MIRA INFORM REPORT

Report Date :

07.04.2007

IDENTIFICATION DETAILS

Name :	GO AIRLINES (INDIA) PRIVATE LIMITED

Registered Office :	Neville House J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra

Country :	India

Financials (as on) :	31.10.2005

Date of Incorporation :	29.04.2004

Com. Reg. No.:	11-145991

CIN No.: [Company Identification No.]	U63013MH2004PTC145991

TAN No.: [Tax Deduction & Collection Account No.]	MUMG10184G

Legal Form :	Private limited liability company

Line of Business :	To offer quality consistent, quality assured and time efficient product and service at affordable fares

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	New Company

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a one more airline in highly competitive field. It is promoted by Wadia Group, a well known industrial house having fine track records. They possess large means. Their trade relations are fair. Payments records are not available. The company can be considered promising as a business partner in medium to long-run.

LOCATIONS

Registered Office :	Neville House J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-92232-22111
E-Mail :	feedback@goair.in cs@goair.in
Website :	http://www.goair.in

Head Office :	Paper Box House, Off Mahakali Caves Road, Andheri (E), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-55410000
Fax No.:	91-22-67410001
E-Mail :	charmaine@GoAir.in

Airport Office:	Terminal 1 A, Domestic Airport, Sahar, Andheri, Mumbai-400099
Tel. No. :	91-22-26156636

DIRECTORS

Name :	Mr. Jeh Nusli Wadia
Designation :	Managing Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025
Date of Birth/Age :	06.07.1973
Date of Appointment :	29.04.2004

Name :	Mr. Ness Nusli Wadia
Designation :	Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025
Date of Appointment :	29/04/2004

Name :	Mr. Nusli Nevile Wadia
Designation :	Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025 nusli.wadia@bombaydyeing.com
Date of Birth /Age :	15.02.1944
Date of Appointment :	01/06/2004
Other Directorship :	Bombay Dyring And Manufacturing Company Limited Chairman U99999MH9999PLC004037 Gherzi Eastern Limited Director U74220MH1960PTC011691 Bombay Burmah Trading Corporation Limited Chairman L99999MH1863PLC000002 Brigannia Industries Limited Chairman U15412WB1918PLC002964 Nowrosjee Wadia And Sons Limited Chairman And Managing Director U51900MH1944PLC004225 Tata Steel Limited Director L27100MH1907PLC000260 Tata Chemicals Limited Director L24239MH1939PLC002893 Atul Limited Director L99999GJ1975PLC002859 Wadia Bsn India Limited Chairman U74999MH2003PTC059856 Tata Motors Limited Director L28920MH1945PLC004520 Britannia New Zealand Foods Private Limited Chairman U15201MH2002PTC135164
Date of Appointment :

Name :	Mr. Sukant Sadashiv Kelkar
Designation :	Director
Address :	1, Sindhula N. Gamadia Road, Mumbai – 400026, Maharashtra, India Sukant.kelkar@bombaydyeing.com
Date of Birth/Age :	20.05.1939
Date of Appointment :	01/06/2004

Name :	Mr. Vinita Bali
Designation :	Director
Address :	Flat No. 1104, Tulip Prestige Exotica, Cunningham Crescent Road, Bangalore – 560052, Karnataka, India vbali@britindia.com
Date of Birth/Age :	11.11.1955
Date of Appointment :	24.08.2006
Other Directorship :	Britannia industries limited U15412wb1918plc002964 Managing director Britannia New Zealand Foods Private Limited Director U15201MH2002PTC135164

Name :	Mr. Ashok Panjwani
Designation :	Director
Address :	402, Diasylea Apartments, Mount Pleasant Road, Malabar Hill, Mumbai – 400006
Date of Appointment :	01/06/2004

KEY EXECUTIVES

Name :	Mr. Kiran Thacker
Designation :	Company Secretary
Address :	A-27, Anuja, Shimpoli Road, Borivali [West], Maharashtra, India Kiran.thacker@goair.in
Date of Birth/Age :	19.06.1958
Date of Appointment :	07.12.2005

Name :	Mr. S. Rajesh
Designation :	Vice-President-Marketing & Sales

Name :	Mr. Raju Srinivasan,
Designation :	Vice-President- Project Manajement

Name :	Capt. V.K.Sharma
Designation :	Vice-President Flight Operations (Chief of Operations)

Name :	Mr. Vivekanand Sadanand Heble
Designation :	Vice-President-IT

Name :	Cheng-Lock Cheong Lucky
Designation :	Vice-President-Engineering

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
Mr. Jeh Nusli Wadia		5000
Mr. Ness Nusli Wadia		5000

BUSINESS DETAILS

Line of Business :	To offer quality consistent, quality assured and time efficient product and service at affordable fares

Brand Names :	Goair

GENERAL INFORMATION

Bankers :

UTI Bank Limited

Trishul 3^rd Floor, Opposite Samartheshwar Temple, Ahmedabad – 380006, Gujarat, India

Facilities :


Banking Relations :	Satisfactory

Auditors :
Name :	K. S. Thar and Company Chartered Accountants
Address :	3, Golden Palace, 191/192, Truner Road, Bandra, Mumbai – 400050, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/-each	Rs. 300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/-each	Rs. 300.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		300.000	30.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		300.000	30.000
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		4.754	0.000

TOTAL		304.475	30.000

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		172.460	2.392
Capital work-in-progress		1.323	0.000

INVESTMENT		55.089	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.305	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	129.140	27.657
	Other Current Assets	0.902	0.026
	Loans & Advances	40.330	0.000
Total Current Assets		170.677	27.683
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	93.069	0.111
	Provisions	1.762	0.000
Total Current Liabilities		94.831	0.111
Net Current Assets		75.846	27.572

MISCELLANEOUS EXPENSES		0.036	0.036

TOTAL		304.754	30.000

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	NA	NA

Net Profit Margin (PBT/Sales)	(%)	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	NA	NA

Return on Investment (ROI) (PBT/Networth)		NA	NA

Debt Equity Ratio (Total Liability/Networth)		0.31	0.0037

Current Ratio (Current Asset/Current Liability)		1.79	249.39

LOCAL AGENCY FURTHER INFORMATION

About Us - Corporate information

The Promoters

The Wadia Group has been synonymous with leading Indian companies, through its brands Britannia and Bombay Dyeing. The group has been forging value relationships with India's people and has integrated their products into people's daily lives, for well over a hundred years. Hence, the Company's recent foray into Aviation with GoAir comes as no surprise.

The Company

GoAir - The People's Airline - the brain child of Jeh Wadia, Managing Director, is looking at 'commoditizing air travel'. The airline is a low cost carrier and will endeavour to offer airline seats at marginally higher train prices to all cities in India, in a phased manner. With the captivating theme line - Experience The Difference - the airline's main objective is to offers its passengers a quality consistent, quality assured and time efficient product through affordable fares. Our passengers will feel the difference on board our state-of-the-art Airbus A320 aircraft fleet.

The Routes

GoAir's route network spans prominent business and leisure destinations, across India. The route network will provide a value for money option for both business and leisure travellers, without compromising on either safety or service. Initially, the airline will commence service from Mumbai, Ahmedabad, Goa and Coimbatore. These routes were a rationale choice as they witness maximum amount of traffic during the year. However, the airline will soon cover more routes like Bhavnagar, Aurangabad, Kolhapur, Rajkot, Jammu, Bhopal, Madurai, Kozhikode among others, at competitive prices in the coming months. Adding new destinations to facilitate travel will be part of GoAir's aggressive strategy.

The Distribution Network

GoAir customers will 'Experience the Difference' right from the time of booking their tickets. Our distribution network has been well-researched and after thorough evaluation of the current mediums, we have introduced a gamut of options for our passengers wherein our tickets are not just accessible but extremely convenient to one and all. Our passengers who do not have the luxury of a credit or debit card or even a Computer need not travel distances to book their GoAir tickets but can access them from any of our distribution mediums that would include GoTravel Agents, GoTata Indicom Outlets, GoInlott oulets, GoCyber café and GoPCOs. In addition the customer can directly buy on our website, GoAirport Counters or at the GoCustomer Care Center, contact nos: (from MTNL/BSNL : 1600-222-111) or (from all phones : 09223-222-111).

The Fare Structure

With the objective of commoditising air travel, GoAir's fares would be the most competitive and affordable, thereby making the common man's dreams come true. With our target audience being the Railway: First, Second and Third A/C passengers and Volvo Bus Passengers, our fares will be 40% lower than that of traditional airlines and on an average marginally higher than the air-conditioned first and second class railway fares. This is in line with the Company's aim of offering the lowest-cost airline seats in the country, thereby reducing the disparity between train and air travel fares, in India.

The Technology Edge

GoAir's business model has been created on the 'punctuality, affordability and convenience' model. With this in mind, the airline has strategically tied-up with the Bird Information Systems Private limited (BIS), a leading technology provider of automated aviation and travel related software solutions, for the use of its Airline Inventory and Reservations System (AIRS). The adoption of technology solutions like AIRS will enable GoAir - The People's Airline to achieve superior process efficiency and thereby help transfer a greater portion of cost savings to our passengers.

The Service

GoAir - The People's Airline will provide our passengers experienced service with a smile. Our management team has been selected from the best in the industry to ensure that we provide our passengers with Quality Service. Being a low cost carrier, we will never compromise on safety or security. This ensures our passengers that they are in safe hands and can fly hassle free. The GoAir team is not just professionally inclined but has been personally groomed to provide the best service. Our Pilots, Cabin Crew, Technical and maintenance staff have been carefully taken on keeping the industry standards in mind, thereby ensuring superior quality in all our services.

About Us - The Management Team

Jehangir (Jeh) Wadia, MD, Go Air

Jehangir (Jeh) Wadia, MD, Go Air is a multi-faceted individual that dons varies responsibilities. Reminiscing his career path briefly, Jeh Wadia initially went through a rota of training in The Bombay Dyeing & Mfg Co Limited, Mumbai, and moved various positionswhen he was initially appointed Spinning Manager and Weaving Manager in the Textile Mills. From there he moved on to 1995 to 1997 he was General Manager for Exports and was given an additional responsibility of Production Planning & Control Systems where he introduced ERP, MRP and single point of customer contact (SPOCC)

From 1998 to 2001, he founded The Incubation Corporation which was setup to invest in startup companies both in India and the US, and had investors ranging from Ratan Tata to Rupert Murdoch, to name a few. He also conceptualized and helped in the implementation of Tatanova an internet service provider and horizontal website, now fully owned by the Tata Group.

Also during this time he founded Integrated Clinical Research Sciences (ICRS) which specializes in clinical research and clinical trials in India.

On the 24th of October 2002, he became the Deputy Managing Director of The Bombay Burmah Trading Corporation based in Mumbai, India.

At this time he also authored and began restructuring the Wadia Group. Part of the restructuring involved looking at new financial and strategic investments for the group. One such financial investment was a JV with The Port Singapore Authority (PSA), and another example is GoAir a low cost airline in India, starting operations in October 2005. The strategic Investments have been in the financial services, retail and real estate arena. He has co-founded a Real Estate and Retail Fund along with other retail/real estate operating JV's and has also initiated the Institutionalization of Financial Services in the Wadia Group.

His tremendous drive and enthusiasm coupled with an innovative approach to doing business has resulted in the creation of successful companies providing considerable shareholder value.

In his free time, he works in a Volunteer organization called Deendayal Research Institute (DRI), under the leadership of Nanaji Deshmukh. DRI's core competence is to develop working models. Some of the models are of Health & Hygiene, Education, Entrepreneur training, Agriculture development and many more. DRI has adopted 2000 villages in Chitrakoot to make them totally self reliant using the various models. His dream is then to distribute the knowledge to 600,000 villages making them all self reliant in his life time.

Birender Ahluwalia, Chief Commercial Officer

Birender Ahluwalia, fondly called Vicky is a Graduate in Statistics with a MBA in Marketing. He has over sixteen years of leadership expertise in Service Management, Marketing, Sales and Supply Chain Management. Driven by results and focus on Customer Delight, he leads his team to achieve business results in a strategic and planned manner.

Young, energetic and fun loving, Vicky enthuses his team members to be vibrant, focused and leads by example. He was instrumental in strategizing and implementing marketing plans in Federal Express. He also developed the Direct Sales and Branch Sales model for HDFC for Western region that was subsequently adopted throughout the country. He was responsible for the Systems development, Marketing strategy and entire value chain function at Tata Sky Limited.

Vicky shares his knowledge and experiences by delivering seminars on subjects like Service Management, Customer relationships and Supply Chain Management.

G.P. Gupta, Chief Financial Officer

G.P. Gupta, a young and energetic Fellow Member of the Institute of Chartered Accounts of India, brings with him excellent insights and proven track record in Finance function across various facets like Accounting, Banking, Leasing, Treasury and Taxation with large international companies. He has held responsible and challenging assignments in highly competitive environments across various industrial sectors including Aviation, Office Automation and Telecom with strong acumen in setting up new projects.

Mr. Gupta was the youngest Financial Controller for Xerox India where he has extensively worked on Indian GAAP & US GAAP. Mr. Gupta was a member of the core team that set up Spice Jet in India. He was instrumental in setting up the Internet Based Reservation System, Revenue Management System, Internet payment Gateway, Treasury Function. His leadership qualities and a humane approach to Finance along with his enthusiasm and always wanting to the best have given him success in his challenging assignments.

Ng Fook Meng, Chief Operating Officer

An aircraft engineer by training, Ng Fook Meng, COO, has vast experience in the airline industry. As an Engineer, he has worked on the Fokker F27s and F50s, B737s, A300s, DC-10s and B747-400s. He has also held management positions in Aircraft Maintenance, Quality Assurance, Technical Training, Engine Overhaul, Projects and Marketing & Sales.

Fook Meng had also been an aircraft Production Inspector and an Aircraft Accident Investigator. His exciting assignments included the participation in the turning around of an airline, the management of a major flight kitchen and the revamping of ground services of a major international airline.

Fook Meng has also provided aviation consultancy and participated in cross border aviation joint ventures.

An advocate of ‘detailed planning’ and ‘management by facts and figures’, he brings on board a wealth of airline ‘hands on’ management expertise to GoAir.

Captain Roland Thomas, Executive Vice-President - Flight Operations

Captain Roland Thomas has a whopping 43 year experience in the aviation industry and has flown with the original Malayan Airways, Malaysian-Singapore Airlines, Malaysian Airlines, Jet Airways and Magic Airlines.

Captain Roland Thomas has worked as a Fleet manager, Chief Pilot and Vice President–Operations, and also has been an Examiner for 33 years on aircraft like B 707-312/338, B 737-200, DC 10-30, A300 B4, B747 -200/300, , B 747 – 400, B 737 NG and has also flown aircrafts like DC-3, F-27, Comet 4C. He has attended various management courses during his career including Harvard Business School Senior Management Course.

Capt. Thomas has been a core member responsible for start-up Malaysian Airlines (MAS) and an active trainer during the initial stages of MAS in 1972. Having participated in aircraft acceptances and delivery of the B737-200, DC-10, A300, B747-200/300, B 747- 400 for MAS. He holds the distinction of being the first Malaysian to fly and deliver all wide-bodied aircraft except the A330 and B777 aircraft. At MAS he has been in the Management Negotiation Committee for evaluation and purchase of aircraft and engines. It was under his direction the MAS Training Centre was established. He also introduced B 737, DC-10, A300, F-50, B 737-400, B 747-400 and A330 stimulators for MAS.

Capt. Thomas has been with Jet Airways as VP-Operations for 5 ½ years. The induction of B737 NG’s and the ATR’s and introduction of B 737 NG stimulator and B 737-400 FTD has been one of his achievements at Jet Airways. He has successfully completed performance courses and has instructed pilots on aircraft performance. Whist in India as the only Cat 3B rated pilot then, he holds the credit of assisting DGCA in Formulation of CAR Section 7, Series X, Part 1 in the ILS Cat 2 & 3 operations.

Equipped with his experience Capt. Roland Thomas aptly deals in the ever changing world of Aviation.

Capt. V. K. Sharma, Vice-President - Flight Operations (Chief of Operations)

He is one of the most experienced and known personality in the aviation industry. With total flying experience of approximately 15000 hours and instructional experience on aircraft and simulator about 4000 hours, he has held various positions both in public sector and the private airlines.

Fleet Captain - Boeing 737 - Indian Airlines.

Chief of Operations / Technical Advisor to CEO - Air Sahara.

A few Career highlights:

First Examiner in India on Boeing 737 - 300/400. First Flight Inspection Director from Alliance Air on deputation to DGCA. He also possesses Masters in Business Administration degree specialising in HRD. He held the position of Vice President Aero Club of India for 9 years and the position of Honorary Secretary of Delhi Flying Club Limited

Member of Committees:

Licensing committee for Pilots, Flight Engineers, Flight Navigators and Flight Despatchers. Control Tower committee of Mumbai, Chennai and Delhi. Committee on Flight Operations/Standardisation and Training norms.

His Organisational Capabilities:

Organised an international conference of FAI in Delhi. Delegates from 73 countries attend this aviation conference including Mr. Neil Armstrong. Organised an Air Race from Paris to Peking under aegis of Aero Club of India. Total Aviation Management experience of 27 years.

Raju Srinivasan, Vice-President - Planning

Wing Commander Raju Srinivasan, VM, IAF (Retd.) is the Vice President (Ground Operations) of GoAir.

Raju has over 25 years of experience in military and civil aviation. A former military pilot and qualified flying instructor, he has nearly 5000 hours of flying experience in varied terrain and operating conditions. He has served as a pilot in the prestigious VVIP Squadron of the Indian Air Force. He is the recipient of a Presidential gallantry award on 26th January 1996 for his role in flying operations on the Siachen Glacier. Raju was a member of the core team that set up Air Deccan in 2003. As its first Chief Business Coordinator, he oversaw the start-up activities of the airline across all departments and functions. A post-graduate in Business Administration, Raju is a M.Sc., M.Phil. from Madras University and a Life Member of the Aeronautical Society of India and the Rotary Wing Society of India.

Shubhashish Bhattacharya, Vice President - Ground Operations

Shubhashish Bhattacharya has been in the aviation industry for over a decade and has handled challenging assignments in DNATA, United Airlines, Sahara Airlines Limited and Delta Airlines.

A Bachelor of Arts and a Diploma holder in International Airlines Management, he was instrumental in setting up International Stations, setting up Ground operation base in his previous assignments.

Young and energetic Shubhashish has also won medals in National Power Gliding Competitions and believes in team work and transparency to achieve goals and sets the highest standards as bench marks.

Neeraj Kapoor, Vice President - Marketing

Neeraj Kapoor is a highly vibrant and enthusiastic Marketing professional with a MBA in Marketing from a premiere Indian Management institute. He also has done his Masters in Commerce.

He has over 15 years of Marketing and Sales behind him in electronics and home appliances segments of leading brands. He has been instrumental in developing brands for LG electronics, and Kinetic. He was also instrumental in providing strategic direction to marketing in creating niche markets for the products.

Ashish Kapadia, Vice-President - Business Development

Ashish has been an entrepreneur for most part of his career. He has set up and run a varied range of businesses (i.e. Paints, Textiles, Polyester, Insurance etc.) mainly focussing on development business. He has had the exposure to deal with varied organisation to put in place the start ups that he was involved in.

Ashish has gained a great deal of international exposure in his earlier business ventures as they involved Tie-ups, Partnerships and Trade. The exposure and knowledge which he has gained from the diversified ventures, which are spread across a wide spectrum of industries, will bring great value to GoAir.

On the personal front he has always had a keen interest in monitoring financial markets and has developed a good level of understanding on how the same function.

Vivekanand Sadanand Heble, Vice-President - Information Technology

Vivekanand S Heble has had extensive experience across various functions and industries, spanning Finance, Materials and IT in airlines, petrochemicals and pharmaceutical industries. Vivek now brings this integrated expertise to GoAir as Vice-President - IT. His past assignments included working in Indian Airlines, Mangalore Refinery and Petrochemicals Limited (MRPL), and Hoechst Marion Roussel Limited (HMR)/Aventis Pharma. His last assignment before joining GoAir was as Head - IT of Kingfisher Airlines Limited.

Group Captain AK Sachdev, General Manager Flight Safety

Group Captain AK Sachdev has more than three decades of aviation and Flight Safety experience with the IAF. He is an alumnus of the National Defence Academy, the Air Force Academy, the College of Air Warfare and the Royal Air Force Staff College (UK).

He has flown fixed wing (including twin jets) and helicopters and has worked as Chief Operations Officer in two busy nodal transport bases of the IAF. He has also commanded an Air Force Station, a combat squadron, and an independent helicopter detachment as part of the IPKF in Sri Lanka. He holds an MBA

in HRM, an MPhil, an MSc and an MA.

He has published two books and several articles in professional journals on aviation related subjects.

His last appointment in the Indian Air Force, before he sought a premature release from service, was that of Command Flight Safety Officer in Training Command.

About Us - Destinations

MUMBAI
The Commercial Capital of India and land of the much-acclaimed Bollywood, is known the world over for its city life. Apart from just housing some of the renowned Business houses, the city plays host to one and all offering a cosmopolitan culture with a vibrant nightlife. Mumbai is also fondly known as the 'Land of Dreams' is for practically everyone looking to make a career in life.

GOA
Goa - The land of Sun, Sea and Surf is every tourist's favoured destination, has gradually carved a place for itself in the list of 'favourite tourist destinations in the world'. Lying on the beautiful west coast of the Indian Peninsula and offering sandy beaches, variety of water sport, incredible natural beauty, carefully preserved heritage museums and multicultural architecture, Goa continues to be an ideal tourist destination for one and all.

AHMEDABAD
Ahmedabad, primarily called the 'Textile City of India' is a top travel destination for business travelers as well as holiday makers. Due to its outstanding business potential and cultural heritage, the recent years have seen a sharp increase in the number of visitors traveling to the city. Apart from this, Ahmedabad also forms an ideal junction to begin on a tour to other parts in Gujarat.

COIMBATORE
Coimbatore also known as the 'Textile and Engineering City of India' is experiencing a boom in exports, number of BPOs, real estate and the retail industry. Apart from having tremendous business potential, the city offers holiday makers known tourist spots like Kodiakanal and Ooty. The city is fast becoming a major hub for showcasing its medical tourism potential with major surgical operations costing nearly 40% less than Chennai. The city also offers convenient connections to neighbouring state of Kerala.

Fact Sheet on Airbus A320

Country of origin

European consortium

Type
Short to medium range airliner

Performance
Maximum speed: 0.82 Mach (approx 870 km/h, 541 mph or 470 kts).

Dimensions
Wing span - 34.09m (111ft 10in)
Length - 37.57m (123ft 3in)
Height - 11.76m (38ft 7in)
Wing area - 122.6m2 (1319.7sq ft)

Capacity

Flight crew of two.
Main cabin can accommodate a maximum of 180 passengers in a high density layout.
Seven LD3 derived LD3-46 containers or palletised cargo can be stored in the underbelly forward (four) and rear (three) freight holds.

General characteristics

Crew: 2 pilots, 4 flight attendants
Capacity: 180 passengers
Freight : 16 300 kg (35 900 lb)
Length: 37.57 m (123 ft 3 in)
Wingspan: 34.09 m (111 ft 10 in)
Height: 11.76 m (38 ft 7 in)
Wing area: 122.6 m²
Maximum takeoff: 73 500 kg (162 000 lb) / 77 000 kg (169 800 lb)
Powerplant: 2 x CFM56-5 111 kN
Powerplant: IAE V2500 120 kN
Maximum landing: 64 500 kg (142 200 lb) / 66 000 kg (145 500 lb)
Maximum cabin width: 3.70 m (12 ft 1 in)
Wing sweep (25% chord): 25°
Wheel track: 7.59 m
Maximum ramp weight: 73 900 kg / 77 400 kg
Maximum zero fuel weight: 61 000 kg / 62 500 kg
Maximum fuel capacity: 23 860 L / 29 660 L
Typical operating weight, empty: 42 400 kg
Typical volumetric payload: 16 300 kg
Bulk hold volume: 37.43 m³

Brief History

The A320 program was launched in March 1982, first flight occurred on February 22 1987, while certification was awarded on February 26 1988. Launch customer Air France took delivery of its first A320 in March that year. The first V2500 engined A320 was delivered to Adria Airways in May 1989.

PROFILE

The Wadia Group today

With 116 years at the forefront of industry in India, the Wadia Group is today broadly diversified in several growth industries that cover textiles, chemicals, petrochemicals, plantations, foods, electronics, light engineering, health, laminates, real estate and consultancy. Consistently, the Group companies have emerged as market leaders in fields they have entered. And over the years the Group has developed an enviable record of successfully managing diverse technologies.

Financial strengths

The Group has come to be known for its sound and prudent financial track record. Building strong fundamentals forms the basis of growth in each company, making them the pick of Indian bourses. Two of the Group's six publicly listed companies - Bombay Dyeing and Bombay Burmah - have declared uninterrupted dividends for over a hundred years, despite several recessions in the industry. National Peroxide, Britannia Industries and Citurgia Biochemicals are some of the more sought-after scrips on the Stock Exchanges.

Professionalism

Every company in the Wadia Group believes that if you want to build a sustainable reputation, you must begin with people, With building relationship that are strong, and which endure. Strengths are built through a sincere commitment to high standards. Key personnel are widely experienced in international and domestic contexts and are prominent in their fields. Making the Wadia Group one of the most professional among the business houses of India. Today, the Group employs 35,000 people, a great many of whom have been associated with the company for more than 25 years.

Manufacturing facilities

To provide products of the finest quality, the Wadia Group continues to invest heavily in machines and technologies in its manufacturing facilities.

All of the Group's 19 manufacturing facilities today provide high quality products to discerning markets.

This philosophy involves closely examining and adapting to the changing needs of the market. Setting up efficient facilities to do this is a Group commitment, borne out by the fact that in the last 5 years alone, six manufacturing facilities have been added, modernised and upgraded.

News

GoAir Launches Its Maiden Flight With Great Aplomb

First Commercial Flight To Take-Off On November 4, 2005

Mumbai, October 31, 2005:

GoAir - The People's Airline, a low cost carrier promoted by The Wadia Group took its first maiden flight to Goa and back on October 30, 2005. The first commercial flight of the airline will take-off on November 4, 2005. The airline was inaugurated by Sharad Pawar, agriculture minister, government of India alongside Praful Patel, civil aviation minister, Government of India. The take-off to the entire event began in a traditional way on the auspicious occasion of Dhanteras with a ceremonial puja along with the entire Wadia Family, ministers and the GoAir team. This was followed by brief speeches by Nusli Wadia, chairman, The Wadia Group, Praful Patel and finally, the man behind GoAir - The People's Airline, Jeh Wadia, the managing director.

Talking on the launch of GoAir and positive growth of the airline industry in general, Praful Patel, civil aviation minister said, "There has been a spurt of low cost carriers in the last year but it only portrays an optimistic outlook for the aviation industry. The launch of GoAir will see another low cost carrier take to the skies but promising scenario is the fact that, this new venture is backed by a strong and renowned name such as The Wadia Group."

Adding further on the launch, Jeh Wadia, Managing Director, GoAir - The People's Airline said, "My objective as an airline is simple - commodotise air travel, thereby enabling all Indians to fly. This however is just the first step to a long and successful journey ahead. With GoAir - The People's Airline, we promises to deliver to our passengers a quality consistent, quality assured and time efficient product. "

BREAKING RECORD!!!

www.GoAir.in witnesses Over A Million Hits In Less Than An Hour

GoAir sees tremendous response on sales commencement

Mumbai, October 21, 2005:

GoAir – The People’s Airline, a low-cost carrier and the newest venture of The Wadia Group, witnessed over a million hits at one go on their website within less than an hour from the commencement of ticket sales.

With a teaser being put up on the website stating launch at 3:30 pm, the airline officially opened bookings at 4:30 pm to a tremendous and overwhelming response. To that effect, between 4:30 and 5:00 pm on October 21, 2005, which was the first half hour of ticket bookings, the airline’s website was overloaded with the response it received for bookings. This overload has further increased our customers chances to win their GoAir FreeFare.

The 10,000 (only taxes Rs 221 applicable) GoAir FreeFares will be offered over a period of 6 months with a limited stock availability on a per day basis. This provides all our customers a chance to win a GoAir FreeFare any time during the month.

Commenting on this, Mr. Jeh Wadia, Managing Director, GoAir, said “We have received an overwhelming response in the first hour of sales of tickets. We are The People’s Airline, and will continue to try and give our customers the best value for money and make air travel affordable by all”. The airline will take off on October 30, 2005, with scheduled services to four initial destinations – Mumbai, Ahmedabad, Coimbatore and Goa.

Get Ready To GoAir For Free

GoAir FreeFares - 10,000 Free Tickets Per Month - Now Or Never Offer

Ticket Sales Commence From October 21, 2005

Mumbai, October 20, 2005: GoAir - The People's Airline, a low-cost carrier and newest venture of The Wadia Group, owners of Bombay Dyeing and Britannia Industries Limited in Mumbai, has announced the commencement of the sale of its tickets from October 21, 2005. The initial routes to be operated are Mumbai, Goa, Ahmedabad and Coimbatore. As part of a never before launch offer, GoAir is offering its passengers 10,000 free tickets per month per destination as per its GoAir FreeFares scheme. Passengers can now avail the GoAir FreeFares, a never before deal, that will be available on a 'first come first serve' basis. This offer is valid for the next six months starting October 2005 to March 2006, wherein passengers who book early would get a zero fare but would only have to pay the taxes amounting to Rs 221.

The initial sectors for which sales of tickets will begin are:

Sectors
Mumbai-Ahmedabad
Mumbai-Goa
Mumbai-Coimbatore

Frequency
2 flights / day

2 flights / day

1 flight / day

A detailed schedule will be displayed on the website - www.GoAir.in

The fare structure is aimed at rewarding clients who book early. However, fares would vary based on per seat availability and price policy of the airline for customers who book closer to the departure time. The USP to the entire fare structure would be the mode of distribution that is far more elaborate in comparison to existing mediums.

Commenting on the development, Jeh Wadia, Managing Director, GoAir says, "We take great pleasure in announcing the commencement of our sale of tickets to the four destinations. In the coming months, we would aggressively look at our route expansion but in a progressive manner. It is our endeavour to commoditize air travel in India by delivering low-cost fares coupled with quality in terms of price, efficiency and service with a smile. Our distribution network has been well-researched and after evaluating current mediums, we have introduced an innovative strategy that is not just accessible but extremely convenient to everyone." He further added, "It is our dream to increase air connectivity in India, and this is our first step in this direction."

Now, passengers who don't have the luxury of a credit card, debit card or even a Computer need not travel distances to book their GoAirtickets but can access them from any of our distribution mediums that would include travel agents, the Customer Care Center (MTNL - 1600-222-111) or (Mobile 09223-222-111), Internet - www.GoAir.in, TATA Indicom centres, Inlott centres and other channel partners.

GoAir-The People's Airline - main objective is to focus on delivering a quality consistent, quality assured and time efficient product and service at affordable fares.

The fares will be 40% lower than that of traditional airlines and on an average 10% higher than air-conditioned first and second class railway fares. This is in keeping with the airline's aim of being the lowest-cost carrier in the country and reducing the disparity between train and air travel in India.

The four initial routes have been chosen keeping in mind the high amount of traffic to these destinations. The airline is considering more routes like Bhavnagar, Aurangabad, Kholapur, Rajkot, Jammu, Bhopal, Madurai, and Kozhikode among others at competitive prices. With an expanded route network and significantly reduced prices GoAir aims at establishing itself as India's truly low-cost airline.

Note to Editors

About GoAir

GoAir is a low-cost carrier promoted by The Wadia Group. Principals that have been incorporated for years in the Wadia Group - of trust and integrity – will also be inculcated into the airline business. GoAir will take off on October 30, 2005 with scheduled services to Goa, Ahmedabad, and Coimbatore from Mumbai. Initially, the airline will commence service with one A320 aircraft with a single class, 180 seat configuration, and plans to expand its fleet to 36 aircraft in 3 years. The airline aims to be the lowest-cost airline in India and will provide passengers a comfortable and affordable option to popular holiday and business destinations in India.

BUSINESS ACTIVITIES:

GoAir Airline has previously offered the 10,000 GoAir Free Fares for its intial four destinations Mumbai, Ahmedabad, Coimbatore and Goa. With the delivery of its second A320 aircraft, the airline will be launching services to its four new sectors – Hyderabad, Bangalore, Chennai & Jaipur with effect from December 12, 2005. The four new sector now increase GoAir’s destination strength to 8 cities in India,

RELATED COMPANIES:

v The Bombay Dyeing Mfg. Co. Limited

v The Bombay Dyeing – DMT

v National Peroxide Limited

v The Bombay Burmah Trading Corp. Limited

v Britannia Industries Limited

v Wadia BSN India Limited

v Formica India Division

v B.R.T. India LIMITED

v BCL Springs Division

v Afcoset Balances Division

v Afco Industrial & Chemicals Limited

v Dental Products of India Limited

v Medical Microtechnology Limited

v Instruments Orthopaedics

v Gherzi Eastern Limited

v Neville Wadia Institute of Mangement Studies & Research, Pune

v Nowrosjee Wadia College of Arts & Science, Pune

v Cusrow Wadia Institute Of Technology, Pune

v Ness Wadia College of Commerce, Pune

v D. G. Ruparel College. Mumbai

v New Law College, Mumbai

v Modern Education Society’s College of Engineering, Pune

v Nowrosjee Wadia Meternity Hospital

v Bai Jerbai Wadia Hospital for Childern

v Integrated Clinical Research Sciences Pvt. Limited

v Britannia New Zealand food Pvt. Limited

GoCustomer Care Center:

(MTNL/BSNL) 1800 222 111

(All Phones) 09223 222 111

Bankers Charges Report as per Registry

Name of the company	GO AIRLINES (INDIA) PRIVATE LIMITED
Presented By	Mr. K. T. Thacker, Company Secretary
1) Date and description of instrument creating the change	Deed of hypothecation dated 20.01.2006
2) Amount secured by the charge/amount owing on the securities of charge	Credit facilities in the aggregate not exceeding Rs. 250.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The company has hypothecated the following assets by way of first charge The whole of the company’s stocks of raw materials, semi finished and finished gods, consumable stores and spares an such other movable including book debts, bills whether documentary or clean, both present and future, whether now lying loose or in cases or which are bow lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be in or about all the Company’s factories, premises and godowns whether situated may be or be held by any party to the order or disposition of the company or in the course of transit or on high seas or on order or delivery. All amount owing to, and received and receivable by, the company and any person on its behalf, all book debts, all cash flows and receivables and proceeds and all rights, title, interest, benefits, claims and demands whatsoever of the company in to or in respect of all the aforesaid assets, including but not limited to the company’s cash in hand, both present and future.
4) Gist of the terms and conditions and extent and operation of the charge.	Margin : Inventory 25 % Book debts 25 % Interest and other terms as agreed from time to time.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited ICICI Bank Towers, Corporate office Bandra Kurla Complex, Bandra [East], Mumbai – 400051
6) Date and brief description of instrument modifying the charge	--
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	--

Corporate identity number of the company	U63013MH2004PTC145991
Name of the company	GO AIRLINES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Neville House J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra
This form is for	Creation of Charge
Type of charge	Hypothecation
Particular of charge holder	UTI Bank Limited Trishul 3^rd Floor, Opposite Samartheshwar Temple, Ahmedabad – 380006, Gujarat, India vinod.khandelwal@uti.co.in
Nature of instrument creating charge	Deed of hypothecation of current assets dated 21.06.2006
Date of instrument Creating the charge	21.06.2006
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – PLR mins 4 % i.e. 9 % p.a. at present Terms and repayment – on demand Extent and operations of charge – the charge is on a pari passu basis with other bonks.
Description of the property charged indicating whether it is a charged on	Stock in trade Book debts Others

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	Indian Rupees
US Dollar	1	Rs.43.15
UK Pound	1	Rs.85.22
Euro	1	Rs.57.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	--
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions