MIRA
INFORM REPORT
|
Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOODRICH AEROSPACE SERVICES PRIVATE LIMITED (w.e.f. 06.07.2006) |
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Formerly Known As : |
Bf Goodrich aerospace aircraft evacuation systems
private limited |
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Registered Office : |
SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody
Village, Kr Puram,. Hobli, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.10.1996 |
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Com. Reg. No.: |
08-21327 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC021327 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03614C |
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PAN No.: [Permanent
Account No.] |
AAACB8857H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of maintenance services for aircraft safety and evacuation
systems. |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3553520 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Goodrich Corporation, It is a well – established company having fine track. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
LOCATIONS
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Registered Office : |
SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody
Village, Kr Puram,. Hobli, |
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Tel. No.: |
91-80-55160700 / 67370000 / 66160700 |
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Fax No.: |
91-80-66160707 |
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E-Mail : |
gurunandan.molahalliker@goodrich.com |
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Website : |
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Corporate Office : |
117, 5th Main Industrial, Suburb Yeshwanthpur II stage, |
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Tel. No.: |
91-80-28371665 / 28378120 |
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Fax No.: |
91-80-8371664 |
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E-Mail : |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Christopher Anil Rao |
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Designation : |
Director |
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Address : |
68, Old |
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Date of Birth/Age : |
10.08.1964 |
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Qualification : |
BE Mech |
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Experience : |
22 years |
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Date of Appointment : |
25.01.2001 |
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Previous Employment : |
General Manager, Unitherm Engineers Limited |
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Name : |
Mr. Igor Victor Tischenko |
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Designation : |
Director |
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Address : |
11009, |
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Date of Birth/Age : |
30.08.1961 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Mr. Thomas Andrew Mepham |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
28.06.2006 |
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Name : |
Mr. Roger AlanRoss |
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Designation : |
Director |
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Date of Birth/Age : |
15.10.1968 |
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Date of Appointment : |
07.02.2008 |
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Name : |
Ms. Kathleen Marie Serrano |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
08.06.1968 |
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Date of Appointment : |
09.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Goodrich |
|
1246474 |
|
Goodrich Aerospace Pte.
Limited, |
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1 |
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Total |
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1246475 |
As on : 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
0.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of maintenance services for aircraft safety and evacuation
systems. |
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GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Not Divulged |
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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 Accountants |
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Address 1 : |
“Divyasree Chambers” A Wing , 2nd Floor, |
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Address 2 : |
UB City, “ |
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Ultimate Holding
Company: |
Goodrich Corporation, |
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Holding Company
: |
Goodrich Asia Holdings Pte Limited |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2500000 |
Equity shares |
Rs. 10/- each |
Rs. 25.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1246475 |
Equity shares |
Rs. 10/- each |
Rs.12.464
millions |
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Notes:-
(out
of the above, 1246474 (2009 - 1246474) Equity Shares are held by Goodrich Asia
Holding Pte. Ltd,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.464 |
12.464 |
12.464 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
875.916 |
743.453 |
279.320 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
888.380 |
755.917 |
291.784 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
449.236 |
515.646 |
242.988 |
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TOTAL BORROWING |
449.236 |
515.646 |
242.988 |
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DEFERRED TAX LIABILITIES |
10.523 |
14.525 |
0.000 |
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TOTAL |
1348.139 |
1286.088 |
534.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
700.207 |
652.250 |
125.057 |
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Capital work-in-progress |
8.553 |
0.000 |
232.618 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.029 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
407.657
|
481.312
|
327.304
|
|
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Sundry Debtors |
355.098
|
442.059
|
356.748
|
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Cash & Bank Balances |
135.462
|
183.346
|
69.614
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
135.093
|
177.134
|
80.139
|
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Total
Current Assets |
1033.310
|
1283.851
|
833.805
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
31.152
|
20.647
|
6.774
|
|
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Sundry Creditors |
345.065
|
604.270
|
641.251
|
|
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Provisions |
17.714
|
25.096
|
10.712
|
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Total
Current Liabilities |
393.931
|
650.013
|
658.737
|
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Net Current Assets |
639.379
|
633.838
|
175.068
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1348.139 |
1286.088 |
534.772 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
3328.795 |
3023.562 |
1296.871 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
3328.795 |
3023.562 |
1296.871 |
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Less |
EXPENSES |
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Administrative Expenses |
2769.602 |
2529.073 |
1175.774 |
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Advertising Expenses |
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Financial Expenses |
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Depreciation / Amortisation |
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TOTAL (B) |
2769.602 |
2529.073 |
1175.774 |
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PROFIT BEFORE
TAX (C) |
559.193 |
494.489 |
121.097 |
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Less |
TAX (D) |
140.041 |
30.356 |
2.097 |
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PROFIT AFTER
TAX (E) |
419.152 |
464.133 |
119.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
730.920 |
266.787 |
NA |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
NA |
|
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|
Dividend |
237.966 |
-- |
NA |
|
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|
Tax on Dividend |
48.722 |
-- |
NA |
|
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BALANCE CARRIED
TO THE B/S |
863.383 |
730.920 |
NA
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
897.922 |
1016.045 |
529.491 |
|
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|
Service Income |
657.668 |
431.792 |
217.310 |
|
|
|
|
737.480 |
0.000 |
0.000 |
|
|
|
|
961.991 |
1039.956 |
537.683 |
|
|
|
|
52.484 |
2.448 |
-- |
|
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TOTAL EARNINGS |
3307.548 |
3023.562 |
1284.484 |
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IMPORTS |
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Raw Materials |
1533.827 |
1764.232 |
819.242 |
|
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Capital Goods |
48.214 |
78.126 |
12.233 |
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TOTAL IMPORTS |
1582.042 |
1842.359 |
831.475 |
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Earnings Per
Share (Rs.) |
-- |
-- |
95.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010
|
31.03.2009 |
31.03.2008
|
|
PAT / Total Income |
(%) |
12.59
|
15.35 |
9.18
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.79
|
16.35 |
----
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.25
|
25.54 |
10.14
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.65 |
0.42
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
1.54 |
3.09
|
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Current Ratio (Current Asset/Current Liability) |
|
2.62
|
1.97 |
1.27
|
LOCAL AGENCY FURTHER INFORMATION
review of operations:-
The Company achieved a total income of Rs. 3328.795 millions for the year ended March 31, 2010 as against Rs. 3023.562 millions for the previous year ended March 31, 2009. Net Profit of the Company for the year ended March 31,2010 stood at Rs. 419.152 millions as against Rs. 464.133 millions for the previous year.
WEBSITE DETAILS:
Goodrich Corporation, a Fortune 500 company, is a global
supplier of systems and services to the aerospace, defense and homeland
security markets. With annual revenues of $5.9 billion, Goodrich is
headquartered in
Subject offers an extensive range of products, systems and services for aircraft and engine manufacturers, airlines and defense forces around the world. The company's transformation into one of the globe's largest aerospace companies has been driven by strategic acquisitions and internal growth fueled by innovation and quality. From aero structures and actuation systems to landing gear, engine control systems, sensors and safety systems, Goodrich products are on almost every aircraft in the world.
Fixed Assets :
- Leasehold Premises and Improvements
- Plant and Machinery
- Computers including Intangibles
- Tools and Equipments
- Furniture and Fittings
- Office Equipments
- Motor Vehicles
Nature of
Operations :
Goodrich Aerospace Services Private Limited
has been engaged in the business of manufacturer of aircraft safety and
evacuation systems, assembly by aircraft lighting systems, cargo, electrical
power systems and offshore design services. The manufacturing activities are
carried out by a 100 % EOU division and the design centre has been registered
with software Technology Park of India.
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. 45.70 |
|
|
1 |
Rs. 72.78 |
|
Euro |
1 |
Rs. 61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
No |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
65 |
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.