MIRA
INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR COURIER EXPRESS |
|
|
|
|
Registered
Office : |
Unit No.1, Ground Floor, Yashodham Building, 16 Malviya Road, Vile Parle (East), Mumbai – 400057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
establishment : |
2003 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 4.985 Millions |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Offering domestic as well as international courier services,
freight forwarding and air cargo consolidation. |
|
|
|
|
No. of Employees
: |
8 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Small concern |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small partnership concern in its field. Its scale of
activities are limited. Mr. Santosh and Mr. Siddiqui, Partners provided general information
and also unaudited financials for the year 2013 and 2014. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The concern can be considered for small to medium business dealings
with some caution. Note : As claimed by Mr. Ramesh (Auditor) that subject was started in 2003 as
a Proprietorship Firm and later it was converted into Partnership Concern in
1st September 2012. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Santosh |
|
Designation : |
Partner |
|
Contact No.: |
91-9833328133 |
|
Date : |
26.05.2014 |
|
Name : |
Mr. Siddiqui Enamul Haq |
|
Designation : |
Partner |
|
Contact No.: |
91-9820621784 |
|
Date : |
26.05.2014 |
LOCATIONS
|
Registered Office : |
Unit No.1, Ground Floor, Yashodham Building, 16 Malviya Road, Vile
Parle (East), Mumbai – 400057,
Maharashtra, India |
|
Tel. No.: |
91-22-26130468 / 26 / 23102 |
|
Mobile No.: |
91-9820621784 (Mr. Siddiqui) 91-9920448825 (Mr. Kamlesh) 91-9833328133 (Mr. Santosh) |
|
Fax No.: |
91-22 -26130471 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
380Sq.ft |
|
Location : |
Rented |
|
|
|
|
Oversease Office
: |
Located
At ·
Korea ·
China |
|
|
|
|
Agent : |
Alia Express in London |
PARTNERS
|
Name : |
Mr. Siddiqui
Enamul Haq |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Kamlesh
Singh |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Santosh
Mhatre |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Offering domestic as well as international courier services,
freight forwarding and air cargo consolidation. |
|
|
|
|
Exports : |
|
|
Products : |
Courier
Services |
|
Countries : |
All over the world |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
Customer and Supplier : |
·
Choudhary Garments, Andheri (West), Mumbai,
Maharashtra, India ·
Kothari Exim Private Limited ·
Kisko - Silver |
|
|
|
|
No. of Employees : |
8 (Approximately) |
|
|
|
|
Bankers : |
·
Vijaya Bank, Saki Naka, Andheri, Mumbai,
Maharashtra, India ·
ICICI Bank, Vile Parle, Mumbai, Maharashtra,
India ·
State Bank of Hyderabad, Vile Parle, Mumbai,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Ramesh Chartered Accountant |
|
Mobile No.: |
91-9930116092 |
|
Address : |
Saki Naka, Andheri, Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2014
|
Capital Investment : |
|
|
Owned : |
Rs. 4.985 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 4.985
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
PARTNERS FUNDS |
|
|
|
|
1] Partner's Capital |
|
4.985 |
2.933 |
|
2] Share Application Money |
|
0.000 |
0.000 |
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH |
|
4.985 |
2.933 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
2] Unsecured Loans |
|
1.100 |
1.100 |
|
TOTAL
BORROWING |
|
1.100 |
1.100 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
6.085 |
4.033 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.443 |
0.265 |
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
Sundry Debtors |
|
0.587 |
0.321 |
|
Cash & Bank Balances |
|
0.409 |
1.188 |
|
Other Current Assets |
|
0.000 |
0.000 |
|
Loans & Advances / Deposit |
|
5.164 |
2.874 |
|
Total
Current Assets |
|
6.160 |
4.383 |
|
|
|
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditors |
|
0.253 |
0.253 |
|
Other Current Liabilities |
|
0.000 |
0.028 |
|
Sundry Creditors for Expenses |
|
0.265 |
0.135 |
|
Provisions |
|
0.000 |
0.199 |
|
Total
Current Liabilities |
|
0.518 |
0.615 |
|
|
|
|
|
|
Net Current
Assets |
|
5.642 |
3.768 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
6.085 |
4.033 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
5.486 |
3.031 |
|
|
|
Other Income |
|
2.596 |
2.684 |
|
|
|
TOTAL |
|
8.082 |
5.715 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Cost |
|
3.166 |
1.819 |
|
|
|
Forwarding and clearing charges |
|
1.252 |
0.871 |
|
|
|
Conveyance and Travelling
Expenses |
|
0.256 |
0.115 |
|
|
|
Electricity Expenses |
|
0.066 |
0.050 |
|
|
|
Legal and Professional Fees |
|
0.021 |
0.014 |
|
|
|
Office and general Expenses |
|
0.365 |
0.288 |
|
|
|
Salary |
|
0.326 |
0.292 |
|
|
|
Printing and Stationery |
|
0.085 |
0.069 |
|
|
|
Staff Welfare Expenses |
|
0.042 |
0.023 |
|
|
|
Telephone and mobile Expenses |
|
0.113 |
0.094 |
|
|
|
Bank Charges |
|
0.124 |
0.013 |
|
|
|
Compauter Expenses |
|
0.036 |
0.026 |
|
|
|
Software charges |
|
0.014 |
0.007 |
|
|
|
Repairs and Maint. Expenses |
|
0.024 |
0.006 |
|
|
|
Advertisement and Publication |
|
0.005 |
0.030 |
|
|
|
Rent |
|
0.276 |
0.245 |
|
|
|
Discount |
|
0.000 |
0.001 |
|
|
|
Remmuneration to Partner |
|
0.000 |
1.086 |
|
|
|
Provision for Taxation |
|
0.000 |
0.199 |
|
|
|
TOTAL |
|
6.171 |
5.248 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.911 |
0.467 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.087 |
0.044 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
1.824 |
0.423 |
|
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
|
22.57 |
7.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
33.25 |
13.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
27.62 |
9.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.37 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.22 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
11.89 |
7.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
2.933 |
4.985 |
|
Reserves & Surplus |
|
0.000 |
0.000 |
|
Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
2.933 |
4.985 |
|
|
|
|
|
|
Secured Loans |
|
0.000 |
0.000 |
|
Unsecured Loans |
|
1.100 |
1.100 |
|
Total
borrowings |
|
1.100 |
1.100 |
|
Debt/Equity
ratio |
|
0.375 |
0.221 |
%20-%20269298%202%2031-May-2014_files/image002.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Income |
|
3.031 |
5.486 |
|
|
|
|
80.996 |
%20-%20269298%202%2031-May-2014_files/image004.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR
in Mlns) |
(INR
in Mlns) |
|
Income |
|
3.031 |
5.486 |
|
Net Profit |
|
0.423 |
1.824 |
|
|
|
13.96% |
33.25% |
%20-%20269298%202%2031-May-2014_files/image006.gif)
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 |
Yes |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last two 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 |
No |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
------ |
|
22] |
Litigations
that the firm / promoter involved in |
------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
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 |
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.31 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
------ |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.