|
|
|
MIRA
INFORM REPORT
|
Report No. : |
507986 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
BANGALORE
INTERNATIONAL AIRPORT LIMITED |
|
|
|
|
Registered
Office : |
Administration Block, Kempegowda International Airport, Devanahalli, Bangalore – 560300, Karnataka |
|
Tel. No.: |
91-80-66782639/ 66782050 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.01.2001 |
|
|
|
|
Com. Reg. No.: |
08-028418 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 3846.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203KA2001PLC028418 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
29AABCB8973D1ZG |
|
|
|
|
TIN No.: |
29680474841 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB8973D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Designing, Financing, Construction, Operation and maintenance of an International Airport at Devanahalli, Bangalore. (Registered Activity) |
|
|
|
|
No. of Employees
: |
916 (Approximately) |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 49237700 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Bangalore International Airport Limited (BIAL) was incorporated in the
year 2001. It operates the airport. FIH Mauritius Investments Limited
acquired a 38% stake in March 2017. The remaining shares are held by Siemens
Project Ventures GmbH (26%), Bangalore Airport Infrastructure Developers Private
Limited (10%), Airports Authority of India (13%) and Karnataka State
Industrial and Infrastructure Development Corporation (13%). As per the financial records of 2017, the company has achieved a
favourable growth of 15.50% in its revenue as compared to the previous year
and has earned a satisfactory profitability margin of 43.02%. Rating takes into consideration the strong financial position of the
company marked by robust net worth base along with low debt balance sheet
profile and fair liquidity position. The company receives financial support from Government of Karnataka in
the form of interest free loans with deferred payment terms, modest revenue
sharing with GOI are also comforting factors. Business is active. Payment seems to be usually correct. 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.
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Loans=AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
30.06.2017 |
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 14.05.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-80-66782639/ 66782050]
LOCATIONS
|
Registered/ Corporate Head Office: |
Administration Block, Kempegowda International Airport, Devanahalli, Bangalore – 560300, Karnataka, India |
|
Tel. No.: |
91-80-66782639/ 66782050 |
|
Fax No.: |
91-80-66783366 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Renu Sud Karnad |
|
Designation : |
Director |
|
Address : |
Bb-14, Greater Kailash, Enclave-II, New Delhi-110048,
India |
|
Date of Appointment : |
17.10.2017 |
|
DIN No.: |
00008064 |
|
|
|
|
Name : |
Mr. Deepak Shantilal Parekh |
|
Designation : |
Director |
|
Address : |
Flat No. 4607, The Imperial Tower, North 46th Floor, B B
Nakashe Marg (Tardeo Roa d), Tardeo, Mumbai-400034, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1944 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
27.03.2017 |
|
DIN No.: |
00009078 |
|
|
|
|
Name : |
Chandran Ponnaiah Ratnaswami |
|
Designation : |
Director |
|
Address : |
177 Mckee Avenue, Ontario, M2n4c6 Toronto M2n4c6 Ca |
|
Date of Appointment : |
27.03.2017 |
|
DIN No.: |
00109215 |
|
|
|
|
Name : |
Vivian Prem Watsa |
|
Designation : |
Director |
|
Address : |
21 Douglas Drive Toronto Ontario M4W2B2 CA |
|
Date of Appointment : |
27.03.2017 |
|
DIN No.: |
00306824 |
|
|
|
|
Name : |
Mr. Pramod Kumar Bhambani |
|
Designation : |
Nominee Director |
|
Address : |
BTC 063, Belvedere Towers DLF City, Phase II, Gurugram-122002, Haryana, India |
|
Date of Appointment : |
26.06.2002 |
|
DIN No.: |
00318719 |
|
|
|
|
Name : |
Kathi Ratna Prabha |
|
Designation : |
Nominee Director |
|
Address : |
8-2-541/A Road No.7, Banjarahills, Hyderabad-500034,
Telangana, India |
|
Date of Appointment : |
13.12.2017 |
|
DIN No.: |
00570340 |
|
|
|
|
Name : |
Harsha Raghavan |
|
Designation : |
Director |
|
Address : |
Flat No. 2, 1st Floor, Shree Sadan, M.L. Dahanukar Marg, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1971 |
|
Qualification : |
MBA |
|
Date of Appointment : |
27.03.2017 |
|
DIN No.: |
01761512 |
|
|
|
|
Name : |
Mr. Sudhir Raheja |
|
Designation : |
Casual Vacancy Director |
|
Address : |
E 8, Bali Nagar, New Delhi-110015, India |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
02745768 |
|
|
|
|
Name : |
Mr. Sandeep Dave |
|
Designation : |
Nominee Director |
|
Address : |
No 73, Diamond District Old Airport Road,
Bangalore-560017, Karnataka, India |
|
Date of Appointment : |
11.09.2017 |
|
DIN No.: |
03410193 |
|
|
|
|
Name : |
Venkatramana Ramachandra Hegde |
|
Designation : |
Casual Vacancy Director |
|
Address : |
E-117, Pragati Vihar Hostel, Lodhi Road, New Delhi-110003, India |
|
Date of Appointment : |
13.11.2013 |
|
DIN No.: |
06689221 |
|
|
|
|
Name : |
Hari Krishnan Marar |
|
Designation : |
Managing Director |
|
Address : |
# 3024, Sobha Petunia, Opposite Lumbini Garden,
Veerannapalya, Nagavara, Nagawara, Bangalore-560045, Karnataka, India |
|
Date of Appointment : |
27.07.2017 |
|
DIN No.: |
06824729 |
|
|
|
|
Name : |
Basil Justin Bromley Wetters |
|
Designation : |
Casual Vacancy Director |
|
Address : |
Beverleigh, Brunstrux, HP23 4ht Tring Na GB |
|
Date of Appointment : |
14.05.2014 |
|
DIN No.: |
06865412 |
|
|
|
|
Name : |
Douglas Edwin Maher |
|
Designation : |
Casual Vacancy Director |
|
Address : |
140, Delaware Ln Franklin Lakes, Nj Franklin Lakes
074172923 US |
|
Date of Appointment : |
09.02.2016 |
|
DIN No.: |
07414135 |
|
|
|
|
Name : |
Sarvjit Singh Bedi |
|
Designation : |
Alternate Director |
|
Address : |
5b, Khar Gardens, 199 10th Road, Close to Madhu Park, Khar
(West), Mumbai- 400052, Maharashtra, India |
|
Date of Appointment : |
27.07.2017 |
|
DIN No.: |
07710419 |
|
|
|
|
Name : |
Marcel Hungerbuehler |
|
Designation : |
Director |
|
Address : |
Glausenhaus 4 Neukirch Egnach Thurgau 9315 CH |
|
Date of Appointment : |
27.07.2017 |
|
DIN No.: |
07854665 |
|
|
|
|
Name : |
Ritvik Ranjanam Pandey |
|
Designation : |
Casual Vacancy Director |
|
Address : |
#B - 18, Road No - J4, Jeevan Bhima Nagar, Bangalore North, Bangalore - 560075, Karnataka, India |
|
Date of Appointment : |
11.08.2017 |
|
DIN No.: |
07906604 |
|
|
|
|
Name : |
Yves Antoine Dufresne |
|
Designation : |
Director |
|
Address : |
378, Carlyle Ave, Mont Royal QC H3r1t4 CA |
|
Date of Appointment : |
16.10.2017 |
|
DIN No.: |
07961898 |
KEY EXECUTIVES
|
Name : |
Mylapore Thyagarajan Sivakumar |
|
Designation : |
Company Secretary |
|
Address : |
4/26, Vijayalakshmi Street, Mahalingapuram Nungambakkam,
Chennai-600034, Tamilnadu, India |
|
Date of Birth/Age : |
28.04.1969 |
|
Date of Appointment : |
04.08.2014 |
|
PAN No: |
ATOPS8307B |
|
|
|
|
Name : |
Mr. Bhaskar Anand Rao |
|
Designation : |
Chief Finance Officer |
|
Address : |
# 1168/1130, 3rd Stage, Rajarajeshwarinagar,
Bangalore-560098, Karnataka, India |
|
Date of Appointment : |
16.11.2017 |
|
PAN No: |
AFBPR6734C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
N K Parashuram |
|
1 |
|
Y Sreenivasappa |
|
1 |
|
N R N Simha |
|
1 |
|
State Promoters |
|
0 |
|
Karnataka State Industrial and Infrastructure Development Corporation
Limited, India |
|
49997997 |
|
Airports Authority of India, India
|
|
49998000 |
|
Private
Promoters |
|
0 |
|
FIH Mauritius investments Limited (a Fairfax Company) |
|
146148000 |
|
Siemens Project Ventures GmbH, Germany
|
|
99996000 |
|
Bangalore Airport and Infrastructure and Developers Private Limited,
India (a step-down subsidiary of G V K
Power and Infrastructure Limited) |
|
38460000 |
|
|
|
|
|
Total |
|
384600000 |
AS ON: 06.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Central Government |
13.00 |
|
Promoters – State Government |
13.00 |
|
Promoters – Body Corporate |
74.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Designing, Financing, Construction, Operation and maintenance of an International Airport at Devanahalli, Bangalore. (Registered Activity) |
||||||
|
|
|
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|
Products/ Services : |
|
||||||
|
|
|
||||||
|
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 : |
916 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Bangalore Airport Hotel Limited, India [U55101KA2006PLC078358] |
|
|
|
|
Enterprises which
exercise significant influence over the Company : |
· Siemens Project Ventures GmbH, Germany · Bangalore Airport and Infrastructure Developers Private Limited · Orbit Tours and Travels Private Limited · GVK Power and Infrastructure Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
INR 10/- each |
INR 7000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
384600000 |
Equity Shares |
INR 10/- each |
INR 3846.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3846.000 |
3846.000 |
3846.000 |
|
(b) Reserves & Surplus |
13387.200 |
8207.600 |
4671.300 |
|
(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) |
17233.200 |
12053.600 |
8517.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
18568.300 |
13780.100 |
16765.300 |
|
(b) Deferred tax liabilities (Net) |
1193.700 |
1052.800 |
1587.000 |
|
(c)
Other long term liabilities |
5659.100 |
5150.100 |
3465.700 |
|
(d)
long-term provisions |
1.800 |
6.000 |
17.800 |
|
Total
Non-current Liabilities (3) |
25422.900 |
19989.000 |
21835.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
100.000 |
0.000 |
|
(b)
Trade payables |
852.800 |
687.300 |
717.200 |
|
(c)
Other current liabilities |
2657.900 |
4234.900 |
4138.000 |
|
(d)
Short-term provisions |
100.900 |
83.200 |
80.600 |
|
Total
Current Liabilities (4) |
3611.600 |
5105.400 |
4935.800 |
|
|
|
|
|
|
TOTAL |
46267.700 |
37148.000 |
35288.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
25250.200 |
25119.600 |
26485.000 |
|
(ii)
Intangible Assets |
233.900 |
255.300 |
283.900 |
|
(iii)
Capital work-in-progress |
8504.700 |
2956.900 |
1400.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
20.000 |
20.000 |
20.000 |
|
(c) Deferred tax assets
(net) |
1601.800 |
529.500 |
0.000 |
|
(d) Long-term Loan
and Advances |
2903.400 |
2836.300 |
2162.800 |
|
(e)
Other Non-current assets |
782.300 |
805.200 |
30.900 |
|
Total
Non-Current Assets |
39296.300 |
32522.800 |
30382.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
178.900 |
171.800 |
167.200 |
|
(c)
Trade receivables |
776.100 |
754.600 |
690.600 |
|
(d)
Cash and cash equivalents |
1193.400 |
2659.500 |
1934.500 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
1787.600 |
|
(f)
Other current assets |
4823.000 |
1039.300 |
326.400 |
|
Total
Current Assets |
6971.400 |
4625.200 |
4906.300 |
|
|
|
|
|
|
TOTAL |
46267.700 |
37148.000 |
35288.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
13143.500 |
11379.700 |
9155.100 |
|
|
|
Other Income |
293.300 |
299.700 |
171.600 |
|
|
|
TOTAL |
13436.800 |
11679.400 |
9326.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1177.900 |
1083.800 |
996.700 |
|
|
|
Other expenses |
2650.200 |
2260.100 |
2142.400 |
|
|
|
TOTAL |
3828.100 |
3343.900 |
3139.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
9608.700 |
8335.500 |
6187.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1714.500 |
1869.400 |
1972.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
7894.200 |
6466.100 |
4214.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2153.300 |
2069.000 |
2089.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
5740.900 |
4397.100 |
2125.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
87.100 |
206.500 |
1372.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
5653.800 |
4190.600 |
753.100 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
14.70 |
10.90 |
6.72 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
364.500 |
2548.800 |
2978.700 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
9820.500 |
7892.200 |
5423.000 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
8669.700 |
7243.200 |
4913.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
21.55 |
24.20 |
27.53 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
16.94 |
15.08 |
13.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
53.71 |
48.52 |
37.01 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.28 |
0.29 |
0.22 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.58 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.10 |
1.36 |
2.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.21 |
0.42 |
0.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.97 |
2.35 |
3.31 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.60 |
4.46 |
3.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
43.02 |
36.83 |
8.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.22 |
11.28 |
2.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
32.81 |
34.77 |
8.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.93 |
0.91 |
0.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.88 |
0.87 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.37 |
0.32 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.92 |
4.27 |
5.13 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.93 |
0.91 |
0.99 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3846.000 |
3846.000 |
3846.000 |
|
Reserves & Surplus |
4671.300 |
8207.600 |
13387.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8517.300 |
12053.600 |
17233.200 |
|
|
|
|
|
|
long-term borrowings |
16765.300 |
13780.100 |
18568.300 |
|
Short term borrowings |
0.000 |
100.000 |
0.000 |
|
Current Maturities of Long term
debt |
2978.700 |
2548.800 |
364.500 |
|
Total
borrowings |
19744.000 |
16428.900 |
18932.800 |
|
Debt/Equity
ratio |
2.318 |
1.363 |
1.099 |
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 |
|
Sales |
9155.100 |
11379.700 |
13143.500 |
|
|
|
24.299 |
15.500 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9155.100 |
11379.700 |
13143.500 |
|
Profit |
753.100 |
4190.600 |
5653.800 |
|
|
8.23% |
36.83% |
43.02% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3846.000 |
3846.000 |
|
(b) Reserves & Surplus |
|
13120.700 |
8136.400 |
|
(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) |
|
16966.700 |
11982.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
21438.500 |
16732.200 |
|
(b) Deferred tax liabilities (Net) |
|
1193.700 |
1052.800 |
|
(c)
Other long term liabilities |
|
5659.100 |
4530.700 |
|
(d)
long-term provisions |
|
3.400 |
6.300 |
|
Total
Non-current Liabilities (3) |
|
28294.700 |
22322.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
100.000 |
|
(b)
Trade payables |
|
965.300 |
727.800 |
|
(c)
Other current liabilities |
|
2807.200 |
4366.400 |
|
(d)
Short-term provisions |
|
101.100 |
83.200 |
|
Total
Current Liabilities (4) |
|
3873.600 |
5277.400 |
|
|
|
|
|
|
TOTAL |
|
49135.000 |
39581.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
29888.100 |
25119.600 |
|
(ii)
Intangible Assets |
|
249.800 |
255.300 |
|
(iii)
Capital work-in-progress |
|
8511.700 |
7335.600 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
1601.800 |
606.900 |
|
(d) Long-term Loan
and Advances |
|
752.100 |
634.900 |
|
(e)
Other Non-current assets |
|
783.000 |
806.600 |
|
Total
Non-Current Assets |
|
41786.500 |
34758.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
198.100 |
187.700 |
|
(c)
Trade receivables |
|
816.200 |
779.200 |
|
(d)
Cash and cash equivalents |
|
1322.900 |
2706.200 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f)
Other current assets |
|
5011.300 |
1149.800 |
|
Total
Current Assets |
|
7348.500 |
4822.900 |
|
|
|
|
|
|
TOTAL |
|
49135.000 |
39581.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
13577.500 |
11355.300 |
|
|
|
Other Income |
|
307.200 |
300.600 |
|
|
|
TOTAL |
|
13884.700 |
11655.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
|
1241.300 |
1095.500 |
|
|
|
Other expenses |
|
2817.700 |
2251.400 |
|
|
|
TOTAL |
|
4059.000 |
3346.900 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
9825.700 |
8309.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1900.800 |
1861.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7924.900 |
6447.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
2302.000 |
2069.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
|
5622.900 |
4378.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
164.500 |
150.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
|
5458.400 |
4227.800 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
14.19 |
10.99 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G70848445 |
100142186 |
VISTRA ITCL (INDIA) LIMITED |
24/11/2017 |
- |
- |
3000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
2 |
G43964899 |
100063827 |
SBICAP TRUSTEE COMPANY LIMITED |
14/11/2016 |
05/05/2017 |
- |
18637400000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABAMUMBAIMH400005IN |
|
3 |
G61044848 |
100027072 |
YES BANK LIMITED |
22/04/2016 |
- |
12/10/2017 |
3050000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
4 |
G40711947 |
80017265 |
IDBI TRUSTEESHIP SERVICES LIMITED |
16/06/2005 |
05/12/2008 |
07/04/2017 |
9774600000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAI- 400 001.MH400001IN |
|
5 |
G40712846 |
10110203 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
02/05/2008 |
- |
07/04/2017 |
1500000000.0 |
VISWASTA BHAWAN 218PRATAPGANJ PETHSATARAMH415002IN |
|
6 |
G40712432 |
10110210 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
02/05/2008 |
- |
07/04/2017 |
2800000000.0 |
VISWASTA BHAWAN 218PRATAPGANJ PETHSATARAMH415002IN |
|
7 |
G40712572 |
10398122 |
IDBI TRUSTEESHIP SERVICES LIMITED |
22/12/2012 |
15/03/2013 |
07/04/2017 |
11000000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
8 |
G40768921 |
10110201 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
02/05/2008 |
- |
07/04/2017 |
2184000000.0 |
VISWASTA BHAWAN 218PRATAPGANJ PETHSATARAMH415002IN |
|
9 |
G40713299 |
100019514 |
IDBI TRUSTEESHIP SERVICES LIMITED |
29/03/2016 |
- |
07/04/2017 |
1600000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
10 |
G29573896 |
10566947 |
Canara Bank |
20/04/2015 |
- |
22/11/2016 |
500000000.0 |
Prime Corporate Branch, No 25,Shankaranarayana Building, M. G. Road,BengaluruKA560001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from others |
3325.000 |
3325.000 |
|
|
|
|
|
Total |
3325.000 |
3325.000 |
CORPORATE
INFORMATION
The Company has
been incorporated on 5 January 2001 for designing, financing, construction,
operation and maintenance of an international airport at Devanahalli,
Bangalore. Accordingly, a joint venture amongst Siemens Project Ventures GmbH,
Germany (hereinafter ‘Siemens’), Flughafen Zurich AG, Switzerland (hereinafter
‘Zurich Airport’), L&T Infrastructure Development Projects Limited
(hereinafter ‘L&TIDPL’), Karnataka State Industrial and Infrastructure
Development Corporation Limited (hereinafter ‘KSIIDC’) and Airports Authority
of India (hereinafter ‘AAI’) was entered into for the execution of this
project. The Company is a public unlisted Company domiciled in India and is
incorporated under the provisions of the Companies Act applicable in India. The
head office of the Company is also at Devanahalli, Bangalore, India.
Bengaluru International
Airport (‘BIA’) commenced commercial operations on 23 May 2008, the Airport
Opening Date (hereinafter ‘AOD’). The Airport was renamed as Kempegowda
International Airport (‘KIA’) on 14 December 2013.
During the year ended 31
March 2010, Bangalore Airport & Infrastructure Developers Private Limited
(hereinafter ‘BAIDPL’) which is a step down subsidiary of GVK Power &
Infrastructure Limited (hereinafter ‘GVK Power’) had acquired 17% of the outstanding
equity shares from L&TIDPL and 12% of the outstanding equity shares from
Zurich Airport. Further during the year ended 31 March 2012, BAIDPL acquired
14% of the outstanding equity shares from Siemens.
On 24 March 2017, FIH
Mauritius Investments Limited (hereinafter 'FIHM') acquired 33% of the
Company's outstanding equity shares from BAIDPL. The Ultimate Holding Company
of FIHM is Fairfax Financial Holdings Limited, Canada. On 27 March 2017, FIHM
further acquired 5% of the outstanding shares from Zurich Airport as a result
of which FIHM holds 38% shares of BIAL as at 31 March 2017.
The Company has a wholly
owned subsidiary, Bangalore Airport Hotel Limited (hereinafter 'BAHL') which
the Company acquired during the year ended 31 March 2014.
FINANCIAL OVERVIEW
During the year, the Company
achieved an Income of INR 13436.800 million, (increased by 15% over the
previous year) and has reported a Profit after tax of INR 5642.500 million,
compared to the Profit after tax of INR 4182.200 million, reported during the
last financial year.
OVERVIEW / INDUSTRY OUTLOOK
ANNUAL TRAFFIC FIGURES AND TRENDS
During the financial year 2016 - 2017, Kempegowda International Airport Bengaluru (the ‘Airport or KIAB’) handled a throughput of 22.88 million passengers with a growth of 20.6% over FY 2015 –16 (18.97 million).
During the FY 2016-17 the Airport handled a total of 178,117 Air Traffic Movements (ATMs) representing a growth of 15.8% over FY 2015 – 16 (153,831 ATMs).
During the FY 2016-17 the Airport handled 319,344 metric tons of Cargo representing a growth of 9.4% over FY 2015-16 (291,920 MT).
Key Highlights of
Airport Operations:
|
Details |
Financial
Year 2016 - 2017 April 2016 – March 2017 |
Financial
Year 2015 - 2016 April 2015 – March 2016 |
Growth % |
|
Air Traffic Movements |
178117 |
153831 |
15.8% |
|
Number of Passengers |
22881410 |
18971290 |
20.6% |
|
Cargo (Metric Tons) |
319344 |
291920 |
9.4% |
The average Domestic and International Passenger seat load factor was 82% & 79% respectively for the FY 2016 - 17.
Indian Carriers - Passenger and Cargo Airlines
Jet Airways commenced operations to Singapore effective 14th December 2016
IndiGo Airlines commenced operations to Colombo effective 5th January 2017
Air Pegasus and Air Costa suspended passenger services from Bengaluru from 27th July 2016 and 28th February 2017 respectively.
QuikJet suspended freighter services from Bengaluru from 4th February 2017.
Marketing Activities conducted at your airport
Various passenger engagement activities were conducted throughout the year viz., Playport - 4th edition, Dasara – 2nd edition, Season of Smiles – 3rd edition along with various promotional activities across Retail and F & B.
INDUSTRY OUTLOOK
India’s domestic market
crossed 100 million passengers in FY 2017. Traffic growth has accelerated in FY
2017, with India’s domestic market having grown by 21.8% to reach almost 104
million, overtaking Japan to become the third largest domestic market in the
world, behind the US and China. India has achieved average domestic CAGR of
over 15% per annum since the liberalization of the sector commenced in FY 2004.
FY 2018 is expected to be the third consecutive year of domestic growth above
20% but may be tempered due to capacity constraints and introduction of GST,
depending upon the rates applicable for air travel.
Low Cost Carriers (LCCs)
account for more than 80% of the 18.5 million additional passengers carried by
Indian carriers in FY 2017. IndiGo alone accounted for almost 55% and grew by
32.3% year-on-year. IndiGo is increasingly controlling domestic capacity growth
and moving the market. Its domestic market share could approach 55-60% within
two years. IndiGo’s growth is creating a strategic compulsion for others to
expand to remain relevant in the market. This is driving over-capacity and
increasing industry risks for most carriers. Airport infrastructure will be a
risk to growth - 400 new parking bays need to be created in the next 5-6 years
and even surface access to airports is becoming a challenge, especially at
metros.
India’s aircraft order will
reach 1080 aircraft, the third largest in the world after USA and China. Low
cost carriers account for 85% of India’s current order book of 880 aircraft
(excludes Jet Airways order of further 100 narrow body aircraft, and Vistara
order of 50 narrow and 50 wide bodies). Indian carriers are scheduled to induct
close to 70 narrow bodies and 10-12 regional aircraft in FY 2018.
International traffic grew
by 8.4% in FY 2017. Growth remains below its true potential because of
bilateral restrictions. International traffic is expected to expand at 10 - 12%
FY 2018. Most of the ten largest international carriers are achieving annual
average load factors of 90% or higher, indicating constrained capacity.
REGULATORY
SCENARIO
Significant
and material orders passed by the Regulators or courts or tribunals impacting
the going concern status of the Company.
AERA has in the Normative
Order No.07/2016-17 dated 6th June 2016 directed the Airport Operators to
maintain the tentative ceiling cost of INR 65000/- per sqm of the Terminal
building and INR 4700/- per sqm for the Runway/Taxiway/Apron (excluding
earthwork up to sub-grade level) for the purpose of considerationfor tariff
determination. BIAL is undertaking airfield development works and T2 Terminal
works and expected costs are higher than provided in the Normative Order. BIAL
has requested AERA to approve the expansion plans with these higher costs. BIAL
has also made representation to MoCA and filed an appeal in AERAAT in this
matter.
MOCA issued National Civil
Aviation Policy in June 2016, wherein it has stated that future tariffs at all
airports will be determined under ‘Hybrid Till” where in 30% of
non-aeronautical revenues will be used to cross-subsidize aeronautical charges.
Subsequently, AERA has passed an Order No.14/2016-17 dated 12th January 2017
stating that it would determine tariffs at major airports at 30% hybrid till.
This gives clarity for BIAL that tariffs will be determined in 30% hybrid till
from 2ndcontrol Period onwards.
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from Administration
Block, Bengaluru International Airport, Bangalore-560300, Karnataka, India to
the present address w.e.f 05.02.2014
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Bank guarantees |
27.300 |
27.200 |
|
Other money for
which the Company is contingently liable: |
|
|
|
Special entry tax |
21.300 |
21.300 |
|
Service tax |
136.200 |
114.100 |
|
Income tax |
95.000 |
215.300 |
|
|
|
|
|
Total |
279.800 |
377.900 |
FIXED ASSETS:
Tangible Assets
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASE :
SELF-BAG DROP FACILITY AT BENGALURU AIRPORT BY JULY
Mar
9, 2018
BENGALURU: The time it takes to drop your luggage at the Kempegowda International Airport (KIA) will soon be reduced as Bangalore International Airport Limited (BIAL) will introduce a self-bag drop facility by July.
BIAL officials said passengers opting for we b check-in will soon be able to
drop their baggage without waiting in long queues, and head directly to the
boarding gate.
Passengers can use self-bag kiosks to weigh the bags and fix tags. An attender will check the tags before sending the luggage for loading to the respective aircraft.
"We are planning to install 16 self-bag drop counters equipped with
scanners and sensors. They will automatically check flight data, baggage weight
and size before the bag is deposited into the handling system. In case of
additional baggage, passengers will be communicated," said a senior BIAL
official.
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 67.22 |
|
UK Pound |
1 |
INR 90.88 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
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 |
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.