MIRA
INFORM REPORT
|
Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INTERGLOBE
AVIATION PRIVATE LIMITED |
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Registered Office : |
66 Janpath,
New Delhi – 110001, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.01.2004 |
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Com. Reg. No.: |
55-129768 / 28212 |
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CIN No.: [Company
Identification No.] |
U62100DL2004PTC129768
/ U62100UP2004PTC028212 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI05040A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Air Transport
Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
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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Maximum Credit Limit : |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new
company and yet to commence commercial activities. It is proposed to start
air transport activities in India. Trade relations are reported as fair. No further
details are available. The company can
be considered for any business dealings on safe and secured trade terms and
conditions. |
LOCATIONS
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Registered Office : |
66 Janpath New Delhi – 110001, India |
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E-Mail : |
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Branch 1 : |
Block 2B, DLF
Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon-122002, Haryana |
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Tel. No.: |
91-124-2358201-05 |
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Fax No.: |
91-124-2357554 |
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Branch 2 : |
Interglobe Air
Transport/ Galileo India, 101, 106, Jaipur Towers, First Floor, Opposite AIR,
M.I. Road, Jaipur-302001 |
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Tel. No.: |
91-141-2360532 |
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Fax No.: |
91-141-5118886 |
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Branch 3 : |
Interglobe Technologies,
Tower C, Global Busines Park, Mehrauli Gurgaon Road, Gurgaon-122002 |
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Tel. No.: |
91-124-5060555 |
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Fax No.: |
91-124-2549540 |
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Branch 4 : |
InterGlobe
Technology Quotient, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002,
Haryana |
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Tel. No.: |
91-124-2358201 |
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Fax No.: |
91.124-2357554 |
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Branch 5 : |
InterGlobe
Hotels, Block 2B, DLF, Corporate Park, DLF City, Phase III, Gurgaon-122002 |
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Tel. No.: |
91-124-2358201 |
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Fax No.: |
91-124-5068193 |
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Branch 6 : |
InterGlobe
Aviation, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002 |
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Tel. No.: |
91-124-2358201 |
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Fax No.: |
91-124-5068193 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Kapil Bhatia |
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Designation : |
Director |
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Address : |
18, OAK Drive,
Mandi Road, Sultanpur, New Delhi, Delhi – 110030, India |
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Date of Birth/Age : |
01.06.1932 |
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Date of Appointment : |
13.01.2004 |
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Name : |
Mr. Rahul Bhatia |
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Designation : |
Director |
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Address : |
18, OAK Drive,
Mandi Road, Sultanpur, New Delhi, Delhi – 110030, India |
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Date of Birth/Age : |
10.06.1960 |
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Date of Appointment : |
13.01.2004 |
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Name : |
Mr. Anil Parashar |
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Designation : |
Director |
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Address : |
E-367, Greater
Kailash Part I, New Delhi-110048 |
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Date of Appointment : |
09.02.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish
Lakhotia |
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Designation : |
Company Secretary |
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Address : |
675A, Brahmpura, Nai
Bast (Near Shagun Banquet Hall), Bareilly-243005, Uttar Pradesh, India |
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Date of
Birth/Age : |
15.12.1981 |
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Date of
Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Kapil Bhatia |
|
50 |
|
Mr. Rahul Bhatia |
|
50 |
BUSINESS DETAILS
|
Line of Business : |
Air Transport
Services |
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Products : |
Scheduled Air
Transport Services |
GENERAL
INFORMATION
|
Bankers : |
v
Oriental Bank
of Commerce, E-Block, Connaught Place, New Delhi-110001, Delhi, India v
Bank of
Maharashtra, 1295, Sushant Loak, Gurgaon-122002, Haryana, India |
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Auditors : |
Sethi and Mehra Chartered
Accountants 80, Darya Ganj,
New Delhi – 110002, India |
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Tel. No.: |
91-11-23275798 /
23289030 |
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Tel. No. (Res.) : |
91-11-25229698 /
91-124-2352022 |
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Fax No.: |
91-11-23271213 |
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E-Mail : |
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Associates : |
Navigator Travel
Services Private Limited |
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Subsidiaries : |
Galileo India
Private Limited |
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Holding Company : |
Interglobe
Enterprises Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs. 1000/- each |
Rs. 1.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100 |
Equity Shares |
Rs. 1000/- each |
Rs. 0.100 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
990.000 |
15.190 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(146.177) |
0.000 |
0.000 |
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NETWORTH |
843.823 |
15.190 |
0.500 |
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|
LOAN FUNDS |
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1] Secured Loans |
1280.652 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1280.652 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2124.475 |
15.190 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.788 |
0.000 |
0.000 |
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Pre Operations Expenditure |
53.884 |
12.873 |
0.459 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
25.508
|
4.379 |
0.369 |
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Other Current Assets |
0.039
|
0.000 |
0.000 |
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Loans & Advances |
2019.894
|
0.030 |
0.000 |
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Total Current Assets |
2045.441
|
4.409 |
0.369 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
25.631
|
3.098 |
1.670 |
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Provisions |
0.678
|
0.000 |
0.000 |
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Total Current Liabilities |
26.309
|
3.098 |
1.670 |
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Net Current Assets |
2019.132
|
1.311 |
(1.301) |
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MISCELLANEOUS EXPENSES |
0.671 |
1.006 |
1.342 |
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TOTAL |
2124.475 |
15.190 |
0.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Other Income |
3.183 |
0.000 |
NA |
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Total Income |
3.183 |
0.000 |
NA |
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Profit/(Loss) Before Tax |
(145.499) |
(12.873) |
NA |
|
|
Provision for Taxation |
0.678 |
0.000 |
NA |
|
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Profit/(Loss) After Tax |
(146.177) |
(12.873) |
NA |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
29.651 |
NA |
NA |
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Payment to Auditors |
0.095 |
0.033 |
NA |
|
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Other Expenditure |
118.936 |
12.840 |
NA |
|
Total
Expenditure |
148.682 |
12.873 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
(4592.43)
|
0.00 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(4571.13)
|
0.00 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.94)
|
(291.97) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.85) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.55
|
0.20 |
3.34 |
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Current Ratio (Current Asset/Current Liability) |
|
77.75
|
1.42 |
0.22 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U62100DL2004PTC129768 |
|
Name of the company |
INTERGLOBE
AVIATION PRIVATE LIMITED |
|
Address |
66 Janpath,
New Delhi – 110001, India |
|
This Form is for |
Creation of
charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Bank of Maharashtra, Shushant Lok, I Branch, Gurgaon-122002, Haryana, India E-Mail : corporate.secretaries@interglobe.com |
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Nature or description of the instrument creating charge |
Composite deed of hypothecation for all facilities dated 13.09.2006. |
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Date of the instrument creating charge |
13.09.2006 |
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Amount Secure by the charge |
Rs.550.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The bank has granted this facility against the hypothecation of all plants and machineries, vehicles, equipments, implements and fixtures. The rate of interest will be 10% and in case of default in payment 2% additional interest will be payable. The company will keep 205 margin. |
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Description of the property charge whether it is a charge on |
Plant and Machinery Furniture and Fixtures Vehicles |
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Modification charge Charge identification number of the charge to be modified |
Hypothecation of all plant and machineries, vehicles, equipments, implements and fixtures. |
The situation of
the registered office of the company was changed from :
13, Raja Chamber, 29/9,
Rana Pratap Marg, Lucknow-226001, Uttar Pradesh
To,
66, Janpath, New
Delhi-110001 With effect from 06.09.2004.
Business Progress
During the
financial year under discussion the company has shifted its Registered office
from Lucknow to New Delhi as per applicable provisions of others Acts.
The company has
obtained NOC from the Ministry of Civil Aviation to operate as Scheduled Air
Transport Services in India. It has been preparing to start up its operations.
The company has already placed its order to acquire airplanes. The company has
been preparing to start up its flights near future.
Since the company
was preparing to start up its to operate it Air Transport Services in India it has
to incurred certain expenses in foreign exchange in future the company can
earned foreign exchange from its operations.
The company is in
the process of setting – up / starting / scheduled Air Transport Services and
the expenditure incurred up to 31.03.2005, has been treated as Pre –
operational Expenditure. The Management has decided to capitalise pre –
operational expenditure to fixed assets in the ratio to be determined on
completion of the project.
The company ceased
to be subsidiary of Galileo India Private Limited during the financial year
ended 31.03.2005. Due to transfer of their holding of 74.97 % equity shares in
the company to Interglobe Enterprises Limited. By virtue of said transfer of
shares during the year the company become subsidiary of Interglobe Enterprises
Limited.
The company shifted
its Registered Office form Kanpur, State of Uttar Pradesh to National Capital
Territory of Delhi vide company Law Board Order No. 95/17/2004 dated
01.09.2004.
Website Details :
In golf, as in life, it is the
follow through that makes the difference. At Subject Enterprises, they carry
this philosophy to work, and live by it in each of their relationships - with
employees, partners and customers.
Fifteen years ago, Subject entered
the business of travel. As they took their first steps, they were acutely aware
that they operate in an industry which is globally benchmarked and where change
is the only constant. They knew that to be successful, they could not be
captive in the environment.
With agility and determination,
Subject struck out in new directions across the spectrum of the travel industry
– from air transport management to computerized travel reservations, from
information and travel technology to hospitality. They took risks, but followed
through in each direction; consolidating at each step as they ventured forward.
Today, they have come a long
distance from where they began. Yet, Subject is not a group built on toplines
and bottomlines. It has been built on integrity and relationships. An
organization where trust and transparency complement excellence and teamwork.
Where they carve success through long-term mutually beneficial partnerships.
As India gains prominence on the
world map, the responsibility lies with the travel industry to ensure that the
gateways stay open for smooth traffic and connectivity, to facilitate the
weaving of the Indian economy into the global village. They, at Subject, are
ready for this mantle. For, in their business, success is intrinsically defined
as a journey, not a destination.
Established in 1989, InterGlobe
Enterprises is a travel corporation with a truly international vision to
deliver outstanding value to its stakeholders, clients and customers through
dedicated business units that perform specialist roles.
In an act that was an example of
the company's farsightedness and commitment to the industry, InterGlobe
Enterprises diversified in the fields of aviation management, travel related
services, travel technology, travel distribution services and hotel development
& management services - going beyond the traditional definition of the
travel spectrum giving it a whole new definition.
Conceived to cater to the growing
need for travel services in ground operations, communication and co-ordination,
the Subject vision, ever since, has been to become a diversified international
corporation in the areas of Air Transport Management, Travel Related Services
and Information Technology Management by delivering outstanding value to its
business partners, customers, employees and shareholders.
The cumulative experience put in
by close to 1900 staff strength not only add value to each other internally but
to all the business partners, providing them that necessary edge in the
corporate world today and ensuring the best service quality and the highest
standards.
An interesting aspect of Subject
is that though the company is privately held, it can boast of corporate
governance – a low profile corporate personality with exemplary value-based
leadership.
Today InterGlobe Enterprises has a
daunting India-focus with a network of 52 offices across 23 cities in India and
in USA, U.K. & South Africa.
Little wonder that they continue
to be the preferred partner in travel-related services, with unending support
and patronage from all their business partners including some of the leading
airlines the world over.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
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 |
|
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