MIRA
INFORM REPORT
|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BLUE DART EXPRESS LIMITED |
|
|
|
|
Registered
Office : |
Blue Dart Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
05.04.1991 |
|
|
|
|
Com. Reg. No.: |
11-061074 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 237.628 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61074MH1991PLC061074 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB04817B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB0446L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Business of
integrated air and ground transportation and distribution of time sensitive packages within |
|
|
|
|
No. of Employees
: |
7792 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 26000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well established and a reputed company having fine track
records. Financial position of the company appears 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Blue Dart Centre, |
|
Tel. No.: |
91-22-28396444 |
|
Fax No.: |
91-22-28244131/ 28311184 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Blue Dart Express Ltd BDEL, Units 1-6,Solaris Building #2, Sakivihar Road,
Opposite L and T Gate#6,
Andheri(E), Mumbai – 400072, Maharashtra, India |
DIRECTORS
AS ON 31.12.2011
|
Name : |
Mr. Sharad Upasani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anil Khanna |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Malcolm Monteiro |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh G. Sheth |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jerry Hsu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. George Berczely |
|
Designation : |
Alternate Director to Jerry Hsu |
|
|
|
|
Name : |
Mr. Yogesh Dhingra |
|
Designation : |
Finance Director and Chief Operating Officer |
KEY EXECUTIVES
|
Name : |
Mr. Aneel Gambhir |
|
Designation : |
Head - Internal Audit |
|
|
|
|
Name : |
Ms. Arun Nangpal |
|
Designation : |
Head - Customer Service |
|
|
|
|
Name : |
Mr. Barttanu Kumar Das |
|
Designation : |
Head - Human Resources |
|
|
|
|
Name : |
Mr. Tushar Gunderia |
|
Designation : |
Company Secretary and Head - Legal and Compliance |
|
|
|
|
Name : |
Mr. Ketan Kulkarni |
|
Designation : |
Head – Marketing, Corp. Comm. and Sustainability |
|
|
|
|
Name : |
Mr. Col. (Retd.) Raymond Luiz |
|
Designation : |
Head – Security and Administration |
|
|
|
|
Name : |
Mr. Gopinath Menon |
|
Designation : |
Head – South 2 Region |
|
|
|
|
Name : |
Mr. Balfour Manuel |
|
Designation : |
Head – West 1 Region |
|
|
|
|
Name : |
Mr. K. Gopa Kumar |
|
Designation : |
Head – South 1 Region |
|
|
|
|
Name : |
Mr. T A Krishnan |
|
Designation : |
Head – North Region |
|
|
|
|
Name : |
Mr. Amod Das Gupta |
|
Designation : |
Head – East Region |
|
|
|
|
Name : |
Mr. Samir Shah |
|
Designation : |
Head – West 2 Region |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
19227887 |
81.03 |
|
|
19227887 |
81.03 |
|
Total shareholding of Promoter and Promoter Group (A) |
19227887 |
81.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1629009 |
6.87 |
|
|
9252 |
0.04 |
|
|
312873 |
1.32 |
|
|
1951134 |
8.22 |
|
|
|
|
|
|
1385556 |
5.84 |
|
|
|
|
|
|
880951 |
3.71 |
|
|
264123 |
1.11 |
|
|
18283 |
0.08 |
|
|
5454 |
0.02 |
|
|
12629 |
0.05 |
|
Overseas Corporate
Bodies |
200 |
0.00 |
|
|
2548913 |
10.74 |
|
Total Public shareholding (B) |
4500047 |
18.97 |
|
Total (A)+(B) |
23727934 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23727934 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Business of integrated
air and ground transportation and distribution of time sensitive packages within India |
GENERAL INFORMATION
|
No. of Employees : |
7792 (Approximately) |
|
|
|
|
Bankers : |
v Canara Bank v HDFC Bank
Limited v ICICI Bank
Limited v IDBI Bank
Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding Company : |
DHL Express (Singapore) Pte. Limited, Singapore |
|
|
|
|
Ultimate Holding
Company : |
Deutsche Post AG, Germany |
|
|
|
|
Wholly Owned
Subsidiary Company : |
Concorde Air Logistics Limited, India |
|
|
|
|
Fellow
Subsidiary Company : |
v DHL Express
(India) Private Limited, India v DHL Lemuir
Logistics Private Limited, India v Skyline Air
Logistics Limited, India |
|
|
|
|
Associate
Company |
Blue Dart Aviation Blue Dart Aviation |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,727,934 |
Equity Share |
Rs.10/- each |
Rs. 237.280
Millions |
|
|
Add: Forfeited Shares |
|
Rs. 0.348
Million |
|
|
Total |
|
Rs. 237.628 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
237.628 |
237.628 |
237.628 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6343.743 |
5176.479 |
4260.464 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6581.371 |
5414.107 |
4498.092 |
|
|
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 |
219.310 |
215.987 |
214.920 |
|
|
|
|
|
|
|
|
TOTAL |
6800.681 |
5630.094 |
4713.012 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2327.304 |
1830.985 |
1716.678 |
|
|
Capital work-in-progress |
66.874 |
267.215 |
170.757 |
|
|
|
|
|
|
|
|
Loan to Blue Dart Aviation Limited |
2018.788 |
1124.458 |
0.000 |
|
|
INVESTMENT |
722.454 |
959.842 |
1047.164 |
|
|
DEFERREX TAX ASSETS |
36.923 |
34.335 |
29.328 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.233
|
21.746 |
20.038
|
|
|
Sundry Debtors |
1889.838
|
1532.855 |
1259.350
|
|
|
Cash & Bank Balances |
377.050
|
347.262 |
254.663
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
943.042
|
839.803 |
1294.917
|
|
Total
Current Assets |
3236.163
|
2741.666 |
2828.968
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1289.854
|
965.520 |
592.529
|
|
|
Other Current Liabilities |
174.306
|
248.953 |
389.120
|
|
|
Provisions |
143.665
|
113.934 |
98.234
|
|
Total
Current Liabilities |
1607.825
|
1328.407 |
1079.883
|
|
|
Net Current Assets |
1628.338
|
1413.259 |
1749.085
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6800.681 |
5630.094 |
4713.012 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14896.032 |
11474.121 |
9052.307 |
|
|
|
Other Income |
242.622 |
53.165 |
75.952 |
|
|
|
TOTAL (A) |
15138.654 |
11527.286 |
9128.259 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Freight, Handling and Servicing Costs |
10076.440 |
7483.584 |
5856.297 |
|
|
|
Employee Costs |
1844.140 |
1488.917 |
1347.598 |
|
|
|
Other Costs |
1213.248 |
959.892 |
811.050 |
|
|
|
TOTAL (B) |
13133.828 |
9932.393 |
8014.945 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2004.826 |
1594.893 |
1113.314 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.009 |
0.140 |
5.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2004.817 |
1594.753 |
1107.792 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
215.953 |
192.166 |
177.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1788.864 |
1402.587 |
930.242 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
566.447 |
458.903 |
323.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1222.417 |
943.684 |
607.077 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4538.113 |
3622.098 |
3042.782 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
91.681 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
47.456 |
23.728 |
23.728 |
|
|
|
Tax on Proposed Dividend |
7.697 |
3.941 |
4.033 |
|
|
BALANCE CARRIED
TO THE B/S |
5613.696 |
4538.113 |
3622.098 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
178.316 |
113.219 |
68.202 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
11.786 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.52 |
39.77 |
25.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
31.03.2012 |
|
|
2nd Quarter |
1st Quarter |
|
Sales Turnover |
4317.100 |
4113.500 |
|
Total Expenditure |
3742.700 |
3667.000 |
|
PBIDT (Excl
OI) |
574.400 |
446.500 |
|
Other Income |
80.200 |
67.800 |
|
Operating
Profit |
654.600 |
514.300 |
|
Interest |
0.000 |
0.000 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
654.600 |
514.300 |
|
Depreciation |
74.100 |
73.200 |
|
Profit
Before Tax |
580.500 |
441.100 |
|
Tax |
174.200 |
150.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Reported PAT |
406.300 |
290.800 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
406.300 |
290.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
8.07 |
8.19 |
6.65
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.01 |
12.22 |
10.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.15 |
30.67 |
20.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.26 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24 |
0.25 |
0.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01 |
2.06 |
2.62
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
STATUS OF CASES
|
Search Result
for Party : Blue Dart Express Year : 2012” are : 2 |
|||
|
S. No. |
Diary No. / Case
No. [STATUS] |
Petitioner Vs.
Respondent Advocate |
Listing Date /
Court No. |
|
1. |
CS(OS) 2505/2012 [PENDING] Order(s) Judgement(s) |
TATA AIG GENERAL INSURANCE COMPANY LIMITED Vs. BLUE DART EXPRESS
LIMITED AND ANR Advocate : Shantha Devi Raman |
Next Date: 16.11.2012 |
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2. |
CS(OS) 1052/2012 [PENDING] Order(s) Judgement(s) |
CHAITANYA MISHRA AND ANR Vs. BLUE DART EXPRESS LIMITED Advocate : Vaibhav Mishra |
Next Date: 20.09.2012 |
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Page: 1 |
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REVIEW OF PERFORMANCE
While the Financial Years 2009-10 and 2010-11 reflected gradual positive signs of a recovery of the Indian economy from the lows of 2008-09, the fiscal year 2011-12 was marked by a lot of uncertainty and volatility. Some of the economic factors that contributed to this volatility included higher inflation and interest rates, reduced liquidity, lower consumption, decline of the rupee against the dollar and an unabated increase in the commodity prices and other input costs. This, in turn, led to deferred investment plans and delay in execution of projects. However, recently, there has been some moderation in the inflation and there is expectation of a pause and perhaps, even a reversal of rising interest rates.
Against the backdrop of this economic scenario, the Company performed reasonably well on all fronts by capitalizing on its strong brand equity, focused growth plans, customer loyalty and qualitative service offerings.
The Company posted Rs. 1222.400 Millions profit after tax for the year ended December 31, 2011 as compared to Rs. 943.700 Millions profit after tax for the year ended December 31, 2010. Income from operations for the year ended December 31, 2011 was Rs. 14896.000 Millions as compared to Rs. 11474.100 Millions for the year ended December 31, 2010. With a dedicated air and ground network optimized by cutting-edge technology, the Company continues to be South Asia’s number one air and integrated transportation, distribution and logistics Company. It also offers a wide range of innovative and simplified solutions. Blue Dart is a company with impeccable service records, driven by a motivated and passionate team, the testimony for which lies in the numerous awards that it has been bestowed with over the years. As a responsible corporate entity, the Company continues to pay close attention towards Environment and Social Responsibilities.
During the year, the Company introduced many new products and services; India’s first and only GoGreen Carbon Neutral service, on all products and Time - Definite Domestic Priority product 1200 and Smart Truck.
A specialised Carbon Neutral service initiative, wherein the customers are provided with an environmentally responsible shipping option to neutralize the carbon emissions produced by transportation of shipments. Blue Dart GoGreen Carbon Neutral service would not only enable customers to contribute to a greener future, but, would also help build healthier and productive communities. Domestic Priority 1200 is a guaranteed door-to-door time definite delivery of shipments by air the next possible business day by 12:00 hours, targeted at time-critical business-to-business needs. S mart Truck technology is an intelligent pick-up and delivery vehicle that combines a number of innovative technologies including a route planner.
The Company’s information technology infrastructure remains one of its key differentiators and enabler to values. The Company was always in the forefront of technology and its technology innovations have played a key role in the Company’s premium positioning and in bringing global standards to the Indian customers’ doorstep.
The Company continues to focus on innovation and would strive to keep delivering beyond the expectations of its stakeholders. The Company is the dominant leader in the domestic air express industry and commands a 45.9%1 market share. In the ‘ground’ segment, the company garnered a market share of 12.4%1. In the air express as well as in the ground segment, market share is growing on a year on year basis.
The Company continues to focus on reach expansion, transit time improvements, small towns (Tier-II and III) activation and strengthening channels to enhance market share. Your Company increased its reach from 25,646 locations to over 35,902 locations. Your Company has been certified to the ISO 9001 standards since 1996 and has been successfully re-certified in September 2011 for 3 years to the new global ISO 9001-2008 standards for “design, management and operations of countrywide express transportation and distribution services within the Indian sub-continent and to international destinations serviced through multinational express companies.”
OPERATIONS REVIEW
The Company, Blue Dart, South Asia’s number one express air and integrated transportation, distribution and Logistics Company, offers secure and reliable delivery of consignments to over 35,902 locations in India, across the length and breadth of the Country. As part of the DHL Group, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories and offers an entire spectrum of distribution services including air express, freight forwarding supply chain solutions and customs clearance.
The Company continues to drive First Choice and NPA initiatives.
‘First Choice’ is a systematic and sustainable approach to transform the business by aligning it to the customers needs on a continuous basis. First Choice’ is an initiative that will transform the way the Company does business and will enable the Company to consistently deliver a superior service experience to our customers to become their first choice. NPA aims at gauging customer’s loyalty and delivers a Net Promoter Score which is an international benchmark for customer advocacy. NPA is a two–step customer call process, which identifies customer issues that needs to be addressed. Implementation of First Choice and Net Promoter Approach programs were designed to improve the service quality and ability to capture `Voice of the Customer’ in a systematic way in order to bring in long-lasting customer benefits and strengthen the brand experience.
The Company, has an unmatched infrastructure, extensive reach, a fleet of three Boeing 737 and four Boeing 757 freighters offering a revenue payload of over 370 tonnes per night, a flotilla of over 6,272 vehicles, 365 facilities including 56 domestic warehouses and 12 express hubs and over 7,792 committed and trained Blue Darters driven by a unified passion of delivering service excellence and value. During the year, the Company carried over 98.850 Millions domestic shipments and over 0.800 Millions international shipments weighing over 423,000 tonnes.
FINANCE
The Company’s financial position is robust and it continues to enjoy “zero-debt” status. During the year, the Company managed its surplus funds efficiently by investing into various high rated debt schemes (liquid category) of mutual funds for optimum working capital management. Liquidity in the Balance Sheet requires to be balanced between earning adequate returns and the need to cover adequate financial risk. The Company’s internal accruals adequately supported working capital requirements, capital expenditure and dividend payments.
The year was characterised by rising interest rates and tight liquidity conditions in the overall monetary system due to which interest rates hardened across maturities. During the year, timely positioning of the portfolio in shorter maturity assets viz; Liquid Mutual Funds and Bank Fixed Deposits enabled the Company to take advantage of rising interest rates and improving yields.
In a challenging global and domestic market scenario, the Company efficiently managed its working capital which is considered to be the best in the industry and within the benchmark laid down by the Global Parent Group.
The Company’s Earnings Per Share increased by 29.54% during the year to ` 51.52 per share as compared to ` 39.77 per share for the previous year.
SUBSIDIARY AND ASSOCIATE COMPANY
The audited statements of accounts for the year ended December 31, 2011 of Concorde Air Logistics Limited, the Company’s Wholly-owned Subsidiary, together with the reports of Directors and Auditors, as required pursuant to the provisions of Section 212 of the Companies Act, 1956, are attached.
The Consolidated Financial Results represents those of Blue Dart Express Limited and its Wholly-owned Subsidiary, viz; Concorde Air Logistics Limited and its Associate Company, Blue Dart Aviation Limited to the extent of 49% shareholding of Blue Dart Express Limited into Blue Dart Aviation Limited The Company has consolidated its results based on the Accounting Standard on Consolidation of Financial Statements (AS-21) and Accounting Standard on Accounting for Investments in Associates in Consolidated Financial Statements (AS-23) issued by the Institute of Chartered Accountants of India.
DHL EXPRESS (SINGAPORE) PTE. LIMITED, PROMOTER
SHAREHOLDER
DHL Express (Singapore) Pte. Limited holds 81.03% of the Equity Capital of the Company. The acquisition of majority shares by DHL Express (Singapore) Pte. Limited, during the year 2005, provides the Company and its customers with a firm strategic advantage. The service offerings that emanates from both the organisations cover the entire spectrum of distribution within India and, between India and the rest of world. Blue Dart is a leading brand in the country with an unmatched domestic network, infrastructure and people. DHL is an acknowledged global leader with a strong and long-standing presence in India. Together, both present a powerful backbone to business and trade success for India and its trading partners.
In their efforts to constantly collaborate and optimize more with support from our group companies viz; DHL Express, DHL Supply Chain, DHL Global Forwarding, the India Steering Committee made significant progress in the past year to maximise synergies amongst cross business functional units with focus on improving infrastructure, service quality and cost efficiencies.
OUTLOOK FOR THE FUTURE
The US -Iran-Israel standoff poses a risk to the Indian economy in terms of rising crude oil prices. However, the Indian logistics industry has been growing steadily despite the economic turbulence and its growth momentum is expected to remain stable.
The Company has, over the last 28 years, traversed every economic cycle and emerged as a benchmark for the logistics industry. Factors contributing to this success inter-alia included; early embracing of technology when many companies relied on manual processes, being the first logistic Company to introduce “Employee Satisfaction and Customer Satisfaction Surveys” in India which resulted into a motivated workforce and an ever increasing loyal customer base.
Over the years, the Company also set up India’s largest and most successful Cargo Aviation Infrastructure and being re-certified to the ISO 9001-2008 standards.
Over the last few years, demand for world-class logistics and warehousing facilities have grown tremendously on the back of a growing domestic consumption story. Resultantly, a whole new world of opportunities in distribution has opened up ranging from mobile phones and credit cards to pharmaceuticals and auto components.
Express Industry is a key enabler in facilitating trade and commerce. The opportunities are plenty for the express industry in India as the current logistics spend in India is close to 13%2 of the GDP compared to a notably lesser percentage in more developed economies. The Indian logistics industry is poised for a significant leap forward in the years to come. The proposed introduction of common Goods and Services Tax (GST) would create favourable environment for the logistics industry.
In 2012, the Company’s key focus areas would be to improve Market Share, enhance Service Quality, improve Loyalty through Customer Centricity, enhance Profitability and Motivate People.
The Company would continue to focus on cost efficiency measures and aim at overall financial discipline. The Company firmly believes that, while focus on driving core revenues and keeping costs down are important, success would be achieved by ensuring that service quality through our highly engaged and passionate people, remains of the highest order.
The Company anticipates promising growth in Tier-II and Tier – III markets and has taken suitable measures to remain ahead on the growth curve.
The other key drivers that would contribute growth in the logistics market include upcoming freight corridor project, building of logistics hubs and warehouses, port development, technology upgrades, investment by private players and also the impending industry status for the logistics sector.
With customers’ need for flexibility and choice in mind, Blue Dart’s future plans would continue to focus on reach expansion, transit time improvements, small towns (Tier-II and III) activation, servicing emerging industry verticals and strengthening channels.
The Company is ideally placed in the Indian market to facilitate trade and commerce in our country with a trained and committed employee force of over 7,792 people, latest state-of-the art technology, integrated air and ground infrastructure, wide geographical coverage to support India’s growth and development, distribution and third party logistics and supply-chain management needs of the industry.
Lack of quality infrastructure has been an issue which has been impeding the seamless growth of the economy and the country through decades. The poor condition of roads and highways leads to higher operating costs, which in turn, often increases maintenance and poor turnaround time.
The Government has seriously undertaken infrastructure challenges and is drawing up plans for developing and upgrading infrastructure
– the Golden Quadrilateral, North-South and East-West corridors, new Greenfield airports, multi-modal logistics parks and dedicated rail freight corridors.
Effective implementation of the above infrastructure initiatives is expected to benefit the Company.
The Company is geared to face challenges of the Year 2012. The Directors look forward to improved performance over the coming years.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure, Overview and Developments
The Indian logistics industry continues to grow at a steady pace. Fitch Ratings, a part of the Fitch Group, has reported that the overall outlook of India’s logistics industry for 2012 is stable and no significant changes are expected to take place in the short term. The growth in this industry is largely driven by increase in trade, government policy reforms, increased spending on infrastructure, and the overall economic growth driven by the domestic consumption and growing affluence. However, the logistics industry in India still remains largely unorganised and fragmented. The industry faces several challenges like high logistics costs, inadequate infrastructure, capacity constraints, low usage of technology, complex tax laws, over regulation, policy issues and lack of skilled manpower.
India ranks among the fastest growing economies and as the key user industries such as manufacturing, automotive, engineering, pharmaceuticals, retail, e-commerce, banking and financial services gather growth momentum, the prospects of the organised logistics industry in India appear bright. The Tier II and Tier III growth story for India has been stirring. According to estimates there are over 73 Indian cities1 with half-a million plus population. With the overall economic performance and the government’s focus on infrastructure development, good connectivity, both through air and ground is bound to happen.
The Indian organised Express Market (a part of the overall logistics market) is about ` 4500 crores2 and expected to grow at a CAGR of 17%2. This includes organised Air Express and organised Ground Express which for 2011 are estimated at ` 2000 crores2 and ` 2500 crores2 respectively.
Owing to the nature of its services with its strong distribution network and investment in technology, the express industry is expected to be at the epicentre of growth in the logistics space. The industry has transformed itself to offer customers complete end-to-end supply chain solutions. Traditionally, the express industry encompassed small packages – mainly letters and documents of small size, low volume and deliveries.
Today it has metamorphosised to provide express delivery services for packages of all kinds and sizes to any destination. The capabilities include integrated day definite and time definite door-to-door express delivery services for commercial and non-commercial movements and value-added services like border management (octroi, customs, and security), track and trace, pickup services, retail services, trade facilitation, warehousing and distribution, and performance accountability.
The prospects of the industry are accentuated by the fact that outsourcing of logistic requirements gives companies enough time to focus on their core competencies.
A major factor influencing this increase is the Indian government’s twopronged plan, i.e. allowing foreign direct investment (FDI) in multi-brand retail and levying goods and services tax (GST). Both these, however are yet to be implemented.
Review of Performance
In 2011, its 28th year, Blue Dart performed reasonably well on all fronts and capitalized on its strong brand equity and focussed growth plans, customer loyalty, service quality and strong workings with group companies. Importantly, this performance was delivered by passionate Blue Darters. Blue Dart’s information technology infrastructure remains one of its key differentiators and enabler to values.
The key success drivers of the express service provider largely depend on the size and scale of operations, nation-wide coverage, dedicated air and ground infrastructure like aircraft, vehicles, facilities, ground handling capability apart from superior transit times and a loyal base of customers.
As the market leader and benchmark, Blue Dart, very early on, incorporated most of these as part of its overall growth strategy. DHL Express – an early and aggressive mover in the Indian market, holds 81.03% majority stake in Blue Dart catapulting your Company’s presence as the business leader in both the National and International markets.
The company is a dominant market leader in the domestic air express industry and commands a 45.9%2 market share and has seen significant increase in both volumes and value. In the ‘ground’ segment, the company garnered a market share of 12.4%2 and both market shares reflected good growth when compared with the 2010 figure. Notably, the growth in ground services further strengthens the air express services and is a catalyst to the overall growth of the Company’s business.
The Company offers secure and reliable delivery of consignments to over 35,902 locations in India and to over 220 countries and territories worldwide through its group company – DHL Express.
Blue Dart has an unmatched infrastructure, extensive reach, a fleet of three Boeing 737 and four Boeing 757 freighters offering a revenue payload of over 370 tonnes per night, a flotilla of over 6,272 vehicles, 365 facilities including 56 domestic warehouses and 12 express hubs and over 7,792 committed and trained Blue Darters driven by a unified passion of delivering service excellence and value. In 2011, Blue Dart carried over 98.850 Millions domestic shipments and over 0.800 Million international shipments weighing over 423,000 tonnes.
The company posted Rs.1222.400 Millions profit after tax for the year ended December 31, 2011, compared to R s 943.700 Millions profit after tax for the year ended December 31, 2010. Income from Operations for the year ended December 31, 2011 was Rs. 14896.000 Millions, compared to Rs. 11474.100 Millions for the year ended December 31, 2010.
Products
A combination of the right product mix and price has helped Blue Dart build strong brand loyalty over the years. The domestic express offerings include Time Definite Solutions (Domestic Priority 1030, Domestic Priority 1200, Dart Apex 1200) and Day Definite Solutions (Domestic Priority, Dart Apex, Dart Surfaceline). Packaging Solutions include Express Pallet: Air and Ground, S mart Box
– Air and Ground. The Company also offers Cargo Solutions like Airport to Airport, Interline and Charters besides offering Festive Solutions and discounted Student Solutions.
In line with the Company’s ability to sense industry specific demand and provide innovative solutions, the Company also offers sector-specific solutions like Temperature Controlled Logistics (TCL), Dart Surfaceline Plus, Point to Point (P2P) and a host of value added services like Demand Draft on Delivery (DOD), Freight on Demand (FOD), Freight on Value (FOV), Cash on Delivery (COD) etc.
The Company’s global presence is established through the DHL Document Express (DOX), DHL Worldwide Package Express (WPX) and wide range of packaging solutions. The service offers access to 220 countries and territories worldwide and the extensive, quality network of Blue Dart and DHL. DHL Import Express is a unique single-window importing service that takes care of all importing needs by offering door-to-door convenience. Duties & Taxes Paid (DTP), Express Pallet, Shipper Interest Insurance (SII), University Express are some of the other offerings.
Innovating, to Stay Ahead
Blue Dart recently launched India’s first end-to-end GoGreen Carbon Neutral Service. The GoGreen Carbon Neutral Service allows customers to neutralise their carbon footprint by paying a marginal offset charge over and above their shipping rates. The offset charge will be calculated on shipment and weight. Carbon emissions from customer shipments will be offset by reinvesting in environmental protection projects. A Blue Dart certificate will be issued to the customer annually that will mention the total amount of CO2 offset for the customer. This new service, a GoGreen initiative is an extension of DPDHL’s global environment protection program launched in 2008 and will provide customers in India with an environmentally responsible shipping option.
Technology Driven Cutting Edge
In terms of technological and GOGREEN advancements, in August 2011, Blue Dart launched S mart Truck an “intelligent” pick-up and delivery vehicle that combines a number of innovative technologies including a route planner. Piloted by Blue Dart in Bengaluru, the S mart Truck technology is designed to provide solutions to urban logistic challenges such as traffic restrictions, density and clogging, while ensuring environmental protection and fulfilling customer needs for ontime delivery. These vehicles compute delivery deadlines to calculate the ideal sequence for shipments, and use real-time GPS to avoid jams and optimise routings, thereby enabling flexibility and last-minute pick-ups.
This allows the S mart Truck to provide better customer service and a more cost-effective operation as a result of optimum use of vehicles with less wasted miles. Blue Dart will continue to focus on reach expansion, transit time improvements, small town (Tier-II and III) activation and strengthening channels. The strategy is in place to strengthen market share and deliver the Blue Dart promise.
The Blue Dart and DHL brands have complemented each other, as a unified force at all touch-points that deal with the domestic and international services in the marketplace. The joint retail footprint is now over 450+ retail stores, reinforcing the market leadership position of the brands. A quality conscious organisation, the First Choice and NPA (Net Promoter Approach) programmes spearhead the service focus initiatives.
Blue Dart judiciously participates in key events, seminars and media through media one-on-ones, media releases, by-line articles, contributory articles, speaking opportunities, branding activities, etc. In 2011, Blue Dart achieved the highest S hare-of-Voice in the media. These initiatives ensured that Blue Dart was visible in top-notch events and mediums.
A Responsible Corporate Citizen
On the Corporate Social Responsibility (CSR ) front, Blue Dart continued its efforts on three key pillars: GoTeach (Education), GoGreen (Environment) and GoHelp (Disaster Management). Under GoTeach, the award winning ‘Blue Edge - Empowering Lives’ programme, a 6-month course, continues to impact young lives from the marginalized segment of our society. Till date the programme has completed 9 batches in Mumbai with the 10th batch being underway. In April 2011, the programme was expanded to Chennai which saw the completion of the 1st batch. The 2nd batch began in October 2011 and is going on in full force.
The relationship with DHL and Teach For India initiatives continues to grow, with active participation of employees in this area of social work. Blue Dart participated in various efforts to put environmental concerns in the spotlight through GoGreen events like Earth Day, Volunteer Day, Power Saver-Initiative, GoGreen drives, etc. Blue Dart (along with DHL Express, DHL S upply Chain and DHL Global Forwarding) also supported empowerment of women and communities by helping generate funds through stall activities in the office premises under GoHelp. This year Blue Dart along with the other Business Units celebrated the Global Volunteer Day in September 2011 with participation from more than 8000 employees across all Business Units in India in activities ranging from blood donation drives (in 40 centres), sponsoring trees (more than 10,560 trees sponsored), drawing competitions (for more than 2500 children in 3 cities) and donating edibles, electrical appliances, linen and other necessities to various old age / children’s homes.
Opportunities and Future Outlook
The express industry is a key enabler in facilitating trade and commerce. The opportunities are plenty for the express industry in India as the current logistics spend in India is close to 13%3 of the GDP compared to a notably lesser percentage in more developed economies.
Air Express remains the preferred option for reliability, speed and security. Ground express too offers huge opportunities due to an increased affluence expanding into Tier II and III towns, which are emerging as important nodes of production, consumption and distribution. The Company identifies potential regions and penetrates the market by setting up offices, appointing representatives, sales focus, pricing structure and enhancing brand visibility. Connectivity is the focus area here. The Company has identified locations which will be tapped in the medium term. The strategy is in place to strengthen market share and deliver the Blue Dart promise. Sector focus and strengthening relationships with existing clients by catering to more needs of the same client is also an integral part of our growth strategy going forward.
Rewards and Recognition:
Blue Dart has various Rewards and Recognition initiatives to motivate and encourage employees to continue with their good work.
The following awards are given to employees as recognition of their outstanding contribution to Blue Dart:
• Super Darter Award: This award seeks to recognise and award acts that far exceed the call of duty.
• Bravo Award: This is an on the spot award given by individual managers to their people for outstanding achievements.
• True Blue Award: This award is given to every employee who completes 5 years of service in Blue Dart Express Limited
• Employee of the Year Award: This is to encourage excellence by recognizing our top performing, customer (external/internal) focused employees across the country. The award further exists to recognise and effectively attract, retain and manage our top performing employees.
The number of awards received by Blue Dart employees in 2011 has considerably gone up. This shows that the Blue Dart Managers have appreciated and encouraged the good work done by their team members through recognition of their contributions and efforts, which proves the adage that “good work when recognized gets repeated.” It also reflects good morale and motivation level of the employees.
Awards and Recognitions
2011 saw Blue Dart being the recipient of several prestigious awards that are a validation of its Brand Equity and Leadership, Human Resource Philosophy, Operational Efficiency and Corporate Governance. Some of the awards and recognitions are:
• Blue Dart ranks India’s ‘Best Company to Work for in India 2011’ by the Great Place to Work Institute, India;
• ‘Reader’s Digest Most Trusted Brand‘Gold Award, 6 years in a row;
• ‘Brand Excellence Award in Logistics Sector’ by the S tar News Brand Excellence Awards 2011;
• ‘Brand Excellence in Service/Hospitality Industry’ by the Global Awards for Brand Excellence 2011;
• ‘Best Service Excellence Award – Domestic’ by the Asian Leadership Awards;
• ‘Best Marketing Strategy Award’ by the Asian Leadership Awards;
• ‘Business Super Achievers Award – Anil Khanna’ by the Asian Leadership Awards;
• ‘Best Air Express Provider of the Year – Domestic’ by the 5th Express, Logistic and Supply Chain Conclave;
• ‘Innovative Logistics Company of the Year’ at the 5th Express, Logistic and Supply Chain Conclave for Blue Dart – DHL;
• ‘Organization with Innovative HR Practices’, award at the Asia Pacific HRM Congress;
• ‘Outstanding Contribution to the Cause of Education’ award at the Asia Pacific HRM Congress;
• Anil Khanna - Managing Director conferred with the ‘CEO with HR Orientation’, award at the Asia Pacific HRM Congress;
• Tata Motors award for ‘Best Logistic Provider in Logistic’ (Vehicle off Road) category;
• ‘SU PERBRAND Status 2011’; ‘STARBRAND Status 2011’;
• ‘6th Social and Corporate Governance Award 2010’, for the Best CSR Practice held at Bombay Stock Exchange;
• Anil Khanna – Managing Director honoured with ‘CEO of the Year’, award at the CMO Asia Awards;
• Frost and Sullivan award for the ‘Best Logistics Service Provider in the Pharmaceutical Sector’;
• ‘Brand Excellence in Logistics’ at the CMO Asia Awards;
• ‘Brand Leadership Award’ for Ketan Kulkarni, VP and Head – Marketing, Corporate Communication and Sustainability at the CMO Asia Awards for Excellence in Branding and Marketing;
• Blue Dart Express Limited wins Customer & Brand Loyalty Awards in the ‘Logistic S ctor – Express’ at the 4th Loyalty Awards;
• Customer Validated POWERBRANDS 2011;
• Asia Retail Congress 2011 – Awards for Retail Excellence – ‘Retail Best Employers of the Year’ for Blue Dart – DHL R ETAIL initiative;
• Asia Retail Congress 2011 – Awards for Retail Excellence – ‘Retail Leadership Award’ for Blue Dart – DHL R ETAIL initiative;
• Shine.com HR Leadership Awards for ‘Best HR Practices Award in Rewards and Recognition Strategies’;
• Global HR Excellence Awards 2010-2011 – ‘Outstanding contribution to the cause of education’ for effective Corporate Social Responsibility efforts through our award winning Blue Edge: Empowering Lives Program;
• 6th Social & Corporate Governance Awards 2010 – ‘Organisation that offers the best returns to consumers’;
• 6th Social & Corporate Governance Awards 2010 – ‘CEO with HR Orientation’;
• ‘Excellence in HR Through Technology’, at the 5th Employer Branding Awards 2010-2011; ‘Best Employee of the Year (Rank 13th)’, at the 5th Employer Branding Awards 2010-2011;
• ‘Best HR Practices in line with Strategy’, at the 5th Employer Branding Awards 2010-2011;
• ‘Best in Corporate Social Responsibility Practice’, at the 5th INDY’s Awards 2011;
• Yogesh Dhingra, COO & Finance Director was conferred the CFO
100 ‘Recognition of Excellence’ for his exceptional contribution to corporate finance;
• Tulsi Mirchandaney, Managing Director, Blue Dart Aviation Ltd. felicitated by the Government of India for her significant contribution to the growth of civil aviation in India;
• Blue Points won the ‘Best Loyalty programme’ award at the CMO Asia Awards;
• Blue Edge: Empowering Lives won the ‘Best Community Development’ programme award at Asia’s Best CSR Practice Awards;
• ‘Best Developing Sustainable Strategy’ at Asia’s Best CSR Practice Awards;
• ‘Best CSR Practice’ award (Overall) at Asia’s Best CSR Practice Awards;
• Ketan Kulkarni, VP and Head, Marketing, Corporate Communications and Sustainability was conferred the ‘Award for Brand Leadership’ by the Global Awards for Brand Excellence 2011;
• Community Development – Blue Edge: Empowering Lives’ at the CSR Awards 2011 by Subir Raha Centre for Corporate Governance;
• ‘Best Environmental Excellence – S mart Truck’ at the CSR Awards 2011 by Subir Raha Centre for Corporate Governance.
CONTINGENT LIABILITIES
NOT PROVIDED FOR
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
(a) Corporate Guarantees given on behalf of
Blue Dart Aviation Limited |
860.000 |
1660.000 |
|
(b) Bank Guarantees |
3.570 |
24.663 |
|
Note: Future cash outflows
can be determined only when guarantees are
invoked by parties to whom given. |
||
FIXED ASSETS
Tangible Assets:
v Land – Freehold
v Buildings
v Office Equipment
v Electrical
Equipment
v Computers
v Furniture and
Fittings
v Vehicles
v Aircraft Engines
v Aircraft
v Aircraft
Components and Overhaul
v D-Check on
Aircraft
v Ground Handling
Equipment
v Machinery and
Equipment
Intangible Assets:
v
Computer Software
v Goodwill
WEBSITE DETAILS:
MILESTONES:
1983:
Khushroo Dubash, Clyde Cooper, and Tushar Jani establish Blue Dart Courier
Services with a capital base of Rs: 30,000. They forge ties with Gelco Express
International U.K., and introduce India's first international air package
express service.
1984:
Blue Dart Courier Services is the first carrier in India to provide domestic
and international on-board couriers, a hub-and-spoke system and a 10.30 a.m.
delivery service.
1988:
Blue Dart Courier Services establishes real-time, on-line tracking for all international
shipments.
1991:
Blue Dart Express is registered as a private limited company, and introduces
its economical logistics service option, Dart Surfaceline. It indigenously
develops its domestic tracking system, COSMAT-I.
1992:
Blue Dart Express Private Limited connects its in-house domestic E-mail
network, and sets up its employee satisfaction programme - Employee
Satisfaction Survey (ESS).
1994:
Blue Dart Express Limited goes public with an equity offer of 2.55 million
shares, at a premium of 14 times, worth Rs: 382.5 million . Blue Dart Express
Ltd. launches Dart Apex (Domestic Air Package Express), a multi-modal, premium
package delivery service, and COSMAT-IITM, an advanced system which
includes track and trace. Blue Dart Aviation is registered as a public limited
company and becomes the first private company to receive government permission
for operation of cargo aircraft in India.
1995:
Blue Dart Aviation acquires 2 Boeing 737-200 freighters and receives ATO
permission. Blue Dart Express Ltd. develops its SMART (Space Management
Allocation Reservations and Tracking) system for its aircraft, the first cargo
management system in the country.
Blue Dart, Calcutta is proud to have the office inaugurated by Mother Theresa
of the Missionaries of Charity, and Nobel Peace Prize Laureate.
1996:
Blue Dart Aviation launches India's first jet express airline. Blue Dart
Express Limited's turnover crosses the Rs: 1 billion mark, as it expands its
domestic network by entering into strategic alliances in North, South and West
India. Blue Dart Express Limited is the first express company in India to
receive an ISO 9001 certification, and post its website on the internet.
1997:
Blue Dart Express Limited signs agreements with leading international airlines
for distribution of bonded cargo within its network. Blue Dart Aviation
launches its domestic charter operations.
1998:
Blue Dart Aviation develops India's first Load and Trim software for its B737F
flights. Blue Dart Express Limited launches SMARTBOX, its economical, packaged
door-to-door product, and extends its delivery to over 1000 locations.
1999:
Blue Dart Express Limited moves to its state-of-the-art Administrative,
Technology and Operations Superhub, the Blue Dart Centre, at Mumbai. At close proximity
to both the international and domestic airports and equipped with the latest
technology, the Superhub has improved efficiency and increased load-handling
capacity multifold. Blue Dart Express Limited Launches Power Dart 2000+, a
software that provides customers free connectivity to its database, enabling
customers to track and retrieve all information related to their shipments.
2000:
Blue Dart Aviation acquires its 3rd aircraft on lease. The aircraft is
scheduled for operations on the Bangalore-Delhi-Bangalore sector. Blue Dart
Express Ltd. also revamps its website replacing it with an interactive website
to support e-trade and commerce and facilitate customer interface on the net.
2001:
Blue Dart launches its 3rd aircraft operations on the Bangalore-Delhi-Bangalore
sector. The Civil Aviation Ministry requisitions Blue Dart aircrafts for relief
operations into earthquake-battered Bhuj in Gujarat. Technology tools and
customer software - MobileDart, On-Line Pick Up and ShipDart - are developed in-house
and launched. Blue Dart declares 1:1 bonus shares. Blue Dart, Kolkata moves
into heritage building, Kanak, its new premises inaugurated by Sr. Nirmala of
the Missionaries of Charity.
2002:
Blue Dart is re-certified as one of a handful of Indian companies to the new
global ISO 9001 - 2000
standards for "Design, management and operations of countrywide express
transportation and distribution service within the Indian Subcontinent and to
international destinations serviced through multinational express
companies". Blue Dart ends its contract with Federal Express and signs a
path-breaking Sales Alliance with the World's No. 1 international air express
company, DHL Worldwide Express. Blue Dart crosses 100,000 shipments per
day.
2003:
2003 - Blue Dart acquires its fourth Boeing 737 freighter. With a thrust on
strengthening infrastructure, Blue Dart establishes twelve of its own offices
in the South, delivering to an additional 198 locations, expands its hub at
Bhiwandi and sets up a bonded warehouse in Mumbai. The company is selected a
Superbrand from over 700 brands across 98 categories by a jury of eminent
marketing and advertising professionals. The company celebrates its 20 years of
service to the nation on 19th November 2003
2004:
Blue Dart inducts its 4th aircraft into operation on 17th May 2004, connecting
Hyderabad as its 6th Aviation Hub. Blue Dart acquires its fifth Boeing 737
freighter.
2005:
DHL Express (Singapore) Pte. Limited completes the acquisition of 81.03% of the
equity capital of Blue Dart Express Limited. Blue Dart continues to operate as
an independent brand and provides a complete spectrum of domestic and
international express services through synergies with DHL.
2006:
Blue Dart launches its unique SMS based Mobile Tracking Service. A decade after
its launch of India's first domestic express airline, Blue Dart introduces the
first Boeing 757 freighters in the Indian skies on the 1st June 2006 with 2 of
these aircraft connecting the 5 major metros of Delhi, Mumbai, Chennai,
Bangalore and Kolkata. A second flight is launched from Hyderabad and Ahmedabad
is the 7th airport connected to Blue Dart's network.
2007 :
Blue Dart launches it’s fortified Ground Express Service – Dart Surfaceline
with time bound deliveries and features like DOD (Demand Draft on Delivery),
FOD (Freight on Delivery) and FOV (Freight on Value) - Insurance Arrangement.
Blue Dart inducts 3rd Boeing B757 freighters.
2008:
25th year of operations in India.
First Integrated Blue Dart-DHL facility in Bangalore.
Blue Dart inducts 4th Boeing B757 freighter.
2009:
A SUPERBRAND - 5th time in a row.
2010:
Certified to the ISO 9001-2008 standards.
Readers' Digest 'Most Trusted Brand' - 5th time in a row.
2011:
Blue Dart launches Smart Truck.
Blue Dart launches GOGREEN Carbon Neutral Service.
Blue Dart inducts 5th Boeing B757 freighter.
BOARD OF
DIRECTORS:
Sharad Upasani has been appointed as the Chairman of the Board of Directors of the Company with effect from December 21, 2007.
Sharad has done Masters in Commerce and LLB from Mumbai University and also holds MBA degree from USA. He has varied experience in Administration and had the opportunity to work both in the State and Central Government and Public Sector Corporations. He has worked as Secretary of Industry Department, Maharashtra State and as Managing Director of Maharashtra State Finance Corporation, Chairman of Maharashtra State Textile Corporation and Vice – Chairman of Maharashtra State Road Transport Corporation. He retired as Chief Secretary, Government of Maharashtra.
At the Central level, he has worked in the Finance Ministry, Industry Ministry
and Information and Broadcasting Ministry.
He was also Chairman of the Company Law Board and Chairman of the Bureau of
Costs and Prices, New Delhi. He was also Chairman of Film Certification Board,
Mumbai and Vice-Chancellor of Agricultural University, Akola, Maharashtra.
Sharad was also on deputation to International Monetary Fund, Washington from
1974 to 1978. He is a member of Bar Council of Maharashtra and Goa. After
retirement from Government Service as Chief Secretary, Government of
Maharashtra, He is now giving Consultancy on Corporate Law matters and acts as
Arbitrator in corporate disputes.
Sharad is Vice Chairman and Member of Council of Management of M. Visvesvaraya Industrial Research and Development Centre, World Trade Centre, Mumbai
Anil Khanna
Anil Khanna has assumed the position as Managing Director of Blue Dart Express Limited with effect from 21st February 2007.
He has 29 years of experience in various industries and has been
with Blue Dart for over 16 years. He moved to the position of Managing Director
from his earlier position as Senior Vice President - Western Region.
As the Head of the Western Region, he was responsible for developing business
potential, driving strong growths in the region, which contributes to a third
of the company's revenues, and enhancing service quality.
Anil is a graduate from St Stephen's College, Delhi and holds an MBA degree in
Marketing and Finance from UBS, Chandigarh.
Malcolm Monteiro is Senior Vice-President and Area Director, South Asia, DHL. He is responsible for reinforcing the vision of DHL, growing the business, maintaining and growing market share, ensuring high customer service standards for India, Sri Lanka, Pakistan, Nepal, Maldives, Bangladesh and Bhutan.
Prior to this role, Malcolm was the Managing Director of Blue Dart between the period from 13th March 2006 to 21st February 2007 and led the organisation's commendable performance duing the same period. He has over 18 years of experience in various functions in Blue Dart. Malcolm is credited with setting up the much acknowledged ‘Track and Trace’ System & ERP System (COSMAT 2), as well as the Aviation ‘Space Management’ System (SMART) among other cutting edge technologies. He was the prime mover in the re-launch of the Blue Dart’s website, www.bluedart.com - a quick response, interactive eBusiness solutions site as well as building an extensive, secure countrywide IT network.
Malcolm was primarily responsible in developing committed and trained human
resources resulting in highly reliable operations and unmatched service
excellence that have been major contributors in making Blue Dart the undisputed
Market Leader in the Domestic Express Industry.
Malcolm holds a post-graduate degree in Management from IIM, Ahmedabad, and is a graduate in Electrical Engineering from IIT, Mumbai, both of which are world-renowned top ranking institutions in their respective fields.
Clyde Cooper is one of the founding members of Blue Dart Express Limited. Clyde was instrumental in drawing the vision that differentiated Blue Dart and set it on the path of definitive success. He charted the turnaround strategy of the company in 1997, transforming Blue Dart into a consistently profitable one within 2 years, and propelling it into a leadership position in the Express Industry in the South Asian region.
He is presently a director on the board of Blue Dart Express Limited.
Clyde has over 25 years of experience in the Air Cargo, Aviation and Express
Industry, and has been instrumental in leading several initiatives in the
express industry in India - the concept of 'On Board Couriers', setting up the
logistics for the Hub-and-Spoke system and launching India's first and, till
date, only express airline. He has adapted global best practices which set Blue
Dart apart from other players in the industry, relentlessly driving up service
quality levels to an unparalleled 99.96%, inducting advanced technology, and
resolutely upholding the organization's People programmes that include the
Guaranteed Fair Treatment Policy (GFTP) and Employee Satisfaction Survey (ESS).
Clyde is an Economics graduate of Mumbai University.
A Commerce graduate from Sydenham College, and a Fellow Chartered Accountant (FCA) and Member of the Institution of Chartered Accountants for the past 38 years, Suresh Sheth is a partner in a firm of Chartered Accountants, Sheth & Company. His area of specialization is Audit, Taxation and Financial Consultancy, and he has travelled worldwide extensively in a professional capacity. He has been a Director of Blue Dart Express Limited since 1992, and has been associated with various charitable institutions.
Jerry Hsu is CEO, DHL Express Asia Pacific and a member of the DHL Express Global Management Board. Based in Hong Kong, he is responsible for China, Japan, Korea, Hong Kong, Taiwan, South East Asia, India and South Asia, Oceania and other markets and territories in the region.
In his former role as President of DHL Express Greater China, Jerry has helped to guide DHL's Greater China Area to strong double-digit growth and consistent generation of more than US$1.5 billion sales turnover over the last few years. He was instrumental in developing DHL Express' market leadership position in the Area's key markets of Hong Kong and Taiwan, as well as China, the company's fastest-growing markets. Under Jerry's leadership, more than US$1.3 billion has been invested in the Greater China Area.
Jerry Hsu joined DHL Express in January 2001 as Area Director responsible for
Newly Industrialized Economies (NIE), which included Hong Kong, Singapore,
South Korea and Taiwan. In September 2002, he was appointed Regional Director
responsible for Greater China, Korea Peninsula and Mongolia before being named
President for the Greater China Area.
Prior to joining DHL Express, Jerry held various senior positions at U.S.-based
DaimlerChrysler Corporation including Vice Chairman of Beijing Jeep
Corporation, Vice President of Sales and Marketing Asia Pacific and General
Manager of Japan, Taiwan and China subsidiaries.
Jerry graduated from the National Chengchi University in Taiwan, and holds a
Master's degree in International Economics and Politics from the University of
Detroit Mercy.
Alternate
Director to Jerry Hsu
George Berczely
George Berczely is currently Vice President - Business Planning and Performance Management for DHL Asia Pacific. He is responsible for Mergers and Acquisitions, Partnerships and Planning and Performance Management.
Prior to joining Deutsche Post DHL in 2004, George spent about 5 years with McKinsey & Company, Inc., as a strategy consultant specialized in the Logistics sector. He then joined Deutsche Post DHL as Director, Corporate Strategy, where he was responsible for strategy and M&A projects. He then moved to DHL Express in 2007 to lead a project to increase operational efficiency, and took on a role as CFO for Network Operations and Aviation, Asia Pacific and Emerging Markets, in 2009.
George is a British and Austrian citizen, who has lived and worked in South
America, Europe and Asia. He holds an MBA from INSEAD and speaks six languages.
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. 54.73 |
|
|
1 |
Rs. 88.61 |
|
Euro |
1 |
Rs. 71.34 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.