MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
KRYSTAL AVIATION SERVICES PRIVATE LIMITED |
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Registered
Office : |
15A/17, Shivaji Fort, Co-Operative Housing Society Duncan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.09.2007 |
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Com. Reg. No.: |
11-174106 |
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Capital
Investment / Paid-up Capital : |
Rs.5.100 millions |
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CIN No.: [Company Identification
No.] |
U63033MH2007PTC174106 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK17219G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Aviation Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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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. Profitability
of the company appears to be low. 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.
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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 : |
15A/17, Shivaji Fort, Co-Operative Housing Society Duncan, |
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Tel. No.: |
91-22-24030220 |
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Fax No.: |
91-22-24030564 |
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E-Mail : |
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Website : |
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Corporate Office : |
15, Krystal House, |
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Tel. No.: |
91-22-43531234 / 24030220-21 |
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Fax No.: |
91-22-24034385 |
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E-Mail : |
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Branch Office : |
Located at ·
Mumbai ·
Kolkata ·
·
Pune ·
Nashik ·
·
·
·
·
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Overseas Office : |
Gulf House, |
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Tel. No.: |
(04) 4342343 |
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Fax No.: |
(04) 4342344 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Prasad Minesh Lad |
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Designation : |
Director |
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Address : |
16/C, Flat No. 404, Kalpak Estate, S M Road, Antop Hill, Mumbai – 400
037, |
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Date of Birth/Age : |
28.04.1971 |
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Date of Appointment : |
13.09.2007 |
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DIN No. : |
00221708 |
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Name : |
Mrs. Neeta Prasad Lad |
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Designation : |
Director |
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Address : |
16/C, Flat No. 404, Kalpak Estate, S M Road, Antop Hill, Mumbai – 400
037, |
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Date of Birth/Age : |
25.11.1966 |
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Date of Appointment : |
30.06.2008 |
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DIN No. : |
01122234 |
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Name : |
Mr. Amit Kamlakar Pawar |
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Designation : |
Director |
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Address : |
1/B, Safalya 14, Bandra Reclamation, Mumbai – 400 050, |
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Date of Birth/Age : |
11.10.1975 |
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Date of Appointment : |
20.06.2009 |
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DIN No. : |
01448090 |
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Name : |
Mr. Bilal |
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Designation : |
Director |
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Address : |
161, 11, Joga Bai, Jamia Nagar, |
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Date of Birth/Age : |
01.10.1971 |
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Date of Appointment : |
12.05.2010 |
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Date of Ceasing : |
11.10.2010 |
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DIN No. : |
02998292 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
Address |
No. of Shares |
|
Prasad Minesh Lad |
16/C, Flat No. 404, Kalpak Estate, S M Road, Antop Hill, Mumbai – 400
037, |
255000 |
|
Neeta Prasad Lad |
16/C, Flat No. 404, Kalpak Estate, S M Road, Antop Hill, Mumbai – 400
037, |
255000 |
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Total |
|
510000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Aviation Services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
The Thane Janata Sahakri Bank Limited Anant Laxmi Chambers, Naupada, Thane – 400
601, ·
Konkan Mercantile Co-Operative Bank Limited ·
Saraswat Co-Operative Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H Y Pancha and Associates Chartered Accountant |
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Address : |
313, Janmabhoomi Chambers, 29 Walchand Hirachand Marg, Ballard Estate,
Mumbai – 400 001, |
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Group Companies : |
·
Krystal Integrated
Services Private Limited ·
Krystal Techno - Engineering
and Infrastructure Private Limited ·
Krystal Global Service
LLC ·
Krystal Gourmet Private
Limited ·
AAA Aviation Private
Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs.11.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
510000 |
Equity Shares |
Rs.10/- each |
Rs.5.100
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 |
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1] Share Capital |
5.100 |
5.100 |
0.100 |
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2] Share Application Money |
37.695 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.939 |
0.238 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.479) |
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NETWORTH |
43.734 |
5.338 |
(0.379) |
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LOAN FUNDS |
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1] Secured Loans |
18.336 |
25.076 |
0.000 |
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2] Unsecured Loans |
30.000 |
2.797 |
0.596 |
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TOTAL BORROWING |
48.336 |
27.873 |
0.596 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.104 |
0.000 |
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TOTAL |
92.070 |
33.315 |
0.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.287 |
23.305 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.126 |
0.200 |
0.000 |
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DEFERREX TAX ASSETS |
0.084 |
0.000 |
0.009 |
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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 |
17.594
|
16.798 |
0.000 |
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Cash & Bank Balances |
23.400
|
0.590 |
0.111 |
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Other Current Assets |
31.911
|
0.079 |
0.000 |
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Loans & Advances |
15.239
|
1.150 |
0.125 |
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Total
Current Assets |
88.144
|
18.617 |
0.236 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
9.533
|
5.998 |
0.028 |
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Total
Current Liabilities |
20.571
|
8.807 |
0.028 |
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Net Current Assets |
67.573
|
9.810 |
0.208 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.070 |
33.315 |
0.217 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income from Operations and Other Income |
96.724 |
31.852 |
0.000 |
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TOTAL |
96.724 |
31.852 |
0.000 |
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Less |
EXPENSES |
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Office Expenses |
95.831 |
30.860 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
95.831 |
30.860 |
0.488 |
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PROFIT BEFORE
TAX |
0.893 |
0.992 |
(0.488) |
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Less |
TAX |
0.192 |
0.275 |
(0.008) |
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PROFIT AFTER TAX |
0.701 |
0.717 |
(0.480) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.238 |
(0.479) |
NA |
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BALANCE CARRIED
TO THE B/S |
0.939 |
0.238 |
NA |
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Earnings Per
Share (Rs.) |
1.37 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.72
|
2.25 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.82
|
2.37 |
(206.78) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.19 |
1.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
6.87 |
(1.65) |
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Current Ratio (Current Asset/Current Liability) |
|
4.28
|
2.11 |
8.43 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE OUTLOOK
The Company is deploying its resources in the best possible way to
increase business volumes and plans to achieve increased business in the
current year.
FORM 8
|
Corporate identity number of the company |
U63033MH2007PTC174106 |
|
Name of the company |
KRYSTAL AVIATION SERVICES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
15A/17, Shivaji Fort, Co-Operative Housing Society Duncan, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
The Thane Janata Sahakri Bank Limited Anant Laxmi Chambers, Naupada, Thane – 400 601, |
|
Nature of instrument creating charge |
Hypothecation of tangible movable machinery and plant |
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Date of instrument Creating the charge |
29.12.2009 |
|
Amount secured by the charge |
Rs.19.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Floating rate of interest at PAR with PLR 14 % Terms of Repayment 61 months - Rs.0.442 million p.m. Margin As per the Agreement entered with the Bank Extent and Operation of the charge Charge is created by hypothecation of Machinery , equipment and
Furniture |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All present and future moveable plant and machinery, machinery spares,
machinery stores, spares and accessories |
FIXED ASSETS
·
Computer Peripherals
·
Furniture and Fixture
·
Telephone and
·
Plant and Machinery
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.