MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
JUPITER CAPITAL PRIVATE LIMITED |
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Formerly Known As : |
JUPITER CAPITAL ADVISERS PRIVATE LIMITED |
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Registered Office : |
Jupiter Innovision Centre, No.54, Richmond Road, Bangalore – 560025,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.2004 |
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Com. Reg. No.: |
08-33653 |
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CIN No.: [Company
Identification No.] |
U67120KA2004PTC033653 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Shares and Stock Brokers |
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 14000000 |
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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 part of resourceful Jupiter Group, Ex-Co-owners of RPL,
Pioneer telecom company in private sector. Trade relations are fair. Payment
are correct and as per commitment. It can be considered good for normal business dealing at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Jupiter Innovision Centre, No.54, Richmond Road, Bangalore – 560025,
Karnataka, India |
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Tel. No.: |
91-80-25880000/ 25594991 |
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Fax No.: |
91-80-25880523/ 25323488 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajeev Chandrasekhar |
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Designation : |
Chairman |
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Address : |
No.375, 3rd Block, 13th Main, Koramangala,
Bangalore – 560034. Karnataka, India |
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Date of Birth/Age : |
31.05.1964 |
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Date of Appointment : |
23.08.2005 |
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Name : |
Mr. M K Chandrashekhar |
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Designation : |
Director |
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Address : |
No.59, 100 Feet Road, Indiranagar, Bangalore – 560038. Karnataka,
India |
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Date of Birth/Age : |
08.11.1933 |
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Date of Appointment : |
20.05.2005 |
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Name : |
Mr. Anju Chandrasekhar |
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Designation : |
Director |
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Address : |
No.375, 3rd Block, 13th Main, Koramangala,
Bangalore – 560034. Karnataka, India |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
23.08.2005 |
KEY EXECUTIVES
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Name : |
Mr. S. Raghavan |
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Designation : |
Company Secretary |
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Address : |
126/18, 2nd Floor, 8th Cross, Wilkson Garden,
Bangalore – 560024, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Vectra Holding Private Limited |
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546965 |
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K. Venkatarame Gowda |
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500 |
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Total |
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547465 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
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99.91 |
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Other top fifty shareholders (Other than listed above) |
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0.09 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Shares and Stock Brokers |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
T. Velu Pillai and Company Chartered Accountant |
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Address : |
642, 4th Main, Indiranagar, II Stage, Bangalore – 560038,
Karnataka, India |
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Name : |
Kumbhat and Company Chartered Accountant |
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Address : |
No.10, 6th Cross, Victoria Layout, Bangalore – 560047,
Karnataka, India |
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Holding Company
: |
Vectra Holdings Private Limited U65993KA1993PTC013992 |
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Subsidiaries : |
Hindusthan Infrastructure Projects and Engineering Private Limited U70109KA1993PTC014830 India Radio Ventures Private Limited U92131KA1999PTC025937 Jupiter Strategic Technologies Private Limited U72900KA2001PTC028394 Surya Samudra Holding Resort Private Limited U55102KL1986PTC004465 Jupiter Aviation and Logistics Private Limited U63090KA2000PTC0289009 Jupiter Entertainment Ventures Private Limited U74300KA2006PTC039879 Indian Aero Ventures Private Limited U62200KA2007PTC041886 Suryasamudra Hospitality Ventures Private Limited U05510KA2005PTC037757 Tayana Software Solutions Private Limited U72200KAPTC027196 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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547465 |
Equity Shares |
Rs.10/- each |
Rs.5.475
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.475 |
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2] Share Application Money |
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1.121 |
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3] Reserves & Surplus |
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2727.068 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2733.664 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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2733.664 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.200 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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2639.947 |
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DEFERREX TAX ASSETS |
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0.067 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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Sundry Debtors |
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0.000
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Cash & Bank Balances |
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54.863
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Other Current Assets |
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0.000
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Loans & Advances |
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1032.641
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Total
Current Assets |
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1087.504
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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964.841
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Provisions |
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31.213
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Total
Current Liabilities |
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996.054
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Net Current Assets |
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91.450
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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2733.664 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
114.118 |
150.877 |
0.000 |
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Other Income |
19.761 |
0.000 |
0.000 |
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Total Income |
133.879 |
150.877 |
0.000 |
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Profit/(Loss) Before Tax |
55.252 |
106.073 |
(0.013) |
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Provision for Taxation |
0.056 |
31.807 |
0.000 |
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Profit/(Loss) After Tax |
55.196 |
74.266 |
(0.013) |
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Expenditures : |
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Financial Charges |
26.061 |
1.816 |
0.000 |
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Depreciation & Amortization |
0.215 |
0.034 |
0.000 |
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Other Expenditure |
52.351 |
42.954 |
0.013 |
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Total Expenditure |
78.627 |
44.804 |
0.013 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
41.23
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49.22 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
48.42
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70.30 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.07
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36
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NA |
NA |
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Current Ratio (Current Asset/Current Liability) |
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1.09
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NA |
NA |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject, a Bangalore-based investment company promoted by
Rajeev Chandrasekhar—an entrepreneur who made his millions when he sold his
cellular phone services company
BPL Mobile—will launch a first-of-its-kind aviation-focused investment fund in India to invest in
airlines and related projects.
The new fund will enter the market at a time when most
privately-held airlines in the country are looking to raise money to support
their cash-strapped balance sheets. India’s largest low-cost carrier Air
Deccan, part of Deccan Aviation Private
Limited, is planning to raise $100 million (Rs.4200.000 Millions)
through private equity firms, while another budget carrier, the New-Delhi-based
Spice Jet Limited, raised $65
million earlier this year.
“There’s a lot of consolidation happening in the industry
and we think it’s the right time to have such a fund for the sector,” said
Chandrasekhar, chief executive officer of Jupiter Capital,
which owns Jupiter Aviation and
Logistics Limited
He did not specify details of the fund size but said it
would be a “medium-size fund”, which will be launched jointly with a foreign
partner in two months. Company
also has interests in infrastructure, media and technology, but “aviation is
going to be the thrust area for us”, he said.
With infrastructure costs and aviation fuel in India steeper
than the international average, airlines in India are finding it difficult to
sustain growth in a market getting used to low-priced tickets, and are seeking
financing. Kingfisher Airlines Limited,
a ful-service carrier, is on the lookout for raising $110 million while Jet
Airways (India) Ltd, which
earlier this month said it is acquiring smaller rival Air Sahara for
Rs14500.000 Millions, is seeking $400 million to buy planes.
Currently there are no specialized aviation funds in the
country. The US-based TPG Inc., UK’s Irelandia Investments Limited and Goldman, Sachs and amp;
Company are among the few funders investing in the aviation industry.
But getting their backing isn’t easy for airlines. With a
volatile aviation market, it has become difficult to get private equity investment, says Air Deccan’s former
director of finance and now a consultant with the airline, Mohan Kumar.
The industry is expected to make losses of $500 million this
financial year, double the amount it lost last year.
“People like Texas Pacific Group (the old name of TPG) and Capital International have a lot of investment expertise in airline
companies but there is a limit for that model domestically,” he says. “Need at
least 150-200 million passengers flying to be able to support airlines.”
India’s passenger traffic stood at 33 million last year.
According to Kumar, it will take another 18 months for the
airline companies to turn around.
Last month, Jupiter
Aviation and Logistics sealed a deal with state-owned carrier Indian to
establish a Rs.3000.000 Millions maintenance, repair and overhaul (MRO)
facility for planes. Talks are still on to decide the exact location of the
facility. Indian and Jupiter
Aviation are likely to hold a 25% stake each while a third partner, from the
France-based Airbus Industrie’s network of MRO operators, will offer technical
capabilities and will own the rest
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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. |
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 |
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