MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	DTDC COURIER AND CARGO LIMITED

Registered Office :	DTDC House, No. 3, Victoria Road, Bangalore-560047, Karnataka

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	26.07.1990

Com. Reg. No.:	08-011089

Capital Investment / Paid-up Capital :	Rs.33.771 Millions

CIN No.: [Company Identification No.]	U85110KA1990PLC011089

TAN No.: [Tax Deduction & Collection Account No.]	BLRD00520C

PAN No.: [Permanent Account No.]	AAACD8017H

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Providing Courier Services.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1200000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	DTDC House, No. 3, Victoria Road, Bangalore-560047, Karnataka, India
Tel. No.:	91-80-25365032
Fax No.:	91-80-25514461
E-Mail :	company_secretary@dtdc.com dtdcho@vsnl.com

Regions Office:	Located At: Ahmedabad Bangalore Bhubaneshwar Chennai Cochin Hyderabad Indore Kolkata Mumbai Nagpur North Delhi Patna Pune South Delhi

DIRECTORS

As on 04.08.2010

Name :

Mr. Subhasish Chakraborty

Designation :

Chairman

Address :

Flat No. B-22, Shobha Ivory II, 7/1, St. Johns Road, Bangalore-560042, Karnataka, India

Date of Birth/Age :

07.04.1954

Date of Appointment :

26.07.1990

Din No.:

00175976

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Managing director	26-07-90	26-07-90	-	Active	NO
2	U85110KA1993PLC014429	DTDC WORLDWIDE EXPRESS LIMITED	Managing director	14-06-93	14-06-93	-	Active	NO
3	U50102KA1999PTC025330	MILLENNIUM MOTORS PRIVATE LIMITED	Director	11-06-99	11-06-99	-	Active	NO
4	U51497WB1995PTC076002	SHARWIN HEALTH CARE PRIVATE LIMITED	Director	03-01-03	03-01-03	30-11-07	Active	YES
5	U52190KA2004PLC033448	DTDC Retail Limited	Director	26-02-04	26-02-04	-	Active	NO
6	U91110MH1997NPL106153	EXPRESS INDUSTRY COUNCIL OF INDIA	Nominee director	14-03-05	14-03-05	-	Active	NO
7	U72300KA2005PLC037721	DCG TECH LIMITED	Director	21-11-05	21-11-05	-	Active	NO
8	U74910KA2007PLC043366	T2P CONSULTANTS LIMITED	Director	16-07-07	16-07-07	-	Active	NO
9	U64120KA2007PLC043567	SMS INTRACITY COURIER SERVICES (BANGALORE) LIMITED	Director	10-08-07	10-08-07	-	Active	NO

Name :

Mr. Suresh Kumar Bansal

Designation :

Director

Address :

C 11, Old DLF Colony, Sector 14, Gurgaon-122001, Haryana, India

Date of Birth/Age :

1.09.1957

Date of Appointment :

14.02.2006

Din No.:

00056435

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	12-11-91	12-11-91	22-04-09	Active	NO
2	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Director	14-02-06	14-02-06	-	Active	NO
3	U85110KA1993PLC014429	DTDC WORLDWIDE EXPRESS LIMITED	Director	14-02-06	14-02-06	-	Active	NO
4	U72300KA2005PLC037721	DCG TECH LIMITED	Director	18-09-06	18-09-06	-	Active	NO
5	U52190KA2004PLC033448	DTDC RETAIL LIMITED	Director	09-06-07	09-06-07	-	Active	NO
6	U74910KA2007PLC043366	T2P CONSULTANTS LIMITED	Director	16-07-07	16-07-07	-	Active	NO
7	U64120KA2007PLC043567	SMS INTRACITY COURIER SERVICES (BANGALORE) LIMITED	Director	10-08-07	10-08-07	-	Active	NO
8	U51397DL2003PTC121718	MILLION MINDS SERV-U PRIVATE LIMITED	Director	16-10-07	16-10-07	-	Active	NO

Name :

Tapasi Chakraborty

Designation :

Director

Address :

Flat No. B-22, Shobha Ivory II, 7/1, St. Johns Road, Bangalore-560042, Karnataka, India

Date of Birth/Age :

07.01.1958

Date of Appointment :

26.07.1990

Din No.:

00176209

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Director	26-07-90	26-07-90	Active	NO
2	U85110KA1993PLC014429	DTDC WORLDWIDE EXPRESS LIMITED	Director	14-06-93	14-06-93	Active	NO
3	U50102KA1999PTC025330	MILLENNIUM MOTORS PRIVATE LIMITED	Director	11-06-99	11-06-99	Active	NO
4	U52190KA2004PLC033448	DTDC RETAIL LIMITED	Director	26-02-04	26-02-04	Active	NO
5	U72300KA2005PLC037721	DCG TECH LIMITED	Director	21-11-05	21-11-05	Active	NO
6	U74910KA2007PLC041612	PROLIFIC HR CONSULTANTS (INDIA) LIMITED	Director	02-02-07	02-02-07	Active	NO
7	U64120KA2007PLC043567	SMS INTRACITY COURIER SERVICES (BANGALORE) LIMITED	Director	10-08-07	10-08-07	Active	NO

Name :

Mr. Abhishek Chakraborty

Designation :

Director

Address :

Flat No. B-22, Shobha Ivory II, 7/1, St. Johns Road, Bangalore-560042, Karnataka, India

Date of Birth/Age :

18.06.1984

Date of Appointment :

14.02.2006

Din No.:

00176434

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KA1993PLC014429	DTDC WORLDWIDE EXPRESS LIMITED	Director	14-02-06	14-02-06	Active	NO
2	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Whole-time director	15-04-09	14-02-06	Active	NO
3	U52190KA2004PLC033448	DTDC Retail Limited	Additional director	25-03-11	25-03-11	Active	NO
4	U64120KA2007PLC043567	SMS INTRACITY COURIER SERVICES (BANGALORE) LIMITED	Additional director	25-03-11	25-03-11	Active	NO

Name :

Ms. Arpita Mittra Chakraborty

Designation :

Director

Address :

No. 92/1/B, Moulana, Abdul Kalam Azad, Sarani Rukmani Paras Mani Appartments, Flat 6 PF, Kolkata-700054, West Bengal, India

Date of Birth/Age :

07.07.1979

Date of Appointment :

02.03.2001

Din No.:

00176337

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KA1993PLC014429	DTDC WORLDWIDE EXPRESS LIMITED	Director	02-03-01	02-03-01	Active	NO
2	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Whole-time director	01-10-07	02-03-01	Active	NO

Name :

Mr. Manish Chhajed

Designation :

Director

Address :

No. 29, Adarsh Nagar, Rohtak-124001, Haryana, India

Date of Birth/Age :

14.06.1978

Date of Appointment :

21.05.2009

Din No.:

02549768

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-09-09	28-03-09	-	Active	NO
2	U29199TN2004PLC078244	VICTORY TRANSFORMERS AND SWITCHGEARS LIMITED	Director	01-05-09	01-05-09	-	Active	NO
3	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Director	20-08-09	19-05-09	-	Active	NO
4	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Director	22-09-09	21-05-09	-	Active	NO
5	U27109TN1956PLC000882	HACKBRIDGE-HEWITTIC AND EASUN LTD	Director	01-06-09	01-06-09	-	Active	NO
6	U51494MH2004PLC147108	TEXTRADE INTERNATIONAL LIMITED	Nominee director	07-08-09	01-06-09	-	Active	NO
7	U63010MH1989PLC052533	BLR LOGISTIKS (I) LIMITED	Nominee director	02-06-09	02-06-09	-	Active	NO
8	U25209MH1991PLC060602	KRYFS POWER COMPONENTS LIMITED	Nominee director	26-06-09	26-06-09	25-09-10	Active	NO
9	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Nominee director	29-09-09	12-08-09	-	Active	NO
10	U70101DL2001PTC111808	SARLA HOLDINGS PRIVATE LIMITED	Director	30-09-10	14-12-09	-	Active	NO

Name :

Mr. Prakash Satya Ramamurthy

Designation :

Director

Address :

C/O. Reliance Equity Advisors India Limited, 6 Floor, No. 61, Sakhar Bhavan, Nariman Point, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

12.05.1968

Date of Appointment :

21.05.2009

Din No.:

00956349

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01541KA1985PTC006784	APPU NUTRITIONS PRIVATE LIMITED	Director	14-12-06	14-12-06	23-09-08	Active	NO
2	U85110KA1988PTC009463	NILGIRI'S MECHANISED BAKERY PRIVATE LIMITED	Director	14-12-06	14-12-06	23-09-08	Active	NO
3	U65910KA1996PTC019885	NILGIRIS FRANCHISE PRIVATE LIMITED	Director	14-12-06	14-12-06	23-09-08	Active	NO
4	U52599KA2006PTC040316	KETTY RETAIL VENTURES PRIVATE LIMITED	Director	14-12-06	14-12-06	23-09-08	Active	NO
5	U85110KA1990PLC011089	DTDC COURIER AND CARGO LIMITED	Director	22-09-09	21-05-09	-	Active	NO
6	U67190MH2010PTC206408	ELEVATE CAPITAL MANAGEMENT PRIVATE LIMITED	Director	10-08-10	10-08-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2010

Names of Shareholders		No. of Shares
Subhasish Chakraborty		1038132
Tapasi Chakraborty		754596
Sonata Investments Limited, India		847512
Utility Energy Tech and Engineers (Private) Limited, India		526800
Jyotirmay Chakraborty		28017
Y.S.V.R. Chandramohan		15000
Pradip Saha		7992
Koteshwar Rao		2000
Abhishek Chakraborty		53644
Kanta Chakraborty		29348
Arpita Chakraborty Mittra		7334
Bhaskar Podder		2350
Subhankar Podder		2350
Tanushree Podder		2350
Tulika Deb		2350

As on 04.08.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		40.69
Directors or relatives of directors		56.26
Other top fifty shareholders		3.05
Total		100.00

BUSINESS DETAILS

Line of Business :

Providing Courier Services.

GENERAL INFORMATION

Bankers :	Axis Bank Limited, Esquire Centre, No. 9, M G Road, Bangalore-560001, Karnataka, India ICICI Bank, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India
Banking Facilities:

Secured Loan	As on 31.03.2009 [Rs. in Millions]	As on 31.03.2008 [Rs. in Millions]	As on 31.03.2007 [Rs. in Millions]	As on 31.03.2006 [Rs. in Millions]
From Banks
Term Loans [Repayable one year RS.28.689 millions] [Previous year Rs.17.192 millions]	9.889	30.047	38.441	26.208
Short Term Loan	0.024	44.920	3.193	6.575
Total	9.913	74.967	41.634	32.783

Unsecured Loan
Public Deposits [Consists of deposits matured, but remaining unclaimed, amounting to Rs.0.050 million (previous year Rs.0.090 millions)]	0.000	0.050	0.340	1.461
Interest accrued and due on public deposits	0.000	0.000	0.035	0.078
Loan from Directors	0.000	0.000	0.000	0.050
Total	0.000	0.050	0.375	1.589

NOTE:

Term loan fro IDBI Bank is secured by first charge over fixed asset acquired using this loan and additionally secured by hypothecation of all other fixed and current assets of the company, present or future. Term loan from ABN Amro Bank is secured by hypothecation of all fixed assets, present and future, on pari passu basis with IDBI Bank. Term loan from ICICI Bank and Centurion Bank is secured by hypothecation of the fixed assets acquired using this loan.

Short term loan form ABN Amro Bank is secured by hypothecation of all receivables, present and future, on pari passu basis with IDBI Bank.


Banking Relations :	--

Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Maryti Infotech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore-560071, Karnataka, India

Subsidiaries :	DTDC Worldwide Express Limited [U85110KA1993PLC014429] DTDC Intracity Courier Limited [U64120KA2004PLC033448] DTDC Express Inc. USA DTDC Courier and Cargo (UK) Limited

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3377110	Equity Shares	Rs.10/- each	Rs.33.771 Millions

As on 04.08.2010

Authorised Capital : Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital : RS.101.665 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		33.771	33.771	33.691	33.691
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		282.417	268.450	201.394	119.167
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		316.188	302.221	235.085	152.858
LOAN FUNDS
1] Secured Loans		9.913	74.967	41.634	32.783
2] Unsecured Loans		0.000	0.050	0.375	1.589
TOTAL BORROWING		9.913	75.017	42.009	34.372
DEFERRED TAX LIABILITIES		1.595	11.606	19.045	15.773

TOTAL		327.696	388.844	296.139	203.003

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		137.626	146.317	140.308	135.105
Capital work-in-progress		1.010	1.122	2.393	2.400

INVESTMENT		20.774	20.672	13.067	3.845
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000	0.000
	Sundry Debtors	339.135	367.273	241.501	121.492
	Cash & Bank Balances	111.593	73.620	78.293	52.862
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans & Advances	191.334	155.836	114.794	99.680
Total Current Assets		642.062	596.729	434.588	274.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		196.558	145.514
	Other Current Liabilities	440.775	156.219	125.837	196.044
	Provisions	33.001	23.219	22.866	16.337
Total Current Liabilities		473.776	375.996	294.217	212.381
Net Current Assets		168.286	220.733	140.371	61.653

MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000

TOTAL		327.696	388.844	296.139	203.003

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007	31.03.2006
	SALES
		Income	1919.339	1748.060	1528.103	1043.852
		Other Income	53.056	44.643	71.470	27.202
		TOTAL (A)	1972.395	1792.703	1599.573	1071.054

Less	EXPENSES
		Operation Costs	1112.022	901.029	857.274
		Employee Costs	312.711	381.129	232.764
		Administrative Expenses	426.831	327.562	311.532	942.670
		Selling Expenses	21.859	13.822	11.733
		Prior Period Items	0.000	0.000	5.688
		TOTAL (B)	1873.423	1623.542	1418.991	942.670

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.972	169.161	180.582	128.384

Less	FINANCIAL EXPENSES (D)		12.757	10.912	5.919	3.740

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.215	158.249	174.663	124.644

Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.234	33.726	29.634	22.681

	PROFIT BEFORE TAX (E-F) (G)		51.981	124.523	145.029	101.963

Less	TAX (H)		27.218	50.761	49.854	40.678

	PROFIT AFTER TAX (G-H) (I)		25.763	73.762	95.175	61.285

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		222.556	170.304	99.575	58.826
	TRANSITIONAL ADJUSTMENT IN ACCORDANCE WITH REVISED		0.000	0.335	0.000	0.000

Less	APPROPRIATIONS
		Transfer to General Reserve	2.576	10.000	11.000	7.500
		Proposed Dividend	10.131	10.125	11.792	11.433
		Corporate Dividend Tax	1.722	1.720	1.654	1.603
	BALANCE CARRIED TO THE B/S		233.890	222.556	170.304	99.575

	EARNINGS IN FOREIGN CURRENCY
		Courier Income	0.216	26.322	34.341	NA
		Other Earnings	0.000	0.045	0.704	NA
	TOTAL EARNINGS		0.216	26.367	35.045	NA

	Earnings Per Share (Rs.)		7.63	21.86	28.25	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	1.31	4.11	5.95	5.72

Net Profit Margin (PBT/Sales)	(%)	2.71	7.12	9.49	9.77

Return on Total Assets (PBT/Total Assets}	(%)	6.66	16.76	25.23	24.92

Return on Investment (ROI) (PBT/Networth)		0.16	0.41	0.62	0.67

Debt Equity Ratio (Total Liability/Networth)		1.53	1.49	1.43	1.61

Current Ratio (Current Asset/Current Liability)		1.36	1.59	1.48	1.29

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject was incorporated on 26 July 1990 as a public limited company under the companies act, 1956. The principal activity of the company is courier, cargo and logistics.

REVIEW OF OPERATIONS

Due to global recessions, last year was the toughest year in the history of corporate world. Many companies suffered huge losses and even closed down. Subject Management took several timely actions to reduce its costs, bring innovative products such as DTDC PLUS and GEC. These products catered to upper end of the customers who wanted to shift from Blue dart and tower end of the customers who wanted to move from Air Cargo to Surface Cargo. These products along many other sales and marketing initiatives company could manage better sales. During the year, the Company continued to accelerate the pace of growth which has boosted up during the previous year. The Directors are delighted to announce that during the year the Company has achieved a turnover of Rs.1919.339 Millions as against Rs. 1740.060 Millions. But due to the escalation of various input costs and high inflation the Profit before tax (PBT) has gone down from Rs. 124.555 Millions to Rs. 51.981 Millions and correspondingly the Net Profit (PAT) has also gone down from Rs. 73.762 Millions to Rs.25.763 Millions as compared to previous year.

FUTURE PLANS

The management has chalked out long term plan to accelerate the growth of the company. Company has formed new SBU's to expand it future revenues and profits. New SBU formed are Subject Retail where company has started opening Subject PLUS POINTS offering multiple service to its retail customers. This SBU is expected to bring huge growth in next 3 to 5 years. Another SBU formed is DTDC SCS. This SBU will handle supply chain solutions for large set of customers involving transportations, warehousing and logistics. New set of solutions are being introduced to our existing customers. Similarly the company has formed another SBU to focus on education business in supply chaing management and formed Subject Institute of Supply Chain Management. An accredition from CILT, UK has been obtained to provide world class courses to our employees and outside students. The company has also decided to expand our international business into freight services. New model of rural franchises scheme has been introduced to expand their network in the country. Shop in Shop concept is planned to increase our footprint in existing cities and towns. New young and dynamic management team is hired to push these plans to achieve higher profits and higher valuation for the company. With all these actions put together and assuming that recession days are over, the company is expected to post decent growth in profits and sales for the current year and future years.

During the year, the Company continued to accelerate the pace of growth which has boosted up during the previous year. The Company has posted excellent results. The Company has achieved a turnover of Rs. 1919.339 Millions during the year as against Rs. 1748.060 Millions. But due to the escalation of various input costs and high inflation the Profit before tax (PBT) has gone down from Rs. 124.555 Millions to Rs. 51.981 Millions and correspondingly the Net Profit (PAT) has also gone down from Rs. 73.762 Millions to Rs.25.763 Millions as compared to previous year.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10120773
Corporate identity number of the company	U85110KA1990PLC011089
Name of the company	DTDC COURIER AND CARGO LIMITED
Address of the registered office or of the principal place of business in India of the company	DTDC House, No. 3, Victoria Road, Bangalore-560047, Karnataka, India
Type of charge	Book Debts Others
Particular of charge holder	Axis Bank Limited, Esquire Centre, No. 9, M G Road, Bangalore-560001, Karnataka, India
Email	rabi.patra@axisbank.com
Nature of description of the instrument creating or modifying the charge	Agreement
Date of instrument Creating the charge	21.07.2010
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-4.50% below BPLR i.e. 10.25% p.a. payable at monthly intervals. Terms of Repayment CC: on demand Margin CC: book debts (cover period 180 days) : 25% BG: 10% (100% cash margin in case of disputed liabilities) Extent and Operation of the charge The charge on the properties being charged shall operate to the extent of Rs.100.000 millions plus interest, costs, commission, charges and other expenses thereon
Short particulars of the property charged	I) All the present and future book-debts, outstanding monies, receivables claims bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the II) continuance of this security become due and owing to the borrower in the course of its business by any person firm company or body corporate or by the Government of India or any state Government or III) Indian Railways or any Government Department or office or any Municipal or local or Public or Semi-Government body or authority whatsoever including those relating to the assets leased out and/or IV) Given on hire purchase basis.
Particulars of the present modification	The limits secured under the charge reduced from Rs.120.000 Millions to Rs.100.000 Millions. Overall limit of Rs.100.000 Millions comprises of: Cash credit (CC) - Rs.100.000 Millions Bank Guarantee (Sub-limit of CC) - Rs. 20.000 Millions All Other terms and conditions remains unchanged.

Fixed Assets:

Leasehold Improvements
Building
Computer
Office Equipments
Furniture and Fittings
Vehicles
Computer Software

WEBSITE DETAILS:

PROFILE:

Subject is one of the Express distribution company in India covering both domestic and international services. Incorporated in the year 1990, DTDC is in its 21st year of operations in India. It has a large delivery network covering close to 10,000 Pin codes giving its customers the best reach in the country. Its efficient international network spans over 240 global destinations supported by its own offices in US, UK, DUBAI, SINGAPORE, CANADA, BANGLADESH, HONGKONG, SRI LANKA, NEPAL, TURKEY and associate offices in all the important global destinations.

Head quartered in Bangalore Subject has its Zonal offices in Bangalore, Mumbai, Delhi and Kolkata supported by 300 plus own offices and over 5400 channel partner offices spread across the country delivering over 100 million shipments every year. Company has the state of art IT infrastructure to support their operations and has built many customized applications for its corporate clients.

Under the able leadership of Mr. Subhasish Chakraborty, the founder chairman of the organization, Subject has an efficient team of management professionals who are working round the clock delivering value to their customers.

Subject has been innovating constantly to provide products and services that meet customers current and future needs. Today you will find Subject offering wide range of services like Express courier, cargo, end to end supply chain solutions, Retail services like ticketing solutions, bill payments, Mobile and DTH top ups apart from Training supply chain professionals through its supply chain training institute.

Subject Customer profile cuts across the industry verticals covering banking, insurance, telecom, manufacturing and IT. Company provides excellent solutions for E commerce business and has capability of seamless integration of applications with the customer providing efficient transaction and database management.

Subject has strategic equity participation by ADAG group. Subject plans to consolidate its growth and its vision is to interface with customers more often in their value chain by offering wide range of products and services.

BOARD OF DIRECTORS:

Mr. Subhasish Chakraborty

Chairman and Managing Director

Mr. Subhasish Chakarabory is the founder Chairman and Managing Director of Subject, A Gold Medalist in Chemistry. Mr. Chakraborty is the pioneer of franchisee business model in the courier industry. With his able leadership Subject is in to 20th year of operations in India and established itself as 0ne of the leading companies in India. He has successfully established the international business and has presence in over 240 global destinations. He has not only carved out a successful business for himself but has made the entrepreneurial dreams of over 4000 of his channel partners come true, who represent Subject today across the length and breadth of the country. This business model is now successfully emulated overseas also and Subject has a good number of franchisees in their overseas business. The success of this model has drawn attention of many leading management institutes and formed part of their business case studies.

Mr. Suresh Kumar Bansal

Director

Mr. Suresh Bansal, Director is a Management Professional with over 25 years of experience in overseas markets. He has lead companies of repute in India, Europe and North America. Under his leadership company is making rapid improvements in international business and diversifying in to new products and services. Mr. Bansal has Advance Management Program from ISB to his credit.

Mrs. Tapasi Chakraborty

Director

Mrs. Tapasi Chakraborty is one of the founder Directors of Subject Group of Companies. She has Graduated in Science with Distinction from Calcutta university. Mrs. Chakraborty has contributed immensely right from inception for the growth and development of the company.

Apart from being Director of Subject Group of Companies, Mrs. Chakraborty is also the Director of Millennium Motors Private Limited and DTDC Intracity Courier Limited.

Mrs. Arpita Chakraborty Mittra

Director

Ms. Arpita Chakraborty Mittra is the Director, and operates from Kolkata overseeing the Business of East Zone. She is an Engineer by profession As a board member she is actively involved in growth and development of the company and has provided special attention for the growth and development of Eastern sector business which is one of tough terrains for a courier and cargo services to operate.

Mr. Abhishek Chakraborty

Director

Mr. Abhishek Chakraborty is the Director, and operates from Mumbai overseeing the business from West zone. He is an Electronics Engineer with post graduation from IIM - Bangalore. He has worked with Accenture consulting group. He is a Management specialist with contemporary management approaches and is spear heading New business initiatives in the company. He is driving the innovation projects in the company and has launched business idea incubation process called “plus labs” which is responsible for all the new business ideas and implementation within the company.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		49

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

0.000

339.135

111.593

0.000

191.334

642.062

440.775

33.001

473.776

168.286

1.31

2.71

6.66

0.16

1.53

1.36

Unit