 27460608 Ø
Tel. No. 91-9827129001 Ø
Rohtak Tel. No. 91-9824042023 / 9824221326 Ø
Secunderabad Tel. No. 91-180-3090568 Ø
Tel. No. 91-27893220/3224 Ø
Thane Tel. No. 91-9898471908 Ø
Tirupathi Tel. No. 91-25376715/16/6571/4874 Ø
Tirupur Tel. No. 91-9866633388 / 9840153520 Ø
Tel. No. 91-421-2205011 / 2201311 / 2207681 Ø
Vapi Tel. No. 91-9828144240 Ø
Vasai Tel. No. 91-9898471908 Ø
Tel. No. 91-30925329 Ø
Vishakapatnam Tel. No. 91-9866633388 /
9840153520 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Abhik Mitra |
|
Designation : |
Director |
|
Address : |
Flat No. 5, Aum Villa, 3rd Floor 41, Benson Town, |
|
Date of Birth/Age : |
31.07.1959 |
|
Date of Appointment : |
15.03.2004 |
|
|
|
|
Name : |
Mr. Panduranga Kuppaswamy Naidu Bhuvanagiri |
|
Designation : |
Director |
|
Address : |
571, 3rd Cross, 15th main, IV Block,
Koramangala, Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
20.04.1960 |
|
Date of Appointment : |
03.03.1994 |
|
|
|
|
Name : |
Mr. Johannes Mintse Kroemer |
|
Designation : |
Director |
|
Address : |
Villa No. 413, Phase 2, Adarsh Palm Meadows, |
|
Date of Birth/Age : |
14.12.1969 |
|
Date of Appointment : |
29.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
TNT Express Worldwide N.V. ( |
|
15861180 |
|
Easymall B.V. ( |
|
1 |
|
Total |
|
15861181 |
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Couriers, Cargo and Logistics Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Note :- Secured by
hypothecation of underlying vehicles
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
5th Floor, Tower “D”, The Millenia, 1 and 2 Murphy Road,
Ulsoor, Bangalore – 560008, Karnataka, India |
|
|
|
|
Holding Company : |
TNT Express Worldwide N.V. ( |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15920800 |
Equity Shares |
Rs.100/- each |
Rs.1592.080 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15861181 |
Equity Shares |
Rs.100/-
each |
Rs.1586.118
Millions |
Note :-
All the above shares are hold by TNT Express
Worldwide N.V.,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1586.118 |
1306.118 |
1222.918 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3505.434 |
2385.434 |
2052.634 |
|
|
4] (Accumulated Losses) |
(4134.927) |
(3544.699) |
(2422.224) |
|
|
NETWORTH |
956.625 |
146.853 |
853.328 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
10.961 |
21.892 |
|
|
2] Unsecured Loans |
126.290 |
420.456 |
360.554 |
|
|
TOTAL BORROWING |
126.290 |
431.417 |
382.446 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1082.915 |
578.270 |
1235.774 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
149.341 |
222.898 |
238.334 |
|
|
Capital work-in-progress |
12.327 |
19.265 |
45.582 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.177 |
0.177 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1262.309
|
1055.406 |
981.397 |
|
|
Cash & Bank Balances |
171.849
|
209.285 |
553.544 |
|
|
Other Current Assets |
0.731
|
1.068 |
0.896 |
|
|
Loans & Advances |
356.143
|
356.543 |
425.136 |
|
Total
Current Assets |
1791.032
|
1622.302 |
1960.973 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
186.732
|
523.029 |
400.480 |
|
|
Other Current Liabilities |
576.700
|
607.660 |
350.672 |
|
|
Provisions |
106.353
|
155.683 |
258.140 |
|
Total
Current Liabilities |
869.785
|
1286.372 |
1009.292 |
|
|
Net Current Assets |
921.247
|
335.930 |
951.681 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1082.915 |
578.270 |
1235.774 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Service Income |
|
4531.209 |
4476.761 |
|
|
|
Other Income |
|
32.485 |
22.861 |
|
|
|
TOTAL (A) |
|
4563.694 |
4499.622 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Freight, Handling and Service costs |
|
3006.286 |
3357.072 |
|
|
|
Employee Costs |
|
728.260 |
644.424 |
|
|
|
Selling, general and administrative expenses |
|
1734.811 |
1253.819 |
|
|
|
TOTAL (B) |
|
5469.357 |
5255.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(905.663) |
(755.693) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
44.907 |
62.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(950.570) |
(817.816) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
157.041 |
142.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(1107.611) |
(960.650) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
14.864 |
14.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
(1122.475) |
(975.388) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(2422.224) |
(1446.836) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(3544.699) |
(2442.224) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
(24.60) |
(21.68) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
(24.44) |
(21.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
(60.03) |
(43.68) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
(7.54) |
(1.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
11.70 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.26 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues to Micro, Small and Medium Enterprises |
0.542 |
0.000 |
0.000 |
|
Others |
186.190 |
523.029 |
400.480 |
|
Total |
186.732 |
523.029 |
400.480 |
FIXED ASSETS :
- Plant and Machinery
- Leasehold Improvements
- Computer Systems
- Office Equipments
- Furniture and Fittings
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.67 |
|
|
1 |
Rs.69.44 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.