MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BLUE DART AVIATION LIMITED |
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Registered Office : |
Blue Dart Centre, Sahar Airport Road, Andheri (East), Mumbai 400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
31.05.1994 |
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Com. Reg. No.: |
11-78691 |
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CIN No.: [Company
Identification No.] |
U35303MH1994PLC078691 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN06649G |
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PAN No.: [Permanent
Account No.] |
AAACB0482A |
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Legal Form : |
A Closely Held Public limited liability company. |
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Line of Business : |
Subject offers various services like Air Cargo Moment (Charters),
Engineering, Software Development, Aviation Project and Flight Handling
Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Usd 1000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payment 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 : |
Blue Dart Centre, Sahar Airport Road, Andheri (East), Mumbai 400099,
Maharashtra |
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Tel. No.: |
91-22-28396444 |
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Fax No.: |
91-22-28311184 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Tushar Kumudari. Jani |
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Designation : |
Chairman |
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Address : |
10 Ram Niwas, 227 Sion East, Mumbai:400022, Maharashtra |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
31.05.1994 |
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Name : |
Mr. Niteen M. Gupte |
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Designation : |
Managing Director |
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Address : |
59, M.G. Ramachandran Road, Kalashetra Colo, Ny Besant Nagar, Chennai:600090, Tamil Nadu, |
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Date of Birth/Age : |
17.04.1949 |
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Date of Appointment : |
25.04.2005 |
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Name : |
Mr. Clyde C. Cooper |
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Designation : |
Director |
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Address : |
150221602 LE-Papeyon MT. Mary Road, Bandra (west) Mumbai:400050,
Maharashtra |
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Date of Birth/Age : |
11.08.1953 |
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Date of Appointment : |
31.05.1994 |
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Name : |
Mr. Dubash Maneck Kushroo |
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Designation : |
Director |
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Address : |
604, Varun JP Road, Versova Andheri (West), Mumbai:400058 |
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Date of Birth/Age : |
19.08.1954 |
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Date of Appointment : |
31.05.1994 |
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Name : |
Mr. Michael Mcmahon |
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Designation : |
Director |
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Address : |
34, Cunningham Apts, 5 Eadard Road, Bangalore:560052, Karnataka |
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Date of Birth/Age : |
27.09.1944 |
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Date of Appointment : |
25.04.2005 |
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Name : |
Mr. Suresh Balkrishnan |
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Designation : |
Secretary |
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Address : |
Latha Apartment, 2 J P Avenue, Dr. Radha
Krishna, Salai Mylapore
Chennai:600004, TamilNadu |
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Date of Birth/Age : |
25.02.1964 |
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Date of Appointment : |
01.10.1998 |
KEY EXECUTIVES
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Name : |
Mr. Niteen M.
Gupte |
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Designation : |
Chief Operating
Officer |
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Name : |
Mr. Kartik Pandit |
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Designation : |
Deputy Chief
Operating Officer & Chief Financial Officer |
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Name : |
Mr. Suresh Nair |
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Designation : |
Deputy Chief
Operating Officer & Chief Ground Operations Manager |
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Name : |
Mr. Shaji
Karunakaran |
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Designation : |
Deputy Chief
Operating Officer & Chief Engineering Manager |
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Name : |
Mr. P. A. R. Kumar |
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Designation : |
Chief Flight
Operations Manager |
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Name : |
Mr. Prem K. Thomas |
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Designation : |
Chief Human
Resources Manager |
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Name : |
Mr. P. A. B.
Franklin |
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Designation : |
Chief
Administration & Security Manager |
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Name : |
Mr. B. Natarajan |
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Designation : |
Quality Control
Manager |
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Name : |
Mr. K. De |
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Designation : |
Chief Flight
Safety Manager |
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Name : |
Mr. Vishok
Mansingh |
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Designation : |
Senior Manager – Materials |
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Name : |
Mr. Suresh Balakrishnan |
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Designation : |
Manager Accounts & Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Blue Dart Express Limited |
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9599996 |
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Tushar Kumudari Jani |
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7200000 |
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Khushroo Maneck Dubash |
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7200000 |
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Clyde Dennis Cooper |
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-- |
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Suresh Girdhar Sheth |
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-- |
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S. S. Ramdas |
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-- |
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Mr. Yogesh Dhingra |
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1 |
BUSINESS DETAILS
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Line of Business : |
Subject offers various services like Air Cargo Moment (Charters),
Engineering, Software Development, Aviation Project and Flight Handling
Services. |
GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
BNP Paribas 25/26, College Road, 3rd Floor, Prince
Towers,Chennai-600006, Tamilnadu,India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Arthur Andersen & Associates Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000,000 |
Equity Share |
Rs. 10/- |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24,000,000 |
Equity Share |
Rs.10/- |
Rs.240.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
240.000 |
240.000 |
140.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.600 |
45.800 |
42.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
301.600 |
285.800 |
182.700 |
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LOAN FUNDS |
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1] Secured Loans |
177.300 |
168.700 |
198.500 |
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2] Unsecured Loans |
147.300 |
147.500 |
124.800 |
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TOTAL BORROWING |
324.600 |
316.200 |
323.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
626.200 |
602.000 |
506.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
359.100 |
363.100 |
369.300 |
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Capital work-in-progress |
02.100 |
0.000 |
09.700 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
59.300 |
61.100 |
54.900 |
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Sundry Debtors |
01.700
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00.600 |
0.000 |
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Cash & Bank Balances |
12.500
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13.200 |
11.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
242.00
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220.600 |
199.800 |
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Total
Current Assets |
315.500
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295.500 |
265.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.000
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63.900 |
144.500 |
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Provisions |
06.200
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04.200 |
03.400 |
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Total
Current Liabilities |
56.200
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68.100 |
147.900 |
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Net Current Assets |
259.300
|
227.400 |
117.800 |
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MISCELLANEOUS EXPENSES |
05.700 |
11.500 |
09.200 |
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TOTAL |
626.200 |
602.000 |
506.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover |
1067.700 |
991.500 |
831.300 |
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Other Income |
48.700 |
08.900 |
51.200 |
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Total Income |
1116.400 |
1000.4 |
882.500 |
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Profit/(Loss) Before Tax |
17.600 |
03.600 |
13.100 |
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Provision for Taxation |
00.400 |
0.000 |
01.200 |
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Profit/(Loss) After Tax |
17.200 |
03.600 |
01.900 |
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Expenditures : |
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Other Manufacturing Expenses |
123.000 |
72.700 |
73.300 |
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Employee Cost |
196.500 |
167.200 |
151.700 |
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Selling and Administration
Expenses |
197.300 |
203.100 |
184.200 |
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Miscellaneous Expenses |
14.200 |
11.200 |
11.500 |
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Interest & Financial Charges |
21.300 |
30.000 |
34.500 |
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Depreciation & Amortization |
45.500 |
40.800 |
43.000 |
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Total Expenditure |
597.8 |
525 |
498.2 |
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KEY RATIOS
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Debt-Equity
Ratio |
1.09 |
1.36 |
1.68 |
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Long
Term Debt-Equity Ratio |
0.91 |
1.22 |
1.56 |
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Current
Ratio |
2.65 |
1.97 |
1.19 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.91 |
1.89 |
1.70 |
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Inventory |
17.74 |
17.09 |
15.94 |
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Debtors |
928.43 |
3305.00 |
346.38 |
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Interest
Cover Ratio |
1.83 |
1.06 |
1.09 |
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Operating
Profit Margin(%) |
7.90 |
7.33 |
9.70 |
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Profit
Before Interest And Tax Margin(%) |
3.64 |
3.22 |
4.52 |
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Cash
Profit Margin(%) |
5.87 |
4.31 |
5.40 |
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Adjusted
Net Profit Margin(%) |
1.61 |
0.19 |
0.23 |
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Return
On Capital Employed(%) |
6.35 |
5.70 |
8.00 |
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Return
On Net Worth(%) |
5.72 |
0.76 |
0.95 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
During the year, them Company has achieved a Profit after tax of
Rs.171.95 lacs as compared to a profit after tax of Rs. 3.578 Millions for the
previous year.
CARGO AVIATION INDUSTRY
Them Company continues to be the only Domestic Express Cargo Airline in India providing the infrastructure support that contributes to the leadership position of Blue Dart's express services and enabling it to differentiate itself and establish competencies in integrated and express transportation and distribution and courier door to door product, supply-chain management solutions and logistics.
The air network which is self-sustaining with its own airside and city
side facilities, security systems including modern X-ray systems, aircraft and
ground handing and maintence capabilities, also provides enhanced marketing and
distribution capabilities for the carriage of global cargo of international
airlines into and out of India from its five gateway tubs.
EXPANSION
The Company plans to introduce Hyderabad and other stations in the Air
Network over a period of time. The Company plans to increase the fleet size
over a period of time to support the future grown of the Express Industry. Them
Company's existing fleet comprises of 4 Boeing 737-200 freighter aircraft.
AIRCRAFT ENGINEERING AND MAINTENANCE
Them Company with its in-house Engineering, Structural and Technical
expertise continues to provide maintenance support to the fleet of aircraft to
ensure reliability and or time performance
During the year the Company has successfully carried out one Heavy
Maintenance "D" Check on one of its aircraft and is in the process of
doing the "D" Check on another Aircraft.
Them Company as the only private operator in this country which is
approved by Director General of Civil Aviation (DGCA) to carry cut
"D" Check.
Profile
BlueDart, a Public Company registered under the Indian Companies Act, 1956 situated at Chennai, India, operates B737-200 freighter version modified aircraft
.
Blue Dart operates the aircraft at night ex - Chennai and Calcutta connecting enroute Bangalore, Bombay and Delhi for overnight next day delivery of Express and Cargo loads.
Blue Dart has in-house Engineering, Quality Control, Ground Handling, Security facilities to meet the business of carriage of Express and Cargo loads on the above sectors.
Blue Dart is the only jet cargo airline in India who offer various services including Air Cargo Movement (Charters), Engineering, Software Development, Aviation Projects and Flight Handling Services
Maintenance Services
Blue Dart can provide
Engineering Services including “C” and “D” checks, modifications including STCs
and Corrosion Prevention and Control Programme, Structural Inspection. Besides scheduled
checks specific services for work on engines, airframes, avionics, sheet metal,
painting, structural repairs, heavy maintenance services can provide at most
competitive rates. Even though Blue Dart does not possess the Hangar, theycan
make suitable arrangements at reasonable rentals.
ENGINEERING
MANPOWER
The in-house team of
Engineers is led by the Chief Engineering Manager credited with 20 “C” checks,
12 “D” Checks (Check II), duly assisted by experienced licensed engineers and
technicians capable of NDT, Boroscope inspection, structural inspection and
others, besides modifications such as TCAS, MODE "S" SB 1080 etc.
QUALITY
CONTROL
Blue Dart further has
Quality Control Department, to meet the QC requirements of the customer.
EQUIPMENT
& TOOLS
Blue Dart possesses
complete range of tools, test equipment, ground support equipment and general
purpose tools including specific test equipment and non-destructive testing
equipment for B737-200 maintenance and “D” Checks as also engine change
equipment.
INVENTORY
Blue Dart possesses
adequate Inventory for B737-200 spares (in excess of 7000 line items) to meet
Customer requirements arising out of Maintenance orders. Blue Dart has long
term established relationships with overseas reputed suppliers from USA to meet
maintenance requirements.
LOCAL
REGULATORY (DGCA) APPROVALS
Blue Dart has approval for
servicing B737-200 aircraft, battery shop, brake assembly shop, wheel shop, NDT
shop, SSFDR/CVR Readout, VHF Tx Rx shop, Electrical repair shop, pipeline fabrication
shop, sheetmetal shop. Blue Dart has approval for servicing B727-200 wheel and
brake assemblies.
THIRD
PARTY MAINTENANCE ASSIGNMENTS
Blue Dart has successfully
completed various jobs on Third Party aircraft of customers like PLM, GECAS,
AER LINGUS, Sahara India, Lufthansa Cargo. The assignments successfully
completed for the above parties include engine change and trim run, fitment of
major components like undercarriage flaps, DGCA callouts, retrieval after
prolong grounding, flight release certification, C of A renewal, Export C of A,
Non-destructive testing on aircraft, overhaul of brakes, wheels etc. Blue Dart
can arrange customer representative review of their facilities i.e., tools,
equipment and stores on request.
Charter Services
Blue Dart has daily night operations ex-Chennai and Calcutta connecting Bangalore, Mumbai and Delhi to support the Express Industry for next day deliver of Express and Cargo loads between metros.
CHARTERS
Blue Dart possesses aircraft for charters with a carrying capacity of 16 tonnes at 8 pallet position (88 L * 125 W and one 88L * 108W with maximum loading capacity of about 3629 Kg/ pallet and volume 8.69 cu.m/ pallet). The size of the main deck door is 134W * 84H.
GROUND HANDLING
Blue Dart has Ground Handling facilities including hi-loaders, x-ray screening, pallet dolleys and trolleys at all the above stations including trained personnel to handle movement of various types of cargo loads.
Charter Inquiries can be addressed to the Chief Operating Officer
Aviation Project
Consultancy
Blue Dart has senior management staff with wide and rich experience in the field of aviation covering operation, maintenance, infrastructure development and administration. Blue Dart utilises this expertise for carrying out in-depth studies. A few of the studies undertaken are :
Airline Project
a) Market Survey / Potential
b) Commercial Considerations / Route Analysis
c) Aircraft Identification
d) Operational Considerations
e) Engineering Considerations
f) Administrative Considerations
g) Financial Considerations – Economic viability
h) Company registration
i) DGCA / Government formalities
j) Operation Activities
- Selection / Appointment of personnel
- Preparation of regulatory documents
- Recruitment and training of personnel
- Selection / appointment of pilots / engineers
- Setting up maintenance facilities / systems
- Approval of security programme
- Setting operations and safety
- Setting up commercial offices
- DGCA approvals
- Aircraft acquisitions
- Obtaining Air Taxi Operation permit
- Continued Management consultancy
Setting up
Maintenance Facilities
a) Market Survey
b) Identify requirement of
- Hangar / Dispersal / Shop Office accommodation
- Facilities/ Electricity, Water, Compressed air
- Tools, Special Tools, Test equipment
- Publications / Documentations
- Manpower Training
c) Financial – Economical Analysis
d) Permission and approval
Based on rich experience and availability of specialised personnel, Blue Dart offers to setup/ prepare/ evaluate the following projects :
a) Airline Project
b) Project for setting up Maintenance Facilities
For further information contact the Chief Operating Officer.
Aircargo Movement
Blue Dart is established with a commitment to grow and meet the requirement of movement of Express and Cargo loads within the country and also support the interline movement of Cargo. Blue Dart has planned to specialise in domestic Charter to meet the growing needs of quick and reliable movement of cargo.
Maintenance and
Engineering
Blue Dart has established captive consumption, maintenance facilities for servicing, rectification and repair of
B737-200 aircraft including modification. The established facilities are equipped to undertake “D” Check, SSID, and CPCP. Service bays for radio, electricals, wheels & brakes are also established. Blue Dart continuously and progressively strives to enhance the above capabilities.
Third Party Jobs
Blue Dart has in-built capacity to undertake third party maintenance, repairs, modification on airframe, including modification of component in service bays. The above facilities have been availed by various airlines in the course of thirty months from inception.
Software Development
Blue Dart has developed in - house various packages to meet the requirements; Flight Updation Scheduling Inquiries and Operational Notes - FUSION, System for Aircraft Logistics Inventory Management - SALIM, System for DFDR Analysis for Crew Performance Monitoring - SODA, System of Aircraft Trimming and Balancing - STAB. The above systems are in use by Blue Dart and can be modified for specific customer needs.
Aviation Project
Consultancy
Blue Dart offers aviation project consultancy relating to Flight Operations, Training, Aircraft Maintenance, Quality Control, including set up of an aviation operation in India and has a dedicated team of experienced professionals to meet customer requirements.
Flight Handling
Blue Dart possesses trained personnel and equipment including main deck loaders, pallet movement dolleys/ trolleys, pallet build up facilities, X-ray screening and security facilities, suitable for B727/ 737 aircraft. Blue Dart can provide services to customers at Chennai, Bangalore, Bombay, Delhi and Calcutta.
|
Name of the company |
BLUE DART AVIATION LIMITED |
|
Presented By |
Suresh
Balakrishna-Company secretary & Sr. Manager Association. |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation of Goods and assets dated January 12, 2004
executed by the company in favour of IDBI Bank Limited. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit of
Rs. 50.000 Millions with Working capital Demand loan of Rs. 50.000 Millions
with Working capital
Demand loan of Rs. 50.000 Millions as sub-limit and Letter of Credit/gurantee
facility of Rs. 20.000 together aggregating to rs.70.000Millions advanced by
IDBI Bank Limited. to the company together with interest, discount
commission, charges and costs and expenses payable to or incurred by the bank
in relation thereto . |
|
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 |
First charge on
the whole of current assets namely stock of raw materials, stock in process,
semi-finished and finished goods, store and spare not relating to plant and
machinery (consumable store and spare), bills receivables and book debts and
all other movable both present and future. Second charge on
movable/fixed assets (other than current assets)of the company including
movable plant and machinery and all other fixed assets both present and
future. First charge being held by UTI Bank Limited, Sir. P.M. Road, Fort,
Mumbai 400 001 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
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5) Name and Address and description of the person entitled to the charge. |
IDBI Bank Limited
Marigold House
Plot No.34, Cross Road No.2 Marol, MIDC,Andheri (East) Mumbai 400 093 |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
agreement of Hypothecation of goods and assets for increase in the overall;l
limit dated January 10, 2005 executed by the Company in favour of IDBI Bank
Limited. |
|
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. |
Aggregate limit
inn respect of facilities increased from Rs.70.000 Millions to Rs.100.00
millions |
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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
59 |
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 |
|