MIRA
INFORM REPORT
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Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIVEWEL AVIATION SERVICES PRIVATE LIMITED |
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Registered Office : |
9 Narayan Udyog Bhavan, Lalbaug Industrial Estate, Dr. Ambedkar Road,
Lalbaug, Mumbai – 400012, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2001 |
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Date of Incorporation : |
19.08.1998 |
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Com. Reg. No.: |
116280 |
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CIN No.: [Company
Identification No.] |
U74999MH1998PTC116280 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML03843A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of maintenance and cleaning the
aircraft internally and externally, providing customer check in facility,
ground handling and other activities related to maintenance of all types of
aircraft. |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 800 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company. However, the company’s
latest financials are not available from the Government or market sources and
the management remained non-cooperative despite several follow – ups. No
further information could be made available. The company can be considered for small to mediocre business dealings
with slight caution, initially. No clean credit can be granted.
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LOCATIONS
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Registered Office : |
9 Narayan Udyog Bhavan, Lalbaug Industrial Estate, Dr. Ambedkar Road,
Lalbaug, Mumbai – 400012, Maharashtra, India |
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Tel. No.: |
91-22-24711139 / 24711125 / 24711566 |
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Fax No.: |
91-22-24711125 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Branches : |
Located at :
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International Operation Headquarters : |
Livewel Aircrafts Maintenance LLC. – Dubai Warehouse No. 2, Al-Aweer Industrial Area, Rasal Khor, P.O. Box
121330, Dubai, UAE |
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International
Offices : |
Located at : v
Singapore v
Indonesia v
Malaysia |
DIRECTORS
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Name : |
Mr. Manek Framroze Daver |
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Designation : |
Chairman cum Managing Director |
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Address : |
808, Aimai Manzil, 2nd
Floor, Dr. Ambedkar Road, Dadar, Mumbai - 400014, Maharashtra |
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Date of Birth/Age : |
19/08/1998 |
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Date of Appointment : |
24/06/1947 |
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Name : |
Mr. Arnavaz Manek Daver |
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Designation : |
Director |
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Address : |
808, Aimai Manzil, 2nd
Floor, Dr. Ambedkar Road, Dadar, Mumbai - 400014, Maharashtra |
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Date of Birth/Age : |
19/08/1998 |
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Date of Appointment : |
19/08/1947 |
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Name : |
Mr. Burzin M Daver |
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Designation : |
Director |
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Address : |
808, Aimai Manzil, 2nd
Floor, Dr. Ambedkar Road, Dadar, Mumbai - 400014, Maharashtra |
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Date of Birth/Age : |
19/08/1998 |
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Date of Appointment : |
18/02/1972 |
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Name : |
Mr. Parinaz Manek Daver |
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Designation : |
Director |
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Address : |
808, Aimai Manzil, 2nd
Floor, Dr. Ambedkar Road, Dadar, Mumbai - 400014, Maharashtra |
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Date of Birth/Age : |
19/08/1998 |
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Date of Appointment : |
28/08/1976 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr Manek F. Daver |
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3000 |
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Mr. Arnavaz M. Daver |
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3000 |
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Mr. Burzin M. Daver |
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2000 |
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Mr. Parinaz M. Daver |
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2000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of maintenance and cleaning the
aircraft internally and externally, providing customer check in facility,
ground handling and other activities related to maintenance of all types of
aircraft. |
GENERAL INFORMATION
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Customers : |
Domestic Airlines Jet Airways Limited Indian Airlines Air India Limited Kingfisher Airlines Air Deccan Alliance Air Go Air Paramount Airways Sahara Airlines Spice Jet International Airlines Aeroflot Ethiopian Air Atlanta Garuda International Air Arabia KLM Air Club International Kuwait Airways Air France Lufthansa Air Lanka Malaysian Airlines American Airlines Oman Air Austrian PIA Airlines Bellview Airlines Qatar Air British Airways Silk Air Cathay Pacific Singapore Airlines Continental Airlines South African Delta Thai Airlines Emirates United Airlines |
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No. of Employees : |
6000 |
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Bankers : |
Not
Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A N. Naik and Associates Chartered Accountants |
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Address : |
Office No. 2, Villa Flaviana, Road No. 86, Shivaji Park,
Dadar (West), Mumbai - 400028, Maharashtra |
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Tel. No.: |
91-22-24378170 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.
0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.110 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.005] |
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NETWORTH |
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0.210 |
0.095 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.050 |
0.050 |
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TOTAL BORROWING |
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0.050 |
0.050 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.260 |
0.145 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.045 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.023 |
0.000 |
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Cash & Bank Balances |
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0.030 |
0.154 |
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Other Current Assets |
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0.002 |
0.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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0.055 |
0.154 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.855 |
0.026 |
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Provisions |
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Total
Current Liabilities |
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0.855 |
0.026 |
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Net Current Assets |
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(0.800) |
0.128 |
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MISCELLANEOUS EXPENSES |
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0.015 |
0.017 |
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TOTAL |
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0.260 |
0.145 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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Sales Turnover |
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3.564 |
0.748 |
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Profit/(Loss) Before Tax |
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0.115 |
NA |
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Provision for Taxation |
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-- |
NA |
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Profit/(Loss) After Tax |
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0.115 |
NA |
KEY RATIOS
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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PAT / Total Income |
(%) |
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3.23 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.23 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.09 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.55 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.31 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
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0.06 |
5.92 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Conservation of Energy, Technology Absorption, Foreign
Exchange Earning and Ration is not applicable since the company is a
consultancy service company.
As Per Website
Profile
- A leading service
provider carrying out ground handling activities at Indian and Overseas
International Airport.
- Member of the most
progressive Group of Companies - The Livewel Group.
- Established in 1990.
- Staff strength of over
6000 employees at Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Cochin and
Kolkata airports, with international airport service operations at
Singapore, Kuala Lumpur, Indonesia and Dubai airports.
- A leading ground
handling services provider at Indian Airports having complete
infrastructure to handle airlines, having wide and narrow bodied aircraft
- The fastest growing
aviation service provider in India.
- ISO 9001:2000
Certified - The only Aviation Company certified in India.
- One to one relations
with major passenger aircraft manufacturers for expertise training and
development namely with Boeing and Airbus.
- Under technical
collaboration with major ground handling companies worldwide.
Activities
- Aircraft Transit
Cleaning
- Aircraft Night Halt
Cleaning
- Aircraft Night Halt
Deep Cleaning
- Aircraft Specialized
Cleaning
- Aircraft Hanger Maintenance
Cleaning
- Check Maintenance
Cleaning
- Aircraft Exterior
Cleaning, lubrication with maintenance
- Cabin Surface
Restoration
- Exterior Body Surface
Restoration
Which includes managing of in-flight items inventory
including duty free sale items.
Their training centre conducts training for cabin crew in
grooming and etiquette for airport handling.
This includes a package of pest control services activities
carried out at fixed planned intervals targeting at a pest free aircraft cabin,
at the same time with its environment friendliness, not destroying the
surrounding atmosphere.
- Cockroach control
- Flying insects control
(mosquitoes, houseflies, etc.)
- Crawling insect
control
- Rodent control
- Aircraft residual
Insecticide treatment having following features and benefits:
- Long lasting insecticides
action
- No strong solvent
odour
- Application with
modern equipment
- Non-flammable
- Completion of activity
is possible in a short time, saving airline customer time-on-ground
- Check-in facility,
Assistance and security arrangements
- Loading &
Unloading of baggage
- Providing of transport
facility from the aircraft to the terminal
- Transit certification
of aircraft
- Obtaining DGCA
Clearance
- Co-ordination with
supervision on parking charges, fueling, catering, flight plan, customs
and immigration formalities
- Preparation of load
trim sheets and flight load
Which includes managing of passenger lounges, express
check-in services for First and Business Class passengers.
Their staff have been trained to carry out passenger
check-in at airports for various airlines operating airlines specific check-in
system.
- Meet & Greet Services
for First and Business Class Passengers
- Valet Services
- Personalized escort
services at departure and arrival
Their staff are equipped to provide wheel chair handling
services for needy airline passengers.
Livewel Aviation Services Private Limited is having the
infrastructure to provide a complete range of ground and passenger handling
operations.
- Passenger Check-in
- Floor walking and
passenger assistance
- Passenger baggage
handling at terminal which includes baggage handling at X-Ray,
check-in-counters, conveyor belt, make-up and break-up area.
- Wheel Chair Handling
- Baggage reconciliation
- Departure control
systems operations
- VIP passenger handling
- Supervision and representation
- Meet and Greet
services for First & Business Class Passengers
- Valet services for
First & Business Class Passengers
- Crew Baggage Handling
- Aircraft line
maintenance
- Transit and turnaround
service
- Aircraft cabin maintenance
- Aircraft loading and
unloading
- Interline baggage
transfer
- Aircraft cleaning
(interior and exterior)
- Aligning of passenger
step ladder
- Toilet servicing
- Push back services
- Operation of all ramp
equipments
- Operation of both
manual and fully automated warehouse systems.
- Terminal and
reservations operations
- Customs clearance
documentation
- Hazardous goods
handling
- Interline cargo
transfers
- Accounting and tracing
- Cargo and mail
transportation
They
Procure flight crew for placement in various airlines in the country.
Livewel Aviation Services Private Limited provides TRE, TRI & Captains with
current endorsement for B777, B744, B737NG, A340, A320 & ATR, registered
with us, for Term Contracts with various airlines.
Livewel also offers Command Positions in different airlines in the country with
excellent working conditions.
LIVEWEL GROUP
- Amongst the most
matured groups : Established in the year 1972.
- A workforce of nearly
15000 employees worldwide.
- The most progressive
Group of Companies
- Livewel Group is
headed by founder and promoter Mr. Manek F. Daver
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.73 |
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UK Pound |
1 |
Rs.77.01 |
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Euro |
1 |
Rs.57.34 |
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. |
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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