MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AEROSPACE PROCESSING INDIA PRIVATE LIMITED |
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Registered
Office : |
Quest Special Economic Zone No. 437/A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.07.2007 |
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Com. Reg. No.: |
08-043311 |
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CIN No.: [Company Identification
No.] |
U35303KA2007PTC043311 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA09458B |
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PAN No.: [Permanent Account No.] |
AAGCA3931P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company has been engage in business of surface treatment, surface
analysis, heat treatment, Vacuum hardening, Vacuum Precipitation, Vacuum
brazing and electron beam welding of aerospace, automotive, industrial and
engineering components in commercial military
and space sectors. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 114500 |
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Status : |
Recently Commenced Business |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Magellan Aerospace Limited, Though the company was incorporated in the year 2007, the company has
started its commercial operations in July 2009. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Quest Special Economic Zone No. 437/A, Hattergi Village Yemakanamaradi
Hobli, Hukkeri Taluka, Belgaum – 591245, Karnataka, India |
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Tel. No.: |
91-8333-295600 |
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Fax No.: |
91-831-3090910 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Shawn David Smith |
|
Designation : |
Additional Director |
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Address : |
33, Hawkins Cresent, Bradley Stoke, |
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Date of Birth/Age : |
12.01.1967 |
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Date of Appointment : |
03.01.2011 |
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DIN : |
03340912 |
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Name : |
Mr. Phillip Campion Underwood |
|
Designation : |
Additional Director |
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Address : |
90, |
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Date of Birth/Age : |
14.10.1960 |
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Date of Appointment : |
03.01.2011 |
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DIN : |
03340882 |
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Name : |
Mr. Nagabhushana Junappa |
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Designation : |
Additional Director |
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Address : |
No.930, 22nd Mn, J. P. Nagar BG 2nd PHS, |
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Date of Birth/Age : |
31.08.1968 |
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Date of Appointment : |
03.01.2011 |
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DIN : |
03233082 |
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Name : |
Mr. Arvind Shivaputrappa Melligeri |
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Designation : |
Director |
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Address : |
264, 9th Cross, |
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Date of Birth/Age : |
24.05.1968 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
00787735 |
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Name : |
Mr. Rajeev Kaul |
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Designation : |
Director |
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Address : |
No.203, Vaswani Tranquil, 43, Muinnekolal Kundanahalli Gate, |
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Date of Birth/Age : |
18.11.1971 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
01468590 |
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Name : |
Mr. Kornad Hahnelt |
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Designation : |
Director |
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Address : |
108, |
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Date of Birth/Age : |
03.09.1953 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
01510248 |
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Name : |
Mr. Larry Anson Winegarden |
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Designation : |
Director |
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Address : |
104, Burwell Cresent, |
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Date of Birth/Age : |
26.12.1950 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
01423106 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
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|
|
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Quest Machining and Manufacturing Private Limited, |
|
2646215 |
|
Magellan Aerospace Limited, Canada |
|
2646215 |
|
Total |
|
5292430 |
As on 29.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
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Others |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company has been engage in business of surface treatment, surface
analysis, heat treatment, Vacuum hardening, Vacuum Precipitation, Vacuum brazing
and electron beam welding of aerospace, automotive, industrial and
engineering components in commercial
military and space sectors. |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
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Address : |
UB City |
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PAN No. : |
AABFS3421N |
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Fellow Subsidiary : |
Ř
Quality Engineering and Software Technologies
Private Limited (Quest Ř
Quest Sez Development Private Limited (Quest Sez) |
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Joint Venture : |
Ř
Quest Machining and Manufacturing Private Limited
(Quest MMPL) Ř
Magellan Aerospace Limited (Magellan) |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/-each |
Rs.60.000 millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
5,292,430 |
Equity Shares |
Rs.10/-each |
Rs.52.924 millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs.10/-each |
Rs.60.000 millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,368,520 |
Equity Shares |
Rs.10/-each |
Rs.43.685 millions |
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Note :
Of the above 2184260
(2009-2184260) shares each are held by Quest Machining and Manufacturing
Private Limited (Quest MMPL) and Magellan Aerospace Limited (Magellan)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
43.685 |
43.685 |
27.675 |
|
|
2] Share Application Money |
9.239 |
0.000 |
0.163 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(24.295) |
(15.279) |
(2.976) |
|
|
NETWORTH |
28.629 |
28.406 |
24.861 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80.481 |
68.081 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
80.481 |
68.081 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
109.110 |
96.487 |
24.861 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
115.337 |
6.441 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
90.608 |
19.724 |
|
|
|
|
|
|
|
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INVESTMENT |
0.005 |
0.005 |
0.000 |
|
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Intangible Assets |
0.714 |
0.438 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.132
|
2.370 |
0.000 |
|
|
Sundry Debtors |
0.702
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.240
|
1.936 |
7.935 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
9.493
|
2.741 |
0.014 |
|
Total
Current Assets |
14.567
|
7.047 |
7.949 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.814
|
2.896 |
0.536 |
|
|
Other Current Liabilities |
12.469
|
4.904 |
2.265 |
|
|
Provisions |
0.230
|
0.252 |
0.011 |
|
Total
Current Liabilities |
21.513
|
8.052 |
2.812 |
|
|
Net Current Assets |
(6.946)
|
(1.005) |
5.137 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.110 |
96.487 |
24.861 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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Total Revenue |
|
1.079 |
0.413 |
|
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Less |
EXPENSES |
|
10.103 |
12.387 |
|
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PROFIT BEFORE
TAX |
|
(9.024) |
(11.974) |
|
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Less |
TAX |
|
(0.009) |
0.329 |
|
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PROFIT AFTER TAX |
|
(9.015) |
(12.303) |
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EARNINGS IN
FOREIGN CURRENCY |
|
3.060 |
-- |
|
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IMPORTS |
|
|
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Capital Goods |
|
-- |
2.751 |
|
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TOTAL IMPORTS |
|
NA |
2.751 |
|
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Earnings Per
Share (Rs.) |
|
(2.06) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(835.49)
|
(2978.93) |
NA |
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.95)
|
(88.78) |
NA |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
(0.42) |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
2.68 |
0.11 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.68
|
0.88 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from No.2, 1st Floor, 21/2
Bhatrahalli, 14th KM
Operating Results
:
As the company was in its first year of commercial operations and the
losses are appearing in the financials of the company are due to initial
expenditure due to investments in capital items. However, company is expecting
the break even in this year.
Nature of
Operations :
Subject was incorporated on 02.07.2007, the company is a joint venture
of Quest Machining and Manufacturing Private Limited and Magellan Aerospace
Limited. The company is headquartered in
Capital
Commitments :
Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) : Rs.6.263 (2008 – Rs.41.682)
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U35303KA2007PTC043311 |
|
Name of the
company |
Aerospace
Processing India Private Limited |
|
Address of the
registered office or of the principal place of business in |
QuEST Special
Economic Zone, No. 437/A |
|
Type of charge |
Ř Movable Property Ř Others |
|
Particular of
charge holder |
State Bank of Email : obukochi@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. FORM C 1 -
Agreement of Loan for Overall Limit. 2. FORM C 2 -
Agreement of Hypothecation of Goods and Assets. 3. FORM C 5 -
Letter regarding the grant of Individual Limits within the overall limit. |
|
Date of
instrument Creating the charge |
22.05.2008 |
|
Amount secured by
the charge |
Rs.127.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Libor+4.5% p.a, effective rate 7.58% p a Terms of
Repayment - 20 Quarterly installments, First installment to commence from
March 2010, Interest to be payable during moratorium period there after as
when due. Margin - Term
Loan/LC 34.78% Extent and
Operation of the charge - Hypothecation of assets purchased out of Bank
Finance. |
|
Short particulars
of the property charged |
Nil |
FIXED ASSETS :
Ř
Ř Plant and Machinery
Ř Computer Equipment
Ř Office and Other Equipments
Ř Furniture and Fittings
AS PER WEBSITE
Subject is an
independent third party facility established as a joint venture between Magellan
Aerospace Corporation and QuEST Global to provide approved aerospace surface
treatments that are not readily available in
Recently, API opened its processing facility in
Collaboration
API was established as a joint venture between Magellan Aerospace Corporation
and QuEST Global.
Magellan Aerospace Corporation is a leading global supplier of technologically
advanced aerospace systems and components. It is one of the most integrated and
comprehensive aerospace industry suppliers in the world. Magellan produces repair
and overhaul (R and O), test, and aftermarket support services for a variety of
engines, and engine structural components.
QuEST Global is a leading provider of diversified engineering services and
manufacturing. The company helps customers in the aerospace, consumer
electronics, healthcare, industrial products, marine, nuclear, oil and gas,
power generation and transportation verticals to cut product development costs,
shorten lead times, extend capacity and maximize engineering resources availability.
We do this by providing support across the complete product life cycle. QuEST
Global employs over 1700 professionals and has delivery centers in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.