MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL VECTRA HELICORP LIMITED |
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Registered
Office : |
A -54, Kailash Colony, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.04.1998 |
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Com. Reg. No.: |
55-093225 |
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Capital
Investment / Paid-up Capital : |
Rs.140.000 Millions |
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CIN No.: [Company Identification
No.] |
L6220DL1998PLC093225 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Provider of Charter hire
and Leasing services for
Helicopters |
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No. of Employees
: |
20 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B [29] |
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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 3410000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Registered Office : |
A – 54, Kailash Colony, |
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Tel. No.: |
91-11-29235035 |
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Fax No.: |
91-11-29235033 |
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E-Mail : |
globalhelicorp@vsnl.net |
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Website : |
www.vectragroup.com |
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Corporate Office
: |
Hanger No. - C - He / Hf,
Airports Authority of |
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Tel. No.: |
91 22 61409200 |
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Fax No.: |
91 22 61409300 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Branch Office : |
No.221, 2nd Floor,
Okhla Industrial Estate Phase II, INew Delhi – 110020, |
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Tel. No.: |
91-11-46433300 |
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Fax No.: |
91-11-46539333 |
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E-Mail : |
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Branch Office : |
Vectra House, 5th floor, No 15, 1st |
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Tel. No.: |
91 80 41290011 |
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Fax No.: |
91 80 41516422 |
DIRECTORS
As on 16.09.2010
|
Name : |
Mr. Jehangir Homi Damania |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
22.03.1963 |
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Date of Appointment : |
13.04.1998 |
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Name : |
Mr. Raj Kumar Menon |
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Designation : |
Director |
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Date of Birth/Age : |
14.05.1964 |
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Date of Appointment : |
16.03.2000 |
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Email : |
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Name : |
Lt Gen (Registered) SJS Saighal |
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Designation : |
Director |
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Name : |
Mr. Sanjay Bhandari |
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Designation : |
Director |
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Name : |
Mr. Siddharth Prakash |
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Designation : |
General Manager |
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Email : |
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Name : |
Capt. KNG Nair |
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Designation : |
Director |
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Email : |
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Name : |
Mr. R N Paul |
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Designation : |
Director |
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Name : |
Mr. Ravinder Kumar Rishi |
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Designation : |
Non Executive Director |
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Name : |
Mr. P Raj Kumar menon |
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Designation : |
Whole time Director |
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Name : |
Mr. Dhirendra Kumar Chand |
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Designation : |
Whole time Director |
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Name : |
Mr. R S S L N Bhaskarudu |
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Designation : |
Independent Director |
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Name : |
Dr. Gautam Sen |
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Designation : |
Independent Director |
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Name : |
Maj. Gen. Gurdial Singh Hundal |
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Designation : |
Independent Director |
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Name : |
Dr. Chandrathil Gouri Krishnadas Nair |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Raakesh D Soni |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided Family |
50 |
0.00 |
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Bodies Corporate |
6719950 |
48.00 |
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Foreign |
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Bodies Corporate |
3780000 |
27.00 |
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Public shareholding |
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Institutions |
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Mutual
Funds/ UTI |
216000 |
1.54 |
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Insurance Companies |
238989 |
1.71 |
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Non-institutions |
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Bodies Corporate |
280205 |
2.00 |
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Individuals |
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Individuals -i. Individual shareholders holding
nominal share capital up to Rs 0.100 million |
2118940 |
15.14 |
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ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
million. |
523.597 |
3.74 |
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Any Other (specify) - |
122269 |
0.87 |
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Clearing Members |
32302 |
0.23 |
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NRI |
89967 |
0.64 |
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Sub Total (B)
(2) |
3045011 |
21.75 |
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(B) = (B) (1) +
(B) (2) |
3500000 |
25.00 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
14000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Charter hire
and Leasing services for
Helicopters |
GENERAL INFORMATION
|
Customers : |
·
Oil and Natural Gas Corporation · Reliance Industries Limited · Gujarat State Petroleum Corporation Limited ·
BG Exploration and Production India Limited ·
Transocean Offshore International Ventures
Ltd. |
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No. of Employees : |
20 [Approximately] |
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Bankers : |
·
Indian Overseas Bank · Standard Chartered Bank ·
The Royal Bank of ·
Central Bank of ·
ABN Amro Bank N V ·
HDFC Bank Limited ·
Axis Bank Limited |
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Facilities : |
Notes : 1) Secured by a
pari-passu charge of the following: a) Exclusive charge
over three (previous year : three) bell helicopters and one (previous year :
one) eurocopter helicopter. b) Specific
assignment of books debts relating to four (previous year : four )
helicopters being charged. c) Security
margin equivalent to a fixed deposit of Rs. 6.250 millions (previous year:
Rs. 6.250 millions). d) Hypothecation
of stock / inventory and book debts. 2) Secured by
hypothecation of vehicle acquired under the loan. 3) Secured by
exclusive charge over two (previous year : two) helicopters. 4) Secured by
specific assignment of book debts and exclusive charge over two (previous
year : two) helicopters. 5) Exclusive
charge over two (previous year: nil) eurocopter helicopters.
Note : 1) The short term
loan from a bank is backed by a personal guarantee of a non executive
promoter director of the Company. 2) The Loan from
a company is backed by stand by letter of credit issued by Vectra Limited. 3) The Company
had incurred various expenses pertaining to spare parts purchase and helicopter
maintenance, some of which were paid by the group companies directly to the
third parties. The said amounts have been converted into loans and will be
governed by Reserve Bank of India Circular No. RBI/2004/154/AP(Direct
Services) Circular No. 87 dated 17/04/2004. |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
Nangia and Company Chartered Accountants |
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Address : |
B-57 Soami Nagar, |
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Tel. No.: |
91-11-26018600 |
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Fax No.: |
91-11-26018300 |
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E-Mail : |
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Name 2 : |
B S R and Company Chartered Accountants |
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Parent Company up to 19 October 2006 and a
Promoter Company holding 48 % |
Vectra Investment Private Limited |
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Promoter Company |
Azal Azerbaijan Aviation Limited |
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Other Related Party : |
·
Vectra Limited, ·
Vectra Limited, ·
Indocopters Private Limited, ·
Global Vectra Helicorp Ireland Limited, ·
Vectra Investment Private Limited, ·
Vectra Aviation Private Limited , , ·
Vectra I T Solution Private Limited, , ·
Azal Azerbaijan Aviation Limited, , ·
Vectra Advanced Engineering Private Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/-each |
Rs.250.000 millions |
|
7,000,000 |
11% Non convertible cumulative redeemable preference shares |
Rs.100/-each |
Rs.700.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,000,000 |
Equity Shares |
Rs.10/-each |
Rs.140.000 millions |
|
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|
Of the above :
- 3,200,000
(previous year : 3,200,000) equity shares of Rs 10 each were allotted as fully paid
up bonus shares by utilisation of reserves and surplus of Rs. 32.000 millions
(previous year : Rs. 32.000 millions).
- 2,800,000
(previous year : 2,800,000) equity shares of Rs. 10 each were allotted as fully
paid up pursuant to the initial public offer.
- 6,719,950
(previous year: 6,719,950) equity shares of Rs. 10 each, fully paid up, are
held by Vectra Investments Private Limited and 3,780,000 (previous year :
3,780,000) equity shares of Rs. 10 each, fully paid up, are held by Azal
Azerbaijan Aviation Limited, promoter companies
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
140.000 |
140.000 |
140.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1202.065 |
1360.209 |
585.132 |
|
|
4] (Accumulated Losses) |
[487.244] |
[562.174] |
0.000 |
|
|
NETWORTH |
854.821 |
938.035 |
725.132 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4061.427 |
4667.354 |
2680.104 |
|
|
2] Unsecured Loans |
263.221 |
143.040 |
104.395 |
|
|
TOTAL BORROWING |
4324.648 |
4810.394 |
2784.499 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
7.725 |
110.350 |
|
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|
|
|
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TOTAL |
5179.469 |
5756.154 |
3619.981 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
5277.904 |
5694.342 |
3528.093 |
|
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Capital work-in-progress |
3.845 |
7.201 |
339.313 |
|
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|
|
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INVESTMENT |
0.000 |
0.491 |
0.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.541
|
97.376 |
94.351 |
|
|
Sundry Debtors |
520.606
|
664.153 |
368.107 |
|
|
Cash & Bank Balances |
16.709
|
9.232 |
7.681 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
540.938
|
453.695 |
797.912 |
|
Total
Current Assets |
1200.794
|
1224.456 |
1268.051 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
602.988
|
638.006 |
542.209 |
|
|
Other Current Liabilities |
678.960
|
504.047 |
954.770 |
|
|
Provisions |
21.126
|
28.283 |
18.997 |
|
Total
Current Liabilities |
1303.074
|
1170.336 |
1515.976 |
|
|
Net Current Assets |
[102.280]
|
54.120 |
[247.925] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5179.469 |
5756.154 |
3619.981 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Service Income [Net] |
2447.349 |
2333.545 |
1795.365 |
|
|
|
Other Operating Income |
10.841 |
15.246 |
0.000 |
|
|
|
Other Income |
158.891 |
25.288 |
106.843 |
|
|
|
TOTAL (A) |
2617.081 |
2374.079 |
1902.208 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Service costs |
931.044 |
963.261 |
719.968 |
|
|
|
Personnel costs |
546.301 |
593.017 |
418.719 |
|
|
|
General and administrative expenses |
438.085 |
397.900 |
204.459 |
|
|
|
Revaluation loss on helicopters |
0.000 |
26.891 |
0.000 |
|
|
|
Impairment loss on helicopters |
0.000 |
175.904 |
0.000 |
|
|
|
TOTAL (B) |
1915.430 |
2156.973 |
1343.146 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
701.651 |
217.106 |
559.062 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
384.704 |
560.489 |
367.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
316.947 |
[343.383] |
191.399 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
366.664 |
294.896 |
234.351 |
|
|
|
|
|
|
|
|
|
|
(Loss) for the year before exceptional items and taxation - Liabilities
written back |
116.944 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
67.227 |
[638.279] |
[42.952] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
7.703 |
[76.105] |
8.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
74.930 |
[562.174] |
[51.551] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[562.174] |
143.906 |
194.216 |
|
|
|
|
|
|
|
|
|
|
Effect of transitional provisions on implementation of - Accounting
Standard 11 |
|
|
|
|
|
|
- The effect of changes in exchange rates |
0.000 |
[143.906] |
0.000 |
|
|
|
Accounting Standard 15 - Employee benefits - Gratuity (credit) - Leave encashment (credit) - Deferred tax on above |
0.000 0.000 0.000 |
0.000 0.000 0.000 |
1.417 0.463 [0.639] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[487.244] |
[562.174] |
143.906 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Forfeiture of deposit received for sale of helicopters |
0.000 |
16.413 |
0.000 |
|
|
|
|
0.000 |
0.000 |
478.266 |
|
|
|
Contractual Receipts |
0.000 |
0.000 |
975.749 |
|
|
|
Revenue |
1373.328 |
1416.132 |
0.000 |
|
|
TOTAL EARNINGS |
1373.328 |
1432.545 |
1454.015 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts and Components |
95.603 |
101.748 |
79.430 |
|
|
|
Capital Spares |
53.071 |
34.199 |
65.196 |
|
|
|
Capital Goods (helicopters) |
409.326 |
1322.240 |
814.378 |
|
|
TOTAL IMPORTS |
558.000 |
1458.187 |
959.004 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.35 |
[40.16] |
[3.68] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.86
|
[23.68] |
[2.71] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.75
|
[27.35] |
[2.39] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
[9.22] |
[0.89] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
[0.68] |
[0.06] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.58
|
6.37 |
5.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.05 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION REVIEW:
During the year, the Company achieved Service Income of Rs. 2447.349
Millions as compared to 2333.545 Millions of previous Financial Year, a growth
of 4.87 %.Total Income of the Financial Year 2009-10 (including Operational and
other Income) also increased to Rs. 2617.082 Millions from Rs. 2374.079
Millions, an increase of 10.24 % over last Financial Year. After considering
Interest, Depreciation, Foreign Exchange (Loss) / Gain and Extra-ordinary
items, the Company has Profit Before Tax of Rs. 67.227 Millions for the current
year as against Loss of Rs. 638.278 Millions in the previous year. After making
provision for tax, the net Profit was Rs.
74.930 for the current year as against Loss of Rs. 562.174 millions
Background
Global Vectra
Helicorp Limited (‘the Company’) was incorporated in 1998 as a private limited
company and was subsequently listed on the stock exchange on 27 October 2006.
The Company is listed on the Bombay Stock Exchange Limited and the National
Stock Exchange Limited. The Company is mainly engaged in helicopter charter
services for offshore transportation, servicing the oil and gas exploration and
production sector in
Contingent liabilities
Rs. in millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Claims against the Company not acknowledged as
debts |
|
|
|
Employee related |
1.552 |
1.158 |
|
Demands in respect of which appeals are in the process of being filed -
Customs duty related |
262.195 |
262.195 |
Note : Includes duty paid under protest aggregating Rs 53.826 (previous year:
Nil)
MANAGEMENT
DISCUSSION & ANALYSIS REPORT
OVERVIEW
Global Vectra Helicorp Limited (GVHL) is the country’s largest private offshore
and onshore air-logistics helicopter company serving, as its main activity, the
Oil and Gas (O&G) Exploration and Production (E&P) sector in
The company’s total fleet size, as on 31st March 2010 stands at 27 helicopters consisting of 20 Bell 412,
01 EC 155, 02 EC 135, 03 AS 350 B2/B3 and 01 AB – 139 Helicopter.
GVHL has a total staff of 272 including 82 pilots and 102 engineering
staff. For its customers in the Oil and Gas sector GVHL transport crew and
cargo for their exploration and production activities utilizing a young fleet
of helicopters operated by trained pilots and maintained by highly qualified
maintenance personnel.
Their major maintenance base for the offshore fleet is Mumbai where all
maintenance work is carried out including 3000 hours check on its
The Eurocopter fleet for the onshore activities, under the name of
Birdie, is maintained by a dedicated maintenance organisation in Greater Noida
on a contractual basis. They pride their selves in having premium clients such
as Geotech, Fugro, Govt. of Arunachal Pradesh in the onshore activities and
major oil and gas companies in
Their onshore activities take place in principle throughout the Indian
subcontinent with operating nuclei in Greater Noida/
GVHL is totally committed to maintaining the highest possible standards
in everything they do, with an emphasis on their operations, maintenance and
safety. GVHL is the only operator in
Industry and International Civil Aviation Organisation.
As part of their continuing effort to further enhance their management
systems they have implemented an ERP (Enterprise Resource Planning) System from
IFS AB, a Swedish company and one of the world’s leading providers of business
software. Through this system they have integrated the management data of
Flight Operations, Maintenance Repair and Overhaul (MRO) processes, Quality
Control, Logistics, Inventory Management, Human Resources/Payroll and Finance.
The Oil and Gas
Industry to-day
The oil and gas industry has been instrumental in fuelling the rapid
growth of the Indian economy. The petroleum and natural gas sector which
includes transportation, refining and marketing of petroleum products and gas
constitutes over 15 per cent of the GDP.
Petroleum exports have also emerged as the single largest foreign
exchange earner, accounting for 17.24 per cent of the total exports in 2007-08.
Growth continued in 2008-09 with the export of petroleum products touching US$
23.63 billion during April-December 2008, whereas a total of 70 percent of the
Oil requirement in the country is imported.
In November 2008, the Cabinet Committee on Economic Affairs awarded 44
oil and gas exploration blocks under the seventh round of auction of the New
Exploration Licensing Policy (NELP-VII). With NELP VIII, the overall number of
blocks brought under exploration exceeded 200.
The allocation brought in investments worth US$ 1.5 billion. The eighth
round of auction which ended on October 12, 2009 attracted over US$1.34 billion
in minimum investment.
Production
Refinery production in terms of crude throughput increased to 160.77 MT
in 2008-09 as compared to 156.10 MT in 2007- 08.
The production of natural gas went up to 32.84 billion cubic meters
tones (BCM) in 2008-09, from 32.40 BCM in 2007-08. The projected production of
crude oil during the 11th Five-Year Plan (2007-2012) is 206.76 MMT, while that
of natural gas is 255.27 BCM.
Cumulative production of crude oil between April-December 2009, was
25,152 MT, while cumulative production of refinery production during the same
period was 119,283
State-run Indian Oil Corporation Limited will raise the capacity of its
Haldia refinery by 25 per cent to 7.5 million tones by end February 2010. It
will also expand its 12 million tones a year Panipat refinery to 15 million
tones by August, 2010 and at the same time the Oilfield service companies have
struggled as the global economic slowdown cut into demand for oil and gas.
Consumption
Investments and
Acquisitions
It is expected that the public sector oil companies will spend US$ 11.33
billion in 2010 on expanding supplies and building new transportation networks
for oil and gas.
IOC is setting up a Coker plant in
ONGC will invest US$ 696 million for increasing facilities at its
oilfields in
Government
Initiatives
The government has been taking many progressive measures to create a
conducive policy and regulatory framework for attracting investments.
Allowing 100 per cent foreign direct investment
(FDI) in private refineries through automatic route and 26 per cent in
government-owned refineries.
Implementation of the NELP in 1997.
Abolition of the administered pricing policy.
100 per cent FDI is also allowed in petroleum
products, exploration, gas pipelines and marketing/retail through
the automatic route.
Road Ahead
According to a recent CII-KPMG report
Onshore Activities
Their onshore activities are carried out on PAN India basis under the
name of BIRDIE. The Company is operating in Greater Noida,
FINANCIAL
PERFORMANCE
During the year , the Company achieved Service Income of Rs. 2447.349
Millions as compared to 2333.545 Millions of previous Financial Year, a growth
of 4.87 %.Total Income of the Financial Year 2009-10 (including Operational and
other Income) also increased to Rs. 2617.082 Millions from Rs. 2374.079
Millions, an increase of 10.24 % over last Financial Year.
After considering Interest, Depreciation, Foreign Exchange (Loss) / Gain
and Extra-ordinary items, the Company has Profit Before Tax of Rs. 67.227
Millions for the current year as against Loss of Rs. 638.278 Millions in the
previous year. After making provision for tax, the net Profit was Rs. 74.930
for the current year as against Loss of Rs. 562.174 millions.
Audited
Financial Results For The Year Ended 31.03.2011
|
Particulars No. |
year ended 31.03.2011 [Rs. in millions] |
|
1 Income from operations |
2286.281 |
|
2 Other operating income |
29.470 |
|
Total income |
2315.751 |
|
3 Total expenditure |
|
|
(a) Staff Cost |
505.916 |
|
(b) Helicopter Spares Consumption and Maintenance |
393.862 |
|
(c) Direct Operating Expenses |
878.230 |
|
(d) Depreciation |
275.011 |
|
(e) Other Expenses |
373.610 |
|
(f ) Bad debts written off (g) Exchange loss (net) |
6.500 |
|
Total Expenditure |
65.435 |
|
4 (Loss) / Profit from operations before other income,
exchange gain (net) and interest |
2492.129 |
|
5 Other Income |
29.165 |
|
6 Exchange gain (net) |
0.000 |
|
7 (Loss) / Profit before interest |
[147.213] |
|
8 Interest |
296.500 |
|
9 (Loss) After Interest before exceptional item |
[443.713] |
|
10 Exceptional item Liability write back (refer
note no. 10) |
0.000 |
|
11 (Loss) / Profit after exceptional items |
[443.713] |
|
12 Provision for tax |
|
|
Current tax Deferred tax (credit) |
6.300 0.000 |
|
13 (Loss) / Profit from ordinary activities after tax
for the period |
[443.776] |
|
14 Paid-up Equity Share Capital Face Value Rs. 10/15 Reserves excluding revaluation reserve |
140.000 |
|
Reserves including revaluation reserve |
[440.176] |
|
16 Basic and diluted earning per share (in Rs.) |
[31.70] |
|
17 Public Shareholdings Number of Shares Percentage of shares |
3500000 25% |
|
18 Promoters and promoter group shareholding |
|
|
a) Pledged /Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares (as a % of the total share
capital of the company) |
-- |
|
b) Non-encumbered |
|
|
- Number of shares |
10500000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100% |
|
- Percentage of shares (as a % of the total share
capital of the company) |
75% |
Notes:
1 The above results have been audited and
recommended for adoption by the Audit Committee to the Board of Directors and
have been approved by the Board at its meeting held on 26 May, 2011.
2 The remuneration
paid/payable to one whole time directors exceeded the limits prescribed under
the Companies Act, 1956, by Rs 1.164
millions (31 March 2010 : Rs 4.543 millions to two whole time directors and the
Chief Executive Officer). During the year the company received approval from
the Central Government on 17th September 2010 for the excess payment to the
Chief Executive Officer, however, the company is yet to receive Central
Government approval in respect of the excess payment to the whole time
director. The Auditor's report has been modified in this respect.
3 During the year ended 31
March 2009, the Office of the Commissioner of Customs (Preventive) had seized
three helicopters for alleged non compliance of the duty waivers given to
non-scheduled operators (passenger). The Company has received a Show Cause Cum
Demand Notice (SCN) citing an amount of Rs 237.924 millions towards custom duty
under Section 28 of the Customs Act, 1962 and applicable interest and penalty
thereon. Pursuant to the receipt of the said SCN, the Commissioner of Customs
(Preventive) has confirmed a demand of Rs 262.195 millions towards differential
duty of customs and penalty there on for 2 helicopters. Management believes
that the Company is in compliance with the relevant customs and other
regulatory guidelines in this respect and the matter is being contested by the
Company with the appellate tribunal. An amount aggregating Rs.53.826 millions
has been paid as duty under protest during the year ended 31 March 2010. The
Auditors' report has been modified in this respect.
4 During the year ended 31
March 2009, the Company had, in order to reflect the current reinstatement
cost/market value of its assets, revalued the leased helicopters and owned
helicopters. The revaluation for the helicopters has been carried out by
international helicopters/aircraft values considering the total time of air
frame (TTAF) (Cumulative time in Service ). Accordingly, the resultant
accretion to the value of the helicopters aggregating Rs.924.538 millions had
been adjusted (added) to the historical cost of the asset and a corresponding
amount has been credited to Revaluation Reserve. For the year ended 31 March
2011, additional depreciation of the accretion to the historical cost of the
asset on account of the revaluation aggregating Rs 39.507 millions (previous year
Rs 1,58.144 millions) respectively has been passed through the profit and loss
account with an equivalent withdrawal from the revaluation reserve to the
profit and loss account . Further, loss on sale of revalued fixed assets
aggregating Rs. 234.708 millions has been passed through the revaluation
reserves.
5 During the period May 2008
to 31 December 2010 certain customers of the company have retained an amount
aggregating Rs 93.364 millions (Previous Year Rs 84.503) millions in respect of
taxes levied by the Company. The Company is currently in discussion with these
customers for recovering the retained amount and management believes that they
have a strong case to collect the outstanding amount. The auditor's report has
been modified in this respect.
6 The audited financial
results have been prepared on a going-concern basis.
7 The Company entered into an
agreement on 18 December 2009 with one of the group companies for conversion of
outstanding lease rentals due on 30 September 2009 amounting to USD 13.725
million (equivalent of Rs.659.349 millions at the exchange rate prevailing as
on 30 September 2009) into non-convertible cumulative redeemable preference
shares. The agreement has been approved by the shareholders at the
extraordinary general meeting ('EGM') held on 1 February 2010. The Company has
obtained the statutory approvals necessary and in exercise of the powers
conferred vide resolutions passed in the EGM, the Company during the current
year has issued 6,593,490 5.46% non - convertible cumulative preference shares
of face value of Rs. 100 each. Pursuant to issue of preference share, the net
worth of the company stands at Rs 359.173 millions as at 31 March 2011.
8 During the year, the Company
has entered into an agreement with a lesser modifying existing lease
agreements. Pursuant to these modifications, the original classification of the
leases have undergone a change (with effect from 1 April 2010) and the impact
of the same has been recorded in the books of account. Accordingly, liabilities
and assets representing finance leases from the particular lessor are
derecognised and the difference aggregating Rs 109.101 millions arising on the
derecognition has been passed through the profit and loss account for the year
ended 31 March 2011.
9 The Company is mainly
engaged in air logistic business in
10 Number of investors
complaints outstanding at the beginning of the year was "NIL",
received during the year was "3", disposed off during the year was
"3" and lying unresolved at the end of the year was "NIL".
11 The figures have been
re-grouped, wherever considered necessary.
FIXED ASSETS :
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Vehicles
·
Helicopters – Owned
·
Hangar and administrative buildings
·
Helicopters - Leased assets
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.44.93 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
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.