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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
TARA AIR PVT. LTD. |
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Registered Office : |
PO Box 20011, Tiganga Ring Road, Kathmandu |
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Country : |
Nepal |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
05.06.2009 |
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Com. Reg. No.: |
57363/065/066 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Various type of Air Services, Like
Passenger, Cargo |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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) |
|
Nepal |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NEpal - ECONOMIC OVERVIEW
Nepal is among the poorest and least developed countries in
the world, with about one-quarter of its population living below the poverty line.
Agriculture is the mainstay of the economy, providing a livelihood for
three-fourths of the population and accounting for a little over one-third of
GDP. Industrial activity mainly involves the processing of agricultural
products, including pulses, jute, sugarcane, tobacco, and grain. Nepal has
considerable scope for exploiting its potential in hydropower, with an
estimated 42,000 MW of feasible capacity, but political instability hampers
foreign investment. Additional challenges to Nepal's growth include its
landlocked geographic location, civil strife and labor unrest, and its
susceptibility to natural disaster.
|
Source
: CIA |
TARA AIR PVT. LTD.
|
Enquired Name |
: |
Tara Air Pvt.Ltd |
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|
Correct Name of Company |
: |
Tara Air Pvt.Ltd |
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Registered Office |
: |
PO Box 20011 Tel.:+977 1 488 788 |
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Corporate / Sales Office |
: |
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Industry |
: |
Air Lines |
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Nature of Activity |
: |
Tara Air Pvt.Ltd is an airline with its head
office in Kathmandu, Nepal. It is a subsidiary of Yeti Airlines. Tara Air was
formed in 2009 using aircraft from the Yeti Airlines fleet and is based at
Tribhuvan International Airport in Kathmandu, with secondary hubs at Surkhet
and Nepalgunj airports. The airline operates scheduled and charter STOL
services, previously provided by Yeti Airlines Domestic. Its operations focus
on serving remote and mountainous airports and airstrips. Tara Air flies to
18 scheduled destinations, as well as offering charter services. It operates
a fleet of 7 aircraft which are especially suitable for flying into remote
airports. Tara Air is the newest and biggest airline service provider in the
Nepalese mountains. This company has started business with the mission of
helping develop the rural Nepal. Accordingly, our service is concentrated in
the hills and mountains of the country from the Far East to the Far West. We currently operate a fleet of six STOL aircrafts, comprising of four
Twin Otter (DHC 6/300) and two Dornier (DO 228) aircrafts. We operate scheduled and charter flights to almost all airports in the
country. |
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|
Legal Form |
: |
Private Limited Company |
|
Corporate Identity Number (CIN) |
: |
57363/065/066 |
|
ROC Code |
: |
Kathmandu, Nepal |
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Registration Date |
: |
05.06.2009 |
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Authorised Capital |
: |
5 Lacs 3.50 Lacs |
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Paid-up Capital |
: |
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Employee |
: |
400 |
|
Business Activity / Product Description |
: |
Various type of Air Services, Like
Passenger, Cargo. |
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Auditor |
: |
S. Sreshtha & Co., Nepal |
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Bankers |
: |
Nepal Tourism Development Bank |
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Authorised Capital |
: |
10,000,000/- |
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Paid-up Capital |
: |
1,000,000/- |
(Amount
in Rupees Mln.)
|
BALANCE SHEET AS AT 31.03.2011 |
||||
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Liabilities |
Amount (Rs.) |
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Assets |
Amount (Rs.) |
|
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|
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Paid up Capital |
1,000,000 |
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Fixed Assets |
10,947 |
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Reserve & Surplus |
10,618,987 |
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Investments |
3,000,000 |
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Deffered Tax |
8,944 |
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Loans & Advances |
15,348,954 |
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Current Liabilities & Prov. |
13,481,829 |
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Cash & Bank |
6,749,859 |
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Total |
25,109,760 |
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25,109,760 |
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Rs. |
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Sales |
21,036,920 |
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Profit before Tax |
10,382,600 |
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Profit after Tax |
6,568,911 |
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Mr. Lhakpa Sonam Sherpa, Executive Chairman |
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Mr. Ang Tshiring Sherpa, Managing Director |
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Mr. Vijay B. Shrestha |
|
Mr Abuj Rimal |
|
Mr Udaya Shrestha |
All ready mentioned Sister Concern of Yeti Aorlines
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.