|
Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
FEDERAL EXPRESS CORPORATION |
|
|
|
|
Corporate Office
: |
Boomerang, Unit No.801, Wing A and B1, 8th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Date of
Incorporation : |
01.10.1997 |
|
|
|
|
FCR. No.: |
F01569 |
|
|
|
|
Legal Form : |
Foreign Registered Company |
|
|
|
|
Line of Business
: |
Courier Services |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Foreign Registered Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a foreign registered company having one of its operating
office in In view of reputed and creditworthy parentage, It would be advisable
to enter into business dealings with some caution. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-61897777
LOCATIONS
|
Registered Office : |
2005, Corporate Avenue, Memphis, Tennessee – 38132, USA |
|
|
|
|
Corporate Office
: |
Boomerang, Unit No.801, Wing A and B1, 8th Floor,
Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel No.: |
91-22-61897777/ 25714444 |
|
Email : |
|
|
|
|
|
Branches : |
·
Chemtex Business Centre, Chemtex House, Near
Galleria Shopping Mall, Hiranandani Gardens, Powai, Mumbai – 400075,
Maharashtra, India
Tel. No.: 91-22-6679777/25708888 ·
2nd Floor, New Import Warehouse, Sahar
Cargo Complex, Andheri (East), Mumbai – 400099, ·
6th Floor, Jeena House, Plot No.170,
Om Nagar, Off ·
Level, Office Floor, Hotel Crown Plaza Surya, New
Friends Colony, New Delhi – 110065, Delhi, India ·
·
6/1, ·
Ground Floor, Vishal Complex, 1-8-303/48/2,
Sardar Patel Road, Secundrabad – 500003, India ·
Veejay Hall, 245/1, Ground Floor, Block No.36,
War No.1, T S No.1443, |
|
|
·
|
DIRECTORS
|
Name : |
Mr. Robert H Allen |
|
Designation : |
Director |
|
Address : |
3664, |
|
|
|
|
Name : |
Mr. Howard H Baker |
|
Designation : |
Director |
|
Address : |
407, |
|
|
|
|
Name : |
Mr. Robert L Cox |
|
Designation : |
Director |
|
Address : |
1054, |
|
|
|
|
Name : |
Mr. Ralph D Denunzio |
|
Designation : |
Director |
|
Address : |
3, |
|
|
|
|
Name : |
Mr. Philip Greer |
|
Designation : |
Director |
|
Address : |
18, |
|
|
|
|
Name : |
Mr. J R Hyde III |
|
Designation : |
Director |
|
Address : |
5455, Glewild, |
|
|
|
|
Name : |
Mr. Charles T Manatt |
|
Designation : |
Director |
|
Address : |
4814, |
|
|
|
|
Name : |
George J Mitchell |
|
Designation : |
Director |
|
Address : |
231, |
|
|
|
|
Name : |
Mr. Jackson W Smart Fr |
|
Designation : |
Director |
|
Address : |
1090, |
|
|
|
|
Name : |
Mr. Judith L Estrin |
|
Designation : |
Director |
|
Address : |
27343, |
KEY EXECUTIVES
|
Name : |
Ms. Naina |
|
Designation : |
Finance |
|
|
|
|
Name : |
Mr. Sunil Rao |
|
Designation : |
Finance |
BUSINESS DETAILS
|
Line of Business : |
Courier Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[All figures are
in Rupees Millions]
NOT DIVULGED
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
CASE DETAILS
|
BENCH:- BOMBAY |
|||||||
|
PRESENTATION DATE: 21.01.2014 |
|||||||
|
Lodging No. : |
ITXAL/200/2014 |
Failing Date:- |
21/01/2014 |
Reg. No.: |
ITXA/746/2014 |
Reg. Date: |
04.03.2014 |
|
|
|||||||
|
Petitioner:- |
Director of Income Tax (IT)-II- |
Respondent:- |
FEDERAL EXPRESS CORPORATION - |
||||
|
Petn. Adv:- |
Tejveer Singh Mastan singh (0) |
Resp. Adv.: |
Atul Karsandas Jasani (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
||||
|
Last Date:- |
30.07.2014 |
|
|||||
|
Last Coram:- |
According To Sitting List According To Sitting List |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section:- 260A |
|||||
------------------------------------------------------------------------------------------------------------------------------
PRESS RELEASE
FEDEX STRENGTHENS
ITS DOMESTIC GROUND AND SUPPLY CHAIN SERVICES IN INDIA FOLLOWING SUCCESSFUL
INTEGRATION
Mumbai,
May 7, 2014 — FedEx Corp. (NYSE: FDX) announces the successful integration of its acquired AFL and UFL businesses in India. Since the
acquisition in 2011, FedEx has focused on strengthening its domestic
transportation and supply chain capabilities to meet the demands of Indian
businesses. FedEx now offers end-to-end logistics solutions, including
international and domestic air express services, domestic ground services,
warehousing and supply chain management.
With the integration complete, FedEx has:
· Expanded its service coverage from 4,000 postal codes to over 19,000 in India
· Strengthened its ground transportation service: it now has a fleet of over 1,000 trucks connecting cities and towns across India, leading technology and competitive pricing
· Increased its office and hub space capacity from 300,000 to over a million square feet
· Added inventory management services via more than 900,000 square feet of warehousing space across the country
“In a little over a decade, India is expected to have as many as 18
mega-demand cities with a GDP surpassing $20 billion.
The internet is also propelling small towns such as Guntur in Andhra
Pradesh or Choryasi in Gujarat, into the league of top rural hubs for eCommerce
in India. This is why we have expanded our network to over 90% of India’s
manufacturing GDP, thereby providing seamless access to Indian businesses with
diverse logistics needs,” said David Canavan, vice president, Operations, FedEx
Express India.
“Increasingly, the success of modern retail chains, hi-tech industries
or booming eCommerce sites depends on the efficiencies and intelligence of
their supply chain. Innovative services such as cash on delivery,
repair-and-return, pick and pack and returns management are critical. Our
successful integration places us in a formidable position to meet all of these
logistics requirements.”
Now, customers using FedEx domestic ground services can also benefit
from shipping applications that enable them to create waybills for single or
multi-piece shipments. In addition, they can monitor incoming and outgoing
packages, get status notifications and near real-time tracking. High volume
businesses such as eCommerce are supported with robust web integration for
faster processing.
Industries with complex supply chain requirements (particularly hi-tech,
retail, medical equipment or consumer durables) will gain a competitive
advantage by using FedEx domestic ground and supply chain services.
About FedEx Express
FedEx Express is the world's largest express transportation company,
providing fast and reliable delivery to more than 220 countries and
territories. FedEx Express uses a global air-and-ground network to speed
delivery of time-sensitive shipments, usually in one to two business days, with
the delivery time guaranteed.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with
a broad portfolio of transportation, e-commerce and business services. With
annual revenues of $45 billion, the company offers integrated business
applications through operating companies competing collectively and managed
collaboratively, under the respected FedEx brand. Consistently ranked
among the world's most admired and trusted employers, FedEx inspires its more
than 300,000 team members to remain "absolutely, positively" focused
on safety, the highest ethical and professional standards and the needs of
their customers and communities.
FEDEX EXPRESS AMONG TOP 20 BEST FIRMS TO WORK IN INDIA
Jul 9, 2014
BANGALORE: FedEx Express, a subsidiary of FedEx Corp, today said it has been recognised among the top 20 best companies to work for in India by the Great Place to Work Institute.
The survey is India's largest annual study of workplace excellence and is based on confidential employee feedback and an audit of management processes by the Great Place to Work Institute, FedEx said in a release.
FedEx Express was ranked 19th among more than 500 companies that participated in the survey by the Great Place to Work Institute in India, it added.
Stating that FedEx Express also ranked second amongst India's best companies to work for in the transportation industry, the release said the company was acknowledged in two further special categories: Best Companies for Rewards and Recognition, Best Companies for Engaging the Frontline Staff.
Additionally, FedEx has been added to the Great Place to Work 'Hall of Fame' for consistently being ranked as a great place to work in India, the release noted.
FEDEX Q4 PROFIT RISES ON GROWTH IN GROUND
SHIPPING
June 18, 2014
FedEx Corp says its quarterly profit rose as growth in online shopping gave its ground-shipping business a lift.
The earnings of $2.46 per share beat Wall Street's forecast by a dime. Revenue also topped expectations.
The package-delivery company said Wednesday that it earned $730 million in its fiscal fourth quarter, which ended May 31, compared with $303 million a year ago, when write-downs weighed on the results.
Revenue rose 3.5 per cent to $11.84 billion. Analysts expected $11.66 billion, according to FactSet.
Revenue in the ground-shipping business grew 8 per cent, helped by gains in e-commerce. That helped offset slower growth in FedEx Express, which accounts for more than half the company's revenue.
Its shares rose 4 per cent in premarket dealings.
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 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 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.