MIRA
INFORM REPORT
|
Report Date : |
16.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MUMBAI INTERNATIONAL AIRPORT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office of the Airport Director, Terminal – IB, CSI Airport, Mumbai – 400099, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH2006PTC160164 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM6285C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
To Operate, Maintain, Develop, Design, Construct, Upgrade, Modernize,
Expand and Manage the Airport. |
|
|
|
|
No. of Employees
: |
1208 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 56000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having good track
record. Financially company performance is good. Fundamental appears to be
healthy and strong. Company gets good support from their holding companies. Liquidity
position of the company is strong. But, current year financial is missing from government department.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. In view of strong holding and experience director, company can be
considered for business dealing at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Bank loans : (FITCH) BBB+ |
|
Rating Explanation |
Expectations of default risk are current
low. Payment of financial commitment is considered adequate, but adverse
business or economic conditions are more likely to impair this capacity. |
|
Date |
March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office : |
Office of the Airport, Director, Terminal – IB, CSI Airport, Mumbai –
400099, Maharashtra, India |
|
Tel. No.: |
91-22-66714680 / 26264000 / 66850900 |
|
Fax No.: |
91-22-66714611 / 26264684 / 66850652 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 26.07.2012
|
Name : |
Dr. Krishna Reddy Venkata Gunapati |
|
Designation : |
Chairman |
|
Address : |
6-3-250, Banjara
Hills, Hyderabad - 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
16.03.1937 |
|
Qualification : |
BA |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00005212 |
|
|
|
|
Name : |
Mr. Venkata Sanjay Reddy Gunupati |
|
Designation : |
Managing director |
|
Address : |
6-3-1089/A/5,
Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India |
|
Date of Birth/Age : |
22.11.1964 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00005282 |
|
|
|
|
Name : |
Mrs. Indira Krishna Reddy Gunupati |
|
Designation : |
Director |
|
Address : |
6-3-250/1, Banjara
Hills, Hyderabad - 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.10.1944 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00005230 |
|
|
|
|
Name : |
Dr. Anumolu Ramakrishna |
|
Designation : |
Director |
|
Address : |
Anmol, M-6 (Old
No. M-29), Anna Nagar East, Chennai - 600102, Tamilnadu, India |
|
Date of Birth/Age : |
20.12.1939 |
|
Qualification : |
BE, M. Sc |
|
Date of Appointment : |
06.07.2007 |
|
DIN No.: |
00027520 |
|
|
|
|
Name : |
Mr. Vedamuthu Somasundaram |
|
Designation : |
Director |
|
Address : |
Flat No. 5025,
Sector-B, Pocket-7, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
03.09.1955 |
|
Date of Appointment : |
28.07.2011 |
|
DIN No.: |
03574882 |
|
|
|
|
Name : |
Mr. Alok Sinha |
|
Designation : |
Director |
|
Address : |
28-B, Sector
14A, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
16.04.1962 |
|
Qualification : |
M. Sc |
|
Date of Appointment : |
23.10.2009 |
|
DIN No.: |
02669682 |
|
|
|
|
Name : |
Mr. Sudhir Raheja |
|
Designation : |
Director |
|
Address : |
E8, Bali Nagar,
New Delhi - 110015, India |
|
Date of Birth/Age : |
16.06.1958 |
|
Qualification : |
BE |
|
Date of Appointment : |
28.10.2010 |
|
DIN No.: |
02745768 |
|
|
|
|
Name : |
Mr. Krishna Ram Bhupal |
|
Designation : |
Director |
|
Address : |
6 3 250/A/10,
Road No. 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
16 03 1983 |
|
Qualification : |
MBA |
|
Date of Appointment : |
23.10.2009 |
|
DIN No.: |
00005442 |
|
|
|
|
Name : |
Mr. David Edward Cleasby |
|
Designation : |
Director |
|
Address : |
8 Iona Drive,
Glenadrienne, Johannesburg, 2196, South Africa |
|
Date of Birth/Age : |
16.07.1962 |
|
Qualification : |
CA (SA) |
|
Date of Appointment : |
24.10.2011 |
|
DIN No.: |
00266577 |
|
|
|
|
Name : |
Mr. Haroon Jeena |
|
Designation : |
Director |
|
Address : |
19, Amir Ali
Crescent, Azaadville, 1754, South Africa |
|
Date of Birth/Age : |
03.09.1963 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
28.10.2010 |
|
DIN No.: |
03223355 |
|
|
|
|
Name : |
Mr. Issac George Anicattu |
|
Designation : |
Additional director |
|
Address : |
36 Czech Colony,
Sanathnagar, Hyderabad - 500018, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.04.1954 |
|
Date of Appointment : |
26.07.2012 |
|
DIN No.: |
00005456 |
|
|
|
|
Name : |
Mr. Yadavalli Ramamurty Venkata Bhaskara |
|
Designation : |
Additional director |
|
Address : |
House No. 8-2-416,
Stone Valley, C Block, C-3, R No. 4, Bamjara Hills, Hyderabad, Andhra
Pradesh, India |
|
Date of Birth/Age : |
24.06.1960 |
|
Date of Appointment : |
26.07.2012 |
|
DIN No.: |
00185783 |
|
|
|
|
Name : |
Mr. Terence Rory Mackey |
|
Designation : |
Alternate director |
|
Address : |
54 Florence
Avenue, Bedfordview, 2007, South Africa |
|
Date of Birth/Age : |
29.09.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
24.10.2011 |
|
DIN No.: |
01221762 |
|
|
|
|
Name : |
Ms. Monhla Wilma Hlahla |
|
Designation : |
Alternate director |
|
Address : |
47, 16th Street,
Parkhurst, Johanesburg, 2193, South Africa |
|
Date of Birth/Age : |
02.03.1963 |
|
Qualification : |
MA |
|
Date of Appointment : |
28.10.2010 |
|
DIN No.: |
02191711 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Hiran |
|
Designation : |
Secretary |
|
Address : |
Flat No. 163, Malhar
Co-Operative Housing Society Limited, Gokuldham, Goregaon, Mumbai - 400097,
Maharashtra, India |
|
Date of Birth/Age : |
28.06.1970 |
|
Date of Appointment : |
08.05.2006 |
|
PAN No.: |
AAJPH1665F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Airports Authority of India, India |
|
312000000 |
|
GVK Airport Holdings Private Limited, India |
|
606000000 |
|
Bid Services Division (Mauritius) Limited, Mauritius |
|
162000000 |
|
ACSA Global Limited, Mauritius |
|
120000000 |
|
Total |
|
1200000000 |
AS ON 26.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government [Central and State] |
|
26.00 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
23.50 |
|
Bodies
corporate |
|
50.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To Operate, Maintain, Develop, Design, Construct, Upgrade, Modernize,
Expand and Manage the Airport. |
GENERAL INFORMATION
|
No. of Employees : |
1208 (Approximately) |
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra, India. |
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|
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Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R.
Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
#403 and 404,
Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500082, Andhra Pradesh,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB8032G |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
#8-2-293/82/A/1131A,
Road No. 36, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP5579P |
|
|
|
|
Venturers having
joint control : |
Ř GVK Airport
Holdings Private Limited (GVKAHL) Ř Airports
Authority of India (AAI) Ř ACSA Global
Limited, Mauritius (AGL) Ř Bid Services
Division (Mauritius) Limited, Mauritius (BSDL) |
|
|
|
|
Subsidiaries : |
Ř Navi Mumbai
Airport Developers Private Limited (NMADL) [U45200MH2007PTC169174] Ř Mumbai Aerotropolis
Private Limited (MAPL) [U62200MH2008PTC186673] Ř Mumbai Aviation
Fuel Farm Facility Private Limited (MAFFFPL) [U63000MH2010PTC200463] Ř Mumbai Airport
Habitation Private Limited (MAHL) [U45200MH2007PTC168807] |
|
|
|
|
Entities over which the key management personnel
and his relatives exercise significant
influence : |
Ř GVK Industries
Limited (GVKIL) Ř Novopan
Industries Limited (NIL) Ř GVK Airport
Foundation (GVKAF) Ř GVK Power and
Infrastructure Limited (GVKPIL) Ř Orbit Travel and
Tours Private Limited (OTTL) Ř GVK Projects and
Technical Services Limited (GVKPTSL) Ř GVK Jaipur
Expressway Private Limited (GVKJEPL) Ř Taj GVK Hotels
and Resorts Limited (TGVKHRL) |
CAPITAL STRUCTURE
AFTER 26.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 12000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,200,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 12000.000 Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 8000.000 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 |
8000.000 |
6000.000 |
4000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6161.100 |
4190.700 |
2862.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14161.100 |
10190.700 |
6862.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27649.900 |
21006.800 |
13790.000 |
|
|
2] Unsecured Loans |
2500.000 |
0.000 |
911.300 |
|
|
TOTAL BORROWING |
30149.900 |
21006.800 |
14701.300 |
|
|
DEFERRED TAX LIABILITIES |
2179.800 |
1257.000 |
567.000 |
|
|
|
|
|
|
|
|
TOTAL |
46490.800 |
32454.500 |
22131.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21456.700 |
17055.500 |
10785.200 |
|
|
Capital work-in-progress |
18888.600 |
12399.100 |
9545.000 |
|
|
Expenditure pending allocation, net |
4553.900 |
2939.300 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
1909.600 |
777.400 |
426.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.200
|
40.800
|
34.100 |
|
|
Sundry Debtors |
3167.100
|
2698.700
|
2285.800 |
|
|
Cash & Bank Balances |
2776.300
|
1496.200
|
2937.400 |
|
|
Other Current Assets |
58.100
|
33.100
|
390.600 |
|
|
Loans & Advances |
1746.600
|
1478.500
|
756.500 |
|
Total
Current Assets |
7793.300
|
5747.300
|
6404.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5378.800
|
4283.600
|
2576.000 |
|
|
Other Current Liabilities |
2618.700
|
2095.200
|
2404.900 |
|
|
Provisions |
113.800
|
85.300
|
48.700 |
|
Total
Current Liabilities |
8111.300
|
6464.100
|
5029.600 |
|
|
Net Current Assets |
(318.000)
|
(716.800)
|
1374.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46490.800 |
32454.500 |
22131.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
9897.200 |
9437.900 |
|
|
|
Other Income |
|
69.100 |
113.200 |
|
|
|
TOTAL |
11793.500 |
9966.300 |
9551.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Annual Fee |
|
3857.000 |
3696.200 |
|
|
|
Operating and Administrative Expenses |
|
2909.200 |
3301.000 |
|
|
|
TOTAL |
7122.900 |
6766.200 |
6997.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4670.600 |
3200.100 |
2553.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
571.900 |
389.000 |
273.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4098.700 |
2811.100 |
2280.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1138.300 |
793.100 |
399.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONSL ITEM |
2960.400 |
2018.000 |
1881.200 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
0.000 |
0.000 |
540.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2960.400 |
2018.000 |
1341.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
990.000 |
690.000 |
488.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1970.400 |
1328.000 |
852.800 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4190.700 |
2862.700 |
2009.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6161.100 |
4190.700 |
2862.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of Services |
N.A. |
1990.600 |
1779.400 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components / Spares |
|
14.100 |
14.100 |
|
|
|
Capital Goods |
|
606.400 |
582.900 |
|
|
TOTAL IMPORTS |
N.A. |
620.500 |
597.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.85 |
2.90 |
4.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.71 |
13.32
|
8.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A. |
20.39
|
14.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.12 |
8.85
|
7.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70 |
2.70
|
2.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.89
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
5378.800 |
4283.600 |
2576.000 |
|
Sundry creditors |
5378.800 |
4283.600 |
2576.000 |
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BACKGROUND
Mumbai
International Airport Private Limited (the Company or MIAL) is a joint venture between
GVK Airport Holdings Private Limited, Airports Authority of India (AAI), Bid
Services Division (Mauritius) Limited, Mauritius and ACSA Global Limited,
Mauritius. The Company was incorporated on March 2, 2006 in the state of
Maharashtra, India in accordance with the provisions of the Companies Act, 1956
(the Act).
The Company has
entered into an agreement with the AAI on April 4, 2006 for Operation,
Management and Development (OMDA) of the Chhatrapati Shivaji International
Airport, Mumbai (the Airport). With effect from May 3, 2006 (Effective Date)
the Company has taken over operations and management of the airport. Pursuant
to the terms and conditions of the said agreement, the Company has been granted
an exclusive right and authority to undertake operation, maintenance,
development, design, construction, upgradation, modernization, finance and
management of the Airport for a primary period of thirty years.
OPERATIONAL REVIEW
The Company has
completed five years of eventful journey of making Chhatrapati Shivaji
International Airport (CSIA) one of the best airports in the world. In the past
five years, the Company has acted boldly and taken tough decisions and brought
a sea change in the way airport operates. There has been a significant growth
in the annual traffic from around 19 million passengers five years ago to close
to 29 million passengers during FY11. During this period, the Company has
enhanced terminal, airside and landside infrastructure to cater to the growth
in traffic and the evolving passenger needs. Most significantly, the Company
encapsulated a long-term blueprint for the transformation of CSIA with a new
integrated terminal T2 which upon completion will be a unique terminal building
in the world.
This year has seen
positive environment for growth in Indian aviation sector. Passenger numbers,
load factor and yields have all moved upwards on both domestic and
international sectors due to strong demand scenario. During the year FY11, MIAL
handled 242,659 flights, 5.6 % increase from the previous year. Passengers
travelled through the CSI Airport increased by 14% to 29.07 million and cargo
throughput increased by 15% to 670,233 MT as compared to previous year. Out of
total cargo throughput of 670,233 MT at CSIA, MIAL handled 340,260 MT, a growth
of 36% over previous year. In terms of benchmarking with other Indian airports,
CSIA stood 1st with 28.5% share in total cargo tonnage and 2nd with
share of 20.3% in passengers travelled and 17.4% in aircraft movements, across
the country.
The Company is
consistently striving to improve overall passengers experience at CSIA. CSIA
received commendable ASQ rating of 4.60 on a scale of 5 which is a significant
achievement in short span of time.
As a part of the
overall airside improvement and development and to upgrade the cross runway
system and create an efficient airside infrastructure at CSIA, the Company has
undertaken reconstruction of main runway 09/27. The work has commenced from
November 2010, progressing as per schedule and likely to be completed in June
2011. During reconstruction period the main runway remains closed for
operations from 9 am to 5 pm from Monday to Saturday while secondary runway
remains open for flight operations.
Since July10,
Ministry of Civil Aviation (MOCA), Directorate General of Civil Aviation
(DGCA), MIAL and AAI (Air Traffic Control) have been working closely to improve
efficiency and bring down levels of air traffic congestion at CSIA. As a part
of this initiative and to enforce departure discipline, a rule was enforced
whereby all flights had to start pushback i.e. aircraft to leave the bay to
queue up on the runway 15 minutes before departure time. This improved On Time
Performance (OTP) of flights from CSIA over 70 per cent on an average for
departures during main runway closure.
In line with
Company’s ongoing effort to increase the operational efficiency at CSIA, the
Company has appointed NATS Services, UK, for overall airside and air space
capacity enhancement at CSIA. NATS is a premier air navigational service
provider that provides air traffic services at some of UKs key airports such as
Heathrow and Gatwick. NATS report is being reviewed by joint Committee of DGCA,
AAI & MIAL. MIAL is hopeful of achieving 48 ATMs/hour as against 35
ATMs/hour at present in about 2-3 years time after recommendations of NATS are
implemented by all agencies.
During the year,
the Company has initiated Business Continuity Management Program named Project
Continuity" aimed at making the organization resilient in face of
unexpected situations that may disrupt business.
FINANCIAL REVIEW
During the year,
the Company has recorded growth of 18.3% in total revenue compared with the
previous year. The increase in revenue is attributable to an increase of 23.5%
in non-aeronautical revenues and 45.4% in cargo revenues in addition to
marginal increase in aeronautical revenue.
The composition in
revenue was 34% from aero revenue, 41% from non-aero revenue and 25% from cargo
revenue. This year witnessed highest ever total revenues, EBITDA and PAT.
Annual Fee paid to AAI was Rs 4563.700 Millions against Rs 3857.000
Millions in previous year.
BUSINESS OUTLOOK
CURRENT SCENARIO
The rebound in
global aviation industry was strong in 2010 but there is a caution over
prospects in the year 2011 as aviation fuel prices are ruling high. The Asia
Pacific aviation industries annual volume is pegged at USD 158 billion with
4,712 aircraft, 684 million passengers and 18 million tonnes of cargo. The
region contributed to half of USD 16 billion profit earned by all airlines
around the world. FY11 saw domestic traffic growth of 18% and international
growth of 10% in line with Centre for Asia Pacific Aviation ( CAPA) India’s
outlook.
The total
passenger capacity across all airports in India is 200 million, with capacity
for a further 23 million passengers under development. A total of 143 million
passengers traveled through airports across the country during 2010-11, marking
a growth of 16 per cent over the previous year. With traffic grown faster than
capacity, airlines were able to achieve strong load factor in FY11. Load factor
for private carriers remained at 70% or above throughout the year. At the same
time, cargo throughput is about 2.34 million tons, up from 1.96 million tons in
the previous financial year.
With such high
growth in passengers and cargo volumes, the Indian aviation is one of the
fastest growing aviation sector in the world. Indian aviation has all the
necessary ingredients in place to grow exponentially.
Indian aviation
has seen a tremendous growth in the past 10 years due to governments open sky
policy, arrival of low-cost airlines and air travel becoming more affordable
for middle-income people. Indian civil aviation industry is at an inflexion
point and set to enter the next phase of growth with even greater momentum.
The Ministry of
Civil Aviation, Government of India, has estimated that domestic traffic in
India by 2020 could be 280 million passengers with international traffic likely
to exceed 70 million. India’s aircraft requirement by 2020 is estimated to be
1,000-odd aircraft in a mix, depending on the traffic circuits and economic
development of various regions from 430 odd now. Investments worth USD 30 billion
(about Rs 1350000.000 Millions) are required in the next 15 years as Indian
aviation industry expands to keep up with the booming passenger and cargo
traffic. 12 greenfield airports are currently being developed as the country’s
unique geographical position offers an opportunity to become a global hub for
airlines.
FUTURE OUTLOOK/ OPPORTUNITIES
CAPA is projecting
domestic traffic growth of 17-18%, possibly as high as 20%. International
passenger numbers are expected to increase towards upper end of 10-12% range.
Overseas expansion of Indian low cost carriers will drive the acceleration in
traffic.
CRISIL Research
estimates total passenger traffic to increase by 12 to 14 per cent in 2011-12
driven by strong demand from business and leisure travellers. Freight traffic
is also estimated to increase by 12 to 14 per cent given increased transhipment
of cargo to and from India. CRISIL estimates capital investments of Rs 70-75
billion in 2011-12, with PPP (public-private partnership) airports accounting
for 70 per cent of these investments. Investment in airport infrastructure was
over USD 5 billion in 2008 and will increase to USD 9 billion by 2013, of which
close to USD 6.8 billion is expected to come through public private
partnerships (PPP). By 2020, Indian airports will have the increased capacity
to handle 280 million passengers. Investment of USD 110 billion is planned up
to 2020, with USD 30 billion earmarked specifically for airport infrastructure.
Work on 12 new greenfield airports is likely to start soon as approvals have
been granted to airports in different parts of the country.
By the end of this
decade, air traffic in India is projected to grow 3.5 times from today, making
it the third largest market in the world, behind the United States and China.
Preparing for such growth on such a scale requires transformational changes in
the overall administration of the sector.
Strong growth in
traffic is once again highlighting supply-side constraints, most notably in the
areas of airport infrastructure. Capacity shortage is re-emerging at the 4 or 5
largest airports in the country, resulting in growing congestion and delays.
Several other
challenges remain on the horizon. Besides oil prices, inflation in general is a
key macro-economic challenge, the responses to which could have a negative
impact on demand. Governance concern of the government have tarnished India’s
image amongst global investors which has already been reflected in a decline in
foreign direct investment. For aviation sector, besides macro-economic
implications, declining foreign investment has a more direct impact on business
travel. In such a situation when the aviation industry on one hand is preparing
for growth, while on the other getting hurt due to several challenges; it is
essential that the government takes a pro-active approach to ensure good health
of the sector.
As the Aviation
Sector is now regulated, the industry and the government must tackle policy and
regulatory challenges. Airport charges must be affordable and ground handling
operations need to be streamlined so that passengers can experience world-class
services. At the same time, the government needs to frame policies in a manner
to promote private participation in development of aviation infrastructure of
the country.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U45200MH2006PTC160164 |
|
Name of the
company |
MUMBAI
INTERNATIONAL AIRPORT PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Office of the Airport, Director, Terminal – IB, CSI Airport, Mumbai – 400099, Maharashtra,
India Email: vinod.hiran@gvk.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R.
Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India CIN No.: U65991MH2001GOI131154 Email: itsl@idbitrustee.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
IDBI Trusteeship
Services Limited is the security trustee on behalf of consortium lenders IDBI
Bank Limited and Axis bank Limited. Deed of hypothecation dated 25th
September 2012 |
|
Date of
instrument Creating the charge |
25.09.2012 |
|
Amount secured by
the charge |
Rs. 7500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For IDBI- IDBI
Base rate + 0.75% fully floating. For Axis Bank - Axis bank Base Rate + 1.25%
fully floating. Interest rate would automatically change with every change in
bank base rate. Terms of Repayment Loan shall be
repaid in 9 quarterly installments Margin N.A. Extent and Operation of the charge First Charge on
Escrow DF account, Second charge on the borrower's bank accounts permitted by
AAI under OMDA, Charges on DSRA. |
|
Short particulars
of the property charged |
Escrow DF
account, DSRA and TRA as maintained with Axis Bank, Vile Parle (East), Mumbai
Branch. |
CONTINGENT LIABILITIES:
(i). As at March 31,
2011 the estimated amount of contracts (to the extent purchase orders issued)
remaining to be executed on capital account, net of advances is Rs. 26193.000
Millions (2010: Rs. 14720.100 Millions).
(ii). Claims
against the Company not acknowledged as debts:
- Non-Agricultural
tax amounting to Rs. 770.600 Millions (2010: Rs. 770.600 Millions) to the
extent levied by the appropriate authorities on the Airport Land, of which Rs.
116.600 Millions (2010: Rs. 116.600 Millions) was paid under protest (included
in Other Current Assets).
- Income tax
amounting to Rs. 741.300 Millions (2010: Rs. 456.800 Millions) demanded by the
concerned authorities, of which Rs. 650.600 Millions (2010: Rs. 357.500
Millions) was adjusted / paid under protest (included in Loans and Advances).
- Service Tax
amounting to Rs. 3.200 Millions (2010: Rs. Nil) demanded by the concerned
authorities under Section 76, 77, 78 of the Finance Act, 1994.
FIXED ASSETS
Ř
Computers
Ř
Office And Other Equipments
Ř
Furniture And Fixtures
Ř
Vehicles
Ř
Intangible Assets
Ř
Building
Ř
Plant And Machinery
Ř
Computer Software
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 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. 54.96 |
|
|
1 |
Rs. 87.10 |
|
Euro |
1 |
Rs. 70.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.