MIRA
INFORM REPORT
IDENTIFICATION DETAILS
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Name : |
AIR WORKS |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19638D |
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PAN No.: [Permanent Account No.] |
AABCA1069P |
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Legal Form : |
Private Limited Liability Company |
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No. of Employees
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Information denied by the management |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the business of Aviation services, and
hence, does not carry out any research and development activities. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
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HDFC Bank Limited ·
Standard Chartered Bank, Credit Documentation
Unit, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India ·
Indusind Bank Limited, Dr. Gopal Das Bhawan, 28,
Barakhamba Road, New Delhi – 110001, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R.
Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
Golf View
Corporate Tower- B, Sector- 42, Sector Road, Gurgaon - 122 002, Haryana,
India |
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PAN
No. : |
AALFS0506L |
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Subsidiary
Companies : |
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Mach Air Sales Limited ·
Air Works MRO Services Private Limited ·
Air Works UK Engineering Limited ·
SA Air Works India Private Limited |
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Step down
Subsidiary Companies : |
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Business Aviation Services Limited ·
AirWorks Aviation Services Limited (formerly, Air
Works ·
Aircraft Sales Limited) ·
Empire Aviation Group FZCO (w.e.f. 7/6/2012) ·
Air Livery ATE SAS (w.e.f. 23/1/2013) ·
Aero Technique Espace (ATE) (w.e.f. 14/1/2013 ) ·
Air Livery Limited, UK ·
Air Livery (Cambridge) Limited ·
Sprayavia International Limited ·
Air Livery India Private Limited |
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Associates : |
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Punj Lloyd Aviation Limited ·
Punj Lloyd Pte Limited ·
NEA FVCI Limited ·
Spectra Punj Lloyd Limited ·
Punj Lloyd Limited |
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Employee trust Air Works Employees Welfare Trust Entity
significantly influenced by the Company : |
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Employee trust Air Works Employees Welfare Trust ·
Entity significantly influenced by the Company |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
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Names of
Shareholders (Equity Share) |
No. of Shares |
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Sarala B. Menon |
100 |
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Ravi S Menon |
3305900 |
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Sahadev G Menon |
1652300 |
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Gayatri Heble |
563400 |
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Raghudev G Menon |
1652300 |
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Kalpana Nair |
563400 |
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Rajdev Menon |
1652300 |
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Jaidev Menon |
1652300 |
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Nalini Menon |
1126700 |
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Indusage Management Services Private Limited, India |
4296400 |
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GTI AW i |
19407800 |
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Punj Lloyd Aviation Limited, |
17516100 |
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Mr. Vivek N Gour Mr. Anand Bhaskar Dhanyamraju Mr, Luv Chhabra (C/o Air Works Employees Welfare Trust) |
13630647 |
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Mr. Vivek N Gour |
1513432 |
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Nea FVCL Limited, Mauritius |
10000 |
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Tusk Investments Fund 1 Limited, Mauritius |
4939500 |
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Elephant India Finance Private Limited, India |
735700 |
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GNE Investment Limited, Mauritius |
759100 |
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Nea FVCL Limited, Mauritius |
10000 |
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Total |
74987379 |
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Names of Shareholders (Preference Share) |
No. of Shares |
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Nea FVCL Limited, |
27596956 |
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GTI Capital Delta Private Limited, Mauritius |
8407721 |
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Total |
36004677 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders'
Funds |
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(a) Share Capital |
421.403 |
263.506 |
233.870 |
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(b) Reserves & Surplus |
2420.099 |
1782.945 |
1426.641 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
2841.502 |
2046.451 |
1660.511 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
661.670 |
1.443 |
8.943 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term liabilities |
239.819 |
242.299 |
241.248 |
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(d) long-term provisions |
4.760 |
9.675 |
22.822 |
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Total Non-current Liabilities (3) |
906.249 |
253.417 |
273.013 |
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(4) Current Liabilities |
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(a) Short term borrowings |
210.784 |
244.161 |
199.649 |
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(b) Trade payables |
320.928 |
282.765 |
225.018 |
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(c) Other current
liabilities |
430.190 |
81.997 |
603.394 |
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(d) Short-term provisions |
79.189 |
58.359 |
10.251 |
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Total Current Liabilities (4) |
1041.091 |
667.282 |
1038.312 |
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TOTAL |
4788.842 |
2967.150 |
2971.836 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
269.104 |
284.511 |
199.989 |
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(ii) Intangible Assets |
236.057 |
212.804 |
208.736 |
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(iii) Capital
work-in-progress |
61.308 |
27.639 |
71.504 |
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(iv)
Intangible assets under development |
29.894 |
48.695 |
0.000 |
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(b) Non-current Investments |
725.377 |
725.377 |
725.377 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
738.950 |
283.850 |
113.655 |
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(e) Other Non-current assets |
161.707 |
110.849 |
194.613 |
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Total Non-Current Assets |
2222.397 |
1693.725 |
1513.874 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.997 |
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(b) Inventories |
120.969 |
108.914 |
81.129 |
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(c) Trade receivables |
793.666 |
849.652 |
484.248 |
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(d) Cash and cash
equivalents |
231.900 |
149.310 |
783.468 |
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(e) Short-term loans and
advances |
1186.099 |
137.378 |
97.389 |
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(f) Other current assets |
233.811 |
28.171 |
10.731 |
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Total Current Assets |
2566.445 |
1273.425 |
1457.962 |
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TOTAL |
4788.842 |
2967.150 |
2971.836 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1935.600 |
1493.540 |
1395.530 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1537.810 |
1279.090 |
1102.820 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
397.790 |
214.450 |
292.710 |
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Less |
FINANCIAL
EXPENSES |
322.140 |
92.250 |
206.220 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
75.650 |
122.200 |
86.490 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
96.210 |
81.210 |
60.300 |
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PROFIT/
(LOSS) BEFORE TAX |
(20.560) |
40.990 |
26.190 |
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Less |
TAX |
2.160 |
8.200 |
0.000 |
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PROFIT/
(LOSS) AFTER TAX |
(22.720) |
32.790 |
26.190 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(178.530) |
(211.320) |
(237.510) |
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BALANCE CARRIED
TO THE B/S |
(201.250) |
(178.530) |
(211.320) |
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Earnings /
(Loss) Per Share (Rs.) |
(0.20) |
0.29 |
0.23 |
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BUSINESS REVIEW
CURRENT YEAR OUTLOOK AND BUSINESS EXPANSION
PROGRAMME
Air Works
continues to maintain its position as the leading provider of aviation services
qualified to maintain over 50 aircraft types, for over 100 customers across
over 20 maintenance locations. Air Works is India’s only EASA certified MRO
with approvals for ATR42/72, Airbus A320 and Boeing B737 Classic/NG series. It
also became the first General Aviation MRO to have an EASA certification at two
of its facilities in Delhi and Mumbai.
The Company
continues to expand its OEM relationships and is the Authorized Service Centre
for Dassault, Rockwell Collins, Gulfstream, Bombardier, Honeywell, Agusta
Westland, Bell Helicopter, Superjet International, Hawker Beechcraft, Embrarer
and Williams. The Company is working on gaining ASF status from Cessna and
Pratt and Whitney.
Through its
Subsidiaries in Europe namely, Air Livery Ltd. and Aéro Technique Espace, Air
Works is one of the world’s largest providers of aircraft paint services. Through
the support of Air Livery Limited, Air Works has been carrying out Livery
operations for commercial aircrafts in India.
Also through, SA
Air Works India Private Limited (joint venture Company promoted by Air Works
with Scandinavian Avionics, Denmark), Air Works is providing complete turnkey
avionics solutions to commercial and defense Customers in India.
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
LOCATIONS
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Registered Office : |
Bombay International Air Port, Gate No. 8, Near Kalina Military,
Santacruz (East), Mumbai - 400 029, Maharashtra, India |
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Tel. No.: |
91-22-26157213 /26124448/9911/ 26157256 / 26157296
/ 26157221/26158900 |
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Fax No.: |
91-22-26115232/ 26157069 |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor, Kalyani House, Plot No. 40, Sector 18, Udyog
Vihar, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-46422000 |
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Fax No.: |
91-124-4642250 |
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Branches : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai (Madras) ·
Gurgaon ·
Hosur ·
Jakkur ·
Madurai ·
Mumbai ·
New Delhi ·
Pune ·
New Delhi |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.