MIRA
INFORM REPORT
|
Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOODRICH AEROSPACE SERVICES PRIVATE LIMITED (w.e.f. 06.07.2006) |
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Formerly Known
As : |
Bf Goodrich aerospace aircraft evacuation
systems private limited |
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Registered
Office : |
SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody
Village, Kr Puram, Hobli, Bangalore – 560048, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
30.10.1996 |
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Com. Reg. No.: |
08-021327 |
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Capital
Investment / Paid-up Capital : |
Rs. 12.465 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1996PTC021327 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRG03614C |
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PAN No.: [Permanent Account No.] |
AAACB8857H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of aircraft safety and evacuation systems, assembly of aircraft
lighting system, cargo, electrical power systems, actuation systems and
offshore design services. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 4700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Goodrich Corporation, It is a well – established company having fine track. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per
commitments. The company can be considered good for normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody
Village, Kr Puram, Hobli, Bangalore – 560048, Karnataka |
|
Tel. No.: |
91-80-66160700 / 67370000 |
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Fax No.: |
91-80-66160707 |
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E-Mail : |
gurunandan.molahalliker@goodrich.com |
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Website : |
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Corporate Office : |
117, 5th Main Industrial, Suburb Yeshwanthpur II stage, |
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Tel. No.: |
91-80-28371665 / 28378120 |
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Fax No.: |
91-80-8371664 |
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E-Mail : |
DIRECTORS
AS ON 31.10.2011
|
Name : |
Mr. Christopher Anil Rao |
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Designation : |
Director |
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Address : |
68, Old |
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Date of Birth/Age : |
10.08.1964 |
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Qualification : |
BE Mech |
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Date of Appointment : |
25.01.2001 |
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DIN No.: |
00519821 |
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Name : |
Mr. Igor Victor Tischenko |
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Designation : |
Director |
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Address : |
11009, |
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Date of Birth/Age : |
30.08.1961 |
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Date of Appointment : |
23.03.2010 |
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DIN No.: |
02957141 |
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Name : |
Mr. Thomas Andrew Mepham |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
28.06.2006 |
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DIN No.: |
00667678 |
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Name : |
Ms. Dennis James Cronin |
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Designation : |
Director |
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Address : |
1370, W Raven Dr Cjamdler, Arizona-85286, United States |
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Date of Birth/Age : |
11.10.1965 |
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Date of Appointment : |
24.10.2011 |
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DIN No.: |
03642764 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.10.2011
|
Names of Shareholders |
No. of Shares |
|
Goodrich |
1246474 |
|
Goodrich Aerospace Pte.
Limited, |
1 |
|
Total |
1246475 |
AS ON 31.10.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of aircraft safety and evacuation systems, assembly of
aircraft lighting system, cargo, electrical power systems, actuation systems
and offshore design services. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Actual
Production |
|
Evacuation System |
17288 |
|
Lighting Systems |
316998 |
|
Air Cargo Systems |
21104 |
|
Electrical Power Systems |
352 |
|
Actuation Systems |
22 |
GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
UB City, “ |
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Pan. No.: |
AABFS3421N |
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Ultimate Holding Company : |
Goodrich Corporation, USA |
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Holding Company : |
Goodrich Asia Holdings Pte Limited, Singapore |
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Direct or
indirect subsidiaries of ultimate holding company with which transactions
have taken place: |
·
Goodrich Lighting Systems GmbH, Germany ·
Goodrich Lighting Systems Inc, USA ·
AMI Industries Inc, Colorodo Springs, USA ·
Goodrich Cargo Systems LLC, USA ·
Goodrich Power Systems Pitstone U.K ·
Goodrich Aerostructures Service Centre Asia,
Singapore ·
Goodrich Actuation Systems, France ·
Goodrich SIS, Vergennes |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1246475 |
Equity Shares |
Rs.10/- each |
Rs. 12.465 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.465 |
12.464 |
12.464 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1187.307 |
875.916 |
743.453 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1199.772 |
888.380 |
755.917 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
504.974 |
449.236 |
515.646 |
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|
TOTAL BORROWING |
504.974 |
449.236 |
515.646 |
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DEFERRED TAX LIABILITIES |
27.223 |
10.523 |
14.525 |
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|
|
|
|
|
|
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TOTAL |
1731.969 |
1348.139 |
1286.088 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
816.365 |
700.207 |
652.250 |
|
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Capital work-in-progress |
25.178 |
8.553 |
0.000 |
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|
|
|
|
|
|
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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 |
|
|
|
|
|
|
Inventories |
757.874
|
407.657
|
481.312
|
|
|
Sundry Debtors |
276.058
|
355.098
|
442.059
|
|
|
Cash & Bank Balances |
336.051
|
135.462
|
183.346
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
172.387
|
135.093
|
177.134
|
|
Total
Current Assets |
1542.370
|
1033.310 |
1283.851 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
545.369
|
340.076
|
604.270
|
|
|
Other Current Liabilities |
79.298
|
36.141
|
20.647
|
|
|
Provisions |
27.277
|
17.714
|
25.096
|
|
Total
Current Liabilities |
651.944
|
393.931 |
650.013 |
|
|
Net Current Assets |
890.426
|
639.379
|
633.838
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1731.969 |
1348.139 |
1286.088 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
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Income |
3989.982 |
3328.795 |
3023.562 |
|
|
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Other Income |
|
|
|
|
|
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TOTAL |
3989.982 |
3328.795 |
3023.562 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
3531.730 |
2769.602 |
2529.073 |
|
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Advertising Expenses |
|
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|
|
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TOTAL |
3531.730 |
2769.602 |
2529.073 |
|
|
|
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|
|
|
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PROFIT BEFORE
TAX |
458.252 |
559.193 |
494.489 |
|
|
|
|
|
|
|
|
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Less |
TAX |
146.861 |
140.041 |
30.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
311.391 |
419.152 |
464.133 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
863.383 |
730.920 |
266.787 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
237.966 |
-- |
|
|
|
Tax on Dividend |
0.000 |
48.723 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
1174.774 |
863.383 |
730.920 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
1007.009 |
897.922 |
1016.045 |
|
|
|
Service Income |
0.000 |
657.668 |
431.792 |
|
|
|
|
1116.959 |
737.480 |
0.000 |
|
|
|
|
870.110 |
961.991 |
1039.956 |
|
|
|
|
67.800 |
52.484 |
2.448 |
|
|
TOTAL EARNINGS |
3061.878 |
3307.545 |
2490.241 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2362.136 |
1533.827 |
1764.232 |
|
|
|
Sales of Actuation Systems |
19.551 |
0.000 |
0.000 |
|
|
|
Capital Goods |
95.154 |
48.214 |
78.126 |
|
|
|
Service Income |
897.880 |
657.668 |
0.000 |
|
|
TOTAL IMPORTS |
3374.721 |
2239.709 |
1842.358 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
249.82 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.80
|
12.59
|
15.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.43
|
32.25
|
25.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.62
|
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
0.94
|
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.62
|
1.97 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW
The Company has
achieved a total income of Rs. 3989.982 Millions for the year ended March 31,
2011 as against Rs. 3328.795 Millions achieved during the previous year ended
March 31, 2010. Net Profit of the Company for the year ended March 31, 2011
stood at Rs. 311.391 Millions as against Net Profit of Rs. 419.152 Millions for
the previous year. The Board is confident of achieving better results in the
coming years.
NATURE OF
OPERATIONS
Subject has been
engaged in the business of manufacture of aircraft safety and evacuation
systems, assembly of aircraft lighting system, cargo, electrical power systems,
actuation systems and offshore design services. The manufacturing activities
are carried out by a 100 percent EOU division and the design centre has been
registered with Software Technology Park of India.
FIXED ASSETS
- Leasehold Premises and Improvements
- Plant and Machinery
- Computers including Intangibles
- Tools and Equipments
- Furniture and Fittings
- Office Equipments
- Motor Vehicles
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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
65 |
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.