MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHADRA INTERNATIONAL (INDIA) PRIVATE
LIMITED (w.e.f.24.12.2010) |
|
|
|
|
Formerly Known
As : |
BHADRA INTERNATIONAL (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
42, Rani Jhansi Road, New Delhi - 110055 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.10.2000 |
|
|
|
|
Com. Reg. No.: |
55-108262 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 598.588
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909DL2000PTC108262 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB04865A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB5550E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Ground Handling, Ramp Handling and Allied Services at various Airports. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 388000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has recorded huge accumulated losses from its operations. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow. 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
42, Rani Jhansi Road, New Delhi – 110055, India |
|
Tel. No.: |
91-11-42534600 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Prem Harish Bajaj |
|
Designation : |
Managing director |
|
Address : |
B-4/62, Safdargunj Enclave, New Delhi – 110029, India |
|
Date of Birth/Age : |
07.10.1955 |
|
Qualification : |
Graduation from Delhi University
|
|
Experience : |
28 Years |
|
Date of Appointment : |
20.10.2000 |
|
PAN No.: |
AFWPB3715L |
|
DIN No.: |
00770351 |
|
|
|
|
Name : |
Mr. Hiyav Prem Bajaj |
|
Designation : |
Director |
|
Address : |
B-4/62, Safdargunj Enclave, New Delhi – 110029, India |
|
Date of Birth/Age : |
16.11.1981 |
|
Qualification : |
Master’s in accounting finance and management from Bradford University
|
|
Experience : |
10 Years |
|
Date of Appointment : |
20.10.2000 |
|
PAN No.: |
AGUPB0750A |
|
DIN No.: |
01113831 |
|
|
|
|
Name : |
Akshaya Prasad |
|
Designation : |
Director |
|
Address : |
Flat No. 191/192, 19th Floor, Kalpataru Horizon SK Ahir
Marg, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1977 |
|
Date of Appointment : |
22.10.2010 |
|
DIN No.: |
02028253 |
|
|
|
|
Name : |
Lovleen Kumar Om Parkash Malhotra |
|
Designation : |
Nominee director |
|
Address : |
A – 38, Oberoi Apartment, 2 Sham Nath Marg, Civil Lines, Delhi -
110034, India |
|
Date of Birth/Age : |
08.03.1960 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
05192235 |
KEY EXECUTIVES
|
Name : |
Vikash Kumar Mishra |
|
Designation : |
Secretary |
|
Address : |
244, Hakikat Nagar, Kingsway Camp, New Delhi – 110009, India |
|
Date of Birth/Age : |
10.09.1983 |
|
Date of Appointment : |
16.05.2012 |
|
PAN No.: |
AOCPM9616E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
|
Names of Equity Shareholders |
Address |
No. of Shares |
|
Prem Harish Bajaj |
B-4/62, Safdargunj Enclave, New Delhi – 110029, India |
23049600 |
|
Neelam Bajaj |
B-4/62, Safdargunj Enclave, New Delhi – 110029, India |
100 |
|
Hiyav Prem Bajaj |
B-4/62, Safdargunj Enclave, New Delhi – 110029, India |
500 |
|
GPC Mauritius IX LLC |
IFS Court, 28 Cyber City, Ebene, Mauritius |
13830120 |
|
|
|
|
|
Total |
|
36880320 |
|
Names of Preference Shareholder |
Address |
No. of Shares |
|
GPC Mauritius IX LLC |
IFS Court, 28 Cyber City, Ebene, Mauritius |
22978490 |
|
|
|
|
|
Total |
|
22978490 |
AS ON 26.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
37.50 |
|
Directors
or relatives of directors |
62.50 |
|
|
|
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20261095%2003-Apr-2014_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Providing Ground Handling, Ramp Handling and Allied Services at various Airports. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
v Punjab National Bank Bhikaji Cama Place Branch, New Delhi - 110066, Delhi, India v Allahabad Bank v UCO
Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V Sachdeva and Associates Chartered Accountants |
|
Address : |
302, Vikram Tower, 16, Rajindra Place, New Delhi – 110008,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AANPS6183K |
|
|
|
|
Entity Controlled
by Key management Personnel : |
TDI International India Private Limited |
|
|
|
|
Joint Venture
Investor : |
GPC Mauritius IX LLC |
|
|
|
|
Joint Venture : |
Novia
International Consulting APS |
CAPITAL STRUCTURE
AS ON 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 370.000 Millions |
|
53,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 530.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,880,320 |
Equity Shares |
Rs. 10/- each |
Rs. 368.803
Millions |
|
22,978,490 |
Preference Shares |
Rs. 10/- each |
Rs. 229.785
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 598.588 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
598.588 |
451.921 |
451.921 |
|
(b) Reserves & Surplus |
(501.471) |
94.842 |
514.926 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
97.117 |
546.763 |
966.847 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3114.639 |
2442.482 |
1949.771 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
10.468 |
0.053 |
|
(c)
Other long term liabilities |
15.284 |
17.023 |
0.000 |
|
(d)
long-term provisions |
14.206 |
8.397 |
1.089 |
|
Total
Non-current Liabilities (3) |
3144.129 |
2478.370 |
1950.913 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
64.065 |
465.739 |
45.445 |
|
(b)
Trade payables |
105.105 |
20.736 |
8.075 |
|
(c)
Other current liabilities |
194.114 |
228.064 |
81.751 |
|
(d)
Short-term provisions |
1.673 |
0.357 |
0.058 |
|
Total
Current Liabilities (4) |
364.957 |
714.896 |
135.329 |
|
|
|
|
|
|
TOTAL |
3606.203 |
3740.029 |
3053.089 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2252.790 |
2305.949 |
43.746 |
|
(ii)
Intangible Assets |
95.589 |
0.716 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
18.085 |
1329.124 |
|
(iv) Intangible assets under development |
0.053 |
103.654 |
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 |
911.451 |
858.544 |
914.420 |
|
(e)
Other Non-current assets |
117.293 |
216.218 |
215.794 |
|
Total
Non-Current Assets |
3377.176 |
3503.166 |
2503.084 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
144.904 |
159.343 |
89.139 |
|
(d)
Cash and cash equivalents |
29.985 |
22.450 |
262.413 |
|
(e)
Short-term loans and advances |
24.282 |
55.070 |
198.453 |
|
(f)
Other current assets |
29.856 |
0.000 |
0.000 |
|
Total
Current Assets |
229.027 |
236.863 |
550.005 |
|
|
|
|
|
|
TOTAL |
3606.203 |
3740.029 |
3053.089 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
779.010 |
505.349 |
84.590 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
816.881 |
559.250 |
79.385 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(37.871) |
(53.901) |
5.205 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
392.089 |
247.672 |
1.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(429.960) |
(301.573) |
3.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
250.154 |
107.977 |
1.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(680.114) |
(409.550) |
2.838 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.468) |
10.416 |
0.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(669.646) |
(419.966) |
2.377 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
252.556 |
20.582 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
877.946 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
(18.16) |
(11.39) |
0.08 |
|
|
|
Diluted
|
(18.16) |
(9.11) |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(85.96)
|
(83.10)
|
2.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.86)
|
(11.32)
|
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(7.00)
|
(0.75)
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
32.73
|
5.32 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.63
|
0.33 |
4.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
451.921 |
451.921 |
598.588 |
|
Reserves & Surplus |
514.926 |
94.842 |
(501.471) |
|
Net
worth |
966.847 |
546.763 |
97.117 |
|
|
|
|
|
|
long-term borrowings |
1949.771 |
2442.482 |
3114.639 |
|
Short term borrowings |
45.445 |
465.739 |
64.065 |
|
Total
borrowings |
1995.216 |
2908.221 |
3178.704 |
|
Debt/Equity
ratio |
2.064 |
5.319 |
32.731 |
%20PRIVATE%20LIMITED%20-%20261095%2003-Apr-2014_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
84.590 |
505.349 |
779.010 |
|
|
|
497.410 |
54.153 |
%20PRIVATE%20LIMITED%20-%20261095%2003-Apr-2014_files/image017.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
84.590 |
505.349 |
779.010 |
|
Profit/ (Loss) |
2.377 |
(419.966) |
(669.646) |
|
|
2.81% |
(83.10%) |
(85.96%) |
%20PRIVATE%20LIMITED%20-%20261095%2003-Apr-2014_files/image019.gif)
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10442818 |
28/06/2013 |
110,000,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B81996449 |
|
2 |
10442891 |
28/06/2013 |
379,800,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B82002221 |
|
3 |
10442806 |
28/06/2013 |
380,000,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B81984288 |
|
4 |
10442807 |
28/06/2013 |
470,400,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B81984346 |
|
5 |
10261084 |
28/06/2013 * |
300,000,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B81984247 |
|
6 |
10261085 |
28/06/2013 * |
780,000,000.00 |
PUNJAB NATIONAL BANK |
BRANCH BHIKAJI CAMA PALACE, NEW DELHI - 110066, INDIA |
B82185240 |
|
7 |
10246139 |
28/06/2013 * |
2,400,900,000.00 |
PUNJAB NATIONAL BANK |
BHIKAJI CAMA PLACE BRANCH, NEW DELHI - 110066, INDIA |
B82571803 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fully convertible debentures intercorporate |
152.800 |
20.000 |
|
Loans and advances from related parties |
0.000 |
118.831 |
|
|
|
|
|
Total |
152.800 |
138.831 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted B-4/62, Safdargunj
Enclave, New Delhi – 110029, India to the present address w.e.f.13.05.2013.
BACKGROUND
Subject has been
incorporated in 2000 with an objective to provide ground handling, ramp
handling, and allied services at various airports across India. The company was
awarded concession from Airport Authority of India to provide comprehensive
ground handling services at seven airports, including Chennai, Trichy,
Coimbatore (all three in Tamil Nadu), Kolkata (West Bengal), Calicut,
Trivandrum (both in Kerala), and Mangalore (Karnataka) under the new Ground
Handling Policy, 2007.Bhadra has entered into a joint venture technical
agreement with “M/S NOVIA International Consulting ApS” having registered
office and principal place of business in Denmark. The Consortium won the
concession in two bid-tenders i.e. Chennai and Kolkata in Sep-09 and South Zone
(Trivandrum, Calicut, Mangalore, Trichy and Coimbatore) in Dec-09. The Company
has started operations at all the airports. The Company has procured various
state-of-the-art ground handling equipments. The loan was sanctioned by Punjab
National bank, UCO bank and Allahabad Bank. A consortium of banks was formed
with Punjab National Bank as the lead bank of this consortium. The facility
agreement was executed on 16th December 2010.
GROUND HANDLING
SCENARIO
As they all are aware that Government of India issued a Gazette Notification dated 18 October 2007 regarding the Ground Handing Services policy to be implemented at Indian Airports for streamlining the security at Airports in the country. As per this Notification only three types of Organization mentioned hereunder are permitted to carry out ground handling services at Metropolitan airports namely Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad.
• AAI or its Joint Venture Companies.
• Subsidiary Company of NACIL or its Joint Venture specialized in ground Handling services:
(Provided that the third party handling may be permitted to these subsidiaries or their JV’s on the basis of revenue sharing with AAI)
• Any other ground handling service providers through competitive bidding on revenue sharing basis with AAI.
Comprehensive Ground handling wherein the ramp handling is the most important aspects of Ground Handling operations. The Ground Handling of aircraft is one of the key elements of overall ground services provided to an Aircraft. Bhadra International (India) Private Limtied has been set up with the primary purpose of undertaking the aviation related projects which includes the comprehensive ground handling, ramp handling, passenger, cargo handling and other allied services including some security related services to the airlines at various airports of India and similar futuristic Civil Aviation projects connected with Privatization/ leasing and Modernization of Indian Airports etc. The present concession has been awarded to the Joint Venture consortium (tie-up) comprising of Bhadra International (India) Private Limited and NOVIA International Consulting ApS in a well contested Global tenders invited by AAI for Chennaiand Kolkata in Sep’09 and South Zone (Trivandrum, Calicut, Mangalore, Trichy and Coimbatore) in Dec, 09. The security clearance was obtained by the company on 23rd March 2010 for Chennai and Kolkata airports and on May26, 2010 for Southern airports.
FINANCIAL RESULTS AND
PERFORMANCE
The Company has made rapid strides in Ground Handling
operations since the time it was granted the license for ground handling
operations at Chennai and Kolkata Airports on 9th September, 2009 and at other
five airports in Southern region on 7th December, 2009 the award of carrying on
with this responsibility was accorded on us. During the year, the company
earned revenue amounting to Rs. 756.000 Millions. The Net Loss worked out to
Rs. 669.600 Millions after providing for depreciation and Tax as compared to
the Net Loss of Rs. 419.900 Millions in the previous year. The Company has
positioned world class equipments at all the seven Airports, majority of which
are imported and confirm to International Air Transport Association (IATA)
standards. Majority of the equipments operated are as per the new ground
handling policy. Having roped in big customers including Lufthansa Cargo AG,
British Airways, Cathay Pacific, Air Arabia, Ethiopian Airlines, Saudi Arabia
Airlines, Martin Air, Unitop Airlines, Hong Kong Airlines, Gulf Air, Thai
Airways, Korean Airlines, Druk Air etc. for its portfolio, the company is
determinedly moving ahead as one of the major players in the Indian market. The
Company is highly focused on delivery of value to its customers, marketing and
sales and as such, it is seeing improved order bookings. The Company expects
much improved growth in revenue, EBITDA and profit after tax in the coming
years.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
"Bank Guarantees issued by UCO Bank (Net of Margin
Money Provided by way of FDR'S). BG Amount Rs. 342.875 Millions (FDR Value
Rs. 17.160 Millions including Accrued Interest)" |
325.715 |
245.881 |
|
Bank Guarantees issued by PNB in favour of AAI (Net of
Margin Money) BG Amount Rs. 23.767 Millions (FDR Value Rs. 3.668 Millions
including Accrued Interest) |
20.099 |
19.867 |
|
Duty saved against import of Equipment under EPCG scheme
(Net of Margin Money) (Total Export obligation Rs. 2183.258 Millions), BG
Amount Rs. 296.495 Millions (FDR Value Rs. 62.648 Millions including Accrued
Interest) |
210.259 |
193.676 |
|
Bank Guarantee issued by PNB in favour of Joint Commissioner,
Commercial Taxes (Net of Margin Money) BG Amount Rs. 1.000 Million (FDR Value
Rs. 0.154 Million including Accrued Interest) |
0.846 |
0.000 |
|
FLC’s/ILC`s (Net of Margin Money Provided by way of FDR'S)
outstanding as on 31st March’ 2013 Rs. 10.033 Millions (Margin money as FDR
including Accrued Interest Rs. 1.228 Millions) |
8.805 |
0.000 |
|
Rent on paved land claimed by AAI - Kolkata for which negotiations for waiver/ reduction are in process with AAI |
20.641 |
5.542 |
|
Demurrage charges for the equipment pending clearance lying at port. |
29.093 |
0.000 |
|
|
|
|
|
Total |
615.458 |
464.966 |
FIXED ASSETS:
v Buildings
v Plant and equipment
v Furniture and fixtures
v Office equipment
v Vehicles
v Computer equipments
v Other equipments
v Computer software
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] 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. 59.65 |
|
|
1 |
Rs. 99.21 |
|
Euro |
1 |
Rs. 82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.