MIRA INFORM REPORT

 

 

Report No. :

494803

Report Date :

05.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

DHL EXPRESS (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

DHL INTERNATIONAL (SINGAPORE) PTE. LTD.

 

 

Registered Office :

1, Marina Boulevard, 28-00, One Marina Boulevard, 018989

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

14.03.1977

 

 

Com. Reg. No.:

197700524Z

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the courier activities.

 

 

No. of Employees :

1000 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular  

 

 

Litigation :

Clear

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

197700524Z

COMPANY NAME

:

DHL EXPRESS (SINGAPORE) PTE. LTD.

FORMER NAME

:

DHL INTERNATIONAL (SINGAPORE) PTE. LTD. (02/09/2004)

INCORPORATION DATE

:

14/03/1977

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, MARINA BOULEVARD, 28-00, ONE MARINA BOULEVARD, 018989, SINGAPORE.

BUSINESS ADDRESS

:

1, TAI SENG DRIVE HL AIR EXPRESS CENTER, 535215, SINGAPORE.

TEL.NO.

:

65-68806060

FAX.NO.

:

N/A

MOBILE NO.

:

18002858888

WEB SITE

:

WWW.DHL.COM.SG

CONTACT PERSON

:

SHOEIB REZA CHOUDHURY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

COURIER ACTIVITIES

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00
250,000,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 250,000,000.00

SALES

:

SGD 437,857,205 [2016]

NET WORTH

:

SGD 330,826,945 [2016]

STAFF STRENGTH

:

1000 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

REGULAR 

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The Subject is principally engaged in the (as a / as an) courier activities.

 

The immediate holding company of the Subject is DEUTSCHE POST BETEILIGUNGEN HOLDING GMBH, a company incorporated in GERMANY.

 

Share Capital History

Date

Issue & Paid Up Capital

28/02/2018

SGD 250,500,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

DEUTSCHE POST BETEILIGUNGEN HOLDING GMBH
[PREFERENCE = SGD 250,000,000]

CHARLES-DE-GAULLE STRASSE 20, BONN 53115 ,GERMANY

T03UF1768

250,000,000.00

99.80

DHL GLOBAL FORWARDING MANAGEMENT (ASIA PACIFIC) PTE. LTD.
[ORDINARY = SGD 500,000]

150, BEACH ROAD, 04-01, GATEWAY WEST 189720 ,SINGAPORE

199408226H

500,000.00

0.20

---------------

------

250,500,000.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :


Local No

Country

Company

Status

(%)

As At

INDIA

BLUE DART EXPRESS LIMITED

-

75.00

31/12/2016

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHOEIB REZA CHOUDHURY

Address

:

44, SHELFORD ROAD, 01-02, WATTEN ESTATE CONDOMINIUM, 288437, SINGAPORE.

Other Address(es)

:

7, SURREY ROAD, 04-00, CASA MELWANI, 307746, SINGAPORE.

IC / PP No

:

S7780950C

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/07/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

197700524Z

DHL EXPRESS (SINGAPORE) PTE. LTD.

Director

23/07/2014

0.00

-

SGD16,992,259.00

2016

-

28/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

FRANK-UWE UNGERER

Address

:

6, MARINA BOULEVARD, 18-16, THE SAIL@MARINA BAY, 018985, SINGAPORE.

Other Address(es)

:

107, MIMOSA CRESCENT, SELETAR HILLS ESTATE, 808054, SINGAPORE.

IC / PP No

:

G3235514K

Nationality

:

GERMAN

Date of Appointment

:

22/01/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

197700524Z

DHL EXPRESS (SINGAPORE) PTE. LTD.

Director

22/01/2016

0.00

-

SGD16,992,259.00

2016

-

28/02/2018

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

SHOEIB REZA CHOUDHURY

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DESMOND LEE HENG CHOONG

IC / PP No

:

S2588967C

Address

:

30, MARINE CRESCENT, 07-179, MARINE CRESCENT VILLE, 440030, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

COURIER ACTIVITIES

 

Total Number of Employees:

 

YEAR

2018

2017

2016

GROUP

N/A

N/A

N/A

COMPANY

1000

1000

1000

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) courier activities.

The Subject provides the following services:

International express deliveries; global freight forwarding by air, sea, road and rail; warehousing solutions from packaging, to repairs, to storage; mail deliveries worldwide; and other customized logistic services.

DHL is the global leader in the logistics industry. Specializing in international shipping, courier services and transportation.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68806060

Match

:

N/A

Address Provided by Client

:

SINGAPORE

Current Address

:

1, TAI SENG DRIVE HL AIR EXPRESS CENTER, 535215, SINGAPORE.

Match

:

NO

 

Other Investigations

 

We have contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers and fax number.

The address provided is incomplete.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2013 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

5.14%

]

Return on Net Assets

:

Unfavourable

[

5.89%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Debtor Ratio

:

Acceptable

[

56 Days

]

Creditors Ratio

:

Favourable

[

26 Days

]

The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Unfavourable

[

0.75 Times

]

Current Ratio

:

Unfavourable

[

0.76 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Favourable

[

141.32 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.

Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.

The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.

Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.

Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.

Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.

Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.

Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.

Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1977, the Subject is a Private Limited company, focusing on courier activities. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of SGD 250,500,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a large entity, the Subject has a steady workforce of 1000 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 330,826,945, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

FINANCIALS

 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

DHL EXPRESS (SINGAPORE) PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

TURNOVER

437,857,205

441,654,074

437,881,910

416,258,105

Other Income

14,794,991

10,950,277

72,477,240

28,460,446

----------------

----------------

----------------

----------------

Total Turnover

452,652,196

452,604,351

510,359,150

444,718,551

Costs of Goods Sold

(345,825,391)

(333,290,629)

(340,705,667)

(321,887,116)

----------------

----------------

----------------

----------------

Gross Profit

106,826,805

119,313,722

169,653,483

122,831,435

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

19,336,354

18,853,325

80,085,563

36,621,845

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

19,336,354

18,853,325

80,085,563

36,621,845

Taxation

(2,344,095)

(2,625,147)

(3,494,588)

2,147,260

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

16,992,259

16,228,178

76,590,975

38,769,105

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

82,084,686

84,606,508

26,765,533

45,718,131

----------------

----------------

----------------

----------------

As restated

82,084,686

84,606,508

26,765,533

45,718,131

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

99,076,945

100,834,686

103,356,508

84,487,236

DIVIDENDS - Ordinary (paid & proposed)

(18,750,000)

(18,750,000)

(18,750,000)

(57,721,703)

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

80,326,945

82,084,686

84,606,508

26,765,533

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

137,805

58,551

56,283

374,277

----------------

----------------

----------------

----------------

137,805

58,551

56,283

374,277

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

6,209,107

4,111,859

3,999,886

4,092,600

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

6,209,107

4,111,859

3,999,886

4,092,600

=============

=============

=============

=============

 

BALANCE SHEET

 

DHL EXPRESS (SINGAPORE) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

136,657,343

127,545,368

313,522,579

286,056,481

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

236,868,539

236,868,539

-

-

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

236,868,539

236,868,539

-

-

INTANGIBLE ASSETS

Others

483,010

483,010

-

-

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

483,010

483,010

-

-

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

374,008,892

364,896,917

313,522,579

286,056,481

CURRENT ASSETS

Stocks

258,681

592,190

-

634,616

Trade debtors

66,985,580

68,051,728

71,746,539

64,254,424

Other debtors, deposits & prepayments

5,562,856

3,067,573

2,200,639

1,315,416

Amount due from holding company

23,034,445

32,401,384

73,719,365

27,574,985

Amount due from related companies

29,030,093

20,983,864

19,352,794

23,986,364

Cash & bank balances

4,887,557

5,162,368

4,208,900

12,498,500

Others

2,742,429

2,653,892

2,977,317

2,040,942

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

132,501,641

132,912,999

174,205,554

132,305,247

----------------

----------------

----------------

----------------

TOTAL ASSET

506,510,533

497,809,916

487,728,133

418,361,728

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

25,010,197

26,866,051

19,441,101

19,861,623

Other creditors & accruals

108,771,181

98,930,676

88,811,994

74,929,135

Short term borrowings/Term loans

-

-

6,432,797

11,309,803

Amounts owing to related companies

37,822,454

34,600,568

32,762,945

30,659,558

Provision for taxation

3,784,476

4,387,826

4,690,108

3,821,984

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

175,388,308

164,785,121

152,138,945

140,582,103

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

(42,886,667)

(31,872,122)

22,066,609

(8,276,856)

----------------

----------------

----------------

----------------

LONG TERM LIABILITIES

Deferred taxation

295,280

440,109

482,680

514,092

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

295,280

440,109

482,680

514,092

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

330,826,945

332,584,686

335,106,508

277,265,533

=============

=============

=============

=============

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

250,500,000

250,500,000

250,500,000

250,500,000

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

250,500,000

250,500,000

250,500,000

250,500,000

RESERVES

Retained profit/(loss) carried forward

80,326,945

82,084,686

84,606,508

26,765,533

Others

-

0

-

-

----------------

----------------

----------------

----------------

TOTAL RESERVES

80,326,945

82,084,686

84,606,508

26,765,533

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

330,826,945

332,584,686

335,106,508

277,265,533

=============

=============

=============

=============

 

FINANCIAL RATIO

 

DHL EXPRESS (SINGAPORE) PTE. LTD.

 

TYPES OF FUNDS

Cash

4,887,557

5,162,368

4,208,900

12,498,500

Net Liquid Funds

4,887,557

5,162,368

4,208,900

12,498,500

Net Liquid Assets

(43,145,348)

(32,464,312)

22,066,609

(8,911,472)

Net Current Assets/(Liabilities)

(42,886,667)

(31,872,122)

22,066,609

(8,276,856)

Net Tangible Assets

330,343,935

332,101,676

335,106,508

277,265,533

Net Monetary Assets

(43,440,628)

(32,904,421)

21,583,929

(9,425,564)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

19,474,159

18,911,876

80,141,846

36,996,122

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

25,683,266

23,023,735

84,141,732

41,088,722

BALANCE SHEET ITEMS

Total Borrowings

0

0

6,432,797

11,309,803

Total Liabilities

175,683,588

165,225,230

152,621,625

141,096,195

Total Assets

506,510,533

497,809,916

487,728,133

418,361,728

Net Assets

330,826,945

332,584,686

335,106,508

277,265,533

Net Assets Backing

330,826,945

332,584,686

335,106,508

277,265,533

Shareholders' Funds

330,826,945

332,584,686

335,106,508

277,265,533

Total Share Capital

250,500,000

250,500,000

250,500,000

250,500,000

Total Reserves

80,326,945

82,084,686

84,606,508

26,765,533

GROWTH RATIOS (Year on Year) (%)

Revenue

(0.86)

0.86

5.19

-

Proft/(Loss) Before Tax

2.56

(76.46)

118.68

-

Proft/(Loss) After Tax

4.71

(78.81)

97.56

-

Total Assets

1.75

2.07

16.58

-

Total Liabilities

6.33

8.26

8.17

-

LIQUIDITY (Times)

Cash Ratio

0.03

0.03

0.03

0.09

Liquid Ratio

0.75

0.80

1.15

0.94

Current Ratio

0.76

0.81

1.15

0.94

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

1

Debtors Ratio

56

56

60

56

Creditors Ratio

26

29

21

23

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0.02

0.04

Liabilities Ratio

0.53

0.50

0.46

0.51

Times Interest Earned Ratio

141.32

323.00

1,423.91

98.85

Assets Backing Ratio

1.32

1.33

1.34

1.11

PERFORMANCE RATIO (%)

Operating Profit Margin

4.42

4.27

18.29

8.80

Net Profit Margin

3.88

3.67

17.49

9.31

Return On Net Assets

5.89

5.69

23.92

13.34

Return On Capital Employed

5.87

5.67

23.88

13.32

Return On Shareholders' Funds/Equity

5.14

4.88

22.86

13.98

Dividend Pay Out Ratio (Times)

1.10

1.16

0.24

1.49

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0





 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.10

UK Pound

1

INR 94.44

Euro

1

INR 79.59

SGD

1

INR 49.40

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.