MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KARNAVATI AVIATION PRIVATE LIMITED (w.e.f.10.02.2009) |
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Formerly Known
As : |
GUJARAT ADANI AVIATION PRIVATE LIMITED |
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Registered
Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad-380
009, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.07.2007 |
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Com. Reg. No.: |
04-51309 |
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CIN No.: [Company Identification
No.] |
U63090GJ2007PTC051309 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG03604G |
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PAN No.: [Permanent Account No.] |
AADCG0689B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Aviation Services |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 a subsidiary of It is a company having moderate track. There appears some 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 with some caution.
|
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 |
|
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 |
INFORMATION DECLINED BY
MANAGAMENT NON COOPERATIVE
LOCATIONS
|
Registered Office : |
Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad-380
009, |
|
Tel. No.: |
91-79-26565555 |
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Fax No.: |
91-79-26565500 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Satwinder Singh Bhatti |
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Designation : |
Director |
|
Address : |
C-1, Ashok Maitri Bunglow, Motera Post Chandkheda, Ahmedabad-380 005, |
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Date of Birth/Age : |
05.01.1942 |
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Date of Appointment : |
11.07.2007 |
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Name : |
Mr. Venugopal Kesanakurthy |
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Designation : |
Director |
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Address : |
F-52, Amaltas Apartments, Behind Republic Ramdev, Ahmedabed-380 015, |
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Date of Birth/Age : |
06.02.1966 |
|
Date of Appointment : |
17.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
999900 |
|
Adani Shantilal Rajesh (Nominee of |
|
100 |
|
Total |
|
1000000 |
As on 12.06.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Aviation Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by
the management |
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Bankers : |
Yes Bank Limited,
9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant
Road, Worli, Mumbai-400 018,
Maharasahtra, India |
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Facilities : |
Notes: Buyers Credit availed against letter of credit issued against secured
term Loan from a scheduled Bank which is secured by hypothecation of
receivables arising from the operation of Aircraft and mortgaged of Aircraft
purchased under the L/C. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dharmesh Parikh and Company Chartered Accountants |
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Address : |
303/304, Millstone, Near Drive- in- cinema, Opposite TV Tower,
Thaltej, Ahmedabad-380 054, Gujarat, India
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Holding Company: |
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Fellow Subsidiary: |
·
Mundra Sex Textile and Apparel Park Private
Limited ·
MPSEZ Utilites Private Limited ·
Rajasthan Sez Private Limited ·
Adani Logistic Limited (Upto 08.06.2009) ·
Inland Conware ( ·
Baramati Power Private Limited (Upto 29.12.2009) ·
Shankheshwar Buildwell Private Limited, (Upto 14.12.2009) ·
Adanni Tradelinks Private Limited ·
Adani Murmugao Port Terminal Private Limited ·
·
Adani Hazira Port Private Limited ·
Adani Petronet (Dahej) Port Private Limited |
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Associates : |
·
Adani Enterprises Limited ·
Adani Power Limited ·
Adani Wilmar Limited ·
Adani Agro Private Limited ·
Adani Properties Private Limited ·
B2B India Private Limited ·
Sukhmani Energy Private Limited ·
|
CAPITAL STRUCTURE
As on 12.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
Notes:
All the above 1000000 shares are held by
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.629 |
0.000 |
|
|
4] (Accumulated Losses) |
(22.284) |
0.000 |
0.000 |
|
|
NETWORTH |
(12.284) |
10.629 |
10.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1442.223 |
685.277 |
0.000 |
|
|
2] Unsecured Loans |
300.00 |
93.300 |
0.000 |
|
|
TOTAL BORROWING |
1742.223 |
778.577 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
4.789 |
0.348 |
0.000 |
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|
|
|
|
|
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TOTAL |
1734.728 |
789.554 |
10.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1614.424 |
668.398 |
0.000 |
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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 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.910
|
1.923 |
0.000 |
|
|
Sundry Debtors |
41.157
|
11.015 |
0.000 |
|
|
Cash & Bank Balances |
96.636
|
95.523 |
9.514 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
20.818
|
16.244 |
0.210 |
|
Total
Current Assets |
160.521
|
124.705 |
9.724 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.652
|
3.321 |
0.011 |
|
|
Other Current Liabilities |
27.613
|
0.116 |
0.007 |
|
|
Provisions |
0.952
|
0.112 |
0.000 |
|
Total
Current Liabilities |
40.217
|
3.549 |
0.018 |
|
|
Net Current Assets |
120.304
|
121.156 |
9.706 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.294 |
|
|
|
|
|
|
|
|
TOTAL |
1734.728 |
789.554 |
10.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
16.06.2008 To 31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
|
196.025 |
76.662 |
|
|
|
TOTAL (A) |
|
196.025 |
76.662 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
97.719 |
28.996 |
|
|
|
Personal Expenses |
|
12.144 |
0.000 |
|
|
|
Administrative and Other Expenses |
|
9.713 |
2.409 |
|
|
|
Miscellaneous expenses written off |
|
0.000 |
0.023 |
|
|
|
TOTAL (B) |
|
119.576 |
31.428 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
76.449 |
45.234 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
39.386 |
13.203 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
37.063 |
32.031 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
55.535 |
30.942 |
|
|
|
|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
(18.472) |
1.089 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4.440 |
0.460 |
|
|
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
|
(22.912) |
0.629 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.629 |
0.000 |
|
|
|
|
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
|
(22.284) |
0.629 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
1110.768 |
572.835 |
|
|
|
Others |
|
3.484 |
1.222 |
|
|
TOTAL IMPORTS |
|
1114.252 |
574.057 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(22.91) |
0.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
(11.69)
|
0.82 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.42)
|
1.42 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.04)
|
0.14 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.50
|
10.25 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.27)
|
73.58 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.99
|
35.14 |
540.22 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
11.652
|
3.321 |
0.011 |
Operations:
During the year, the Company has received approval from the Ministry of civil
Aviation; Govt. of India to acquire the Super King Air B-200 from Adani Enterprises
Limited. The Company has imported one Aircraft Challenger 605 from M/s. Bombardier
Inc.,
Financial
Highlights:
During the year, total income earned is Rs.196.025 millions against
expenditure of Rs.214.497 millions including financial Charges amounting to
Rs.39.386 Millions and depreciation amounting to Rs.55.535 Millions. The Net loss
after tax during the year is Rs.22.912 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63090GJ2007PTC051309 |
|
Name of the
company |
KARNAVATI
AVIATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Adani House, Nr.
Mithakhali Six Roads, Navrangpura Ahmedabad- 380 009, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10104699 |
|
Type of charge |
Movable Property Others Hawker 850 XP
Aircraft with serial no. 258835 |
|
Particular of
charge holder |
Yes Bank Limited,
9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant
Road, Worli, Mumbai-400 018,
Maharasahtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
dated 09.02.2010 |
|
Date of
instrument Creating the charge |
09.02.2010 |
|
Amount secured by
the charge |
Rs.740.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest TL-YBL PLR-
3%p.a.The current applicable rate is 13.50% p.a. payable monthly. BC Commission:1st
year:0.87% p.a. payable in advance at the beginning of the 1st year. 2nd year
onwards: 1.2% p.a Terms of
Repayment Term Loan : Repayment:
- In 4 equal quarterly installments in last year. Buyers Credit
(BC):N.A. Margin TL - N.A. BC - Cash margin
of 10% Extent and
Operation of the charge Exclusive charge
on (Hawker 850 XP Aircraft with serial no. 258835) the equipment financed by
YBL in favour of the Yes Bank Limited (as described in Mortgage Deed). |
|
Short particulars
of the property charged |
Exclusive charge
on (Hawker 850 XP Aircraft with serial no. 258835) the equipment financed by
YBL in favour of the Yes Bank Limited (as described in Mortgage Deed). |
|
Date of latest
modification prior to the present modification |
19.06.2009 |
|
Particulars of
the present modification |
First exclusive
charge in favour of the Yes Bank Limited on Hawker 850 XP Aircraft with
serial no. 258835 for Rs.620 Millions has been enhanced to Rs.740.000
millions by Deed of Mortgage dated 09.02.2010 |
Fixed Assets:
·
Aircraft
·
Office Equipments
·
Porta Cabin
·
Fire Extinguisher – Port
cabin
·
Air conditioner – Port
cabin
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.