|
|
|
%20PRIVATE%20LIMITED%20-%20494614%2003-Mar-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20494614%2003-Mar-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20494614%2003-Mar-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
494614 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SILKAIR (SINGAPORE) PRIVATE LIMITED |
|
|
|
|
Branch Office : |
Aisha Manzil, Ravipuram, M.G. Road, Ernakulam-682016, Kerala |
|
Tel. No.: |
91-484-4020710 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
02.07.2007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 11136.891 Million |
|
|
|
|
FCRN.: |
F03273 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
Foreign Registered Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Air Business includes Transport of Passenger
by Air. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Maximum Credit Limit : |
USD 134621100 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
SilkAir (Singapore) Private Limited is a branch of a foreign
registered company and was incorporated in the year 2007. It is a full service regional airline with its head office in
Singapore. For the financial year 2017, it has achieved decent growth in its
revenue as compared to the previous year along with an average profit margin
of 5.27%. The sound financial risk profile of the company is marked by adequate
net worth base. Payment seems to be regular. In view of aforesaid, the subject can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
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 03.03.2018.
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
[Contact No: 91-80-66783261/ 44-22560409]
LOCATIONS
|
Registered Office : |
Air Line House, 25 Air Lien Road, Singapore-819829 |
|
Tel. No.: |
(65) 65423333 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Aisha Manzil, Ravipuram, M.G. Road, Ernakulam-682016, Kerala, India |
|
Tel. No.: |
91-484-4020710 |
|
Fax No.: |
91-484-4010310 |
|
|
|
|
Other Branch Offices : |
Located at: · Bangalore [91-80-66783261] · Chennai [91-44-22560409] · Coimbatore · Hyderabad · Kochi · Kolkata · Visakhapatnam · Thiruvananthapuram |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mak Swee Wah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Foo Chai Eoo |
|
Designation : |
Director/ Chief Executive |
|
|
|
|
Name : |
Wang Wei Jun |
|
Designation : |
Director |
|
|
|
|
Name : |
Mak Swee Wah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Capt Quay Chew Eng |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Lee Wen Fen |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sudesh Kumar Vij |
|
Designation : |
Secretary |
|
|
|
|
Name : |
Ryan Pua |
|
Designation : |
Vice President Commercial |
|
|
|
|
Name : |
Capt Gerard Ee |
|
Designation : |
Vice President Flight Operations |
|
|
|
|
Name : |
Ho Kok Leong |
|
Designation : |
Vice President Human Resource & Systems |
|
|
|
|
Name : |
Goh Boon Hwee |
|
Designation : |
Vice President Operations |
|
|
|
|
Name : |
Albert Kow |
|
Designation : |
Vice President Safety, Security, Quality & Environment |
|
|
|
|
Name : |
Ms. Joanne Ong |
|
Designation : |
Manager Finance |
|
|
|
|
Name : |
Ms. Chia Siok Hua |
|
Designation : |
Div. Vice President Finance, SIA |
|
|
|
|
Name : |
Brenton Wu |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Air Business includes Transport of Passenger
by Air. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
KPMG LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
NOT DIVULGED
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
Share capital |
11136.891 |
11764.706 |
10909.091 |
|
General reserve |
36245.533 |
36421.054 |
28232.608 |
|
Fair value reserve |
(265.015) |
(1616.623) |
(1451.070) |
|
TOTAL EQUITY |
47117.409 |
46569.137 |
37690.629 |
|
|
|
|
|
|
Deferred Account |
374.365 |
478.720 |
182.493 |
|
Deferred Taxation |
4413.292 |
3884.625 |
3486.167 |
|
Employee Benefits |
126.825 |
120.541 |
113.995 |
|
Long Term Liabilities |
2520.601 |
2020.937 |
937.548 |
|
|
|
|
|
|
TOTAL |
54552.492 |
53073.960 |
42410.832 |
|
|
|
|
|
|
Represented
by: |
|
|
|
|
Property,
Plant and Equipment |
43586.085 |
35831.611 |
35525.386 |
|
Deferred Account |
566.261 |
720.698 |
791.684 |
|
Intangible Assets |
354.704 |
268.601 |
206.826 |
|
Subsidiary
Company |
185.615 |
196.078 |
181.818 |
|
Long-Term
Investments |
30.595 |
32.537 |
93.220 |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
Deferred
account |
125.977 |
133.079 |
123.400 |
|
Inventories |
1212.880 |
1250.109 |
1041.481 |
|
Trade debtors |
1100.361 |
1176.002 |
1422.347 |
|
Deposits and other debtors |
120.566 |
140.306 |
118.393 |
|
Prepayments |
412.021 |
394.954 |
301.577 |
|
Amounts
owning by immediate holding and related parties |
1986.141 |
1352.756 |
641.898 |
|
Derivative
assets |
417.164 |
20.261 |
9.716 |
|
Deposits
with immediate holding company |
14396.621 |
22694.904 |
11866.764 |
|
Cash and bank balances |
1088.679 |
1426.325 |
744.156 |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Deferred account |
78.809 |
83.251 |
42.201 |
|
Sales in advance of carriage |
1538.592 |
1606.557 |
1363.977 |
|
Current tax payable |
276.121 |
707.914 |
447.907 |
|
Trade creditors |
5915.947 |
5805.892 |
4714.335 |
|
Employee benefits |
43.041 |
36.022 |
31.829 |
|
Amounts owing to subsidiary and related parties |
2138.423 |
2648.135 |
1744.809 |
|
Derivative liabilities |
1030.248 |
1676.490 |
2312.776 |
|
|
|
|
|
|
TOTAL |
54552.492 |
53073.960 |
42410.832 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue |
47870.049 |
45792.071 |
42738.081 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Staff
costs |
7239.207 |
6614.455 |
5810.782 |
|
|
|
Fuel costs |
9735.097 |
10515.166 |
12645.101 |
|
|
|
Depreciation |
2783.902 |
2868.374 |
3129.240 |
|
|
|
Amortisation of intangible assets |
99.597 |
74.789 |
63.580 |
|
|
|
Aircraft
maintenance and overhaul costs |
3534.144 |
3072.718 |
3121.938 |
|
|
|
Handling
charges |
6230.776 |
5488.680 |
5120.081 |
|
|
|
Landing,
parking and overflying charges |
2319.467 |
2134.248 |
2141.673 |
|
|
|
Inflight meals and other passenger costs |
2444.163 |
2299.325 |
2205.210 |
|
|
|
Advertising and sales costs |
1127.999 |
1022.511 |
775.666 |
|
|
|
Rentals on leased aircraft |
5359.258 |
4764.977 |
3580.378 |
|
|
|
Commission
and incentives |
715.911 |
718.959 |
599.122 |
|
|
|
Company accomodation and utilities |
200.394 |
190.156 |
173.954 |
|
|
|
Other operating expenses |
1608.990 |
1734.437 |
1440.106 |
|
|
|
TOTAL |
43398.905 |
41498.795 |
40806.831 |
|
|
|
|
|
|
|
|
|
OPERATING
PROFIT |
4471.144 |
4293.276 |
1931.250 |
|
|
|
|
|
|
|
|
|
|
Interest Income |
134.848 |
85.505 |
25.791 |
|
|
|
(Loss)/Gain on disposal of aircraft, spares and spare engines |
(1252.388) |
1891.206 |
998.532 |
|
|
|
Gain/ (Loss) on disposal of other property, plant and equipment |
0.032 |
(0.016) |
1.066 |
|
|
|
Intangible assets written off |
(0.112) |
(0.289) |
(0.823) |
|
|
|
Gain on sale of long term investments |
0.000 |
22.257 |
0.000 |
|
|
|
Impairment on long term investments |
0.000 |
(56.186) |
0.000 |
|
|
|
Provision for onerous aircraft leases |
(38.467) |
(453.057) |
0.000 |
|
|
|
Dividends from subsidiary and long-term investments, gross |
16.162 |
661.651 |
4.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAXATION |
3331.219 |
6444.347 |
2960.805 |
|
|
|
|
|
|
|
|
|
Less |
TAXATION |
807.922 |
662.949 |
417.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT
FOR THE FINANCIAL YEAR |
2523.297 |
5781.398 |
2542.923 |
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME |
|
|
|
|
|
|
Cash Flow Hedges |
1318.092 |
(50.027) |
(1699.798) |
|
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE INCOME FOR THE YEAR |
3841.389 |
5731.371 |
843.125 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
NA |
NA |
NA |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Revenue |
42738.081 |
45792.071 |
47870.049 |
|
|
|
7.146 |
4.538 |
%20PRIVATE%20LIMITED%20-%20494614%2003-Mar-2018_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Revenue |
42738.081 |
45792.071 |
47870.049 |
|
Profit |
2542.923 |
5781.398 |
2523.297 |
|
|
5.95% |
12.63% |
5.27% |
%20PRIVATE%20LIMITED%20-%20494614%2003-Mar-2018_files/image010.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
No |
|
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 |
No |
|
31 |
External Agency Rating, if available |
No |
|
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 |
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 65.23 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.