MIRA
INFORM REPORT
|
Report Date : |
20.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SPAN
AIR PRIVATE LIMITED |
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Registered Office : |
Ist
Floor, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.11.1985 |
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Com. Reg. No.: |
55-22620 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PTC022620 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS08738C |
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PAN No.: [Permanent
Account No.] |
AAACS2411E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject
is engaged in Air Transportation Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
275000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Ist
Floor, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001, India |
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Tel. No.: |
91-11-23311434/23312628 |
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Mobile No.: |
91-9810135434 |
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Fax No.: |
91-11-23353148 |
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E-Mail : |
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Website : |
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Corporate
Office : |
RZA-43,
Road No. 4, Mahipalpur, NH – 8, New Delhi – 110037, India |
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Tel.
No.: |
91-11-26783742
/ 26783992 |
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Fax
No.: |
91-11-26781927 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Nakul Nath |
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Designation : |
Director
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Address : |
47-C,
Friends Colony East, New Delhi – 110065, India |
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Date of Birth/Age : |
21.06.1974 |
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Date of Appointment : |
08.01.2001 |
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Name : |
Mr.
Sunil Dev |
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Designation : |
Director
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Address : |
B –
531, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
30.05.1948 |
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Date of Appointment : |
06.03.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Span
Motels Private Limited |
|
95452 |
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Ms.
Leela Nath |
|
4548 |
|
Singing
Hills Country Club Private Limited |
|
6290 |
|
TOTAL |
|
106290 |
As on
05.10.2006
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Names
of Shareholders |
|
No. of Shares |
|
EMC
Steelal Limited |
|
650000 |
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Span
Motels Private Limited |
|
500000 |
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Shaka
Estate & Finance Private Limited |
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100000 |
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Shaka
Properties Private Limited |
|
50000 |
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Span
Plantations Private Limited |
|
50000 |
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TOTAL |
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1350000 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in Air Transportation Services. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
United Bank of India 16, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India United Bank of India 106-109, Ansal Tower, 1st Floor, 38, Nehru Place, New Delhi – 110019, India E-mail : utbihoc@vsnl.com |
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Banking Relations : |
-- |
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Auditors : |
SP
Sharma & Associates Chartered
Accountants, M – 3,
Kunchanjunga Building, 18, Barakhamba Road, New Delhi – 110001, India |
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Holding Company : |
Span
Motels Private Limited CIN
No. : U55101HP1972PTC003175 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity
Shares |
Rs. 100/- each |
Rs. 300.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
106290 |
Equity
Shares |
Rs. 100/- each |
Rs. 10.629 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.629 |
10.629 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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59.028 |
55.625 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
69.657 |
66.254 |
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LOAN FUNDS |
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1] Secured Loans |
|
34.150 |
25.298 |
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2] Unsecured Loans |
|
6.500 |
17.900 |
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TOTAL BORROWING |
|
40.650 |
43.198 |
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DEFERRED TAX LIABILITIES |
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14.893 |
17.812 |
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TOTAL |
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125.200 |
127.264 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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96.927 |
115.050 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
7.364 |
10.188 |
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Cash & Bank Balances |
|
14.488 |
14.437 |
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Other Current Assets |
|
0.107 |
0.105 |
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Loans & Advances |
|
15.599 |
4.724 |
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Total Current Assets |
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37.558 |
29.454 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.177 |
15.127 |
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Provisions |
|
3.108 |
2.113 |
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Total Current Liabilities |
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9.285 |
17.240 |
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Net Current Assets |
|
28.273 |
12.214 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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125.200 |
127.264 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
52.827 |
61.074 |
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Profit/(Loss)
Before Tax |
|
3.551 |
8.078 |
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Provision
for Taxation |
|
[186.357] |
3.626 |
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Profit/(Loss)
After Tax |
|
189.908 |
4.452 |
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Export
Value |
|
0.135 |
N.A. |
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Total
Expenditure |
|
49.275 |
52.995 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
359.49 |
7.28 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
6.72 |
13.22 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
2.64 |
5.59 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.05 |
0.12 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
0.71 |
0.91 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
4.04 |
1.70 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
SPAN AIR PRIVATE LIMITED [hereinafter referred to as the company] |
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Presented By |
Shri. Sunil Dev, Director |
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1) Date and description of instrument creating the change |
26th August, 2004. Deed of Hypothecation [Transport Equipment] and Term Loan Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.500 millions [Foreign Letter of Credit Limit of Rs. 40.500 millions to be reduced to Term Loan of Rs. 28.000 millions on retirement of Letter of Credit Bill |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
i. Hypothecation of Bell – 407 Helicopter S. No. 53614 Costing Rs. 90.000 millions approx., against the Invoice No. 1333/04 dtd. 10.08.2004. ii. Hypothecation of Aircraft Super King Air – B – 200 [Written down value Rs. 35.200 millions as on 31.03.2004] iii. Lien on Term Deposit for Rs. 14.000 millions in the name of the company with the United Bank of India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Rate of Interest is 11.25% p.a. [fixed at monthly rest] and Term Loan repayment by 14 consecutive quarterly instalments of Rs. 2 millions each commencing from the quarter ending 31.12.2004. Interest to be paid on monthly basis, as and when it falls due |
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5) Name and Address and description of the person entitled to the charge. |
United Bank of India Head Office : 16, Hemanta Basu Sarani, Kolkata – 700001 Branch Office : 106-109, Ansal Tower, 1st Floor, 38, Nehru Place, New Delhi – 110019 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Form
8 Particular for creation or modification of charges
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Corporation
identity number or foreign company registrations number of the company |
U74899DL1985PTC022620 |
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Name of the
company |
SPAN
AIR PRIVATE LIMITED |
|
Address |
Ist
Floor, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001 |
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This Form is for
|
Modification of
charge |
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Type of Charges |
Movable Property
and Others |
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Particular of
the charge holder |
United Bank of
India H. O. 16,
Hemanata Basu Sarani, Kolkata Ansal Tower,
Nehru Place, New Delhi – 110019, India E-mail : utbihoc@vsnl.com |
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Nature or
description of the instrument creating charge |
Copy of
Agreement Enclosed |
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Date of the
instrument creating charge |
28.08.2006 |
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Amount Secure by
the charge |
Rs. 70.200
millions |
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Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest : Existing Term
Loan of Rs. 14 millions at 11.25% p.a. [BPLR] at Monthly Rest Fresh Term Loan
of Rs. 45 millions at 12.75% [BPLR + 1.50%] at Monthly Rest Overdraft Rs.
11.200 millions at 1% over the rate interest paid on FDR Terms of repayment : Existing Term
Loan by 7 quarterly instalments of Rs. 2 millions each commencing from the
quarter ending 30.09.2006 interest to be paid on monthly basis as and when
falls due. Term Loan fresh
by 18 consecutive quarterly instalment @ Rs. 2.500 millions each starting
from quarter ending December, 2006 Margin : For Existing
Term Loan no change For fresh term
loan 25% Overdraft 30% Extent and operation of the charge Full value of
loan involved 70.200 millions + interest |
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Particulars of
the Property charged |
Hypothecation of
Bell 407 Helicopter Sl. No. 53614 located at Delhi Airport, Super King Air B
200 and additional security super king aircraft, FDR and charge on other
fixed assets [WDV Rs. 2.329 millions as on 31.03.2006] |
WEBSITE
DETAILS
Span Air is a
leading proponent for encouraging private enterprise to meet the demands of Air
transportation generated by globalization of Indian economy.
Span Air received
its Air Taxi Operator Permit in 1995, after the Indian Government formulated
its policy for private Air Taxi Operators. It has been a pioneer in the field
of Air Charter services in India, starting its operations with just one
Helicopter.
Span Air has since
maintained a steady growth, and kept pace with the growing demands of the
industry.
Contributing it's
exclusive services for more than a decade, SPAN AIR today operates its fleet of
one Helicopter and one Aircraft, and further expansion of the fleet is planned
by early induction of new state-of-art Helicopters and executive Aircrafts.
Besides Air Charter
Services, Span Air has a novel concept of offering Fractional Ownership of
Aircrafts/Helicopters, on one time as low as an investment of Rs. 5.0 million.
For the customer, it means assured availability of an Aircraft at short
notice, and flexibility to choose from Span Air's fleet to suit their exact
requirement- be it for Business or for leisure.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for making
any prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|