MIRA INFORM REPORT
|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JET AIRWAYS
(INDIA) LIMITED (w.e.f. 28.12.2004) |
|
|
|
|
Formerly Known
As : |
JET AIRWAYS INDIA
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400 099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.04.1992 |
|
|
|
|
Com. Reg. No.: |
11-066213 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.863.300
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1992PLC066213 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ00366C /
MUMJ06594A / MUMJ05793ES |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
|
|
|
|
No. of Employees
: |
12082 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (23) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded
networth of the company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and
secured trade terms and conditions. |
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term, Term Loans: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
August, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term, Fund Based Limits: D |
|
Rating Explanation |
Expected to be in default. |
|
Date |
August, 2013 |
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
Management non-cooperative
(Tel. No.: 91-22-61211000)
LOCATIONS
|
Registered Office/
Corporate Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-61211000 / 28505080/ 4271/ 5627/ 5628/ 5629 |
|
Fax No.: |
91-22-61211950 / 28560622 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Engineering Office
: |
Jet Airways Hanger, Opposite Indian Airlines Sports Club, Kalina, Santacruz (East), Mumbai – 400 029, Maharashtra, India |
|
Tel No.: |
91-22-26675112/ 5120 |
|
Fax No.: |
91-22-26675242 |
|
|
|
|
Branch Office
: |
Located at:
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Naresh Goyal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ali Ghandour |
|
Designation : |
Director |
|
Date of Birth/ Age : |
28.05.1931 |
|
Qualification : |
Aeronautical Engineer from New York University, U.S.A. |
|
Expertise in specific functional area : |
Mr. Ghandour, a Jordian national, has over 50 years of experience in
the civil aviation industry. He was an advisor of the late King Hussein of
Jordan and was earlier the Chairman of the Royal Jordanian Airlines. He has
also been associated with the development of a number of airlines in Middle
East. |
|
|
|
|
Name : |
Mr. Victoriano P. Dungca |
|
Designation : |
Director |
|
Date of Birth/ Age : |
23.04.1936 |
|
Qualification : |
MBA from Cornell
University, U.S.A. and a Certified Public Accountant from U.S.A |
|
Expertise in
specific functional area : |
Mr. Dungca has
had a long and distinguished career with Philippine Airlines and retired as
its Executive Vice President. He is currently a financial advisor based in
California, U.S.A. |
|
Date of Appointment : |
25.01.1999 |
|
|
|
|
Name : |
Mr. Javed Akhtar |
|
Designation : |
Director |
|
Date of Birth/ Age : |
17.01.1945 |
|
Qualification : |
Bachelors degree in Arts |
|
Expertise in specific functional area : |
Mr. Akhtar, a nominated Member of the Rajya Sabha, is a well-known
scriptwriter, lyricist, poet, activist and is a famous media personality. Mr.
Akhtar was awarded the Padma Bhushan in 2007. Mr. Akhtar has won several
awards, including the National Award for Best Lyricist five times. |
|
|
|
|
Name : |
Mr. I.M. Kadri |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.12.1929 |
|
Qualification : |
Bachelors degree in Engineering from Pune University |
|
Expertise in specific functional area : |
Mr. Kadri, is a member of the Council of Architecture, New Delhi and a
Fellow of the Indian Institute of Architects and a fellow of the Indian
Institute of Interior Design. Mr. Kadri set up his practice as an architect
in 1960 and is actively involved with the problems relating to rebuilding of
dilapidated buildings in Mumbai and exploring technological solutions for
mass housing schemes. He was also a member of the Steering Committee
appointed by the Government of Maharashtra to suggest strategies for solving
the housing problems of Mumbai. He is the General Secretary of the
prestigious Nehru Centre in Mumbai. Mr. Kadri was awarded a citation in 1993
as an Outstanding Architectural Engineer by the Institution of Engineers in
India. He was the Sheriff of Mumbai in 1994. |
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.09.1946 |
|
Qualification : |
Bachelors degree
in Economics from Delhi University |
|
Expertise in specific
functional area : |
Mr. Aman Mehta,
joined The Hong Kong Shanghai Banking Corporation (HSBC) group in 1968. He
held several senior positions with HSBC and was appointed Chief Executive
Officer of HSBC Asia Pacific in January 1999, a position he held until his
retirement in December 2003. Mr. Mehta is
also a member of the governing board of the Indian School of Business,
Hyderabad. Mr. Mehta serves as an independent director on the boards of
several companies in India as well as in UK, Hong Kong and Singapore. |
|
Date of Appointment : |
29.09.2004 |
|
Directorships
held in other Public Companies (excluding foreign and private companies) : |
|
|
|
|
|
Name : |
Mr. Gaurang Shetty |
|
Designation : |
Director and Manager |
|
Date of Birth/ Age : |
08.10.1956 |
|
Qualification : |
Bachelor of Science |
|
Expertise in specific functional area : |
Mr. Shetty, an Indian national, joined the Company in 1996 as General
Manager – Marketing and was promoted to Vice President – Marketing in 2004.
Currently, Mr. Shetty is Senior Vice President – Commercial. Prior to joining
the Company, he was with British Airways as its Marketing Manager – South
Asia. He is currently responsible for Customer Services, Cargo, Cabin Crew
and Marketing departments. |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kanakal |
|
Designation : |
Company Secretary and Associate Legal Counsel |
|
|
|
|
Senior Management : |
|
|
Name : |
Mr. Nikos Kardassis |
|
Designation : |
Chief Executive Officer (Resigned with effect from 5th
June, 2013) |
|
|
|
|
Name : |
Capt. Hameed Ali |
|
Designation : |
Chief Operating Officer and Acting Chief Executive Officer |
|
|
|
|
Name : |
Mr. Sudheer Raghavan |
|
Designation : |
Chief Commercial Officer |
|
|
|
|
Name : |
Mr. Ravishankar G. |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Anita Goyal |
|
Designation : |
Executive Vice President - Revenue
Management and Network Planning |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
|
|
|
|
|
|
57933665 |
51.00 |
|
|
57933665 |
51.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
57934665 |
51.00 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2661517 |
2.34 |
|
|
380250 |
0.33 |
|
|
2430864 |
2.14 |
|
|
4848572 |
4.27 |
|
|
10321203 |
9.09 |
|
|
|
|
|
|
5271874 |
4.64 |
|
|
|
|
|
|
10116430 |
8.91 |
|
|
1211549 |
1.07 |
|
|
28741662 |
25.30 |
|
|
596947 |
0.53 |
|
|
373 |
0.00 |
|
|
880970 |
0.78 |
|
|
27263372 |
24.00 |
|
|
45341515 |
39.91 |
|
Total
Public shareholding (B) |
55662718 |
49.00 |
|
Total
(A)+(B) |
113597383 |
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) |
113597383 |
0.00 |
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%20LIMITED%20-%20260424%2012-Apr-2014_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
GENERAL INFORMATION
|
No. of Employees : |
12082 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: LONG TERM
BORROWINGS Security and
Salient Terms : a. Rupee Term Loan
of Rs.5207.900 millions (Previous Year Rs.4499.700 millions) and Foreign
Currency Term Loan Rs.5546.900 millions (Previous Year Rs.7943.700 millions)
are secured by way of a pari-passu charge on all the current and future
domestic credit card realizations received into the Trust and Retention
Account including interest earned thereon. Of the above,
charge for a Rupee Term Loan amounting to Rs.1495.000 millions is pending
creation. An installment
of Foreign Currency Term Loan amounting to Rs.94.100 millions due for
repayment on 31st March, 2013 has since been discharged but after
seeking appropriate extension of time from the Bank. The same has been
discharged within the stipulated extension of time and before the adoption of
accounts by the Board of Directors. Interest rates
are linked to respective Banks’ Prime Lending Rate / Base Rate / LIBOR plus
Margin and are repayable in installments starting from May, 2011 and ending
in February, 2017. b. Foreign
Currency Term Loans of Rs.6934.700 millions (Previous Year Rs.8157.700
millions) are secured by way of a pari-passu charge on all the current and
future international credit card realizations, as per the Merchant
establishment agreement, received into the Trust and Retention Account (Debt
Service Reserve Account), maintained with the Banks together with First
mortgage charge on the four flight simulators and on the land located at
Vadgaon, Pune and at Pali, Raigad. Interest rates
are linked to LIBOR plus Margin and are repayable in instalments starting
from September, 2010 and ending in June, 2015. c. Rupee Term
Loan from a Financial Institution of Rs.2020.000 millions (Previous Year
Rs.3250.000 millions) is secured by way of a pledge of 100% of Equity Share
Capital of Jet Lite (India) Limited held by the Company together with a
negative lien on one of the Boeing Narrow body aircraft. Interest rate is
linked to Institutions Benchmark Rate plus Margin and is repayable in
quarterly instalments by September 2013. There is a continuing default in
repayment of instalments amounting to Rs.937.100 millions and interest
thereon amounting to Rs.21.800 millions. d. Foreign
Currency Term Loan from a financial institution of Rs.4095.400 millions
(Previous Year Rs.3838.200 millions) is secured by pari-passu charge on
leasehold land situated at Bandra Kurla Complex, Mumbai along with
construction thereon, present and future and first charge on Company’s
entitlement under the development agreement for the aforesaid plot of land
entered into with Godrej Buildcon Private Limited. The aforesaid charge is
pending creation. Interest rate is LIBOR plus Margin and is repayable in six half yearly
instalments starting from July, 2014. SHORT TERM
BORROWINGS Security and
Salient Terms : a) Loans
aggregating to Rs.16335.200 millions (Previous Year Rs.15090.100 millions)
are secured by way of hypothecation of Inventories (excluding Aircraft fuel),
Debtors / receivable (excluding credit card receivables, receivables from
aircraft subleased and claim receivables from aircraft lessors), Ground
Support Vehicles / Equipment (excluding trucks, jeeps and other motor
vehicles), Spares (including engines), Data Processing Equipment and other
current assets and a subservient charge on the aircraft owned by the Company
either on hire purchase / finance lease. The Company to escrow the entire
IATA collection with the lead bank for facilitating interest servicing and
regularisation in case of any irregularity. The Company has committed to
infuse equity capital by 31st May, 2013 failing which the Chairman
of the Company will have to furnish his personal guarantee. Of the above,
charge for a Rupee Term loan amounting to Rs.500.000 millions is pending
creation. b) (i) Foreign Currency
Loans amounting to Rs.446.000 millions (Previous Year Rs. Nil) and Rupee Loan
amounting to Rs.360.000 millions (Previous Year Rs. Nil) are secured by a
second charge on five of its Boeing wide body aircraft. Further, the same is
also secured by a charge on the profits of the Company after deduction of
taxes, dividends, repayment Instalment, payment under any guarantees and / or
any other dues payable and Escrow of the Thai lease rentals upto November,
2013. (ii) Rupee Loan
of Rs.300.000 millions (Previous Year Nil) is secured by a third pari passu
charge on four of its Boeing wide body aircraft and a second pari-passu
charge on one Boeing wide body aircraft. Of these, the second paripassu
charge is pending creation. c) Rupee loan of
Rs.350.200 millions (Previous Year Nil) is secured by way of a second charge
on two Boeing narrow body aircraft which is pending creation. d) Rupee Loan of
Rs. Nil (Previous Year Rs.2500.000 millions) was secured by an undertaking
from the Company to remit the balance sale proceeds from sale and lease back
of four (4) Aircraft. e) Buyer’s
credit of Rs.1042.500 millions (Previous Year Rs.977.000 millions) is secured
by exclusive charge over two New CFM Engines and Quick Engine Change kits. |
|
Banking Relations : |
-- |
|
|
|
|
Statutory
Auditors 1 : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
12, Dr. Annie
Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018,
Maharashtra, India |
|
|
|
|
Statutory
Auditors 2 : |
|
|
Name : |
Chaturvedi and
Shah Chartered
Accountants |
|
Address : |
Laxmi Towers, “A”
Wing, Bandra-Kurla Complex, Mumbai – 400 051, Maharashtra, India |
|
|
|
|
Legal Advisors : |
Gagrats |
|
|
|
|
Holding Company
: |
Tail Winds Limited |
|
|
|
|
Wholly Owned
Subsidiary Company (Control exists) : |
|
|
|
|
|
Enterprises over which controlling shareholder of
Holding Company and his relatives are able to exercise significant influence
directly or indirectly : |
|
CAPITAL STRUCTURE
AS ON 08.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
113597383 |
Equity Shares |
Rs.10/- each |
Rs.1135.974
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
86334011 |
Equity Shares |
Rs.10/- each |
Rs.863.300
millions |
|
|
|
|
|
Reconciliation of
Number of Shares
|
Particulars |
As at 31st March, 2013 |
|
|
Number of shares |
Amount
(Rs. in millions) |
|
|
Equity Shares : Face value of Rs.10/- each |
|
|
|
As at the beginning of the year |
86334011 |
863.300 |
|
As at the end of
the year |
86334011 |
863.300 |
Shareholders holding more
than 5% of equity share capital and shares held by Holding / Ultimate Holding
Company
|
Name of the Shareholder |
As at 31st March, 2013 |
|
|
Number of shares |
Percentage of holding |
|
|
Tail Winds Limited (Holding Company) and its nominee |
69067205 |
80.00% |
Terms / Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends if any, in Indian rupees. The dividend proposed if any, by the Board of Directors is 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 any of the 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.
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 |
863.300 |
863.300 |
863.300 |
|
(b) Reserves & Surplus |
(4288.600) |
10945.300 |
25180.100 |
|
(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) |
(3425.300) |
11808.600 |
26043.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
68686.000 |
87735.800 |
90479.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
336.300 |
|
(c) Other long term
liabilities |
3650.000 |
4223.900 |
304.100 |
|
(d) Long-term
provisions |
1251.800 |
987.100 |
960.600 |
|
Total Non-current
Liabilities (3) |
73587.800 |
92946.800 |
92080.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
19525.900 |
20941.700 |
24527.400 |
|
(b) Trade payables |
47524.500 |
37448.100 |
20900.400 |
|
(c) Other current liabilities |
49281.300 |
44847.000 |
42413.800 |
|
(d) Short-term
provisions |
1051.300 |
799.400 |
908.300 |
|
Total Current
Liabilities (4) |
117383.000 |
104036.200 |
88749.900 |
|
|
|
|
|
|
TOTAL |
187545.500 |
208791.600 |
206873.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107431.100 |
135951.300 |
134445.700 |
|
(ii) Intangible Assets |
339.300 |
1873.200 |
1712.400 |
|
(iii) Capital
work-in-progress |
0.000 |
20.700 |
319.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
16460.100 |
16459.600 |
16450.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22813.700 |
21085.000 |
22313.500 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
147044.200 |
175389.800 |
175242.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
800.000 |
|
(b) Inventories |
7866.700 |
7783.500 |
7111.800 |
|
(c) Trade receivables |
11845.800 |
12664.400 |
9657.700 |
|
(d) Cash and cash
equivalents |
8370.700 |
4978.800 |
5877.100 |
|
(e) Short-term loans
and advances |
12418.100 |
7975.100 |
8184.900 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
40501.300 |
33401.800 |
31631.500 |
|
|
|
|
|
|
TOTAL |
187545.500 |
208791.600 |
206873.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
168525.900 |
148159.100 |
127367.600 |
|
|
|
Other Income |
5505.800 |
3571.700 |
1955.100 |
|
|
|
TOTAL (A) |
174031.700 |
151730.800 |
129322.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Aircraft Fuel Expenses |
69920.000 |
66306.700 |
43667.000 |
|
|
|
Employee Benefit Expenses |
15442.400 |
15994.900 |
13396.900 |
|
|
|
Selling and Distribution Expenses |
13585.600 |
13616.700 |
12617.200 |
|
|
|
Aircraft Lease Rentals |
12321.000 |
9060.000 |
8443.600 |
|
|
|
Other Expenses |
48227.600 |
40926.600 |
32321.200 |
|
|
|
Exceptional Items |
(1065.400) |
(731.900) |
(1891.900) |
|
|
|
TOTAL (B) |
158431.200 |
145173.000 |
108554.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15600.500 |
6557.800 |
20768.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11189.800 |
9712.300 |
11197.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4410.700 |
(3154.500) |
9571.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9265.700 |
9398.800 |
9106.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(4855.000) |
(12553.300) |
465.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(192.300) |
368.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(4855.000) |
(12361.000) |
96.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(19554.900) |
(7193.900) |
(7290.800) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(24409.900) |
(19554.900) |
(7193.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Passenger and Cargo Revenue |
71829.300 |
62844.000 |
51337.500 |
|
|
|
Interest on Bank Account |
0.036 |
3.400 |
2.300 |
|
|
|
Leasing Operations |
4843.200 |
4521.200 |
5172.400 |
|
|
|
Other Income |
260.200 |
161.500 |
448.300 |
|
|
TOTAL EARNINGS |
76932.736 |
67530.100 |
56960.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spares |
2521.200 |
3525.200 |
3618.800 |
|
|
|
Capital Goods |
1958.100 |
1568.500 |
643.800 |
|
|
TOTAL IMPORTS |
4479.300 |
5093.700 |
4262.600 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(56.23) |
(143.18) |
1.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.79) |
(8.15)
|
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.88) |
(8.47)
|
0.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.84) |
(6.53)
|
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.42 |
(1.06)
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(25.75) |
9.20
|
4.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.35 |
0.32
|
0.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
863.300 |
863.300 |
863.300 |
|
Reserves & Surplus |
25180.100 |
10945.300 |
(4288.600) |
|
Net worth |
26043.400 |
11808.600 |
(3425.300) |
|
|
|
|
|
|
long-term borrowings |
90479.500 |
87735.800 |
68686.000 |
|
Short term borrowings |
24527.400 |
20941.700 |
19525.900 |
|
Total borrowings |
1,15,006.900 |
1,08,677.500 |
88,211.900 |
|
Debt/Equity ratio |
4.416 |
9.203 |
(25.753) |
%20LIMITED%20-%20260424%2012-Apr-2014_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
127367.600 |
148159.100 |
168525.900 |
|
|
|
16.324 |
13.747 |
%20LIMITED%20-%20260424%2012-Apr-2014_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
127367.600 |
148159.100 |
168525.900 |
|
Profit |
96.900 |
(12361.000) |
(4855.000) |
|
|
0.08% |
(8.34%) |
(2.88%) |
%20LIMITED%20-%20260424%2012-Apr-2014_files/image026.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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
LITIGATION
DETAILS:
|
Case Details |
|
Bench:-Bombay |
|
Presentation
Date:- |
22/01/2014 |
||||||
|
Lodging No.:- |
ITXAL/248/2014 |
Filing Date:- |
22/01/2014 |
Reg. No.:- |
ITXA/523/2014 |
Reg. Date:- |
07/03/2014 |
|
Petitioner:- |
Commissioner of Income Tax TDS, Mumbai |
|
Respondent:- |
Jet Airways (India) Limited |
|
Petn. Adv.:- |
Prakash Chandra Chhotaray (I3415) |
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Next Date:- |
22/04/2014 |
Stage:- |
|
Coram:- |
ACCORDING TO SITTING LIST |
|
ACCORDING TO SITTING LIST |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
INDEX
OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10463674 |
06/12/2013 |
5,000,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60, MAHATMA
GANDHI ROAD, P.O. BOX 128, FORT, |
B90900341 |
|
2 |
10463337 |
30/10/2013 |
5,856,000,000.00 |
BARCLAYS BANK
PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B90780503 |
|
3 |
10447009 |
04/09/2013 |
6,336,000,000.00 |
BARCLAYS BANK
PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B84012830 |
|
4 |
10442057 |
05/08/2013 |
5,856,000,000.00 |
BARCLAYS BANK
PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B81698102 |
|
5 |
10438668 |
02/07/2013 |
9,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE BRANCH,
GROUND FLOOR, MAKER TOWER |
B80345994 |
|
6 |
10425786 |
16/05/2013 |
7,200,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60 MAHATMA GANDHI
ROAD, P.O. BOX 128, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75156315 |
|
7 |
10409940 |
26/02/2013 |
3,850,000,000.00 |
ETIHAD AIRWAYS
PUBLIC JOINT STOCK COMPANY |
P.O. BOX 35566,
KHALIFA CITY A, ABU DHABI, UNITED |
B70082201 |
|
8 |
10450556 |
31/01/2013 |
1,500,000,000.00 |
ALLAHABAD BANK |
I.F.BRANCH,
ALLAHABAD BANK BLDG,2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI,
MAHARASHTRA - 400023, INDIA |
B77548030 |
|
9 |
10399683 |
24/12/2012 |
600,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66389792 |
|
10 |
10382177 |
01/11/2012 * |
7,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B69806719 |
|
11 |
10369279 |
26/11/2012 * |
2,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66390030 |
|
12 |
10333257 |
29/12/2011 |
7,500,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY
RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B31108343 |
|
13 |
10311797 |
23/09/2011 |
1,100,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B23164296 |
|
14 |
10338367 |
06/06/2011 |
1,150,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE,
9TH FLOOR, DISCOVERY OF INDIA, DR. |
B24017295 |
|
15 |
10290717 |
23/04/2011 |
5,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH I, MAKER TOWER-F, 20TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B14458574 |
|
16 |
10266051 |
11/04/2011 * |
6,150,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, GROUND FLOOR, MAKER TOWER |
B11564374 |
|
17 |
10243543 |
09/09/2009 |
1,800,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A89851125 |
|
18 |
10154078 |
11/06/2010 * |
15,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, MAKER TOWER - E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A91065755 |
|
19 |
10134142 |
30/01/2013 * |
7,000,000,000.00 |
INDIAN OVERSEAS
BANK |
LARGE CORPORATE BRANCH,
62, RUKMANI LAKSHMIPATHY |
B70168034 |
|
20 |
10110861 |
27/06/2008 |
3,500,000,000.00 |
FLEET IRELAND
AIRCRAFT LEASE 2007-A LIMITED |
1 GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000, |
A40729105 |
|
21 |
10104436 |
28/05/2008 |
3,500,000,000.00 |
FLEET IRELAND
AIRCRAFT LEASE 2007-A LIMITED |
1 GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000, |
A39194956 |
|
22 |
10085375 |
01/02/2008 |
3,200,000,000.00 |
MOORGATE AIRCRAFT
2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A31369028 |
|
23 |
10080550 |
17/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29199528 |
|
24 |
10080546 |
14/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29198355 |
|
25 |
10080547 |
05/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND |
A29198926 |
|
26 |
10072398 |
11/10/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O. WILMINGTON
TRUST COMPANY, RODNEY SQUARE NORTH, 1100, NORTH MARKET STREET, WILMINGTON DE,
- 19890, UNITED STATES OF AMERICA |
A25519232 |
|
27 |
10065234 |
27/08/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O. WILMINGTON
TRUST COMPANY,, 1100, NORTH MARKE |
A21987227 |
|
28 |
10062888 |
02/08/2007 |
3,170,764,987.62 |
FLEET IRELAND
AIRCRAFT LEASE 2007 - A LIMITED |
CUSTOM HOUSE
PLAZA, BLOCK 6, IFSC, DUBLIN, -0, IRELAND |
A20792545 |
|
29 |
10062889 |
02/08/2007 |
3,251,767,910.80 |
FLEET IRELAND AIRCRAFT
LEASE 2007 - A LIMITED |
CUSTOM HOUSE
PLAZA, BLOCK 6, IFSC, DUBLIN, - |
A20793592 |
|
30 |
10022713 |
15/12/2006 * |
1,575,000,000.00 |
DELAWARE
AIRCRAFT HIRE 2006 LLC |
C/O. WILMINGTON
TRUST COMPANY RODNEY SQUARE NORTH, |
A05664859 |
|
31 |
10020829 |
15/12/2006 * |
1,575,000,000.00 |
DELAWARE
AIRCRAFT HIRE 2006 LLC |
C/O. WILMINGTON
TRUST COMPANY RODNEY SQUARE NORTH, |
A05214317 |
|
32 |
80022013 |
26/03/2013 * |
40,400,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
2ND FLOOR,ARCADE BUILDING, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI,
MAHARASHTRA |
B73639239 |
|
33 |
80051195 |
24/03/1998 |
55,625,000.00 |
THE SUMITOMO
BANK LIMITED |
15TH FLOOR, JOLLY
MAKER CHAMBER II, 225 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge
modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee Term Loan |
0.000 |
0.000 |
|
Long Term Maturities of Finance Lease Obligations (note a) |
58219.300 |
71014.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable on Demand |
|
|
|
From Banks |
|
|
|
Rupee Loans (note a) |
440.000 |
994.400 |
|
Foreign Currency Loans (note a) |
252.000 |
1380.200 |
|
Total
|
58911.300 |
73388.600 |
NOTES:
LONG TERM
BORROWINGS
(a) (i) Finance
Lease obligation for six aircraft are secured by Corporate Guarantee given by the
Subsidiary Company of Rs.38672.100 millions equivalent USD 7,124 lakhs
(Previous Year Rs.36242.900 millions equivalent USD 7,124 lakhs).
(ii) Repayable in
quarterly instalments over period of twelve years from the date of disbursement
of respective loan. Interest rate is linked with LIBOR plus margin.
SHORT TERM
BORROWINGS:
The rates of interest for the loans listed ranges from 180 base points
to 850 base points over LIBOR plus Margin for Foreign Currency Loans and 12% to
15% for Rupee Loans.
REVIEW OF
OPERATIONS:
The year continued
to be challenging one for the Company due to sluggish economic scenario
resulting into slump in demand by around 5%.
In the 1st half of
the financial year, domestic industry was going through a turbulent time due to
high costs and excess capacity environment which was a spillover from the
previous year. This caused financial strain on airlines resulting in domestic
capacity reducing in the 2nd half of the year. Capacity induction in the 2nd
half slowed down, helping the airlines to maintain higher yields. However,
airlines were not able to pass on increase in costs fully to the passengers.
All these have resulted into industry posting losses once again in this year.
According to
CAPA’s latest estimate, losses for the domestic industry as a whole for the
year ended 31st March 2013, is estimated around US$ 1.65 Billion dollars.
There were other
major events which impacted the business which included:
a) The weakening
of the Indian Rupee vis-à-vis the United States Dollar
b) Increase in
crude oil prices and resultant price of ATF, which forms close to 40% of their
operating costs
c) Significant
increases in Landing and Navigation charges at key metros
d) Weak economy
leading to the hardening of interest rates and also made it difficult for
airlines to raise short term / working capital debt
During the year
slowdown in demand has resulted in capacity reduction, which has resulted in
aircraft on ground. Few of them were redeployed to profitable routes in
international sectors.
The impact of
aircraft on ground for the year was Rs.1889.000 millions (US$ 34.8 Million).
The Company, on
its part, has taken various initiatives to improve its operating efficiency and
revenue earning potential to bring down the breakeven load factor.
Initiatives such
as discontinuing loss making routes, Sale / Sale and lease back of aircraft /
slots, renegotiation of major contracts including aircraft maintenance, ground
handling, selling and distribution costs, etc. have been either implemented or
in the process of being implemented. They are confident that these measures
will help them to bring down the breakeven load factor. The Company has started
focusing on increasing various avenues of ancillary revenues.
In order to help
strengthen its balance sheet and strategize sustained profitable growth, the
Company will be inking a deal with Etihad Airways PJSC which will bring
immediate revenue growth and cost synergy opportunities for both the airlines.
The domestic
traffic growth in India reduced by 5% for Fiscal year 2013 and over the next
few years; they expect the domestic aviation market to grow at around 2 to 2.5
times of GDP growth. However, there will be short term challenges to grow
profitably because of high operating costs which need to be passed on to the
passenger.
For Jet Airways,
the domestic passenger traffic for the year went down by 4% as compared to the
same period last year while international passenger traffic registered an
increase of 0.3%.
The Company ended
the financial year with a system-wide seat factor of 72.6% on the domestic and
82.2% on the international sectors.
The Company carried 16.854 millions revenue passengers on its
international and domestic services during the year.
Routes
The details of the routes introduced and discontinued during the
financial year ended 31st March, 2013 are as follows:
|
Routes |
Introduced |
Discontinued |
|
Domestic Segment |
||
|
Chennai-Pune-Chennai |
16th May, 2012 |
|
|
Bengaluru-Vizag-Bengaluru |
16th May, 2012 |
|
|
Kolkata-Varanasi-Kolkata |
28th October, 2012 |
|
|
Delhi-Aurangabad-Delhi |
|
14th June, 2012 |
|
Hyderabad-Indore-Hyderabad |
|
4th July, 2012 |
|
Goa-Hyderabad-Goa |
|
20th August, 2012 |
|
Hyderabad-Vizag-Hyderabad |
|
31st October, 2012 |
|
Nagpur-Bhopal-Nagpur |
|
4th December, 2012 |
|
Indore-Bhopal-Indore |
|
19th December, 2012 |
|
Leh-Chandigarh-Leh |
|
7th January, 2013 |
|
Kolkata-Imphal-Kolkata |
|
31st January, 2013 |
|
Bhopal-Lucknow-Bhopal |
|
8th March, 2013 |
|
International
Segment |
||
|
Mangalore-Dubai-Mangalore |
3rd January, 2013 |
|
|
Trivandrum-Sharjah-Trivandrum |
|
6th May, 2012 |
|
Delhi-Colombo-Delhi |
|
16th May, 2012 |
|
Mumbai-Johannesburg-Mumbai |
|
12th June, 2012 |
|
Chennai-Dubai-Chennai |
|
21st June, 2012 |
|
Chennai-Kuala Lumpur-Chennai |
|
2nd July, 2012 |
|
Brussels-New
York-Brussels |
|
10th September,
2012 |
|
Hyderabad-Dubai-Hyderabad |
|
16th September, 2012 |
|
Chennai-Brussels-Chennai |
|
15th November, 2012 |
|
Kochi-Bahrain-Kochi |
|
7th December, 2012 |
|
Delhi-Milan-Delhi |
|
1st February, 2013 |
|
Kochi-Kuwait-Kochi |
|
1st February, 2013 |
Fleet
As on 31st March,
2013, the Company had a fleet of 95 aircraft, comprising 10 Boeing 777-300 ER aircraft,
10 Airbus A330-200 aircraft, 3 Airbus A330-300 aircraft, 54 Next Generation
Boeing 737-700/800/900/900ER aircraft, 17 modern ATR 72-500 Turboprop aircraft
and 1 ATR 72-600 aircraft. With an average fleet age of 5.40 years, the airline
has one of the youngest aircraft fleets in the world.
Of the 10
B777-300ER aircraft, 5 aircraft have been sub-leased to Thai Airways
International Public Company Limited (“Thai Airways”). The lease in respect of
these aircraft expires between May, 2013 and November, 2013.
The Company flies
to 55 domestic destinations (includes flights operated by Jet Lite (India)
Limited, the Company’s wholly owned subsidiary) and 20 International
destinations.
Subsidiary Company
Jet Lite (India)
Limited (‘Jet Lite’) is a wholly owned subsidiary which was acquired by the
Company on 20th April, 2007.
Jet Lite is a
non-material, non-listed subsidiary company as defined under Clause 49 of the
Listing Agreement(s) entered into with the Stock Exchanges.
For the financial
year ended 31st March, 2013, Jet Lite posted a total income of
Rs.20113.600 millions (2011-12: Rs.19038.600 millions) and a Net Loss of
Rs.2953.200 millions (2011-12: Rs.1840.300 millions). In view of the loss, the
Board of Directors of Jet Lite has not recommended a dividend; neither on the
Equity Shares nor on the Compulsorily Fully Convertible Non-Cumulative
Preference Shares for the year ended 31st March, 2013 (Previous Year
: Nil). The Company continues to support the operations of Jet Lite.
New Subsidiaries:
The Company
acquired 100% of the Share Capital of Jet Privilege Private Limited on 5th
December, 2012, a marketing services company engaged in the business of
managing reward points and loyalty programs for its program partners with a
view to transform the JetPrivilege programme into a larger retail-based
coalition loyalty program and through its operations unlock greater commercial
value.
Jet Airways
Training Academy Private Limited was incorporated on 14th December,
2012, as a 100% wholly owned subsidiary to function as an academy to impart
training to the crew of different airlines as well as individuals who desire to
pursue a career in aviation. It will also provide training in other related
fields like hospitality, travel and tourism, etc.
MANAGEMENT’S DISCUSSION
AND ANALYSIS
Industry Structure
and Development
The aviation
industry in India has gone through yet another very difficult year of
operations due to high operating costs and slump in demand, resulting into
industry showing substantial losses for Fiscal 2013.
Crude oil prices
continued to be very high and airlines were not able to pass on full impact of
increase to the passengers.
In addition,
depreciation of Indian rupee against US Dollar had put significant pressure on
the cost line of the airlines.
The cost of
borrowing still remains to be very high, thereby impacting the interest costs.
Airlines managed
to improve yields year on year which has helped them to reduce losses as
compared to last year. 1.4 During the year the Government of India introduced
reform by allowing Foreign Direct Investment (FDI) up to 49% in an airline,
which is one of the positive development for the industry.
Analysis of
Operational Performance Fiscal 2013 Compared to Fiscal 2012
Revenues
Total operating
revenues of Rs.168525.900 millions in Fiscal 2013 compared to Rs.148159.100
millions in Fiscal 2012 shows an increase of 14% mainly due to improvement in
the passenger yield and increase in cargo revenues by 5% mainly due to increase
in cargo tons carried.
Passenger Revenues
In Fiscal 2013
passenger revenues were at Rs.143686.700 millions as compared to Rs.125820.500
millions in Fiscal 2012. The growth of 14% can be mainly attributed to increase
in revenue per passenger.
Revenues from
Excess Baggage
Revenues from
excess baggage increased by 51% to Rs.1382.100 millions in Fiscal 2013 from
Rs.913.900 millions in Fiscal 2012.
Revenues from
Cargo
Revenues from
carriage of cargo increased by 5% to Rs.13749.800 millions in Fiscal 2013 from
Rs.13084.100 millions in Fiscal 2012.
This was mainly on
account of increase in the cargo tons carried.
Other Operating
Income
Other operating
revenues increased by 16% to Rs.9707.300 millions in Fiscal 2013 from
Rs.8340.600 millions in Fiscal 2012. The increase was mainly due to higher
leasing income and cancellation charges.
Other Income
Other income
increased by 54% to Rs.5505.800 millions in Fiscal 2013, from Rs.3571.700
millions in Fiscal 2012. The increase was mainly on account of profit on sale
of slots at London Heathrow airport.
Outlook /
Restructuring Measures
Starting Fiscal
2014, capacity increases are expected to be moderate in the industry. The
demand growth is expected to climb up to double digits in the second half of
the current fiscal. Airlines are regaining pricing power and industry load
factors are starting to move northwards.
Operating cost
environment continues to be difficult with Rupee depreciation, high crude
prices and significant increase in landing and navigation costs. Airlines will
have no choice but to pass on these increases to the passenger. This may affect
the passenger growth in short term as it will become unaffordable in the hands
of the customer.
Crude oil prices,
over the last few weeks have been hovering over USD 100 per barrel, if this
gets stable, it should help them to keep costs lower since fuel costs represent
close to 40% of their costs. But the recent weakening of the Indian Rupee vis a
vis the US Dollar will pose cost challenges since their outflows in foreign
currency are higher than foreign inflows.
They continue in
their endeavor on cost cutting measures, explore various avenues of ancillary
revenues and process improvements across all segments of the business. They
believe that this will help the Company in maximizing profitability in the
medium to long term. The proposed Jet-Etihad deal will bring immediate revenue
growth and cost synergy opportunities for both the airlines and will help
strengthen Jet Airways balance sheet. Key cost benefits and synergies in fleet
acquisition, maintenance, joint purchasing opportunities for fuel, spare parts,
equipment and catering supplies, as well as external services such as insurance
and technology support will come through. Other areas of co-operation will
include joint training of pilots, cabin crew and engineers, as well as
maintenance of common aircraft types and consolidation of guest loyalty
programs.
The alliance will
bring significant guest benefits with expanded code sharing, creating a
combined network of 140 destinations, these benefits will result in accelerated
return of the Company to sustainable profitability.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(a) Guarantees: |
|
|
|
i. Letters of Credit Outstanding |
17598.900 |
13253.000 |
|
ii. Bank Guarantees Outstanding |
12356.200 |
11311.200 |
|
iii. Corporate
Guarantee given to Banks and Financial Institutions against credit facilities
and to Lessors against financial obligations extended to Subsidiary Company: |
|
|
|
- Amount of
Guarantee |
5612.700 |
5359.800 |
|
- Outstanding
Amounts against the Guarantee |
5555.000 |
5307.400 |
|
(b) Claims against
the Company not acknowledged as debt |
|
|
|
i. Service Tax
Demands in Appeals |
16132.500 |
14135.900 |
|
ii. Fringe
Benefit Tax Demands in Appeals |
894.100 |
894.500 |
|
iii. Pending
Civil and Consumer Suits |
671.600 |
418.000 |
|
iv. Inland Air
Travel Tax Demands under Appeal |
42.600 |
42.600 |
|
Amount deposited
with the Authorities for the above Demands |
10.500 |
10.500 |
|
v. Octroi |
289.900 |
Nil |
|
vi. Customs |
62.100 |
14.300 |
|
vii. Income Tax Demands in Appeals |
2915.700 |
2993.700 |
viii. The Company
has provided security by way of a mortgage on its land situated at Bandra-Kurla
Complex, Mumbai along with construction thereon, present and future and first
charge on Company’s entitlement under the development agreement (excluding built
up area of 75,000 square feet) for the aforesaid plot of land against the
financial assistance of Rs.7500.000 millions (Previous Year Rs.7500.000
millions) provided by a financial institution to its developer Godrej Buildcon
Private Limited.
ix. The Company
had acquired 100% of the shareholding of Sahara Airlines Limited (SAL) (now
known as Jet Lite
(India) Limited)
in April, 2007. As per the Share Purchase Agreement (SPA) as amended by the
subsequent Consent Award, the mutually agreed sale consideration was to be paid
to the Selling Shareholders (SICCL) in four equal interest free instalments by
30th March, 2011. As a result of certain disputes that arose between the
parties, both the parties had filed petitions in the Hon'ble Bombay High Court
for breach of SPA as amended by the subsequent Consent Award. The Hon'ble
Bombay High Court delivered its Judgment on 4th May, 2011 whereby SICCL's
demand for restoration of the original price of Rs.20000.000 millions was
denied and the Purchase Consideration was sealed at the revised amount of
Rs.14500.000 millions. However, in its judgment, the Hon’ble Bombay High Court
has awarded interest at 9% p.a. on the delayed payments made to SICCL largely
on account of ongoing legal dispute. In view of this Order, a sum of Rs.1164.300
millions became payable as interest which has been duly discharged by the
Company. As a result of this discharge, the undertaking given by the Company in
April 2009 for not creating any encumbrance or alienation of its moveable or
immoveable assets and properties in any manner other than in the normal course
of the business, stands released. Though the Company had complied with the
order of the Hon’ble Bombay High Court, based on legal advice, it filed an
appeal with the Division Bench of the Hon’ble Bombay High Court contesting the
levy of interest. SICCL also filed an appeal with the Division Bench of the
Hon’ble Bombay High Court for restoration of the purchase consideration to
Rs.20000.000 millions and for interest to be awarded at 18% p.a. as against the
9% p.a. awarded by the Hon'ble Bombay High Court.
The Division Bench
of the Hon’ble Bombay High Court heard the matter and vide its order dt.17th
October, 2011 dismissed both the appeals as being not maintainable in view of
jurisdictional issue. The Company has since filed
Special Leave
Petitions (SLP) before the Hon'ble Supreme Court challenging both the orders of
4th May, 2011 and 17th October, 2011. SICCL had earlier filed a SLP before the
Hon'ble Supreme Court for increased compensation and interest. Both the SLPs,
filed by Jet Airways as well as SICCL, came up for hearing before the Supreme
Court. The Supreme Court directed the parties to file the Counter and
Rejoinder, which has since been filed. Pending adjudication of the matter by the
Hon'ble Supreme Court, the interest payment of Rs.1164.300 millions effected by
the Company on 5th May, 2011 has not been recognized in the Statement of Profit
and Loss.
Note:
The Company is a
party to various legal proceedings in the normal course of business and does
not expect the outcome of these proceedings to have any adverse effect on its
financial conditions, results of operations or cash flows. Further, claims by
parties in respect of which the Management have been legally advised that the
same are frivolous and not tenable, have not been considered as contingent
liabilities as the possibility of an outflow of resources embodying economic
benefit is highly remote.
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
(Rs.
in millions)
|
PARTICULARS |
For the quarter
ended |
For the nine months
ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1. Income from
Operations |
|
|
|
|
a. Income from Operations (Net) |
42294.100 |
37882.300 |
117964.200 |
|
b. Other Operating Income |
3064.600 |
4064.700 |
9393.000 |
|
Total Income
from Operations |
45358.700 |
41947.000 |
127357.200 |
|
2. Expenses |
|
|
|
|
a. Aircraft Fuel Expenses |
19148.400 |
18108.000 |
52690.300 |
|
b. Aircraft Lease Rentals |
4236.700 |
4285.500 |
12157.000 |
|
c. Employees Remuneration and Benefits |
4837.300 |
4373.300 |
13698.300 |
|
d. Depreciation and Amortisation |
2295.500 |
2233.900 |
6614.200 |
|
e. Selling and Distribution Expenses |
3506.800 |
3727.800 |
10454.200 |
|
f. Other Expenses |
13596.100 |
15777.700 |
41686.800 |
|
Total Expenses |
47620.800 |
48506.200 |
137300.800 |
|
3. (Loss) / Profit from Operations before Other Income, Finance Cost and Exceptional Items (1-2)) |
(2262.100) |
(6559.200) |
(9943.600) |
|
4. Other Income : |
1674.600 |
730.700 |
2995.800 |
|
5. (Loss) / Profit from Operations before Finance Cost and Exceptional
Items (3+4) |
(587.500) |
(5828.500) |
(6947.800) |
|
6. Finance Cost (Net) |
2302.500 |
2500.500 |
7144.300 |
|
7. (Loss) / Profit after Finance Cost but before Exceptional Items
(5-6) |
(2890.000) |
(8329.000) |
(14092.100) |
|
8. Exceptional Items : |
|
|
|
|
a. Compensation Credit |
-- |
-- |
-- |
|
b. Salary arrears |
-- |
-- |
-- |
|
c. Unrealised Exchange Gain / (Loss) |
211.100 |
(592.100) |
(1144.500) |
|
d. Marked to Market - Derivatives |
-- |
11.000 |
93.800 |
|
9. (Loss) / Profit from Ordinary Activities before Tax (7+8) |
(2678.900) |
(8910.100) |
(15142.800) |
|
10. Tax Expense : - |
|
|
|
|
Current Tax |
-- |
-- |
-- |
|
Deferred Tax |
-- |
-- |
-- |
|
MAT Credit Reversal / (Entitlement) |
-- |
-- |
-- |
|
Short / (Excess) Tax Provisions (Net) for Earlier Years |
-- |
-- |
-- |
|
11. (Loss) / Profit from Ordinary Activities after Tax (9-10) |
(2678.900) |
(8910.100) |
(15142.800) |
|
12. Extraordinary Item |
-- |
-- |
-- |
|
13. Net (Loss) / Profit (11-12) |
(2678.900) |
(8910.100) |
(15142.800) |
|
14. Paid up Equity Share Capital (Face Value of Rupees 10/- each) |
1136.000 |
863.300 |
1136.000 |
|
15. Reserves excluding Revaluation Reserves (as per balance sheet of
previous accounting year) |
-- |
-- |
-- |
|
16. Basic and Diluted EPS before and after Extraordinary Item (in
Rupees) * (Face Value of Rupees 10/- each) * Not annualised in respect of Quarterly Results |
(27.12) |
(103.20) |
(167.33) |
|
A PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17. Public
Shareholding |
|
|
|
|
- Number of Shares (Face Value of Rupees 10/- each) |
55662718 |
21583503 |
55662718 |
|
- Percentage of holding (%) |
49% |
25% |
49% |
|
18. Promoters
and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Total Promoters and Promoter Group Shareholding (%) |
-- |
-- |
-- |
|
- Percentage of Total Share Capital of Company (%) |
-- |
-- |
-- |
|
b) Non -
Encumbered |
|
|
|
|
- Number of Shares |
57934665 |
64750508 |
57934665 |
|
- Percentage of Total Promoters and Promoter Group Shareholding (%) |
100% |
100% |
100% |
|
- Percentage of Total Share Capital of Company (%) |
51% |
75% |
51% |
|
B INVESTOR
COMPLAINTS |
Quarter ended
31.12.2013 (Unaudited) |
|
Opening |
Nil |
|
Received during the quarter |
7 |
|
Disposed-off during the quarter |
7 |
|
Remaining unresolved at the end of the quarter |
Nil |
UNAUDITED STANDALONE
SEGMENTWISE REVENUE, RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
The Company, considering its higher level of international operations
and internal financial reporting based on geographic segment, has identified
geographic segment as primary segment. The geographic segment consists of: a)
Domestic (air transportation within India) b) International (air transportation
outside India).
(Rs.
in millions)
|
PARTICULARS |
For the quarter
ended |
For the nine months
ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Segment Revenue:
(Primarily Passenger, Cargo, Excess Baggage and Leasing of Aircraft) |
|
|
|
|
Domestic |
19135.500 |
16161.800 |
52394.100 |
|
International |
26223.200 |
25785.200 |
74963.100 |
|
Total |
45358.700 |
41947.000 |
127357.200 |
|
Segmental
Result: |
|
|
|
|
Domestic |
9542.900 |
7226.400 |
26120.900 |
|
International |
11577.800 |
11695.100 |
34086.500 |
|
Total |
21120.700 |
18921.500 |
60207.400 |
|
|
|
|
|
|
Less: Finance Cost |
2302.500 |
2500.500 |
7144.300 |
|
Depreciation and Amortisation |
2295.500 |
2233.900 |
6614.200 |
|
Other Unallocable Expenditure |
21087.300 |
23246.800 |
63536.800 |
|
Add: Other Unallocable Revenue |
1674.600 |
730.700 |
2995.800 |
|
Add: Exceptional Items (Net) |
211.100 |
(581.100) |
(1050.700) |
|
|
|
|
|
|
Loss before
tax |
(2678.900) |
(8910.100) |
(15142.800) |
|
|
|
|
|
|
Less: Taxes |
-- |
-- |
-- |
|
|
|
|
|
|
Loss after
tax |
(2678.900) |
(8910.100) |
(15142.800) |
Note: The Company believes that it is not practical to identify fixed assets
used in the Company’s business or liabilities contracted, to any of the
reportable segments, as the fixed assets are used interchangeably between
segments. Accordingly, no disclosure relating to total segment assets and
liabilities have been made.
FIXED ASSETS:
Owned Tangible Assets:
- Freehold Land
- Plant and Machinery
- Furniture and Fixtures
- Electrical Fittings
- Data Processing Equipments
- Office Equipments
- Vehicles
- Ground Support Equipments
- Simulator
Leased Assets:
- Leasehold Land
- Aircraft and Spare Engine (Narrow Body)
- Aircraft and Spare Engine (Wide Body)
- Improvement on Leased Aircraft
- Improvement on Leased Property
Intangible Assets:
- Software
- Landing Rights
- Trademarks
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
JET AIRWAYS WINS
PRESTIGIOUS ICC SUPPLY CHAIN AND LOGISTICS EXCELLENCE AWARDS 2014
Adjudged winner in "Air Cargo
Carrier" category
Mumbai, March 7,
2014
Jet Airways, India’s premier international airline, was adjudged winner
of the coveted ICC Supply Chain and Logistics Excellence Awards 2014 in the
‘Air Cargo Carrier’ category. The award was received by Mr. Mohammad Ali El
Ariss- Vice President Cargo, and Mr.Nischal Bhasin, General Manager – Sales –
Delhi and NCR, on behalf of Jet Airways. Mr Oscar Fernandes, Hon’ble Minister,
Ministry of Road Transport & Highways, gave away the award in the presence
of an august gathering of industry stalwarts at a glittering ceremony in New
Delhi.
The ICC Supply Chain and Logistics Excellence Awards 2014, instituted by
Indian Chamber of Commerce, are based on a structured selection process, and
seek to honour and recognize the efforts made by the Indian logistics and
Supply Chain organizations in creating industry benchmarks and adopting best
practices. The award ceremony was attended by eminent personalities from the
logistics sector including high profile representatives from Government of
India, Planning Commission, Aviation Sector, Indian Chamber of Commerce, and
other recognized bodies.
These Awards, selected by a panel of esteemed jury and knowledge partner
Deloitte, are an outcome of extensive evaluation of all technical,
infrastructural, procedural details as well as keeping in view the user’s
perspective. Jet Airways emerged victorious from amongst a field comprising several
of the leading airlines in India. Mr. Gaurang Shetty, Senior Vice President –
Commercial, Jet Airways said, “The unique recognition awarded to Jet Airways at
the prestigious ICC Supply Chain and Logistics Excellence Awards 2014, is a
testimony to the success of several key initiatives undertaken by the airline
in the growing supply chain and logistics sector. Receiving this top honour
from Indian Chamber of Commerce assumes significance, coming from the most
respected and coveted award title in the supply chain and logistics
segment.”
Jet Airways previously won the ‘Best Cargo Airline of Central Asia’ at the
prestigious Cargo Airline of the Year Awards in 2008. Similarly, Jet Airways
was also honoured at the annual Civil Aviation Authority of Singapore’s (CAAS)
third annual Changi Airline Awards for ‘Top 5 Airlines by Growth in Cargo
Carriage in 2008.
About Jet Airways
Jet Airways currently operates a fleet of 113 aircraft, which include 10
Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300
aircraft, 73 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR
72-500 and 3 ATR72-600. With an average fleet age of 5.18 years, the airline
has one of the youngest fleet of aircraft in the world. Flights to 75
destinations span the length and breadth of India and beyond, including Abu
Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong
Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark),
Riyadh, Sharjah, Singapore and Toronto.
About JetKonnect
JetKonnect is a dedicated product designed to meet the needs of the low
fare segment. JetKonnect will also offer guests a Premiere service on nearly
all domestic routes. With its mixed fleet of Boeings and ATR aircraft with
nearly 297 daily flights connecting 51 destinations across India, JetKonnect
provides more flexibility and choice to its guests. JetKonnect’s convenient
schedules, reliable service and low fares, promise to bring greater value and a
seamless flying experience to our customers.
Jet Airways and JetKonnect together operate nearly 578 daily flights,
both domestic and international.
JET STOCK UP 4% ON
BUZZ SEBI MAY TAKE UP OPEN OFFER ISSUE
December 06, 2013
Shares of Jet Airways today rose by almost 4 percent amid reports that market regulator Sebi may again take up the open offer issue in the company's deal with Abu Dhabi-based airline Etihad. According to media reports, Securities and Exchange Board of India (Sebi) is debating whether to reopen the issue of an open offer for shareholders of Jet Airways after another regulator said that Etihad enjoys joint control over the Indian airline. Fair trade regulator CCI had, last month, approved the acquisition of 24 percent stake in the Naresh Goyal-led Indian carrier by Abu Dhabi-based airline. Jet and Etihad had last month announced the closure of a Rs.20690.000 millions deal for the Abu Dhabi-based carrier to pick up 24 percent equity in the Indian airline, marking the first FDI infusion by an airline in the Indian aviation sector. Jet Airways ended at Rs.302.10, up Rs.1.45, or 0.48 percent on the BSE.
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 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
23 |
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.