MIRA
INFORM REPORT
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Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
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Name : |
BLUE DART AVIATION LIMITED [w.e.f. 17.06.1994] |
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Formerly Known
As : |
BLUE DART AVIATION PRIVATE LIMITED |
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Registered
Office : |
Blue Dart Centre, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
31.05.1994 |
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Com. Reg. No.: |
11-78691 |
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Capital
Investment / Paid-up Capital : |
Rs.240.000 Millions |
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CIN No.: [Company Identification
No.] |
U35303MH1994PLC078691 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN06649G / MUMB06173G |
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PAN No.: [Permanent Account No.] |
AAACB0482A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject offers various services like Air Cargo Moment (Charters), Engineering,
Software Development, Aviation Project and Flight Handling Services. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [46] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established having satisfactory track. Financial
position of the company is moderate. Profit margin is very low. However,
trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. In view of strong promoters, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Dutta |
|
Designation : |
Finance Department |
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Date : |
30.08.2011 |
LOCATIONS
|
Registered Office : |
Blue Dart Centre, |
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Tel. No.: |
91-22-28396444 |
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Fax No.: |
91-22-28311184 / 28244131 |
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E-Mail : |
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Website : |
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Head Office : |
88-89, |
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Tel. No.: |
91-44-22568200 / 22561112 |
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Fax No.: |
91- 44-22568385 / 8389 / 8320 |
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E-Mail : |
DIRECTORS
As on 26.04.2011
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Name : |
Mr. Tushar Kumudari. Jani |
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Designation : |
Chairman |
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Address : |
10 Ram Niwas, 227 Sion East, Mumbai:400022, |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
31.05.1994 |
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DIN : |
00192621 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
7, Deepali CHS., St. Cyril’s Road, Bandra (west) Mumbai:400050, |
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Date of Birth/Age : |
11.08.1953 |
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Date of Appointment : |
25.04.2005 |
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DIN : |
00382001 |
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Name : |
Mr. Michael Mcmahon |
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Designation : |
Director |
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Address : |
34, Cunningham Apts, |
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Date of Birth/Age : |
27.09.1944 |
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Date of Appointment : |
25.04.2005 |
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DIN : |
00234293 |
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Name : |
Mr. Tulsi Nowlakha Mirchandaney |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
24.07.1950 |
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Date of Appointment : |
15.02.2008 |
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DIN : |
01842520 |
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Name : |
Mr. Ian Gordon Carey |
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Designation : |
Director |
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Address : |
DHL Aviation, |
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Date of Birth/Age : |
26.06.1964 |
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Date of Appointment : |
30.08.2010 |
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DIN : |
02757500 |
KEY EXECUTIVES
|
Name : |
Mr. Palaniappan Nachiappan |
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Designation : |
Secretary |
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Address : |
13/7, BF2, |
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Date of Birth/Age : |
30.11.1982 |
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PAN : |
AMNPP4660L |
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Date of Appointment : |
19.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.04.2011
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Names of Shareholders |
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No. of Shares |
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Blue Dart Express Limited, |
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11759996 |
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Tushar Kumudari Jani |
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4080000 |
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1 |
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4080000 |
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Suresh Girdhar Sheth |
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1 |
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Anil Khanna |
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1 |
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Mr. Yogesh Dhingra |
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1 |
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GACL Finance Limited |
|
4080000 |
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Total |
|
24000000 |
As on 26.04.2011
|
Category |
Percentage |
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Bodies corporate |
66.00 |
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Directors or relatives of Directors |
34.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject offers various services like Air Cargo Moment (Charters),
Engineering, Software Development, Aviation Project and Flight Handling
Services |
GENERAL INFORMATION
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No. of Employees : |
200 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Company having
substantial interest : |
Blue Dart Express Limited |
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Subsidiary Company : |
Concord Air Logistics Limited |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
40,000,000 |
Equity Share |
Rs. 10/- |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
24,000,000 |
Equity Share |
Rs.10/- |
Rs.240.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
240.000 |
240.000 |
240.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.641 |
60.000 |
60.000 |
|
|
4] (Accumulated Losses) |
0.000 |
[0.281] |
[3.720] |
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NETWORTH |
300.641 |
299.719 |
296.280 |
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LOAN FUNDS |
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1] Secured Loans |
706.517 |
992.129 |
1185.414 |
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2] Unsecured Loans |
1124.458 |
0.000 |
50.000 |
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TOTAL BORROWING |
1830.975 |
992.129 |
1235.414 |
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DEFERRED TAX LIABILITIES |
60.876 |
40.668 |
25.270 |
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Aircraft Payload Deposit and Advance Towards Capex |
215.000 |
780.795 |
389.785 |
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TOTAL |
2407.492 |
2113.311 |
1946.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2509.458 |
1967.281 |
1737.947 |
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Capital work-in-progress |
72.564 |
291.289 |
40.612 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
131.760
|
132.010 |
121.092 |
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Sundry Debtors |
0.243
|
10.687 |
8.393 |
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Cash & Bank Balances |
5.435
|
7.612 |
15.115 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
247.914
|
284.539 |
366.183 |
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Total
Current Assets |
385.351
|
434.848 |
510.783 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
478.685
|
525.333 |
286.610 |
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Other Current Liabilities |
63.044
|
40.471 |
42.446 |
|
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Provisions |
18.152
|
14.303 |
13.537 |
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Total
Current Liabilities |
559.881
|
580.107 |
342.593 |
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Net Current Assets |
[174.530]
|
[145.259] |
168.190 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2407.492 |
2113.311 |
1946.749 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Income |
3842.287 |
3110.371 |
3693.356 |
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Other Income |
126.371 |
141.456 |
44.431 |
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TOTAL (A) |
3968.658 |
3251.827 |
3737.787 |
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Less |
EXPENSES |
|
|
|
|
|
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Operating Costs |
2505.684 |
1962.347 |
2549.061 |
|
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Employee Cost |
723.228 |
672.383 |
702.693 |
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Other Cost |
317.492 |
268.256 |
230.898 |
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TOTAL (B) |
3546.404 |
2902.986 |
3482.652 |
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
422.254 |
348.841 |
255.135 |
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Less |
FINANCIAL
EXPENSES (D) |
88.255 |
127.063 |
80.306 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
333.999 |
221.778 |
174.829 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
308.110 |
197.685 |
149.285 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
25.889 |
24.093 |
25.544 |
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Less |
TAX (I) |
24.967 |
20.654 |
21.698 |
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PROFIT / LOSS
AFTER TAX (G-I) (J) |
0.922 |
3.439 |
3.846 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[0.281] |
[3.720] |
[7.566] |
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BALANCE CARRIED
TO THE B/S |
0.641 |
[0.281] |
[3.720] |
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IMPORTS |
|
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|
Consumable and loose tools |
57.460 |
45.674 |
54.507 |
|
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|
Capital Goods |
718.980 |
405.974 |
339.245 |
|
|
TOTAL IMPORTS |
776.440 |
451.648 |
393.752 |
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|
Earnings Per
Share (Rs.) |
0.04 |
0.14 |
0.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
0.02
|
0.10 |
0.10 |
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.67
|
0.77 |
0.69 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
|
1.00 |
1.13 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.08 |
0.09 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
7.95
|
5.24 |
5.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
0.75 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs. In
millions
|
Particular
|
31.03.2010
|
31.03.2009
|
31.03.2008 |
|
Micro, small and medium enterprises* |
0.000
|
0.000
|
0.000 |
|
Others |
478.685
|
525.333
|
286.610 |
|
Total |
478.685
|
525.333
|
286.610 |
*Determined to the extent
such particulars have been identified on the basis of information available
with the company. This has been relied upon by the auditors.
Background :
Subject was incorporated on 31.05.1994. the company is authorized by the
Director General of Civil Aviation to operate aircraft and provide aircraft
maintenance services. A substantial portion of ‘Express Air Charter Services’.
Income is generated form the charter fight services rendered to Blue Dart
Express Limited
Finance Results : during the year
the company has recorded a profit before tax of Rs.26 million as compared to
profit before tax of Rs.24 million for the previous year.
Review of
Operations
The Company, the largest domestic freighter
operator in
Review of
Performance
The Indian Aviation environment has witnessed
robust growth in 2010, with a 3,4% in aircraft movement and 16 2% in passengers
handled, while cargo has grown at 26.9%.
The Company has obtained an exemption for
Cargo Airlines to the Ground Handling Policy, which mandated outsourcing of
ground handling to approved third party service providers at major airport,
after intensive two years engagement with the Ministry of Civil Aviation and the Director General of AVI Aviation {DGCA) by
appraising them on the special needs of cargo airlines.
The Company has enhanced its engineering capability
and successfully completed the First 4C check on the B757 (VT-BDK) on 24 May
2010, and the first B757 Landing Gear replacement on VT-BDK on 02 June 2010.
During the year, the Company has received
DGCA approval for CAMO (Continuing Airworthiness Maintenance Organization} on
31 July 2010, and the corresponding restructure of CAMO and CAR 145 in the
Engineering and Quality Departments was completed. The Company has obtained
BCAS (Bureau of Civil Aviation Security) approval for off-site warehouse at
Mumbai which facilitated security and palletisation procedures to be performed
at an off-airport facility and eased the congestion at Company's constrained
The Company has obtained a dispensation to
the noise restrictions between 2200 to 0600 hours at Delhi Airport for our
B737-200, which are Chapter 2 aircraft, for the winter schedule, Implementation
of this restriction in future poses a high risk as their capability to meet the
demands of our Delhi station, which has the highest capacity demand1
in the country, would be severely limited without the operations of our two
B737-200 aircraft via Delhi during the restricted hours.
In the beginning of the year the Company has
outstanding Capital Advance of Rs. 566 million and during the year the Company
has taken Rs. 559 million as additional Capital advance towards fixed assets
addition from Blue Dart Express Limited- The Company has converted the entire
capital advance outstanding into term loan from blue dart express limited, and
the rate of interest charged for the this assistance is at an average base rate
of IDBI Bank and ICICI bank.
Contingent
Liabilities:
Rs. In
millions
|
Particular
|
31.03.2010
|
31.03.2009
|
|
Bank Guarantee Note: future cash
outflow can be determined only when guarantees are invoked by parties to whom
it is given. |
164.455
|
121.265
|
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U35303MH1994PLC078691 |
|
Name of the
company |
BLUE DART
AVIATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Blue Dart Centre,
|
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard Chartered Bank, 19, Rajaji Salai, Chennai –
600001, |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Hypothecation |
|
Date of
instrument Creating the charge |
22.12.2008 |
|
Amount secured by
the charge |
Rs.650.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Term Loan Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of Repayment
- To be in 7 half yearly equal installments, starting 3rd year from date of
first draw down Margin - Security
Cover of 1.25 x times Extent and
Operation of the charge - The Bank is having first charge on the security
given by the Company. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on all present and future of the movable properties of
the borrower including without limitation its movable plant and machinery,
furniture and fittings, equipment, computer hardware, computer software,
machinery spares, tools and accessories and other movables |
FIXED ASSETS :
·
Computer Software
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Equipments
·
Leasehold Improvements
·
Aircraft Rotable Parts
·
Vehicles
·
Aircraft Components and overhaul
As per Website
Business Description
Founded in 1983, Blue Dart Aviation Limited is one of the
leading providers of courier and air express delivery services in
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.46.01 |
|
|
1 |
Rs.75.42 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.