%20PRIVATE%20LIMITED%20-%20157281%2015-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
DHL EXPRESS (INDIA) PRIVATE LIMITED (w.e.f. 08.09.2004) |
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|
Formerly Known
As : |
DHL WORLDWIDE EXPRESS ( |
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Registered
Office : |
8th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.04.2001 |
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Com. Reg. No.: |
11–131743 |
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Capital Investment
/ Paid-up Capital : |
Rs.28.635 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U64120MH2001PTC131743 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject offers express, air and ocean freight, overland
transport, contract logistic solutions as well as international mail
services. |
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|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 5595000 |
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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 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.
INFORMATION PARTED BY
|
Name : |
Mr. Parag Ashar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9833452918 |
|
Date : |
13.10.2011 |
LOCATIONS
|
Registered Office : |
8th Floor, |
|
Tel. No.: |
91-22-66789000/ 30300345 |
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Mobile No.: |
91-9833452918 (Mr. Parag Ashar) |
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Fax No.: |
91-22-66789230 |
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E-Mail : |
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Website : |
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Area : |
51000 Sq ft |
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Location : |
Leased |
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Branch Office : |
Located at:
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DIRECTORS
As on 19.07.2011
|
Name : |
Mr. Chandrashekhar Bhaskar Pitre |
|
Designation : |
Director |
|
Address : |
A/ 1902, |
|
Date of Birth/Age : |
24.05.1968 |
|
Date of Appointment : |
29.09.2009 |
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DIN No.: |
02788230 |
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|
|
|
Name : |
Mr. Ramachandran Sivarama Subramanian |
|
Designation : |
Director |
|
Address : |
Flat No.502, 5th Floor, RNA Classic, |
|
Date of Appointment : |
16.02.2010 |
|
DIN No.: |
02946608 |
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|
|
|
Name : |
Mrs. Anjali Bhadhade |
|
Designation : |
Director |
|
Address : |
A-1002, Lotus Hights CHS Limited, 15th
No. Road, Opposite, Gandhi Maidan, Chembur, Mumbai – 400071, Maharashtra,
India |
|
Date of Appointment : |
17.06.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas Parmeshwaran Iyer |
|
Designation : |
Secretary |
|
Address : |
A-603, Mayuresh Srishti, LBS Road Bhandup (West), Mumbai - 400 078, |
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PAN No. : |
AAAPI3795A |
|
Date of Appointment : |
01.04.2007 |
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|
|
|
Name : |
Mr. Parag Ashar |
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Designation : |
Finance Manager |
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E-Mail : |
|
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Mobile No.: |
91-9833452918 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Deutsche Post Beteiligungen Holding GmbH, |
|
2863469 |
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|
|
1 |
|
|
|
|
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Total
|
|
2863470 |
As on 19.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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|
|
|
BUSINESS DETAILS
|
Line of Business : |
Subject offers express, air and ocean freight, overland
transport, contract logistic solutions as well as international mail
services. |
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|
|
|
Terms : |
|
|
Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s ·
Corporate |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
State Bank of India, Bandra East Branch, Mumbai, India |
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Facilities : |
*The above facility has been secured by letter of credit issued by the ultimate holding company “Deutsche
Post AG” |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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Address : |
52, Veer Savarkar Marg, |
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Pan No.: |
AAEFP5579P |
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|
|
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Holding Company : |
Deutsche Post
Beteiligungen Holding GmbH Address: Charle De Gaulle, Starasse 20, |
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|
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Ultimate Holding Company : |
Deutshe Post AG (“DPAG”) |
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|
|
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Subsidiaries : |
Skyline Air
Logistics Limited CIN No:
U60230MH2004PLC146140 |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2863470 |
Equity Shares |
Rs.10/- each |
Rs.28.635
Millions |
|
|
|
|
|
Of the above:
(a) 2853470 Equity shares were issued for
consideration other than cash.
(b) 2863470 Equity Shares are held by the
holding Company Deutsche Post Beteiligungen Holding GmbH and its nominee.
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 |
28.635 |
28.635 |
28.635 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1370.144 |
1061.528 |
828.685 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1398.779 |
1090.163 |
857.320 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
160.581 |
547.354 |
779.883 |
|
|
TOTAL BORROWING |
160.581 |
547.354 |
779.883 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1559.360 |
1637.517 |
1637.203 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
253.461 |
387.030 |
473.458 |
|
|
Capital work-in-progress |
3.525 |
6.155 |
81.747 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.420 |
4.420 |
4.420 |
|
|
DEFERREX TAX ASSETS |
161.423 |
149.942 |
97.551 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
1373.993
|
1056.573 |
1094.324
|
|
|
Cash & Bank Balances |
557.539
|
430.361 |
428.828
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
504.023
|
626.979 |
700.586
|
|
Total
Current Assets |
2435.555
|
2113.913 |
2223.738 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1174.937 |
915.980 |
1105.501 |
|
|
Other Current Liabilities |
68.387
|
45.167 |
95.338
|
|
|
Provisions |
55.700
|
62.796 |
42.872
|
|
Total
Current Liabilities |
1299.024
|
1023.943 |
1243.711
|
|
|
Net Current Assets |
1136.531
|
1089.970 |
980.027
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1559.360 |
1637.517 |
1637.203 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Express and Logistics Services |
8232.185 |
7577.922 |
7114.023 |
|
|
|
Other Income |
208.928 |
151.378 |
|
|
|
|
TOTAL (A) |
8441.113 |
7729.300 |
7114.023 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
862.158 |
887.760 |
6510.537 |
|
|
|
Operation Expenses |
6048.679 |
5035.671 |
|
|
|
|
Other Expenses |
793.348 |
1013.633 |
|
|
|
|
Selling and Advertisement Expenses |
75.738 |
130.847 |
|
|
|
|
TOTAL (B) |
7779.923 |
7067.911 |
6510.537 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
661.190 |
661.389 |
603.486 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
21.152 |
55.911 |
60.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
640.038 |
605.478 |
543.480 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
171.903 |
223.726 |
239.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
468.135 |
381.752 |
303.606 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
159.519 |
148.909 |
100.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
308.616 |
232.843 |
202.626 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
986.775 |
753.932 |
551.306 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1295.391 |
986.775 |
753.932 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
100.687 |
81.274 |
77.597 |
|
|
TOTAL EARNINGS |
100.687 |
81.274 |
77.597 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
107.78 |
81.32 |
70.77 |
|
%20PRIVATE%20LIMITED%20-%20157281%2015-Oct-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20157281%2015-Oct-2011_files/image004.gif){kind=small}
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
9500.000 |
|
|
|
|
|
Expected Sales ( 2011-2012 ) : Rs. 12000.000 millions
The above information has been parted by Mr. Parag Ashar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.66
|
3.01 |
2.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.69
|
5.04 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.41
|
15.26 |
11.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.35 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
1.44 |
2.36
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
2.06 |
1.79
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Micro and Small
Enterprises |
-- |
-- |
-- |
|
- Others |
1174.937 |
915.980 |
1105.501 |
|
|
|
|
|
|
Check List by Info
Agents |
Available in
Reports (Yes/No) |
|
|
|
|
Year of Establishment |
YES |
|
Locality Of The Firm |
YES |
|
Constitution of the firm |
YES |
|
Premises Details |
YES |
|
Type of Business |
YES |
|
Line of Business |
YES |
|
Promotor’s background |
-- |
|
No. of Employees |
YES |
|
Name of person contacted |
YES |
|
Designed of contact person |
YES |
|
Turnover of firm for last three years |
YES |
|
Profitability for last three years |
YES |
|
Reasons for variation <> 20% |
-- |
|
Estimation for coming financial year |
YES |
|
Capital of the business |
-- |
|
Details of Sister Concern |
YES |
|
Major Suppliers |
NO |
|
Major Customers |
NO |
|
Payments Terms |
YES |
|
Export / Import details (if applicable) |
-- |
|
Market information |
-- |
|
Litigation that the firm / promoter involved in |
-- |
|
Banking details |
YES |
|
Banking facility details |
NO |
|
Conduct of the banking account |
-- |
|
Buyer visit details |
-- |
|
Financial, if provided |
NO |
|
Incorporation details, if applicable |
-- |
|
Last accounts filed at ROC |
-- |
|
Major Shareholders, if available |
-- |
OPERATIONS:
Revenue (excluding other Income) for the financial year was Rs.8232.185 millions
as against Rs.7577.922 millions for previous financial period. The Company is
planning to strengthen its infrastructure by investing in Service Centres,
applying for tenders for international courier business from government and
private entities, enhancing and revamping fleet capability, entering into
agreements with other organizations for provision of international courier
services, express Handling Units in major cities as well as remote locations
and in IT equipments.
OUTLOOK FOR THE
FUTURE:
The Company is well placed in the Indian market, with a trained and
committed work force, latest state of the art technology, infrastructure, wide
geographical coverage to support growth and development.
The Company plans to enhance capacities within the network by inductions
of carriage capacities and increasing retail sales counters over a period, to
capitalize on the future growth of the express industry.
The Directors look forward to improved performance over the coming
years.
CONTINGENT
LIABILITIES IN RESPECT OF:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
(a) Claims against the company not acknowledged as debts: |
|
|
- Customer claims * |
0.570 |
|
- Service tax # |
100.201 |
|
- Income tax # |
50.373 |
|
- Industrial Disputes Act @ |
91.740 |
|
(b) Bank Guarantee |
0.309 |
|
(c) Arbitral award referred to In Note 4 below (excluding Interest) |
44.500 |
* In the case of DHL Worldwide (Express division of AFL) vs Bharthi Knitting
Company, the Honourable Supreme Court has ruled that the maximum liability of
the Company to consumers for service deficiencies Is restricted to USD 100. The
Company has disclosed the contingent liabilities based on that judgement.
# Future cash flows can be determined only on the final outcome of these
cases.
@ The AFL-DHL Employees’
During the year, the company had received an order from Industrial
tribunal towards case filed by the AFL-DHL Employees’
The company has worked out an estimated liability based on the order
received from the court for the period January 2004 to March 2010 which works
out to Rs.120.000 millions.
The company is in the process of filing an application with the high court.
Meanwhile based on an Internal evaluation, provision amounting to Rs.28.260
millions for the period January 2004 to March 2010 has already been made in the
books. The remaining amount of Rs.91.740 millions has been disclosed as
contingent liability.
FIXED ASSETS
·
Leasehold Improvements
·
Information Technology (IT) Equipment
·
Plant and Machinery
·
Furniture, Fixtures and Other Equipment
·
Vehicles
·
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. 49.06 |
|
|
1 |
Rs. 77.41 |
|
Euro |
1 |
Rs. 67.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.