MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GMR AVIATION PRIVATE LIMITED |
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Registered
Office : |
25/1, Skip House, Museum Road, Bangalore-560025, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.12.2006 |
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Com. Reg. No.: |
08-041278 |
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CIN No.: [Company Identification
No.] |
U62200KA2006PTC041278 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG08185C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing consultancy services in aviation security and other aviation
related activities. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 5300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. 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 |
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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 PARTED BY
|
Name : |
Madam Shilpa Budhia |
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Designation : |
Company Secretary |
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Contact No.: |
91-80-40534101 |
|
Date : |
08.01.2011 |
LOCATIONS
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Registered Office : |
25/1, Skip House, Museum Road, Bangalore-560025, |
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Tel. No.: |
91-80-40534101 |
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Fax No.: |
91-80-22122628 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. (Owned) |
DIRECTORS
As on 28.08.2010
|
Name : |
Mr. Amarthaluru Subba Rao |
|
Designation : |
Director |
|
Address : |
No 1615, 3rd Cross, 17th B Main, 2nd
Phase J P Nagar, Bangalore-560078, |
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Date of Birth/Age : |
11.04.1960 |
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Date of Appointment : |
22.12.2006 |
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Name : |
Mr. Cherukupalli Adiseshavataram |
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Designation : |
Director |
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Address : |
Flat No 201, Vars Casa Cerise, 8th Cross, 1st
Main Pai Layout, Bangalore-560016, |
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Date of Birth/Age : |
18.01.1953 |
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Date of Appointment : |
22.12.2006 |
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Name : |
Mr. M R Reddy |
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Designation : |
Managing Director |
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Address : |
Flat No. 12, 1st Floor, Sagar Tarang, 15-A KA Gaffarkhan
Road, Worli Sea FC, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
15.03.1944 |
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Date of Appointment : |
10.02.2009 |
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Name : |
Mr. Raju Butchisanyasi Grandhi |
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Designation : |
Chairman |
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Address : |
D. No. 486/76, Varalakshmi, Nilayam, 38th Cross, 1st
Block, 8th Block, Jayanagar, Bangalore-560082, Karnataka, India |
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Date of Birth/Age : |
26.01.1974 |
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Date of Appointment : |
06.04.2009 |
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Name : |
Mr. Srinivas Bommidala |
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Designation : |
Director |
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Address : |
309, 3rd Cross, 2nd Block, II Stage, Devasandra,
RMV Extension, Bangalore-560094, |
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Date of Birth/Age : |
01.03.1963 |
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Date of Appointment : |
20.07.2009 |
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Date of Ceasing: |
22.02.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Shilpa Budhia |
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Designation : |
Company Secretary |
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Address : |
Flat No. 103, # 18 Sims Regency, 5th |
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Date of Birth/Age : |
29.04.1984 |
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Date of Appointment : |
15.05.2010 |
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Name : |
Mr. Thota Hari Babu |
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Designation : |
Company Secretary |
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Address : |
No. 420, 1st C Cross, 5th Block,
Bhuvaneswarinagar, B S K, 3rd Stage, Bangalore-560085, |
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Date of Birth/Age : |
31.05.1975 |
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Date of Appointment : |
14.04.2008 |
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Date of Ceasing: |
03.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
GMR Infrastructure Limited, |
|
86439900 |
|
PVN Vijaya Kumar |
|
100 |
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Total |
|
86440000 |
As on 28.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing consultancy services in aviation security and other aviation
related activities. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Others |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institution: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Guru and Jana Chartered Accountant |
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Address : |
10/1, 2nd Floor, 3rd Main, Hanumanthanagar,
Bangalore-560019, 89/56, |
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Website : |
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Holding Company: |
GMR Infrastructure Limited (GIL) |
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Ultimate Holding Company: |
GMR Holdings Private Limited (GHPL) |
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Enterprises Under The Same Management: |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 28.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
200000 |
Preferences Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
Total |
|
Rs.1002.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86440000 |
Equity Shares |
Rs.10/- each |
Rs.864.400
Millions |
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 |
864.400 |
864.400 |
200.000 |
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2] Share Application Money |
627.643 |
994.842 |
399.180 |
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|
3] Reserves & Surplus |
34.093 |
34.093 |
0.000 |
|
|
4] (Accumulated Losses) |
(196.634) |
(89.337) |
(21.160) |
|
|
NETWORTH |
1329.502 |
1803.998 |
578.020 |
|
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
2850.055 |
1831.245 |
940.616 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2850.055 |
1831.245 |
940.616 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
4179.557 |
3635.243 |
1518.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3768.024 |
2582.199 |
1212.605 |
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Capital work-in-progress |
182.975 |
422.020 |
262.189 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
93.597 |
43.142 |
9.780 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
102.493
|
115.258 |
37.127 |
|
|
Cash & Bank Balances |
3.812
|
42.399 |
3.697 |
|
|
Other Current Assets |
14.836
|
31.205 |
0.000 |
|
|
Loans & Advances |
53.844
|
474.570 |
7.059 |
|
Total
Current Assets |
174.985
|
663.432 |
47.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.700
|
44.633 |
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Other Current Liabilities |
25.647
|
36.077 |
13.459 |
|
|
Provisions |
1.259
|
0.546 |
0.362 |
|
Total
Current Liabilities |
44.606
|
81.256 |
13.821 |
|
|
Net Current Assets |
130.379
|
582.176 |
34.062 |
|
|
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MISCELLANEOUS EXPENSES |
4.582 |
5.706 |
0.000 |
|
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|
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TOTAL |
4179.557 |
3635.243 |
1518.636 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
674.301 |
480.504 |
194.495 |
|
|
|
Other Income |
11.537 |
4.456 |
0.072 |
|
|
|
TOTAL (A) |
685.838 |
484.960 |
194.567 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
423.540 |
314.298 |
|
|
|
|
Administration and Other Expenditure |
31.406 |
17.275 |
|
|
|
|
TOTAL (B) |
454.946 |
331.573 |
107.242 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
230.892 |
153.387 |
87.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
204.640 |
137.940 |
70.265 |
|
|
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.252 |
15.447 |
17.060 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
184.003 |
114.651 |
47.192 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(157.751) |
(99.204) |
(30.132) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(50.454) |
(31.027) |
(8.972) |
|
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|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(107.297) |
(68.177) |
(21.160) |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(89.337) |
(21.160) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(196.634) |
(89.337) |
(21.160) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.24) |
(3.38) |
NA |
|
Expected Sales (2010-2011) : Rs.800.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(15.64)
|
(14.06) |
(10.88) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(23.39)
|
(20.65) |
(15.49) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.00)
|
(3.06) |
(2.39) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
(0.05) |
(0.05) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
1.06 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.92
|
8.16 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Dues to other
than micro enterprises and small enterprises |
17.700
|
44.633 |
NA |
OPERATIONS & FUTURE OUTLOOK
The company,
operating as a Non-scheduled Operator (NSOP), has conducted Charter Business
during the year with its fleet of Aircrafts I Helicopters. During the year, a new Aircraft, Falcon 2000 LX was added
to the existing fleet of Falcon 2000, Falcon 2000 Ex Easy, Hawker -750 and
helicopter
Due to the Economic
slowdown world over, the charter Business was adversely affected during the
year and it is likely to take some time for the revival of Economical I Industrial growth. Taking these factors into
consideration, it was decided not to add any more Aircrafts to the fleet for
the time being and an order for import of one more Hawker -750 was cancelled.
Optimum utilization of the existing fleet was made during the year.
Well qualified and
experienced crew available with the company were provided to other Business
Aviation companies to meet their requirement during the spare time, earning
additional revenue to the company. It is
expected that the Charter Business would pick up during the year 2010-11 and
The Company has planned initiatives to get maximum share of the charter market
in the country.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10058312 |
|
Corporate
identity number of the company |
U62200KA2006PTC041278 |
|
Name of the
company |
GMR AVIATION
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
25/1, Skip House, Museum Road, Bangalore-560025, |
|
Type of charge |
Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
United Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter with reference
no. BGL/ADV/GAPL/5930/2010 dated December 14, 2010 towards modification of
charge |
|
Date of
instrument Creating the charge |
14.12.2010 |
|
Amount secured by
the charge |
Rs.125.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit -
Floating interest rate of BPLR - 0.25% p.a. Letter of
Guarantee - At card rate of the Bank Interest to be
serviced monthly during the moratorium period as and when falls due Terms of
Repayment CC - Repayable on
demand Margin Cash Credit - 25%
on receivables Letter of
Guarantee - 10% (Cash) Extent and
Operation of the charge Exclusive charge
on entire receivables of the Company Extension of charge
over the aircraft |
|
Short particulars
of the property charged |
I)
Exclusive
charge on entire receivables of the Company. Extension of charge over the
aircraft. II)
Business
places of the borrower. |
|
Date of latest modification
prior to the present modification |
30.07.2009 |
|
Particulars of
the present modification |
Total limit
reduced from Rs.935.000 Millions to
Rs.125.000 Millions (Cash Credit -
Rs.75.000 Millions and Bank Guarantee
- Rs.50.000 Millions ) The other terms
and conditions shall remain constant. |
Fixed Assets:
- Aircraft
- Helicopter
- Vehicles
- Computer and
Accessories
- Electrical
Equipments
- Software
- Office
Equipments
- Furniture and
Fixtures
AS PER WEBSITE DETAILS:
PROFILE:
Subject, welcomes the to
experience personalised luxury air travel in its brand new fleet of modern
aircraft.
Subject, operates and owns one of the youngest fleets in the country. The fleet
is rapidly growing with a range of both fixed and rotary wing aircrafts to
cater to varying travel distances, passenger capacity and comfort levels. You
choose the destination and we will find a way to fly there.
Subject was formed in 2006 to offer aircraft charter services and consultancy
for business aviation. Apart from owning and managing its own fleet, Subject
also manages aircrafts of other business groups.
Subject is managed by proven professionals drawn from among
the best in the aviation industry. Operations managed by robust processes and
systems ensure highest levels of efficiency and safety. While great care is
taken in recruiting the best in class people resources, equal importance is
given to regular training and competence development. Subject is a subsidiary
of the GMR Group, the
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
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.