|
|
|
MIRA INFORM REPORT
|
Report No. : |
507941 |
|
Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTERGLOBE AVIATION LIMITED (w.e.f.11.08.2006) |
|
|
|
|
Formerly Known
As : |
INTERGLOBE AVIATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110001 |
|
Tel. No.: |
91-11-65000428 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
13.01.2004 |
|
|
|
|
Com. Reg. No.: |
55-129768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 3844.070 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L62100DL2004PLC129768 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0505034841 |
|
|
|
|
TIN / CST No.: |
07640320705 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
07AABCI2726B1Z4 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2726B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The
company is engaged in the business of providing domestic and international
scheduled air transport services under the name of “IndiGo”. [Registered Activity] |
|
|
|
|
No. of Employees
: |
14,604 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 202212000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
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Litigation : |
Exist |
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|
Comments : |
Subject is a subsidiary of “InterGlobe Enterprises Limited” and was incorporated on 13th January 2004. The company is engaged in providing airline services. The company offers both domestic and international air travel services under the brand name “Indigo”. The airline offer’s more than 647 daily flights connecting to 39 destinations including 5 international destinations with its primary hub at Indira International Airport, Delhi. It presently operates a fleet of 98 aircraft belonging to the airbus A320 family. In 2014, Indigo carries 21.4 Million passengers in the domestic sector alone. For the financial year ended 2018, the company has achieved 23.89% growth in its revenue as compared to previous year revenue and has maintained decent profitability margin of 9.74% during the year under review. The healthy financial profile of the company is marked by strong networth base and favourable gap between trade payables and trade receivables along with negligible debt level. The company has favourable Earning per Share (EPS) of INR 45.85 against a face value (FV) of INR 10. Rating also takes into consideration cost leadership over airfare cost which led to attract more customers and increase revenue over long term. The company has its share price trading at around INR 1192.80 against the Face Value (FV) of INR 10 on BSE as on 8th May, 2018. However, rating strength is partially offset by exposure to customer concentration risks along with susceptibility to intense competition in the sector and business profile likely to affect due to changes in the government regulations in airlines industry. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered good
for normal 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.
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
31-03-2018.
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 09.05.2018
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 DENIED
Management Non-Cooperative (91-124-4352500)
Given number i.e.
91-9872863700 - is not belongs to Parteek Solanki
LOCATIONS
|
Registered Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110001, India |
|
Tel. No.: |
91-11-65000428 |
|
Fax No.: |
91-11-43513200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Level 1, Tower C, Global Business Park, M G Road, Gurugram – 122002,
Haryana, India |
|
Tel. No.: |
91-124-4352500 |
|
Fax No.: |
91-124-4068536 |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Rahul Bhatia |
|
Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, Mehrauli, Delhi – 110030, India |
|
Date of Birth/Age : |
10.06.1960 |
|
Date of Appointment : |
23.06.2015 |
|
DIN No.: |
00090860 |
|
|
|
|
Name : |
Mr. Aditya Ghosh |
|
Designation : |
Whole-Time Director |
|
Address : |
Mg-0425, The Magnolias DLF, Golf Links DLF City, Phase V, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
27.07.1975 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
01243445 |
|
|
|
|
Name : |
Mrs. Rohini Bhatia |
|
Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, Mehrauli, New Delhi – 110030, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01583219 |
|
|
|
|
Name : |
Mr. Devadas Mallya Mangalore |
|
Designation : |
Director |
|
Address : |
11/A Woodland Apartment, 67 A, Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01804955 |
|
|
|
|
Name : |
Dr. Anupam Khanna |
|
Designation : |
Director |
|
Address : |
4/15, Second Floor, Shanti Niketan, New Delhi - 110021, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
03421015 |
|
|
|
|
Name : |
Mr. Rakesh Gangwal |
|
Designation : |
Director |
|
Address : |
1155 Crest Lane, Mclean, 22101, United States of America |
|
Date of Appointment : |
25.06.2015 |
|
DIN No.: |
03426679 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Philip |
|
Designation : |
Company Finance Officer |
|
Address : |
11- A, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Appointment : |
18.07.2016 |
|
PAN No.: |
AACPP8579P |
|
|
|
|
Name : |
Mr. Sanjay Kumar Gupta |
|
Designation : |
Company Secretary |
|
Address : |
14 C, MIG Flats, Rampura, Delhi – 110035, India |
|
Date of Appointment : |
18.08.2016 |
|
PAN No.: |
AANPG6799B |
|
|
|
|
Name : |
Mr. Sanjay Kumar |
|
Designation : |
Chief Commercial Officer |
|
|
|
|
Name : |
Mr. Riyaz Haider Peer Mohamed |
|
Designation : |
Chief Aircraft Acquisition and Financing Officer |
|
|
|
|
Name : |
Mr. Sanjeev Ramdas |
|
Designation : |
Executive Vice President Customer Service and Operations Control |
|
|
|
|
Name : |
Captain. Dhruv Rebbapragada |
|
Designation : |
Chief of Flight Safety |
MAJOR SHAREHOLDERS
AS ON March 2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
288052623 |
74.93 |
|
(B) Public |
96354215 |
25.07 |
|
Grand Total |
384406838 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
1350943 |
0.35 |
|
Rohini Bhatia |
10000 |
0.00 |
|
Kapil Bhatia |
50000 |
0.01 |
|
Rahul Bhatia |
40000 |
0.01 |
|
Asha Mukherjee |
1250688 |
0.33 |
|
Alok Mehta |
255 |
0.00 |
|
Any Other
(specify) |
145706774 |
37.90 |
|
Interglobe
Enterprises Private Limited |
145706774 |
37.90 |
|
Sub Total A1 |
147057717 |
38.26 |
|
A2) Foreign |
|
0.00 |
|
Individuals
(Non-Resident Individuals/ Foreign Individuals) |
88731593 |
23.08 |
|
Shobha Gangwal |
32310461 |
8.41 |
|
Rakesh Gangwal |
56421132 |
14.68 |
|
Any Other
(specify) |
52263313 |
13.60 |
|
The Chinkerpoo
Family Trust (Trustee: Shobha Gangwal & J. P. Morgan Trust Company of
Delaware) |
52263313 |
13.60 |
|
Sub Total A2 |
140994906 |
36.68 |
|
A=A1+A2 |
288052623 |
74.93 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
28460274 |
7.40 |
|
ICICI Prudential
And Its Various Schemes |
6279665 |
1.63 |
|
SBI Magnum and
its Various Schemes |
10663137 |
2.77 |
|
Motilal Oswal
Most Shares Midcap and its Various Schemes |
5273687 |
1.37 |
|
Alternate
Investment Funds |
81906 |
0.02 |
|
Foreign Portfolio
Investors |
48573113 |
12.64 |
|
Financial
Institutions/ Banks |
430870 |
0.11 |
|
Sub Total B1 |
77546163 |
20.17 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
6070673 |
1.58 |
|
Individual share
capital in excess of INR 0.200 million |
4005973 |
1.04 |
|
NBFCs registered
with RBI |
363608 |
0.09 |
|
Any Other
(specify) |
8367798 |
2.18 |
|
Trusts |
121648 |
0.03 |
|
Non-Resident
Indian (NRI) |
2387993 |
0.62 |
|
Clearing Members |
239107 |
0.06 |
|
Bodies Corporate |
5617619 |
1.46 |
|
Foreign Nationals |
1431 |
0.00 |
|
Sub Total B3 |
18808052 |
4.89 |
|
B=B1+B2+B3 |
96354215 |
25.07 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the business of providing domestic and international
scheduled air transport services under the name of “IndiGo”. [Registered Activity] |
||||
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Products / Services
: |
|
||||
|
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||||
|
Brand Names : |
Not Divulged |
||||
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Agencies Held : |
Not Divulged |
||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
Customers : |
|
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|
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|
No. of Employees : |
14,604 (Approximately) |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda · Yes Bank · HDFC Bank · Oriental Bank of Commerce · Union Bank of India · Bank of Maharashtra · Canara Bank · Citi Bank NA · Corporation Bank · Standard Chartered Bank · BNP Paribas · JPMorgan Chase Bank · Axis Bank · IDFC Bank · Kotak Mahindra Bank · ICICI Bank · Bank of America · Industrial and Commercial Bank of China Limited · State Bank of India · Indian Overseas Bank · HSBC Bank ·
J & K Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Statutory Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountant |
|
Address : |
Building No.10, 8th Floor, Tower – B, DLF Cyber City, Phase
– II, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91-124-2358610 |
|
Fax No.: |
91-124-2358613 |
|
PAN No. : |
AAAFB9852F |
|
|
|
|
Internal Auditor : |
Price Waterhouse and Company LLP Chartered Accountant |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Parent and Ultimate
Controlling Party [As on 2017] : |
· InterGlobe Enterprises Limited (Parent till 9 November 2015) |
|
|
|
|
Subsidiaries [As on
2017] : |
· Agile Airport Services Private Limited (Incorporated on 14 February 2017) |
|
|
|
|
Entity/ person with
direct or indirect significant influence over the Company [As on 2017] : |
· InterGlobe Enterprises Limited (with effect from 10 November 2015) |
|
|
|
|
Subsidiaries [As on
2017] : |
· Agile Airport Services Private Limited (Incorporated on 14 February 2017) |
|
|
|
|
Other related
parties [As on 2017] : |
· InterGlobe Air Transport Limited (Fellow subsidiary till 9 November 2015) · InterGlobe Foundation (Fellow subsidiary till 9 November 2015) · InterGlobe Technologies Private Limited · Acquire Services Private Limited (Related party till 9 November 2015) · InterGlobe Hotels Private Limited · CAE Simulation Training Private Limited · The Chinkerpoo Family Trust (Trustee: Shobha Gangwal & J.P.Morgan Trust Company of Delaware) · Caddie Hotels Private Limited · IGE (Mauritius) Private Limited (Fellow subsidiary till 9 November 2015) · Pegasus Buildtech Private Limited · Pegasus Utility Maintenance and Services Private Limited · Techpark Hotels Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2018
Authorised Capital : NOT
AVAILABLE
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
384406838 |
Equity Shares |
INR 10/- each |
INR 3844.070 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
INR 10/- each |
INR 7500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
361468363 |
Equity Shares |
INR 10/- each |
INR 3614.680 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3844.070 |
3614.680 |
3603.570 |
|
(b) Reserves &
Surplus |
66930.390 |
34177.490 |
23628.270 |
|
(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) |
70774.460 |
37792.170 |
27231.840 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
22413.700 |
23957.080 |
30070.720 |
|
(b) Deferred tax
liabilities (Net) |
3695.250 |
1618.060 |
1467.790 |
|
(c) Other long term
liabilities |
30633.010 |
22760.340 |
17972.050 |
|
(d) long-term provisions |
1968.930 |
1223.940 |
862.280 |
|
(e) Deferred incentives |
20578.190 |
16899.900 |
11778.160 |
|
Total Non-current
Liabilities (3) |
79289.080 |
66459.320 |
62151.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
10001.560 |
7745.940 |
7412.280 |
|
(c) Other current
liabilities |
44757.040 |
34495.280 |
24770.330 |
|
(d) Short-term provisions |
1032.460 |
667.060 |
567.380 |
|
(e) Deferred incentives |
5438.800 |
4937.830 |
4054.070 |
|
Total Current Liabilities
(4) |
61229.860 |
47846.110 |
36804.060 |
|
|
|
|
|
|
TOTAL |
211293.400 |
152097.600 |
126186.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
45347.560 |
37474.720 |
47274.340 |
|
(ii) Intangible Assets |
440.530 |
463.690 |
199.740 |
|
(iii) Capital
work-in-progress |
294.200 |
233.030 |
237.340 |
|
(iv) Intangible assets
under development |
30.700 |
18.830 |
82.310 |
|
(b) Non-current
Investments |
1.270 |
0.280 |
0.250 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6831.340 |
5440.260 |
4217.220 |
|
(e) Other Non-current
assets |
12032.830 |
14002.730 |
18100.610 |
|
Total Non-Current Assets |
64978.430 |
57633.540 |
70111.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
63439.120 |
37134.100 |
9861.310 |
|
(b) Inventories |
1832.270 |
1631.500 |
762.820 |
|
(c) Trade receivables |
2263.150 |
1587.020 |
1571.140 |
|
(d) Cash and cash
equivalents |
65806.010 |
46325.350 |
37186.700 |
|
(e) Short-term loans and
advances |
1914.950 |
39.760 |
90.460 |
|
(f) Other current assets |
11059.470 |
7746.330 |
6602.660 |
|
Total Current Assets |
146314.970 |
94464.060 |
56075.090 |
|
|
|
|
|
|
TOTAL |
211293.400 |
152097.600 |
126186.900 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
230208.870 |
185805.000 |
161399.090 |
|
|
Other Income |
9468.560 |
7890.700 |
5151.210 |
|
|
TOTAL |
239677.430 |
193695.700 |
166550.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
1238.760 |
1238.320 |
1147.820 |
|
|
Aircraft fuel expenses |
77601.360 |
63415.130 |
47793.240 |
|
|
Aircraft and engine
rentals |
36101.990 |
31253.730 |
25067.630 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.650 |
(2.940) |
(11.320) |
|
|
Employees benefits
expense |
24550.220 |
20481.900 |
17879.840 |
|
|
Other expenses |
61138.760 |
47985.830 |
38342.180 |
|
|
TOTAL |
200643.740 |
164371.970 |
130219.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
39033.690 |
29323.730 |
36330.910 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3398.150 |
3307.800 |
3041.160 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
35635.540 |
26015.930 |
33289.750 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4368.770 |
4572.530 |
5054.680 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
31266.770 |
21443.400 |
28235.070 |
|
|
|
|
|
|
|
Less |
TAX |
8843.030 |
4851.520 |
8373.460 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
22423.740 |
16591.880 |
19861.610 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Passenger services |
NA |
NA |
6818.380 |
|
|
Cargo services |
NA |
NA |
48.980 |
|
|
Inflight sales |
NA |
NA |
136.150 |
|
|
Incentives (cash and
non-cash) |
NA |
NA |
4320.850 |
|
|
Advertisement income |
NA |
NA |
3.140 |
|
|
Miscellaneous income |
NA |
NA |
157.170 |
|
|
TOTAL EARNINGS |
NA |
NA |
11484.670 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores
parts |
NA |
NA |
1183.170 |
|
|
Capital Goods |
NA |
NA |
1082.300 |
|
|
TOTAL IMPORTS |
NA |
NA |
2265.470 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
-
Basic |
60.03 |
45.94 |
58.06 |
|
|
-
Diluted |
59.90 |
45.85 |
56.39 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operating activities |
NA |
42061.660 |
36918.400 |
|
Net cash generated from operating activities |
NA |
37820.700 |
31157.240 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
3.59 |
3.12 |
3.55 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
101.72 |
117.08 |
102.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
2946.95 |
2283.15 |
2357.06 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
21.30 |
17.97 |
47.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.85 |
0.77 |
0.76 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.40 |
0.47 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.32 |
0.63 |
1.10 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.87 |
1.27 |
1.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.65 |
1.01 |
1.76 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
11.49 |
8.87 |
11.95 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
9.74 |
8.93 |
12.31 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.61 |
10.91 |
15.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
31.68 |
43.90 |
72.94 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.39 |
1.97 |
1.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.36 |
1.94 |
1.50 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.33 |
0.25 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.83 |
6.63 |
8.34 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.39 |
1.97 |
1.52 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debt
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1192.80/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3603.570 |
3614.680 |
3844.070 |
|
Reserves & Surplus |
23628.270 |
34177.490 |
66930.390 |
|
Net
worth |
27231.840 |
37792.170 |
70774.460 |
|
|
|
|
|
|
Long-Term Borrowings |
30070.720 |
23957.080 |
22413.700 |
|
Short Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
30070.720 |
23957.080 |
22413.700 |
|
Debt/Equity
ratio |
1.104 |
0.634 |
0.317 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
161399.090 |
185805.000 |
230208.870 |
|
|
|
15.121 |
23.898 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
161399.090 |
185805.000 |
230208.870 |
|
Profit/(Loss) |
19861.610 |
16591.880 |
22423.740 |
|
|
12.31% |
8.93% |
9.74% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
3844.070 |
3614.680 |
|
(b) Reserves &
Surplus |
66929.480 |
34177.080 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
70773.550 |
37791.760 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
22413.700 |
23957.080 |
|
(b) Deferred tax
liabilities (Net) |
3695.250 |
1618.060 |
|
(c) Other long term
liabilities |
30633.010 |
22760.340 |
|
(d) long-term provisions |
1968.930 |
1223.940 |
|
(e) Deferred incentives |
20578.190 |
16899.900 |
|
Total Non-current
Liabilities (3) |
79289.080 |
66459.320 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
|
(b) Trade payables |
10002.010 |
7746.100 |
|
(c) Other current
liabilities |
44757.060 |
34495.290 |
|
(d) Short-term provisions |
1032.460 |
667.060 |
|
(e) Deferred incentives |
5438.800 |
4937.830 |
|
Total Current Liabilities
(4) |
61230.330 |
47846.280 |
|
|
|
|
|
TOTAL |
211292.960 |
152097.360 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
45347.560 |
37474.720 |
|
(ii) Intangible Assets |
440.530 |
463.690 |
|
(iii) Capital
work-in-progress |
294.200 |
233.030 |
|
(iv) Intangible assets
under development |
30.700 |
18.830 |
|
(b) Non-current
Investments |
0.170 |
0.180 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6831.340 |
5440.260 |
|
(e) Other Non-current
assets |
12032.830 |
14002.730 |
|
Total Non-Current Assets |
64977.330 |
57633.440 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
63439.120 |
37134.100 |
|
(b) Inventories |
1832.270 |
1631.500 |
|
(c) Trade receivables |
2263.150 |
1587.020 |
|
(d) Cash and cash
equivalents |
65806.910 |
46325.450 |
|
(e) Short-term loans and
advances |
1914.950 |
39.760 |
|
(f) Other current assets |
11059.230 |
7746.090 |
|
Total Current Assets |
146315.630 |
94463.920 |
|
|
|
|
|
TOTAL |
211292.960 |
152097.360 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
|
SALES |
|
|
|
|
Income |
230208.870 |
185805.000 |
|
|
Other Income |
9468.560 |
7890.700 |
|
|
TOTAL |
239677.430 |
193695.700 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Purchases of
Stock-in-Trade |
1238.760 |
1238.320 |
|
|
Aircraft fuel expenses |
77601.360 |
63415.130 |
|
|
Aircraft and engine
rentals |
36101.990 |
31253.730 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.650 |
(2.940) |
|
|
Employees benefits
expense |
24550.220 |
20481.900 |
|
|
Other expenses |
61139.260 |
47986.240 |
|
|
TOTAL |
200644.240 |
164372.380 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
39033.190 |
29323.320 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3398.150 |
3307.800 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
35635.040 |
26015.520 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4368.770 |
4572.530 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
31266.270 |
21442.990 |
|
|
|
|
|
|
Less |
TAX |
8843.030 |
4851.520 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
22423.240 |
16591.470 |
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
-
Basic |
60.03 |
45.94 |
|
|
-
Diluted |
59.90 |
45.85 |
LEGAL CASES
|
$~15&17 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 914/2017, CM APPL.39103/2017 ITA 916/2017, CM APPL.39104 - 39105/2017 THE PR COMMISSIONER OF INCOME TAX - 4 ..... Appellant Through: Mr. Ruchir Bhatia, Sr. Standing Counsel
with Mr. Gaurav Kheterpal, Advocates. versus INTERGLOBE AVIATION LIMITED ..... Respond ent Through: Mr. Mayank Nagi, Advocate. CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE SANJEEV SACHDEVA O R D E R % 31.10.2017 CM APPL.39103/2017 (condonation of delay in
re - filing) in ITA 914/2017 CM APPL.39105/2017 (condonation of delay in
re - filing) in ITA 916/2017, CM APPL.39104/2017 (exemption) in ITA
916/2017 Allowed, subject to all just exceptions. ITA 914/2017 & ITA 916/2017 Admit. The following question of law arises for
consideration: - “Whether in the facts and circumstances,
the ITAT was correct in holding that amounts received as incentive
from Engine Manufacturers by the assessee were capital
in nature?” The present appeal shall be heard along
with ITA 119/2017. So far as second ques tion is concerned, the Court notes that an identical issue was decided by another
Division Bench by this Court in CIT v. Jetlite India Ltd. 379 ITR 185. Therefore, the said question does not arise . S. RAVINDRA BHAT, J OCTOBER 31, 2017 / vikas / SANJEEV SACHDEVA, J |
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G75592220 |
100151387 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
21/12/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
2 |
G73867855 |
100147447 |
SKY AIRCRAFT INDIAN ONE LIMITED |
12/12/2017 |
- |
- |
3546496800.0 |
70 SIR JOHN ROGERSON?S QUAYDUBLINNA2IE |
|
3 |
G75942300 |
100152147 |
SDH WINGS LEASING 4 LIMITED |
08/12/2017 |
- |
- |
2501138306.0 |
25-28 NORTH WALL QUAY, NORTH WALL1, DUBLIN, IRELANDDUBLINNA1IE |
|
4 |
G75592410 |
100151389 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
07/12/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
5 |
G71864334 |
100142775 |
VERMILLION AVIATION (THREE) LIMITED |
30/11/2017 |
- |
- |
3501126200.0 |
46, ST. STEPHENS GREENDUBLINNA2IE |
|
6 |
G71859193 |
100142770 |
VERMILLION AVIATION (THREE) LIMITED |
29/11/2017 |
- |
- |
3500039400.0 |
46, ST. STEPHENS GREENDUBLINNA2IE |
|
7 |
G75593129 |
100151390 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
21/11/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
8 |
G72098957 |
100143152 |
VERMILLION AVIATION (TWO) LIMITED |
17/11/2017 |
- |
- |
3523949000.0 |
46ST. STEPHENS GREENDUBLINNA2IE |
|
9 |
G68368455 |
100136941 |
AVOLON AEROSPACE (IRELAND) AOE 116 LIMITED |
02/11/2017 |
- |
- |
2644960500.0 |
THE OVAL, BUILDING ONE,SHELBOURNE ROAD, BALLSBRIDGEDUBLINNA4IE |
|
10 |
G68367036 |
100136938 |
AVOLON AEROSPACE (IRELAND) AOE 115 LIMITED |
01/11/2017 |
- |
- |
2642094000.0 |
THE OVAL, BUILDING ONE,SHELBOURNE ROAD, BALLSBRIDGEDUBLINNA4IE |
FIXED ASSETS:
· Owned Aircraft and Spare Engines
· Leased Aircraft
· Furniture and Fixtures
·
Computer
· Office Equipment
· Ground Support Equipment
· Vehicles (including ground support vehicles)
· Leasehold Improvements
· Leasehold Improvements - Aircraft
· Rotables and Non-Aircraft Equipment
PRESS RELEASE:
CCI FINES JET,
INDIGO, SPICEJET OVER FUEL SURCHARGE LEVY ON CARGO TRANSPORT
March 7, 2018
NEW DELHI: The Competition Commission of India (CCI) has collectively imposed a fine of about INR 550.000 million on three airline — Jet Airways, IndiGo and SpiceJet — for allegedly taking concerted action in fixing and revising fuel surcharge (FSC) — a component of freight charges. The order came on a case filed by Express Industry Council of India against Jet, InterGlobe Aviation Limited (IndiGo’s parent company), SpiceJet, Air India and Go Airlines alleging cartelisation.
CCI order says Jet, IndiGo and SpiceJet “acted in a concerted manner in fixing and revising the FSC rates and thereby contravened the provisions of Section 3 of the Act which prohibits anti-competitive agreements including cartels.” Accordingly, penalties of INR 398.000 million, INR 95.000 million and INR 51.000 million were imposed upon Jet, IndiGo and SpiceJet, respectively. In addition, a cease and desist order was also issued against the airlines.
A Jet Airways spokesman said: "Jet Airways is yet to receive any formal communication from the concerned authorities regarding the development and is therefore unable to comment on the same.”
IndiGo and SpiceJet did not comment on the issue.
While imposing penalties, the commission applied the principle of relevant turnover and based the penalties on the revenue generated by the airlines from air cargo transport services only. Considering the financial position of airlines at the relevant time and noting that FSC constitutes about 20-30% of cargo revenue, penalty was imposed by the commission at the rate of 3 % of their average relevant turnover of the last three financial years.
The CCI slammed the airlines for using FSC as a pricing tool which was
essentially introduced to mitigate the fuel price volatility.
The commission’s final order came pursuant to the directions issued by
the erstwhile Competition Appellate Tribunal remanding the matter back while
setting aside the original order of CCI.
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 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 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.