MIRA INFORM REPORT
|
Report No. : |
327378 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
JET AIRWAYS
(INDIA) LIMITED (w.e.f. 28.12.2004) |
|
|
|
|
Formerly Known
As : |
JET AIRWAYS INDIA
PRIVATE LIMITED |
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Registered
Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
01.04.1992 |
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|
|
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Com. Reg. No.: |
11-066213 |
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Capital
Investment / Paid-up Capital : |
Rs. 1135.974 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L99999MH1992PLC066213 |
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|
|
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IEC No. : |
0392053314 |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ00366C /
MUMJ06594A / MUMJ05793ES |
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|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
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|
|
|
No. of Employees
: |
13256 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. It was incorporated in 1992. Subject is engaged in providing passenger
and cargo air transportation services and also leases aircrafts. Profitability of the company is under pressure. There are accumulated
losses recorded by the company which has eroded networth of the company. However, rating also takes in to consideration strategic initiative
taken by subject company with its strategic partner (Etihad Airways) in
reshaping its business. This strategic alliance is expected to be mutually
beneficial in areas of operation performance and cost improvement and other
services. Business is active. Payment terms are slow. In view of support from its strategic partner, the company can be
considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : ICRA BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
May 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : ICRA A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
May 2015 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (TEL NO.: 91-22-61211000)
LOCATIONS
|
Registered Office/
Corporate Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-61211000/ 28505080/ 4271/ 5627/ 5628/ 5629 |
|
Fax No.: |
91-22-61211950/ 28560622 |
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E-Mail : |
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Website : |
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Engineering Office
: |
Jet Airways Hanger, Opposite Indian Airlines Sports Club, Kalina, Santacruz (East), Mumbai – 400029, Maharashtra, India |
|
Tel No.: |
91-22-26675112/ 5120 |
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Fax No.: |
91-22-26675242 |
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Branch Offices
: |
Located at: · Mumbai · Ahmadabad · Goa · Kochi · Kolkata · Mangalore · Bangalore · Hyderabad · Chennai · Coimbatore · Delhi |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Naresh Goyal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. James Hogan |
|
Designation : |
Nominee Director |
|
Date of Appointment : |
20.11.2013 |
|
DIN No.: |
06540486 |
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|
|
|
Name : |
Mr. James Rigney |
|
Designation : |
Director |
|
Date of Appointment : |
20.11.2013 |
|
DIN No.: |
06540653 |
|
|
|
|
Name : |
Mr. Javed Akhtar |
|
Designation : |
Director |
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Date of Birth/Age : |
17.01.1945 |
|
Qualification : |
Bachelor’s degree in Arts |
|
Date of Appointment : |
01.03.1993 |
|
DIN No.: |
00112984 |
|
|
|
|
Name : |
Mr. Iftikhar Mustafahasan Kadri |
|
Designation : |
Director |
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Date of Birth/Age : |
01.12.1929 |
|
Qualification : |
Bachelor’s degree in Engineering from Pune University |
|
Date of Appointment : |
19.02.2000 |
|
DIN No.: |
00112984 |
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.09.1946 |
|
Qualification : |
Bachelor’s degree
in Economics from Delhi University |
|
Date of Appointment : |
29.09.2004 |
|
DIN No.: |
00009364 |
|
|
|
|
Name : |
Mr. Gaurang Shetty |
|
Designation : |
Director and Manager |
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Date of Birth/ Age : |
08.10.1956 |
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Qualification : |
Bachelor of Science |
|
Date of Appointment : |
03.08.2012 |
|
DIN No.: |
00009364 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kanakal |
|
Designation : |
Company Secretary and Associate Legal Counsel |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
|
|
|
|
|
|
57933665 |
51.00 |
|
|
57933665 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
57934665 |
51.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10015561 |
8.82 |
|
|
198782 |
0.17 |
|
|
2430864 |
2.14 |
|
|
6915288 |
6.09 |
|
|
19560495 |
17.22 |
|
|
|
|
|
|
1766226 |
1.55 |
|
|
|
|
|
|
5376767 |
4.73 |
|
|
1088786 |
0.96 |
|
|
27870444 |
24.53 |
|
|
317024 |
0.28 |
|
|
1088 |
0.00 |
|
|
288960 |
0.25 |
|
|
27263372 |
24.00 |
|
|
36102223 |
31.78 |
|
Total Public shareholding (B) |
55662718 |
49.00 |
|
Total (A)+(B) |
113597383 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
113597383 |
100.00 |
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Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl.
No. |
Name of the Shareholder |
No.
of Shares Held |
As a
% |
|
1 |
Naresh Goyal |
5,79,33,665 |
51.00 |
|
2 |
Anita Naresh Goyal |
1,000 |
0.00 |
|
|
Total |
5,79,34,665 |
51.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl.
No. |
Name of the Shareholder |
No.
of Shares Held |
As a
% |
|
1 |
Life Insurance Corporation of India |
2355864 |
2.07 |
|
2 |
Etihad Airway PJSC |
27263372 |
24.00 |
|
3 |
Parvest Equity India |
2575000 |
2.27 |
|
4 |
Reliance Capital Trustee |
3205440 |
2.82 |
|
|
Total |
35399676 |
31.16 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl.
No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares Held |
As a
% |
|
1 |
Etihad Airway PJSC |
27263372 |
24.00 |
|
|
Total |
27263372 |
24.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
13256 (Approximately) |
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Bankers : |
· Abhu Dhabi Commercial Bank ·
Allahabad Bank · AXIS Bank Limited · Banca Popolare Di Milano ·
Bank of America N.A. · Bank of Baroda · Bank of India · Barclays Bank Plc · Canara Bank · Citibank N.A. · Corporation Bank · DBS Bank Limited · DVB Bank SE · First National Bank · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · ING Belgium SA / N.V. · JP Morgan Chase, N.A. · Kotak Mahindra Bank Limited · Lloyds Bank (formerly known as Bank of Scotland Plc) · Punjab National Bank · Standard Chartered Bank Plc · State Bank of India ·
Syndicate Bank ·
The Hong Kong & Shanghai Banking
Corporation Limited ·
The Royal Bank Of Scotland N.V. (formerly
known as ABN AMRO Bank) · Yes Bank |
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Facilities : |
LONG TERM
BORROWINGS Security and
Salient Terms: a.
Rupee Term Loans of Rs.1996.000 Million (Previous
Year Rs.5207.900 Million) and Foreign Currency Term Loan of Rs.4285.000
Million (Previous Year Rs.5546.900 Million) are secured by way of a
pari-passu charge on all the current and future domestic credit card
realizations received into the Trust and Retention Account including interest
earned thereon. Of the above, Foreign Currency Term Loan amounting to
Rs.1917.300 Million for which the Company is in the process of creating
charge. Interest rates are linked to respective Banks’ Prime Lending Rate /
Base Rate / LIBOR plus Margin and are repayable in installments starting from
May, 2011 and ending in March, 2019. b.
Foreign Currency Term Loans of Rs.5441.700
Million (Previous Year Rs.6934.700 Million) are secured by way of a
pari-passu charge on all the current and future international credit card
realizations, as per the Merchant Establishment agreement, received into the
Trust and Retention Account (Debt Service Reserve Account) maintained with
the Banks together with a First mortgage charge on the four flight simulators
and on the land located at Vadgaon, Pune and at Pali, Raigad. Interest rates
are linked to LIBOR plus Margin and are repayable in monthly installments by
June 2016. c.
Rupee Term Loan from a Financial Institution of Rs.
Nil Millions (Previous Year Rs.2020.000 Million) is secured by way of a
pledge of 100% of Equity Share Capital of Jet Lite (India) Limited held by
the Company together with a negative lien on one of the Boeing 737 aircraft.
Interest rate is linked to institutions benchmark rate plus margin and is
repayable in quarterly installment by September, 2013. d.
Foreign Currency Term Loan from a financial
institution of Rs.2042.000 Million (Previous Year Rs.4095.400 Millions)is
secured by pari-passu charge on leasehold land situated at Bandra Kurla
Complex, Mumbai along with construction thereon, present and future and first
charge on Company’s entitlement under the development agreement for the
aforesaid plot of land entered into with Godrej Buildcon Private Limited. The
aforesaid charge is pending creation. Interest rate is LIBOR plus Margin and
is repayable on each working day Rs.10.000 Million starting from 4th May,
2013. SHORT TERM
BORROWINGS Security and
Salient Terms : a)
Loans aggregating to Rs.17732.900 Million
(Previous Year Rs.16335.200 Million) are secured by way of hypothecation of
Inventories (excluding Aircraft fuel), Debtors / Receivables (excluding
credit card receivables, receivables from aircraft subleased and claim
receivables from aircraft lessors), Ground Support Vehicles / Equipment
(excluding trucks, jeeps and other motor vehicles), Spares (including
engines), Data Processing Equipment and other current assets and a
subservient charge in relation to the aircraft owned by the Company either on
Hire Purchase / Finance Lease. The Company has escrowed the entire IATA
collection with the lead bank for facilitating interest servicing and
regularisation in case of any irregularity. b)
i.
Foreign Currency Loans amounting to Rs.Nil
Millions (Previous Year Rs.446.000 Million) and Rupee Loans amounting to Rs.
Nil Millions (Previous Year Rs.360.000 Million) are secured by a second
charge on five of its Boeing wide body aircraft. Further, the same is also
secured by a charge on the profits of the Company after deduction of taxes,
dividends, repayment instalment, payment under any guarantees and / or any
other dues payable and Escrow of the Thai lease rentals upto November, 2013. ii.
Rupee Loan of Rs.Nil Millions (Previous Year
Rs.300.000 Million) is secured by a third pari-passu charge on four of its
Boeing wide body aircraft and a second pari-passu charge on one Boeing wide
body aircraft. Of these, the second pari-passu charge is pending creation. c)
Rupee loan of Rs. Nil Millions (Previous Year
Rs.350.200 Million) is secured by way of a second charge on two Boeing narrow
body aircraft. d)
Rupee Term loan of Rs.693.700 Million (Previous
Year Rs. Nil Million) is secured by way of pledge of 151,834,623 shares of
Jet Lite. e)
Buyer’s credit of Rs.1150.600 Million (Previous Year
Rs.1042.500 Million) is secured by exclusive charge over two New CFM Engines
and Quick Engine Change kits. |
|
|
|
|
Statutory
Auditors 1 (As On
31.03.2014): |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
12, Dr. Annie
Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra,
India |
|
|
|
|
Statutory
Auditors 2 (As On
31.03.2014) : |
|
|
Name : |
Chaturvedi and
Shah Chartered
Accountants |
|
Address : |
Laxmi Towers, “A”
Wing, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra, India |
|
|
|
|
Legal Advisors (As On
31.03.2014): |
Gagrats |
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Enterprise
exercising Significant Influence over the Company (As On
31.03.2014) : |
Etihad Airways PJSC (w.e.f.20th November, 2013) |
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|
Wholly Owned
Subsidiary Company (Control exists) (As On
31.03.2014): |
· Jet Lite (India) Limited · Jet Airways Training Academy Private Limited |
|
|
|
|
Associate
Company (As ON
31.03.2014) : |
Jet Privilege Private Limited (Subsidiary upto 23rd March, 2014) |
|
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|
Enterprises over which controlling shareholder
and his relatives are able to exercise significant influence directly or indirectly (As On 31.03.2014): |
· Tail Winds Limited (Holding Company upto 30th May, 2013) · Jetair Private Limited · Trans Continental e Services Private Limited · Jet Enterprises Private Limited · Jet Airways Europe Services N.V. · Jetair Tours Private Limited · Global Travel Solutions Private Limited · Jet Airways LLC (Ceased w.e.f. 1st April, 2013) · Jet Airways of India Inc. (Ceased w.e.f. 1st April, 2013) · India Jetairways Pty Limited (Ceased w.e.f. 1st April, 2013) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113597383 |
Equity Shares |
Rs.10/- each |
Rs.1136.000
Millions |
a.
Reconciliation of the number of shares
|
Equity Shares |
As on 31.03.2014 |
|
|
|
Number of shares |
Rs. in Millions |
|
As at the beginning of the year |
86334011 |
863.300 |
|
Add : Issued during the year |
27263372 |
272.700 |
|
As at the end of
the year |
113597383 |
1136.000 |
b.
Shareholders holding more than 5% of equity share
capital and shares held by Holding / Ultimate Holding Company
|
Name of
Shareholder |
As on 31.03.2014 |
|
|
|
Number of Shares |
% holding |
|
Naresh Goyal |
57933665 |
51.00% |
|
Etihad Airways (PJSC) |
27263372 |
24.00% |
|
Tail Winds Limited (Holding Company) and its nominee |
-- |
-- |
c.
Terms / Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs.10/-.
Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividends if any, in Indian rupees. The dividend proposed, if
any, by the Board of Directors is subject to the approval of the Shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares
will be entitled to receive any of the remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion
to the number of equity shares held by the Shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1136.000 |
1136.000 |
863.300 |
|
(b) Reserves & Surplus |
(42038.800) |
(23413.700) |
(4288.600) |
|
(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) |
(40902.800) |
(22,277.700) |
(3425.300) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
66073.000 |
65460.700 |
68686.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
11484.100 |
3650.000 |
3650.000 |
|
(d) long-term
provisions |
2479.200 |
2142.600 |
1251.800 |
|
Total Non-current Liabilities
(3) |
80036.300 |
71253.300 |
73587.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
36442.900 |
20397.200 |
19525.900 |
|
(b) Trade
payables |
54278.200 |
48404.600 |
47524.500 |
|
(c) Other current
liabilities |
58113.700 |
64518.500 |
49281.300 |
|
(d) Short-term
provisions |
523.900 |
1395.300 |
1051.300 |
|
Total Current
Liabilities (4) |
149358.700 |
134715.600 |
117383.000 |
|
|
|
|
|
|
TOTAL |
188492.200 |
183,691.200 |
187545.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
92506.300 |
96094.600 |
107431.100 |
|
(ii)
Intangible Assets |
0.000 |
255.000 |
339.300 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6961.700 |
16412.100 |
16460.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34495.000 |
30983.900 |
22813.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
133963.000 |
143745.600 |
147044.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9270.200 |
8037.600 |
7866.700 |
|
(c) Trade
receivables |
13744.800 |
12092.200 |
11845.800 |
|
(d) Cash
and cash equivalents |
20686.000 |
11454.100 |
8370.700 |
|
(e) Short-term
loans and advances |
10828.200 |
8361.700 |
12418.100 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
54529.200 |
39945.600 |
40501.300 |
|
|
|
|
|
|
TOTAL |
188492.200 |
183691.200 |
187545.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
195734.300 |
173018.900 |
168525.900 |
|
|
|
Other Income |
7073.000 |
4115.800 |
5505.800 |
|
|
|
TOTAL (A) |
202807.300 |
177134.700 |
174,031.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Aircraft Fuel Expenses |
66862.600 |
71754.200 |
69920.000 |
|
|
|
Employee Benefit Expenses |
22430.000 |
18995.900 |
15442.400 |
|
|
|
Selling and Distribution Expenses |
20409.400 |
14482.900 |
13585.600 |
|
|
|
Aircraft Lease Rentals |
19589.200 |
16761.000 |
12321.000 |
|
|
|
Other Expenses |
67602.600 |
65871.400 |
48227.600 |
|
|
|
Exceptional Items |
7585.000 |
7219.900 |
(1065.400) |
|
|
|
TOTAL (B) |
204478.800 |
195085.300 |
158431.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1671.500) |
(17950.600) |
15600.500 |
||
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8840.600 |
9971.600 |
11189.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(10512.100) |
(27922.200) |
4410.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7625.000 |
8757.500 |
9265.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(18137.100) |
(36679.700) |
(4855.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(1.200) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(18137.100) |
(36678.500) |
(4855.000) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(61088.4) |
(24409.900) |
(19554.900) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(61088.400) |
(24409.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Passenger and Cargo Revenue |
|
76778.400 |
71829.300 |
|
|
|
Interest on Bank Account |
|
0.100 |
0.036 |
|
|
|
Leasing Operations |
|
6872.300 |
4843.200 |
|
|
|
Other Income |
|
559.200 |
260.200 |
|
|
TOTAL EARNINGS |
NA |
84210.000 |
76932.736 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
|
3030.100 |
2521.200 |
|
|
|
Capital Goods |
|
631.600 |
1958.100 |
|
|
TOTAL IMPORTS |
|
3661.700 |
4479.300 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(159.66) |
(381.30) |
(56.23) |
|
%20LIMITED%20-%20327378_MIRA%2016-Jun-2015_files/image007.gif){kind=small}
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
8346.200 |
13750.200 |
|
|
|
|
|
|
Cash generated from operations |
NA |
10684.600 |
19094.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(9.27) |
(21.20) |
(2.88) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(0.85) |
(10.37) |
9.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.99) |
-21.93 |
(2.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
1.65 |
1.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.51) |
(4.23) |
(29.77) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37 |
0.30 |
0.35 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
|
|
|
Market Value |
Rs.259.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
863.300 |
1136.000 |
1136.000 |
|
Reserves & Surplus |
(4288.600) |
(23413.700) |
(42038.800) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(3425.300) |
(22277.700) |
(40902.800) |
|
|
|
|
|
|
Long-term borrowings |
68686.000 |
65460.700 |
66073.000 |
|
Short term borrowings |
19525.900 |
20397.200 |
36442.900 |
|
Total
borrowings |
101962.100 |
94204.100 |
102515.900 |
|
Debt/Equity
ratio |
(29.767) |
(4.229) |
(2.506) |
%20LIMITED%20-%20327378_MIRA%2016-Jun-2015_files/image023.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
168525.900 |
173018.900 |
195734.300 |
|
|
|
2.666 |
13.129 |
%20LIMITED%20-%20327378_MIRA%2016-Jun-2015_files/image025.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
168525.900 |
173018.900 |
195734.300 |
|
Profit |
(4855.000) |
(36678.500) |
(18137.100) |
|
|
(2.88%) |
(21.20%) |
(9.27%) |
%20LIMITED%20-%20327378_MIRA%2016-Jun-2015_files/image027.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION DATE : 14/10/2014 |
|
STAMP NO: CEXAL/333/2014 FILING DATE: 14/10/2014 RES. NO. : CEXA/31/2015
REG. DATE : 31.01.2015 |
|
PETITIONER: THE COMMISSIONER OF SERVICE TAX-MUMBAI RESPONDENT: JET AIRWAYS (INDIA) LIMITED PETN.ADV: SUCHITRA KAMBLE (I2836) RESP. ADV :
ECONOMIC LAWS PRACTICE (12575) DISTRICT: MUMBAI |
|
BENCH: DIVISION STATUS: PRE-ADMISSION
CATEGORY : CENTRAL EXCISE APPEAL (CEXA) NEXT DATE : 22.06.2015 STAGE
: FOR ADMISSION CORAM : HON’BLE SHRI JUSTICE S. C. DHARMADHIKARI HON’BLE SHRI
JUSTICE G. S. KULKARNI |
|
ACT: CENTRAL
EXCISE & SALT ACT
UNDER SECTION: 35G |
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10536559 |
01/11/2014
* |
9,300,000,000.00 |
MASHREQ
BANK PSC |
1ST
FLOOR, NO 2 LONDON WALL BUILDINGS, 1 - 5 LONDON WALL, LONDON, - EC2M5PP,
UNITED KINGDOM |
C37045788 |
|
2 |
10530179 |
20/10/2014 |
40,400,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202
MAKER TOWER E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C32937583 |
|
3 |
10526830 |
29/09/2014 |
6,100,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, |
C30401160 |
|
4 |
10518085 |
09/08/2014 |
6,500,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
C19209071 |
|
5 |
10552402 |
09/05/2014 |
2,376,000,000.00 |
BARCLAYS
BANK PLC |
5 THE
NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
C45233913 |
|
6 |
10547537 |
16/04/2014 |
2,376,000,000.00 |
BARCLAYS
BANK PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
C42740035 |
|
7 |
10543382 |
07/04/2014 |
2,376,000,000.00 |
BARCLAYS
BANK PLC |
5 THE
NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
C40635120 |
|
8 |
10483722 |
03/03/2014 |
1,924,485,665.00 |
ETIHAD
AIRWAYS PJSC |
P.O.BOX
35566, KHALIFA CITY A, ABU DHABI, - 35566 |
C00002451 |
|
9 |
10463337 |
30/10/2013 |
5,856,000,000.00 |
BARCLAYS
BANK PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
B90780503 |
|
10 |
10447009 |
04/09/2013 |
6,336,000,000.00 |
BARCLAYS
BANK PLC |
5 THE
NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
B84012830 |
|
11 |
10442057 |
05/08/2013 |
5,856,000,000.00 |
BARCLAYS
BANK PLC |
5 THE
NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM |
B81698102 |
|
12 |
10438668 |
02/07/2013 |
9,000,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, |
B80345994 |
|
13 |
10409940 |
26/02/2013 |
3,850,000,000.00 |
ETIHAD
AIRWAYS PUBLIC JOINT STOCK COMPANY |
P.O.
BOX 35566, KHALIFA CITY A, ABU DHABI, UNITED |
B70082201 |
|
14 |
10450556 |
31/01/2013 |
1,500,000,000.00 |
ALLAHABAD
BANK |
I.F.BRANCH,
ALLAHABAD BANK BLDG,2ND FLOOR,, 37, MUMBAI SAMACHAR MARG,FORT, MUMBAI -
400023, MAHARASHTRA, INDIA |
B77548030 |
|
15 |
10382177 |
13/05/2015
* |
2,000,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER |
C55332373 |
|
16 |
10333257 |
29/12/2011 |
7,500,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
B31108343 |
|
17 |
10290717 |
23/04/2011 |
5,000,000,000.00 |
CANARA
BANK |
PRIME CORPORATE
BRANCH I, MAKER TOWER-F, 20TH FL |
B14458574 |
|
18 |
10134142 |
13/12/2014
* |
8,500,000,000.00 |
INDIAN
OVERSEAS BANK |
NARIMAN
POINT BRANCH, 229, 'BAKHTAWAR', GROUND FL |
C50266071 |
|
19 |
10110861 |
27/06/2008 |
3,500,000,000.00 |
FLEET
IRELAND AIRCRAFT LEASE 2007-A LIMITED |
1 GUILD
STREET, IFSC, DUBLIN 1, DUBLIN, - 0000, |
A40729105 |
|
20 |
10104436 |
28/05/2008 |
3,500,000,000.00 |
FLEET
IRELAND AIRCRAFT LEASE 2007-A LIMITED |
1 GUILD
STREET, IFSC, DUBLIN 1, DUBLIN, - 0000, |
A39194956 |
|
21 |
10085375 |
01/02/2008 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD
STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A31369028 |
|
22 |
10080550 |
17/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1,
GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29199528 |
|
23 |
10080546 |
14/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1,
GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29198355 |
|
24 |
10080547 |
05/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD
STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29198926 |
|
25 |
10072398 |
11/10/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O.
WILMINGTON TRUST COMPANY, RODNEY SQUARE NORTH |
A25519232 |
|
26 |
10065234 |
27/08/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O.
WILMINGTON TRUST COMPANY,, 1100, NORTH MARKE |
A21987227 |
|
27 |
10022713 |
15/12/2006
* |
1,575,000,000.00 |
DELAWARE
AIRCRAFT HIRE 2006 LLC |
C/O.
WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, |
A05664859 |
|
28 |
10020829 |
15/12/2006
* |
1,575,000,000.00 |
DELAWARE
AIRCRAFT HIRE 2006 LLC |
C/O.
WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, |
A05214317 |
|
29 |
80022013 |
21/11/2014
* |
40,400,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202
MAKER TOWER E, 202 MAKER TOWER E, MUMBAI - 400005, MAHARASHTRA, INDIA |
C36888576 |
* Date of charge modification
UNSECURED LOAN
|
Particulars |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
From Banks |
|
|
Foreign Currency Term Loan (Refer note (e) below) |
8388.200 |
|
From Others |
|
|
Rupee Term Loans
|
0.000 |
|
Foreign Currency
Term Loan |
1845.400 |
|
Long Term
Maturities of Finance Lease |
49714.400 |
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
Loans Repayable on Demand |
|
|
From Banks |
|
|
Foreign Currency
Loans |
0.000 |
|
From Others |
|
|
Rupee Loans |
820.000 |
|
Total |
60768.000 |
REVIEW OF OPERATIONS (AS ON 31.03.2014)
The Company has
reported a consolidated Loss after Tax of Rs.41297.600 Million in fiscal 2014, but
achieved passenger growth of 2 % in the same period. The losses incurred by the
Company were essentially due to:
a) Depreciating
rupee vis-à-vis the US dollar
b) Increase in crude oil prices
c) Instances of
surplus aircraft which were on ground
d) Non-cash
extraordinary write down of Rs.9360.100 Millions
e) Impairment of
goodwill of Rs.7000.000 Millions
f) Frequent,
aggressive price war strategy initiated by certain low cost airlines players
The consolidated
operating loss excluding non-cash extraordinary write down, impairment of
goodwill and cost of surplus aircraft on ground aggregates Rs.20751.800
Million.
The Company, on
its part, has taken various initiatives to improve its operating efficiency
and revenue earning potential to bring down the breakeven load factor. They are
committed to take stringent measures to ensure our success in this challenging
and competitive aviation industry. In order to secure long term future, they
are taking measures such as putting in place a new network and fleet plan,
significant product enhancement and major cost reduction programme. There can be no short-term solutions and
these changes will take time to implement.
The Company is
continuously looking at cost reduction initiatives, discontinuing all loss making
routes, renegotiating major contracts including aircraft maintenance costs and
other efficiency enhancement measures which will help us to bring down costs
which are key to overall turnaround of the Company.
Additionally, they
are focusing on exploring various avenues to enhance ancillary revenues such as
seat select, prepaid excess baggage, prepaid meals, paid lounge access,
unaccompanied minors to name a few, through all its distribution channels.
After seeking the
approval, the Company transferred its frequent flyer programme to its
subsidiary - Jet Privilege Private Limited. Subsequently Jet Privilege Private
Limited ceased to be a subsidiary of the Company with effect from 24th March,
2014. This will enable us to better manage our loyalty programme and help
customers avail more benefits out of it, including earn and burn on the Etihad
Global loyalty programme.
On 20th November
2013, Etihad infused equity of Rs.2.058 crores (circa US$ 380 Million) for the
acquisition of 24% strategic stake in the Company. The approval accorded by
Govt. of India to a number of code share segments between the Company and
Etihad Airways PJSC allows a greater access to a number of European and
North-American destinations currently not operated by the Company. This will
offer Company’s customers better international connectivity through either
non-stop on Jet’s services or through one stop combined with Etihad Airways’
partner Airlines’ network.
Whilst on one
hand, the Company is upgrading and repositioning itself based on its own
operational strengths, on the other hand, it will exploit and capitalize on
synergies arising from its alliance with Etihad as a strategic partner. Common
areas of benefits include joint sourcing of aircraft and equipment, sharing of
best practices, co-ordination of flights, leasing of spare aircraft, joint
procurement of fuel and other services etc. resulting in cost savings for both
the airlines. Through effective renegotiation of contracts, the Company is
targeting to achieve major cost savings in excess of USD 100 million.
The domestic traffic
in India increased by 5% for Fiscal year 2014. This was a significant
improvement as compared to a 5% contraction in the corresponding previous year.
Over the next few years, they expect the domestic aviation market to grow at
around 2 to 2.5 times of GDP growth. However, there will be short term
challenges to grow profitably because of the cost intensive aviation
infrastructure in India and the high regulatory operating costs.
The Company
carried 172.18 lakhs revenue passengers on its international and domestic
services during the year. The Company’s domestic passenger traffic for
the year grew by 1% as compared to a reduction of 4% last year while
international passenger traffic registered an increase of 6%, as compared
to an increase of 0.3% last year.
The Company ended
the financial year with a system-wide seat factor of 78.2%. The seat
factor was 70.6% on domestic sectors and 82.2% on the international sectors.
FIXED ASSETS:
· Freehold Land
· Plant and Machinery
· Furniture and Fixtures
· Electrical Fittings
· Data Processing Equipment’s
· Office Equipment’s
· Vehicles
· Ground Support Equipment’s
· Simulator
· Leasehold Land
· Aircraft and Spare Engine (Narrow Body)
· Aircraft and Spare Engine (Wide Body)
· Improvement on Leased Aircraft
· Improvement on Leased Property
· Software
· Trademarks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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.64.09 |
|
UK Pound |
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.