MIRA INFORM REPORT

 

 

Report Date :

29.01.2011

 

Note:

The Given address could not be confirmed

 

IDENTIFICATION DETAILS

 

Name :

EON AVIATION PRIVATE LIMITED

 

 

Registered Office :

Shop Nos. 27, 28,29, and 30, First Floor, Shubhada Building, Near RTO Office, Sir Pochkhanawalla Road, Worli, Mumbai – 400030, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.08.2007

 

 

Com. Reg. No.:

11-173394

 

 

CIN No.:

[Company Identification No.]

U62200MH2007PTC173394

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Aircraft Operator (Fixed Wing and Rotary Wing)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (14)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is company having moderate track. There appears to be substantial losses recorded by the company. Business is active. Payments are reported to be slow and delayed.

 

The company can be considered for business dealings on a secured 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DENIED BY

 

Name :

Ms. Radha

Designation :

Accounts Department

Date :

28.01.2011

 

 

LOCATIONS

 

Registered Office :

Shop Nos. 27, 28,29, and 30, First Floor, Shubhada Building, Near RTO Office, Sir Pochkhanawalla Road, Worli, Mumbai – 400030, Maharashtra, India

Tel. No.:

91-22-40778600

E-Mail :

sachin.jain@dbg.co.in

 

 

Administrative Office :

Tech Park One, Tower “E” S. No. 191/A/2A/1/2, Next to Don Bosco School, Off Airport Road, Yerwada, Pune – 411006, Maharashtra, India

Tel. No.:

91-20-66473100

 

 

DIRECTORS

 

As On 23.09.2010

 

Name :

Mr. Sagar Ishwardas Chordia

Designation :

Director

Address :

Mudhwa Road S. No 81/1, Pune – 411036, Maharashtra, India

Date of Birth/Age :

05.07.1972

Date of Appointment :

23.08.2007

DIN No. :

00054123

 

 

Name :

Mr. Atul Ishwardas Chordia

Designation :

Director

Address :

S. No. 37/1, Ghorpadi Next to ABC Farm, Pune – 411036, Maharashtra, India

Date of Birth/Age :

13.03.1965

Date of Appointment :

23.08.2007

DIN No. :

00054998

 

 

KEY EXECUTIVES

 

Name :

Mr. Deodatta Pandit

Designation :

Company Secretary

Address :

A – 24, Pranam CHS Chikuwadi, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

04.03.1957

Date of Appointment :

07.04.2009

Date of Cessation :

30.11.2009

Pan No. :

AAPPP2125A

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 23.09.2010

 

Names of Shareholders

 

No. of Shares

Atul I Chordia

 

5000

Sagar I Chordia

 

5000

Eon Hadapsar Infrastructure Private Limited – India

 

990000

BD and P Hotels (India) Private Limited – India

 

4201681

Dynamix Baiwas Infrastructure Limited – India

 

8803922

Total

 

14005603

 

As On 23.09.2010

 

Category

Percentage

Bodies corporate

99.92

Directors or relatives of Directors

0.08

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Aircraft Operator (Fixed Wing and Rotary Wing)

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

20 (approximately)

 

 

Bankers :
  • Punjab National Bank, PNB House, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

Deferred Credit

(Secured against helicopter sikorsky S76C++)

0.000

543.144

Total

0.000

543.144

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Anand Mehta and Associates

Chartered Accountant

Address :

Mulranta, 1st Floor, 334, Narshi Nath Street, Mumbai – 400009, Maharashtra, India

Tel. No.:

91-22-23400882

E-Mail :

amcon.mumbai@amcount.com

Pan No. :

AAMFA9112F

 

 

Ultimate Holding Company :
  • BD and P Hotels (India) Private Limited

CIN: U55101MH1997PTC107571

 

 

Holding Company :
  • Eon Hadapsar Infrastructure Private Limited (upto 31.03.2009)
  • DB Hospitality Private Limited (w.e.f 31.03.2009)

 

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs. 10/- each

Rs. 150.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

14005603

Equity Shares

Rs. 10/- each

Rs. 140.056 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?

140.056

140.056

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(354.723)

(10.867)

(0.195)

NETWORTH

(214.667)

129.189

9.805

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

543.144

0.000

2] Unsecured Loans

1736.485

945.968

0.000

TOTAL BORROWING

1736.485

1489.112

00.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1521.818

1618.301

9.805

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1460.879

1614.275

0.000

Capital work-in-progress

0.000

0.000

0.474

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
39.698

0.000

0.000

 

Cash & Bank Balances
13.964

6.365

9.769

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
78.194

6.088

0.000

Total Current Assets
131.856

12.453

9.769

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

70.782

8.427

0.414

 

Other Current Liabilities
0.135

0.000

0.024

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
70.917

8.427

0.438

Net Current Assets
60.939

4.026

9.331

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1521.818

1618.301

9.805

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

Gross Receipts / Turnover

228.773

0.360

0.000

 

 

 

 

 

Less

EXPENSES

476.175

6.064

0.195

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(247.402)

(5.704)

(0.195)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

89.953

4.898

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX

(337.355)

(10.602)

(0.195)

 

 

 

 

 

Less

TAX                                                     

0.000

0.070

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

(337.355)

(10.672)

(0.195)

 

 

 

 

 

 

PRIOR PERIOD ADJUSTMENT

(6.501)

0.000

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(10.867)

(0.195))

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(354.723)

(10.867)

(0.195)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

(24.55)

(10.28)

NA

 

- Diluted

(24.55)

(10.28)

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
(21.18)

(0.65)

(1.99)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
1.57

(0.08)

(0.02)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(8.42)

11.59

0.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.86

1.48

22.30

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors:

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

Creditors for purchases and expenses

 

 

Due to small and micro enterprise

0.000

0.000

 

Due to others

70.782

8.427

 

Total

70.782

8.427

0.414

 

The Registered Office of the company has been shifted from 31/A, Ground Floor, Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai – 400026, Maharashtra, India to the present address  w.e.f 19.07.2010.

 

Operations:

During the period gross receipts of the company increased 636 times from Rs. 0.359 million to Rs. 228.773 millions and the loss for the year is increase from Rs. 10.673 millions to Rs. 343.856 millions.

 

From 8:

 

This form is for

Creation of charge

Corporate identity number of the company

U62200MH2007PTC173394

Name of the company

EON AVIATION PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

31/A, Ground Floor, Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai – 400026, Maharashtra, India

 

Type of charge

Movable Property

Particular of charge holder

Name :

Punjab National Bank

Address :

PNB House, Sir P. M. Road, Fort – 400001, Maharashtra-, India

Email :

pnbhousemumbai@rediffmail.com

Nature of description of the instrument creating or modifying the charge

(1) The Supplementary Agreement, (2) The Tripartite Agreement and (3) Corporate Guarantee

Date of instrument Creating the charge

31.03.2009

Amount secured by the charge

Rs. 579.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest - LIBOR + 6.5%

 

Terms of Repayment - As per agreement

 

Margin - As agreed

 

Extent and Operation of the charge - Aircraft- 1 Unit of Bombardier Challenger 604 Aircraft (Make 1997)—Model No.CL-600-2816) Serial No.5342- Engine Make-General Electric, Model No.CF34-3B-Engg. No.872161 and 872162), costing Rs.724.300 millions

 

Others - Corporate Guarantee

Short particulars of the property charged

Aircraft- 1 Unit of Bomardier Challenger 604 Aircraft (Make 1997)—Model No.CL-600-2816) Serial No.5342- Engine Make-General Electric, Model No.CF34-3B-Engg. No.872161 and 872162)

 

 

Fixed Assets:

  • Aircraft and Helicopter
  • Computer software
  • Mobile phone
  • Office equipment
  • Furniture and fixtures
  • Motor car

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

-

--CREDIT LINES

1~10

1

--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

 

14

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.