MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AIR WORKS INDIA ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Bombay International Air Port, Gate No. 8, Santacruz (East), Mumbai - 400
029, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
11-040889 |
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Capital
Investment / Paid-up Capital : |
Rs.263.507 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) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 8100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Mr. Sameer Joshi, finance head has denied to disclose any information
of the subject to us. There appears some accumulated losses recorded by the company which
has reduced during 2012, due to recording some profit from operation. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some caution. |
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 BY
|
Name : |
Mr. Sameer Joshi |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-26158921 / 26158900 |
|
Date : |
06.02.2013 |
LOCATIONS
|
Registered Office : |
Bombay International Air Port, Gate No. 8, Near Kalina Military, Santacruz
(East), Mumbai - 400 029, Maharashtra, India |
|
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 : |
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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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Tel. No.: |
91-124-46422000 |
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Fax No.: |
91-124-4642250 |
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Branches : |
Located at:
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DIRECTORS
As on 17.08.2012
|
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 |
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Designation : |
Director |
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Address : |
202, Cozy Dell St Andra, WS Road, Bandra (West), Mumbai – 400005,
Maharashtra, India |
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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 |
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Name : |
Mr. Vivek Narayan Gour |
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Designation : |
Managing Diector |
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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 : |
Mr. |
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Designation : |
Director |
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Address : |
Flat # 105/106, |
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Date of Birth/Age : |
27.11.1953 |
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Qualification : |
AME |
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Date of Appointment : |
11.09.1986 |
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DIN No.: |
00327180 |
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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 |
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Date of Appointment : |
11.09.1986 |
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DIN No.: |
00327226 |
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|
|
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Name : |
Mr. Raghudev Gopinath Menon |
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Designation : |
Director |
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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 : |
Michael P Schulhof |
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Designation : |
Director |
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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 |
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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 |
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DIN No.: |
01887819 |
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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 |
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Date of Appointment : |
16.05.2011 |
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DIN No.: |
02498900 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Joshi |
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Designation : |
Account Department |
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Name : |
Mr. Saurabh Mathur |
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Designation : |
Secretary |
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Address : |
2C, Block, 3-Pocket –B, Ashok Vihar, Phase-III, Delhi – 110052, India |
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Date of Birth/Age : |
20.01.1969 |
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Date of Appointment : |
16.01.2012 |
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Pan No.: |
AEOPM0539G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.08.2012
|
Names of
Shareholders (Equity Share) |
|
No. of Shares |
|
Shivdas P. Menon |
|
1 |
|
Ravi S Menon |
|
33059 |
|
Sahadev G Menon |
|
16523 |
|
Gayatri Heble |
|
5634 |
|
Raghudev G Menon |
|
16523 |
|
Kalpana Nair |
|
5634 |
|
Rajdev Menon |
|
16523 |
|
Jaidev Menon |
|
16523 |
|
Nalini Menon |
|
11267 |
|
Indusage Management Services Private Limited, India |
|
42964 |
|
GTI AW i |
|
194078 |
|
Punj Lloyd Aviation Limited, |
|
175161 |
|
Mr. Vivek N Gour Mr. Anand Bhaskar Dhanyamraju Mr, Luv Chhabra (C/o Air Works Employees Welfare Trust) |
|
81345 |
|
Mr. Vivek N Gour |
|
12612 |
|
Nea FVCL Limited, Mauritius |
|
100 |
|
Tusk Investments Fund 1 Limited, Mauritius |
|
49395 |
|
Elephant India Finance Private Limited, India |
|
7357 |
|
GNE Investment Limited, Mauritius |
|
7591 |
|
Nea FVCL Limited, Mauritius |
|
100 |
|
Total |
|
692390 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Nea FVCL Limited, |
|
202402 |
|
TOTAL |
|
202402 |
As on 17.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Venture capita |
0.01 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
36.27 |
|
Bodies corporate |
32.57 |
|
Directors or relatives of Directors |
19.40 |
|
Others |
11.75 |
|
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. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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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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Subsidiaries : |
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Step down
Subsidiary Companies |
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Associates |
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Entity significantly
influenced by the Company |
GTI Gulfstream I Limited |
CAPITAL STRUCTURE
As on 17.08.2012
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 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
725000 |
Equity Shares |
Rs.100/- each |
Rs.72.500 Millions |
|
200 |
A Series Equity shares |
Rs.100/- each |
Rs.0.020 Millions |
|
202500 |
0.001% Cumulative Convertible Preference Shares |
Rs.1000/- each |
Rs.202.500 Millions |
|
|
TOTAL |
|
Rs.275.020
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6109450 |
Equity Shares |
Rs.100/- each |
Rs.61.095
Millions |
|
100 |
A Series Equity shares |
Rs.100/- each |
Rs.0.010 Millions |
|
202402 |
0.001% Cumulative Convertible Preference Shares |
Rs.1000/- each |
Rs.202.402
Millions |
|
|
TOTAL |
|
Rs.263.507 Millions |
(a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting year
|
Equity shares |
Number of shares |
Rs. In Millions |
|
At the beginning of the year |
635,304 |
63.530 |
|
Issued during the year |
56,986 |
5.699 |
|
Outstanding at the
end of the year |
692,290 |
69.229 |
A Series Equity
Shares of Rs.100 each
|
Equity shares |
Number of shares |
Rs. In Millions |
|
At the beginning of the year |
100 |
0.010 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
100 |
0.010 |
0.001% Cumulative
Convertible Preference Shares of Rs.1,000 each
|
Equity shares |
Number of shares |
Rs. In Millions |
|
At the beginning of the year |
178,464 |
178.464 |
|
Issued during the year |
23,938 |
23.938 |
|
Outstanding at the
end of the year |
202,402 |
202.402 |
(b) Terms/ rights
attached to equity shares
Equity Shares
Equity shares have par value ofRs.100 each. Each holder of equity shares is entitled to one vote per share. The Company will pay dividend in Indian rupees, if declared. The dividend, if proposed by the Board of Directors, will be subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Restriction on
transfer of shares
NEA FVCI Limited's prior approval will be required to be sought by each member of the Founders, Punj Lloyd Aviation Limited and GTI AW I if either of them intends to transfer the Equity Shares held by it, before the expiry of three years from the date of first closing i.e. February 28, 2011.
Tusk Invstments Fund-I and Elephant India Finance Private Limited shall be informed by the Founders/ Punj Lloyd Aviation Limited/ GTI AW I, as the case may be, of the details regarding proposed transfer of Equity Shares by it.
Punj Lloyd Aviation Limited shall have the right to sell its Equity Shares after the expiry of three years from the date of First Closing, i.e., February 28, 2011 without seeking NEA FVCI Limited's prior approval but NEA FVCI Limited shall have the Right of First Refusal in respect of these Equity Shares.
Subject to compliance with certain formalities, the Founders (excluding Mr. Raghudev Menon, Mr. Ravi Menon and Mr. Sahadev Menon) have the right to freely transfer their Equity Shares inter-se.
NEA FVCI Limited, Tusk Invstments Fund-I and Elephant India Finance Private Limited shall not be permitted to transfer their respective Equity Shareholding to any of the competitors of Punj Lloyd Aviation Limited listed in Article 6.1.5 of the Articles of Association of the Company.
No shareholder may transfer any of its Equity Shares without first offering the said Equity Shares to the other shareholders in the manner laid down in Article 6.2 of the Articles of Association of the Company.
A Series Equity
Shares of Rs.100 each
Equity shares rank senior to all Equity Shares in all respects, except that they carry voting rights on par with Equity Shares. Such class of equity shares are entitled to dividend at the same rate as declared for Equity Shares, pari passu with Equity Shares
Each Series A Equity Share shall automatically be converted or re-classified into one equity share of the Company upon conversion of CCPS. In the event of liquidation of the Company, the holder of such shares are entitled for preference upon the occurrence of a Liquidation Event with other Current Round Investor Shares.
NEA FVCI Limited may transfer any of its Series A Equity Shares only after first offering the said Series A Equity Shares to the other shareholders in the manner laid down in Article 6.2 of the Articles of Association of the Company.
(c) Terms of
conversion / redemption of CCPS
During the year ended 31 March 2012, the Company has outstanding 202,402 CCPS ofRs.1000 each fully paid up. Such shares are entitled to cumulative dividend of 0.001% p.a. and, subject to applicable law, such higher rates of dividend, on pari passu basis, as may be declared for other shareholders. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Each holder of CCPS is entitled to convert its preference shares into equity shares, at any time during the Conversion Period, at the Conversion Price and the Conversion Ratio then in effect in accordance with the terms of issue of these CCPS. The Company shall mandatorily convert the CCPS into equity shares at the Conversion Price and Conversion Ratio either on the expiry of the Conversion Period; or on the last date on which convertible Securities are permitted to remain outstanding under applicable Law in connection with the closing of a Qualified IPO or other IPO approved by a majority of the Board of Directors and holder of CCPS; or upon any holder of CCPS exercising the Conversion Right for any CCPS held by it - only those CCPS.
The 'Conversion Period' means a period of 15 years commencing from the date of issue of the cumulative CCPS, i.e., February 28, 2011. Preference shares shall be converted into equity shares in a ratio of 1:1.
The Company is committed to provide an exit to secound round of investors as per the terms enshrined in the Articles of the Company
NEA FVCI Limited may transfer any of its Cumulative Converible Preference Shares only after first offering the said Cumulative Converible Preference Shares to the other shareholders in the manner laid down in Article 6.2 of the Articles
(d) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of 5 years immediately preceding the reporting date:
|
Particular |
31.03.2012 |
|
Equity shares of Rs.100 each fully paid up issued by way of bonus shares on 25 October 2007 |
9,222 |
(e) Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Indusage Management Services Private Limited |
42,964 |
6.21% |
|
Tusk Investments Fund I |
49,395 |
7.14% |
|
Mr. Vivek N. Gour, Mr. Anand Bhaskar Dhanyamraju and Mr. Luv Chhabra c/o Air Works Employees' Welfare Trust |
81,345 |
11.75% |
|
Punj Lloyd Aviation Limited |
1,75,161 |
25.30% |
|
GTI AW I |
1,94,078 |
28.03% |
|
NEA FVCI. Limited |
100 |
100.00% |
|
NEA FVCI. Limited |
2,02,402 |
100.00% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
(f) Shares allotted to
the Air Works Employees' Welfare Trust
During the financial year 2010-11, the Company had issued 81,345 Equity Shares at Rs. 4,376.93 each (face value of Rs. 100 each) to Air works Employees’ Welfare Trust (‘AWEWT’). There is a further commitment to issue 32,685 Equity Shares to the trust. The trust has been funded by the Company through an Interest free loan of Rs. 356,041,371 which in turn has purchased 81,345 equity shares from the Company. Accordingly, Rs. 81,34,500 and Rs. 34,79,06,871 have been adjusted with the amount of share capital and securities premium account, respectively, in accordance with guidance note on accounting for employees share based payments issued by the Institute of Chartered Accountants of India.
During the current financial year, AWEWT has granted 77,640 Stock Options of the Company to its eligible employees, out of which 44,697 are Management Options and 32,943 are Performance option. The Managing Director has been given 32,580 Management options and 24,435 Performance options and rest are issued to other key employees of the Company.
None of these Options had vested to the employees as on 31st March, 2012. The relevant terms of the grant of these Stock Options are as follows:
1. Vesting Period: A minimum period of one year between the Grant of Options and Vesting of Options subject to Participant’s continued employment and subject to relevant clauses of the Plan, the Unvested Options shall vest with the grantee automatically in accordance with the following schedule (“Vesting Schedule”):
a. For Management Options: Uniform vesting of 20% at each anniversary of the Grant Date over 5 years;
b. For Performance Options: Will vest in 3 tranches as per the following schedule
i. 1/3rd Performance Options: On achieving gross revenues of Rs. 1350.000 Millions per calendar quarter with an “Adjusted EBITDA” margin of 10% for Air Works Group for 6 consecutive calendar quarters;
ii. 2/3rd Performance Options less Performance Options vested, if any, by operation of Clause 1(b)(i) above: On achieving gross revenues of Rs. 2700.000 Millions per calendar quarter with an “Adjusted EBITDA” margin of 15% for the Air Works Group;
iii. Balance Performance Options: On IPO (marked by equity Shares of the Company getting listed on any recognized stock exchange in India); or substantial stake sale (50% or more in terms of shareholding or voting power) in a private placement to one or more investors; or on attaining a Fair Market Valuation of Rs. 22500.000 Millions for the Air Works Group; or on achieving gross revenues of Rs. 22500.000 Millions for the Group in any moving 12 month period.
2. Exercise Period is defined as period of 10 years from the Grant Date as defined in the Employees’ Stock Option Plan within which the Participant should Exercise his right to apply for Shares against the Option vested in him in pursuance of the Plan.
3. Exercise Price is defined as price payable by the grantee for exercising the Options granted to him in pursuance of the Plan, i.e. Rs. 4,376.93 per Option granted during the financial year 2011-12.
g. The Company has granted to a lender in India, right to subscribe its 30,045 shares of face value Rs.100 each at a price of Rs.3,968.35. This right has originated from the loan taken by the Company in Feb 2010 and repaid during the year. The right can be exercised by the lender at its sole discretion at anytime upto December 31, 2012.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
263.507 |
233.870 |
52.548 |
|
|
2] Share Application Money |
0.000 |
0.131 |
0.000 |
|
|
3] Reserves & Surplus |
1782.945 |
1637.965 |
937.946 |
|
|
4] (Accumulated Losses) |
0.000 |
(211.324) |
(237.512) |
|
|
NETWORTH |
2046.452 |
1660.642 |
752.982 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
244.878 |
670.864 |
532.967 |
|
|
2] Unsecured Loans |
0.725 |
60.725 |
0.725 |
|
|
TOTAL BORROWING |
245.603 |
731.589 |
533.692 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
233.605 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2292.055 |
2625.836 |
1286.674 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
497.315 |
408.725 |
129.718 |
|
|
Capital work-in-progress |
76.334 |
68.702 |
20.050 |
|
|
|
|
|
|
|
|
INVESTMENT |
725.377 |
726.374 |
602.056 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Other Non-Current Assets |
110.849 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.914
|
92.255
|
44.881 |
|
|
Sundry Debtors |
849.652
|
653.898
|
223.998 |
|
|
Cash & Bank Balances |
149.310
|
797.795
|
222.928 |
|
|
Other Current Assets |
22.921
|
10.731
|
5.578 |
|
|
Loans & Advances |
426.478
|
213.356
|
301.301 |
|
Total
Current Assets |
1557.275
|
1768.035
|
798.686 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
282.765
|
212.960
|
114.540 |
|
|
Other Current Liabilities |
324.296
|
99.967
|
129.945 |
|
|
Provisions |
68.034
|
33.073
|
19.351 |
|
Total
Current Liabilities |
675.095
|
346.000
|
263.836 |
|
|
Net Current Assets |
882.180
|
1422.035
|
534.850 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2292.055 |
2625.836 |
1286.674 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1493.560 |
1395.530 |
848.370 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1493.530 |
1395.530 |
848.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1277.400 |
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1277.400 |
1102.820 |
907.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
216.130 |
292.710 |
(59.400) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
93.930 |
206.220 |
50.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
122.200 |
86.490 |
(110.390) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
81.210 |
60.300 |
15.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
40.990 |
26.190 |
(125.960) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
32.790 |
26.190 |
(125.960) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(211.320) |
(237.510) |
(111.550) |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(178.530) |
(211.320) |
(237.510) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales and Services |
342.623 |
80.260 |
27.176 |
|
|
TOTAL EARNINGS |
342.623 |
80.260 |
27.176 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
32.885 |
76.665 |
12.007 |
|
|
|
Traded Goods |
149.378 |
120.587 |
82.348 |
|
|
|
Capital Goods |
52.645 |
41.295 |
31.232 |
|
|
TOTAL IMPORTS |
234.918 |
238.547 |
125.587 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(LOSS) Per Share (Rs.) |
5.19 |
48.88 |
(242.51) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.20
|
1.88
|
(14.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
12.03
|
(13.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02
|
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12
|
0.44
|
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
5.11
|
3.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Creditors due small micro enterprises |
|
0.000 |
0.000 |
|
Creditors due others |
|
212.960 |
114.540 |
|
TOTAL |
282.765 |
212.960 |
114.540 |
|
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 |
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 |
No |
FINANCIAL AND
OPERATIONAL RESULTS
Total Revenue of the Company rose by more than 7 % to Rs. 1493.530 Millions in the financial year 2011-12 from Rs. 1395.530 Millions in financial year 2010-11. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) has changed from Rs. 292.710 Millions in financial year 2010-11 to Rs. 216.130 Millions in financial year 2011-12.
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 14 maintenance locations. Air Works is India’s only EASA certified MRO with approvals for ATR42/72, Airbus A320 and Boeing B737 Classic/NG series. It also became the first General Aviation MRO to have a EASA certification.
The Company continues to expand its OEM relationships and became the Authorized Service Centre for Dassault in the current year in addition to its already existing authorizations for Rockwell Collins, Gulfstream, Bombardier, Honeywell, Agusta Westland, Bell Helicopter, and Superjet International, Hawker Beechcraft and Embrarer. The Company is working on gaining ASF status from Cessna, Willimas and Pratt and Whitney.
Through its Subsidiary in UK namely, Air Livery Limited., Air Works is one of the world’s largest providers of aircraft paint services. Through its support Air Works commenced the Livery operations for commercial aircrafts in India and successfully completed 14 paint jobs during the year.
Also through SA Air Works India Private Limited (joint venture Company promoted by Air Works with Scandinavian Avionics, Denmark), Air Works would provide complete turnkey avionics solutions to commercial and defence Customers in India.
CONTINGENT
LIABILITIES (As on 31.03.2012)
a) Case is pending in City Civil Court of Mumbai in relation to Demand by Mumbai International Airport Private Limited (MIAL) 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 Convertiable Preference Shares of Rs. 312 (Previous Year Rs. 156)
UNSECURED
LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short-Term
Borrowings |
|
|
|
Interest free short term loans from directors' relatives |
0.725 |
0.725 |
|
Short term inter-corporate deposits |
0.000 |
60.000 |
|
Total |
0.725 |
60.725 |
|
Short term inter corporate deposits carried rate of interest @ 12% p.a., and were repaid during the year |
||
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 |
Bombay International Air Port, Gate No. 8, Santacruz, Mumbai - 400
029, Email: ashok.shah@airworks.in |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10354230 |
|
Type of charge |
Book debts Movable property (not being pledge) Others (Current assets, Specified
Account, Fixed Deposits) |
|
Particular of
charge holder |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg,, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Adherence
and Modification dated 21st June, 2012. |
|
Date of
instrument Creating the charge |
21.06.2012 |
|
Amount secured by
the charge |
Rs.1200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.30% p.a.
payable for any interest period Terms of Repayment Deed of Adherence
and Modification dated 21st June, 2012 Extent and Operation of the charge a. Second Charge
by way of hypothecation on pari passu basis over borrowers present and future
current assets - more particularly described in schedule of the Deed of
Hypothecation dated 25th April, 2012 b. First ranking
fixed charge over the specified account and the fixed deposits - more
particularly described in schedule of the Deed of Hypothecation dated 25th
April, 2012. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
a. Second Charge by way of hypothecation on pari passu basis over borrowers present and future current assets - more particularly described in schedule of Deed of Hypothecation dated 25th April, 2012 b. First ranking fixed charge over the specified account and the fixed deposits - more particularly described in schedule of the Deed of Hypothecation dated 25th April, 2012 |
|
Date of
instrument modifying the charge |
23.05.2012 |
|
Particulars of the
present modification |
A loan of
Rs.400.000 Millions was received from Religare Finvest Limited on 27th June,
2012. In terms of clause 2.1(d) of Facility Agreement (as amended), the
Company has utilized Revolving Facility to prepay an amount of Rs. 200.000
Millions and interest thereon to KKR India Financial Services Private Limited
on 27th June, 2012. Therefore, the
net amount secured by way of hypothecation stands modified to Rs.1200.000
Millions. |
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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
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.