|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANGALORE INTERNATIONAL AIRPORT LIMITED |
|
|
|
|
Registered
Office : |
Administration Block, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.01.2001 |
|
|
|
|
Com. Reg. No.: |
08-028418 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3846.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203KA2001PLC028418 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01573F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB8973D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of operations of
the Airport at |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 28000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having
satisfactory track record. The rating takes in to consideration the
company strong operational performance and healthy profitability and cash
accruals and the strengths arising from BIAL’s sponsors, its monopoly
position in Bangalore city and diversified revenue streams with revenues from
aeronautical and non-aeronautical sources and potential for real estate
development. Trade relations are reported to be fair.
Business is active. Payment terms are usually correct. The company can be considered for business
dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
May 2013 |
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.
LOCATIONS
|
Registered Office : |
Administration Block, Bengaluru International Airport, Bangalore –
560300, Karnataka, India |
|
Tel. No.: |
91-80-66782620 |
|
Fax No.: |
91-80-66783368 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 20.07.2012
|
Name : |
Mr. Krishna Reddy Venkata Gunapati |
|
Designation : |
Director |
|
Address : |
6-3-250, Banjara Hills, Hyderabad – 560034, Andhra Pradesh, India |
|
Date of Birth/Age : |
22.03.1937 |
|
Date of Appointment : |
16.07.2010 |
|
DIN No.: |
00005212 |
|
|
|
|
Name : |
Mrs. Indira Krishna Reddy Gunupati |
|
Designation : |
Director |
|
Address : |
6-3-250, Banjara Hills, Hyderabad – 560034, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.10.1944 |
|
Date of Appointment : |
16.07.2010 |
|
DIN No.: |
00005230 |
|
|
|
|
Name : |
Mr. Venkata Sanjayreddy Gunupati |
|
Designation : |
Managing Director |
|
Address : |
6-3-1089/A/5, Raj Bhavan Road, Somajguda, Hyderabad – 560082, Andhra
Pradesh, India |
|
Date of Birth/Age : |
18.11.1964 |
|
Date of Appointment : |
09.04.2010 |
|
DIN No.: |
00005282 |
|
|
|
|
Name : |
Mr. Krishnaram Bhupal |
|
Designation : |
Director |
|
Address : |
6-3-250/1 Road No.1, Banjara Hills, Hyderabad – 560034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
16.03.1983 |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
00005442 |
|
|
|
|
Name : |
Mr. Anumolu Ramakrishna |
|
Designation : |
Director |
|
Address : |
Anmol M-6, Old No. M29, Anna Nagar, Chennai – 600102, Tamilnadu, India
|
|
Date of Birth/Age : |
20.12.1939 |
|
Date of Appointment : |
25.04.2012 |
|
DIN No.: |
00027520 |
|
|
|
|
Name : |
Mr. Nagarajan Lalgudi Venkataraman |
|
Designation : |
Director |
|
Address : |
No.52, 5-A Cross, 16th Main, II Stage, Bangalore – 560076,
Karnataka, India |
|
Date of Birth/Age : |
13.07.1955 |
|
Date of Appointment : |
16.07.2010 |
|
DIN No.: |
00151624 |
|
|
|
|
Name : |
Mr. Pramod Kumar Bhambani |
|
Designation : |
Nominee Director |
|
Address : |
BTC 063, Belvedere Towers, DLF City Phases, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
17.06.1960 |
|
Date of Appointment : |
26.06.2002 |
|
DIN No.: |
00318719 |
|
|
|
|
Name : |
Mr. Sakalespur Visweswaraiya Ranganath |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
No.25, 8th Cross, 2nd Block, Jayanagar,
Bangalore – 560011, Karnataka, India |
|
Date of Birth/Age : |
25.04.1953 |
|
Date of Appointment : |
13.11.2009 |
|
DIN No.: |
00323799 |
|
|
|
|
Name : |
Mr. Klaus Michael Kolof |
|
Designation : |
Director |
|
Address : |
Eggerten 35, Strullen Porf, Germany 96129 |
|
Date of Birth/Age : |
31.05.1967 |
|
Date of Appointment : |
07.04.2006 |
|
DIN No.: |
00338567 |
|
|
|
|
Name : |
Mr. Rajkumar Thakardas Khatri |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B-121, Chentury Park Apartment, 48/Gandhika Apartments, No/26,
Richomond Road, Bangalore – 560025, Karnataka, India |
|
Date of Birth/Age : |
10.09.1961 |
|
Date of Appointment : |
17.06.2011 |
|
DIN No.: |
01787188 |
|
|
|
|
Name : |
Daniel Schmucki |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
8703, Erlenbach, ZH Obstgartenstrasse 11, Zurich – 8703 |
|
Date of Birth/Age : |
06.06.1968 |
|
Date of Appointment : |
19.10.2010 |
|
DIN No.: |
03339936 |
KEY EXECUTIVES
|
Name : |
Mr. S Chandrasekar |
|
Designation : |
Secretary |
|
Address : |
Flat 103, Sowgandhika Apartment, Seshdripuram Fist Main, Bangalore –
560020, Karnataka, India |
|
Date of Birth/Age : |
21.05.1963 |
|
Date of Appointment : |
09.03.2010 |
|
PAN No.: |
AAIPC4487D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
N. R. Narayanan Murthy |
|
1 |
|
G.L. Jere |
|
1 |
|
R. Nagesh |
|
1 |
|
Karnataka State Industrial Infrastructure Development Corporation
Limited, India |
|
49997997 |
|
Airports Authority of India, India
|
|
49998000 |
|
Siemens Project Ventures GmbH, Germany
|
|
99996000 |
|
Flughafen Zuerich AG, Switzerland |
|
19230000 |
|
Bangalore Airport and Infrastructure Developers Private Limited, India
|
|
165378000 |
|
Total |
|
384600000 |
As on 20.07.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
31.00 |
|
Bodies corporate |
43.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of operations of
the Airport at Bangalore. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
IDBI Trusteeship Services Limited, Asian Building, Ground
Floor, 17, R.Kamani Marg, Ballard
Estate, Mumbai - 400001, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11 - 12/1,Koramangala Inner Ring
Road, Bangalore 560 071, Karnataka, India |
|
PAN No.: |
AAIFB7357B |
|
|
|
|
Enterprises which
are owned, or have Significant influence of or are partners with Key
management personnel and their relatives |
· Siemens Project Ventures GmbH · Bangalore Airport and Infrastructure Developers Private Limited · Inorbit Tours Private Limited · GVK Projects and Technical Services Limited · GVK Power and Infrastructure Limited ·
PT GVK Services Indonesia |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
Rs.10/- each |
Rs.7000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
384600000 |
Equity Shares |
Rs.10/- each |
Rs.3846.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3846.000 |
3846.000 |
3846.000 |
|
(b) Reserves & Surplus |
3233.600 |
2200.600 |
560.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7079.600 |
6046.600 |
4406.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
19295.000 |
12735.800 |
14355.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
2508.800 |
2256.600 |
1923.200 |
|
(d) long-term provisions |
23.800 |
29.200 |
21.300 |
|
Total Non-current Liabilities (3) |
21827.600 |
15021.600 |
16300.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
273.300 |
281.700 |
249.400 |
|
(c) Other current
liabilities |
3693.500 |
3347.500 |
2608.400 |
|
(d) Short-term provisions |
68.800 |
89.000 |
67.500 |
|
Total Current Liabilities (4) |
4035.600 |
3718.200 |
2925.300 |
|
|
|
|
|
|
TOTAL |
32942.800 |
24786.400 |
23632.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13347.100 |
14497.400 |
15645.700 |
|
(ii) Intangible Assets |
309.100 |
284.000 |
311.200 |
|
(iii) Capital
work-in-progress |
11535.000 |
4326.600 |
921.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2411.500 |
1852.000 |
928.600 |
|
(e) Other Non-current assets |
27.200 |
0.000 |
0.000 |
|
Total Non-Current Assets |
27629.900 |
20960.000 |
17806.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
161.200 |
152.900 |
138.200 |
|
(c) Trade receivables |
389.700 |
1203.900 |
797.200 |
|
(d) Cash and cash
equivalents |
4213.700 |
2027.700 |
4344.700 |
|
(e) Short-term loans and
advances |
341.200 |
111.700 |
207.100 |
|
(f) Other current assets |
207.100 |
330.200 |
337.900 |
|
Total Current Assets |
5312.900 |
3826.400 |
5825.100 |
|
|
|
|
|
|
TOTAL |
32942.800 |
24786.400 |
23632.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6112.900 |
6056.800 |
5550.700 |
|
|
|
Other Income |
168.300 |
298.400 |
315.200 |
|
|
|
TOTAL (A) |
6281.200 |
6355.200 |
5865.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expense |
838.100 |
728.600 |
656.400 |
|
|
|
Other Expenses |
1901.400 |
1322.600 |
1104.500 |
|
|
|
TOTAL (B) |
2739.500 |
2051.200 |
1760.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3541.700 |
4304.000 |
4105.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1088.000 |
1348.800 |
1435.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2453.700 |
2955.200 |
2669.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1368.700 |
1347.600 |
1346.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1085.000 |
1607.600 |
1322.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.800 |
0.000 |
1.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1043.200 |
1607.600 |
1321.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2202.900 |
595.300 |
(725.700) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3246.100 |
2202.900 |
595.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.71 |
4.18 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
16.61
|
25.30 |
22.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.75
|
26.54 |
38.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.56
|
7.01 |
5.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.73
|
2.11 |
3.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.03 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATIONS DETAILS
|
HIGH COURT OF KARNATAKA - PRINCIPAL BENCH
AT BANGALORE |
|
|
WP 19524/2013 |
|
|
Petitioner/Appnt.
Name (Click) |
UNITED BREWERIES (HOLDINGS) LIMITED |
|
Respondent/Defnt.
Name |
BANGALORE INTERNATIONAL AIRPORT LIMITED |
|
Petnr./Appnt.
Advocate |
R. SHIVCHARAN & AJITH A SHETTY |
|
Respnt./Defnt.
Advocate |
SAJJAN POOVAYYA FOR C/R |
|
Date Filed |
25/04/2013 |
|
Classification: |
GM ( CPC |
|
District |
Bangalore City |
|
|
|
|
Stage |
PENDING FOR ADMISSON |
|
Last Posted for |
PRELIMINARY HEARING - B GROUP |
|
Last Action Taken |
Refd to Mediation Centre |
|
Last Date of Action |
23/08/2013 |
|
Latest Order: |
I.O.CONTN TILL NEXT DT |
|
Before Hon'ble
Judge/s |
H.G.RAMESH |
Lower Court Details
[Appeal from below case.]
|
Case No |
Court name |
Disposal Dt |
|
O.S. 8306/2012 |
CIVIL JUDGE CIVIL STATION BANGALORE |
30/03/2013 |
Note:
The registered office of the company has been shifted from
118, Gayathri Lake Front, Outer Ring Road, Hebbal, Bangalore – 560024,
Karnataka, India to present address w.e.f. 01.02.2009
COMPANY OVERVIEW
The Company has been incorporated on 5 January 2001 for designing, financing, construction, operation and maintenance of an international airport at Devanahalli, Bangalore. Accordingly, a joint venture amongst Siemens Project Ventures GmbH, Germany (hereinafter ‘Siemens’), Flughafen Zurich AG, Switzerland (hereinafter ‘Zurich Airport’), L&T Infrastructure Development Projects Limited (hereinafter ‘L&TIDPL’), Karnataka State Industrial Investment and Development Corporation Limited (hereinafter ‘KSIIDC’) and Airports Authority of India (hereinafter ‘AAI’) was entered into for the execution of this project. Bengaluru International Airport (hereinafter ‘BIA’) has commenced commercial operations on 23 May 2008, the Airport Opening Date (hereinafter ‘AOD’).
During the year 2009-10, Bangalore Airport and Infrastructure Developers Private Limited (hereinafter ‘BAIDPL’) which is a stepdown subsidiary of GVK Power and Infrastructure Limited (hereinafter ‘GVK Power’) had acquired 17% of the outstanding equity shares from L&TIDPL and 12% of the outstanding equity shares from Zurich Airport. Further during the year 2011-12, BAIDPL has acquired 14% of the outstanding equity shares from Siemens. Thus making BAIDPL the single largest shareholder in the Company with 43% stake in aggregate.
FINANCIAL OVERVIEW:
During the year, the Company was able to achieve a turnover of Rs.6281.200 Millions (decreased by 1% compared to the previous year) and has reported a profit after tax of Rs.1043.200 Millions compared to the profit of Rs.1607.600 Millions reported during the last financial year.
OVERVIEW / INDUSTRY
OUTLOOK
Traffic:
During the year 2012 - 2013, Bengaluru International Airport (the ‘Airport’) handled 105,188 Aircraft Movements (‘ATMs’) which is 11.6% lower than the previous year. The number of passengers who travelled through the airport during the year was 11.99 million, which is lower by 5.6% from the previous year.
· The airport welcomed the 50 millionth passenger on 19th December 2012 a significant milestone, since the airport has been operational (May 2008).
· The airport reached half a million aircraft movements on 23rd December 2012 again another milestone, since the airport has been operational (May 2008).
· The Airport terminal and apron expansion is in progress to cater to growing demand anticipated in future.
Domestic
· Domestic airlines continues to grow year on year - Indigo and SpiceJet grew by 29% each and Jet Group has grown by 1%.
· Kingfisher Airlines, one of the largest carriers from Bangalore suspended its operations from October 2012.
· Domestic airlines Indigo and SpiceJet increased frequencies to existing metro and non-metro airports in the country along with connecting new domestic destinations. Domestic carriers added 26 new routes during the year 2012 - 2013.
New routes and
additional flights
· Indigo: Guwahati / Lucknow / Jaipur / Agartala (via Guwahati) / Goa and additional flights to New Delhi / Mumbai / Pune
· Jet Airways and JetLite: Ranchi (Via New Delhi) / Vizag (via Chennai)
· GoAir: Goa; additional flight to New Delhi
SpiceJet: Hubli, Belgaum, Calicut, Madurai, Tuticorin, Raipur (via Hyderabad), Vadodara (via Mumbai), Pondicherry, Mysore, Mangalore, Vijayawada, Rajahmundry.
The need gap generated by Kingfisher Airlines has been operated by domestic Low Cost Carriers predominantly Indigo and SpiceJet.
International
· International ATM traffic showed a cumulative growth of about 1.14 % and passengers grew by 5.26% during the year 2012 - 2013.
· The introduction of new services to Asian destinations by domestic airlines and international low cost carriers are expected during this financial year.
· Overall cargo traffic witnessed a growth of less than 1% due to slowdown in the global cargo business.
· Aero Logic cargo which started its operations to Bangalore in October 2011 grew by over 50% for the period October to March (2012 – 2013).
· Cargo tonnage handled by the Company during the year was at 226,667Metric Tons.
Regulatory Scenario
Appeal No.7 of 2011 against the Airport Economic Regulatory Authority’s ( AERA) Order No. 14 and Direction No.5 (“Single Till” approach) was disposed off by the Hon'ble Appellate Tribunal vide its order dtd.15th February 2013 holding interalia that AERA has not passed any final order determining tariff and it was still open to the Airport Operators to put forth their contentions and submissions before AERA. The Tribunal also recorded that the Appeal was being disposed off without expressing any opinion on the merits of the matter. The matter is now pending before AERA to decide again after hearing all the stake holders.
As regards Appeal No.12 of 2011 against Orders 5,12, 17 and Direction no.4 of AERA (orders to regulate Service Providers), the said appeal is pending for adjudication before the Tribunal.
In the Special Leave Petition filed by Federation of Indian Airlines challenging the ground handling policy of the Ministry of Civil Aviation (MOCA) before the Hon’ble Supreme Court of India, MOCA has constituted a committee to examine the ground handling policy and prepare its report in consultation with all stake holders. MOCA is yet to submit its report to the Hon’ble Court.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Term loans from others |
3335.000 |
3335.000 |
|
Total |
3335.000 |
3335.000 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10398122 |
15/03/2013 * |
11,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B70968904 |
|
2 |
10110203 |
02/05/2008 |
1,500,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARASHTRA - 415002, INDIA |
A40841785 |
|
3 |
10110201 |
02/05/2008 |
2,184,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARASHTRA - 415002, INDIA |
A40841603 |
|
4 |
10110210 |
02/05/2008 |
2,800,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARASHTRA - 415002, INDIA |
A40841694 |
|
5 |
80017265 |
05/12/2008 * |
9,774,600,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A54519368 |
|
6 |
80017268 |
16/06/2005 |
7,351,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
MITTAL COURT, NARIMAN POINT, MAHARASHTRA - 400021, |
- |
* Date of charge modification
FIXED ASSETS
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipment
· Other equipment
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 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.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.