MIRA
INFORM REPORT
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Report Date : |
3.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MUMBAI INTERNATIONAL AIRPORT PRIVETE LIMITED |
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Registered Office : |
Office of The Airport, Directorterminal – IB, CSI Airport, Mumbai – 400 099, Maharashtra |
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Country : |
INDIA |
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Date of Incorporation : |
02.03.2006 |
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Com. Reg. No.: |
11-160164 |
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CIN No.: [Company
Identification No.] |
U45200MH2006PTC160164 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM29465C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Operate, Maintain, Develop, Design, Construct, Upgrade, Modernize,
Expand and Manage the Airport. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavorable & favorable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 7900000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Company |
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Litigation : |
Clear |
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Comments : |
Subject is a 74:26 joint venture between GUK-SA consonium Group of
Andhra Pradesh and Airport Authority of India, a Government of India’s Step towards
privatization of Mumbai International Airport. The project is under
implementation and is to be completed by 2010. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings of usual trade
terms & conditions, in view of strong promoters. |
LOCATIONS
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Registered Office : |
Office of The Airport,
Directorterminal – IB, CSI
Airport, Mumbai – 400 099, Maharashtra |
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Tel. No.: |
91-22-26264000 |
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Fax No.: |
91-22-26264684 |
DIRECTORS
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Name : |
Shri P. K. Mishra |
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Designation : |
Director |
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Name : |
Shri. Sanjay Narayan |
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Designation : |
Director |
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Name : |
Shri. K. Ramalingam |
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Designation : |
Director |
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Name : |
Shri V. D. V. Prasad Rao |
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Designation : |
Director |
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Name : |
Shri. A. K. Misra |
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Designation : |
Director |
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Name : |
Shri. P. Seth |
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Designation : |
Director |
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Name : |
Mr. Vinod Hiran |
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Designation : |
Secretary |
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Address : |
Flat No. 163, Malhar Co-op-HSg. Soc. Ltd., Gokuldham, Goregaon, Mumbai
– 400 097, Maharashtra |
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Date of Birth/Age : |
28-06-1970 |
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Date of Appointment : |
08.05.2006 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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1. GVK Airport Holding Private Limited |
7,38,57,690 |
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2. ACSA Global Limited |
1,99,61,540 |
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3. Bid Services Division (Mauritius ) Limited |
5,38,96,150 |
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4. Airport Authority of India |
5,19,00,000 |
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Total |
19,96,15,380 |
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BUSINESS DETAILS
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Line of Business : |
To Operate, Maintain, Develop, Design, Construct, Upgrade, Modernize,
Expand and Manage the Airport. |
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GENERAL
INFORMATION
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Bankers : |
Dena Bank Capital Market Branch, 17, Horminan Circle, Mumbai – 400 023 |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,00,00,000 |
Equity Share |
Rs.10/- Each |
2500.000 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19,96,15,380 |
Equity Share |
Rs.10/- Each |
Rs.1996.153Millions |
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LOCAL AGENCY FURTHER INFORMATION
Press Releases :
Mumbai International Airport Plans Rs.70.000 Millions
Investment
Mumbai
International Airport Private Limited (MIAL), the 74:26 joint venture between
the GVK-SA Consortium and Airports Authority of India (AAI), managing airport
operations here since May 3, would invest at least Rs70.000 Millions over the
next 20 years to modernize facilities. The overall estimate could become
higher; Rs 58000.000 Millions over the next seven years being a better
determined figure for the present. "The funds have been tied up,
investment won't be a problem at all," Mr G.V. Sanjay Reddy, Managing
Director, MIAL, said at a press briefing today. The company has provided bank
guarantee to the Government for the equity component in investment spanning
seven years; it has also signed the first set of documents for debt. The
concession period under the Operations Management and Development Agreement
(OMDA), signed on May 3, is for 30 years and MIAL would be submitting a master
plan covering 20 years of future airport operations in September. Many aspects
of planned facilities, funding and mode of project execution would be clearer
by then. Netherlands Airports Consultants BV (NACO) would lead the process in
airport design and master planning. Changi Airport, Singapore, would review the
master plan. Human resource consulting firm Mercer, has come aboard to change
management and HR strategy for MIAL, which has 2,600 employees. The OMDA
requires MIAL to run the city's Chhatrapati Shivaji International Airport
(CSIA) with existing staff and train them to international standards. Mr Reddy
cautioned that while the city was justified in having high hopes for CSIA, they
should be "reasonable expectations" as the way ahead was most
challenging. The situation best summed up in CSIA's description as
"city-locked", its meager area heavily encroached upon, a village in
the middle, a river prone to flooding on the periphery and some of the city's
biggest drains passing right through it. Deducting for colonies et al, actual
acreage available is just 1,450 acres, as against 5,000 acres in Delhi and
5,500 acres for the proposed new airport in Hyderabad. "Future development
is very dependent on utilizing this minimum amount of land and getting the
maximum out of it," he said. Airport development would be in three phases,
the first being a 100-day plan to improve facilities in select areas. Second
phase involves upgrading the existing terminals, 1A and 1B. Long-term plans
include a new single terminal at Sahar for domestic and international
operations (which would free up existing terminals at Santa Cruz for low cost
airlines) and a new cargo facility. According to Mr Reddy, 37.8 per cent of
revenues would be shared with the AAI. CSIA accounts for 37 per cent of India's
air traffic. It saw over 17.600 Millions passengers last year and handles some
490,000 tonnes of cargo annually. Given the pace of growth, future
infrastructure would require a second parallel runway despite space constraint.
"The Company will have to rehabilitate the surrounding slums if The
Company are to make the second runway. That will have to be done," he
said. Though airport capacity is a function of aircraft size, the number of
peak hours and the number of aircraft movements that ATCs can handle, it is
estimated that sans second runway the maximum capacity at Mumbai would be 25-27
million passengers. "The Company
would like to build capacity of 40 million," Mr Reddy said. The
second runway would need relocation of several aircraft hangars, among them
facilities belonging to Air India, Jet Airways and large corporate houses like
Reliance and Tata. Mr Reddy said that as per the OMDA, MIAL had the first right
of refusal for developing the proposed new airport in Navi Mumbai. Though MIAL
would have to go through the bidding scheme, should it fall 10 per cent short
of the highest bid it would enjoy the right to revise and match the offer.
Mumbai Airport’s Big Plans
MUMBAI:
In line with its vision of making the Mumbai Airport a benchmark among
airports, Mumbai International Airport Private Limited . (MIAL), the joint
venture between GVK-SA consortium and THE Airports Authority of India, on
Thursday unveiled a master plan for Chhatrapati Shivaji International Airport
(CSIA). The master plan has been designed to expand and upgrade the
infrastructure at CSIA to cater to traffic of 40 million passengers and one
million tonnes of cargo annually. It encapsulates a blueprint for a major
transformation of the airport by 2010. Addressing the media here, G. V. Sanjay
Reddy, Managing Director, MIAL, said the project cost till 2010 was
Rs.52000.000Millions, which would be financed through a debt-equity mix of
80:20. "The debt has already been tied up with Indian institutions led by
UTI Bank and IDBI Bank.'' "The master plan has been submitted to the
Government of Maharashtra for comments by November 3 and if there are comments,
The Company will address them and
resubmit it as the final master plan,'' Mr. Reddy said. The implementation of
the master plan will be in two main stages — the Interim Phase to be completed
by 2008 and the Phase I to be completed by 2010. The Interim Phase envisages
refurbishing Terminal 2B, revamp of Terminal 1A, setting up of a temporary
cargo facilities and up gradation of airside runway facilities and multi-level
car parks. In Phase I, a brand new terminal building (T2) will come up at Sahar
to cater to international and domestic passengers, a dedicated link from the
Western Express Highway and building of new cargo facilities. The revamped CSIA
will have two passenger terminals. T2 at Sahar catering to traffic of 30
million passengers annually, which will be a mix of international and domestic
passengers. T1 at Santacruz will cater to the domestic passenger traffic of
10-12 million passengers annually. During the master planning stage, MIAL
designed a parallel runway and identified all constraints that would come in
the way and these include rehabilitation of slums, relocation of all Air India
and other facilities, buying large tracts of private land outside CSIA and
removing a number of private buildings outside CSIA.
Mumbai
International Airport Limited Signs MoU with TCS
Mumbai
International Airport Limited (MIAL) the joint venture company led by GVK has
signed an MoU with Tata Consultancy Services (TCS), the leading global IT
services and consulting organization, for IT consultancy services along with
implementation and management of the technology backbone at Chhatrapati Shivaji
International Airport (CSIA), the country’s busiest airport. The agreement is
in line with MIAL’s efforts to upgrade CSIA to international standards. The
scope of services covers the entire airport value chain from operations to
services.The annual passenger traffic at CSIA is
expected to reach 28 million by 2010 from 17.5 million passengers in 2005-06.
As part of its commitment to provide a world-class airport to the city of
Mumbai, MIAL has initiated efforts to create a technology driven business
environment to infuse efficiencies. This is facilitated and supported by this
5-year agreement signed with TCS. Mr. G.V. Krishna Reddy, Chairman, MIAL said:
“Our vision is to make CSIA a global benchmark and provide an excellent
experience for travelers. By partnering TCS we wish to introduce the best
technology solutions which will significantly enhance the operational
efficiency and service standards at CSIA.” “Our engagement with MIAL is a
significant milestone for TCS in partnering to help build the country’s busiest
airport into a model world-class experience to rival any in the world,” said Mr.
S. Ramadorai, CEO and Managing Director, TCS. “This prestigious agreement
leverages on TCS’ considerable global expertise in the Travel & Hospitality
space and adds to the portfolio of such services currently offered” he added.
TCS is a leader in the Travel & Hospitality space servicing over 40 clients
in the sector. It also works with many global aviation clients including
leading brands in APAC, Europe and the US including Singapore Airlines, Qantas,
Virgin Atlantic and British Airways.
About Mumbai International
Airport Private Limited . (MIAL)
Mumbai
International Airport Private Limited . (MIAL) is a joint venture between the
GVK-SA consortium and Airports Authority of India. MIAL has been awarded the
mandate of modernizing and upgrading India’s busiest airport, Chhatrapati
Shivaji International Airport (CSIA). MIAL’s vision is to make CSIA a global
benchmark among airports while lending it a distinct Indian character. The
master plan for CSIA has been designed to expand and upgrade the infrastructure
to cater to annual traffic of 40 million passengers and one million metric tons
of cargo. The master plan builds on the comprehensiveplanning carried out over
the last six months and encapsulates a blueprint for a major transformation of
the airport by 2010.
About Tata
Consultancy Services Ltd (TCS)
Tata
Consultancy Services Limited (TCS) is the world leading information technology
consulting, services, business process outsourcing and engineering services
organization that envisioned and pioneered the adoption of the flexible global
business practices that today enable companies to operate more efficiently and
produce more value. TCS achieved this by creating and perfecting a unique
method of global deployment and delivery of high quality, high value services
and products in IT consulting and business process outsourcing. Known as the
“Global Delivery Model,” this strategic services delivery concept has reshaped
the IT services industry.More than 95% of TCS customers reward the company’s
reliability, passion, creativity, and unique ability to handle the broadest
range of their IT needs by continually extending and deepening their
partnerships with TCS. With over 80,000 of the world’s best trained IT
consultants located in 35 countries, TCS is uniquely positioned to deliver its
flexible world class services seamlessly to any location. TCS reported
consolidated revenues of $2.97 billion (U.S.) in the fiscal year 2005-2006. The
company is listed on the National Stock Exchange and Bombay Stock Exchange in
India. For
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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