MIRA INFORM REPORT
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Report No. : |
328199 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
AVIOHELITRONICS INFOSYSTEMS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, No.15, Navya Center, Service Road, Domlur Layout,
Airport Road, Bangalore – 560071, Karnataka |
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Tel. No.: |
91-80-67086708 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.10.2006 |
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Com. Reg. No.: |
08-040670 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2006PTC040670 |
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IEC No.: |
0708003931 |
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TAN No.: [Tax Deduction &
Collection Account No. |
BLRA08669D |
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PAN No.: [Permanent Account No.] |
AAFCA9437M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Design, Development, Testing and Certification of
Embedded Software and Aero-Structural engineering services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 280000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established private limited company incorporated in the
year 2006, having satisfactory track record. Subject caters to the aviation industry and is engaged in design,
development, testing and certification of embedded software and
aero-structural engineering services. Rating takes into consideration experience promoters in avionics
industry and healthy financial risk profile marked by low gearing, moderate
networth and strong profit margin. However, rating constraints on account of high working capital
intensive nature of business. Overall financial condition of the company is decent. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
10.06.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
10.06.2015 |
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
31-03-2013.
INFORMATION DECLINED
UNABLE TO CONTACT THE COMPANY
(TEL. NO.: 91-80-67086708/ 67086800)
LOCATIONS
|
Registered Office : |
1st Floor, No.15, Navya Center, Service Road, Domlur
Layout, Airport Road, Bangalore – 560071, Karnataka, India |
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Tel. No.: |
91-80-67086708 |
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Fax No.: |
91-80-6708 6709 |
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E-Mail : |
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Website : |
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Factory : |
No. 130, EPIP 2nd Phase, KIADB Industrial Area, Whitefield, Bangalore –560066, Karnataka, India |
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Tel. No.: |
91-80-67086800 |
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Fax No.: |
91-80-67086709 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Sameer PremnathSoanpavde |
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Designation : |
Director |
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Address : |
B-27, Diamond Disrict, Airport Road, Kodihalli, Bangalore - 560008, Karnataka, India |
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Date of Birth/Age : |
24.12.1970 |
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Date of Appointment : |
03.10.2006 |
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DIN No.: |
01896741 |
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Other Directorship :
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Name : |
Mrs. Prabha Nagarajan |
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Designation : |
Director |
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Address : |
54, Svapna, 1st Cross, Domlur Layout, Bangalore - 560071, Karnataka, India |
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Date of Birth/Age : |
17.05.1977 |
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Date of Appointment : |
03.10.2006 |
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DIN No.: |
01898554 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Sameer Premnath Soanpavde |
840000 |
42.00 |
|
Prabha Nagarajan |
210000 |
10.50 |
|
Aviohelitronics B2B Private Limited |
500000 |
25.00 |
|
Aviohelitronics Knowledge Research and Analysis Private Limited |
450000 |
22.50 |
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|
|
|
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Total |
2000000 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
48.50 |
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Directors or relatives of Directors |
52.50 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Design, Development, Testing and Certification
of Embedded Software and Aero-Structural engineering services. |
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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 : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ishwar and Gopal Chartered Accountants |
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Address : |
Sri Vinayaka Motor Service Building, O 21/3, TSP Road, Kalasipalyam,
Bangalore – 560002, Karnataka, India |
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Tel. No.: |
91-80-26701692/ 26700009 |
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Fax No.: |
91-80-26706317 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFI2474E |
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Associate Companies: |
· AvioheliTronics B2B Private Limited · AvioheliTronics Knowledge Research and Analysis Private Limited · AvioheliTronics Training and R and D Private Limited · AvioheliTronics InfoSystems SARL |
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Wholly Owned Subsidiary Company : |
AvioheliTronics Info Systems SARL |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
20.000 |
20.000 |
20.000 |
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(b) Reserves & Surplus |
77.912 |
44.628 |
26.156 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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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) |
97.912 |
64.628 |
46.156 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
15.389 |
0.570 |
5.440 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
3.372 |
3.320 |
2.485 |
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Total
Non-current Liabilities (3) |
18.761 |
3.890 |
7.925 |
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(4) Current Liabilities |
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(a)
Short-term borrowings |
3.690 |
0.000 |
2.135 |
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(b)
Trade payables |
1.695 |
2.715 |
0.000 |
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(c)
Other current liabilities |
354.956 |
253.160 |
172.059 |
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(d)
Short-term provisions |
7.918 |
9.245 |
9.655 |
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Total
Current Liabilities (4) |
368.259 |
265.120 |
183.849 |
|
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|
|
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TOTAL |
484.932 |
333.638 |
237.930 |
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II.
ASSETS |
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|
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
38.427 |
27.660 |
12.532 |
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(ii)
Intangible Assets |
9.716 |
13.526 |
13.216 |
|
(iii)
Capital work-in-progress |
35.997 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.069 |
0.069 |
0.069 |
|
(c) Deferred tax assets
(net) |
0.324 |
0.099 |
0.636 |
|
(d) Long-term Loan
and Advances |
44.678 |
23.097 |
10.759 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
129.211 |
64.451 |
37.212 |
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|
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|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
20.056 |
18.453 |
0.000 |
|
(c)
Trade receivables |
128.329 |
150.614 |
26.593 |
|
(d)
Cash and cash equivalents |
9.318 |
0.578 |
169.438 |
|
(e)
Short-term loans and advances |
185.718 |
93.857 |
2.844 |
|
(f)
Other current assets |
12.300 |
5.685 |
1.843 |
|
Total
Current Assets |
355.721 |
269.187 |
200.718 |
|
|
|
|
|
|
TOTAL |
484.932 |
333.638 |
237.930 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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TOTAL INCOME |
|
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|
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|
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TOTAL |
366.998 |
241.069 |
171.719 |
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Less |
EXPENSES |
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TOTAL |
314.698 |
211.636 |
125.387 |
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PROFIT / (LOSS)
BEFORE TAX AND PRIOR PERIOD ITEMS |
52.301 |
29.433 |
46.332 |
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PRIOR
PERIOD EXPENSES / (INCOME), NET |
-- |
0.053 |
-- |
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PROFIT/
(LOSS) BEFORE TAX |
52.300 |
29.380 |
46.332 |
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Less |
TAX |
19.016 |
10.908 |
14.639 |
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PROFIT/
(LOSS) AFTER TAX |
33.284 |
18.472 |
31.693 |
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EARNINGS IN
FOREIGN CURRENCY |
358.523 |
230.793 |
166.964 |
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IMPORTS |
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Raw Materials |
6.667 |
2.934 |
0.000 |
|
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Capital Expenditure – Office Equipment |
0.000 |
0.506 |
0.000 |
|
|
|
Capital Expenditure Plat and Machinery |
0.088 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
6.755 |
3.440 |
0.000 |
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Earnings Per
Share (Rs.) |
16.64 |
9.24 |
15.85 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
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|
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Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.07 |
7.66 |
18.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.66 |
8.81 |
19.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53 |
0.45 |
1.00 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19 |
0.01 |
0.16 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.02 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT
EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
20.000 |
20.000 |
20.000 |
|
Reserves & Surplus |
26.156 |
44.628 |
77.912 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
46.156 |
64.628 |
97.912 |
|
|
|
|
|
|
Long-term borrowings |
5.440 |
0.570 |
15.389 |
|
Short term borrowings |
2.135 |
0.000 |
3.690 |
|
Total
borrowings |
7.575 |
0.570 |
19.079 |
|
Debt/Equity
ratio |
0.164 |
0.009 |
0.195 |
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) |
|
Total Income |
171.719 |
241.069 |
366.998 |
|
|
|
40.386 |
52.238 |
NET
PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
171.719 |
241.069 |
366.998 |
|
Profit |
31.693 |
18.472 |
33.285 |
|
|
18.46% |
7.66% |
9.07% |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10574070 |
12/06/2015 |
25,000,000.00 |
HDFC BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST) |
C56017403 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from a Director |
0.000 |
0.570 |
|
|
|
|
|
Total |
0.000 |
0.570 |
CORPORATE
INFORMATION
The company is a private limited company Registered and Incorporated in
India under the provisions of the Companies Act, 1956. The company is primarily
engaged in the business of Design and Development of software.
OPERATIONS REVIEW
The company has achieved a total income of Rs. 366.998 million for the
year ended 31st March, 2014 as against Rs. 241.069 million achieved
during the previous year ended 31st March, 2013. The company earned a
net profit of Rs. 33.284 million for the year ended 31st March, 2014
as against net profit of Rs. 18.472 million for the previous year.
FIXED ASSETS
Tangible Assets
· Lease Hold Improvement
· Plant and Machinery
· Computer Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment’s
Intangible Assets
· Computer Software
· License Fee
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. 64.11 |
|
|
1 |
Rs. 100.32 |
|
Euro |
1 |
Rs. 72.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.