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|
|
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image005.gif)
MIRA INFORM REPORT
|
Report No. : |
502379 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AIR WORKS INDIA (ENGINEERING) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bombay International Airport, Gate No 8, Santacruz (East), Mumbai –
400029, Maharashtra |
|
Tel. No.: |
91-22-26158900/01/64556692/93/94 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
11.09.1986 |
|
|
|
|
Com. Reg. No.: |
11-040889 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 491.501 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH1986PTC040889 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No.: |
27340346245 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA1069P |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AABCA1069P1ZF |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing comprehensive services in the field of Aviation including consultancy for fixed and rotary wing aircraft including airframe, avionics and engine modification, maintenance, repairs and overhaul ("MRO"), aircraft management, aircraft painting, charter services, aircraft and parts sales, aviation staffing and training. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 1986 and it provides engineering, asset management, and safety and technology solutions to the commercial and business aviation communities. The company has presence in general aviation MRO, airline MRO, aircraft painting and aircraft management services. Management has failed to file its financials with the Registrar of Companies for the FY 2017. For the financial year ended 2016, the company has reported marginal growth of 0.76% and has incurred losses from its operational activity during the year under review. The company’s sound financial profile is reflected by its above average solvency indicators due to low debt balance sheet profile along with sound net worth base and moderate liquidity position. Rating also derive strength from company’s established track record of business operations and promoters extensive industry experience. However, rating strength is partially offset by lower-than-expected revenue and profitability due to a reduction in aircraft sales, a decline in charter revenue and the time lag in substitution of a painting contract, as well as the long gestation period of its newly acquired companies. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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 |
India Rating |
|
Rating |
Fund Based Limit : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
09.03.2017 |
|
Rating Agency Name |
India Rating |
|
Rating |
Non-fund Based Limit : A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
09.03.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-22-64556693/94)
(Tel No.:
91-124-4642200/ 91-22-26158900/ 64556692 - Continuously Ringing)
LOCATIONS
|
Registered Office : |
Bombay International Air Port, Gate No. 8, Near Kalina Military,
Santacruz (East), Mumbai - 400 029, Maharashtra, India |
|
Tel. No.: |
91-22-26158900/01/64556692/93/94 |
|
Fax No.: |
91-22-26158956 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1st Floor, Kalyani House, Plot No. 40, Sector 18, Udyog Vihar,
Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-124-4642200 |
|
Fax No.: |
91-124-4642250 |
|
|
|
|
Branch Offices : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai (Madras) ·
Gurugram ·
Hosur ·
Jakkur ·
Madurai ·
Mumbai ·
Pune ·
New Delhi |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Luv Chhabra |
|
Designation : |
Director |
|
Address : |
H- 34/4, DLF City , Phase 1, Gurugram-122002, Haryana, India |
|
Date of Birth/Age : |
29.09.1956 |
|
Date of Appointment : |
04.02.2008 |
|
DIN No.: |
00005413 |
|
|
|
|
Name : |
Mr. Ravi Shivdas Menon |
|
Designation : |
Director |
|
Address : |
105/106, Premium Tower, Lokhandwala Complex, Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1953 |
|
Date of Appointment : |
11.09.1986 |
|
PAN No.: |
AAKPM5831H |
|
DIN No.: |
00327180 |
|
|
|
|
Name : |
Michael Peter Schulhof |
|
Designation : |
Director |
|
Address : |
540 Madison Avenue 28th Floor New York New York 8888 US |
|
Date of Birth/Age : |
30.11.1942 |
|
Date of Appointment : |
04.02.2009 |
|
DIN No.: |
01884261 |
|
|
|
|
Name : |
Mr. Maniedath Madhavan Nambiar |
|
Designation : |
Director |
|
Address : |
No.3, Nawab Habibullah, 3rd Street, Chennai-600006, Tamilnadu, India |
|
Date of Appointment : |
30.07.2014 |
|
DIN No.: |
03487311 |
|
|
|
|
Name : |
Mr. Amit Jain |
|
Designation : |
Nominee Director |
|
Address : |
65/22, New Rohtak Road, Karol Bagh, Delhi-110005, India |
|
Date of Appointment : |
23.11.2017 |
|
DIN No.: |
02568767 |
|
|
|
|
Name : |
Mr. Tarun Sharma |
|
Designation : |
Nominee Director |
|
Address : |
179, Sidhartha Enclave, New Delhi-110014, India |
|
Date of Appointment : |
23.11.2017 |
|
DIN No.: |
03095034 |
|
|
|
|
Name : |
Mr. Aditya Vij |
|
Designation : |
Nominee Director |
|
Address : |
3/27, Second Floor Shanti Niketan, New Delhi-110021, India |
|
Date of Appointment : |
23.11.2017 |
|
DIN No.: |
03200194 |
KEY EXECUTIVES
|
Name : |
Mr. Saurabh Mathur |
|
Designation : |
Company Secretary |
|
Address : |
2C, Block-3, Pocket - B, Ashok Vihar, Phase – III, Delhi-110052, India |
|
Date of Birth/Age : |
20.01.1969 |
|
Date of Appointment : |
16.01.2012 |
|
PAN No.: |
AEOPM0539G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2016
|
Category |
Percentage |
|
Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
18.71 |
|
Public/Other than promoters (Venture capital) |
0.03 |
|
Public/Other than promoters (Body corporate) |
63.21 |
|
Public/Other than promoters (Others- Air Works Employees Welfare Trust) |
18.05 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image006.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing comprehensive services in the field of Aviation including consultancy for fixed and rotary wing aircraft including airframe, avionics and engine modification, maintenance, repairs and overhaul ("MRO"), aircraft management, aircraft painting, charter services, aircraft and parts sales, aviation staffing and training. (Registered Activity) |
||||
|
|
|
||||
|
Products/
Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
RBL Bank Limited, Shahupuri, Kolhapur-416001,
Maharashtra India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Co LLP Chartered Accountants |
|
Address : |
3rd and 6th Floor, Worldmark-1, IGI Airport Hospitality District, Aerocity, New Delhi – 110037, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9180N |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries (As on
31.03.2016): |
· Mach Air Sales Limited · Air Works UK Engineering Limited · Air Works France SAS (w.e.f. August 14, 2015) · Empire Aircraft Management Services Private Limited CIN No.: U62200DL2013PTC258229 · Air Works MRO Services Private Limited CIN No.: U63033MH2008PTC177879 · SA Air Works India Private Limited CIN No.: U63013MH2010PTC260800 |
|
|
|
|
Step down
Subsidiary Companies (As on 31.03.2016) : |
· Business Aviation Services Limited (sold on July 21, 2015) · Airworks Aviation Services Limited (wound up on February 19, 2016) · Air Works Engineering FZE · Empire Aviation Group FZCO · Air Works Empire UK Limited · Air Livery ATE SAS · Aero Technique Espace (ATE) · Air Livery Limited, UK · Empire Aviation LLC (w.e.f. April 3, 2014) · Empire Aviation San Marino SARL (w.e.f. July 27, 2015) · Air Livery India Private Limited CIN No.: U63000MH2010PTC259953 |
|
|
|
|
Associates (As on
31.03.2016) : |
· Punj Lloyd Aviation Limited · Punj Lloyd Pte. Limited · Spectra Punj Lloyd Limited · Punj Lloyd Limited · Argus international Inc. (w.e.f. August 6, 2015) · Acumen Aviation Europe Limited (w.e.f. March 13, 2015) · Acumen Technical Advisory Private Limited (w.e.f. March 13, 2015) · Acumen Aviation Management Consultants (Beijing Limited) (w.e.f. July 22, 2015) · Acumen Aviation Americas, Inc. (w.e.f. October 10, 2015) |
CAPITAL STRUCTURE
After 30.09.2016
Authorised Capital : INR
520.020 Million
Issued, Subscribed & Paid-up Capital : INR 505.101
Million
As on 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 1/- each |
INR 80.000 Million |
|
20000 |
Equity Shares (Series A) |
INR 1/- each |
INR 0.020 Million |
|
44000000 |
Preference Shares |
INR 10/- each |
INR 440.000 Million |
|
|
Total |
|
INR 520.020
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75377379 |
Equity Shares |
INR 1/- each |
INR 75.377 Million |
|
10000 |
Equity Shares (Series A) |
INR 1/- each |
INR 0.010 Million |
|
42972389 |
Preference Shares |
INR 10/- each |
INR 429.724 Million |
|
|
Total |
|
INR 505.111
Million |
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 1/- each |
INR 80.000 Million |
|
20000 |
Equity Shares (Series A) |
INR 1/- each |
INR 0.020 Million |
|
44000000 |
0.001% Compulsorily Convertible Preference Shares |
INR 10/- each |
INR 440.000 Million |
|
|
Total |
|
INR 520.020
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61766732 |
Equity Shares |
INR 1/- each |
INR 61.767 Million |
|
10000 |
Equity Shares (Series A) |
INR 1/- each |
INR 0.010 Million |
|
42972389 |
0.001% Compulsorily Convertible Preference Shares |
INR 10/- each |
INR 429.724 Million |
|
|
Total |
|
INR 491.501
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
491.501 |
421.604 |
421.604 |
|
(b) Reserves and Surplus |
2469.405 |
2554.966 |
2439.688 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
257.126 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2960.906 |
3233.696 |
2861.292 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
523.068 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
457.575 |
459.790 |
461.815 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
457.575 |
982.858 |
461.815 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
815.170 |
318.946 |
363.377 |
|
(b) Trade
payables |
361.336 |
423.493 |
412.341 |
|
(c) Other
current liabilities |
174.631 |
286.145 |
121.630 |
|
(d) Short-term
provisions |
66.494 |
67.306 |
98.877 |
|
Total Current
Liabilities (4) |
1417.631 |
1095.890 |
996.226 |
|
|
|
|
|
|
TOTAL |
4836.112 |
5312.444 |
4319.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
554.315 |
512.505 |
439.405 |
|
(ii)
Intangible Assets |
419.598 |
437.310 |
457.145 |
|
(iii) Tangible assets
capital work-in-progress |
10.026 |
40.208 |
0.000 |
|
(iv)
Intangible assets under development |
30.688 |
34.792 |
31.644 |
|
(b) Non-current Investments |
1370.405 |
1561.077 |
1386.359 |
|
(c) Deferred tax assets (net) |
0.000 |
41.999 |
0.000 |
|
(d)
Long-term
loans and advances |
380.677 |
356.178 |
214.378 |
|
(e) Other
Non-current assets |
19.662 |
445.197 |
426.700 |
|
Total Non-Current
Assets |
2785.371 |
3429.266 |
2955.631 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
252.602 |
176.278 |
138.601 |
|
(c) Trade
receivables |
615.800 |
627.718 |
459.151 |
|
(d) Cash and bank
balances |
910.336 |
636.804 |
251.079 |
|
(e)
Short-term loans and advances |
146.691 |
322.505 |
314.467 |
|
(f) Other
current assets |
125.312 |
119.873 |
200.403 |
|
Total
Current Assets |
2050.741 |
1883.178 |
1363.701 |
|
|
|
|
|
|
TOTAL |
4836.112 |
5312.444 |
4319.332 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
2089.538 |
2073.786 |
1980.319 |
|
|
Other Income |
152.974 |
120.830 |
137.375 |
|
|
TOTAL |
2242.512 |
2194.616 |
2117.694 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
113.894 |
102.955 |
161.426 |
|
|
Purchases of
Stock-in-Trade |
164.645 |
192.216 |
138.783 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.329) |
12.173 |
(9.676) |
|
|
Employee benefit expense |
809.487 |
724.271 |
733.379 |
|
|
CSR expenditure |
0.551 |
0.000 |
0.000 |
|
|
Other expenses |
899.450 |
757.879 |
813.728 |
|
|
Exceptional items |
341.917 |
0.000 |
0.000 |
|
|
TOTAL |
2329.615 |
1789.494 |
1837.640 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(87.103) |
405.122 |
280.054 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
218.243 |
194.646 |
151.961 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(305.346) |
210.476 |
128.093 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
134.128 |
117.131 |
118.580 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(439.474) |
93.345 |
9.513 |
|
|
|
|
|
|
|
Less |
TAX |
46.871 |
(26.187) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(486.345) |
119.532 |
9.513 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
594.563 |
721.199 |
926.215 |
|
|
TOTAL EARNINGS |
594.563 |
721.199 |
926.215 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and spare
parts |
316.917 |
304.007 |
264.120 |
|
|
Capital Goods |
12.213 |
49.445 |
48.762 |
|
|
TOTAL IMPORTS |
329.130 |
353.452 |
312.882 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
(7.88) |
1.94 |
0.15 |
|
|
Diluted |
(7.88) |
1.23 |
0.10 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
163.382 |
228.473 |
467.948 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
107.57 |
110.48 |
84.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.39 |
3.30 |
4.31 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
473.50 |
523.68 |
501.33 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.34) |
2.30 |
2.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.09) |
0.40 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.29 |
0.30 |
0.23 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.28 |
0.26 |
0.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.48 |
0.34 |
0.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.34 |
0.32 |
0.32 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.40) |
2.08 |
1.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
(23.28) |
5.76 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets)
* 100) |
% |
(10.06) |
2.25 |
0.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(16.43) |
3.70 |
0.33 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.45 |
1.72 |
1.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.27 |
1.56 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.61 |
0.61 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.66 |
2.00 |
0.86 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.45 |
1.72 |
1.37 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
421.604 |
421.604 |
491.501 |
|
Reserves & Surplus |
2439.688 |
2554.966 |
2469.405 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
257.126 |
0.000 |
|
Net
worth |
2861.292 |
3233.696 |
2960.906 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
523.068 |
0.000 |
|
Short term borrowings |
363.377 |
318.946 |
815.170 |
|
Total
borrowings |
363.377 |
842.014 |
815.170 |
|
Debt/Equity
ratio |
0.127 |
0.260 |
0.275 |
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
1980.319 |
2073.786 |
2089.538 |
|
|
|
4.720 |
0.760 |
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1980.319 |
2073.786 |
2089.538 |
|
Profit/ (Loss) |
9.513 |
119.533 |
(486.345) |
|
0.48% |
5.76% |
(23.28%) |
%20PRIVATE%20LIMITED%20-%20502379_MIRA%2006-Apr-2018_files/image009.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
491.501 |
421.604 |
|
(b) Reserves & Surplus |
|
2991.419 |
2791.927 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
257.126 |
|
(3) Minority Interest |
|
100.379 |
201.884 |
|
Total
Shareholders’ Funds |
|
3583.299 |
3672.541 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2027.250 |
1303.943 |
|
(b) Deferred tax liabilities
(Net) |
|
6.588 |
3.042 |
|
(c) Other long term
liabilities |
|
457.575 |
459.790 |
|
(d) long-term provisions |
|
87.479 |
69.244 |
|
Total
Non-current Liabilities |
|
2578.892 |
1836.019 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
906.467 |
3368.607 |
|
(b) Trade payables |
|
1291.025 |
1174.759 |
|
(c) Other current liabilities |
|
1454.807 |
1003.696 |
|
(d) Short-term provisions |
|
187.918 |
244.861 |
|
Total
Current Liabilities |
|
3840.217 |
5791.923 |
|
|
|
|
|
|
TOTAL |
|
10002.408 |
11300.483 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
886.370 |
865.137 |
|
(ii) Intangible Assets |
|
2623.671 |
2512.445 |
|
(iii) Capital work-in-progress |
|
9.584 |
38.038 |
|
(iv) Intangible assets under
development |
|
30.688 |
34.792 |
|
(b) Non-current Investments |
|
610.030 |
18.461 |
|
(c) Deferred tax assets (net) |
|
0.000 |
41.999 |
|
(d) Long-term Loan and Advances |
|
420.608 |
406.264 |
|
(e) Other Non-current assets |
|
264.119 |
479.502 |
|
Total
Non-Current Assets |
|
4845.070 |
4396.638 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
322.481 |
248.091 |
|
(c) Trade receivables |
|
1911.021 |
1508.945 |
|
(d) Cash and cash equivalents |
|
2368.706 |
1400.794 |
|
(e) Short-term loans and
advances |
|
280.197 |
3626.559 |
|
(f) Other current assets |
|
274.933 |
119.456 |
|
Total
Current Assets |
|
5157.338 |
6903.845 |
|
|
|
|
|
|
TOTAL |
|
10002.408 |
11300.483 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
|
6034.426 |
7794.241 |
|
|
Other Income |
|
163.423 |
144.648 |
|
|
TOTAL |
|
6197.849 |
7938.889 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
561.185 |
660.635 |
|
|
Purchases of
Stock-in-Trade |
|
186.630 |
1497.066 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
3.882 |
16.845 |
|
|
Employee benefit expense |
|
2905.194 |
2942.471 |
|
|
CSR expenditure |
|
0.551 |
0.000 |
|
|
Other expenses |
|
2037.853 |
2084.735 |
|
|
Exceptional items |
|
81.011 |
0.000 |
|
|
TOTAL |
|
5776.306 |
7201.752 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
421.543 |
737.137 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
386.428 |
306.473 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
35.115 |
430.664 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
208.611 |
188.798 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(173.496) |
241.866 |
|
|
|
|
|
|
|
Less |
TAX |
|
52.085 |
(11.172) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(225.581) |
253.038 |
|
|
|
|
|
|
|
Add/
Less |
MINORITY INTEREST |
|
(53.785) |
(77.372) |
|
|
|
|
|
|
|
Add/
Less |
SHARE OF PROFIT
(LOSS) OF ASSOCIATES |
|
(37.313) |
0.000 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
(316.679) |
175.666 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
(5.13) |
2.85 |
|
|
Diluted |
|
(5.13) |
1.80 |
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 |
Yes |
|
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 |
No |
|
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 |
STATE OF THE COMPANY’S
AFFAIRS AND FUTURE OUTLOOK (As on 31.03.2016)
Air Works is a uniquely positioned independent provider of full range of Aviation services supporting Airlines, Original Equipment Manufacturers, Leasing companies and business jet owners globally. It continues to maintain a leading position in its service portfolio including line and heavy airframe maintenance, components maintenance, aircraft interiors and finishing and aftermarket supply chain support for both commercial and general aviation aircrafts. In addition to this it also provides aircraft management services to general aviation aircrafts.
The Company, through its minority investments in Acumen Aviation and Argus International, continues to enhance its service portfolio to include services like safety management solutions, maintenance audits, flight planning, management, market intelligence. The Company intends to leverage this to provide a comprehensive Asset Management Technology solutions to existing client base as well as address the growing demand for these services across geographies.
GENERAL AVIATION MRO
(As on 31.03.2016)
Air Works’ General Aviation MRO business has remained relatively stable over the last year. This is largely driven by lack of growth in the General Aviation aircraft fleet in India. In addition, the business was negatively impacted by floods in the southern part of India due to which a large fleet of aircrafts under the Company’s maintenance were damaged beyond economical repair. The strategy of expanding into premium services like Heavy Maintenance, Interior Refurbishments, Avionic Upgrades remains the focus to drive business growth. The business has seen a rapid expansion in its Heavy Maintenance business with it being able to attract customers from neighbouring countries as well. The business will continue to invest in infrastructure and talent development to be able to build and develop service solutions for its esteemed customers. It currently maintains more than 40 different type of aircrafts across 14 locations.
AIRLINE MRO (As on
31.03.2016)
Airline MRO business continues to be India’s largest independent MRO service provider to commercial airlines with capability to provide Line Maintenance services for over 8 type of aircrafts and Heavy Checks for 4 types of commercial aircrafts. It continues to expand its Line Maintenance operations with services being provided to 11 customers across 17 locations. It has also started providing Line Maintenance services to one of its customers at international locations. Further, the business is in constant evaluation of setting up permanent bases in neighbouring countries for providing Line Maintenance services.
Due to its continuous engagement with the OEMs, the business has been able to enter into a long term contract with one of the OEMs for tip to tail maintenance of one the airlines which had recently started operations in India. This has resulted in similar contracts been signed with some of the regional airlines which have started operations in India. The business is in active discussion with other OEMs and other existing airlines for similar contracts. These contracts will also help the business in expanding its heavy maintenance revenue stream.
PAINTING BUSINESS (As
on 31.03.2016)
This business, with change in the management, has seen a revamp in the latter part of the financial year 2016. The business continues to be in active engagement with large airlines for signing long term contracts and has recently signed two such contracts with leading European carriers.
However, the business was negatively impacted due to partial loss of contract with one of the OEMs for green aircraft painting. However, after the end of the year under review, your Company has signed new contracts with the same OEM and with other OEMs as well.
AIRCRAFT MANAGEMENT
SERVICES (As on 31.03.2016)
The business, as a part of its strategy, is looking to expand its geographical presence to be able to garner more market share. During the year, it has set up operations in San Marino and is in the process of doing the same in Hong Kong, which should be operational in financial year 2017. Through the setup of operations in San Marino, the business will be able to grow its customer base in Nigeria and will be able to put those aircrafts on charter.
FUTURE OUTLOOK (As on
31.03.2016)
For the year under review, the performance of the Company was impacted due to two key factors:- (i) the restructuring of work force in France; and (ii) change in the Charter Market scenario in Africa and the Middle East. Except for these two factors, the Company has shown progress in all other business verticals. With the aviation market in India opening up and the new aviation policy which has brought in landmark changes to the fiscal and regulatory framework applicable to the aviation industry, the MRO sector is poised to become the MRO hub for the Indian sub-continent.
Further, with new long-term contracts executed in the Painting business and expansion of Aircraft Management Services into new geographies, the Company is confident of posting improved results in the financial year 2016-17.
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G76720846 |
100154088 |
HDFC BANK LIMITED |
26/12/2017 |
- |
200000000.0 |
HDFC Bank House Senapati Bapat Marg Lower Parel W Mumbai Maharashtra 400013 India |
|
2 |
G76620723 |
100153807 |
RBL BANK LIMITED |
08/09/2017 |
- |
100000000.0 |
SHAHUPURI, KOLHAPUR, KOLHAPUR Maharashtra 416001 India |
|
3 |
G76621259 |
100153809 |
RBL BANK LIMITED |
08/09/2017 |
- |
150000000.0 |
SHAHUPURI, KOLHAPUR, KOLHAPUR Maharashtra 416001 India |
|
4 |
G37566791 |
100081242 |
DEUTSCHE TRUSTEE COMPANY LIMITED |
16/11/2016 |
- |
2380000000.0 |
WINCHESTER HOUSE,1 GREAT WINCHESTER STREET, LONDON NAEC2N 2DBGB |
|
5 |
G13917059 |
100053389 |
IDFC BANK LIMITED |
08/02/2016 |
- |
100000000.0 |
Sood Tower, 4th Floor East wing, Barakhamba Road New Delhi 110001 India |
|
6 |
G32006595 |
100029163 |
IDFC BANK LIMITED |
08/02/2016 |
15/12/2016 |
150000000.0 |
KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet Chennai Tamilnadu 600031 India |
|
7 |
G11494499 |
100049257 |
INDUSIND BANK LTD. |
15/01/2016 |
- |
1330000000.0 |
2401 GEN THIMMAYYA ROAD CONTONMENT PUNE Maharashtra 411001 India |
|
8 |
C62369905 |
10587499 |
STANDARD CHARTERED BANK |
01/07/2015 |
- |
960000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
|
9 |
G18384776 |
10297954 |
STANDARD CHARTERED BANK |
27/07/2011 |
05/10/2016 |
300000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
|
10 |
B31540552 |
10225741 |
INDUSIND BANK LIMITED |
28/05/2010 |
07/02/2012 |
250000000.0 |
Dr. Gopal Das Bhawan28, Barakhamba Road New Delhi 110001 INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
3.114 |
16.016 |
|
|
|
|
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Aircrafts helicopters
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
UK Pound |
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.