MIRA INFORM REPORT

Report No. :	508965
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	BLUE DART EXPRESS LIMITED
Registered Office :	Blue Dart Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra
Tel. No.:	91-22-28396444
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	05.04.1991
Com. Reg. No.:	11-061074
Capital Investment / Paid-up Capital :	INR 237.600 Million
CIN No.: [Company Identification No.]	L61074MH1991PLC061074
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
TIN No:	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages to various destinations, primarily within India. (Registered Activity)
No. of Employees (As on 31.03.2017):	10929 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 17750000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was incorporated in the year 1991. It is a subsidiary of DHL Express (Singapore) Pte. Limited. The company is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages within India. As per the financial record of 2018, the company has achieved 4.10% growth in its revenue as compared to the previous year’s revenue and has reported an average profitability margin of 5.09%. The company possesses strong financial profile marked by robust networth base, satisfactory liquidity position and comfortable debt level. Rating also takes into consideration the well-established track record of the business operations, its experienced management team and the support that it receives from its holding company. Rating also takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 59.89 as against its Face Value (FV) of INR 10. The company has its share price trading at around INR 3466.75 on BSE as on May 11, 2018 as against the Face Value (FV) of INR 10. Business is active. Payments are reported to be regular and per commitment. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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)
India	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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans=AA
Rating Explanation	High degree of safety and very low credit risk.
Date	16.05.2017

Rating Agency Name	ICRA
Rating	Short Term Loans=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	16.05.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 12.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Albert Dantas
Designation :	Senior Executive of Marketing Department
Contact No.:	91-22-28396444
Date :	10.05.2018

LOCATIONS

Registered Office :	Blue Dart Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-28396444
Fax No.:	91-22-28244131/ 28311184
E-Mail :	tusharg@bluedart.com communications@bluedart.com
Website :	http://www.bluedart.com
Corporate Office :	BDEL, Units 1-6, Solaris Building No.2, Sakivihar Road, Opposite L and T Gate No.6, Andheri (East), Mumbai – 400072, Maharashtra, India

DIRECTORS

As on 2018

Name :

Mr. Anil Khanna

Designation :

Managing Director

Address :

102, Rajgir Milap, Juhu Dhara Complex, Juhu Versova Link Road, Andheri (West), Mumbai – 400052, Maharashtra, India

Date of Appointment :

01.04.2008

DIN No.:

01334483

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U91110MH1997NPL106153	EXPRESS INDUSTRY COUNCIL OF INDIA	19/04/2007	-

Name :

Malcolm Monteiro

Designation :

Director

Address :

1701/3B, Green Acres, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Appointment :

13.03.2006

DIN No.:

00089757

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74140MH1993PLC150054	JUST DIAL LIMITED	02/08/2011	-

Name :

Michael Mcmahon

Designation :

Director

Address :

34, Cunningham Apartments 5, Edward Road, Bangalore – 560052, Karnataka, India

Date of Appointment :

10.02.2017

DIN No.:

00234293

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U35303MH1994PLC078691	BLUE DART AVIATION LIMITED	25/04/2005	-

Name :

Mr. Sharad Pandurang Upasani

Designation :

Director

Address :

412, Shalaka Housing Society, Maharshi Karve Road, Mumbai – 400021, Maharashtra, India

Date of Appointment :

21.12.2007

DIN No.:

01739334

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L85190mh1947plc005913	Indoco Remedies Limited	18/09/2009	-
U35303mh1994plc078691	Blue Dart Aviation Limited	27/07/2017	-
U73100mh1970npl014686	M.Visvesvaraya Industrial Research And Development Centre	27/08/2008	-
U74120mh2015npl262720	World Trade Centre Bhubaneswar (Odisha) Association	16/03/2015	-
U74999mh2015npl262718	World Trade Centre Jaipur (Rajasthan) Association	16/03/2015	-
U74999mh2015npl262717	World Trade Centre (Goa) Association	16/03/2015	-
L85190mh1947plc005913	Indoco Remedies Limited	18/09/2009	-

Name :

Mr. Narendra Pansukhlal Sarda

Designation :

Director

Address :

8th Floor, 29 Irish 45, Cuffee Parade Road, Mumbai – 400005, Maharashtra, India

Date of Appointment :

28.03.2015

DIN No.:

03480129

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L28931MH1984PLC267130	GILLETTE INDIA LIMITED	26/10/2015	-

Name :

Mr. Tulsi Nowlakha Mirchandaney

Designation :

Additional Director

Address :

Apartment 6A, Sixth Floor, 10 Downing, 132, Greenways Road, Raja Annamalaipuram, Chennai-600028, Tamilnadu, India

Date of Appointment :

17.10.2017

DIN No.:

01842520

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U35303MH1994PLC078691	BLUE DART AVIATION LIMITED	15/02/2008	-

Name :

Mr. Charles Robertson Brewer

Designation :

Additional Director

Address :

83, Kheam Hock Rd Singapore 298839

Date of Appointment :

28.07.2017

DIN No.:

07854413

KEY EXECUTIVES

Name :	Mr. Yogesh Dharamvir Dhingra
Designation :	Chief Financial Officer
Address :	404/405, A- Wing, Skylark, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Appointment :	09.05.2014
PAN No.:	AHDPD6613M
Name :	Mr. Tushar Jayant Gunderia
Designation :	Company Secretary
Address :	A/402, Nilesh Apartment, Haridas Nagar, Shimpoli Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Appointment :	01.12.1999
PAN No.:	ACEPG5349Q
Name :	Mr. Aneel Gambhir
Designation :	Chief Financial Officer
Address :	F-801/802, Whispering Palms Exclusive Lokhandwala Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Appointment :	08.05.2017
PAN No:	AACPG5337Q
Name :	Mr. Albert Dantas
Designation :	Senior Executive of Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on March 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A) Promoter and Promoter Group	17795950	75.00
(B) Public	5931984	25.00
Grand Total	23727934	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
A1) Indian		0.00
A2) Foreign		0.00
Any Other (specify)	17795950	75.00
Dhl Express(Singapore) Pte Limited	17795950	75.00
Sub Total A2	17795950	75.00
A=A1+A2	17795950	75.00

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of
B1) Institutions	0	0.00
Mutual Funds/	894319	3.77
ICICI Prudential Multicap Fund	403883	1.70
Alternate Investment Funds	29741	0.13
Foreign Portfolio Investors	1584191	6.68
Matthews India Fund	380973	1.61
Financial Institutions/ Banks	475848	2.01
Life Insurance Corporation Of India	448157	1.89
Any Other (specify)	200	0.00
UTI	200	0.00
Sub Total B1	2984299	12.58
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	909558	3.83
Individual share capital in excess of INR 0.200 Million	65279	0.28
Any Other (specify)	1972848	8.31
IEPF	13721	0.06
Trusts	50	0.00
HUF	35823	0.15
Non-Resident Indian (NRI)	40698	0.17
Foreign Portfolio Investor (Category - III)	10	0.00
Clearing Members	11691	0.05
Bodies Corporate	1870855	7.88
Bright Star Investments Private Limited	795934	3.35
Damani Estates And Finance Private Limited	303062	1.28
Sub Total B3	2947685	12.42
B=B1+B2+B3	5931984	25.00
B1) Institutions	0	0.00
Details of the shareholders acting as persons in Concert including their Shareholding (No. and %):
Details of Shares which remain unclaimed may be given here along with details such as number of shareholders, outstanding shares held in demat/unclaimed suspense account, voting rights which are frozen etc.
Note (1) PAN would not be displayed on website of Stock Exchange(s). (2) The above format needs to disclose name of all holders holding more than 1% of total number of shares (3) W.r.t. the information pertaining to Depository Receipts, the same may be disclosed in the respective columns to the extent information available,.

Details of the shareholders acting as persons in Concert for Public

Serial No.	Name of the PAC	Number of shares	Percentage of shareholding by PAC
1	Bright Star Investments Private Limited	795934	3.35
2	Damani Estates and Finance Private Limited	303062	1.28
3	Derive Trading Private Limited	117100	0.49
4	Maheshwari Equity Brokers Private Limited	27600	0.12
5	Radhakishan Shivkishan Damani	25000	0.11
7	NA	1268696	5.35

Details of Shares which remain unclaimed for Public

Serial No.	Number of shareholders	Outstanding shares held in demat or unclaimed suspense account	voting rights which are frozen	Disclosure of notes on shares which remain unclaimed for public shareholders
1	94	9802	-	-

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages to various destinations, primarily within India. (Registered Activity)

Products/ Services :

NIC Code of the Product/ service	Products/Services Description
5320	Courier and Express 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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees (As on 31.03.2017):

10929 (Approximately)

Bankers :

Bank Name	Yes Bank Limited
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors 1:
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (East), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Auditors 2 (As on 31.03.2017):
Name :	Price Waterhouse Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2017):	DHL Express (Singapore) Pte. Limited, Singapore
Ultimate Holding Company (As on 31.03.2017):	Deutsche Post AG, Germany
Subsidiary Company (As on 31.03.2017):	Blue Dart Aviation Limited, India (Effective from June 22, 2015) Concorde Air Logistics Limited, India
Fellow Subsidiary Companies (As on 31.03.2017):	DHL Express (India) Private Limited, India DHL Supply Chain India Private Limited, India DHL Logistics Private Limited, India DHL eCommerce Singapore PTE. Limited, Singapore Deutsche Post IT Services, GMBH, Germany Williams Lea India Private Limited, India Tag India Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2018

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: INR 237.600 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	INR 10/- each	INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23727934	Equity Shares	INR 10/- each	INR 237.300 Million
	Add: Forfeited Shares		INR 0.300 Million
			INR 237.600 Million

Reconciliation of the number of shares

Particulars	31.03.2017
	Number	INR In Million
Balance as at the beginning of the year	23727934	237.300
Additions/Deletions during the year	-	-
Balance as at the end of the year	23727934	237.300

Terms / rights attached to equity shares

• The Company has only one class of equity shares having a par value of INR 10 per share. Every share holder is entitled to participate in dividends. Each shareholder of equity shares is entitled to one vote per share.
• The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is approved by the Board of Directors.
• In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b) Shares held by holding / ultimate holding company and / or their subsidiaries / associates

Particulars
	31.03.2017 INR In Million
Out of the above equity shares issued by the Company, shares held by the Holding Company:
DHL Express (Singapore) Pte. Limited, Singapore the Holding Company
17795950 (Equity Shares INR 10 each fully paid up)	178.000

c) Details of shareholders holding more than 5% of the shares in the Company

Particulars	31.03.2017
	Number	% of holding
DHL Express (Singapore) Pte. Limited, Singapore	17795950	75.00
Derive Trading Private Limited (along with persons acting in concert	1268696	5.35

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	237.600	237.600	237.600
(b) Reserves & Surplus	5974.900	4979.600	4468.600
(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)	6212.500	5217.200	4706.200
(3) Non-Current Liabilities
(a) long-term borrowings	711.800	1660.900	3321.900
(b) Deferred tax liabilities (Net)	0.000	14.900	39.700
(c) Other long term liabilities	58.000	253.400	177.700
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	769.800	1929.200	3539.300
(4) Current Liabilities
(a) Short term borrowings	949.100	1661.000	0.000
(b) Trade payables	2959.200	2221.300	2045.600
(c) Other current liabilities	1373.500	1487.400	1251.100
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	5281.800	5369.700	3296.700
TOTAL	12264.100	12516.100	11542.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1751.100	1853.300	1946.100
(ii) Intangible Assets	443.500	488.900	487.300
(iii) Capital work-in-progress	67.500	29.100	28.100
(iv) Intangible assets under development	399.000	305.400	177.200
(b) Non-current Investments	1440.600	1440.600	734.500
(c) Deferred tax assets (net)	51.400	93.200	69.200
(d) Long-term Loan and Advances	109.300	299.600	543.700
(e) Other Non-current assets	779.200	764.700	700.100
Total Non-Current Assets	5041.600	5274.800	4686.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.800	55.300	51.800
(c) Trade receivables	4200.000	3597.500	2913.500
(d) Cash and cash equivalents	2273.200	2554.300	2870.500
(e) Short-term loans and advances	200.300	254.700	399.200
(f) Other current assets	504.200	779.500	621.000
Total Current Assets	7222.500	7241.300	6856.000
TOTAL	12264.100	12516.100	11542.200

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Income	27908.500	26808.700	25519.200
	Other Income	225.400	278.200	305.700
	TOTAL	28133.900	27086.900	25824.900
Less	EXPENSES
	Freight, Handling and Servicing Costs	17799.100	16779.400	15717.800
	Employees benefits expense	4498.500	4263.500	3953.200
	Other expenses	3012.800	3121.600	2541.100
	TOTAL	25310.400	24164.500	22212.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2823.500	2922.400	3612.800
Less	FINANCIAL EXPENSES	255.900	312.500	311.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2567.600	2609.900	3301.400
Less	DEPRECIATION/ AMORTISATION	449.800	439.300	402.200
	PROFIT/ (LOSS) BEFORE TAX	2117.800	2170.600	2899.200
Less	TAX	696.800	774.900	999.400
	PROFIT/ (LOSS) AFTER TAX	1421.000	1395.700	1899.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	3171.300	2093.900
Less	APPROPRIATIONS
	Transfer to Debenture Redemption Reserve	NA	233.300	233.300
	Dividend (including dividend distribution tax)	NA	856.800	573.800
	Remeasurement of post-employment benefit obligation, net of tax	NA	27.900	15.300
	Total	NA	1118.000	822.400
	Balance Carried to the B/S	NA	3449.000	3171.300
	EARNINGS IN FOREIGN CURRENCY	NA	95.100	325.900
	Earnings / (Loss) Per Share (INR)	59.89	58.82	80.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	244.100	391.100
Cash generated from operations	NA	2238.000	3660.400
Net cash flow from operating activity	NA	1429.300	2708.000

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days [Sundry Debtors / Income * 365]	54.93	48.98	41.67
Account Receivables Turnover [Income / Sunday Debtors]	6.64	7.45	8.76
Average Payment Days [Sundry Creditors / Purchases * 365]	60.68	48.32	47.50
Inventory Turnover [Operating Income / Inventories]	63.02	52.85	69.75
Asset Turnover [Operating Income / Net Fixed Assets]	1.06	1.09	1.37

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.49	0.56	0.57
Debt Equity Ratio (Borrowings / NetWorth)	0.27	0.64	0.71
Current Liabilities to Networth (Current Liabilities / NetWorth)	0.85	1.03	0.70
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.43	0.51	0.56
Interest Coverage Ratio [PBIT / Financial Charges]	11.03	9.35	11.60

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin [(PAT/Sales) * 100)	%	5.09	5.21	7.44
Return on Total Assets [(PAT / Total Assets) * 100]	%	11.59	11.15	16.46
Return on Investment (ROI) [(PAT / NetWorth) * 100]	%	22.87	26.75	40.37

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio [Current Assets / Current Liabilities]	1.37	1.35	2.08
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	1.36	1.34	2.06
G-Score Ratio Financial [NetWorth / Total Assets]	0.51	0.42	0.41
G-Score Ratio Debt [Debts / Equity Capital]	6.99	13.98	13.98
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.37	1.35	2.08

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 3466.75/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	237.600	237.600	237.600
Reserves & Surplus	4468.600	4979.600	5974.900
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4706.200	5217.200	6212.500
long-term borrowings	3321.900	1660.900	711.800
Short term borrowings	0.000	1661.000	949.100
Total borrowings	3321.900	3321.900	1660.900
Debt/Equity ratio	0.706	0.637	0.267

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	25519.200	26808.700	27908.500
		5.053	4.102

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	25519.200	26808.700	27908.500
Profit	1899.800	1395.700	1421.000
	7.44%	5.21%	5.09%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	237.600	237.600
(b) Reserves & Surplus	5080.500	4057.200
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5318.100	4294.800
(3) Non-Current Liabilities
(a) long-term borrowings	3086.800	3098.500
(b) Deferred tax liabilities (Net)	0.000	14.900
(c) Other long term liabilities	163.000	383.700
(d) long-term provisions	43.600	28.200
Total Non-current Liabilities (3)	3293.400	3525.300
(4) Current Liabilities
(a) Short term borrowings	974.300	1731.800
(b) Trade payables	3683.500	2721.300
(c) Other current liabilities	1756.200	1713.100
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	6414.000	6166.200
TOTAL	15025.500	13986.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4648.400	4098.000
(ii) Intangible Assets	534.600	607.400
(iii) Capital work-in-progress	593.200	363.400
(iv) Intangible assets under development	399.000	305.400
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	386.500	330.200
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1065.700	908.000
Total Non-Current Assets	7627.400	6612.400
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	213.300	246.500
(c) Trade receivables	4222.500	3606.900
(d) Cash and cash equivalents	2261.200	2568.300
(e) Short-term loans and advances	10.000	10.600
(f) Other current assets	691.100	941.600
Total Current Assets	7398.100	7373.900
TOTAL	15025.500	13986.300

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Income	27992.400	26895.000
	Other Income	206.700	261.600
	TOTAL	28199.100	27156.600
Less	EXPENSES
	Freight, Handling and Servicing Costs (Net)	14788.500	14040.900
	Employees benefits expense	5845.000	5548.500
	Other expenses	3846.100	3888.300
	TOTAL	24479.600	23477.700
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3719.500	3678.900
Less	FINANCIAL EXPENSES	405.000	450.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3314.500	3228.800
Less/ Add	DEPRECIATION/ AMORTISATION	1144.500	1037.500
	PROFIT/ (LOSS) BEFORE TAX	2170.000	2191.300
Less	TAX	722.900	792.900
	PROFIT/ (LOSS) AFTER TAX	1447.100	1398.400
	Earnings / (Loss) Per Share (INR)	60.99	58.94

LEGAL CASE

CASE STATUS

Case Details
Case Type	SUIT
Filing No.	184664/2000     Filing date: 07-09-2000
Registration No.	109110/2000     Registration date: 01-10-2012
Case code	200101846642000
CASE STATUS
First Hearing Date	--
Next Hearing Date	22-09-2014
Purpose of Hearing	RECORDING EVIDENCE P.H.
Court No & Judge	1 - JUDGE 1 ADDL SESSIONS JUDGE
Petitioner(s) & Advocate(s)
Petitioner - GOGATE TRANSPORT AND WAREHOUSING PRIVATE LIMITED Address -  Advocate - M V LIMAYE R S APTE
Respondent(s) & Advocate(s)
Respondent - BLUE DART EXPRESS LIMITED Address – Advocate - MULLA AND MULLA
ACTS
Under Act(s)	---
Under Section(s)	---
Subject	Specific Relief Act
LOWER COURT INFORMATION
Court No & Name	High Court Original Side
Case No & Year	HC SUIT REG. - 0004441 - 2000
Case Decision Date	--

History Of Case Hearing
Regn. No.	Judge			Bussiness on Date			Hearing Date	Purpose of Hearing
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE						05-11-2012	DIRECTIONS
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			05-11-2012			19-12-2012	FRAMING ISSUES
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			19-12-2012			02-02-2013	FRAMING ISSUES
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			02-02-2013			14-03-2013	RECORDING EVIDENCE
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			14-03-2013			24-04-2013	RECORDING EVIDENCE
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			24-04-2013			12-06-2013	RECORDING EVIDENCE
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			12-06-2013			28-08-2013	NM REPLYREJOINDER
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			28-08-2013			20-09-2013	NM REPLYREJOINDER
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			20-09-2013			01-10-2013	NM REPLYREJOINDER
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			01-10-2013			07-10-2013	NM REPLYREJOINDER
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			07-10-2013			30-11-2013	NM REPLYREJOINDER
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			30-11-2013			13-01-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			13-01-2014			29-01-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			29-01-2014			10-02-2014	RECORDING EVIDENCE
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			10-02-2014			27-02-2014	RECORDING EVIDENCE
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			27-02-2014			02-04-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			02-04-2014			11-04-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			11-04-2014			23-06-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			23-06-2014			17-07-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			17-07-2014			02-08-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			02-08-2014			10-09-2014	RECORDING EVIDENCE P.H.
109110/2000	JUDGE 1 ADDL SESSIONS JUDGE			10-09-2014			22-09-2014	RECORDING EVIDENCE P.H.
Writ Information
Regn. No.		Appellate Case No.				Appellate Authority				Date of Receipt
Case Transfer Details Between The Courts
Regn. No.			Transfer Date		From Court No  & Judge				To Court No  & Judge

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	No
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION (As on 31.03.2017)

The Company is engaged in the business of integrated air and ground transportation and distribution of time sensitive packages to various destinations, primarily within India. The Company is a public limited company and its equity shares and debentures are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

UNSECURED LOAN

PARTICULARS	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Non-Current Financial Liability- Borrowings
Unsecured Non-Convertible Debentures
Unsecured Debentures (Series I)	NA	711.800
Unsecured Debentures (Series II)	NA	949.100
Unsecured Debentures (Series III)	NA	0.000
Current Financial Liability - Borrowings
Unsecured Non-Convertible Debentures	NA	1661.000
Total	NA	3321.900

All the above Debentures series (I, II and III) were issued on November 21, 2014 and the redemption period for the said series I, II and III is 36 months, 48 months and 60 months respectively from the date of allotment. The Company has accrued and paid interest on the said Debentures for the period from April 1, 2016 to March 31, 2017 aggregating to INR 311.300 Million (Previous year INR 311.300 Million). Rate of interest for Debenture series I is 9.30%, for series II is 9.40% and for series III is 9.50%.

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	Z00043409	80011991	IDBI BANK	06/09/2006	-	-	120000000.0	ANDHERI BRANCH, MARIGOLD HOUSE, PLOT NO A-34,CROSS ROAD NO 2, MAROL, MIDC, ANDHERI EAST, MUMBAI-400093, MAHARASHTRA, INDIA
2	Z00105493	80022780	IDBI BANK	14/11/1998	-	-	100000000.0	224A, MITTAL COURT, A WING , NARIMAN POINT, MUMBAI-400021, MAHARASHTRA, INDIA
3	Z00105480	80022773	CANARA BANK	14/11/1998	-	-	81000000.0	50, HILL ROAD, BANDRA (WEST), MUMBAI-400050, MAHARASHTRA, INDIA
4	Z00105495	80022782	CORPORATION BANK	14/11/1998	-	-	60500000.0	BHARAT HOUSE, GROUND FLOOR, 104, B.S.MARG, FORT, MUMBAI-400023, MAHARASHTRA, INDIA
5	G08706616	80022775	ICICI BANK	14/11/1998	-	13/07/2016	120000000.0	FREE PRESS HOUSE, 215, NARIMAN POINT, MUMBAI-400021, MAHARASHTRA, INDIA
6	A28004547	80018519	CITI BANK N.A	17/06/2004	-	04/12/2007	200000000.0	CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI-400051,, MAHARASHTRA, INDIA
7	A05801980	80013196	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	05/11/2003	-	03/11/2006	120000000.0	MARIGOLD HOUSE, PLOT NO. A-34CROSS ROAD NO.2, MAROL MIDC, ANDHERI (EAST), MUMBAI-400093, MAHARASHTRA, INDIA

FIXED ASSETS

Tangible Assets:

• Land – Freehold
• Buildings
• Office Equipment
• Electrical Equipment
• Computers
• Furniture and Fixtures
• Vehicles
• Material Handling Equipment
• Machinery and Equipment

Intangible Assets:

• Computer Software

WEBSITE DETAILS:

PRESS RELEASES/ NEWS:

BLUE DART SALES AT INR 27908.000 MILLION

The Company posted INR 1421.000 million profit after tax

Mumbai, May 8, 2018: Blue Dart Express Limited, South Asia's premier express air and integrated transportation & Distribution Company, declared its financial results for the quarter and year ended March 31, 2018, at the Board Meeting held in Mumbai.

The company posted INR 341.000 million profit after tax for the quarter ended March 31, 2018 and INR 1421.000 million for the year ended March 31, 2018. Revenue from operations for the quarter ended March 31, 2018 stood at INR 7168.000 million and INR 27908.000 million for the year ended March 31, 2018.

Anil Khanna, Managing Director, Blue Dart said, "They have witnessed a sluggish market sentiment due to a challenging economic environment, slowing business growths, hyper-active competitive pressures in 828 and 82C, introduction of GST and initial hiccups in e-waybill implementation etc. Blue Dart remains committed to Blue Dart country and will continue to focus our strategy towards maintaining market leadership in all segments.

They will steer our business further through automation and technology enhancement, by strengthening our network, expanding reach and improving our service quality while continuing with our insanely customer centric-culture with the support of our highly enthused and passionate team. Our customers, stakeholders, shareholders and our people remain our pillars of success".

Blue Dart remains India's most innovative and awarded express delivery company and an undisputed leader in the express logistics industry in India. Blue Dart was recently recognised as a Business Superb rand for the 1 ot h consecutive year; Reader's Digest Trusted Brand for the 11th consecutive year and ranked amongst the top 50 'Best companies to Work for in India 2016' by Great Place to Work Institute, India.

During the year ended March 31, 2018, Blue Dart handled over 195.89 million domestic shipments, 0.92 million international shipments and over 696,961 tonnes of documents and parcels across the nation and 220 countries worldwide.

About Blue Dart:

Blue Dart Express Limited, South Asia's premier express air and integrated transportation & distribution company, offers secure and reliable delivery of consignments to over 35,476 locations in India. As part of the Deutsche Post OHL Group's (OHL Express, OHL Global Forwarding & OHL Supply Chain) Post - eCommerce - Parcel (PeP) division, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions and customs clearance.

The Blue Dart team drives market leadership through its motivated people force, dedicated air and ground capacity, cutting-edge technology, wide range of innovative, vertical specific products and value-added services to deliver unmatched standards of service quality to its customers. Blue Dart's market leadership is further validated by numerous awards and recognitions from customers for exhibiting reliability, superior brand experience and sustainability which include recognition as one of 'India's Best Companies to Work For' by The Great Place to Work® Institute, amongst the Top 25 Best Employers in India 2016 by AON Hewitt, voted as a Superbrand for the 10th consecutive year, listed as one of Fortune 500's India's Largest Corporations and Forbes India's Super 50 Companies and voted Reader's Digest Most Trusted Brand for the 1 t'h consecutive year, to name a few.

Blue Dart accepts its social responsibility by supporting climate protection (GoGreen), disaster management (GoHelp) and education (GoTeach).

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 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	INR
US Dollar	1	INR 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	NYT
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

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.