MIRA INFORM REPORT
|
Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3,
Indira Gandhi International Airport, New Delhi – 110 037 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.07.2009 |
|
|
|
|
Com. Reg. No.: |
55-191963 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 800.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52599DL2009PTC191963 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD11695F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCD2518C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of
operating duty free shops at international airports. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a Joint venture company between “Delhi International
Airport Private Limited”
Yalorvin Limited, and GMR Airports. It is an established company having
satisfactory track. The company possesses an acceptable financial profile marked by
adequate capital base along with deterioration in its reserves, further
constrained by high overall gearing and relatively fixed payment obligation
towards license fee, etc. Management has witnessed an improvement in its operational and
financial performance referring to increase in its revenue base as well as et
profitability during FY 14. The rating also take into consideration, the locational advantage in
terms of being situated at the busiest and fastest growing airport in India. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of long standing experience of the joint venture partners, the
company can be considered for business dealings at usual 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term facilities: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
04.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term facilities: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
04.10.2013 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ritesh Jain |
|
Designation : |
A M Finance |
|
Contact No.: |
91-11-49342900 |
|
Date : |
01.12.2014 |
LOCATIONS
|
Registered Office : |
Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3,
Indira Gandhi International Airport, New Delhi – 110 037, India |
|
Tel. No.: |
91-11-49342900 |
|
Mobile No.: |
91-11-49342935 |
|
E-Mail : |
|
|
Website: |
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|
|
|
|
Corporate Office : |
L and T Building, Terminal 3, IGI Airport, New Delhi-110037, India |
DIRECTORS
As on 29.04.2014
|
Name : |
Mr. Sidharath Shrawankumar Kapur |
|
Designation : |
Director |
|
Address : |
37, Lovedale Apartments, 10th Floor, Opposite Fariyas
Hotel, Minnodesai Marg, Colaba, Mumbai – 400 005, |
|
Date of Birth/Age : |
20.07.1962 |
|
Date of Appointment : |
07.12.2010 |
|
DIN No.: |
02153416 |
|
Name : |
Mr. Appakudal Nithyanand |
|
Designation : |
Additional Director |
|
Address : |
C – 4/36, Second Floor, Safdarjang Development Area, New delhi, Delhi
– 110 016, India |
|
Date of Birth/Age : |
17.05.1970 |
|
Date of Appointment : |
18.08.2011 |
|
DIN No.: |
00149845 |
|
Name : |
|
|
Designation : |
Director |
|
Address : |
Donnybrook Shanaway Road, Ennis Co |
|
Date of Birth/Age : |
06.01.1953 |
|
Date of Appointment : |
07.12.2010 |
|
DIN No.: |
02843440 |
|
Name : |
Mr. Srinivas Bommidala |
|
Designation : |
Director |
|
Address : |
No.309, 3rd Cross, 2nd Block, 2nd
Stage, Devasandra Rajmahal Vilas Extention, Bangalore-560094, Karnataka,
India |
|
Date of Birth/Age : |
01.03.1963 |
|
Date of Appointment : |
02.07.2012 |
|
DIN No.: |
00061464 |
|
Name : |
Mr. Jack Patrick Macgowan |
|
Designation : |
Director |
|
Address : |
44, Oaklands Park, Dublin 4, Ireland |
|
Date of Birth/Age : |
07.03.1964 |
|
Date of Appointment : |
30.03.2012 |
|
DIN No.: |
05248332 |
|
Name : |
Mr. Philip Nigel Eckles |
|
Designation : |
Director |
|
Address : |
Villa 36, Gate 113, Road 2, Al Jasrah – 1006, Bahrain |
|
Date of Birth/Age : |
13.04.1965 |
|
Date of Appointment : |
29.04.2014 |
|
DIN No.: |
06694712 |
KEY EXECUTIVES
|
Name : |
Parveen Gupta |
|
Designation : |
Secretary |
|
Address : |
113-B, SFS DDA, Flats, Gulabi Bagh, Delhi-110007, India |
|
Date of Birth/ Age : |
15.09.1977 |
|
Date of Appointment : |
15/12/2010 |
|
PAN No.: |
AFEPG4984L |
|
|
|
|
Name : |
Mr. Ritesh Jain |
|
Designation : |
A M Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.04.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
GMR Airports Limited, , India |
13624000 |
17.03 |
|
Delhi International Airport Private Limited, India |
39920000 |
49.90 |
|
Yalorvin Limited, Cyprus |
26456000 |
33.07 |
|
TOTAL
|
80000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.04.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
33.07 |
|
Bodies corporate |
66.93 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
operating duty free shops at international airports. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
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|
|
Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) |
||||||||||||||||||
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||||||||||||||||||
|
Bankers : |
·
Indian Bank, New Delhi Branch, Main Branch, G – 41,
Connaught Circus, New Delhi – 110 003, India ·
Indian Overseas Bank, 70, Golf Links, ·
State Bank of ·
Axis Bank, Sector – 14, Gurgaon, Haryana – 122
001, India ·
ICICI Bank Limited, Landmark Race Cource Circles,
Alkapuri, Baroda-390015, Gujarat, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
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|
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No. 10, 18th Floor, Tower – B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAKFB4430H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint venture
partners: |
[U63033DL2006PTC146936]
[U65999KA1992PLC037455]
[U15511DL2006PTC153293] |
|
|
|
|
Entities in which
joint venture partners have significant influence: |
[U63030DL2010PTC198985]
[U74900DL2009FTC191359]
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
800.000 |
800.000 |
800.000 |
|
(b) Reserves & Surplus |
5.412 |
62.886 |
-44.125 |
|
(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) |
805.412 |
862.886 |
755.875 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1723.989 |
1883.988 |
2043.987 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
15.116 |
8.579 |
4.640 |
|
Total
Non-current Liabilities (3) |
1739.105 |
1892.567 |
2048.627 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
81.943 |
0.000 |
50.000 |
|
(b) Trade payables |
370.861 |
288.761 |
298.200 |
|
(c) Other current liabilities |
480.876 |
307.248 |
375.890 |
|
(d) Short-term provisions |
554.498 |
405.984 |
210.889 |
|
Total
Current Liabilities (4) |
1488.178 |
1001.993 |
934.979 |
|
|
|
|
|
|
TOTAL |
4032.695 |
3757.446 |
3739.481 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
201.124 |
249.390 |
219.858 |
|
(ii) Intangible Assets |
1.917 |
4.310 |
8.573 |
|
(iii) Capital work-in-progress |
12.385 |
0.197 |
19.661 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
30.740 |
16.019 |
7.708 |
|
(d) Long-term Loan and Advances |
2409.792 |
2355.883 |
2349.142 |
|
(e) Other Non-current assets |
29.385 |
31.264 |
39.979 |
|
Total
Non-Current Assets |
2685.343 |
2657.063 |
2644.921 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
791.874 |
670.695 |
577.695 |
|
(c) Trade receivables |
10.487 |
9.188 |
17.163 |
|
(d) Cash and cash equivalents |
359.107 |
269.251 |
358.589 |
|
(e) Short-term loans and
advances |
185.884 |
151.226 |
141.110 |
|
(f) Other current assets |
0.000 |
0.023 |
0.003 |
|
Total
Current Assets |
1347.352 |
1100.383 |
1094.560 |
|
|
|
|
|
|
TOTAL |
4032.695 |
3757.446 |
3739.481 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
7398.100 |
5945.000 |
4713.800 |
|
|
Other Income |
107.600 |
121.500 |
66.200 |
|
|
TOTAL
|
7505.700 |
6066.500 |
4780.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
6823.100 |
5430.400 |
4422.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
682.600 |
636.100 |
357.200 |
|
|
|
|
|
|
|
Less |
TAX |
231.100 |
207.700 |
79.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
451.500 |
428.400 |
278.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
301.200 |
(4.100) |
(112.500) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend including Dividend
Tax |
318.200 |
112.300 |
148.800 |
|
|
Transfer to General Reserve |
68.300 |
10.700 |
20.800 |
|
|
Balance
Carried to the B/S |
366.200 |
301.300 |
-4.100 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.64 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.10 |
7.21 |
5.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.11 |
17.00 |
9.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.85 |
0.74 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.24 |
2.18 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.10 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
(44.125) |
62.886 |
5.412 |
|
Net
worth |
755.875 |
862.886 |
805.412 |
|
|
|
|
|
|
long-term borrowings |
2043.987 |
1883.988 |
1723.989 |
|
Short term borrowings |
50.000 |
0.000 |
81.943 |
|
Total
borrowings |
2093.987 |
1883.988 |
1805.932 |
|
Debt/Equity
ratio |
2.770 |
2.183 |
2.242 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4713.800 |
5945.000 |
7398.100 |
|
|
|
26.119 |
24.442 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4713.800 |
5945.000 |
7398.100 |
|
Profit |
278.000 |
428.400 |
451.500 |
|
|
5.90% |
7.21% |
6.10% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
Registered office of the company has been
shifted from 1/1, East Patel Nagar, Near Metro Station, New Delhi-110008, India to
the present office address w.e.f. 23.07.2012
OPERATIONS
The Company has been quiet satisfactory. The significant progresses achieved during the year are:-
The Company has entered into agreements for sale of duty free products under the renowned brand names Pandora, Armani Jeans and Victoria Secrets. The products under these brand names are not available with any other duty free operator in India.
Initiatives undertaken for further improvement in passenger services by introducing in the outlets among others:
- Multi lingual POS communication in Chinese and Japanese language.
- Price guarantee in Perfumes and Cosmetics.
- Value zone for engagement of buyers with lower budget by providing them with offer on budget products.
Induction of Mr. Vir Sanghvi, eminent journalist and television personality as guest editor on Company’s Facebook community to spread awareness regarding Company’s products.
To service the passengers better the Company took management of shopping trolleys in departure area of the airport.
AWARDS AND
RECOGNITIONS
During the period, the Company has received the following awards and recognitions which reflect its successful strategies:
· Global Brand excellence award for excellence in retail sector from CMO (Chief Marketing Officer) forum.
· Aviation award for excellence in duty free operations from Aerospace magazine.
· Frontier award for digital innovation by Frontier magazine.
· Best Twitter feed award in Moodie’s Report on social media coverage.
BACKGROUND
Subject is a Company incorporated on 7 July 2009 under the provisions of Companies Act, 1956. The Company is a joint venture between Delhi International Airport Private Limited, Yalorvin Limited and IDFS Trading Private Limited and is primarily engaged in the business of operating duty free shops at international airports in Delhi. In current year IDFS Trading Private Limited has transferred all its shares to GMR Aiports Limited.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10527942 |
22/10/2014 |
91,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
C31342165 |
|
2 |
10317946 |
22/10/2014 * |
1,456,900,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
C31341365 |
|
3 |
10317936 |
20/03/2013 * |
2,284,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
B73066664 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
- Leasehold improvements
Intangible assets
- Computer software
PRESS RELEASES
GMR SUBSIDIARY PICKS 17% STAKE IN DELHI DUTY FREE SERVICES
JUNE 10, 2013
New Delhi:
A GMR Infrastructure subsidiary has acquired 17.03 per cent stake in Delhi Duty Free Services at Indira Gandhi International (IGI) airport for an undisclosed sum.
Delhi Duty Free Services is operating, maintaining and managing the duty free outlets at the IGI airport under concession from Delhi International Airport Private Limited for a period of 15 years up to 2024-25.
"GMR Airports, a subsidiary of GMR Infrastructure, has acquired 17.03 per
cent equity stake in Delhi Duty Free Services...," GMR Infrastructure said
in a BSE filing.
Delhi International Airport Private Limited has the majority 49.9 per cent
stake in Delhi Duty Free Services.
Yalorvin Limited, a subsidiary of AerRianta International cpt, wholly-owned by
the Ireland Government-owned Dublin Airport Authority, has 33.07 per cent stake
in Delhi Duty Free Services.
DELHI DUTY FREE HONOURED AT AVIATION AWARDS' 2014
18TH MARCH 2014
Delhi Duty Free Services Private Limited (DDFS), India's largest duty free retail space at T3, IGI Airport in Delhi has won
"Excellence in duty free shop operator" at The Aviation Awards 2013 held on 13th March'14 at Indian Aviation Show by FICCI, Hyderabad.
Delhi Duty Free has completed over three years of successful operations, after having started in July 2010, infact in the last three years; it wouldn't be an exaggeration to say that Delhi Duty Free has changed the way travel retail in India is viewed!
This is the first edition of the Aviation Awards and is started by International Aerospace review and analysis magazine to recognize and applaud the excellence and contribution of the various segments of commercial aviation and its allied/ancillary industries. This award will gives a platform to celebrate and reward the hard working individuals, products and organisations behind the changing landscape of the country.
On receiving the award, said Mr. Duncan Lawley, CEO, Delhi Duty Free Services Private Limited, "We are extremely honoured and proud to have won this award. I am glad that the commitment level and service standards shown by our teams have been recognized. I am very proud of the team we have and I am confident that we will continue to grow and demonstrate even higher standards going forward."
Notes to Editor
About DDFS
The company was awarded the concession to manage and operate the Duty Free Shops at Terminal 3, Indira Gandhi International Airport in Delhi. DDFS is a single largest duty free retail operator in India operating out of T3, the 6th largest single terminal building in terms of floor area. As India's progressive economy continues to grow, DDFS sees an exciting opportunity within the airport retailing business ensuring Delhi Duty Free is established as one of the world's prominent travel retail shopping experiences and destination.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.