MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	AIRCEL CELLULAR LIMITED
Formerly Known As :	RPG CELLULAR SERVICES LIMITED
Registered Office :	5^th Floor, Spencer Plaza, 769 Anna Salai, Chennai-600 002, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	21.02.1992
Com. Reg. No.:	039395
Capital Investment / Paid-up Capital :	Rs.15117.166 Millions
CIN No.: [Company Identification No.]	U74999TN1992PLC039395
TAN No.: (Tax Deduction & Collection Account No.)	CHEM01710C
PAN No.: (Permanent Account No.)	AAACR5136R
Legal Form :	A closely held public limited liability Company.
Line of Business :	Service Provider of Cellular, Paging, V-SAT and E-Mail
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba ( 51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	5^th Floor, Spencer Plaza, 769 Anna Salai, Chennai-600 002, Tamilnadu, India
Tel. No.:	91-9841012345
Fax No.:	91-44-28946769/28496769
E-Mail:	response@mobilefirst.org Vijay.krishna@aircel.co.in Ananthalakshmi.subramanian@aircel.co.in talktoaircel@aircel.co.in
Website:	http://www.rpgcellular.com http://www.aircel.co.in
Head Office :	No. 301 (Old No.193), Poonamallee High Road, Kilpauk, Chennai - 600 010, Tamil Nadu, India
Tel. No.:	91-44-25324145
Fax No.:	91-44-25323131
Branch Office :	Coimbatore: Aircel Limited, Arthanari Towers, 3^rd Floor, No.114, Race Course Road, Coimbatore – 641018. Madurai: Aircel Limited, Aparna Towers, 3^rd Floor, 2/3, By Pass Road, Madurai – 625010. Puducherry: Aircel Towers, No.284, Kamaraj Salai, Puducherry – 605008. Salem: Aircel Limited, Blossom Plaza, 2^nd Floor, Four Roads, Salem – 636007. Trichy: Aircel Loimited, Lakshmi Complex, 2^nd Floor, 73B/1, Salai Road, Thillai Nagar, Trichy – 620018.

DIRECTORS

AS ON 19.09.2011

Name :	Mr. Chan Chee Beng
Designation :	Director
Address :	3 JLN TR 6/1, Tropicana Golf and Country Club, Petaling Jaya 47410, Malaysia cbchan@ut.com.my
Date of Birth/Age :	23.08.1955
Date of Appointment :	06.01.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
2	U32201TN1994PLC029608	AIRCEL LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
3	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
4	U72900DL2006PTC146401	South Asia Communications Private Limited	Director	25/03/2006	25/03/2006	-	Active	NO

Name :	Mrs.Suneetha Pottipatti Reddy
Designation :	Director
Address :	5, Subba Rao Avenue II Street, Nungambakkam, Chennai – 600006, Tamilnadu, India
Date of Birth/Age :	03.04.1959
Date of Appointment :	21.03.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993TN1985PTC011751	PDR INVESTMENTS PRIVATE LIMITED	Director	12/04/1985	12/04/1985	04/09/2009	Active	NO
2	L65993GJ1995PLC064810	ADITYA BIRLA MONEY LIMITED	Director	04/07/1995	04/07/1995	06/03/2009	Active	NO
3	U65191TN1996PTC036440	APOLLO INFRASTRUCTURE PROJECTS FINANCE COMPANY PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
4	L72300TN1998PLC041360	APOLLO SINDOORI HOTELS LIMITED	Director	17/08/2007	13/11/1998	-	Active	NO
5	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Whole-time director	01/06/2011	01/05/2000	-	Active	NO
6	U65910TN1991PTC020604	KALPATHARU INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/10/2000	30/10/2000	-	Active	NO
7	U27104TN1981PTC008951	SINDOORI SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Strike off	NO
8	U85320TN1974PLC006623	A.B.MEDICAL CENTRES LIMITED	Director	19/07/2001	19/07/2001	25/05/2007	Active	NO
9	U33112WB1988PLC045223	APOLLO GLENEAGLES HOSPITAL LIMITED	Nominee director	26/08/2002	26/08/2002	-	Active	NO
10	U31402TN2002PTC049731	SINDYA AQUA MINERALE PRIVATE LIMITED	Director	16/10/2002	16/10/2002	04/09/2009	Active	NO
11	U17111TN1991PLC021205	VASUMATI SPINNING MILLS LTD.	Director	05/12/2002	05/12/2002	-	Active	NO
12	U51501GJ2003PLC065196	ADITYA BIRLA COMMODITIES BROKING LIMITED	Director	10/10/2003	10/10/2003	06/03/2009	Active	NO
13	U45203TN2002PTC048844	SINDYA INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
14	U72200TN2004PTC052711	FSM LABS SERVICES PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Strike off	NO
15	U72200TN2004PTC053718	SINDYA BUILDERS PRIVATE LIMITED	Director	14/07/2004	14/07/2004	-	Active	NO
16	U85110TN1997PLC037382	APOLLO MUMBAI HOSPITAL LIMITED	Director	30/09/2004	30/09/2004	06/11/2006	Active	NO
17	U45201TN1981PTC008782	KALPATHARU ENTERPRISES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	-	Active	NO
18	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
19	U65993TN1996PLC036644	PCR INVESTMENTS LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO
20	U85110AP2003PLC040647	SAMUDRA HEALTH CARE ENTERPRISES LIMITED	Director	29/11/2005	29/11/2005	25/05/2007	Active	NO
21	U85110KA1991PLC011781	Imperial Hospital and Research Centre Limited	Nominee director	18/01/2006	18/01/2006	-	Active	NO
22	U67120TN2006PTC058605	SINDYA SECURITIES & INVESTMENTS PRIVATE LIMITED	Director	19/01/2006	19/01/2006	24/01/2011	Active	NO
23	U32201TN1994PLC029608	AIRCEL LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
24	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
25	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
26	U64202DL2006PTC144852	DECCAN DIGITAL NETWORKS PRIVATE LIMITED	Director	25/03/2006	25/03/2006	-	Active	NO
27	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Alternate director	31/07/2006	31/07/2006	-	Active	NO
28	U85110TN2006PLC061114	INDIAN HOSPITALS CORPORATION LIMITED	Director	20/03/2010	14/09/2006	26/03/2010	Active	NO
29	U85110TN2006PTC061323	WESTERN HOSPITALS CORPORATION PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
30	U66030AP2006PLC051760	APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED	Director	28/12/2007	12/12/2006	-	Active	NO
31	U40109TN2007PTC062868	SINDYA POWER GENERATING COMPANY PRIVATE LIMITED	Director	29/03/2007	29/03/2007	-	Active	NO
32	U85100TN2007PTC064527	FABER SINDOORI MANAGEMENT SERVICES PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
33	U40104TN2007PTC064188	THARANI ENERGY INDIA PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
34	U73100AP2009FTC064239	Quintiles Phase One Clinical Trials India Private Limited	Director	03/07/2009	03/07/2009	-	Active	NO
35	U85100AP2007PTC054589	HEALTH SUPERHIWAY PRIVATE LIMITED	Nominee director	01/09/2009	01/09/2009	-	Active	NO
36	U85110TN2007PTC064258	APOLLO COSMETIC SURGICAL CENTER PRIVATE LIMITED	Director	30/09/2010	30/09/2010	-	Active	NO
37	U40102TN2010PTC078096	GARUDA ENERGY PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
38	U45205TN2011PTC079111	SIRKAZHI PORT PRIVATE LIMITED	Director	08/02/2011	08/02/2011	-	Active	NO
39	U67190TN2011PTC079267	SINDYA HOLDINGS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO

Name :	Mr.Raghvendra Madhav
Designation :	Director
Address :	A-154, New Friends Colony, New Delhi – 110065, Delhi, India
Date of Birth/Age :	26.05.1961
Date of Appointment :	21.03.2006
Date of Ceasing :	28.10.2010

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32202DL1997PTC086615	INDIA DTU PRIVATE LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
2	U32202DL1997PTC086616	INDIA DTH PRIVATE LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
3	U64120DL1999PTC101773	ASTRO NETWORK INDIA PRIVATE LIMITED	Director	15/11/1999	15/11/1999	-	Active	NO
4	U74899DL1999PTC101774	ASTRO E.COM INDIA PRIVATE LIMITED	Director	15/11/1999	15/11/1999	-	Active	NO
5	U64120DL1999PTC102931	AIRTIME MARKETING AND SALES INDIA PRIVATE LIMITED	Director	02/03/2000	02/03/2000	-	Active	NO
6	U92142DL2000PTC104192	ASIA ACCESS PRIVATE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
7	U74899DL1995PTC067294	NETWORK SYSTEMS PRIVATE LIMITED	Director	07/02/2002	07/02/2002	-	Active	NO
8	U74140KA2005PTC035649	INDIA MALAYSIA SATELLITE COMPANY PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Dormant	NO
9	U92111AP2005PTC048588	A.V.DIGITAL NETWORKS(HYDERABAD) PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
10	U72200AP2005PTC048589	DECCAN DIGITAL NETWORKS (HYDERABAD) PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
11	U72200AP2005PTC048619	METRO DIGITAL NETWORKS (HYDERABAD) PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
12	U74899DL2005PTC143204	OPTIMUM MEDIA SERVICES PRIVATE LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
13	U80302DL2005PTC143205	PIONEER RADIO TRAINING SERVICES PRIVATE LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
14	U92131TN2005PTC058222	AISA RADIO BROADCAST PRIVATE LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
15	U32201TN1994PLC029608	AIRCEL LIMITED	Director	21/03/2006	21/03/2006	21/03/2011	Active	NO
16	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	21/03/2006	21/03/2006	21/03/2011	Active	NO
17	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	21/03/2006	21/03/2006	28/10/2010	Active	NO
18	U72901DL2006PTC148334	OPTIMUM INFRADEVELOPERS PRIVATE LIMITED	Director	29/04/2006	29/04/2006	27/08/2007	Active	NO
19	U64202DL2006PTC144852	DECCAN DIGITAL NETWORKS PRIVATE LIMITED	Additional director	12/09/2006	12/09/2006	20/03/2011	Active	NO
20	U92142MH2007PLC167974	GENX ENTERTAINMENT LIMITED	Director	20/02/2007	20/02/2007	20/09/2007	Active	NO
21	U45201DL2005PTC133299	CASABLANCA REAL ESTATE DEVELOPERS PRIVATE LIMITED	Additional director	24/12/2007	24/12/2007	29/03/2008	Active	NO
22	U72300DL2007PTC171457	Flexi Infosoftech Solutions Private Limited	Director	30/09/2008	01/05/2008	-	Active	NO
23	U93090AP2006PTC051349	MAX FLEXI SERVICES PRIVATE LIMITED	Director	30/09/2008	01/05/2008	-	Active	NO
24	U65993DL2000PTC104193	ASTRO ALL-INDIA INVESTMENTS PRIVATE LIMITED	Director	30/07/2008	23/06/2008	-	Active	NO
25	U72900MH2008PTC182928	MOGAE DIGITAL PRIVATE LIMITED	Director	16/08/2008	01/08/2008	22/03/2010	Active	NO
26	U72300DL2008PTC178814	DIGINATIVES CONTENT SOLUTIONS PRIVATE LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
27	U92132TN2005PTC055398	SUN DIRECT TV PRIVATE LIMITED	Director	24/09/2009	15/11/2008	-	Active	NO
28	U92131TN2005PLC057987	SOUTH ASIA FM LIMITED	Director	24/09/2009	22/06/2009	-	Active	NO
29	U72900MH2006PTC163087	Tangerine Digital Entertainment Private Limited	Director	30/09/2010	03/09/2010	-	Active	NO
30	U72200DL2005PTC140917	GETIT INFOSERVICES Private LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
31	U72300DL1998PTC093464	CONNECT MARKET DATA PRIVATE LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
32	U74900DL2010PTC203968	NDTV LIFESTYLE HOLDINGS PRIVATE LIMITED	Director	03/08/2011	01/12/2010	-	Active	NO
33	U92120DL2006PLC156534	NDTV LIFESTYLE LIMITED	Director	03/08/2011	01/12/2010	-	Active	NO

Name :	Mr. Sandip Das
Designation :	Director
Address :	No.6, Lorong Titiwangsa 4, Off Jalan Kuantan, Kuala Lumpur, Malaysia – 53000
Date of Birth/Age :	11.01.1958
Date of Appointment :	01.03.2007

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32201TN1994PLC029608	AIRCEL LIMITED	Director	13/06/2007	01/03/2007	-	Active	NO
2	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	13/06/2007	01/03/2007	-	Active	NO
3	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	13/06/2007	01/03/2007	-	Active	NO
4	U72900DL2006PTC146401	South Asia Communications Private Limited	Director	17/08/2007	17/08/2007	-	Active	NO
5	U64202DL2006PTC144852	DECCAN DIGITAL NETWORKS PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO

Name :	Mr. Ameen Fahad Al SHiddi
Designation :	Director
Address :	Apartment No. 3, Building No.7099, Oliaya Street, Warood, Riyadh, Saudi Arabia – 11652
Date of Birth/Age :	07.10.1972
Date of Appointment :	07.03.2008
Date of Ceasing :	28.10.2010

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32201TN1994PLC029608	AIRCEL LIMITED	Director	29/05/2008	07/03/2008	01/01/2011	Active	NO
2	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	29/05/2008	07/03/2008	28/10/2010	Active	NO
3	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	29/05/2008	07/03/2008	01/01/2011	Active	NO

Name :	Dr. Fahad Hussain Mushayt
Designation :	Director
Address :	No.10, King Abdullah Road, Alworood, P O Box No. 365392, Riyadh, Saudi Arabia -11393
Date of Birth/Age :	24.09.1968
Date of Appointment :	20.06.2011

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	19/09/2011	02/02/2011	-	Active	NO
2	U32201TN1994PLC029608	AIRCEL LIMITED	Director	19/09/2011	02/02/2011	-	Active	NO
3	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	19/09/2011	20/06/2011	-	Active	NO

Name :	Mr. KVP Baskaran
Designation :	Whole Time Director
Address :	Old No.19, New No.2, Vidyodaya, 1^st Cross Street, Behind Nadiger Sangam, T Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	21.07.1961
Date of Appointment :	19.12.2003

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33209TN1996PLC035712	ETH LIMITED	Director	10/06/1996	10/06/1996	16/04/2008	Active	NO
2	U33111TN1986PLC013119	SIVA VENTURES LIMITED	Director	04/05/1998	04/05/1998	-	Active	NO
3	U01134TN1994PLC026861	SIVA INDUSTRIES AND HOLDINGS LIMITED	Director	25/08/1999	25/08/1999	-	Active	NO
4	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	21/03/2006	21/03/2006	28/10/2010	Active	NO
5	U32106TN1975FLC006928	INSIGHT ENTERTAINMENT MEDIA LIMITED	Director	05/05/2007	05/05/2007	12/05/2008	Active	YES
6	U74999TN2010PTC075505	GREEN OCEAN INVESTMENTS PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
7	U52100TN2010PTC075541	BLUE BEACH TRADING PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sudhir Mathur
Designation :	Director
Address :	B-1/8, Vasant Vihar, New Delhi – 110057, Delhi, India
Date of Birth/Age :	08.03.1962
Date of Appointment :	30.06.2010
Name :	Mr. Kunjabihari Pradhan
Designation :	Secretary
Address :	61, Ko Su Mani Street, Roopam Apartment, MMDA Colony, Choolaimedu, Chennai – 600094, Tamilnadu, India
Date of Birth/Age :	07.07.1977
Date of Appointment :	05.01.2009
Date of Ceasing:	28.10.2010

MAJOR SHAREHOLDERS

AS ON 19.09.2011

Names of Shareholders	No. of Equity Shares
Aircel Limited, Chennai	1048999994
Aircel Limited jt. Shardul Suresh Shroff	1
Aircel Limited jt. Pallavi Suresh Shroff	1
Aircel Limited jt. Ciccu Mukhopadhaya	1
Aircel Limited jt. Ritu Balla	1
Aircel Limited Jt. Manu Nair	1
Aircel Limited jt. Himanshu Narayan	1
TOTAL	1049000000
Names of Shareholders	No. of Preference Shares
Global Communication Services Holdings Limited, Mauritius	462716600

AS ON 19.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Cellular, Paging, V-SAT and E-Mail
Products :	Provision of Cellular Mobile Telephone Services

GENERAL INFORMATION

Customers :

• Retailers
• End Users

No. of Employees :

2500 (Approximately)

Bankers :

Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loans and Advances from Banks	0.000	155.638
Interest accrued and due on loans	0.000	1.742
TOTAL	0.000	157.380
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Other Loans and Advances
Loan from Holding Company	364.915	937.324
TOTAL	364.915	937.324

Banking Relations :

--

Auditors :

Name :

Price Waterhouse

Chartered Accountant

Address :

Building No.8, 7^th and 8^th Floor, Tower B, DLF Cyber City, Gurgaon – 122001, Haryana, India

Ultimate Holding

Company :

Maxis Communications

Intermediate Holding

Company :

Global Communications Services Holdings Limited

Holding Company :

Aircel Limited (AL)

Subsidiaries :

· Maxis Mobile Services Sdn. Bhd

· Dishnet Wireless Limited (DWL)

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000000	Equity Shares	Rs.10/-each	Rs.10500.000 Millions
500000000	Redeemable cumulative non convertible preference shares	Rs.10/-each	Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1049000000	Equity Shares (*Entire Share Capital is held by the Holding Company, Aircel Limited and its nominees)	Rs.10/-each	Rs.10490.000 Millions
462716600	Redeemable cumulative non convertible preference shares (#462,716,600 5 years Redeemable Cumulative Non-Convertible Preference Shares (Previous Year Nil) Rs. 10 each fully paid up, issued to the Intermediate holding company Global Communications Services Holdings Limited., Mauritius, on preferential basis)	Rs.10/-each	Rs.4627.166 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		15117.166	490.000	490.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9439.379	4801.887	4495.053
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24556.545	5291.887	4985.053
LOAN FUNDS
1] Secured Loans		0.000	168.380	471.856
2] Unsecured Loans		364.915	937.324	0.000
TOTAL BORROWING		364.915	1105.704	471.856
DEFERRED TAX LIABILITIES		0.000	13.066	18.284
TOTAL		24921.460	6410.657	5475.193
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7318.595	6465.055	4977.403
Capital work-in-progress		618.024	763.473	1285.377
INVESTMENT		300.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.261	11.715	23.299
	Sundry Debtors	625.820	202.735	341.507
	Cash & Bank Balances	3770.041	170.739	577.387
	Other Current Assets	15.122	13.753	25.098
	Loans & Advances	17484.419	1136.630	1061.539
Total Current Assets		21904.663	1535.572	2028.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3125.953	1583.664	2676.629
	Others Current Liabilities	2057.317	587.391
	Provisions	36.552	182.388	139.787
Total Current Liabilities		5219.822	2353.443	2816.416
Net Current Assets		16684.841	(817.871)	(787.586)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24921.460	6410.657	5475.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Service Revenue	5746.351	5358.397	5589.905
		Other Income	3662.943	103.704	10.274
		TOTAL (A)	9409.294	5462.101	5600.179
Less	EXPENSES
		Cost of Sim Cards	25.820	19.461	27.541
		Access Charges	1472.715	1281.802	1296.156
		Network Operating	928.600	689.669	467.061
		License Fees and Spectrum Changes	623.506	586.043	668.276
		Personal Expenses	198.028	215.244	199.105
		Selling, Distribution and Marketing Expenses	1013.966	845.053	590.957
		General and Administration Expenses	1268.642	444.340	336.398
		TOTAL (B)	5531.277	4081.612	3585.494
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3878.017	1380.489	2014.685
Less	FINANCIAL EXPENSES (D)		(304.542)	58.510	72.052
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4182.559	1321.979	1942.633
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1028.952	884.721	656.912
Less	PRIOR PERIOD ADJUSTMENT		0.000	10.316	0.000
	PROFIT BEFORE TAX		3153.607	426.942	1285.721
Less	TAX		802.926	120.108	215.634
	PROFIT AFTER TAX		2350.681	306.834	1070.087
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4308.014	4001.180	2931.093
Less	APPROPRIATIONS
	BALANCE CARRIED TO THE B/S		6658.695	4308.014	4001.180
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	326.034	200.705	163.242
	TOTAL EARNINGS		326.034	200.705	163.242
	IMPORTS
		Capital Goods	485.817	48.685	169.373
	TOTAL IMPORTS		485.817	48.685	169.373
	Earnings Per Share (Rs.)		2.92	6.26	21.84

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	24.98	5.62	18.77
Net Profit Margin (PBT/Sales)	(%)	54.88	7.97	23.00
Return on Total Assets (PBT/Total Assets}	(%)	10.79	5.34	15.50
Return on Investment (ROI) (PBT/Networth)		0.13	0.08	0.25
Debt Equity Ratio (Total Liability/Networth)		0.23	0.65	0.65
Current Ratio (Current Asset/Current Liability)		4.19	0.65	0.72

LOCAL AGENCY FURTHER INFORMATION

Profile:

Subject is in the business of providing telecommunication services in India. Its holding company, Aircel Limited (“AL”) and fellow subsidiary Dishnet Wireless Limited (“DWL”) also provide telecommunication services in India. Collectively, AL, ACL and DWL are referred to as “AL Group” or “The Group”.

ACL is in the process of rapidly expanding its business by rolling out telecom network including 3G and BWA network rollout. The Company's business is largely dependent on growing demand and competition among the telecom operators and this has a greater influence on the profits earned by it.

During the year ended December 31^st, 2010, the Company’s holding company and the fellow subsidiary have incurred significant cash losses and as at the year-end the net worth of AL Group has been partially eroded. Based on the expansion of operations planned in 2010, AL Group has an additional funding requirement in 2011.

In addition, AL Group also has substantial amount of borrowings due for repayment in 2011.

During the year AL, subject and DWL together had signed a business transfer agreement with Chennai Network Infrastructure Limited for sale of its tower business. Further, to provide an appropriate long term funding structure, AL Group is in the process of arranging long term funding and expects to achieve financial closure in 2011.

The ultimate holding Company (Maxis Communications Berhad) has provided a letter of support to the Company confirming its intention to provide financial support as may be necessary to enable the Company to meet its liabilities and commitments as they fall due and to enable the Company to carry on business without curtailment of operations

The Board of Directors of subject have considered all the above factors and based on business plans for 2011 and the letter of support from the ultimate holding company taken on record in its meeting held in June 21, 2011 believes that it is appropriate to prepare the accounts for the year on going concern basis.

FORM 8:

This form is for	Creation of charge
Charge identification number of the modified	---
Corporate identity number of the company	U74999TN1992PLC039395
Name of the company	AIRCEL CELLULAR LIMITED
Address of the registered office or of the principal place of business in India of the company	5^TH FLOOR SPENCER PLAZA,769,ANNA SALAI, CHENNAI – 600002, TAMILNADU, INDIA
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	Nationalized bank
Nature of description of the instrument creating or modifying the charge	Deed of a hypothecation datyed 30.11.2009
Date of instrument Creating the charge	30.11.2009
Amount secured by the charge	Rs.5000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest not applicable as the facility is a non-fund based facility. commission payable @ 0.40% p.a. for LC facility of Rs.2100.000 Millions. Commission @ 0.35% p.a. for LC facility of Rs.2900.000 Millions Terms of Repayment The company shall honour the commitment on due date. The facility shall be for a tenure of 3 Years Margin Not applicable Extent and Operation of the charge The charge operates as security for the due payment of the facilities availed and interest, discount, commission, charges, costs and expenses payable to IDBI Bank Limited Others ---
Short particulars of the property charged	(I) Entire stock of raw materials,semi-finished and finished goods,consumable stores and spares and such other movables including book debts, bills, outstanding monies receivables, both present and future Whoie of movable properties, including movable plant and machinery, machinery spares, tools and accessories, other movables, both present and future, whether installed or not Documents of title to goods, receivables including receivables by way of cash assistance and I or incentives under Cash Incentive Scheme or any other Scheme Claims, including claims by way of refund of customs I excise duties under the Duty Drawback Credit Scheme Claims on Bills, invoices documents, contracts, insurance policies, etc. AII future machinery belonging to or in possession of or under the control of the Company wherever lying, stored or in the possession of or under the control of the Company. AII the assets charged are on first charge basis. AII the assets charged are located across all locations of the Company.

FIXED ASSETS;

• Freehold Land
• Buildings
• Plant And Machinery
• Leasehold Improvements
• Office Equipment
• Furniture And Fittings
• Motor Vehicles
• Linces Fees (Entry Fees)
• Software

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.51.44
UK Pound	1	Rs.80.37
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.