MIRA
INFORM REPORT
|
Report Date : |
23.05.2014 |
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, Gurudwara Rakabganj Road, New Delhi – 110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
30.03.2007 |
|
|
|
|
Com. Reg. No.: |
55-161431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33450.000
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
: |
25000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was formed for the purpose of merger of the erstwhile Air India
Limited and Indian Airlines Limited, India’s national flag carrier. It is an established company having a satisfactory track record. Management of the company has not filed its latest financial i.e. 2013
with the government department. As per available financial of 2012, it seems that the company has
recorded huge accumulated which exceeds the networth. The external borrowing
of the company also seems to be huge. However, the company receives good operational and financial support
from the government of India. Trade relation are reported as fair. Business is active. Payment terms
are reported to be usually correct. Since subject is government of India Company, it can be considered normal
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AAA (SO) |
|
Rating Explanation |
Highest degree of safety. It carry lowest credit risk. |
|
Date |
October 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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Ashok Jain |
|
Designation : |
Pharmacist |
|
Contact No.: |
91-11-22796666 |
|
Date : |
15.05.2014 |
LOCATIONS
|
Registered Office : |
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 |
|
|
|
|
Head Quarter of Material Management Office : |
Safdarjung Airport, New Delhi-110003, India |
|
|
|
|
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 27.12.2012
|
Name : |
Mr. Rohit Nandan |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Syed Nasir Ali |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. S. Venkat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vipin Kumar Sharma |
|
Designation : |
Director |
|
Address : |
214, Mavilla Apartments, Mayur Vihar, Phase 1, |
|
Date of Birth/Age : |
18.09.1955 |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
01077975 |
|
|
|
|
Name : |
Mr. Kunamkumarath Muralidharan Unni |
|
Designation : |
Director |
|
Address : |
Flat No.11, air India Apartments, 61 B Pali Hill, Bandra West, Mumbai
– 400050, |
|
Date of Birth/Age : |
10.11.1955 |
|
Date of Appointment : |
18.09.2007 |
|
Din No.: |
01202428 |
|
|
|
|
Name : |
Mr. G.D. Brara |
|
Designation : |
|
|
|
Mr. N.K. Jain |
|
Name : |
Director |
|
Designation : |
|
|
|
Mr. S. Machendranathan |
|
Name : |
Director |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Prabhat Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harshavardhan Neotia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Jain |
|
Designation : |
Pharmacist |
|
|
|
|
Name : |
Mrs. Kalpana Rao |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Providing Air
Transport Services. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Not Divulged |
||||
|
Countries : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Not Divulged |
||||
|
Countries : |
Not Divulged |
GENERAL INFORMATION
|
No. of Employees : |
25000 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Ø Punjab National
Bank, Large Corporate Bank, Tolstoy House, Tolstoy Marg, New Delhi – 110001,
Delhi Ø Bank of Baroda Ø Bank of India Ø Canara Bank Ø Central Bank of
India Ø Citibank Ø HDFC Bank Ø IDBI Bank Ø Indian Overseas
Bank Ø State Bank of
India Ø Syndicate Bank Ø UCO Bank Ø United Bank of
India Ø Allahabad Bank Ø Andhra Bank Ø Corporation Bank
Ø Dena Bank Ø Exim Bank Ø Federal Bank Ø Oriental Bank of
Commerce Ø Standard
Chartered Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor Tandon and Company Chartered Accountants |
|
|
|
|
Auditors : |
|
|
Name : |
R. Devendra Kumar and Associates Chartered Accountants |
|
|
|
|
Auditors : |
|
|
Name : |
P.K.K.G. Balasubramaniam and
Associates Chartered Accountants |
|
|
|
|
Solicitors |
|
|
Name : |
1.
M.V. Kini and Company 2.
Suri and Company |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000000 |
Equity Shares |
Rs.10/- each |
Rs.35000.000 Millions |
|
750000000 |
Preferences 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) Long term trade
receivables |
|
144.300 |
499.100 |
|
(e) Other Non-current
assets |
|
415.600 |
93.600 |
|
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 |
146753.000 |
139760.300 |
127620.300 |
|
|
|
Other Income |
385.100 |
859.800 |
2936.500 |
|
|
|
TOTAL
(A) |
147138.100 |
140620.100 |
130556.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Aircraft Fuel and Oil |
85116.700 |
61120.600 |
|
|
|
|
Operation Expenses |
43191.600 |
48968.700 |
|
|
|
|
Employee Benefit Expenses |
35666.500 |
37514.900 |
|
|
|
|
Other Expenses |
16942.600 |
16024.400 |
147834.700 |
|
|
|
Prior Period Adjustments (Net) |
1254.200 |
278.400 |
|
|
|
|
Exceptional Items |
(9224.100) |
(1947.400) |
|
|
|
|
Extra Ordinary Items (Net) |
(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) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(54890.900) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
633.500 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(123542.600) |
(54890.900) |
|
|
|
|
|
|
|
|
|
|
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 |
(%) |
(51.37)
|
(48.82) |
(42.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(51.50)
|
(49.11) |
(43.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.19)
|
(19.63) |
(15.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
21450.000 |
33450.000 |
|
Reserves & Surplus |
|
(122737.900) |
(197881.700) |
|
Net worth |
|
(101287.900) |
(164431.700) |
|
|
|
|
|
|
long-term borrowings |
|
175812.100 |
306,220.500 |
|
Short term borrowings |
|
235490.100 |
128195.100 |
|
Total borrowings |
|
411302.200 |
434415.600 |
|
Debt/Equity ratio |
|
(4.061) |
(2.642) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
127620.300 |
139760.300 |
146753.000 |
|
|
|
9.513 |
5.003 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
127620.300 |
139760.300 |
146753.000 |
|
Profit |
(55524.400) |
(68651.700) |
(75597.400) |
|
|
(43.51%_ |
(49.12%) |
(51.51%) |
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 |
Yes |
|
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 |
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 |
No |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10479481 |
28/01/2014 |
6,217,700,000.00 |
DEUTSCHE BANK AG |
14-00 ONE RAFFLES QUAY,
SOUTH TOWER, SINGAPORE, |
B97154884 |
|
2 |
10481348 |
27/01/2014 |
6,217,700,000.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG MARG,
NEW DELHI - 110001, |
B97960421 |
|
3 |
10473816 |
03/12/2013 |
5,922,708,500.00 |
BANK OF INDIA |
10TH FLOOR, CHANDERLOK
BUILDING, 36 JANPATH, NEW |
B94798279 |
|
4 |
10473338 |
03/12/2013 |
5,922,708,500.00 |
BANK OF INDIA |
10TH FLOOR, CHANDERLOK
BUILDING, 36 JANPATH, NEW |
B94638186 |
|
5 |
10462313 |
01/11/2013 |
5,841,274,500.00 |
DEUTSCHE BANK AG |
14-00 ONE RAFFLES QUAY,
SOUTH TOWER, SINGAPORE, |
B90377631 |
|
6 |
10462306 |
30/10/2013 |
5,841,274,500.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG MARG,
NEW DELHI - 110001, |
B90376229 |
|
7 |
10456872 |
01/10/2013 |
12,429,933,000.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG MARG,
NEW DELHI - 110001, |
B88172358 |
|
8 |
10457177 |
08/11/2013 * |
12,429,933,000.00 |
DEUTSCHE BANK AG |
14-00 ONE RAFFLES QUAY,
SOUTH TOWER, SINGAPORE, |
B91170217 |
|
9 |
10453289 |
27/09/2013 |
2,500,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE
BRANCH,2ND FLOOR, UNITED BANK O |
B86758539 |
|
10 |
10455177 |
26/08/2013 |
12,429,933,000.00 |
DEUTSCHE BANK AG |
ECE HOUSE, 28 KG MARG,
NEW DELHI - 110001, |
B87597571 |
* Date of charge modification
|
LITIGATION DETAILS: IN
THE HIGH COURT OF DELHI AT NEW DELHI CS(OS)
613/2012 SAINT
TRAVEL SERVICES..... PLAINTIFF
VERSUS AIR
INDIA LIMITED AND ORS..... DEFENDANTS
SH.
KOVAI VENUGOPAL (DHJS), JOINT REGISTRAR
Today
the case is coming up for admission/denial of the documents. Ld.
counsel for plaintiff submits that defendants have not filed any
documents.
Previous
cost be paid by the next date of hearing. On
request, put up for admission/denial of the documents on 21.07.2014. KOVAI
VENUGOPAL (DHJS) JOINT
REGISTRAR MARCH
25, 2014/P $
7 |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks |
4226.200 |
6577.000 |
|
From Other Parties |
211.700 |
192.600 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From Banks |
76939.700 |
184553.800 |
|
TOTAL
|
81377.600 |
191323.400 |
CORPORATE INFORMATION:
Subject represents the merged company which
came into existence consequent upon the amalgamation of erstwhile Indian Airlines
Limited and erstwhile Air India Limited as on 1 April 2007. The amalgamated
company was known as National Aviation Company of India Limited [NACIL]. The
name of the company was changed to Air India Limited w.e.f. 24.11.2010. The
company provides domestic and international air transport services within India
as also across the globe. The aircraft fleet of the company consists of a wide
range of aircraft mainly comprising of Airbus and Boeing Aircraft such as
A-319, A-320, A-321, B-777, B-787. The Airline Industry has generally been
affected by economic slowdown coupled with high fuel cost. The company has
during the financial year 2011-12 adopted/implemented a turnaround plan (TAP)
and a financial restructuring plan (FRP) to improve its operational and
financial performance.
The accounts of the company for both wide body
and narrow body operations have been maintained separately and have been
consolidated for finalization of the account of the company.
FIXED ASSETS:
·
Aircraft Fleet and Equipments
·
Aero Engines and Power Plants
·
Land and Building
·
Workshop Equipments Instrument
·
Machinery and plants
·
Ground Support and Ramp Equipments
·
Furniture and Fixture
·
Electrical Fitting and Installment
·
Computer Systems
·
Office Appliances and Equipments
·
Computer Software
NEWS:
AIR INDIA TO RAISE
BRIDGE LOAN OF $500 MILLION FOR BUYING 4 DREAMLINERS
APRIL 20, 2014
NEW DELHI: Expecting deliveries of five more Dreamliner between May and November, Air India plans to raise bridge loan of $500 million to finance the purchase of four of these aircraft and use them to launch flights to new destinations like Moscow, Rome and Milan.
The national carrier, which has already inducted 13 Boeing 787 Dreamliners,
expects deliveries of two more such planes in May, while another three of the
total 27 ordered are slated to be delivered by the US manufacturer Boeing in
June, August and November.
The additional aircraft would enable Air India to operate to new cities like Moscow,
Rome and Milan, senior airline officials said, adding they were awaiting
certain approvals for the launch of these flights planned for later this year.
Intending to have a new fleet of 0-6 years of age, the officials said the company was also planning to re-issue a tender for leasing of 14 Airbus A-320 aircraft for a limited period.
These planes were being acquired in an all-economy configuration with 188
seats, in a bid to combat heightened competition on domestic routes.
The tender would be issued again as the carrier has not been able to get the
requisite numbers of new aircraft for delivery next year, the officials said.
Air India was also reconfiguring its A-321 aircraft to reduce Business Class
seats from 20 to 12 and increase Economy seating, the officials said, adding
that four A-320s and six A-321s have already been reconfigured.
To mop up resources to stem its liabilities, Air India has also issued tenders
to sell three Boeing 777-200 LRs (Long Range), four months after selling five
of them to Abu Dhabi- based Etihad Airways. This sale had led the airline to
reduce its debt burden by nearly $350 million, they said.
On the sale and leaseback of the Dreamliners, they said they have already
received offers from lessors for five additional Boeing 787s, which were now
being evaluated.
Air India had recently concluded such arrangements for its first seven
Dreamliners -- four with UK-based Investec Bank and three with Deutsche Bank.
Under a leaseback arrangement, the seller of an asset leases it back from the
purchaser for a long-term and continues to use it without actually owning it.
The airline estimates it could raise about $840 million by selling seven
Dreamliners and leasing them back. The money earned through the leaseback
arrangement would be used to pay off the bridge loans taken against these
aircraft.
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.