MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
AIRBUS ENGINEERING CENTRE INDIA PRIVATE LIMITED |
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Registered
Office : |
Unit No.301, 3rd Floor, Tower B, RMZ Infinity Campur, No.3,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
041706 |
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CIN No.: [Company Identification
No.] |
U74999KA2007PTC041706 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA08879D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provides Engineering Design Services. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1665100 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
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 |
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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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Narasimha Murthy |
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Designation : |
Company Secretary |
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Date : |
06.01.2011 |
LOCATIONS
|
Registered Office : |
Unit No.301, 3rd Floor, Tower BRMZ Infinity Campur, No.3, |
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Tel. No.: |
91-80-66380380 |
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Fax No.: |
91-80-66380118 |
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E-Mail : |
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Website : |
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Branches : |
B – 387, New Friends Colony, |
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Tel. No.: |
91-11-41627712 |
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Fax No.: |
91-11-41627713 |
DIRECTORS
AS ON 29.07.2010
|
Name : |
Mr. Jerome Javellepierre |
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Designation : |
Director |
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Address : |
90, Rue Des 36 Points, |
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Date of Birth/Age : |
03.12.1956 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Martin Kiran Rao |
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Designation : |
Director |
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Address : |
11, Chemin De Mariette, Levi Gnac Sursave – 31530, |
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Date of Birth/Age : |
12.12.1963 |
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Date of Appointment : |
06.02.2007 |
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Name : |
Mr. Zanin Eric |
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Designation : |
Director |
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Address : |
25, Chemin De La Colomier Lacroix, Falgarde – 31120, |
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Date of Birth/Age : |
24.02.1958 |
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Date of Appointment : |
14.11.2008 |
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Name : |
Mr. Bruno Pasturel |
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Designation : |
Director |
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Address : |
47, Domainedei Albarede, Auzielle – 31650, |
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Date of Birth/Age : |
27.04.1954 |
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Date of Appointment : |
16.05.2008 |
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Name : |
Mr. Adolf Ihde Willi Karl |
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Designation : |
Director |
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Address : |
6, Place Delot Hello, Brax – 31490, |
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Date of Birth/Age : |
28.05.1961 |
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Date of Appointment : |
05.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Narasimha Murthy |
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Designation : |
Company Secretary |
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Address : |
398, 1st Floor, 3rd Main Beml Layout Raj
Rajeshwari Nagar, |
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Date of Birth/Age : |
12.11.1976 |
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Date of Appointment : |
17.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.07.2010
|
Names of Shareholders |
No. of Shares |
|
Airbus Invest SAS, France |
5699444 |
|
Airbus Aero SA, |
57570 |
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TOTAL |
5757014 |
AS ON 29.07.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provides Engineering Design Services. |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the Management |
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Bankers : |
Not Available |
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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 : |
12th and 13th Floor, UB City, |
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Ultimate Holding Company : |
Airbus SAS, |
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Holding Company : |
Airbus Invest SAS, France |
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Fellow Subsidiaries : |
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Subsidiary of Ultimate Holding Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5758000 |
Equity Shares |
Rs. 50 each |
Rs.287.900 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5757014 |
Equity Shares |
Rs. 50 each |
Rs.287.850
millions |
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NOTE:
Of the above 5699444 (2009-5699444) shares are
held by Airbus Invest SAS, the Holding Company
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 |
287.850 |
287.850 |
287.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
128.426 |
51.012 |
12.339 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
416.276 |
338.862 |
300.189 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
6.863 |
5.741 |
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|
|
|
|
|
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TOTAL |
416.276 |
345.725 |
305.930 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.281 |
126.429 |
54.132 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.097 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
139.238
|
90.654 |
116.868 |
|
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Cash & Bank Balances |
241.712
|
142.649 |
129.997 |
|
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Other Current Assets |
3.238
|
36.365 |
3.057 |
|
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Loans & Advances |
57.719
|
52.995 |
14.011 |
|
Total
Current Assets |
441.907
|
322.663 |
263.933 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.995
|
39.309 |
8.858 |
|
|
Other Current Liabilities |
87.850
|
60.133 |
1.748 |
|
|
Provisions |
16.164
|
3.925 |
1.529 |
|
Total
Current Liabilities |
124.009
|
103.367 |
12.135 |
|
|
Net Current Assets |
317.898
|
219.296 |
251.798 |
|
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|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
416.276 |
345.725 |
305.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
580.179 |
318.224 |
117.650 |
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Other Income |
15.158 |
9.614 |
10.973 |
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TOTAL (A) |
595.337 |
327.838 |
128.623 |
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Less |
EXPENSES |
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Personnel Expenses |
208.424 |
133.299 |
47.641 |
|
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|
Operating and Other Expenses |
243.239 |
100.460 |
45.337 |
|
|
|
TOTAL (B) |
451.663 |
233.759 |
92.978 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
143.674 |
94.079 |
35.645 |
|
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|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.147 |
0.076 |
0.153 |
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
143.527 |
94.003 |
35.492 |
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.402 |
50.294 |
14.312 |
|
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
71.125 |
43.709 |
21.180 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6.289) |
5.037 |
8.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
77.414 |
38.672 |
12.339 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.012 |
12.340 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
128.426 |
51.012 |
12.339 |
|
|
|
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|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Engineering Services Income |
580.179 |
318.224 |
117.650 |
|
|
|
Other Services |
6.690 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
586.869 |
318.224 |
117.650 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
25.424 |
21.654 |
57.608 |
|
|
TOTAL IMPORTS |
25.424 |
21.654 |
57.608 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.45 |
6.72 |
4.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.00
|
11.79 |
9.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.25
|
12.15 |
18.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13
|
0.09 |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.30 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
3.12 |
21.74 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS AVAILABLE FOR
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Sundry Creditors for goods and expenses |
19.995 |
39.309 |
8.858 |
NATURE OF
OPERATIONS
Subject was incorporated on February 6, 2007 as a private limited Company under the provisions of the Companies Act, 1956. The Company provides engineering design services to its Ultimate Holding Company and Group Companies. The Company is registered as 100% Export Oriented Unit (EOU) under the Software Technology Parks of India (STPI) and has obtained STPI approval on April 27, 2007
OPERATIONS
2009-10 was the company’s third year of operations. The company ramped up its employee strength from 86 as at 31st March 2009 to 129 as on 31st March 2010. Our customers have reposed faith in the quality of work being carried out by your company. The company has an excellent pool of talented people who are competent enough to carry out the high end engineering work assigned by our overseas customers. The company is expected to post a robust growth during the ensuing financial year. As part of growth initiative the company is continuing to explore opportunities of servicing other divisions and group companies of our overseas parent.
FIXED ASSETS
- Furniture and
Fixture
- Office
Equipment
- Computers
- Leasehold
Improvements
- Software
WEBSITE DETAILS
AIRBUS PRESENCE IN
Airbus’ presence in
Airbus’ industrial
cooperation with
Today, Indian companies – and over 1,500 Indian employees – contribute to
virtually all Airbus aircraft
programmes.
In recognition of the country’s strategic importance, Airbus has made a
long-term pledge to play a major role in the development of
Specialising in high-tech aeronautical engineering, the
The Bangalore-based centre focuses on the development of advanced capabilities
in the areas of modelling and simulation, covering such areas as flight
management systems, computational fluid dynamics (CFD), as well as digital
simulation and visualisation – which are critical factors in the design and
production of high-performance aircraft such as the A380 and the A350 XWB.
As part of the Airbus Engineering Centre
As part of AECI Research & Technology activity, Airbus is in negotiations
with the Indian Institute of Science,
In addition, Airbus Training India (ATI) initiated its operations in
Airbus is working in partnership with CAE of Canada to establish ATI as a
full-fledged flight training centre, with the capability to train up to 1,000
pilots annually utilising 10 simulators. It also will offer maintenance courses
in fully equipped, state-of-the-art classroom facilities.
This centre currently is under construction near the new
Airbus also works directly with Indian companies in the design and manufacture
of aerostructures and strongly encourages its major Tier 1 partners to do so as
appropriate. Dynamatic Technologies Limited from
as partnered with Spirit AeroSystems to manufacture a complex machining component and assembly (Flap-Track Beams) for the A320, the world’s most popular single-aisle aircraft programme.
Through its Tier 1 suppliers, Airbus also is engaging local companies such as
TATA, HAL and Quest for the manufacture of sub-assemblies and detail parts.
Additionally, the Airbus Aero-structures Supplier Council has identified
Furthermore, Airbus has initiated several engineering projects with Indian
companies. Infosys, HCL, CADES, Satyam and Quest have been selected to provide
Engineering Services to various aircraft programmes, including the A380 and
A350. In addition, Sonovision-Aetos in
Airbus continues to pursue other potential areas of cooperation with
From the commercial point of view, Airbus-built aircraft have become a key
element in the operations of Indian-based airlines. Starting with the 1976
delivery of an A300 to Indian Airlines, the fleets of Indian carriers now
include both single-aisle and widebody Airbus aircraft, and will expand with
the future introduction of A350s and A380s by Kingfisher Airlines.
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 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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.