GLOBAL VECTRA HELICORP LTD

Sector: Aviation Date: 09/07/2015

INDIA’S LARGEST PRIVATE HELICOPTER COMPANY

Share Holding % Global Vectra Helicorp Ltd (GHVL) is a part of the Vectra Group of Promoters 75.00 companies, which is engaged in Aviation, Heavy engineering, Real FII 0.00 estate, Information Technology and Security systems. FI/MF/Insurance Co. 0.00 Bodies Corporate 2.71 GVHL offers offshore transportation services to the oil and gas sector Public & Others 22.29 and through Birdie, its onshore division, charter and airport shuttle services throughout the country. StockData Market Cap `140cr GVHL is ’s largest private helicopter company, with a fleet of 23 52 Week High/Low `104.70/31.00 aircrafts. The fleet of helicopters, which range from small light Sector Airlines helicopters to medium-sized twin helicopters, offer seating capacity for Bloomberg Code GVH IN 4–15 passengers. Reuters Code GLVE.BO Bse Code 532773 GVHL provides offshore services to its client under long term contracts. Nse Code GlobalVect These contracts range from one to five years with renewal options. Outstanding Shares 14,000,000

Face Value `10 GVHL has a team of highly experienced pilots, all of whom are rated on

the Bell 412 helicopter and Eurocopter. These pilots are predominantly

from the defence services and possess extensive flying experience in all Helicopter Details kinds of difficult environments. As of 2014 GVHL had a total staff of 295 Type Number personnel including 75 pilots and 108 engineering staff. BELL 412 14

AW 139 3 AS 350 B3 4 GVHL’s major maintenance base for the offshore fleet is where EC 135 P2+ 1 all maintenance work is carried out including 3000 hours check on its EC 155 B1 1 Bell 412 fleet of aircraft in a 6000 sqm state-of-the art hangar. Source: Company As per the international recommendations and the requirements of the Global Oil & Gas Industry as well as International Civil Aviation Organization GVHL has introduced formal Safety Management System (SMS).

GVHL is the only Helicopter Company with their base located in North, South, East, and West hence covering the entire nation. GVHL also is one of its kind providing In-House MRO services.

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GLOBAL VECTRA HELICORP LTD

GVHL is the only listed Crew Logistics Company in India

Revenue Contribution-Currency Offshore Projects (80%) ($) Onshore Projects (20%) (`)

Offshore Projects:

The Offshore division is dedicated to providing Air Logistics Dedicated to provide Air services to Oil & Gas Industry majors like Oil and Natural logistics to Oil & Gas industry Gas Corporation (ONGC), Cairn India, British Gas Exploration and Production India Ltd (BGEPIL), Reliance Industries Ltd (RIL), Transocean (TSF), Shell Drilling, British Petroleum, Gujarat State Petroleum Corporation (GSPC), Baker Hughes and

many more.

For the Oil & Gas customers GVHL transports crew and cargo for

their exploration and production activities utilizing a young fleet of GVHL is the only listed crew logistics company in India helicopters operated by trained pilots and maintained by highly qualifies maintenance personnel.

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GLOBAL VECTRA HELICORP LTD

Onshore Projects:

The Onshore activities of GVHL are carried on through its division called Birdie. These onshore activities take place in principle Onshore Activities through its throughout the Indian Sub continent with operating nuclei in Greater division called BIRDIE Noida/ New & .

The customized services provided by Birdie are:

Aerial Photography

Business promotions

Corporate Services

Geophysical Survey

Pilgrimage Political Rallies Tourism

Highlights of the Services:

Birdie caters to all filming and photography requirements. They can provide helicopters with or without doors or windows and can also install an Ultra media 2 or similar camera on the exterior of the aircraft.

Birdie offers more bases in India Birdie offers more bases in India than any other helicopter service, than any other helicopter service making it the fastest way to reach a city destination during a Rally.

In the case of Geophysical Survey’s Birdie’s specialized service is helmed by a panel of highly skilled and experienced pilots. Special helicopters equipped with the latest electromagnetic sensors carry out these highly specialized tasks with precision and accuracy for clients such as multinational mining companies and government

organizations.

Dolphin Geophysical Pte Ltd., Polarcus, Fugro, CGG VERITAS,

Major Seismic partners: Dolphin Results Marine, Schlumberger & Western Geco have been the major

Geophysical Pte Ltd., Polarcus, Seismic partners for whom GVHL has flown satisfactorily on the East Fugro, CGG VERITAS and West Coast of India in the recent past and are hopeful for the same

in the near future as well.

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GLOBAL VECTRA HELICORP LTD

Maintenance Repair and Overhaul Processes (MRO):

GVHL aircraft maintenance facility (MRO) has been approved by Approved by Indian DGCA as a Indian DGCA as a CAR 145 approved maintenance organization. CAR 145 GVHL’s maintenance facility at the Juhu air base in Mumbai has

certification to carry out scheduled inspection of Bell-412 helicopters

up to 3000 hours / 5 years inspection.

GVHL has also acquired international recognition through certification

on: ISO 9001-2008 ISO 14001-2004 • ISO 9001-2008 – Quality Management System Standards OHSAS 18001-2007 • ISO 14001-2004 – Environmental Management System Standards •OHSAS 18001 – 2007 – Occupational Health and Safety Management

System Standard

The Company is also CAP 3100 Compliant. Dy. CEO and Whole-time SALUTE TO EXCELLENCE Director Mr. P. Raj Kumar Menon was awarded, the “ SALUTE TO AWARD to Mr P.Raj Kumar

Menon by RWSI EXCELLENCE”, Aircraft Maintenance Engineer Safety Award by

Rotary Wing Society of India (RWSI), a nonprofit organization and safety watch dog of the helicopter industry of India.

The Approval of sub bases to carry out scheduled inspection of Bell-412

helicopters is: - Up to 600 hours / 12 months inspection Rajamundry & Bhubneshwar – Up to 300 hours inspection

The Maintenance of EC-155 B1, AS-350 B3 & EC – 135 P2 are sub - contracted to M/s Indo Copters, Delhi.

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GLOBAL VECTRA HELICORP LTD

FINANCIAL SUMMARY: P&L STANDALONE Y/E MARCH (`CR) PARTICULARS 4Q FY15 3Q FY15 4Q FY14 FY14 FY 15 FY16E Net Sales 84.70 83.53 87.89 330.13 344.64 360.20 Other Operating Income 0.91 0.33 0.52 1.42 2.18 0.00 Total Income 85.60 83.85 88.41 331.55 346.81 360.20 Total Expenditure 59.02 69.77 60.44 277.29 268.12 277.35 PBIDT 26.58 14.08 27.97 54.26 78.70 82.85 Other Income 7.77 0.32 0.44 5.07 9.50 9.00 Interest 4.00 3.97 6.15 21.21 16.71 14.65 Depreciation 6.55 6.53 7.30 29.24 25.72 23.50 Exceptional Item 5.00 0.00 0.00 0.00 5.00 0.00 Prior Period Item* 9.03 0.00 0.00 0.00 9.03 0.00 PBT 19.77 3.90 14.95 8.89 41.74 53.70 Tax 2.43 0.00 0.00 0.00 2.43 12.08 Deferred Tax 8.67 1.70 3.40 3.40 16.18 8.86 Reported Profit After Tax 8.66 2.20 11.55 5.49 23.12 32.75

EQUITY 14.00 14.00 14.00 14.00 14.00 14.00 EPS 5.41 0.82 5.24 0.91 13.42 23.40

Source: Company, Our Research

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BALANCE SHEET STANDALONE Y/E MARCH (`CR)

PARTICULARS As at 31-Mar-15 As at 31-Mar-14 Equity and Liabilities: SHAREHOLDER'S FUNDS Share Capital 79.93 79.93 Reserves & Surplus 0.57 (22.43) 80.50 57.50

NON-CURRENT LIABILITIES Long Term Borrowings 83.49 110.55 Deferred Tax Liabilities (Net) 19.59 3.40 Other Long Term Liabilities - - Long Term Provisions 2.24 1.35 105.31 115.30 CURRENT LIABILITIES Short Term Borrowings 38.68 40.66 Trade Payables 131.18 145.34 Other Current Liabilities 110.11 130.73 Short Term Provisions 1.86 1.75 281.83 318.48 TOTAL 467.64 491.28

ASSETS NON-CURRENT ASSETS Fixed Assets 335.35 359.41 Long Term Loans and Advances 36.14 35.06 Other non-current assets 7.31 7.16 378.80 401.63 CURRENT ASSETS Inventories 12.81 15.48 Trade Receivables 11.01 27.18 Cash and Cash Equivalent 21.68 4.67 Short Term Loans and Advances 23.40 22.73 Other Current Assets 19.95 19.59 88.84 89.65 TOTAL 467.64 491.28 Source: Company

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GLOBAL VECTRA HELICORP LTD

Financial Highlights:

The company is back to positive net worth after a period of 5 years

The Debt levels have reduced drastically to approximately

`115cr

Posted good set of numbers for FY15, EBIDTA of `84cr vs. `59cr and Net profit of `23cr viz a viz `5.5cr FY14 revenues were stringer due to the election, during FY15 the same revenues were achieved, indicating optimum utilization of fleet.

GVHL is the only crew logistics company in the listed space catering to the offshore oil and gas exploration companies having fantastic track record of over 200,000 flying hours till March 2015. GVHL has the largest fleet in the industry in the private sector and the youngest fleet of helicopters.

GVHL is the largest helicopter service provider for the

pilgrimage travel in the private sector in India with four sectors

viz: Amarnath, Vaishnodevi, Chardham and Kedarnath. GVHL has signed long term contracts with ONGC, RELIANCE, CRAIN and few other offshore E&P companies. Long term contracts ranges from 1 to 3 years with clear visibility of revenue over the next 2-3 years. The revenue growth will be visible from FY16 and FY17.

GVHL has applied for more routes/sectors of flying hours in

northern hills of India.

GVHL has very strong footings in the industry as there are many entry barriers in the industry and GVHL has penetrated strongly with air-base in west, east and north which will help them grow much faster than the other players in the industry (specially in the private sector).

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GLOBAL VECTRA HELICORP LTD

GVHL has the largest MRO set up in Mumbai base at JUHU civil airport with all the in-house facilities for helicopter repair

and overhaul with the strongest technical team of over 125

engineers. GVHL has one of the largest pool of satisfied pilots in the country with a total size of 75 till March 2015.

GVHL has posted fabulous financial for FY15 and we expect the

performance to improve further as there will be no major forex risk from FY16 onwards because of the proper hedging policy implementation, debt reduction will also help improve

profitability going forward.

The report is for educational and knowledge purpose.

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GLOBAL VECTRA HELICORP LTD

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