Kingfisher Airlines: modeFinance Credit Limit

Monday, 14 November 2011

KINGFISHER AIRLINES LIMITED

MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

If you want to know more, ASKMORE modeFinance’s credit report.

TM

Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way.

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KINGFISHER AIRLINES LIMITED

Identification number

Not available

Country

India

ZIP code and city

560 001 - BANGALORE

Address

UB City, UB Tower, Level 12 +91 80 4158 5069 www.deccanair.com

Legal form Account

Consolidated

Incorporation date

1995

NACE 2 Sector

5110 - Passenger air transport

TM

ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.

ASKMORE

Company name

Listed Status

Active

MORE Credit limit

Not eligible for credit on the base of the available informations

plans 2 types of reports:

Turnover (th e) Rating Basic

TM

ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making.

It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis.

This report type is ideally suited for decisions on transactions with each level of credit risk.

30/06/2009

30/06/2008

864,493

780,999

241,437

CC

CC

CC

42.00%

42.00%

42.00%

100%

100%

100%

-2.96

-4.33

8.05

0.66

0.77

1.12

Current Ratio

0.69

0.57

0.99

Quick Ratio

0.65

0.53

0.92

Probability of default

Plus

31/03/2010

Confidence Level

TM

Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios

Profitability and economic equilibrium ratios Return on investement ROI (%)

-17.39

-26.94

-33.60

Return on equity ROE (%)

-42.56

-100.67

-94.60

0.67

0.74

0.80

-0.83

-0.41

-0.13

0.43

0.39

-0.42

EBIT interest coverage ratio

1.80

2.40

-8.32

EBITDA interest coverage ratio

2.00

2.62

-7.85

Asset turnover Interest paid weight EBITDA/Sales Interest Coverage ratios

Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM

key askMORETM is a registered mark of modeFinanceTM

MORE Credit Rating

D not available

non return

C

CC

extremly pathological pathological

CCC

B

BB

BBB

A

AA

AAA

high danger

weak

sufficient

adequate

good

very strong

extremely strong

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

Leverage ratio

-2.96

Total asset/Total liabilties

0.66

0.56

2.40

4.74

-1.92

2.77

1.42

1.17

0.92

Current Ratio Quick Ratio

0.69

2.35

1.28

0.88

0.67

0.65

2.02

1.17

0.79

0.59

Return on investement ROI (%)

-17.39

20.00

6.39

1.05

-19.55

Return on equity ROE (%)

-42.56

23.37

10.40

-7.60

-108.80

Solvency ratios

Liquidity ratios

Profitability and economic equilibrium ratios

Asset turnover

0.67

1.66

1.32

1.00

1.33

Interest paid weight

-0.83

0.00

0.17

0.13

-0.10

EBITDA/Sales

0.43

0.15

0.08

0.04

-0.08

EBIT interest coverage ratio

1.80

331.80

4.60

0.03

-8.53

EBITDA interest coverage ratio

2.00

231.80

7.83

1.65

-5.78

Interest Coverage ratios

Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)

11

14

8

11

7

Days Sales Outstanding (DSO)

1

34

33

33

33

Days Payable Outstanding (DPO)

181

12

27

37

48

Cash Conversion Cycle (DIO + DSO - DPO)

-169

36

20

9

-6

-

70

279

227

145

CC

A

BB

B

CC

Numer of analyzed companies (Average) Rating

The sector has been chosen according to: international companies in the sector NACE 2 5110 with financial data of year 2009.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Sector Analysis - Graphs

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Balance Sheet BALANCE SHEET (th e)

31/03/2010

30/06/2009

30/06/2008

Accounting practice

Local GAAP

Local GAAP

Local GAAP

0.01644

0.01817

0.01745

1,249,274

1,044,349

284,664

845,394

744,452

180,337

3,951

4,299

1,593

Tangible fixed assets

412,753

468,647

97,266

Other fixed assets

428,690

271,505

81,479

403,880

299,897

104,327

27,101

21,719

7,694

2,634

1,345

33

374,145

276,833

96,600

33,937

25,350

44,306

-636,198

-313,484

31,455

59,652

53,528

21,479

-695,850

-367,012

9,976

Total liabilities

1,885,471

1,357,833

253,209

Non current liabilities

1,302,257

835,658

147,789

Long term debt

1,302,257

835,658

147,789

0

0

0

583,215

522,175

105,421

Exchange rate INR - EUR Total assets Fixed assets Intangible fixed assets

Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds

Other non-current liabilities Current liabilities Loans Creditors

NET DEBT (th e)

104,120

41,134

1,044,349

284,664

31/03/2010

30/06/2009

30/06/2008

0

0

0

1,302,257

835,658

147,789

Cash & cash equivalent Net debt

0 64,287

155,409

Short term debts Long term debt

0 418,055

1,249,274

Other current liabilities Total shareh. funds & liab.

0 427,806

33,937

25,350

44,306

1,268,319

810,308

103,482

31/03/2010

30/06/2009

30/06/2008

Working capital

-398,070

-394,991

-56,560

Net Current Assets

-179,335

-222,278

-1,094

31/03/2010

30/06/2009

30/06/2008

Days Sales Of Inventory (DIO)

11

10

Days Sales Outstanding (DSO)

1

1

0

181

195

97

-169

-184

-85

Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

12

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Income Statement INCOME STATEMENT (th e)

31/03/2010

30/06/2009

30/06/2008

Accounting practice

Local GAAP

Local GAAP

Local GAAP

Exchange rate INR - EUR

0.01644

0.01817

0.01745

Sales

833,026

772,739

227,981

7.8

238.9

-

31,467

8,260

13,456

Operating revenue / turnover

864,493

780,999

241,437

Total costs

504,703

480,133

338,164

Costs growth (%)

7

47

-

Service costs

-

-

-

Material costs

-

-

-

123,334

130,094

38,923

359,789

300,866

-96,728

35,716

25,309

5,788

Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized

Costs of employees EBITDA Depreciation EBIT Financial P/L

324,073

275,557

-102,516

-721,512

-671,740

-5,448

1,511

1,121

3,001

723,023

672,862

8,449

180,235

114,835

12,318

-397,439

-396,184

-107,963

0

0

0

-

-

-

Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue

-

-

-

P/L before tax + Extr. and other P/L

-397,439

-396,184

-107,963

Taxation

-126,681

-80,589

-78,206

P/L for period

-270,758

-315,594

-29,757

31/03/2010

30/06/2009

30/06/2008

-235,042

-290,285

-23,969

195,209

35,233

105,478

31/03/2010

30/06/2009

30/06/2008

Extr. and other expenses

Cash flow Added value

Number of employees

-

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-

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

-

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

key

Evolutions and trends

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

AA AAA

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Qualitative information Full overview

It is a public company engaged in the provision of scheduled commercial passenger airline services in India. The company was incorporated as Deccan Aviation Private Limited in June of 1995 and has its registered head office located in Bangalore, India. It is listed on the Bombay Stock Exchange with stock code 532747. It also provides helicopter and airplane chartering services. The company operates a fleet of more than 20 aircraft and approximately 10 helicopters. It provides various charter services which include heli - tourism packages for tourists to various destinations, such as game sanctuaries and heritage sights, adventure sports flying, high net worth individual and corporate executive travel, medical evacuation, emergency rescue and disaster management, and aerial surveys.

Other activities of the company include advertising, through the space on the interior and exterior of its aircraft; provision of services for oil - extraction companies, including offshore oilfield logistic support, as well as religious pilgrimage and customized services. In addition, it offers chartered long line geophysical heli - borne and banner towing services using helicopters. It maintains bases in Bangalore, Delhi, Hyderabad, Katra, Mumbai, Ranchi, and Surat, as well as in Colombo, Sri Lanka. The company serves as India’s largest private sector charter aviation company with a network of bases spanning seven locations across the country. It is committed to provide unparalleled services in the field of charter aviation.

History

Not available.

Primary business line

Engaged in the provision of scheduled commercial passenger airline services.

Secondary business line

Not available.

Main activity

Services.

Secondary activity

Not available.

Main products and services

Scheduled commercial passenger airline services.

Size estimate

India’s largest private sector charter aviation company with a network of bases spanning seven locations across the country.

Strategy, organization and policy

To provide unparalleled services in the field of charter aviation.

Strategic alliances

Not available.

Membership of a network

Not available.

Main brand names

Not available.

Main domestic country

India.

Main foreign countries or regions

Colombo; Sri Lanka.

Main production sites

Not available.

Main distribution sites

Not available.

Main sales representation sites

Not available.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Main customers

Not available.

Auditor/Advisor/Bank name

type

address

B.K.RAMADHYANI & CO.

Auditor

-

Board name

date of birth

nationality

function

Mrs Dr. Vijay Mallya

18/12/1955

-

-

Dr. Naresh Kumar Trehan Mr Anil Kumar Ganguly Mr Ayani Kurussi Ravindranath Nedungadi Mr. Diwan Arun Nanda Mr. Ghyanendra Nath Bajpai Mr. Vijay Amritraj

20/10/1957 20/08/1943 14/12/1953

-

-

Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:

UNITED BREWERIES (HOLDINGS) LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

IN

Operating revenue (MIL $)

Rating:

KINGFISHER FINVEST INDIA LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

BBB

IN ?40.09 -

23.00 -

-

Total Assets (MIL $) Number of Employees Information date

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100 2,187 2011/03

2010/03

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

SCHEMES OF SUNDARAM BNP PARIBAS MUTUAL FUND

Rating:

Country ISO code NACE Rev. 2, Core code Direct %

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees

Total % Address: Not available

5.96 -

Information date

Direct % Total % Address: Not available

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

IN -

Operating revenue (MIL $) Total Assets (MIL $)

17,814 369,070

5.67 -

Number of Employees Information date

2011/03

5.10 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Rating:

2010/03

-

Rating:

UB OVERSEAS LTD Country ISO code NACE Rev. 2, Core code Direct % Total %

-

5.69 -

STATE BANK OF INDIA Country ISO code NACE Rev. 2, Core code

2010/09

Rating:

DR VIJAY MALLYA Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

-

2010/03

Address: Not available

SUNDARAM BNP PARIBAS MUTUAL FUND A/C SUNDARAMBNP PARIBAS TAX SAVER (OPEN ENDED ) FUND

Rating:

Country ISO code NACE Rev. 2, Core code Direct %

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees

Total % Address: Not available

2.28 -

Information date

Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

A

IN 1.34 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

-

Operating revenue (MIL $) Total Assets (MIL $)

Rating:

WHITE GOLD PROPERTIES PVT LTD

1.34 -

TM

3 35 2010/03

-

Number of Employees Information date

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2010/03

Rating:

DEEKSHA HOLDING LTD. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

-

2010/03

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

RELIANCE CAPITAL TRUSTEE CO. LTD. A/C RELIANCE TAX SAVER (ELSS) FUND

Rating:

Country ISO code NACE Rev. 2, Core code Direct %

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees

Total % Address: Not available

1.13 -

Information date

-

IN 0.98

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Country ISO code NACE Rev. 2, Core code

NO -

Operating revenue (MIL $) Total Assets (MIL $)

Direct % Total % Address: Not available

0.12

Number of Employees Information date

0.11

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Rating:

GOVERNMENT OF NORWAY via its funds

Country ISO code NACE Rev. 2, Core code Direct % Total %

345 3,559 2011/03

2010/12

Rating:

IAP GROUP LTD. via its funds

2010/03

Rating:

SUNDARAM FINANCE LTD via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available

-

2010/12

Address: Not available

INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD - IDFC via its funds

Rating:

-

Country ISO code

Operating revenue (MIL $)

586

NACE Rev. 2, Core code Direct % Total % Address: Not available

IN 0.11

Total Assets (MIL $) Number of Employees Information date

11,045 586 2011/07

Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:

VITAE INDIA SPIRITS LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %

IN 100.00 100.00

-

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

2009/03

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating:

NORTHWAY AVIATION LTD Country ISO code NACE Rev. 2, Core code Direct % Total %

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

LK -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

Rating:

DECCAN AVIATION (LANKA) PRIVATE LIMITED Country ISO code NACE Rev. 2, Core code Direct % Total %

-

CA MO -

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6 40 2009/03 -

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

200 2009/03

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

ASKMORE rating guide General vision

A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors.

The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements.

The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm.

The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge.

The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating.

This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Rating scale Rating class

Rating macro class

The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent

AAA

AA

Assessment

economic and financial flow and fund equilibrium.

Healthy

The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight.

The company has a high solvency. The company is however more susceptible to the adverse effects of changes in

A

circumstances and economic conditions than companies in higher rated categories.

Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.

BBB Balanced

A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.

BB

The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic

B

conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.

Vulnerable

CCC

A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.

CC

The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase.

Risky

C

The company shows considerable pathological situations. commitments is very low.

D

The company has not any longer the capacity to meet its financial commitments.

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The company’s capacity to meet its financial

Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Fundamental Credit Rating Ratios Analysis area

Ratio

Assessment This measures the level of total liabilities of the company in comparison

Leverage ratio

with equity.

Solvency ratios

Financial ratios

Assets to debt

This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.

Fixed Assets coverage ratio

This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.

Current ratio

This measures whether a company has sufficient short-term assets to cover its short-term liabilities.

Liquidity ratios This compares current liabilities only to those assets that can be readily

Quick ratio

turned into cash.

Return on Investement(ROI)

This measures the profitability of company investments without regard to the way the investment is financed.

Return on Equity(ROE)

This measures the profitability of the equity.

Asset turnover

This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.

Profit margin

This indicates the profitability of sales.

Interest Paid coverage

This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.

Profitability and economic ratios

Interest coverage ratio

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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741

KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit

MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:

• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).

The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.

Probability of default e Confidence Level

In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default.

As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default.

The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:

Confidence =

P Available Information P Total Information

The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company.

For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.

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KINGFISHER AIRLINES LIMITED

Monday, 14 November 2011 MORE Credit Rating

D

C

CC CCC

B

BB BBB

A

AA AAA

key

Notes and disclaimer NOTES

The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).

DISCLAIMER

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