MIRA INFORM REPORT

 

 

Report No. :

331897

Report Date :

14.07.2015

 

IDENTIFICATION DETAILS

 

Name :

UPS SCS (INDIA) PRIVATE LIMITED (w.e.f 02.09.2005)

 

 

Formerly Known As :

UPS WORLDWIDE LOGISTICS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Bhagwati Compound, Plot No.2, Compartment No.10/11, Marol Co-Operative Industrial Estate, Off M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra

Tel. No.:

91-22-25708500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.08.1998

 

 

Com. Reg. No.:

11-116239

 

 

Capital Investment / Paid-up Capital :

Rs.570.941 Million

 

 

CIN No.:

[Company Identification No.]

U74210MH1998PTC116239

 

 

IEC No.:

0305079051

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACU2488B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing a wide range of freight forwarding and logistics services, which mainly comprise ocean /air freight and allied services.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2400000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Subject has achieved acceptable growth in sales turnover during FY 2014. Rating takes into consideration good profitability, low gearing and acceptable net worth base. However, reserves level seems to be low.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

Subject can be considered 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Manish Jhunjhunwala

Designation :

Finance Controller

Contact No.:

91-22-28276200

Date :

13.07.2015

 

 

LOCATIONS

 

Registered Office :

Bhagwati Compound, Plot No.2, Compartment No.10/11, Marol Co-Operative Industrial Estate, Off M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-25708500/28276200

Fax No.:

91-22-25708513

E-Mail :

hbhanse@ups.com

 

 

Branches :

Located At

  • Mumbai
  • Delhi
  • Calcutta
  • Chennai
  • Bangalore
  • Cochin
  • Hyderabad

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Rajiv Yeshwant Danait

Designation :

Director

Address :

Flat No.1, Panchseel Iii Wing A, Raheja Township, Malad East, Mumbai – 400097, Maharashtra

Date of Birth/Age :

18-12-1962

Date of Appointment :

28.09.2012

DIN No.:

00166103

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74999PN2000PTC155732

UPS LOGISTICS PRIVATE LIMITED

Director

25/01/2005

25/01/2005

-

Active

NO

2

U99999MH2000PTC128519

UPS Jetair Express Private Limited

Director

30/09/2010

29/06/2010

-

Active

NO

3

U74210MH1998PTC116239

UPS SCS (INDIA) PRIVATE LIMITED

Director

28/09/2012

10/09/2012

-

Active

NO

4

U63090MH1995PTC084218

UPS FREIGHT SERVICES INDIA PRIVATE LIMITED

Director

28/09/2012

10/09/2012

-

Active

NO

5

U60231DL1996PTC077077

MENLO WORLDWIDE FORWARDING INDIA PRIVATE LIMITED

Director

28/09/2012

10/09/2012

-

Active

NO

 

 

Name :

Mr. Mark Martyn Fisher

Designation :

Director

Address :

Villa 18b, Street 14 a, Jumeirah 1, Dubai

Date of Birth/Age :

12-02-1957

Date of Appointment :

10-09-2012

DIN No.:

05134752

 

 

KEY EXECUTIVES

 

Name :

Mr. Manish Jhunjhunwala

Designation :

Finance Controller

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

UPS SCS (Singapore) Pte. Limited, Singapore

 

57088556

UPS SCS Holding Limited, Hong Kong

 

5556

Total

 

57094112

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing a wide range of freight forwarding and logistics services, which mainly comprise ocean /air freight and allied services.

 

 

Products / Services  :
  • Comprise ocean /air freight
  • Allied services.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bilimoria Mehta and Company

Chartered Accountants

Address :

Bharat House, 4th Floor, 104 Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFB1386J

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :
  • Ups Freight Services India Private Limited

CIN NO.: U63090MH1995PTC084218

 

  • Ups Logistics Private Limited

CIN NO.: U74999MH2000PTC129044

 

  • Menlo Worldwide Forwarding India Private Limited

CIN NO.: U60231DL1996PTC077077

 

  • Ups Europe Sa, Belgium

 

  • Ups Jetair Express Private Limited

CIN NO.: U99999MH2000PTC128519

 

  • Ups Asia Group Pte Limited, Singapore

 

 

Holding company :

UPS SCS(Singapore) Pte Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

57,200,000

Equity Shares

Rs.10/- each

Rs. 572.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

57,094,112

Equity Shares

Rs.10/- each

Rs.570.941 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

570.941

570.941

570.941

(b) Reserves & Surplus

263.553

191.954

130.785

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

834.494

762.895

701.726

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1.583

1.583

1.582

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

3.642

3.197

3.800

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

5.225

4.780

5.382

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1904.776

315.097

200.893

(c) Other current liabilities

21.643

12.533

18.618

(d) Short-term provisions

53.205

46.353

186.540

Total Current Liabilities (4)

1979.624

373.983

406.051

 

 

 

 

TOTAL

2819.343

1141.658

1113.159

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

 

(ii) Intangible Assets

27.140

23.630

24.699

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

29.460

27.586

24.374

(d)  Long-term Loan and Advances

271.216

288.259

376.053

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

327.816

339.475

425.126

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

2238.513

664.353

354.739

(d) Cash and cash equivalents

73.836

20.849

261.644

(e) Short-term loans and advances

58.935

19.707

29.927

(f) Other current assets

120.243

97.274

41.723

Total Current Assets

2491.527

802.183

688.033

 

 

 

 

TOTAL

2819.343

1141.658

1113.159

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income (Gross)

1008.016

939.756

926.245

 

Other Income

NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

913.719

862.177

820.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

94.297

77.579

105.445

 

 

 

 

 

Less

TAX

22.698

16.410

16.580

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

71.599

61.169

88.865

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

441.440

130.579

123.201

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.25

1.07

1.56

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

105.155

(168.824)

237.797

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

7.10

6.51

9.59

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

9.35

8.26

11.38

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.38

6.96

9.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.10

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.26

2.14

1.69

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

570.941

570.941

570.941

Reserves & Surplus

130.785

191.954

263.553

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

701.726

762.895

834.494

 

 

 

 

long-term borrowings

1.582

1.582

1.583

Short term borrowings

0.000

0.000

0.000

Total borrowings

1.582

1.582

1.583

Debt/Equity ratio

0.002

0.002

0.002

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Income (Gross)

926.245

939.756

1008.016

 

 

1.459

7.264

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Income (Gross)

926.245

939.756

1008.016

Profit

88.865

61.169

71.599

 

9.59%

6.51%

7.10%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: Registered office of the company has been shifted from 901 Alpha, Hiranandani, Business Park Hiranandani, Gari Powai, Mumbai – 400063, Maharashtra, India to the present address w.e.f. 26.07.2013

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan and advances from related parties

1.583

1.583

 

 

 

Total

1.583

1.583

 

 

BACKGROUND

 

Subject was incorporated in India on 17th August 1998 with its registered office in Mumbai. UPS SCS provides a wide range of freight forwarding and logistics services, which mainly comprise ocean /air freight and allied services. Currently, UPS SCS has branches at Mumbai, Delhi, Calcutta, Chennai, Bangalore, Cochin, Hyderabad.

 

UPS India’s logistics and freight forwarding support services primarily include pick-up and delivery of cargo to and from various destinations in India. The freight traffic essentially comprises outbound or export shipments (viz. originating in India and destined for a location outside India) and inbound or import shipments (viz. originating outside India and destined for India). Further, the logistics services performed by UPS India also include acting as custodian of inventory for warranty supplies on behalf of customers at its warehouses and consequently files VAT returns on the movement of those inventories under the instructions of the customers.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

FIXED ASSETS

  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.63.46

UK Pound

1

Rs.98.47

Euro

1

Rs.70.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.