MIRA
INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EON AVIATION PRIVATE LIMITED |
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Registered
Office : |
Shop Nos. 27, 28,29, and 30, First Floor, Shubhada Building, Near RTO
Office, Sir Pochkhanawalla Road, Worli, Mumbai – 400030, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.08.2007 |
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Com. Reg. No.: |
11-173394 |
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Capital
Investment / Paid-up Capital : |
Rs.140.056 Millions |
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CIN No.: [Company Identification
No.] |
U62200MH2007PTC173394 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Aircraft Operator (Fixed Wing and Rotary Wing) |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 an established company having moderate track. There appears
a huge accumulated losses recorded by the company. Profitability of the
company is under pressure However, trade relation are reported is fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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) |
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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
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Registered Office : |
Shop Nos. 27, 28,29, and 30, First Floor, Shubhada Building, Near RTO
Office, Sir Pochkhanawalla Road, Worli, Mumbai – 400030, Maharashtra, India |
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Tel. No.: |
91-22-40778600 |
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Fax No.: |
Not Available |
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E-Mail : |
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Correspondence Office : |
C/o DB House, Yasodham, Gen. A.K. Vaidya Marg, Mumbai - 400 063,
Maharashtra, India |
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Tel No.: |
91-22-40778461 |
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Fax No.: |
91-22-40778539 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sagar Ishwardas Chordia |
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Designation : |
Director |
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Address : |
Mudhwa Road, S. No 81/1, Pune – 411036, |
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Date of Birth/Age : |
05.07.1972 |
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Date of Appointment : |
23.08.2007 |
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DIN No. : |
00054123 |
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Other
directorship :
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Name : |
Mr. Atul Ishwardas Chordia |
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Designation : |
Director |
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Address : |
S. No. 37/1, Ghorpadi Next to ABC Farm, Pune – 411036, |
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Date of Birth/Age : |
13.03.1965 |
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Date of Appointment : |
23.08.2007 |
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DIN No. : |
00054998 |
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Other
directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Atul I Chordia |
|
5000 |
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Sagar I Chordia |
|
5000 |
|
Eon Hadapsar Infrastructure Private Limited, India |
|
990000 |
|
BD and P Hotels (India) Private Limited, India |
|
6162466 |
|
Pony Infrastructure and Contractors Limited, India |
|
6843137 |
|
Total |
|
14005603 |
AS ON 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.92 |
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Directors or relatives of Directors |
0.08 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Aircraft Operator (Fixed Wing and Rotary Wing) |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab National Bank, PNB House, Sir P. M. Road, Fort, Mumbai –
400001, Maharashtra, India |
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Facilities : |
Note: 1.
Secured against hypothecation of specified cars
Repayable within 12 Months
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anand Mehta and Associates Chartered Accountants |
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Address : |
Mulranta, 1st Floor, 334, |
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Tel. No.: |
91-22-23400882 |
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E-Mail : |
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Pan No. : |
AAMFA9112F |
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Associates or Joint Venture : |
·
DB Hospitality Private Limited CIN:U70100MH2004PTC149602 ·
Pony Infrastructure and contractors Limited CIN
:U45201MH2006PLC164787 ·
BD and P Hotels (India) Private Limited CIN:
U55101MH1997PTC107571 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14005603 |
Equity Shares |
Rs. 10/- each |
Rs. 140.056
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 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
140.056 |
140.056 |
140.056 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(537.499) |
(354.724) |
(10.868) |
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NETWORTH |
(397.443) |
(214.668) |
129.188 |
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LOAN FUNDS |
|
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1] Secured Loans |
0.762 |
0.000 |
543.144 |
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2] Unsecured Loans |
2681.143 |
1735.543 |
945.968 |
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TOTAL BORROWING |
2681.905 |
1735.543 |
1489.112 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2284.462 |
1520.875 |
1618.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1377.081 |
1460.879 |
1614.275 |
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Capital work-in-progress |
923.928 |
45.163 |
0.000 |
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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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|
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
65.201
|
39.698 |
0.000 |
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Cash & Bank Balances |
0.380
|
13.964 |
6.364 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
46.385
|
33.031 |
6.088 |
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Total
Current Assets |
111.966
|
86.693 |
12.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
116.654
|
71.050 |
8.427 |
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Other Current Liabilities |
11.859
|
0.810 |
0.000 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
128.513
|
71.860 |
8.427 |
|
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Net Current Assets |
(16.547)
|
14.833 |
4.025 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2284.462 |
1520.875 |
1618.300 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Gross Receipt / Turnover |
440.891 |
228.773 |
0.360 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.996 |
(247.402) |
5.704 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.367 |
89.954 |
4.898 |
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PROFIT BEFORE
TAX (E-F) (G) |
(182.363) |
(337.355) |
10.602 |
|
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Less |
TAX (I) |
0.000 |
0.000 |
(0.071) |
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PROFIT AFTER TAX
(G-I) (J) |
(182.363) |
(337.355) |
(10.673) |
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|
Less |
Prior Period
Adjustments |
0.413 |
6.500 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(354.723) |
(10.868) |
(0.195) |
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BALANCE CARRIED
TO THE B/S |
(537.499) |
(354.723) |
(10.868) |
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|
Earnings Per
Share (Rs.) |
(13.05) |
(24.55) |
(10.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.25)
|
(21.80) |
0.65 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
1.57 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(7.07)
|
(8.42) |
11.59 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
1.21 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Note:
The Registered Office address of the company has been shifted from 31/A,
Ground Floor, Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai – 400026,
Maharashtra, India to the present address w.e.f 19.07.2010.
Operations:
During the period the gross receipts of the company has increased to
Rs.440.891 Millions from Rs.228.773 Millions in the previous year and the loss
for the year is decreased to Rs.182.776 Millions from Rs.343.856 Millions in
the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U62200MH2007PTC173394
|
|
Name of the
company |
EON AVIATION
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop Nos. 27, 28,29, and 30, First Floor, Shubhada Building, Near RTO
Office, Sir Pochkhanawalla Road, Worli, Mumbai – 400030, Maharashtra, India |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable Property |
|
Particular of charge
holder |
Punjab National Bank, PNB House, Sir P. M. Road, Fort, Mumbai –
400001, Maharashtra, India |
|
Nature of
instrument creating charge |
(1) The Supplementary
Agreement (2) The
Tripartite Agreement and (3) Corporate
Guarantee |
|
Date of
instrument Creating the charge |
31.03.2009 |
|
Amount secured by
the charge |
Rs. 579.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest LIBOR + 6.5% Terms of Repayment As per agreement Margin As agreed Extent and Operation of the charge Aircraft- 1 Unit
of Bombardier Challenger 604 Aircraft (Make 1997)—Model No.CL-600-2816)
Serial No.5342- Engine Make-General Electric, Model No.CF34-3B-Engg.
No.872161 and 872162), costing Rs.724.300 millions Others Corporate
Guarantee |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Aircraft- 1 Unit
of Bomardier Challenger 604 Aircraft (Make 1997)—Model No.CL-600-2816) Serial
No.5342- Engine Make-General Electric, Model No.CF34-3B-Engg. No.872161 and
872162) |
Fixed Assets:
- Aircraft and Helicopter
- Computer software
- Mobile phone
- Office equipment
- Furniture and fixtures
- Motor car
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.