MIRA INFORM REPORT
|
Report No. : |
351446 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BANGALORE INTERNATIONAL AIRPORT LIMITED |
|
|
|
|
Registered
Office : |
Administration Block, Bengaluru International Airport, Bangalore –
560300, Karnataka |
|
Tel. No.: |
91-80-66782425 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.01.2001 |
|
|
|
|
Com. Reg. No.: |
08-028418 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3846.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203KA2001PLC028418 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRB01573F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB8973D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of operations of the Airport at Bangalore. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Bangalore International Airport Limited (BIAL) is a public limited company under the Companies Act formed to build, own and operate the airport. BIAL has been given rights by the Government of India (Gol). Rating reflects company's favourable financial profile with fair profit margins, adequate networth position and decent balance sheet profile of the company. Moreover, it receives financial support from the Government of Karnataka in the form of interest free loans with deferred payment terms, modest revenue sharing with the Gol are also comforting factors. Further, private promoters hold 74% (Bangalore Airport and Infrastructure Developers Private Limited 43%, Siemens Projects Ventures Gmbh 26% and Flughafen Zurich AG 5%) stake in BIAL while the government holds the remaining 26% (Karnataka State Industrial and Infrastructure Development Corporation 13% and Airports Authority of India 13%). Trade relations are reported as fair. Payments are reported to be usually correct. In view of aforesaid, the subject can be considered for business transactions 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, 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 |
ICRA |
|
Rating |
Long term bank facilities: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
March 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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-80-66782425)
LOCATIONS
|
Registered Office : |
Administration Block, Bengaluru International Airport, Bangalore –
560300, Karnataka, India |
|
Tel. No.: |
91-80-66782620 |
|
Fax No.: |
91-80-66783368 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Venkata Sanjayreddy Gunupati |
|
Designation : |
Managing director |
|
Address : |
House No. 6-3-250/4,, Road No. 1, Banjara Hills, Hyderabad
- 500034, Telangana, India |
|
Date of Birth/Age : |
18.11.1964 |
|
Date of Appointment : |
19.01.2010 |
|
DIN No.: |
00005282 |
|
|
|
|
Name : |
Mr. Venkata Krishna Reddy Gunupati |
|
Designation : |
Director |
|
Address : |
6-3-250, Banjara Hills, Hyderabad - 500034, Telangana, India |
|
Date of Birth/Age : |
22.03.1937 |
|
Date of Appointment : |
16.07.2010 |
|
DIN No.: |
00005212 |
|
|
|
|
Name : |
Mr. Krishnaram Bhupal |
|
Designation : |
Director |
|
Address : |
6-3-250/1, Road No. 1, Banjara Hills, Hyderabad - 500034, Telangana,
India |
|
Date of Birth/Age : |
16.03.1983 |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
00005442 |
|
|
|
|
Name : |
Mr. Sundaram Balasubramanian |
|
Designation : |
Director |
|
Address : |
E-103 Raheja Atlantis, Sector-31, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
03.11.1942 |
|
Date of Appointment : |
23.08.2014 |
|
DIN No.: |
02849971 |
|
|
|
|
Name : |
Anumolu Meher Prasad |
|
Designation : |
Director |
|
Address : |
M6, Old No. M29, Anna Nagar East, Chennai - 600102, Tamilnadu, India |
|
Date of Appointment : |
19.02.1961 |
|
Date of Appointment : |
23.08.2014 |
|
DIN No.: |
06888333 |
|
|
|
|
Name : |
Mr. Pramod Kumar Bhambani |
|
Designation : |
Nominee director |
|
Address : |
BTC 063, Belvedere Towers, DLF City Phase II, Gurgaon - 122002,
Haryana, India |
|
Date of Birth/Age : |
17.06.1960 |
|
Date of Appointment : |
26.06.2002 |
|
DIN No.: |
00318719 |
|
|
|
|
Name : |
Johann Georg Erwin Gigl |
|
Designation : |
Alternate director |
|
Address : |
Uetlibergstrasse, 131, 8045 -Zurich, Zurich, 8045, Switzerland |
|
Date of Appointment : |
27.07.2015 |
|
DIN No.: |
07136567 |
|
|
|
|
Name : |
Bernd Krumme |
|
Designation : |
Alternate director |
|
Address : |
Breslauer Strabe 9, Burgthann, NA, Germany |
|
Date of Birth/Age : |
27.03.1968 |
|
Date of Appointment : |
27.07.2015 |
|
DIN No.: |
06722524 |
|
|
|
|
Name : |
Mr. Kaushik Mukherjee |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
C-11, Block 7, Sector 6, MCHS Colony, HSR Layout, Bangalore - 560034,
Karnataka, India |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
02315835 |
|
|
|
|
Name : |
Vandita Sharma |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Sai Naman, No.2C, 1st B Main Road, 6th Sector, HSR Layout, Bangalore -
560036, Karnataka, India |
|
Date of Birth/Age : |
10.11.1963 |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
02315835 |
|
|
|
|
Name : |
Mr. Kaarthikeyan Devarayapuram Ramasamy |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
102,Ground Floor LGF, Anand Lok, New Delhi - 110049, India |
|
Date of Birth/Age : |
02.10.1939 |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
00327907 |
|
|
|
|
Name : |
Mr. Venkatramana Ramachandra Hegde |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
E-117, Pragati Vihar Hostel, Lodhi Road, New Delhi - 110003, India |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
06689221 |
|
|
|
|
Name : |
Mr. Daniel Schmucki |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
8703 Erlenbach Zh, Obstgartenstrasse 11, Zurich, 8703, Switzerland |
|
Date of Birth/Age : |
06.06.1968 |
|
Date of Appointment : |
19.10.2010 |
|
DIN No.: |
03339936 |
|
|
|
|
Name : |
Mr. Johannes Gotz Friedrich Schmidt |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
10, Andersenstrage, Nurnberg, Nurnberg, 90482, Germany |
|
Date of Birth/Age : |
31.03.1958 |
|
Date of Appointment : |
21.10.2011 |
|
DIN No.: |
06431412 |
|
|
|
|
Name : |
Basil Justin Bromley Wetters |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Beverleigh, Brunstrux, HP23 4ht, Tring, NA, United Kingdom |
|
Date of Birth/Age : |
17.06.1960 |
|
Date of Appointment : |
14.05.2014 |
|
DIN No.: |
06865412 |
|
|
|
|
Name : |
Arvind Shrivastava |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
C58, III Cross, Vasantha Nagar, Bangalore - 560001, Karnataka, India |
|
Date of Birth/Age : |
16.01.1971 |
|
Date of Appointment : |
04.08.2014 |
|
DIN No.: |
02340040 |
|
|
|
|
Name : |
Issac George Anicattu |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
36 Czech Colony, Sanathnagar, Hyderabad - 500018, Telangana,
India |
|
Date of Appointment : |
23.01.2015 |
|
DIN No.: |
00005456 |
KEY EXECUTIVES
|
Name : |
Mylapore Thyagarajan Siva Kumar |
|
Designation : |
Secretary |
|
Address : |
45/20A Nellikkaran Street, Thiruvottiyur, Chennai - 600019, Tamilnadu,
India |
|
Date of Birth/Age : |
28.04.1969 |
|
Date of Appointment : |
04.08.2014 |
|
PAN No: |
ATOPS8307B |
|
|
|
|
Name : |
Bodapati Bhaskar |
|
Designation : |
Chief Finance Officer |
|
Address : |
No.606, II Block, Krishna Apartment, No.13, Ali Asker Road, Po. Vasant
Nagar, Bangalore - 560052, Karnataka, India |
|
Date of Appointment : |
04.08.2014 |
|
PAN No: |
ABRPB0838P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
N. R. Narayanan Murthy |
|
1 |
|
Y Sreenivasappa |
|
1 |
|
S Ravishankar |
|
1 |
|
Karnataka State Industrial and Infrastructure
Development Corporation, India |
|
49997997 |
|
Airports Authority of India, India
|
|
49998000 |
|
Siemens Project Ventures GmbH, Germany
|
|
99996000 |
|
Flughafen Zuerich AG, Switzerland |
|
19230000 |
|
Bangalore Airport and Infrastructure Developers Private Limited, India
|
|
165378000 |
|
Total |
|
384600000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 04.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
31.00 |
|
Bodies corporate |
43.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of operations of
the Airport at Bangalore. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
Imports : |
Not Divulged |
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
|
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Bankers : |
|
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|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
Maruthi Info-Tech Centre, 11 - 12/1,Koramangala Inner Ring Road, Bangalore 560 071, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFB7357B |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
exercise significant
influence over the Company: |
|
|
|
|
|
Subsidiary (with
effect from 20 December 2013) |
|
|
|
|
|
Enterprises in which
directors have significant influence |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
Rs.10/- each |
Rs. 7000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
384600000 |
Equity Shares |
Rs.10/- each |
Rs. 3846.000
Million |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3846.000 |
3846.000 |
3846.000 |
|
(b) Reserves & Surplus |
3919.900 |
3233.600 |
2200.600 |
|
(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) |
7765.900 |
7079.600 |
6046.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
19704.200 |
19295.000 |
12735.800 |
|
(b) Deferred tax liabilities
(Net) |
215.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3037.400 |
2508.800 |
2256.600 |
|
(d) long-term provisions |
15.000 |
23.800 |
29.200 |
|
Total
Non-current Liabilities (3) |
22971.600 |
21827.600 |
15021.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
437.900 |
273.300 |
281.700 |
|
(c) Other current liabilities |
4228.300 |
3693.500 |
3347.500 |
|
(d) Short-term provisions |
67.700 |
68.800 |
89.000 |
|
Total
Current Liabilities (4) |
4733.900 |
4035.600 |
3718.200 |
|
|
|
|
|
|
TOTAL |
35471.400 |
32942.800 |
24786.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27925.700 |
13347.100 |
14497.400 |
|
(ii) Intangible Assets |
328.100 |
309.100 |
284.000 |
|
(iii) Capital work-in-progress |
643.600 |
11535.000 |
4326.600 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1859.600 |
2411.500 |
1852.000 |
|
(e) Other Non-current assets |
0.000 |
27.200 |
0.000 |
|
Total
Non-Current Assets |
30777.000 |
27629.900 |
20960.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
151.800 |
161.200 |
152.900 |
|
(c) Trade receivables |
401.800 |
389.700 |
1203.900 |
|
(d) Cash and cash equivalents |
2851.800 |
4213.700 |
2027.700 |
|
(e) Short-term loans and
advances |
1014.100 |
341.200 |
111.700 |
|
(f) Other current assets |
274.900 |
207.100 |
330.200 |
|
Total
Current Assets |
4694.400 |
5312.900 |
3826.400 |
|
|
|
|
|
|
TOTAL |
35471.400 |
32942.800 |
24786.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6464.400 |
6112.900 |
6056.800 |
|
|
Other Income |
287.800 |
168.300 |
298.400 |
|
|
TOTAL
(A) |
6752.200 |
6281.200 |
6355.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
903.700 |
838.100 |
728.600 |
|
|
Other expenses |
1707.300 |
1901.400 |
1322.600 |
|
|
TOTAL
(B) |
2611.000 |
2739.500 |
2051.200 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
4141.200 |
3541.700 |
4304.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1056.000 |
1088.000 |
1348.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3085.200 |
2453.700 |
2955.200 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1488.500 |
1368.700 |
1347.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1596.700 |
1085.000 |
1607.600 |
|
|
|
|
|
|
|
Less |
TAX (H) |
925.600 |
41.800 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
671.100 |
1043.200 |
1607.600 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3246.100 |
2202.900 |
595.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3917.200 |
3246.100 |
2203.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.74 |
2.71 |
4.18 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
2742.100 |
2202.900 |
1879.700 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
3943.900 |
4493.100 |
4580.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.38 |
17.07 |
26.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
64.06 |
57.94 |
71.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.59 |
5.07 |
7.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.15 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.89 |
3.04 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.32 |
1.03 |
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 |
3846.000 |
3846.000 |
3846.000 |
|
Reserves & Surplus |
2200.600 |
3233.600 |
3919.900 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6046.600 |
7079.600 |
7765.900 |
|
|
|
|
|
|
long-term borrowings |
12735.800 |
19295.000 |
19704.200 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
1879.700 |
2202.900 |
2742.100 |
|
Total
borrowings |
14615.500 |
21497.900 |
22446.300 |
|
Debt/Equity
ratio |
2.417 |
3.037 |
2.890 |
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 |
6056.800 |
6112.900 |
6464.400 |
|
|
|
0.926 |
5.750 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6056.800 |
6112.900 |
6464.400 |
|
Profit |
1607.600 |
1043.200 |
671.100 |
|
|
26.54% |
17.07% |
10.38% |
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 |
FINANCIAL RESULTS
2013-14
During the year, the Company was able to achieve a turnover of Rs.6752.200 Million (increased by 7% compared to the previous year) and has reported a profit after tax of Rs.671.100 Million compared to the profit of Rs.1043.200 Million reported during the last financial year. The drop in Profit After Tax was mainly due to accounting of Deferred Taxes amounting Rs.215.000 Million and reversal of MAT credit (availed until 31st March, 2012) amounting to Rs.710.600 Million.
OVERVIEW / INDUSTRY
OUTLOOK
Change in the Name of the Airport and Terminal 1A inauguration Government of India vide its Gazette Notification dated 25th July 2013 had notified the renaming of Bengaluru International Airport as Kempegowda International Airport, Bengaluru with immediate effect. Consequently, Bengaluru International Airport was renamed as Kempegowda International Airport, Bengaluru on Saturday, 14 th December, 2013.
COMPANY OVERVIEW
The Company has been incorporated on 5 January 2001 for designing, financing, construction, operation and maintenance of an international airport at Devanahalli, Bangalore. Accordingly, a joint venture amongst Siemens Project Ventures GmbH, Germany (hereinafter Siemens), Flughafen Zurich AG, Switzerland (hereinafter Zurich Airport), L&T Infrastructure Development Projects Limited (hereinafter L&TIDPL), Karnataka State Industrial Investment and Development Corporation Limited (hereinafter KSIIDC) and Airports Authority of India (hereinafter ?AAI?) was entered into for the execution of this project. Bengaluru International Airport (BIA) has commenced commercial operations on 23 May 2008, the Airport Opening Date (hereinafter AOD). The Airport was renamed as Kempegowda International Airport (KIA) on 14 December 2013 in the presence of Honourable Minister of Civil Aviation and Honourable Chief Minister of Karnataka.
During the year 2009-10, Bangalore Airport & Infrastructure Developers Private Limited (hereinafter BAIDPL) which is a stepdown subsidiary of GVK Power & Infrastructure Limited (hereinafter GVK Power) had acquired 17% of the outstanding equity shares from L&TIDPL and 12% of the outstanding equity shares from Zurich Airport. Further during the year 2011-12, BAIDPL acquired 14% of the outstanding equity shares from Siemens. Thus making BAIDPL the single largest shareholder in the Company with 43% stake in aggregate.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Term loans from others |
3335.000 |
3335.000 |
|
Total |
3335.000 |
3335.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10566947 |
20/04/2015 |
500,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, NO 25,, SHANKARANARAYANA |
C52386430 |
|
2 |
10398122 |
15/03/2013 * |
11,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B70968904 |
|
3 |
10110201 |
02/05/2008 |
2,184,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARA |
A40841603 |
|
4 |
10110210 |
02/05/2008 |
2,800,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARA |
A40841694 |
|
5 |
10110203 |
02/05/2008 |
1,500,000,000.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIM |
VISWASTA BHAWAN 218PRATAPGANJ PETH, SATARA, MAHARA |
A40841785 |
|
6 |
80017265 |
05/12/2008 * |
9,774,600,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
A54519368 |
* Date of charge modification
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
Claims against the Company not acknowledged as debts |
3.600 |
16.600 |
|
|
|
|
|
(a) The Company had issued Bank Guarantee to Customs authorities aggregating Rs 27.200 Million (Previous year: Rs 2720.000 Million) with respect to grant of project import license to extend concessional rate of duty for import of certain eligible equipments for use in BIA Terminal 1 Expansion project. (b) The Company has filed an application to get itself impleaded as one of the aggrieved party against an appeal filed by the State of Karnataka, challenging the order of the Karnataka High Court, issued in April, 2007, quashing the levy of Special Entry Tax of Rs 21.300 Million (Previous year: Rs 21.300 Million). (c) The Income Tax Department has filed an appeal in the Karnataka High Court against the Income Tax Appellate Tribunal (ITAT) order regarding the Tax Deducted at Source (TDS) on the reimbursement of Development Costs to overseas promoters. The Company had earlier paid the TDS amount of Rs. 59.400 Million in 2005-2006 (Previous year: Rs 59.400 Million) under protest before getting the relief from ITAT. This was refunded to the Company along with interest of Rs. 9.000 Million in 2008-2009 (Previous year: Rs 9.000 Million) as a result of favourable ITAT order. The Management is confident of defending the Tribunal order in the High Court and has made appropriate legal representation in this regard. (d) The Company has received demand orders from Commissioner of Service tax for the periods 2005-2009, 2009-2010 and 2010-2011 for payment of service tax of Rs.26.500 Million as a recipient of service towards reimbursement of salary costs to Zurich Airport (Previous year: Rs 23.600 Million pertaining to 2005-2009 and 2009-2010) . The interest and penalty as per the above demand orders till 31 March 2014 amounts to Rs 23.200 Million (Previous year: Rs 16.600 Million) and Rs 32.500 Million (Previous year Rs 30.000 Million) respectively. Further, show cause notices have been issued for period October 2009-March 2012 and 2012-2013 for a sum of Rs.20.400 Million (Previous year: Rs 5.500 Million pertaining to 2010-2011 and 2011-2012) on the same account and few other matters. These payments relate to salaries of expatriates who were seconded to the Company. The Company has preferred an appeal against demand orders before the Custom, Excise and Service Tax Appellate Tribunal ("CESTAT") and has challenged the show cause notice which is not confirmed by a formal demand as at the balance sheet date. During the year, the Company has obtained stay orders from the CESTAT on the demand orders in original and presently awaiting disposal on merits. The Company has challenged the demands based on the judicial precedence on the matter and is confident of non-applicability of service tax since the payment relates to salary costs to expatriate employees of the Company which cannot be treated as services received by the Company. Zurich Airport is only a remitter of the foreign currency remuneration as is evidenced by Expatriate Remuneration Reimbursement Agreement between the Company and Zurich Airport. The Company has accounted these payments as salaries and discharged appropriate tax deducted at source as the economic employer of the said expatriates. (e) The Company had received an Income-tax assessment order for AY 2010-11 in March 2013 from Deputy Commissioner of Income Tax, Bangalore for the assessment year 2010-11 with a net demand of Rs.155.900 Million (Previous year: Rs 155.900 Million). During the year, the Company preferred Rectification and Appeal before Commissioner of Income Tax (Appeals) and successfully obtained partial relief at the appellate stage. The net demand is reduced to Rs. 26.600 Million which is fully covered by the pre-deposit and refunds due to the company from the Department. The giving effect to Order is pending as on the date of the balance sheet date. The Company has paid an amount of Rs 12.500 Million under protest as at 31 March 2014. (f) The Company has received a demand order dated 21 Nov 2013 from Anneswara Gram Panchayat to pay property tax amounting to Rs. 195.000 Million for the period 2010-14 as per Karnataka Panchayat Raj Act, 1993. The Company is of the view that its liable to pay property tax only for the period 2013-14 and paid an amount of Rs. 48.800 Million. Further, the Company has written to the Government of Karnataka seeking a waiver/reduction for the period 2010-13. The Company has paid or accrued the property tax for the financial year 2013-14 for all the Panchayats. The Company has not received any demand order from the other Panchayats for the earlier years except as stated above. |
||
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.66.75 |
|
UK Pound |
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.