MIRA INFORM REPORT

Report Date :

16.10.2008

IDENTIFICATION DETAILS

Name :	GO AIRLINES (INDIA) PRIVATE LIMITED
Registered Office :	Neville House J N Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
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 :

B

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

Maximum Credit Limit :	USD 3500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a one more airline in highly competitive airline industry on India. It has been promoted by Wadia Group. Trade relations are fair. Payments are reported as slow and delayed at time. In view of strong promoters the company can be considered for small to mediocre business dealings.

LOCATIONS

Registered Office :	Neville House J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22618071 / 67420499 / 67420300 / 67410000
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 Birth /Age :	30.05.1971
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 :	29.07.2005
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
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 :	29.07.2005
Other Directorship :	· Bombay Dyeing and Manufacturing Company Limited U99999MH9999PLC004037 · Britannia Industries Limited U15412WB1918PLC002964 · Nowrosjee Wadia and Sons Limited U51900MH1944PLC004225 · Kotak Mahindra Asset Management Company Limited L65992MH1994PLC080009 · Placid Plantations Limited U67120MH1988PLC048681 · National Peroxide Employees Welfare Company Limited U99999MH1983PTC031556 · Wadia BSN India Limited U74999MH2003PTC059856 · Macrofil Investments Limited L65990MH1983PLC031477 · Naperol Investments Limited U65990MH1980PLC022589 · Standard Chartered Trustee Company Private Limited U69990MH1999PTC123190 · Harvard Plantations Limited U65120MH1988PLC048746
Name :	Mr. Vinita Bali
Designation :	Director
Address :	Flat No. 1104, Tulip Prestige Exotica, Cunningham Crescent Road, Bangalore – 560052, Karnataka, India
Date of Birth/Age :	11.11.1955
Date of Appointment :	25.10.2007
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 Birth/Age :	28.09.1956
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

(As on 31.03.2007)

Names of Shareholders	No. of Shares
Jeh Nusli Wadia	727500
Ness Nusli Wadia	727500
Seawind Investment and Trading Private Limited	1290000
Nidhivan Investments and Trading Company Private Limited	727500
Sahara Investments Private Limited	727500
Heera Holdings and Leasing Private Limited	727500
Sevakunj Investments and Trading Company Private Limited	65072500
Total	70000000

List of Allotment (As on 27.03.2007)

Names of Allottees	No. of Shares
Sevakunj Investments and Trading Company Private Limited	40000000
Total	40000000

Equity shares Breakup (percentage of total equity)

(As on 25.07.2007)

Category	Percentage
Bodies Corporate	97.92
Directors or relatives of directors	2.08
Total	100.00

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 :

· Axis Bank Limited Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India · ICICI Bank Limited ICICI Bank Towers, Corporate office, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India

Banking Relations :	-
Auditors :
Name :	· K. S. Thar and Company Chartered Accountants Address : 3, Golden Palace, 191/192, Truner Road, Bandra, Mumbai – 400050, Maharashtra, India · S R Batliboi and Company Chartered Accountants Address : 6^th Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Subsidiary Company :	· Go Investments and Trading Private Limited (Holding Company) · The Bombay Dyeing Manufacturing Company Limited · The Bombay Burmah Trading Corporation Limited · Britannia Industries Limited · Britannia New Zealand Foods Private Limited · Formica India Division · Integrated Clinical Research Sciences Private Limited · BCL Springs Division · AFCO Industrial and Chemicals Limited · BRT India Limited · Dental Products of India Limited · Medical Microtechnology Limited · Gherzi Eastern Limited · National Peroxide Limited · Wadia BSN India Limited
Holding Company :	Sevakunj Investments and Trading Company Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/-each	Rs.800.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/-each	Rs.700.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		700.000	300.000	300.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		700.000	300.000	300.000
LOAN FUNDS
1] Secured Loans		457.198	4.754	0.000
2] Unsecured Loans		613.842	0.000	0.000
TOTAL BORROWING		1071.040	4.754	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	4.754
TOTAL		1771.040	304.754	304.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		159.794	40.667	172.460
Capital work-in-progress		470.639	1.322	1.323
INVESTMENT		0.000	55.089	55.089
Development of Project Infra. Cost		0.000	131.794	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.016	0.306	0.305
	Sundry Debtors	6.190	0.000	0.000
	Cash & Bank Balances	417.096	27.991	129.140
	Other Current Assets	0.000	0.000	0.902
	Loans & Advances	150.676	141.489	40.330
Total Current Assets		574.978	169.786	170.677
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2384.615	93.070	93.069
	Provisions	9.905	0.869	1.762
Total Current Liabilities		2394.520	93.939	94.831
Net Current Assets		(1819.542)	75.847	75.846
MISCELLANEOUS EXPENSES		0.012	0.035	0.036
Profit and Loss Account		2960.137	0.000	0.000
TOTAL		1771.040	304.754	304.754

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007
Sales Turnover		3869.584
Other Income		0.000
Total Income		3869.584
Profit/(Loss) Before Tax		(2820.274)
Provision for Taxation		139.862
Profit/(Loss) After Tax		(2960.136)
Expenditures :
	Depreciation & Amortization	34.100
	Other Expenditure	6655.758
Total Expenditure		6689.858

Development of Project infra. cost	31.03.2006
Pre-Operative expenses
Direct Operating Cost	26.018
Personnel Expenses	29.551
Admin. And General Expenses	72.911
Financial charges	0.134
Depreciation	0.544
Provision for Tax	1.400
Less : Other Income	(1.774)
Net Expenses	128.784
Brand Development Expenses	3.010
Total	131.794

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	(76.50)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	(72.88)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(383.83)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(4.03)	NA	NA
Debt Equity Ratio (Total Liability/Networth)		4.95	0.33	0.32
Current Ratio (Current Asset/Current Liability)		0.24	1.81	1.80

LOCAL AGENCY FURTHER INFORMATION

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	N.A.
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.	N.A.

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	Modification of charge
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation dated 7^th July, 2007
Date of instrument Creating the charge	07.07.2007
Amount secured by the charge	Rs.250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest BPLR – 3% i.e. presently 12.00 p.a. · Terms of repayment Repayable at the end of 6 months of the first drawl. · Margin Nil · Extent and operation of the charge First pari passu charge on the current assets. Subservient charge ob the movable fixed assets. · Others The Supplemental Deed of Hypothecation dated 07.07.2007 is and shall be supplemental to the principal Deed of Hypothecation dated 21.06.2006 and shall be read in conjunction with the said principal Deeds of Hypothecation.
Particulars of the property charged	· First pari passu charge on the Company’s movable goods and assets including stocks of raw material, work in progress, semi-finished goods and finished goods, packing materials, consumable stores and spares etc. All present and future book-debts, outstanding monies, receivables, claims bill, contracts, engagements and securities. · Subservient charge on tangible movable machinery, plant, fixtures, fittings, other installation, cranes, furniture, computers etc.
Particulars of the present modification	· The charge created on the current assets as per principal deeds of hypothecation dated 21.06.2006 shall further stand extended to secure the additional credit facility of Rs.250.000 millions · Hypothecation by way of subservient charge on the movable fixed assets to secure additional credit facility of Rs.250.000 millions.

Web Details

Corporate Information

Subject is the aviation foray of the Wadia Group, The airline operates its services under the brand GoAir.  GoAir launched its operations in November  2005. GoAir, a low-fare carrier launched with the objective of commoditising air travel, offers airline seats at marginal premium to train fares across India. The airline currently operates across 11 destinations through 561 weekly flights.

The GoAir route network spans prominent business metropolis as well as key leisure destinations across the Indian subcontinent. GoAir is currently servicing the airports at Ahmedabad, Bangalore, Chennai, Cochin, Delhi, Goa, Hyderabad, Jaipur, Jammu, Mumbai and Srinagar. Through this route network GoAir ensures a smart value-for-money option for both business and leisure travellers, without compromising on either safety or service factors.

GoAir’s distribution network has been well-researched and after thorough evaluation of the available mediums, the Airline has introduced a gamut of options designed to make tickets very accessible to the end customer. GoAir has convenient online booking options of on its web site  www.GoAir.in wherein the passenger or his associate can book GoAir tickets 24x7, 365 days a year from the comforts of his home. For passengers who do not have a credit or debit card or access to a Web Networked Computer, tickets can be booked from other distribution mediums including GoTravel Agents or GoCallCentre. In addition, customers can directly buy against cash from their residence against home delivery of the tickets. Tickets are also available at the Airport Counters.

GoAir is positioned as ‘the Smart People's Airline’. It’s captivating theme, ‘Fly Smart’ is aimed at offering passengers a consistent, quality-assured and time-efficient service through ‘pocket-friendly’ fares. The airline uses the state-of-the-art Airbus A320 aircraft fleet.    

GoAir is based on 'punctuality, affordability and convenience' business model.  The airline has a strategic tie-up with Singapore Airlines Engineering Company (SIAEC), one of the Best engineering companies in the world, for its maintance and engineering requirments of its aircraft.  The airline has also partnered with Radixx International, a leading technology provider of automated aviation and travel related software solutions, for the use of its Air Enterprise. The adoption of such technology solutions enables GoAir to achieve superior process efficiency, thereby helping transfer a greater portion of time savings to its passengers.  

Since January 2007, GoAir has been consistently recording Highest Load factors in the industry. It has been recording an average load factor of 86% achieved through a balanced mix of good on-time performance and consistent quality of customer service coupled with smart fares.  As part of its aggressive future outlook, GoAir plans to increase its fleet size to 18  by March 2009 and 34 to March 2011 to induct new routes while efficiently servicing existing ones. 

The Wadia Group has been in the fore-front of corporate India for over 116 years. Today, the Group is broadly diversified in several growth industries covering aviation, textiles, chemicals, petrochemicals, plantations, foods, electronics, light engineering, health, laminates, real estate and consultancy. The Group Company has consistently emerged as market leaders in every field they have entered. Over the years, the Wadia Group has developed an enviable record of successfully managing diverse technologies. The Wadia Group has earned a reputation as a household brand through its businesses like Britannia and Bombay Dyeing

Management Team

Jeh Wadia, Managing Director - GoAir

Jeh Wadia is the Managing Director of Company. In his current capacity, he is piloting the Wadia Group’s aviation foray on the path of a success story.  An alumni of Millfield School in the UK where Jeh completed his GSCE. He then went on to achieve his Master of Science from the Warwick University in Coventry, UK.

Jeh Wadia started his professional career on the shop floor of The Bombay Dyeing and Mfg Company Limited, Mumbai. His initial appointment was as the Spinning Manager and Weaving Manager in the Textile Mills. In 1995, as General Manager, Exports he successfully led the company’s exports business for two years. In 1997, he was given the additional charge of Production Planning and Control Systems where he introduced ERP, MRP and single point of customer contact (SPOCC).

In 1998, he founded “The Incubation Corporation” with an objective of investing in start-up companies India and the US. The investors of this corporation included some of the best names in corporate India. These are Ratan Tata, Rupert Murdoch etc. He also conceptualized and helped the implementation of Tatanova, an internet service provider and horizontal website, now fully owned by the Tata Group.

During this time, Jeh Wadia founded the Integrated Clinical Research Sciences (ICRS) which specialises in clinical research and clinical trials in India. In 2002, Jeh Wadia was appointed as Deputy Managing Director of The Bombay Burmah Trading Corporation based in Mumbai, India.

At this time he also led the restructuring of the Wadia Group. One aspect of the Group’s restructuring involved considering new financial investments and strategic forays by the group. One such financial investment was a joint venture with The Port Singapore Authority (PSA), and the launch of the group’s aviation foray, GoAir, the airline started operations in 2005. Under the leadership of Jeh Wadia, the Group’s other strategic investments have been in the financial services, retail and real estate arena. Jeh also co-founded a Real Estate and Retail Fund along with other retail/real estate operating JV's and has also initiated the Institutionalisation of Financial Services in the Wadia Group.

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

Jeh Wadia spends his free time as a volunteer with the Deendayal Research Institute (DRI), under the leadership of Nanaji Deshmukh. DRI's core competence is to develop working models in making Indian Villages Self reliant. Some of the models are based on the concepts of health and hygiene, education, entrepreneur training, agriculture development and many more. DRI has adopted 500 villages in Chitrakoot, to make them totally self-reliant using these models. His dream is then to distribute the knowledge to 6,00,000 villages making them all self reliant in his life time.

An ardent sports enthusiast, Jeh Wadia loves adventure sports.  He prefers spending time with family during the weekends. His favourite holiday spot is London, Thailand and Australia.

Mr Edgardo Badiali, Chief Executive Officer

Mr Edgardo Badiali is the Chief Executive Officer of GoAir and brings with him over 15 years of senior management experience and 27 years of experience in the aviation sector.  He has experience in various functions of airline management from Strategic planning, Mergers and Acquisitions, Commercial, eCommerce, Revenue Management, Operations, In-Flight and Catering.

Before joining GoAir, he was the CEO of Italian low cost airline MyAir. Mr Badiali is also the co-founder and member of the Executive Committee of the European Low Fares Airline Association (ELFAA).

He has also held various senior positions in leading airlines including Swiss Air and  Jet Airways. 

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 and 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.

Babu Peter, Executive Vice-President - Engineering

Babu Peter (EVP – Engineering), a first class Engineering Graduate has 35 years of aviation exposure in Air India and Indian Airlines. Prior to being Functional Director, Indian Airlines, he was Director, Engineering in Air India. He has served the National carrier in Various Capacities during his long and successful tenure with them and was instrumental in improving punctuality, quality of the fleet and made significant changes in Jet Engine Overhaul Complex to improve engine production.

Babu Peter has over the years held many responsible and prestigious positions in various forums. He represented Air India in the IATA Engineering and Maintenance committee, was Theme Leader for European Union India Civil Aviation Project appointed by Ministry of Civil Aviation, Fellow and Vice President of Aeronautical Society of India and Council Member of Society of Aerospace technology and Industry.

Raju Srinivasan, Vice-President - Planning

Wing Commander Raju Srinivasan, VM, IAF (Retd.) is the Vice President (Planning) 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.

Group Captain AK Sachdev, Vice President Safety and Quality

Group Captain AK Sachdev has thirty three years of aviation and Flight Safety experience with the Indian Air Force. 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. 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), and is the Commodore Commandant of a helicopter unit of the Indian Air force.

He is a Performance Instructor on the A 320 and is an ICAO trained trainer for airline Safety Management Systems.

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.

Yatesh P, HR Head

Mr. Yateesh P (41) is Head – HR with Company. In his role he is responsible for entire gamut of Human Resource function including Staffing, Training, Organizational Development and Human Capital Management.

Academically Mr. Yateesh is Master in Sociology and an MBA both from Osmania University. In his career spanning over 15 years, he has worked for world renowned organizations like Hyderabad Batteries, Om Kotak Mahindra Life Insurance, ICICI Lombard, Tata Sky and recent with Sandoz (India) Ltd (A Novartis Group Company) as Head – Talent Management. He is a DDI certified in Target Selection, Diploma holder in Theatrical Arts. He has acted in 150 solo shows of Pantomine.

His hobbies are reading, movies and theater.

NEWS

GoAir supports 'Melody Of Love' as part of its corporate social responsibility commitment

Panjim, April 17, 2008: GoAir, India’s smart airline, is supporting a noble cause this time with ‘The Melody of Love’ a romantic comedy directed by acclaimed director Divya Arora. This is part of GoAir’s corporate social responsibility programme to support social upliftment of the physically challenged.

Divya Arora is India's only national level director and actor who performs and directs the plays from a wheelchair due to her physical disability. The key purpose of her theatre initiatives is to encourage and support the physically challenged people through her NGO, Association for Humans, Environment And Development 'AHEAD'. By creatively employing the genre of romantic comedy theatre, Divya directs and perform the lead role in Melody of Love to spread awareness and create societal sensitivity towards the cause and concern for the physically challenged persons. She hopes to redefine theatre as 'entertainment with a purpose’.

The Melody of Love is an entertaining show with a star cast comprising of personalities from Bollywood and television. The play will be staged at Kala Academy, Panjim, Goa on Sunday, 20th April 2008.

GoAir announces Kids’ Fly Free offer for summer vacations

MUMBAI, April 14, 2008: GoAir, India’s smart fare airline, is offering free tickets to children (upto 12 years) during the current summer holidays. The unique offer is valid on all children’s bookings made across the entire network of the airline.  Those passengers wishing to avail this offer can book their children’s free ticket between April 14 to April 20. These tickets are available across all sales channels of GoAir.

Commenting on the offer Mr Edgardo Badiali, Chief Executive Officer, GoAir said, “Families can now plan their holiday travel by taking advantage of GoAir’s Kids Fly Free offer. At GoAir, we always believe in delivering added value to the passengers. This summer, we are offering parents to travel with their children free through the Kids Fly Free offer during the entire summer vacations. Since summer vacation travel is a family phenomenon, we are enabling more families to travel with their kids without impacting their budgetary allocation.”

This initiative is first of its kind in the history of Indian Aviation industry. The time efficiency provided by air travel coupled with GoAir’s unique Kids Fly Free offer will ensure added value to this summer’s vacation plans.

GoAir has been aggressive on its summer pricing strategy with a series of GoSurprizes initiatives. The Kids Fly Free is part of GoAir continuous effort to offer its passengers some of the smartest fares in the industry.

The airline has been recording high load factors in the industry consistently over the last one year. Its market share has also jumped from 2.8 per cent to 4.5 per cent in the last one year. The jump in market share has been achieved by enhancing flown volumes through a combination of smart pricing and value benefits.

Related companies:

· The Bombay Dyeing Mfg. Co. Limited

· The Bombay Dyeing – DMT

· National Peroxide Limited

· The Bombay Burmah Trading Corp. Limited

· Britannia Industries Limited

· Wadia BSN India Limited

· Formica India Division

· B.R.T. India LIMITED

· BCL Springs Division

· Afcoset Balances Division

· Afco Industrial & Chemicals Limited

· Dental Products of India Limited

· Medical Microtechnology Limited

· Instruments Orthopaedics

· Gherzi Eastern Limited

· Neville Wadia Institute of Mangement Studies & Research, Pune

· Nowrosjee Wadia College of Arts & Science, Pune

· Cusrow Wadia Institute Of Technology, Pune

· Ness Wadia College of Commerce, Pune

· D. G. Ruparel College. Mumbai

· New Law College, Mumbai

· Modern Education Society’s College of Engineering, Pune

· Nowrosjee Wadia Meternity Hospital

· Bai Jerbai Wadia Hospital for Childern

· Integrated Clinical Research Sciences Pvt. Limited

· Britannia New Zealand food Pvt. Limited

GoCustomer Care Center:

(MTNL/BSNL) 1800 222 111

(All Phones) 09223 222 111

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 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.48.43
UK Pound	1	Rs.84.54
Euro	1	Rs.65.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.	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