MIRA
INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPICEJET LIMITED |
|
|
|
|
Registered
Office : |
Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai –
600028, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.02.1984 |
|
|
|
|
Com. Reg. No.: |
18-082330 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4843.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909TN1984PLC082330 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of providing
air transport services for the carriage of passengers |
|
|
|
|
No. of Employees
: |
5252 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 63000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company during
the financial year 2013. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings with great
caution. |
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) |
|
|
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91.124-3913939)
LOCATIONS
|
Registered Office : |
Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai –
600028, Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
319, Udyog Vihar, Phase – IV, Gurgaon – 122016, Haryana, India |
|
Tel. No.: |
91-124-3913939 |
|
Fax No.: |
91-124-3913844 |
DIRECTORS
As on 31.03.2013
|
Name : |
Kalanithi Maran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Kavery Kalanithi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Natrajhen |
|
Designation : |
Managing Director (upto 12.08.2011) |
|
|
|
|
Name : |
Mr. J. Ravindran |
|
Designation : |
Director |
|
|
|
|
Name : |
M. K. Harinarayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Nicholas Martin Paul |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Ravivenktesh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Chandan Sand |
|
Designation : |
General Manager (Legal) and Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
114741753 |
22.05 |
|
|
156518005 |
30.08 |
|
|
271259758 |
52.14 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
271259758 |
52.14 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
29013415 |
5.58 |
|
|
2600 |
0.00 |
|
|
10471824 |
2.01 |
|
|
39487839 |
7.59 |
|
|
|
|
|
|
56730768 |
10.90 |
|
|
|
|
|
|
70833986 |
13.61 |
|
|
71617087 |
13.77 |
|
|
10351745 |
1.99 |
|
|
11101 |
0.00 |
|
|
7416047 |
1.43 |
|
|
2924597 |
0.56 |
|
|
209533586 |
40.27 |
|
Total
Public shareholding (B) |
249021425 |
47.86 |
|
Total
(A)+(B) |
520281183 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
520281183 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
providing air transport services for the carriage of passengers. |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
5252 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Allahabad Bank ·
HDFC Bank Limited ·
State Bank of India ·
Yes Bank Limited ·
ICICI Bank Limited ·
City Union Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Term loan from banks has a moratorium
period of 12 months from the date of disbursement of the loan and is repayable
in 12 equal quarterly installments after the moratorium period commencing
from April 2012. This interest on this loan ranges from 12.25% to 12.86%. The loan and other facilities granted by
the said lender are secured by exclusive charge on current assets both
present and future excluding lien marked deposits, second charge on movable
fixed assets, both present and future, pledge of shares of the Company owned
by KAL Airways Private Limited (“KAL Airways”) and an unconditional and
irrevocable guarantees from KAL Airways and Mr. Kalanithi Maran. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
Tidel Park, 6th and 7th Floor-A, Block (Module 601,
701-702)No.4, Rajiv Gandhi Salai, Gandhi Salai, Taramani, Chennai – 600113,
Tamilnadu, India |
|
|
|
|
Enterprises over
which parties above or their relatives have control / significant influence
(‘Affiliates’) : |
·
Sun TV Network
Limited ·
Digital Radio
(Delhi) Broadcasting Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
484349730 |
Equity Shares |
Rs. 10/- each |
Rs.4843.500 Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
441449730 |
4414.497 |
|
Shares issued during the year |
|
|
|
- on preferential allotment to promoter
group |
42900000 |
429.000 |
|
- on exercise of Employee Stock Option
Plan (“ESOP”) |
- |
|
|
Shares outstanding at the end of the year |
484349730 |
4843.497 |
b)
Terms / rights attached to equity shares
The Company has only one class of equity shares
having a par value of Rs 10 per share. Each holder of equity shares is entitled
to one vote per share. 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.
c)
Aggregate number of bonus shares, Shares issued for
consideration other than cash and shares bought back during the period of five
years immediately preceeding the reporting date:
The Company has issued total 1732865
shares during the period of five years
immediately preceeding the reporting date on exercise of options granted under
the employee stock option (‘ESOP’) plan wherein part consideration was received
in form of employee services.
d)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
KAL Airways Private Limited |
156518005 |
32.3% |
|
Mr. Kalanithi Maran |
78810300 |
16.3% |
|
Total |
235328305 |
48.60% |
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 ownership of shares.
LISTING DETAILS:
|
Subject Stock Code : |
BSE : 500285 Reuters : SPJT.BO Bloomberg : SJET |
|
ISIN in NSDL and CDSL for shares |
INE285B01017 |
|
Stock Exchange
Place : |
·
Bangalore Stock Exchange Limited ·
Calcutta Stock Exchange Association Limited ·
Cochin Stock Exchange Limited ·
Delhi Stock Exchange Assoc. Limited ·
Madras Stock Exchange Limited ·
National Stock Exchange of India Limited ·
The Stock Exchange, Mumbai |
|
Listed Date : |
Not Available |
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 |
4843.500 |
4414.500 |
4053.780 |
|
(b) Reserves & Surplus |
(7223.630) |
(5886.820) |
(842.730) |
|
(c) Money
received against share warrants |
135.680 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
(2244.450) |
(1472.320) |
3211.050 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14299.620 |
6504.350 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1003.370 |
718.730 |
195.190 |
|
(c) Other long term liabilities |
225.280 |
135.180 |
0.000 |
|
(d) long-term provisions |
116.760 |
84.680 |
56.910 |
|
Total Non-current Liabilities (3) |
15645.030 |
7442.940 |
252.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2481.520 |
2050.000 |
550.000 |
|
(b) Trade payables |
6887.010 |
4701.270 |
2687.450 |
|
(c) Other current
liabilities |
7886.790 |
6915.830 |
4368.920 |
|
(d) Short-term provisions |
54.200 |
65.670 |
26.540 |
|
Total Current Liabilities (4) |
17309.520 |
13732.770 |
7632.910 |
|
|
|
|
|
|
TOTAL |
30710.100 |
19703.390 |
11096.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17925.450 |
8496.650 |
853.380 |
|
(ii) Intangible Assets |
9.770 |
5.470 |
14.10 |
|
(iii) Capital
work-in-progress |
12.050 |
0.640 |
1.600 |
|
(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 |
2279.040 |
4701.320 |
5720.060 |
|
(e) Other Non-current assets |
2627.050 |
2156.280 |
1688.500 |
|
Total Non-Current Assets |
22853.360 |
15360.360 |
8277.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
456.230 |
316.530 |
203.500 |
|
(c) Trade receivables |
1050.320 |
204.090 |
171.820 |
|
(d) Cash and cash
equivalents |
2170.820 |
2359.070 |
140.030 |
|
(e) Short-term loans and
advances |
1905.040 |
1334.570 |
2159.350 |
|
(f) Other current assets |
2274.330 |
128.770 |
143.720 |
|
Total Current Assets |
7856.740 |
4343.030 |
2818.420 |
|
|
|
|
|
|
TOTAL |
30710.100 |
19703.390 |
11096.060 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56006.780 |
39432.620 |
28769.680 |
|
|
|
Other Income |
1618.030 |
547.100 |
869.470 |
|
|
|
TOTAL (A) |
57624.810 |
39979.720 |
29639.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
48104.770 |
37079.000 |
22546.600 |
|
|
|
Employee Benefit Expenses |
5267.990 |
4028.720 |
2439.260 |
|
|
|
Selling Expenses |
2791.450 |
2704.200 |
2094.670 |
|
|
|
Other Expenses |
1805.330 |
1604.350 |
1083.410 |
|
|
|
TOTAL (B) |
57969.540 |
45416.270 |
28163.940 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(344.730) |
(5436.550) |
1475.210 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
730.580 |
311.150 |
104.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1075.310) |
(5747.700) |
1370.790 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
835.450 |
309.980 |
89.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1910.760) |
(6057.680) |
1281.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
247.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1910.760) |
(6057.680) |
(1024.320) |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
0.000 |
0.000 |
22.770 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Passenger Revenue |
1121.280 |
246.150 |
94.980 |
|
|
|
Cargo Revenue |
1.930 |
4.330 |
0.000 |
|
|
|
Profit on sale of aircraft (net) |
0.000 |
39.960 |
147.140 |
|
|
|
Incentives received |
311.870 |
301.120 |
297.730 |
|
|
|
Income from wet lease of aircraft |
356.450 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1791.530 |
591.560 |
539.850 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
9674.610 |
7367.470 |
130.430 |
|
|
|
Stores and spares |
539.660 |
509.350 |
343.810 |
|
|
|
Aviation turbine fuel |
574.800 |
153.770 |
40.610 |
|
|
TOTAL IMPORTS |
10789.070 |
8030.590 |
514.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.95) |
(14.35) |
2.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(3.32)
|
(15.15) |
(3.46) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.41)
|
(15.36) |
4.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.41)
|
(47.16) |
34.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
4.11 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(7.48)
|
(5.81) |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45
|
0.32 |
0.37 |
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 |
---------- |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
External commercial borrowing |
13505.790 |
6149.250 |
|
Less: Current maturities of long term
borrowings |
(1223.760) |
(531.400) |
|
13,000,000 14% Unsecured Compulsorily
Convertible Debentures of Rs.100/- each |
1300.000 |
0.000 |
|
Short Term Borrowings |
|
|
|
Inter corporate deposits |
50.000 |
50.000 |
|
Short term loan from bank |
1000.000 |
1000.000 |
|
Working capital demand loan from bank |
1431.520 |
1000.000 |
|
Total |
16063.550 |
7667.850 |
Long Term Borrowings
a.
The external
commercial borrowing (“ECB”) relates to the acquisition of “Bombardier Q400
Aircraft”. The ECB has been approved by the Reserve Bank of India and is granted
through a finance lease structure between the Company and the lessor with
lending from Export Development Canada. The related aircrafts are owned by the
lessor until the repayment of all outstanding by the Company under respective
finance leases. As per the terms of these lease agreements with the lessor, the
Company may opt for either fixed or a floating rate of interest benchmarked to
LIBOR for each drawdown, which coincides with the delivery of each aircraft.
The interest on these borrowings ranges from 2.4% to 4.1%. Under each lease
agreement the Company is required to make payment of lease rentals over a
period of forty-eight quarters to lessor or its nominees.
b.
13,000,000 14%
unsecured compulsorily convertible debentures are convertible into 35931453
equity shares at a price of Rs 36.18 per equity share effective from April 1,
2013 and July 30, 2014, (being 18 months from the date of allotment). If the
conversion option is not exercised, all of these debentures will compulsorily
be converted into equity shares on the expiry of 18 months from the date of
allotment.
Subsequent to the year end, upon exercise
of the option by the debenture holder, these debentures have been converted
into equity shares of the Company.
Short Term Borrowings
Short term loan from bank is repayable at the end of every quarter
unless renewed, with the first repayment falling due in July 2013. The loan is
secured by fixed deposits of the promoters of the Company.
Working capital demand loan from bank is
secured by the personal guarantee of the Company’s promoter, Mr. Kalanithi
Maran and is repayable on demand.
The interest on these borrowings range
between 11% to 13.50%”
CORPORATE INFORMATION
The Company was incorporated on February 9, 1984 as a limited Company
under the Companies Act, 1956 and is listed on the Bombay Stock Exchange
Limited (‘BSE’). The Company is engaged in the business of providing air
transport services for the carriage of passengers. The Company is a low cost
carrier (‘LCC’) operating under the brand name of ‘SpiceJet’ in India since May
23, 2005. The Company currently operates a fleet of 52 aircrafts across various
routes in India as at March 31, 2013. SpiceJet has also obtained permission of
the Directorate General of Civil Aviation (DGCA) to operate on selected routes
outside India and has commenced international operations from October 2010.
During the year, the Company issued 42,900,000 shares to Mr. Kalanithi
Maran, the promoter of the Company through a preferential allotment at a price
of Rs. 23.18 per share aggregating to Rs. 994.420 million.
Further, the Company has also issued the following securities to the
promoter of the Company on a preferential basis in the current year:
(i)
13,000,000 14%
Unsecured Compulsorily Convertible Debentures of Rs.100 each aggregating to
Rs.1,300.00 million which are convertible into equity shares of the Company at
a price of Rs. 36.18 per equity share; and
(ii)
15,000,000
Warrants, which provide the option to apply for and be allotted equivalent
number of equity shares of the face value of Rs.10 each at a premium of
Rs.26.18 each.
Subsequent to the year end, the Promoter exercised his right to convert
the 13,000,000 14% Unsecured Compulsorily Convertible Debentures into equity
shares of the Company, pursuant to which 35,931,453 equity shares of the
Company were allotted to the promoter at a price of Rs.36.18 per equity share.
BUSINESS
The Company completed its eighth year of operations on May 23, 2013. In
its eighth year of operations, the Company focused on consolidating its
operations on key routes and maintained its fleet size to 55 aircraft covering
54 destinations and operating 370 flights per day, as on the date of this
report.
During the year ended March 2013, the Company carried 12.75 million passengers.
Further, the average load factor of 74.31% was recorded, with a market share of
over 20.40% for the month of March 2013. The Company also improved its average
deployed fleet to 45.90 aircraft versus 32.50 aircraft for previous year.
During the year under review, the Company also inducted additional
Bombardier Q400 aircraft to its fleet to connect to Tier II and III cities in
order to have wide market penetration and better connectivity.
The company also focused on processes to generate ancillary revenues
which effectively offset cost of operations. The Company has managed to improve
the operating revenue per ASKM to Rs. 3.50 from Rs.2.88 in previous year.
FUTURE OUTLOOK FOR
SPICEJET
In the last eight years of operations, The Company has continued to
maintain its efficiency in asset utilisation which has resulted in being one of
the lowest seat cost provider in Indian aviation. The Company’s brand has
received various accolades and recognition, which drives consumers’ preference.
While the industry outlook for financial year 2013-14 looks a bit challenging,
SpiceJet has increased its foot print in international operations and will
continue to add international destinations and routes. This will result in
additional aircraft utilisation and secure better yields. This will also offset
the risk of infusion of additional capacities into domestic sectors.
The Company’s Bombardier Q400 foray continues to consolidate by
providing connectivity to Tier II and Tier III cities. These airports due to
its infrastructure constraints give The Company a distinct competitive
advantage.
With this threefold strategy of Boeing 737 domestic, international and
Bombardier Q400 domestic operations, SpiceJet provides seamless connection to a
large section of consumers and is a true national network.
FUTURE OPERATIONS
For the year 2013-14, the Company plans to add seven (7) more Boeing
737NGs and expect majority of the capacity increase to be deployed in the
International markets for which it has secured rights for these planned
additions.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10312651 |
14/12/2012 * |
14,684,760,000.00 |
Export Development Canada |
150 Slater Street, Ottawa, -
K1A1K3, CANADA |
B64343536 |
|
2 |
10283803 |
21/04/2011 |
1,000,000,000.00 |
YES BANK LIMITED |
48, NYAYA MARG, CHANAKYAPURI,
NEW DELHI, Delhi - |
B11988417 |
|
3 |
10281542 |
19/10/2011 * |
2,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra -
400018, INDIA |
B25129321 |
|
4 |
10141013 |
17/05/2013 * |
2,200,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH,
ALLAHABAD BANK BUILDING, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI,
Maharashtra - 400023, INDIA |
B77411213 |
|
5 |
80011521 |
19/07/2005 |
215,000,000.00 |
ICICI BANK LIMITED |
9A, PHELPS BUILDING, CONNAUGHT
PLACE, NEW DELHI, Haryana - 122016, INDIA |
- |
FIXED ASSETS
·
Plant and Machinery
·
Rotable and Tools
·
Office equipment
·
Computers
·
Furniture and Fixture
·
Motor Vehicles
·
Capital expenditure on
leased property
·
Software
NEWS:
SPICEJET MAY ISSUE FRESH SHARES TO BRING IN INVESTOR: SRCS
SpiceJet’s debt doubled in FY13 on a annual basis at Rs.14300.000 Millions. The company has been focused on bringing down debt and expanding its operations, and so an investor would be the right fit.
The consolidation in the aviation sector is getting interesting every day.
SpiceJet, which has been struggling at the back of high aviation turbine fuel (ATF) prices and competition from players like Indigo, has been on the lookout for potential investors, reports CNBC-TV18’s Kritika Saxena quoting sources.
The promoters of SpiceJet are not looking at divesting any stake directly from the company, say sources. The Promoters of SpiceJet, Sun Group, currently hold 52% stake in the company, of which a majority share is held by Kalanithi Maran.
Also read: Airlines into audit red-flags over 'going concern' claims
“Sun group is finalising the contours of the stake sale and have indicated to prospective investors that it will be a fresh issue of shares in order to bring in liquidity into the company;” said a source familiar with the development.
SpiceJet’s debt doubled in FY13 on a annual basis at Rs.14300.000 Millions. The company has been focused on bringing down debt and expanding its operations, and so an investor would be the right fit.
However, till the Jet Airways -Etihad deal is finalised, industry watchers say that all foreign carriers would be wary of signing a deal in India owing to the slow progress on regulatory clearances. But with a provision for 49% FDI in domestic airlines, the sector is still attractive.
A senior executive in SpiceJet who did not wish to be named, confirmed that Sun Group was only looking at bringing in a investor for a minority stake. “The exact percentage post the issue that the investor gets could be anywhere between 15-20%. The company is open to foreign carriers’ as well private equity investors.”
SPICEJET POSTS 31% GROWTH IN REVENUES FOR THE QUARTER
Outperforms the domestic industry with a 20% passenger growth.
Market share improved from 17.1% to 20.4% in FY 2013
Chennai, May 24, 2013: The continued weakness of Indian Rupee, high fuel prices and significant tax burden continued to hurt the entire domestic aviation sector. However, for yet another quarter SpiceJet was able to successfully grow passenger traffic by around 20%, outperforming the domestic industry passenger growth. However, the increase in fares was inadequate to fully absorb the impact of higher costs of operation.
Revenue for the fourth quarter ended March 31, 2013 increased by 31% to Rs 14560.000 Millions as compared to Rs 11130.000 Millions of the quarter ended March 31, 2012.
The average passenger yields in the March quarter increased 8% as compared to the corresponding quarter a year ago.
Load factor during the March, 2013 quarter was 76% from 74% during the same period last year.
SpiceJet’s Market Share in March 2013 increased to 20.4% from 17.1% in March 2012.
SpiceJet posted a loss of Rs. 1860.000 Millions for the quarter ended March 31, 2013 compared with a loss of Rs. 2490.000 Millions for the comparable period last fiscal year. For the financial year ended March 31, 2013 the company’s net loss stood at Rs 1910.000 Millions against a net loss of Rs 6060.000 Millionsin the prior year.
Highlights for the quarter ended March 31, 2013 Vs March 31, 2012
Operational
· 20% growth in number of passengers.
· 22% growth of Available Seat Kilometers.
· 27% growth in number of departures.
Financial
for the Quarter ended March 31, 2013:
·
31% increase in revenue from
operations.
·
8% increase in passenger yields to Rs.
3739 from Rs 3460
·
Net loss of Rs. 1860.000 Millions for the
quarter compared to a net loss of Rs. 2490.000 Millions for the Same quarter
prior year
For
the Year ended March 31, 2013:
·
43% increase in revenue from operations
·
23% increase in passenger yields to Rs.
4,052 from Rs 3,293
·
Net loss of Rs. 1910.000 Millions for
the year compared to a loss of Rs. 6060.000 Millions
Mr. Neil Mills, Chief Executive Officer, said “The past
twelve months have continued to be difficult and the Indian aviation industry
witnessed increasing cost challenges particularly relating to airport charges
as well as the adverse impact of the weakness of the rupee. We continue to be
confident of the future, particularly as we have launched numerous
international routes and this will improve the mix and performance in the
future”
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.