MIRA
INFORM REPORT
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Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known
As : |
DECCAN CARGO PRIVATE LIMITED |
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Registered
Office : |
Old No.148, New No.43, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
08-43697 |
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Capital
Investment / Paid-up Capital : |
Rs.833.560
Millions |
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CIN No.: [Company Identification
No.] |
U63013KA2007PTC043697 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD05254E |
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PAN No.: [Permanent Account No.] |
AACCD7136P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Express Courier Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an 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
in view of substantial losses recorded by the company. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Old No.148, New No.43, Embassy Square, Infantry Road, Opposite Police Commissioner’s
Office, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-42500360 |
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Fax No.: |
91-80-42500361 |
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E-Mail : |
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Website : |
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Principal Place of Business : |
138, Raheja Paramount Level 4th and 5th Floor,
Residency Road, |
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Tel. No.: |
91-80-42500360 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Gorur Ramaswamy Gopinath |
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Designation : |
Managing Director |
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Address : |
G3, Garden Apartments, Vittal |
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Date of Birth/Age : |
23.04.1951 |
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Date of Appointment : |
24.08.2007 |
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Name : |
Mr. Kannanthanam Joseph Samuel |
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Designation : |
Director |
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Address : |
20, Trinity Orchards, Geddalahalli, |
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Date of Birth/Age : |
09.04.1951 |
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Date of Appointment : |
24.08.2007 |
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Name : |
Mr. Mohan Kumar Maddur Gundurao |
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Designation : |
Additional Director |
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Address : |
Flat No.415, Sriranga Apartments, |
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Date of Birth/Age : |
03.03.1957 |
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Date of Appointment : |
14.04.2009 |
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Email : |
KEY EXECUTIVES
|
Name : |
Mr. G.K. Anantharaman |
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Designation : |
Secretary |
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Address : |
B-204, Ananda Bairavi Apartments, Karchakanahalli, |
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Date of Birth/Age : |
05.12.1971 |
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Date of Appointment : |
21.04.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gorur Ramaswamy Gopinath |
|
710050 |
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Reliance Industrial Investment and Holdings Limited |
|
3724971 |
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Kannanthanam Joseph Samuel |
|
50 |
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Anant Lalchand Sanghvi |
|
97700 |
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Ramila Anant Sanghvi |
|
50300 |
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Chintan Anant Sanghvi |
|
30000 |
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Darshan Anant Sanghvi |
|
30000 |
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185000 |
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Brand Equity Treaties Limited, |
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1030000 |
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Deccan Emerging Business Ventures Private Limited, |
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6202500 |
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Total |
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12060571 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
1.53 |
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Bodies
corporate |
|
90.86 |
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Directors
or relatives of directors |
|
5.89 |
|
Other
top fifty shareholders |
|
1.72 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Express Courier Services. |
GENERAL INFORMATION
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Bankers : |
·
State Bank of ·
United Bank of · Syndicate Bank, Industrial Finance Branch, II Floor, Manipal Centre, Dickenson Road, Bangalore-560042, Karnataka, India |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B K Ramadhyani and Company Chartered Accountant |
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Address : |
#4-B, Chitrapur Bhavan, 8th Main, 15th Cross,
Malleswaram, |
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Holding Company: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.100/- each |
Rs.1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12060571 |
Equity Shares |
Rs.100/- each |
Rs.1206.057
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.100/- each |
Rs.900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8335600 |
Equity Shares |
Rs.100/- each |
Rs.833.560
Millions |
Note:
Paid Up Share Capital Includes:
- 208000 (March 31, 2009-208000) equity shares of Rs.100/- each fully
paid up, issued for consideration other than cash
- 6202500 (March 31, 2009-401000) equity shares of Rs.100/- each fully
paid up and Nil (March 31, 2009-1700000) equity share of Rs.100/- each
partly paid up rs.29.50 per shares has been held by the holding company
Deccan Emerging Business Ventures Private Limited.
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 |
833.560 |
130.560 |
10.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
80.065 |
|
|
3] Reserves & Surplus |
268.099 |
131.109 |
0.000 |
|
|
4] (Accumulated Losses) |
(2543.954) |
(363.547) |
(38.835) |
|
|
NETWORTH |
(1442.295) |
(101.878) |
51.330 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1727.401 |
759.192 |
0.000 |
|
|
2] Unsecured Loans |
324.860 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2052.261 |
759.192 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
609.966 |
657.314 |
51.330 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
341.388 |
149.813 |
0.409 |
|
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Capital work-in-progress |
26.224 |
157.783 |
24.633 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32.610
|
0.000 |
0.000 |
|
|
Sundry Debtors |
53.264
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
73.062
|
19.083 |
0.000 |
|
|
Other Current Assets |
220.210
|
174.122 |
60.815 |
|
|
Loans & Advances |
477.377
|
218.679 |
1.137 |
|
Total
Current Assets |
856.523
|
411.884 |
61.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
539.266
|
52.763 |
15.422 |
|
|
Other Current Liabilities |
109.524
|
12.587 |
23.286 |
|
|
Provisions |
10.111
|
1.855 |
0.405 |
|
Total
Current Liabilities |
658.901
|
67.205 |
39.113 |
|
|
Net Current Assets |
197.622
|
344.679 |
22.839 |
|
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MISCELLANEOUS EXPENSES |
44.732 |
5.039 |
3.449 |
|
|
|
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|
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|
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TOTAL |
609.966 |
657.314 |
51.330 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.995 |
|
|
|
TOTAL (A) |
437.154 |
22.230 |
0.995 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
2617.531 |
345.742 |
39.369 |
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|
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Advertising Expenses |
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|
|
|
TOTAL (B) |
2617.531 |
345.742 |
39.369 |
|
|
|
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|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
NA |
NA |
(38.374) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
0.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
(38.479) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
0.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2180.377) |
(323.512) |
(38.522) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.033 |
1.198 |
0.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(2180.410) |
(324.710) |
(38.835) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(363.540) |
(38.830) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2543.950) |
(363.540) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
326.728 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(446.81) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(498.77)
|
(1460.68) |
(3903.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(182.01)
|
(57.60) |
(61.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.51
|
3.18 |
(0.75) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.88)
|
(8.11) |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
6.13 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered office of the company has been shifted from 214/33, 7th Cross, Cunningham Road, Vasanth Nagar, Bangalore-560052, Karnataka, India to the present address w.e.f. 26.05.2010.
RESULTS OF
OPERATIONS
The company commenced International Air Express Freight operations in
May 2009 and full fledged Domestic Express Operations in November 2009. It also
commenced International Air Cargo operations in December 2009.
The year under report being the first year of commercial operations,
results for the year are not comparable with the previous years’.
REVENUE
The Revenue for the year was Rs 437.150 million as against Rs 22.230
million during the previous year.
PROFITS
The loss for the year stood at Rs. 2180.410 million as against a loss of
Rs 324.710 million in the previous year.
COMPANY OUTLOOK
The Company is in the business of transportation of cargo including
express couriers by Air and Surface on a pan
The Company is the first Indian company to create a hub-and-spoke
distribution model in an industry that is still in the early stages of
development. The state-of-the-art hub will be strategically located at
During the year the Company is operating 3 Airbus A310, 3 ATR 72 and 1
Fokker F50. From May 2010, the Company has replaced Fokker F50 by ATR 42 and
added an additional ATR 42 to cater to the increased demand in the domestic
express market.
The Company commenced its domestic operations, by a franchisee model
wherein pickup and delivery is handled by local franchisee. Currently the
Company is operating in 50 cities with 58 service stations through 38
franchisees.
Subject 360 is one of the leading express service provider with a broad
portfolio of transportation services. The Company offers a differentiated suite
of door-to-door time definite and day definite transportation solutions to a
significant part of the Indian domestic GDP. The Company has achieved this
through an optimal integration of air and ground infrastructure through an
asset light business model. For the first time the Indian shippers are able to
use one transportation company for all their transportation needs. This will be
a significant competitive advantage in creating market space.
GROWTH DRIVERS OF
THE COMPANY:
- Operates 8
freighter aircrafts of different types offering various wide range
capacity induction
- 300 tons
capacity per night on Air
- 210 tons
capacity per night on Surface with 30 tonnes per day.
- 10 airports served
directly
- 8 major
surface hubs.
- Last Mile –
First Mile Connectivity offered by 58 service stations through 38
franchisees.
- Covers over
50 cities covering more than 2500 pin codes. Scaling up to 85 cities by
September 2010 and 150 cities by
April 201 1.
- Sewed by over
300 direct employees and 500 + partner employees.
- Fully
integrated IT system for managing door-to-door operations
The Company is the first Indian logistics company to launch an
international air freighter service connecting
The Company has a management team of professionals from the Express
Logistics and Airline Industry. The
senior team consists of industry experts with over 200 years of combined
experience in the express business
The strategic investment by Reliance Group will help the company get
captive business and execution capability.
BUSINESS SCENARIO
One of the critical components to sustain a strong growth in high value
manufacturing is an optimal supply chain network. In manufacturing industries,
typically logistics costs constitute upto 12% of the final price of a product.
There is a strong correlation between GDP growth and the express
industry growth rate. Driven by the growth in manufacturing industries and the
increase in the value of goods produced, the express market is expected to grow
at least at CAGR of 15% over the next 10 years.
In developed economies like the
Indian market today is fairly consolidated with 8 large players
garnering 85% of the total market share in spite of a large number of players
in air express and surface express. Currently, there is a clear gap in the
express market where a single service provider can integrate air express and
surface express offering customers an extensive product portfolio, unmatched
connectivity and reach to Tier-ll towns
and major metros.
With a population that exceeds 1.15
billion and a middle class that exceeds 500 million,
Total international air cargo flows into, within, and out of
The Indian market constitutes 2.2%
of the world’s air cargo traffic in tonnage and 2.5% in tonne-kilometers.
The Company is thus well situated to benefit from the expected
exponential growth of the Indian and world economies.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U63013KA2007PTC043697 |
|
Name of the
company |
|
|
Address of the registered
office or of the principal place of
business in |
Old No.148, New No.43, Embassy Square, Infantry Road, Opposite Police
Commissioner’s Office, Bangalore – 560001, Karnataka, India |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Syndicate Bank,
Industrial Finance Branch, II Floor, Manipal Centre, Dickenson Road,
Bangalore-560042, Karnataka, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
25.02.2011 |
|
Amount secured by
the charge |
Rs.1000.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate + 3.75% @13.25% Terms of
Repayment Repayable in 20
quarterly installments after an initial repayment holiday of 31 months. Extent and
Operation of the charge The charge shall
operate to the extent of the loan amount plus interest commission costs,
expenses and other charges thereon. |
|
Short particulars
of the property charged |
I)
Second
charge on the current assets of the Company. II)
1st
pari passu charge on all tangible assets of the III)
Procured
after 01.04.2010 and all other tangible assets being acquired. IV)
2nd
charge on book debts, both present and
future, outstanding decrees, money receivables, claims, subsidies,
investments, rights and other
admissible claims, etc. V)
Assignment
of all rights of the Company under all project documents. |
FIXED ASSETS:
· Building
· Software and Computer Equipment
· Office Equipment
· Furniture and Fittings
· Plant and Machinery
· Computer Equipments
· Computer Software
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.