MIRA
INFORM REPORT
|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR INDIA LIMITED (w.e.f. 24.11.2010) |
|
|
|
|
Formerly Known
As : |
NATIONAL AVIATION COMPANY OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Airlines House, 113, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.03.2007 |
|
|
|
|
Com. Reg. No.: |
55-161431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13450.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U62200DL2007GOI161431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELN09135A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN6194P |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Air
Transport Services |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is wholly owned by Government of India. It is an established company having a good track record. Management of the company has failed to file its financial for the
year 2013 with the government department. As per previous year’s record 2012, the financial position of the
company is under severe pressure. There appear a huge accumulated losses
recorded by the company which exceed the networth. The external borrowing of
the company appears to be huge. However, the rating takes into consideration the strength of the
credit enhancement from the Government of India through the ministry of Civil
Aviation, and the trustee-administered payment mechanisms. Trade relation are fair. Business is active. Payments are reported to
be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non-convertible debentures: AAA (SO) |
|
Rating Explanation |
Have the highest degree of safety and carry lowest credit risk. |
|
Date |
09.12.2013 |
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 CO-OPERATIVE (91-22-26265555)
LOCATIONS
|
Registered Office/ Headquarters : |
Airlines House, 113, Gurudwara Rakabganj Road, New Delhi – 110001,
India |
|
Tel. No.: |
91-11-22796666 / 23422000 / 26265660 |
|
Fax No.: |
91-11-22023686 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10,000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Commercial Headquarter: |
Old Airport Kalina, Santacruz (East), Mumbai – 400029, Maharashtra,
India |
|
Tel. No.: |
91-22-26265555 |
|
|
|
|
Other Air |
Located At : Ø
Ahmedabad Ø
Amritsar Ø
Anand Ø
Bhopal Ø
Bengaluru Ø
Bengaluru Airport Ø
Baroda (vadodara) Ø
Chandigarh Ø
Cochin (Kochi) Ø
Cochin Airport Ø
Calicut (kozhikode) Ø
Calicut Airport Ø
Chennai Ø
Chennai Airport Ø
Coimbatore Ø
Chittagong Ø
Delhi Ø
Dhaka Airport Ø
Guwahati Ø
Guwahati Airport Ø
Goa Ø
Goa Airport Ø
Hyderabad Ø
Hyderabad Airport Ø
Igi Airport Ø
Indore Ø
Jalandhar Ø
Jaipur Ø
Kolkata Ø
Kolkata Airport Ø
Kanpur Ø
Kannur Ø
Lucknow Airport Ø
Mumbai Ø
Malappuram Ø
Mangalore Ø
Nagpur Ø
Pune Ø
Rajkot Ø
Surat Ø
Thiruvan- Anthapuram
Ø
Thiruvan- Anthapuram
Airport Ø
Trichy Ø
Thiruvalla Ø
Trichur Ø
Varanasi |
|
|
|
|
Overseas Offices : |
Located at: Ø SAARC Countries Ø South East Asia Ø South East Australia Ø Gulf and Middle East Ø USA and Canada Ø UK and Ireland Ø Europe Ø Russia Ø
Far East |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Rohit Nandan |
|
Designation : |
Managing director |
|
Address : |
B 7 2 Multist Oreyed, Flats, Sector 13, R K Puram, Delhi, India |
|
Date of Birth/Age : |
27.01.1957 |
|
Qualification: |
MBA,UK |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
02195896 |
|
|
|
|
Name : |
Mr. Syed Nasir Ali |
|
Designation : |
Managing director |
|
Address : |
Quarter No. 1, Type 5, Lodi Road, New Delhi – 110003, India |
|
Date of Birth/Age : |
04.05.1965 |
|
Date of Appointment : |
13.07.2012 |
|
DIN No.: |
03113580 |
|
|
|
|
Name : |
Mr. Pankaj Srivastava |
|
Designation : |
Whole-time director |
|
Address : |
F3/19, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
13.04.1960 |
|
Date of Appointment : |
01.10.2013 |
|
DIN No.: |
06716582 |
|
|
|
|
Name : |
Mr. Prabhat Kumar |
|
Designation : |
Director |
|
Address : |
C – 120, Sector 39, Noida – 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.04.1959 |
|
Date of Appointment : |
18.10.2012 |
|
DIN No.: |
06415793 |
|
|
|
|
Designation : |
Whole-time director |
|
Address : |
Flat No.8, Air India Apartments, 61 B Pali Hill, Bandra West, Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1957 |
|
Qualification: |
CA,CS,ICWA |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
03616104 |
|
|
|
|
Name : |
Mr. Nikhil Kumar Jain |
|
Designation : |
Whole-time director |
|
Address : |
256, 3B Railway Office ICERS Colony, P K Road, New Delhi – 110001,
India |
|
Date of Birth/Age : |
28.03.1962 |
|
Date of Appointment : |
05.07.2012 |
|
DIN No.: |
05332456 |
|
|
|
|
Name : |
Renuka Ramnath |
|
Designation : |
Director |
|
Address : |
D-701-2, Floor. 47, Ashik Tower, 63-74, Dr SS Rao Marg, Parel, Mumbai –
400012, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1961 |
|
Date of Appointment : |
29.05.2013 |
|
DIN No.: |
00147182 |
|
|
|
|
Name : |
Mr. Ravindra Harshadrai Dholakia |
|
Designation : |
Director |
|
Address : |
313, Indian Institute, Of Management, Vastrapur, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
02.04.1953 |
|
Date of Appointment : |
29.05.2013 |
|
DIN No.: |
00069396 |
|
|
|
|
Name : |
Mr. Gurcharan Das |
|
Designation : |
Director |
|
Address : |
124, Jor Bagh, New Delhi – 110003, India |
|
Date of Birth/Age : |
03.10.1943 |
|
Date of Appointment : |
29.05.2013 |
|
DIN No.: |
00032103 |
|
|
|
|
Name : |
Mr. Prem Vrat |
|
Designation : |
Director |
|
Address : |
1240, Sector A, Pocket A, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
01.06.1944 |
|
Date of Appointment : |
29.05.2013 |
|
DIN No.: |
06604781 |
|
|
|
|
Name : |
Mr. Kishan Kumar Nohwar |
|
Designation : |
Director |
|
Address : |
M 97, Jalvayu Vihar, Sector 25, Gautam Budh Nagar, Noida – 201301,
Uttar Pradesh, India |
|
Date of Birth/Age : |
07.05.1952 |
|
Date of Appointment : |
29.05.2013 |
|
DIN No.: |
06607996 |
KEY EXECUTIVES
|
Name : |
Kalpana S Rao |
|
Designation : |
Secretary |
|
Address : |
6 C GH 10 Sunder Apartments Outer Ring Raod, Paschim Vihar, New Delhi
– 110087, India |
|
Date of Birth/Age : |
03.10.1954 |
|
Date of Appointment : |
01.11.2012 |
|
PAN No.: |
AAEPR0042B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
President of India, India |
|
13444999920 |
|
Sinha Alok |
|
10 |
|
Rohit Vasiioda Nandan |
|
10 |
|
Subramonian Machendranathan |
|
10 |
|
K N Shrivastava |
|
10 |
|
Prabhat Kumar |
|
10 |
|
Juneja Shefali |
|
10 |
|
Jindoal Puja |
|
10 |
|
Israni Deepak |
|
10 |
|
|
|
|
|
Total |
|
13445000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Government
(Central and State) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Air
Transport Services |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Deutsche Bank AG, 14-00 One Raffles Quay, South Tower,
Singapore - 048583, Singapore ·
United Bank of India, Corporate Finance Branch,
2nd Floor, United Bank of India
Building,25 Sir P M Road, Fort, Mumbai - 400001, ·
Maharashtra, India ·
Wells Fargo Bank Northwest National Association,
260 N Charles Lindbergh Dr., ·
Salt Lake City, Utah - 84116, United States of
America ·
Bank of India, Star House, C-5, "G"
Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India ·
Standard Chartered Bank, Narain Manzil, 23
Barakhamba Road, New Delhi - 110001, Delhi, India ·
Standard Chartered Bank, Narain Manzil, 23
Barakhamba Road, New Delhi - 110001, Delhi, India ·
Central Bank of India, Corporate Finance Branch,
Mmo Building, Mumbai - 400023, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institute: |
SBICAP Trustee Company
Limited, 202 Maker Tower 'E', Cuffe Parade, Colaba, Mumbai - 400005,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
R Devendra Kumar
and Associates Chartered Accountants |
|
Address : |
205 Blue Rose Industrial
Estate, Near Petrol Pump, Western Express Highway,
Borivali-East, Mumbai - 400 066, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFR2611M |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor Tandon
and Company Chartered Accountants |
|
Address : |
C/o Rajesh
Parasramka, Room No.1577,3rd Floor ,Building No.42B,Gangadhar Co-Operative
Housing Society, Vartak Nagar, Thane-West - 400 606, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFK5666N |
|
|
|
|
Auditors : |
|
|
Name : |
P K K G
Balasubramanam and Associates Chartered Accountants |
|
Address : |
Flat No.2 and
3,Door No.68/38,Brindavan, Street West Mambalam, Chennai - 600 003, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAHFP5605R |
|
|
|
|
Subsidiaries : |
·
Air India Air Transport Services Limited, India
[U63090DL2003PLC120790] ·
Air India Charters Limited, India
[U62100MH1971GOI015328] ·
Air-India Engineering Services Limited, India
[U74210DL2004PLC125114] ·
Airline Allied Services Limited, India
[U51101DL1983GOI016518] ·
Hotel Corporation of India Limited, India
[U55101MH1971GOI015217] ·
Vayudoot Limited, India [U62100DL1981GOI011262] |
CAPITAL STRUCTURE
As on 27.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000000 |
Equity Shares |
Rs.10/- each |
Rs. 150000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13445000000 |
Equity Shares |
Rs.10/- each |
Rs.
134450.000 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000000 |
Equity Shares |
Rs.10/- each |
Rs. 35000.000 Millions |
|
750000000 |
Preference Shares |
Rs.100/- each |
Rs. 75000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 110000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3345000000 |
Equity Shares |
Rs.10/- each |
Rs.
33450.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
33450.000 |
21450.000 |
|
(b) Reserves & Surplus |
|
(197881.700) |
(122737.900) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(164431.700) |
(101287.900) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
306220.500 |
175812.100 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
581.500 |
561.000 |
|
(d) long-term provisions |
|
13459.200 |
12684.400 |
|
Total Non-current Liabilities (3) |
|
320261.200 |
189057.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
128195.100 |
235490.100 |
|
(b) Trade payables |
|
75046.800 |
41672.900 |
|
(c) Other current
liabilities |
|
65310.100 |
42296.500 |
|
(d) Short-term provisions |
|
2334.600 |
1783.800 |
|
Total Current Liabilities (4) |
|
270886.600 |
321243.300 |
|
|
|
|
|
|
TOTAL |
|
426716.100 |
409012.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
311739.200 |
306192.000 |
|
(ii) Intangible Assets |
|
1142.100 |
934.400 |
|
(iii) Capital
work-in-progress |
|
19644.100 |
18416.100 |
|
(iv) Intangible
assets under development |
|
1009.600 |
544.200 |
|
(b) Non-current Investments |
|
1343.000 |
1320.500 |
|
(c) Deferred tax assets (net) |
|
28425.200 |
28425.200 |
|
(d) Long-term Loan and Advances |
|
19674.700 |
10593.300 |
|
(e) Other Non-current assets |
|
559.900 |
592.700 |
|
Total Non-Current Assets |
|
383537.800 |
367018.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
9072.600 |
6759.600 |
|
(c) Trade receivables |
|
18491.300 |
21515.100 |
|
(d) Cash and cash
equivalents |
|
4310.100 |
4154.400 |
|
(e) Short-term loans and
advances |
|
3364.700 |
2357.700 |
|
(f) Other current assets |
|
7939.600 |
7207.700 |
|
Total Current Assets |
|
43178.300 |
41994.500 |
|
|
|
|
|
|
TOTAL |
|
426716.100 |
409012.900 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9450.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
624.800 |
|
|
4] (Accumulated Losses) |
|
|
(54890.900) |
|
|
NETWORTH |
|
|
(44816.100) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
65907.100 |
|
|
2] Unsecured Loans |
|
|
184761.100 |
|
|
TOTAL BORROWING |
|
|
250668.200 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
FUTURE LEASE OBLIGATION |
|
|
133373.800 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
339225.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
296419.900 |
|
|
Capital work-in-progress |
|
|
24656.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1219.300 |
|
|
DEFERRED TAX ASSETS |
|
|
28425.200 |
|
|
Foreign Currency, Monetary Items Translation Difference Account |
|
|
99.500 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8677.800
|
|
|
Sundry Debtors |
|
|
25791.100
|
|
|
Cash & Bank Balances |
|
|
5284.700
|
|
|
Other Current Assets |
|
|
768.100
|
|
|
Loans & Advances |
|
|
14466.500
|
|
Total
Current Assets |
|
|
54988.200
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
38189.400
|
|
|
Other Current Liabilities |
|
|
17463.100
|
|
|
Provisions |
|
|
10929.900
|
|
Total
Current Liabilities |
|
|
66582.400
|
|
|
Net Current Assets |
|
|
(11594.200)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
339225.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
147138.100 |
140620.100 |
127620.300 |
|
|
|
Other Income |
0.000 |
0.000 |
2936.500 |
|
|
|
TOTAL (A) |
147138.100 |
140620.100 |
130556.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
85116.700 |
61120.600 |
|
|
|
|
Employee benefit expense |
35666.500 |
37514.900 |
|
|
|
|
Other expenses |
61388.400 |
65271.500 |
|
|
|
|
Exceptional items |
(9224.100) |
(1947.400) |
|
|
|
|
Extraordinary items |
(2655.700) |
(2008.700) |
|
|
|
|
TOTAL (B) |
170291.800 |
159950.900 |
147834.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(23153.700) |
(19330.800) |
(17277.900) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
36454.900 |
32407.900 |
24343.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(59608.600) |
(51738.700) |
(41621.400) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15968.300 |
16901.000 |
13887.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(75576.900) |
(68639.700) |
(55509.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.500 |
12.000 |
15.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(75597.400) |
(68651.700) |
(55524.400) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest Received |
NA |
NA |
21.600 |
|
|
|
Dividend |
NA |
NA |
34.500 |
|
|
TOTAL EARNINGS |
NA |
NA |
56.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
NA |
7283.600 |
|
|
|
Capital Goods |
NA |
NA |
89586.200 |
|
|
TOTAL IMPORTS |
NA |
NA |
96869.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(30.85) |
(58.10) |
(371.70) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(51.38)
|
(48.82) |
(42.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(51.36)
|
(48.81) |
(43.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.08)
|
(19.05) |
(15.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.46)
|
(0.68) |
(1.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.64)
|
(4.06) |
(5.59) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.16
|
0.13 |
0.83 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
6920.200 |
1484.700 |
NA
|
|
|
|
|
|
|
Total |
6920.200 |
1484.700 |
NA
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
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
IN THE HIGH COURT OF
DELHI AT NEW DELHI
W.P.(C) 4080/2013 and CM Appl. 9611/2013
SHASHI TRAVELS and TOURS Private Limited. Petitioner
Through: Mr. P.S. Singh, Adv.
Versus
AIR INDIA LIMITED Respondent
Through: Mr. Rohit Agarwal, Adv.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
ORDER
16.01.2014
Learned counsel for the petitioner states that he has filed a rejoinder
affidavit. However, the same is not on record. Let the same be brought on
record forthwith.
List on 11th August, 2014.
MANMOHAN, J
JANUARY 16, 2014
NG
8
$
CIVIL AVIATION SCENARIO
World
2011
International Air
Transport Association (IATA) reported that in the year 2011 passenger demand
went up by 5.9% as compared to 2010 in line with long term growth trends. In
contrast, cargo markets contracted by 0.7% for the year but recorded positive
demand growth in December of 0.2%. Growth in demand lagged capacity increases
at 6.3% (passenger) and 4.1% (cargo) to make downward pressure on load factors.
The average passenger load factor for 2011 was 78.1% which was down from 78.3%
in 2010. The freight growth factor was 45.9%, which was down from 48.1% in
2010.
The Director
General, IATA observed that 2011 was the year of contrast. The passenger growth
primarily in the first half of the year was off-set by declining cargo market.
Optimism in China contrasted with gloom in Europe. Ironically, the Europe
supported the travel demand but Europe’s primary tax and restricted approach to
aviation policy left the Continent’s carriers with the weakest profitability
amongst the regions.
Airlines made
massive investment in new environment friendly aircraft. The challenge was to
deploy them profitably into a dynamic and uncertain market. The Governments
need to take a strategic view of the airline industry and recognize its value
as a catalyst for economic growth. he aviation industry transports nearly 3
billion passengers a year and over a third of a value of goods that are traded
internationally , are transported by air. Aviation, therefore, has to be given
due importance by the Governments in framing policies which encourage its
growth.
Industry prospects
for 2012 are being driven by strong airline performance in the second and third
quarters. Despite high fuel prices, which remained at 110$ per barrel and
slowing down world economies, airline profits held up to the level of 2006.
Airlines have adjusted to the difficult environment through improved
efficiencies and restructuring plans. The improved performance is evident in
some of the large airlines which reposted better EBITDA performance in the 3 rd
quarter of the year 2012. Overall performance has been positively impacted by
strong passenger traffic growth (5.3%) and 3.0 % improvement in yields. Despite
the slowing down of world economy, business travel was supported by more robust
international trade in goods and service which in turn contributed to a
positive picture for both passenger volumes and yields. Cargo markets and
yields on the other hand showed a downward trend of 2% as compared to 2011 IATA
estimates that despite the improved prospects, the overall industry remains to
be at the expected levels of net profit for the year 2012 and would be lower
than what the industry achieved in 2011. Further, the net profit margin of 1%
expected in 2012 will be well below the 7-8% needed to recover the industry
cost of capital.
IATA expects that
the year 2013 would continue to be challenging with industry net margin
expected to reach 1.3%. (US$8.4 billion) with fuel prices expected to
moderately come down to US$104 per barrel ($109.5 per barrel in 2012). The ATF
i.e. jet fuel is expected to be around US$124.3 per barrel (vis-a-vis last year
$129.5 per barrel).
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
NETWORK VISION
Central Planning
and Control System (CPCS)
In early 2010, Air
India signed a broad ranging agreement for establishing its Central Planning
and Control IT System (CPCS). M/s Sabre Airline Solutions who are industry
leaders in this field were selected as system provider for a range of
integrated state of the art systems which cover Network Planning and
Scheduling, Flight Operations Control (including Integrated Operations Management
and Hub Management) and a comprehensive Crew Management System.
PLANNING AND SCHEDULING
The Planning and
Scheduling Tool is part of the CPCS Project implementation. Air India had
contracted with Sabre for five modules viz. Schedule Manager, Slot Manager,
Code Share Manager, Fleet Manager and Profit Manager. All five modules have
been implemented and are being used effectively.
With the Planning
and Scheduling Tool, Air India has successfully implemented the Delhi hub
operations which has resulted in enhancing connectivities domestic and
international. This has further resulted in a multifold increase in the
transfer of passengers from a level of around 300 pax/day to more than 3000
pax/day. This has been possible through the Bank Structure for the schedule
which has five main domestic arrival/departure banks and three distinct
international arrival/departure banks, which has facilitated the transfers and
connections between domestic/international flights. The tool has helped Air
India to develop international connectivities to provide effective East-West
Connections over the Delhi hub. Air India is continuously improving its
schedule and aircraft deployment through the Planning and Scheduling Tool.
In the Planning
and Scheduling suite, all the 5 modules have been implemented and are being
used.
Integrated
Operations Control Centre (IOCC) and Hub Control Centre (HCC)
·
Effective October 2011, IOCC had complete
visibility and control for the full fleet of Air India.
·
Movement Manager Module in IOCC and MM Web Module
in HCC has been implemented across all fleet in Air India. HCC Delhi has been
established.
·
HCC Mumbai will be established after the integrated
airport in Mumbai is commissioned.
·
Crew Management System (CMS)
·
The CMS implementation under Sabre Airline
Solutions Modules have been kept in abeyance and a new system from M/s Sheorey
Digital Systems is being implemented.
·
AI CMS is being implemented in a phased manner for
Wide Body and Narrow Body fleet for Cockpit and Cabin Crew.
·
Web portal has been activated and crew are being
notified of their movement on portal.
·
SMS notification system is available in certain
formats for issuing notification to Cockpit and Cabin Crew.
PLANS TO TURNAROUND PERFORMANCE:
The Company
continued to take several initiatives to omprove the performance of the Company
including inter-alia Rationalization of certain loss making routes. Return of
leased aircraft. Induction of brand new fleet on several domestic and
international routes thereby increasing passenger appeal. Phasing out old fleet
and consequent reduction of maintenance cost. Reduction of contractual
employment and outsourced agencies. Critical analysis of Fuel consumption on
all flights by setting up a Fuel Council and Fuel Manager. Implementation of
the recommendations made by IATA Group of Fuel Efficiency Gap Analysis (FEGA).
Increase in passenger, cargo, excess baggage revenue through aggressive sales
and marketing strategy including a separate Cell for attracting Government traffic.
Implementation of Quickwin IT Solutions including upgrade of Revenue Management
System, introduction of SAP-ERP throughout the network. Upgradation of FFP and
Introduction of several marketing initiatives including Companion Free Schemes,
Apex fare, GOI packages, Preferred Agents Partnership, Promotion of web
bookings and other promotional schemes like AI Holidays, etc.
Operationalisation of the two subsidiary companies formed for Ground Handling
and MRO activities in the year 2013.
Infusion of Additional
Equity- Linked to the Turnaround Plan of the Company:
In an attempt to
adequately capitalize the Company and in anticipation of GOI?s induction of
equity into the capital of the Company, AI had increased its Authorized Capital
during the year 2011-12 to Rs.110,000 million comprising 11,000 million equity
shares of Rs.10/- each.
The recommendation
of the Group Of Officers (GOO), who were appointed to vet AI?s TAP/FRP, was
accepted by the Group Of Ministers (GoM) which then decided to refer the same to
the CCEA for approval. The CCEA in the meeting held on 12th April 2012 approved
the entire TAP/FRP of AI.
The GOI has
prescribed various milestones for induction of equity wherein the Pax LF to be
attained by AI would be 73% by the FY 2015 and 75% by FY 2020. The milestones
also include that the airlines should turn EBIDTA positive by 2013, Cash
positive by 2018 and PBT (Networth positive) by 2020. The approval of the GOI
envisages an upfront equity infusion by GOI to provide immediate relief of
Rs.67,500 million in FY-2012 (including Rs.12,000 million provided in the Union
Budget of 2011), infusion of equity to fund Cash Deficits up to FY-2021 of
Rs.45,520 million, equity infusion to fund the principal and interest
repayments in respect of guaranteed aircraft loan Rs.189,290 million subject to
the achievement of the milestones. The total equity support approved by GOI was
Rs.302,310 million up to FY-2021. Apart from this GOI also provided an
unconditional and irrevocable guarantee for the issue of (Non-Convertible
Debentures) NCDs to the extent of Rs.74,000 million, the proceeds of which was
used for repaying the Short Term Loans (STLs) of the banks which were in excess
of the working capital requirement. The entire amount of Rs.74000 million has
been subscribed by Financial Institutions (LIC and EPFO) and paid out to the
banks by middle of December 2012. These NCDs have been issued at a coupon rate
of 9.08% with interest payable semi-annually.
The GOI had also
provided Rs.40,000 million in the Union Budget of 2012 out of which the entire
amount has been received by AI by mid November 2012. Till date, GOI has infused
Rs.72000 million in AI since 2009-10. The infusion by GOI has strengthened the
Debt-Equity Ratio as well as the Networth of the company which is presently
negative.
The Restructuring
of the working capital was completed with a consortium of 19 banks whereby an
amount of Rs.214,744.3 million which was outstanding working capital as of 30
September 2011 was converted into a Long Term Loan (LTL) to the extent of
Rs.104,368.9 million with a tenor of 15 years including a principal repayment
moratorium of 2 years. A part of the working capital was converted into STL
which was repaid through proceeds from issuance of NCDs to the extent of
Rs.73,916.7 million. The working capital was assessed to the extent of
Rs.46,200 million which would include the Offshore Facilities availed by the
company such as Buyers? Credit of Rs.7,200 million (equivalent of US$ 144
million). The Buyers? Credit facility which has been availed as of date is
around US$ 288 million. The working capital facility includes Cash Credit
facility as well as FCNR (B) loans. There was a reduction in the interest rate
to a uniform floating rate of 11% on LTL which was linked tothe banks base
rate. The interest on the LTL for the first year was converted into a Funded
Interest Term Loan (FITL), the terms of which would be the same as that of LTL.
The documents relating to the restructuring were executed on 30 March 2012 and
30 April 2012 with the consortium of 19 banks led by SBI wherein different
securities which were provided to the various facilities given to the lenders
were pooled as part of the FRP. The pooling of security was expected to result
in better co-ordination, monitoring and transparency for the benefit of the
lenders. It was therefore proposed to have a common security to all lenders
providing LTLs, FITLs, Non-fund Based Limits and the Assessed Working Capital
Facility excluding Offshore Facilities such as Standard Chartered Banks? (SCB)
Buyers? Credit Facility and Bank of Baroda’s (BOB) Overdraft Facility which was
proposed to be kept outside the purview of the FRP. Similarly the Non-fund
Based Facility provided by SCB will not be secured by the old security.
Whilst the above
Restructuring Plan and infusion of equity by GOI would put AI on the road to
profitability, the airline would however be subjected to various external
threats including increase in crude oil prices which would have a direct impact
on ATF prices, increase in competition and foreign exchange fluctuation. The
increase in fuel costs are proposed to be passed on to the passengers. However,
the company’s ability to pass on the fuel cost increase to its passenger would
depend upon the competitive constraints faced by the company. AI has also been
able to reduce the fuel costs by implementation of a number of measures
suggested in the Fuel Efficiency Gap Analysis (FEGA) as well as close
monitoring of fuel uplifts. The launch of international operations by LCC
players would certainly lead to increase in competition on international routes
which are already competitive with large international players having
established presence. This is proposed to be combated through the exercise of
Preferential Rights such as slots at various domestic airports in the country
and having the necessary connectivity from these airports to international
destinations.
FINANCING INITIATIVES
AIRCRAFT FINANCING:
Air India has
accepted delivery of 6 B787-8 aircraft during the period September 2012 to
December 2012. As per the Turnaround Plan (TAP) and Financial Restructuring
Plan (FRP) of Air India approved by GOI, induction of B787-8 aircraft will be
on Sale and Lease Back basis. Air India is in discussion with lessors for
finalizing Sale and Lease Back arrangement of 6 B787-8 aircraft. As an interim
financing, Air India has availed Bridge financing from various Financial
Institutions for taking delivery of these 6 B787-8 aircraft.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Non-convertible debentures others |
62000.000 |
7000.000 |
|
Rupee term loans from banks |
4226.200 |
6577.000 |
|
Term loans from others |
211.700 |
192.600 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
76939.700 |
184553.800 |
|
|
|
|
|
Total |
143377.600 |
198323.400 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10462313 |
01/11/2013 |
5,841,274,500.00 |
DEUTSCHE BANK AG |
14-00 ONE
RAFFLES QUAY, SOUTH TOWER, SINGAPORE, - 048583, SINGAPORE |
B90377631 |
|
2 |
10462306 |
30/10/2013 |
5,841,274,500.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG
MARG, NEW DELHI, DELHI - 110001, INDIA |
B90376229 |
|
3 |
10456872 |
01/10/2013 |
12,429,933,000.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG
MARG, NEW DELHI, DELHI - 110001, |
B88172358 |
|
4 |
10457177 |
08/11/2013 * |
12,429,933,000.00 |
DEUTSCHE BANK AG |
14-00 ONE
RAFFLES QUAY, SOUTH TOWER, SINGAPORE - 048583, SINGAPORE |
B91170217 |
|
5 |
10453289 |
27/09/2013 |
2,500,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE
BRANCH,2ND FLOOR, UNITED BANK OF INDIA BUILDING,25 SIR P M ROAD,FORT, MUMBAI,
MAHARASHTRA - 400001, INDIA |
B86758539 |
|
6 |
10455177 |
26/08/2013 |
12,429,933,000.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG
MARG, NEW DELHI, DELHI - 110001, |
B87597571 |
|
7 |
10455183 |
08/11/2013 * |
12,429,933,000.00 |
DEUTSCHE BANK AG |
14-00 ONE
RAFFLES QUAY, SOUTH TOWER, SINGAPORE, - 048583, SINGAPORE |
B91169763 |
|
8 |
10435351 |
17/06/2013 |
5,260,635,000.00 |
WELLS FARGO BANK NORTHWEST NATIONAL
ASSOCIATION |
260 N CHARLES
LINDBERGH DR., SALT LAKE CITY, UTAH, - 84116, UNITED STATES OF AMERICA |
B78971926 |
|
9 |
10418533 |
23/03/2013 |
3,500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE
BRANCH, 1ST FLOOR, MMO BUILDNG, |
B72823552 |
|
10 |
10411079 |
23/02/2013 |
2,000,000,000.00 |
CANARA BANK |
MAKER TOWER -F,
20TH FLOOR,, 85, CUFFE PARADE, MU |
B70538988 |
* Date of charge modification
FIXED ASSETS
Tangible assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Aircrafts helicopters
·
Office equipment
·
Computer equipments
Intangible assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.