MIRA
INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
AIR WORKS INDIA ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
11-40889 |
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Capital Investment
/ Paid-up Capital : |
Rs.233.870 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U74210MH1986PTC040889 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19638D |
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PAN No.: [Permanent Account No.] |
AABCA1069P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company provides comprehensive services in the field of Aviation including consultancy for fixed and rotary wing aircraft including airframe, avionics and engine modification, maintenance, repairs and overhaul (“MRO”), aircraft management, charter services, aircraft and parts sales, aviation staffing and training. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 664000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
latest financials of the company are not available. Mr. Sameer Joshi, finance head has denied to disclose any information
of the subject to us. As per previous year’s record, the financial strength of the company
appeared moderated due to some accumulated losses. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with great
caution. Note : Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information. |
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 |
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 DECLINED
|
Name : |
Mr. Sameer Joshi |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-26158921 / 26158900 |
|
Date : |
06.02.2013 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-26157213 /26124448/9911/ 26157256 /
26157296 / 26157221/26158900 |
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Fax No.: |
91-9324805202 |
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E-Mail : |
91-22-26115232/ 26157069 |
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Website : |
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Area : |
|
|
Location : |
Owned |
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|
|
|
Corporate Office : |
1st Floor, Kalyani House, Plot No. 40, Sector 18, Udyog
Vihar, Gurgaon – 122001, Haryana, India |
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|
|
|
Branches : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai (Madras) ·
Gurgaon ·
Hosur ·
Jakkur ·
Madurai ·
Mumbai ·
New Delhi ·
Pune ·
New Delhi |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Flat # 105/106, |
|
Date of Birth/Age : |
27.11.1953 |
|
Qualification : |
AME |
|
Date of Appointment : |
11.09.1986 |
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DIN No.: |
00327180 |
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|
|
|
Name : |
Mr. Raghudev Gopinath Menon |
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Designation : |
Director |
|
Address : |
Flat # 101/102, |
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Date of Birth/Age : |
07.04.1957 |
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Qualification : |
BSC |
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Date of Appointment : |
11.09.1986 |
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DIN No.: |
00327285 |
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|
|
|
Name : |
Mr. Sahadev Gopinath Menon |
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Designation : |
Director |
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Address : |
102/103, Raj Mandir, Off |
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Date of Birth/Age : |
07.10.1955 |
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Qualification : |
BSC, DBM, AME |
|
Date of Appointment : |
11.09.1986 |
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DIN No.: |
00327226 |
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|
|
|
Name : |
Mr. Suresh Kumar Soni |
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Designation : |
Director |
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Address : |
3403, Fayance Place, |
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Date of Birth/Age : |
20.07.1963 |
|
Date of Appointment : |
16.05.2011 |
|
DIN No.: |
02498900 |
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|
|
|
Name : |
Michael P Schulhof |
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Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
30.11.1942 |
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Date of Appointment : |
04.02.2009 |
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DIN No.: |
01884261 |
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|
|
|
Name : |
Charles Fabrikant |
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Designation : |
Director |
|
Address : |
249 South Woods Road, |
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Date of Birth/Age : |
24.07.1944 |
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Date of Appointment : |
04.02.2009 |
|
DIN No.: |
01887819 |
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|
|
|
Name : |
Mr. Vivek Narayan Gour |
|
Designation : |
Managing Diector |
|
Address : |
Q-6/4, DLF Qutab Enclave 2, |
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Date of Birth/Age : |
10.11.1962 |
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Date of Appointment : |
03.11.2010 |
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DIN No.: |
00254383 |
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|
|
|
Name : |
Luv Chhabra |
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Designation : |
Director |
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Address : |
H-16/4, |
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Date of Birth/Age : |
29.09.1956 |
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Date of Appointment : |
04.02.2008 |
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DIN No.: |
00005413 |
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|
|
|
Name : |
Bala Chaitanya Deshpande |
|
Designation : |
Director |
|
Address : |
202, Cozy Dell St Andra, |
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Date of Birth/Age : |
15.06.1966 |
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Date of Appointment : |
16.05.2011 |
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DIN No.: |
00020130 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Joshi |
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Designation : |
Account Department |
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|
|
|
Name : |
Ms. Poonam Makkar |
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Designation : |
Secretary |
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Address : |
58-R, New Colony, Gurgaon – 122001, |
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Date of Birth/Age : |
30.01.1978 |
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Date of Appointment : |
20.06.2011 |
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Pan No.: |
AGVPD1781C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2011
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Shivdas Menon |
|
1 |
|
Ravi |
|
33059 |
|
Sahadev G Menon |
|
16523 |
|
Raghudev G Menon |
|
16523 |
|
Gaytri Heble |
|
5634 |
|
Kalpana Nair |
|
5634 |
|
Rajdev Menon |
|
16523 |
|
Jaidev Menon |
|
16523 |
|
Nalini Menon |
|
11267 |
|
Indus Age Management Services Private Limited, |
|
42964 |
|
Punj Lloyd Aviation Limited, |
|
175161 |
|
GTI AW I |
|
194078 |
|
Mr. Vivek N Gour Mr. Anand Bhaskar Dhanyamraju Mr, Luv Chhabra (C/o Air Works Employees Welfare Trust) |
|
81345 |
|
Vivek N Gour |
|
12612 |
|
Nea FVCL Limited, |
|
100 |
|
Tusk Investments Fund |
|
40882 |
|
Elephant India Finance Private Limited, |
|
7357 |
|
TOTAL |
|
676186 |
As on 30.08.2011
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Nea FVCL Limited, |
|
100 |
|
TOTAL |
|
100 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Nea FVCL Limited, |
|
178464 |
|
TOTAL |
|
178464 |
As on 17.11.2011
|
Names of Allottee (Equity Share) |
|
No. of Shares
Allotted |
|
Tusk Investments Fund 1 |
|
8513 |
|
TOTAL |
|
8513 |
As on 17.11.2011
|
Names of Allottee (Preference
Share) |
|
No. of Shares
Allotted |
|
IFS Limited, |
|
23938 |
|
TOTAL |
|
23938 |
As on 17.11.2011
|
Names of Allottee (Equity Share) |
|
No. of Shares
Allotted |
|
|
|
7591 |
|
TOTAL |
|
7591 |
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2011
|
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 |
34.77 |
|
Bodies corporate |
33.34 |
|
Directors or relatives of Directors |
11.64 |
|
Other top fifty shareholders |
20.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company provides comprehensive services in the field of Aviation including consultancy for fixed and rotary wing aircraft including airframe, avionics and engine modification, maintenance, repairs and overhaul (“MRO”), aircraft management, charter services, aircraft and parts sales, aviation staffing and training. |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Gurgaon, |
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PAN.: |
AALFS0506L |
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|
|
|
Subsidiary
Companies: |
· Mach Air Sales Limited · AWI MRO Services Private Limited (Formerly Mach Air Sales India Private Limited) CIN NO.:
U63033MH2008PTC177879 · Air Works UK Engineering Limited · SA Air Works India Private Limited ( w.e.f March 29, 2010) CIN NO.:
U63013DL2010PTC200846 |
|
|
|
|
Step down
Subsidiary Companies: |
· Business Aviation Services Limited (w.e.f March 29, 2010) · Air Works Aircraft Sales Limited · Air Livery Limited ·
Air Livery ( · Sprayavia International Limited · Air Livery India Private Limited (w.e.f April 26, 2010) CIN NO.:
U63000DL2010PTC201978 |
CAPITAL STRUCTURE
After 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
725200 |
Equity Shares |
Rs.100/- each |
Rs.72.520 Millions |
|
202500 |
Preferences Shares |
Rs.1000/- each |
Rs.202.500 Millions |
|
|
TOTAL |
|
Rs.275.020
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
692390 |
Equity Shares |
Rs.100/- each |
Rs.69.239
Millions |
|
202402 |
Preferences Shares |
Rs.1000/- each |
Rs.202.402
Millions |
|
|
TOTAL |
|
Rs.271.641 Millions |
As on 30.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
725200 |
Equity Shares |
Rs.100/- each |
Rs.72.520 Millions |
|
202500 |
Preferences Shares |
Rs.1000/- each |
Rs.202.500 Millions |
|
|
TOTAL |
|
Rs.275.020
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
676286 |
Equity Shares |
Rs.100/- each |
Rs.67.629
Millions |
|
178464 |
Preferences Shares |
Rs.1000/- each |
Rs.178.464
Millions |
|
|
TOTAL |
|
Rs.246.093 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
725200 |
Equity Shares |
Rs.100/- each |
Rs.72.520 Millions |
|
202500 |
Preferences Shares |
Rs.1000/- each |
Rs.202.500 Millions |
|
|
TOTAL |
|
Rs.275.020
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
554059 |
Equity Shares |
Rs.100/- each |
Rs.554.059
Millions |
|
178464 |
Preferences Shares |
Rs.1000/- each |
Rs.178.464
Millions |
|
|
TOTAL |
|
Rs.233.870 Millions |
Footnotes
(A) 635,304 equity shares of Rs.100 each fully paid up less: Amount recoverable from ESOP Trust (face value of 81,345 equity shares of Rs.100 each allotted to the Trust)
(B) Preference shares shall be converted into equity shares in a ratio of 1:1 at any time before a period of 15 years from the date of issue of the cumulative convertible preference shares i.e. February 28, 2011
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 |
233.870 |
52.548 |
49.872 |
|
|
2] Share Application Money |
0.131 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1637.965 |
937.946 |
937.946 |
|
|
4] (Accumulated Losses) |
(211.324) |
(237.512) |
(111.554) |
|
|
NETWORTH |
1660.642 |
752.982 |
876.264 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
670.864 |
532.967 |
68.968 |
|
|
2] Unsecured Loans |
60.725 |
0.725 |
0.725 |
|
|
TOTAL BORROWING |
731.589 |
533.692 |
69.693 |
|
|
DEFERRED TAX LIABILITIES |
233.605 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2625.836 |
1286.674 |
945.957 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
408.725 |
129.718 |
89.544 |
|
|
Capital work-in-progress |
68.702 |
20.050 |
38.456 |
|
|
|
|
|
|
|
|
INVESTMENT |
726.374 |
602.056 |
40.694 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
92.255
|
44.881 |
16.674 |
|
|
Sundry Debtors |
653.898
|
223.998 |
125.164 |
|
|
Cash & Bank Balances |
797.795
|
222.928 |
527.357 |
|
|
Other Current Assets |
10.731
|
5.578 |
14.466 |
|
|
Loans & Advances |
213.356
|
301.301 |
225.066 |
|
Total
Current Assets |
1768.035
|
798.686 |
908.727 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
212.960
|
114.540 |
76.509 |
|
|
Other Current Liabilities |
99.967
|
129.945 |
43.644 |
|
|
Provisions |
33.073
|
19.351 |
11.311 |
|
Total
Current Liabilities |
346.000
|
263.836 |
131.464 |
|
|
Net Current Assets |
1422.035
|
534.850 |
777.263 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2625.836 |
1286.674 |
945.957 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1395.530 |
848.370 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1395.530 |
848.370 |
517.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
1102.820 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1102.820 |
907.770 |
599.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
292.710 |
(59.400) |
(82.000) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
206.220 |
50.990 |
2.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.490 |
(110.390) |
(84.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.300 |
15.570 |
18.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
26.190 |
(125.960) |
(102.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
4.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26.190 |
(125.960) |
(106.000) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(237.510) |
(111.550) |
(5.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(211.320) |
(237.510) |
(111.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales and Services |
80.260 |
27.176 |
16.500 |
|
|
TOTAL EARNINGS |
80.260 |
27.176 |
16.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
|
12.007 |
15.839 |
|
|
|
Traded Goods |
|
82.348 |
0.000 |
|
|
|
Capital Goods |
|
31.232 |
32.704 |
|
|
TOTAL IMPORTS |
261.500 |
125.587 |
48.543 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
48.88 |
(242.51) |
(216.370) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.88
|
(14.85) |
(20.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.03
|
(13.57) |
(10.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.17) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.44
|
0.71 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.11
|
3.03 |
6.91 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
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 |
212.960 |
114.540 |
76.509 |
|
TOTAL |
212.960 |
114.540 |
76.509 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
FINANCIAL AND
OPERATIONAL RESULTS
Total Revenue of the Company rose by more than 64% to Rs.1395.53 Million in FY 2010-11 from Rs.848.37 Million in FY 2009-10. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) have changed from (Rs.59.40 Million - Loss) in FY 2009-10 to (Rs.292.71 Million - Profit) in FY 2010-11.
BUSINESS REVIEW
CURRENT YEAR
OUTLOOK AND BUSINESS EXPANSION PROGRAMME’
Air Works continues to maintain its position as the leading
provider of aviation services qualified to maintain over 50 aircraft types, for
over 100 customers across over 12 maintenance locations. Air Works is
Through its Subsidiary in
NATURE OF
OPERATIONS
Subject is a Company registered under Indian Companies Act, 1956. The Company provides comprehensive services in the field of Aviation including consultancy for fixed and rotary wing aircraft including airframe, avionics and engine modification, maintenance, repairs and overhaul (“MRO”), aircraft management, charter services, aircraft and parts sales, aviation staffing and training.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U74210MH1986PTC040889 |
|
Name of the company |
AIR WORKS INDIA ENGINEERING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Email: ashok.shah@airworks.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10225741 |
|
Type of charge |
|
|
Particular of charge holder |
Indus Ind Bank
Limited, 28, |
|
Nature of instrument creating charge |
Supplementary agreement for hypothecation
of stocks, book debts, receivables, plant and machinery, movable fixed
assets, etc. (for enhancement in limits) |
|
Date of instrument Creating the charge |
07.02.2011 |
|
Amount secured by the charge |
Rs.250.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest: As per sanctioned terms Terms of Repayment: 1. Bill/Invoice Discounting- Repayable on
Demand. 2. Cash Credit- Repayable on Demand. 3. Letter of Credit/ Buyers' Credit/
Letter of Comfort/ Letter of Undertaking- At Maturity/ Invocation. Margin: As per sanctioned terms Extent and Operation of charge: The charge by way of hypothecation shall
cover working capital facilities of INR Rs.250.000 millions granted by the
bank to the company |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
First pari passu charge by way of
hypothecation over company's entire current assets (both present and future) Second pari passu charge by way of
hypothecation over company's entire movable fixed assets (both present and
future) excluding vehicles exclusively charged under vehicles finance scheme. |
|
Particulars of the present modification |
The earlier charge amount is now enhanced
from Rs.100.000 millions to Rs.250.000 millions towards enhancement in
working capital limits Also, the earlier first charge on current
and movable fixed assets is now modified to first pari passu charge on
current assets and second pari passu charge on movable fixed assets |
CONTINGENT
LIABILITIES NOT PROVIDED FOR (As on 31.03.2011)
a) Demand by Airport Authority of India for license fee @13% of Gross turnover (GTO) for which the exact amount is not determinable (Previous year- amount not determinable).
b) Cases filed by ex-employees and pending with Labour Courts for which the amount is not determinable (Previous year- amount not determinable).
c) Dividend on 0.001% Cumulative Convertible Preference Shares of Rs. 156 (Previous year Rs. Nil).
UNSECURED LOAN
|
Particular |
As
on 31.03.2011 (Rs.
in Millions) |
As
on 31.03.2010 (Rs.
in Millions) |
|
Loans directors unsecured |
0.725 |
0.725 |
|
Other debt unsecured |
60.000 |
0.000 |
|
Total |
60.725 |
0.725 |
FIXED ASSETS
·
Computer
·
Furniture and Fixture
·
Leasehold Improvements
·
Office Equipments
·
Tooling and Equipments
·
Vehicles
·
Capital Work in Progress
AS PER WEBSITE
PRESS RELEASES
Air Works Makes a
Strategic Investment in Dubai based Empire Aviation Group
New Delhi, June 18, 2012:Air Works India Engineering Private Limited (Air Works), India’s leading provider of Aviation Services, today announced that it has made a strategic investment in Dubai based private aviation specialist, Empire Aviation Group FZCO (EAG). This move will help Air Works increase its footprint in the Middle East and provide world class aircraft management services to its customers in India.
Air Works has funded this strategic investment through a mix of internal accruals and structured debt finance of Rs.1200.000 Millions from KKR and Company L.P. (KKR) a leading global investment firm with deep roots in private equity, diversified capabilities, and an impressive track record.
Formed in Dubai in 2007, by the existing management team and co-founders of the company – Paras Dhamecha and Steve Hartley – EAG is a one-stop shop for integrated private aviation services offering aircraft sales, aircraft management, aircraft charter, and aircraft finance and insurance. Today, the company has more than 100 staff and operates one of the region’s largest managed fleets of business jets, with 20 aircraft under management, operating out of Dubai International Airport.
Commenting on the partnership, EAG co-founder and Executive Director, Paras Dhamecha said: “Since formation in 2007, EAG has successfully built a strong regional aviation business and grown revenues and profit every year. We have also recently been looking at the exciting potential of the Indian aviation market and opened our first branch office there in 2011. So, we warmly welcome this partnership with Air Works - one of the leading companies in India’s rapidly developing private aviation sector - which will help facilitate our entry into India and allow us to exploit more fully the Indian market opportunity by replicating the full portfolio of aviation services for India that we have successfully developed for the Middle East.”
Vivek N Gour, Managing Director, Air Works added: “In continuation of our long term strategy to add significant capabilities to our service portfolio, Air Works is delighted to announce this strategic investment in Empire Aviation Group, which has created a very impressive track record of achievement in its relatively short history. The company has a great business model, a very experienced management team and a strong reputation within the regional and international industry. We are fully confident that by working closely together, Air Works and EAG can build a strong franchise in the emerging aviation markets of India and the Middle East.” Steve Hartley, co-founder and Executive Director of EAG, further commented: “This partnership with Air Works will help EAG to broaden our business base and service offering in the Middle East and India – and beyond. The timing is absolutely right as the global aviation sector recovers and this move will help accelerate EAG’s growth and development as a regional and international player in private aviation, which has been our mission since we started the company in Dubai, in 2007. Air Works is the leading aviation specialist in India and will provide market knowledge, experience and resources, so this is a very exciting opportunity for EAG.”
About Air Works
Established in 1951, Air Works (www.airworks.in) is the leading provider of
aviation services qualified to maintain 50 aircraft types, for over 100
customers across 15 maintenance locations in India.
Air Works is India’s only EASA certified MRO with approvals for ATR 42/72,
Airbus A320, and Boeing 737 Classic/NG series of Aircraft. With a strong
network of OEM relationships, Air Works is an Authorized Service Centre for
Agusta Westland, Bell Helicopter, Bombardier, Dassault Falcon, Embraer, Garmin,
Gulfstream, Hawker Beechcraft, Honeywell and Rockwell Collins.
Through its Air Livery subsidiary, Air Works is one of Europe’s largest
providers of aircraft paint services. Also, ‘SA Air Works India’ Air Works
joint venture with Scandinavian Avionics, Denmark, provides complete turnkey
avionics solutions to both commercial and military customers in India.
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.53.09 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.