MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
AAA AVIATION PRIVATE LIMITED |
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Registered
Office : |
Bayside Mall, 1st Floor, Opposite Sobo Central Mall, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.07.2007 |
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Com. Reg. No.: |
11-172313 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
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CIN No.: [Company Identification
No.] |
U63033MH2007PTC172313 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30654B |
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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
|
MIRA’s Rating : |
Ca (13) |
|
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 |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears huge
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 on a secured trade
term 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
Bayside Mall, 1st Floor, Opposite Sobo Central Mall, |
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Tel. No.: |
91-22-40794700 |
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Fax No.: |
91-22-40794777 |
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E-Mail : |
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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.: |
91-22-2403 4385 |
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E-Mail : |
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Overseas Office: |
Gulf House, |
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Tel No.: |
(04) 4342343 |
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Fax No.: |
(04) 4342344 |
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Branches: |
Located At:
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DIRECTORS
As on 02.09.2010
|
Name : |
Mr. Darius K. Khambatta |
|
Designation : |
Director |
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Address : |
7, Sai Manzil, |
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Date of Birth/Age : |
20.03.1958 |
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Date of Appointment : |
13.07.2007 |
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Din No.: |
00520338 |
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Name : |
Mr. Vijay Kumar Harbans Lal Madan |
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Designation : |
Managing Director |
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Address : |
C-302, Exotica Apartment, Sector 50, Noida-201301, |
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Date of Birth/Age : |
14.07.1958 |
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Date of Appointment : |
17.07.2007 |
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Din No.: |
01539869 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2010
|
Names of Shareholders |
Address of
Shareholders |
No. of Shares |
|
Vijay Kumar Harbans Lal Madan |
C-302, Exotica
Apartment, Sector 50, Noida-201301, |
200000 |
|
Delta Corp Limited (Formerly Known as Arrow Webtex Limited) |
G-4, Ground
Floor, Clover Classic, |
13800000 |
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|
|
|
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Total |
|
14000000 |
As on 02.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
98.57 |
|
Directors
or relatives of directors |
|
1.43 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Aviation Services. |
GENERAL INFORMATION
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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 : |
Amit Desai and Company Chartered Accountant |
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Address : |
4/51, Tardeo Airconditioned Market, |
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Holding Company: |
Delta Corp Limited (L65493PN1990PLC058817) |
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Group Companies: |
·
Krystal Integrated Services
Private Limited
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CAPITAL STRUCTURE
As on 02.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Note:
Of the above 1800000 shares of Rs.10/- each
fully paid up are held by Delta Corp Limited, 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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(30.440) |
(16.372) |
(0.061) |
|
|
NETWORTH |
(10.440) |
3.628 |
19.939 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
52.093 |
35.378 |
21.608 |
|
|
TOTAL BORROWING |
52.093 |
35.378 |
21.608 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.653 |
39.006 |
41.547 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
85.127 |
88.445 |
0.010 |
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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 |
11.421 |
4.937 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
0.467
|
0.000 |
0.000 |
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Sundry Debtors |
8.787
|
9.096 |
0.000 |
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|
Cash & Bank Balances |
0.248
|
4.929 |
0.159 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.441
|
2.399 |
38.926 |
|
Total
Current Assets |
11.943
|
16.424 |
39.085 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditors |
|
66.866 |
4.851 |
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Other Current Liabilities |
66.197
|
3.398 |
0.313 |
|
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Provisions |
0.641
|
0.747 |
0.015 |
|
Total
Current Liabilities |
66.838
|
71.011 |
5.179 |
|
|
Net Current Assets |
(54.895)
|
(54.587) |
33.906 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.211 |
7.631 |
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TOTAL |
41.653 |
39.006 |
41.547 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
|
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|
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|
Income |
|
|
10.339 |
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Other Income |
|
|
NA |
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TOTAL |
|
18.703 |
NA |
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Less |
EXPENSES |
|
|
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Office Expenses |
|
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Administrative Expenses |
|
38.677 |
28.581 |
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Advertising Expenses |
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TOTAL |
|
38.677 |
28.581 |
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Less |
EARLIER
YEAR ADJUSTMENT |
|
0.578 |
0.000 |
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PROFIT BEFORE
TAX |
|
(20.552) |
(0.026) |
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Less |
TAX |
|
(6.484) |
16.285 |
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PROFIT AFTER TAX
|
|
(14.068) |
(16.311) |
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Earnings Per
Share (Rs.) |
|
(7.03) |
(8.16) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(75.22)
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(0.25) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(21.17)
|
(0.02) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
1.97
|
0.01 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
11.39
|
29.32 |
1.34 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.18
|
0.23 |
7.55 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 16/A, Alli Chambers,
Fixed Assets:
- Computer and
Accessories
- Plant and
Machinery
- Furniture and
Fixtures
- Aircraft
- Helicraft
- Vehicles
AS PER WEBSITE
DETAILS:
PROFILE:
"Krystal boasts whopping deal of acquisition of Subjet with effect from 9th September 2010 and holds an ownership of "Nine Seater Charter Plane” and "Helicopter" in line with business deal.
As Krystal is marching towards the business diversification, it's an initiative, a step taken by core management team to add one more feather in their crown.
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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.