MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAFEXPRESS PRIVATE LIMITED |
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|
|
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Registered
Office : |
Safex Cargo Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.04.1996 |
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|
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Com. Reg. No.: |
55-078476 |
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CIN No.: [Company Identification
No.] |
U64120DL1996PTC078476 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS07724D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Transportation and Cargo Services |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15089000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
Position of the Company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Safex Cargo Complex, |
|
Tel. No.: |
91-11-26783281 (10 Lines) |
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Fax No.: |
91-11-26781481/ 82 |
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E-Mail : |
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Website : |
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Area : |
60000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pawan Kumar Jain |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
24, Paschimi Marg, Casant Vihar, |
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Date of Birth/Age : |
01.09.1954 |
|
Qualification : |
B. Sc |
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Date of Appointment : |
25.04.1996 |
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Din : |
00153719 |
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|
|
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Name : |
Mrs. Sandhya Jain |
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Designation : |
Director |
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Address : |
24, Paschimi Marg, Casant Vihar, |
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Date of Birth/Age : |
01.10.1960 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
31.03.1997 |
|
Din : |
00153774 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Kumar Das |
|
|
Designation : |
Company Secretary |
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|
Address : |
37 A, |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pawan Kumar Jain |
|
500,000 |
|
Mrs. Sandhya Jain |
|
500,000 |
|
Total |
|
1,000,000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or Relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Transportation and Cargo Services |
GENERAL INFORMATION
|
Customers : |
H.P and Nokia |
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No. of Employees : |
400 |
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Bankers : |
Axis Bank, Vasant Kunj, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B C Mitra Chartered Accountant |
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Address : |
|
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Tel. No.: |
91-33-24404775 |
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PAN No.: |
ADLMP9887D |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3762.269 |
3158.925 |
2558.634 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3772.269 |
3168.925 |
2568.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
6.513 |
(0.916) |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3778.782 |
3168.009 |
2568.634 |
|
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
139.973 |
108.715 |
89.248 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
101.309 |
290.438 |
2.256 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.004 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
2097.328
|
1771.669 |
1426.813 |
|
|
Cash & Bank Balances |
847.663 |
536.961 |
1088.087 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1682.790
|
1556.132 |
1164.795 |
|
Total
Current Assets |
4627.781
|
3864.762 |
3679.695 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
404.191
|
395.882 |
418.396 |
|
|
Other Current Liabilities |
62.826
|
16.042 |
91.084 |
|
|
Provisions |
623.267
|
683.987 |
693.095 |
|
Total
Current Liabilities |
1090.284
|
1095.911 |
1202.575 |
|
|
Net Current Assets |
3537.497
|
2768.851 |
2477.120 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.005 |
0.006 |
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|
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TOTAL |
3778.782 |
3168.009 |
2568.634 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
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Other Income |
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TOTAL |
5103.144 |
4494.247 |
4226.198 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
4156.317 |
3549.957 |
3127.950 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
946.827 |
944.290 |
1098.248 |
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|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
30.878 |
29.132 |
30.802 |
|
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|
|
|
|
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PROFIT BEFORE
TAX |
915.949 |
915.158 |
1067.446 |
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Less |
TAX |
312.606 |
314.867 |
367.003 |
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PROFIT AFTER TAX |
603.343 |
600.291 |
700.443 |
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BALANCE CARRIED
TO THE B/S |
603.343 |
600.291 |
700.443 |
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|
|
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|
|
Earnings Per
Share (Rs.) |
603.34 |
600.29 |
700.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.82
|
13.36 |
16.57 |
|
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.21
|
23.03 |
28.32 |
|
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.29 |
0.42 |
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.35 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
|
4.24
|
3.53 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEB DETAILS
History:
1995
Safexpress launches as a door-to-door service with 4 routes,
9 offices, 12 container mounted vehicles and 20 employees. Safexpress' door-to-door
services include niche products like DoD and To-Pay freight.
1996
Safexpress opens super hubs at
1997
Safexpress launches Integrated Logistics Services. Our first
ILS client is NIIT, the first international ILS account is signed with Hilti
from
1998
Safeair and Safebox are launched, setting a new standard in
value added cargo services. All hubs are
connected through web-based software.
1999
Having grown by over 300%in 4 years without compromising
quality, Safexpress is awarded the Golden Peacock Award for quality and
innovation in Logistics Management.
2000
Pilot run for GPS starts on 28 routes. Safexpress reaches
the 350-destinations mark and the fleet crosses 1400.
2001
Safexpress upgrades and launches a whole lot of features on www.safexpress.com
including ePod, Virtual Cargo and Privileged Member.
2002
Safexpress declared
2003
Safexpress declared
2004
Safexpress
inaugurated its 500th scheduled delivery location. Safexpress bags the Franchise Awards04
for excellence in Team Work.
2005
Safexpress bags the
MICO:Power of We Award for excellent service in logistics. Safexpress fleet crosses 3000 mark.
2006
Safexpress awarded
by ADC Krone for providing best logistics services. Safexpress bags prestigious RAI's (Retailers
Association of India) Award for Best Logistics Service Provider.
Fixed Assets:
- Office Equipments
- Generator
- Furniture and Fixture
- Vehicles
- Computers
- Trolley (Hand Pallet)
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
57 |
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.