MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	DHL EXPRESS (INDIA) PRIVATE LIMITED (w.e.f. 08.09.2004)
Formerly Known As :	DHL WORLDWIDE EXPRESS (INDIA) PRIVATE LIMITED
Registered Office :	8^th Floor, HDIL Towers, A.K. Marg, Bandra (East), Mumbai – 400 051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.2001
Com. Reg. No.:	11–131743
Capital Investment / Paid-up Capital :	Rs. 28.635 Millions
CIN No.: [Company Identification No.]	U64120MH2001PTC131743
Legal Form :	Private Limited Liability Company
Line of Business :	Subject offers express, air and ocean freight, overland transport, contract logistics solutions as well as international mail services.
No. of Employees :	1600 (Approximately) (All over branches)

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 670400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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 :	05.07.2012

LOCATIONS

Registered Office :	8^th Floor, HDIL Towers, A.K. Marg, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-66789000/ 30300345
Mobile No.:	91-9833452918 (Mr. Parag Ashar)
Fax No.:	91-22-66789230
E-Mail :	tapos.moitra@dhl.com paragashar@dhl.com
Website :	http://www.dhl.com
Area :	51000 Sq ft
Location :	Leased
Branch Office :	Located at: Vashi Thane Bendra Kandivali Andheri Prabhadevi Mumbai Kalbadevi Lower Parel Santacruz Borivali Chembur Ghatkopar Bhiwandi Vasai Vile Parle Malad Jogeshwari

DIRECTORS

AS ON 19.07.2011

Name :	Mr. Chandrashekhar Bhaskar Pitre
Designation :	Director
Address :	A/ 1902, Chaitanya Towers, Appaasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	24.05.1968
Date of Appointment :	29.09.2009
DIN No.:	02788230
Name :	Mr. Ramachandran Sivarama Subramanian
Designation :	Director
Address :	Flat No.502, 5^th Floor, RNA Classic, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India
Date of Appointment :	16.02.2010
DIN No.:	02946608
Name :	Mrs. Anjali Bhadhade
Designation :	Director
Address :	A-1002, Lotus Heights Co-operative Housing Society Limited, 15^th No. Road, Opposite, Gandhi Maidan, Chembur, Mumbai – 400071, Maharashtra, India
Date of Appointment :	17.06.2011
DIN No.:	03553415

KEY EXECUTIVES

Name :	Mr. Srinivas Parmeshwaran Iyer
Designation :	Secretary
Address :	A-603, Mayuresh Srishti, LBS Road Bhandup (West), Mumbai - 400 078, Maharashtra, India
Date of Appointment :	01.04.2007
PAN No. :	AAAPI3795A
Name :	Mr. Parag Ashar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.07.2011

Names of Shareholders	No. of Shares
Deutsche Post Beteiligungen Holding GmbH, Bonn Germany	2863469
Deutsche Post International BV, The Netherlands	1
TOTAL	2863470

AS ON 19.07.2011

Equity Shares Break Up	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject offers express, air and ocean freight, overland transport, contract logistics solutions as well as international mail services.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

· Corporate

· Individuals

· Government

No. of Employees :

1600 (Approximately) (All over branches)

Bankers :

· State Bank of India, Bandra East Branch, Mumbai, Maharashtra, India

· Deutsche Bank, Bandra Branch, Mumbai, Maharashtra, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other debt unsecured	51.063	160.581
Total	51.063	160.581
Notes: (A) Bank Overdraft: The Above facility has been secured by Letter of Credit issued by the ultimate Holding Company "Deutsche Post AG"

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	401, 4^th Floor, Jai Sai Apartments, 359, Central Avenue Road, Chembur, Mumbai-400071, Maharashtra, India
Pan No.:	AAEFP5579P
Ultimate Holding Company :	· Deutshe Post AG (“DPAG”)
Holding Company :	· Deutsche Post Beteiligungen Holding Gmbh (“DPBH”)
Subsidiaries :	· Skyline Air Logistics Limited CIN No.: - U60230MH2004PLC146140
Fellow Subsidiaries :	· Danzas Messen GmbH · DHL Danzas Air and Ocean · Danzas Maruzen K.K. · DHL Global Forwarding (Singapore) · DHL Lemuir Logistics Private Limited · DHL Express Singapore PTE Limited · Deutsche Post Global Mail, Australia · DHL Global Mail (Singapore) Pte Limited · DHL Worldwide Express Logistics N.V. · Sky Courier, Inc · DHL Express Nepal Private Limited · DHL Express Germany GmbH · DHL Keells Private Limited · Asia Pacific Information Services Sdn. Bhd. · DHL Information Services · DHL International GmbH · Blue Dart Express Limited · DHL Hub Leipzig GmbH · Blue Dart Aviation Limited · Williams Lea India Private Limited · DHL Logistics (Schweiz) AG · DHL International BSC · DHL Aviation Denmark · DHL Express International (Thailand) Limited · DHL International Express (France) SAS

CAPITAL STRUCTURE

AS ON 31.03.2011

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
2863470	Equity Shares	Rs.10/- each	Rs. 28.635 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		28.635	28.635	28.635
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1647.582	1370.144	1061.528
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1676.217	1398.779	1090.163
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		51.063	160.581	547.354
TOTAL BORROWING		51.063	160.581	547.354
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1727.280	1559.360	1637.517
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		193.454	253.461	387.030
Capital work-in-progress		11.609	3.525	6.155
INVESTMENT		4.420	4.420	4.420
DEFERREX TAX ASSETS		167.664	161.423	149.942
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1748.806	1373.993	1056.573
	Cash & Bank Balances	932.692	557.539	430.361
	Other Current Assets	0.947	1.705	0.000
	Loans & Advances	714.568	502.318	626.979
Total Current Assets		3397.013	2435.555	2113.913
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1821.040	1037.719	915.980
	Other Current Liabilities	154.393	205.605	45.167
	Provisions	71.447	55.700	62.796
Total Current Liabilities		2046.880	1299.024	1023.943
Net Current Assets		1350.133	1136.531	1089.970
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1727.280	1559.360	1637.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Express and Logistics Services	10464.010	8232.185	7577.922
		Other Income		208.928	151.378
		TOTAL (A)	10464.010	8441.113	7729.300
Less	EXPENSES
		Personnel Expenses	9821.470	862.158	887.760
		Operation Expenses		6048.679	5035.671
		Other Expenses		793.348	1013.633
		Selling and Advertisement Expenses		75.738	130.847
		TOTAL (B)	9821.470	7779.923	7067.911
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		642.540	661.190	661.389
Less	FINANCIAL EXPENSES (D)		13.141	21.152	55.911
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		629.399	640.038	605.478
Less/ Add	DEPRECIATION/ AMORTISATION (F)		130.479	171.903	223.726
	PROFIT BEFORE TAX (E-F) (G)		498.920	468.135	381.752
Less	TAX (H)		221.482	159.519	148.909
	PROFIT AFTER TAX (G-H) (I)		277.438	308.616	232.843
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1295.391	986.775	753.932
	BALANCE CARRIED TO THE B/S		1572.829	1295.391	986.775
	EARNINGS IN FOREIGN CURRENCY
		Sale of Services	NA	100.687	81.274
	TOTAL EARNINGS		NA	100.687	81.274
	Earnings Per Share (Rs.)		96.89	107.78	81.32

Particulars	31.03.2012
Sales Turnover (Approximately)	12574.800

Expected Sales (2012-2013) : Rs. 15000.000 Millions

The above information has been parted by Mr. Parag Ashar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.65	3.66	3.01
Net Profit Margin (PBT/Sales)	(%)	NA	5.69	5.04
Return on Total Assets (PBT/Total Assets}	(%)	13.28	16.42	15.26
Return on Investment (ROI) (PBT/Networth)		0.30	0.33	0.35
Debt Equity Ratio (Total Liability/Networth)		1.25	1.04	1.44
Current Ratio (Current Asset/Current Liability)		1.66	1.87	2.06

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Micro and Small Enterprises	--	--	--
- Others	1821.040	1037.719	915.980

OPERATIONS

Revenue (excluding other Income)for the financial year was Rs. 10441.865 Millions as against Rs. 8407.996 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.

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, 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. 55.41
UK Pound	1	Rs. 86.04
Euro	1	Rs. 68.60

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

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	-

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.