|
Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAX AEROSPACE AND AVIATION PRIVATE LIMITED (w.e.f. 24.02.2011) |
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|
|
|
Formerly Known
As : |
MAX AEROSPACE AND AVIATION LIMITED |
|
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Registered
Office : |
Hanger No. C1, Juhu Aerodrome, Juhu, Mumbai – 400054, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
12.07.1994 |
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|
|
|
Com. Reg. No.: |
11-079577 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35300MH1994PTC079577 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20125A MUMM10816B |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCM9671M |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Engineering Services to Airlines and Aircraft. |
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|
|
|
No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 460000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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 PARTED BY
|
Name : |
Ms. Pradnya |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-26609723 |
|
Date : |
24.02.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Hanger No. C1, Juhu Aerodrome, Juhu, Mumbai – 400054, Maharashtra,
India |
|
Tel. No.: |
91-22-26609723/ 27 / 28 / 29 |
|
Fax No.: |
91-22-26609724 |
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E-Mail : |
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|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 12.09.2011
|
Name : |
Mr. Bharat Harkishan Malkani |
|
Designation : |
Director |
|
Address : |
Bindiya, Gandhi Gram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1965 |
|
Date of Appointment : |
12.07.1994 |
|
DIN No.: |
00486775 |
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|
|
|
Name : |
Mrs. Jaimini Bipinchandra Chinai |
|
Designation : |
Director |
|
Address : |
305/405 Vasant, Gandhi Gram Road, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1946 |
|
Date of Appointment : |
28.07.2005 |
|
DIN No.: |
02478855 |
|
|
|
|
Name : |
Mrs. Jyoti Bharat Malkani |
|
Designation : |
Director |
|
Address : |
Bindiya, Gandhi Gram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
21.01.1966 |
|
Date of Appointment : |
12.07.1994 |
|
DIN No.: |
02568401 |
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|
|
|
Name : |
Mr. Pravin Harkishan Malkani |
|
Designation : |
Director |
|
Address : |
Bindiya, Gandhi Gram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1968 |
|
Date of Appointment : |
12.07.1994 |
|
DIN No.: |
00486803 |
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|
|
|
Name : |
Mr. Purushotham Bantwal Baliga |
|
Designation : |
Director |
|
Address : |
603/604, Mermaid Apartments, Juhu, Mumbai – 400049, Maharashtra, India
|
|
Date of Birth/Age : |
04.04.1933 |
|
Date of Appointment : |
28.07.2005 |
|
DIN No.: |
02478805 |
KEY EXECUTIVES
|
Name : |
Ms. Pradnya |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bindiya Harkishan Malkani |
|
100 |
|
Bharat Harkishan Malkani |
|
650000 |
|
Jyoti Bharat Malkani |
|
150000 |
|
Pravin Harkishan Malkani |
|
159600 |
|
Babita Pravin Malkani |
|
100 |
|
Anushka Bharat Malkani |
|
40000 |
|
Meghna Bharat Malkani |
|
200 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering Services to Airlines and Aircraft. |
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|
|
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Imports : |
|
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Products : |
Spare Parts |
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Countries : |
·
USA ·
UK |
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Terms : |
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Selling : |
Cash/ Credit |
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Purchasing : |
Cash/ Credit |
GENERAL INFORMATION
|
Customers : |
Airline Industries |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
State Bank of India, Vile Parle (East), Mumbai, Maharashtra, India |
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|||||||||
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Facilities : |
|
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Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
C B Pokle and Company Chartered Accountants |
|
Address : |
201, Chitrakoot, Kasinath Dharu Street, Agra Bazar, Dadar, Mumbai –
400028, Maharashtra, India |
|
Tel. No.: |
91-22-24322223/24 |
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Fax No.: |
91-22-24322225 |
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E-Mail : |
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PAN.: |
AAAFC5077A |
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|
|
|
Subsidiaries : |
·
Max MRO Services Limited CIN No.: U63033MH2008PLC178221 ·
Max Defence Aerospace Limited CIN No.: U62200MH2008PLC178218 |
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|
|
|
Associates : |
·
Hotel Transit Private Limited ·
Max Defence Systems Limited ·
Max Aviation Infrastructure and Projects Services
Private Limited ·
DSQ Architects Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
|
|
|
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
17.500 |
25.000 |
|
|
3] Reserves & Surplus |
105.021 |
53.745 |
29.125 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
115.021 |
81.245 |
64.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
13.200 |
22.992 |
18.992 |
|
|
TOTAL BORROWING |
13.200 |
22.992 |
18.992 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128.221 |
104.237 |
83.117 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.550 |
19.255 |
21.692 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.919 |
1.016 |
1.016 |
|
|
DEFERREX TAX ASSETS |
2.188 |
1.755 |
0.705 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.560
|
33.753
|
33.308 |
|
|
Sundry Debtors |
62.940
|
52.939
|
23.026 |
|
|
Cash & Bank Balances |
2.021
|
3.422
|
3.223 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
31.353
|
23.556
|
23.891 |
|
Total
Current Assets |
142.874
|
113.670
|
83.448 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.656
|
21.832
|
18.159 |
|
|
Other Current Liabilities |
6.107
|
2.328
|
1.831 |
|
|
Provisions |
16.650
|
7.445
|
3.945 |
|
Total
Current Liabilities |
40.413
|
31.605
|
23.935 |
|
|
Net Current Assets |
102.461
|
82.065
|
59.513 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.103 |
0.146 |
0.191 |
|
|
|
|
|
|
|
|
TOTAL |
128.221 |
104.237 |
83.117 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
176.188 |
133.755 |
107.605 |
|
|
|
Other Income |
8.506 |
1.305 |
1.995 |
|
|
|
TOTAL (A) |
184.694 |
135.060 |
109.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
66.505 |
43.928 |
32.154 |
|
|
|
Personnel Expenses |
26.545 |
23.383 |
22.425 |
|
|
|
Sales, General and Administrative Expenses |
27.718 |
39.150 |
31.525 |
|
|
|
TOTAL (B) |
120.768 |
106.461 |
86.104 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.926 |
28.599 |
23.496 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.515 |
0.651 |
5.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.411 |
27.948 |
18.293 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.658 |
2.874 |
3.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
60.753 |
25.074 |
15.032 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.670 |
0.550 |
(0.914) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
51.083 |
24.524 |
15.946 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
0.193 |
0.096 |
(1.828) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.745 |
18.125 |
4.007 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
20.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
44.021 |
22.745 |
18.125 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
35.824 |
40.895 |
|
|
TOTAL EARNINGS |
NA |
35.824 |
40.895 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of import on CIF basis |
NA |
35.498 |
16.101 |
|
|
TOTAL IMPORTS |
NA |
35.498 |
16.101 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.28 |
24.62 |
14.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
27.66
|
18.15
|
14.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.48
|
18.74
|
13.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.87
|
18.86
|
14.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.30
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.67
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.53
|
1.38
|
1.40 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors for Goods |
11.008 |
10.176 |
8.041 |
|
Creditors for Expenses |
1.991 |
8.211 |
5.232 |
|
Creditors Others |
4.657 |
3.445 |
4.886 |
|
Total |
17.656
|
21.832
|
18.159 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATIONS AND OVERVIEW
The Company has
recorded a turnover of Rs. 176.188
Millions (Previous Year : Rs. 133.755 Millions) and Profit Before Tax of Rs.
60.754 Millions (Previous Year : Rs.
25.075 Millions) resulting in growth of 31.72% and 142.89% respectively.
During the year, the upswing was witnessed in Civil and Defence operations.
The Company has
entered into collaboration with Air France to tap a huge opportunity in Indian
Aviation MRO Industry. This collaboration will take place through subsidiary,
Max MRO Services Private
Limited. This step will significantly strengthen the company's market position
globally as the Company stands duly approved as Maintenance Organisation under
CAR 145 by European Aviation Safety Aegency
(EASA).
The company has
been adjudged Best 3rd Party Defense MRO in India and was awarded Trophy by MRQ lndia in March 2011.
FIXED ASSETS
·
Equipments
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computers
·
Vehicles
TRADE REFERENCES
·
Jet Airways
·
Spicejet
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.49.14 |
|
|
1 |
Rs.77.86 |
|
Euro |
1 |
Rs.66.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
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.