MIRA INFORM REPORT

Report Date :

27.12.2011

IDENTIFICATION DETAILS

Name :	GO AIRLINES (INDIA) LIMITED
Formerly Known As :	GO AIRLINES (INDIA) PRIVATE LIMITED
Registered Office :	Britania Industrial Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110035
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.04.2004
Com. Reg. No.:	55-217305
Capital Investment / Paid-up Capital :	Rs.700.000 Millions
CIN No.: [Company Identification No.]	U63013DLC2004PLC217305
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10184G
Legal Form :	Private Limited Liability Company
Line of Business :	They offer quality consistent, quality assured and time efficient product etc.
No. of Employees :	1500 (Approximately) (In Office + In Branches)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been promoted by Wadia Group. There appears some accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The view of strong promoters company can be considered for small business dealings at usual trade terms and conditions, with slight caution, initially.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Inder
Designation :	Manager Accounts
Contact No.:	91-22-67410000
Date :	26.12.2011

LOCATIONS

Registered Office :	Britania Industrial Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110035, India
Tel. No.:	91-22-22618071 / 67420499 / 67420300 / 67410000
Fax No.:	91-22-67410001
E-Mail :	feedback@goair.in cs@goair.in manoj.pillai@goair.in
Website :	http://www.goair.in
Location :	Owned
Head Office :	1^st Floor C-1Pandurang Budhkar Marg, Wadia International Center (WIC), Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-55410000
Fax No.:	91-22-67410001
E-Mail :	charmaine@GoAir.in
Branch :	Neville House, J N Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Airport Office:	Terminal 1 A, Domestic Airport, Sahar, Andheri, Mumbai-400099
Tel. No. :	91-22-26156636

DIRECTORS

As on 30.09.2011

Name :	Mr. Jeh Nusli Wadia
Designation :	Managing Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025, Maharashtra, India
Date of Birth/Age :	06.07.1973
Date of Appointment :	29.04.2004
DIN No.:	00088831

Other Directorships

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	U51900MH1944PLC004225	Nowrosjee Wadia And Sons Limited	Director	11-03-97	11-03-97	30-06-07	Active	NO
2	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	24-09-98	24-09-98	-	Active	NO
3	U80211MH2001PTC132222	Virtual Education Network Private Limited	Director	04-06-01	04-06-01	-	Active	NO
4	U24299MH2001PTC132850	Integrated Clinical Research Sciences Private Limited	Director	24-07-01	24-07-01	-	Active	NO
5	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	05-08-11	25-07-01	-	Active	NO
6	U63013DL2004PLC217305	Go Airlines (India) Limited	Managing director	01-01-11	29-04-04	-	Active	NO
7	U62100MH2005PTC155865	Go Airways Private Limited	Director	02-09-05	02-09-05	-	Active	NO
8	L15412WB1918PLC002964	Britannia Industries Limited	Director	14-09-05	14-09-05	-	Active	NO
9	U65990MH2006PTC158807	Go Holdings Private Limited	Director	10-01-06	10-01-06	-	Active	NO
10	U63012MH2006PTC162900	Go Cargo Private Limited	Director	28-06-06	28-06-06	-	Active	NO
11	U29199MH2006PTC162899	Go Engineering Private Limited	Director	28-06-06	28-06-06	-	Active	NO
12	U51909MH2006PTC162897	Go Training Private Limited	Director	28-06-06	28-06-06	-	Active	NO
13	L17120MH1879PLC000037	The Bombay Dyeing And Manufacturing Company Limited	Managing director	01-04-11	01-06-10	-	Active	NO
14	U67120MH1976PLC019304	Archway Investment Company Limited	Additional director	20-09-10	20-09-10	15-02-11	Active	NO
15	U65990MH1988PTC048388	Go Investments & Trading Private Limited	Additional director	11-02-11	11-02-11	-	Active	NO

Name :	Mr. Ness Nusli Wadia
Designation :	Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025, Maharashtra, India
Date of Birth /Age :	30.05.1971
Date of Appointment :	29.04.2004
DIN No.:	00036049

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	U51900MH1944PLC004225	Nowrosjee Wadia & Sons Limited	Director	11-03-97	11-03-97	30-06-07	Active	NO
2	L24299MH1954PLC009254	National Peroxide Limited	Director	18-03-97	18-03-97	-	Active	NO
3	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	24-09-98	24-09-98	-	Active	NO
4	L17120MH1879PLC000037	The Bombay Dyeing & Manufacturing Company Limited	Director	04-08-11	01-08-01	-	Active	NO
5	U80211MH2001PTC132222	Virtual Education Network Private Limited	Director	30-08-01	30-08-01	-	Active	NO
6	U24100MH1961PLC012031	Botanium Limited	Director	23-11-01	23-11-01	08-10-08	Active	NO
7	U74999MH1991PLC059856	Wadia Bsn India Limited	Director	31-01-02	31-01-02	14-04-09	Active	NO
8	U36930MH1984PTC033670	Proline India Limited	Director	15-11-02	15-11-02	-	Active	NO
9	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	29-04-04	29-04-04	-	Active	NO
10	U92412CH2008PTC031125	K.P.H. Dream Cricket Private. Limited.	Director	10-03-08	10-03-08	-	Active	NO
11	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Managing director	01-04-11	28-04-10	-	Active	NO
12	L15412WB1918PLC002964	Britannia Industries Ltd	Director	09-08-10	29-04-10	-	Active	NO
13	U65990MH1988PTC048388	Go Investments & Trading Private Limited	Additional director	11-02-11	11-02-11	-	Active	NO
14	U67120MH1980PLC023532	Gherzi Eastern Investments Limited	Additional director	05-09-11	05-09-11	-	Active	NO

Name :	Mr. Nusli Nevile Wadia
Designation :	Director
Address :	Beach House, P. Balumarg, Prabhadevi, Mumbai- 400025, Maharashtra, India
Date of Birth /Age :	15.02.1944
Date of Appointment :	01.06.2004
DIN No.:	00015731

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	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	04-04-68	04-04-68	-	Active	NO
2	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	06-04-74	06-04-74	-	Active	NO
3	L99999GJ1975PLC002859	Atul Limited	Director	22-03-78	22-03-78	01-06-09	Active	NO
4	L27100MH1907PLC000260	Tata Steel Limited	Director	29-08-79	29-08-79	-	Active	NO
5	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	28-10-80	28-10-80	-	Active	NO
6	L24239MH1939PLC002893	Tata Chemicals Limited	Director	26-06-81	26-06-81	-	Active	NO
7	U51900MH1944PLC004225	Nowrosjee Wadia and Sons Limited	Managing director	03-03-86	03-03-86	30-06-07	Active	NO
8	U91110MH1990NPL055085	Goodeed Charitable Foundation	Director	20-02-90	20-02-90	-	Active	NO
9	U91110MH1990PTC055084	Tristar Charitable Foundation	Director	20-02-90	20-02-90	-	Active	NO
10	L15412WB1918PLC002964	Britannia Industries Limited	Director	05-09-93	05-09-93	-	Active	NO
11	U74999MH1991PLC059856	Wadia Bsn India Limited	Director	27-09-93	27-09-93	12-02-09	Active	NO
12	L28920MH1945PLC004520	Tata Motors Limited	Director	22-12-98	22-12-98	-	Active	NO
13	U15201MH2002PTC135164	Britannia Dairy Private Limited	Director	26-03-02	26-03-02	10-11-10	Active	NO
14	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	29-07-05	01-06-04	-	Active	NO
15	U65990MH1988PTC048388	Go Investments and Trading Private Limited	Additional director	11-02-11	11-02-11	-	Active	NO

Name :	Mrs. Vinita K. 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 :	24.08.2006
DIN No.;	00032940

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	U15201MH2002PTC135164	Britannia Dairy Private Limited	Director	03-02-05	03-02-05	10-11-10	Active	NO
2	L15412WB1918PLC002964	Britannia Industries Ltd	Managing director	31-05-11	31-05-06	-	Active	NO
3	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	25-10-07	24-08-06	-	Active	NO
4	L74999TZ1984PLC001456	Titan Industries Limited	Director	27-07-07	08-10-06	-	Active	NO
5	L30007KA1992PLC025294	Mphasis Limited	Director	14-09-07	30-03-07	15-07-10	Active	NO
6	L28992MH1998PLC113433	Piramal Glass Limited	Director	07-08-08	26-07-07	-	Active	NO
7	U66020MH2008FTC179912	Goldman Sachs Trustee Company (India) Private Limited	Director	26-08-09	26-03-08	17-05-11	Active	NO
8	L17120MH1879PLC000037	The Bombay Dyeing And Manufacturing Company Limited	Director	28-08-09	30-04-09	-	Active	NO
9	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	10-08-10	28-04-10	-	Active	NO
10	U85100DL2008NPL178133	Care India Solutions For Sustainable Development	Director	24-11-10	24-11-10	-	Active	NO

Name :	Mr. Vijay Laxman Kelkar
Designation :	Director
Address :	A701, Blossom Boulevard, Plot No.421/2, South Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	15.05.1942
Date of Appointment :	21.06.2011
DIN No.:	00011991

Other Directorships

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	U67190MH2002PLC137798	Idfc Private Equity Company Limited	Director	04-10-04	04-10-04	31-12-07	Active	NO
2	L24239MH1939PLC002893	Tata Chemicals Limited	Director	19-10-04	19-10-04	31-12-07	Active	NO
3	L99999MH1992PLC066213	Jet Airways (India) Limited	Director	18-11-04	18-11-04	31-12-07	Active	NO
4	L99999MH1995PLC089008	Development Credit Bank Limited	Director	13-01-05	13-01-05	31-12-07	Active	NO
5	L35911DL1984PLC017354	Hero Motocorp Limited	Director	24-03-05	24-03-05	31-12-07	Active	NO
6	U65991MH1994PTC078879	Jm Financial Asset Management Private Limited	Director	01-04-05	01-04-05	31-12-07	Active	NO
7	L27102MH1994PLC152925	Jsw Steel Limited	Director	29-06-10	09-05-05	-	Active	NO
8	U74999MH1994PTC077533	Roche Products (India) Private Limited	Director	02-02-10	27-05-05	-	Active	NO
9	L15412WB1918PLC002964	Britannia Industries Limited	Director	09-08-10	20-07-05	-	Active	NO
10	L24100MH1983PLC029442	Lupin Limited	Director	28-07-10	19-10-05	-	Active	NO
11	L72200PN1990PLC059594	Kpit Cummins Infosystems Limited	Director	14-03-06	14-03-06	31-12-07	Active	NO
12	L70100MH1977PLC019916	Housing Development Finance Corporation Limited	Nominee director	19-10-06	19-10-06	31-12-07	Active	NO
13	U11101AP2006PLC051191	Krishna Godavari Gas Network Limited	Director	25-09-07	28-11-06	31-12-07	Active	NO
14	U67120HR2005PLC036952	Orbis Financial Corporation Limited	Director	25-05-07	05-03-07	31-12-07	Active	NO
15	U62100MH1991PLC177728	Jet Lite (India) Limited	Director	28-09-07	20-04-07	31-12-07	Active	NO
16	U73200WB1998PLC087651	Tcg Lifesciences Limited	Additional director	19-09-07	19-09-07	31-12-07	Active	NO
17	U67120MH1992PLC069769	National Stock Exchange Of India Limited	Director	27-09-10	28-09-07	-	Active	NO
18	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-01-10	-	Active	NO
19	U45400DL2008PLC213287	Green Infra Limited	Director	24-09-10	19-02-10	-	Active	NO
20	L67120MH1986PLC038784	Jm Financial Limited	Director	28-07-10	19-03-10	-	Active	NO
21	U74991HR2006PLC036951	Orbis Capital Limited	Director	16-07-10	19-04-10	-	Active	NO
22	U74990MH2008NPL189117	Indian Institute For Human Settlements	Director	22-09-10	28-04-10	-	Active	NO
23	U74900PN2011PTC139394	Csir - Tech Private Limited	Additional director	06-05-11	06-05-11	-	Active	NO
24	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :	Mr. Ishaat Hussain
Designation :	Director
Address :	222-A NCPA Apartments, Nairman Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	02.09.1947
Date of Appointment :	21.06.2011
DIN No.:	00027891

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	L74999TZ1984PLC001456	Titan Industries Limited	Nominee director	17-07-89	17-07-89	-	Active	NO
2	U44003MH1945PLC004403	Tata Industries Limited	Director	03-04-98	03-04-98	-	Active	NO
3	U99999MH1917PLC000478	Tata Sons Limited	Whole-time director	01-07-09	24-11-98	-	Active	NO
4	L29308MH1954PLC009371	Voltas Limited	Director	26-04-99	26-04-99	-	Active	NO
5	L27100MH1907PLC000260	Tata Steel Limited	Director	15-07-99	15-07-99	-	Active	NO
6	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	29-09-99	29-09-99	-	Active	NO
7	U65991MH1995PLC087722	Tata Trustee Company Limited	Director	16-06-00	16-06-00	17-03-11	Active	NO
8	U66010MH2000PLC128403	Tata Aig Life Insurance Company Limited	Director	23-08-00	23-08-00	-	Active	NO
9	U85110MH2000PLC128425	Tata Aig General Insurance Company Limited	Nominee director	24-08-00	24-08-00	-	Active	NO
10	L72200AP1975PLC001970	Cmc Limited	Director	16-10-01	16-10-01	04-01-10	Active	NO
11	L64200MH1986PLC039266	Tata Communications Limited	Director	01-07-02	01-07-02	26-06-07	Active	NO
12	U72200TN2003PTC050510	Speech and Software Technologies (India) Private Limited	Director	13-03-03	13-03-03	-	Active	NO
13	U92120MH2001PLC130365	Tata Sky Limited	Director	06-02-04	06-02-04	-	Active	NO
14	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	02-03-05	02-03-05	26-09-11	Active	NO
15	U67120MH2005PLC155188	Bse Limited	Director	14-09-07	09-11-06	29-05-10	Active	NO
16	L65990MH1991PLC060670	Tata Capital Limited	Director	17-07-07	13-04-07	-	Active	NO
17	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	30-05-07	30-05-07	14-01-11	Active	NO
18	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-01-10	-	Active	NO
19	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	11-08-10	01-06-10	-	Active	NO
20	U72200DL2004PLC228400	Viom Networks Limited	Director	29-09-11	18-03-11	-	Active	NO
21	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :	Mr. Apurva Shishir Diwanji
Designation :	Director
Address :	Wyoming Building, 5^th Floor, Little Gibbs Road, Malabar Hills, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	17.01.1969
Date of Appointment :	21.06.2011
DIN No.:	00032072

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	U70101MH1991PTC061446	Hormaze Property Private Limited	Director	25-08-01	25-08-01	-	Active	NO
2	L24230GJ1995PLC025878	Cadila Healthcare Limited	Director	16-08-03	16-08-03	-	Active	NO
3	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Chander Gupta
Designation :	Secretary
Address :	A201, Brentwoods, Hiranandani Gardens, Powai, Mumbai - 400078, Maharashtra, India
Date of Birth/Age :	22.10.1963
Date of Appointment :	15.07.2011
PAN No.:	ADDPG9345E
Name :	Mr. Inder
Designation :	Manager Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jeh Nusli Wadia	727500
Ness Nusli Wadia	727500
Seawind Investment and Trading Private Limited, India	5000
Nidhivan Investments and Trading Company Private Limited, India	727400
Sahara Investments Private Limited, India	727500
Heera Holdings and Leasing Private Limited, India	727500
Go Investment and Trading Co Private Limited, India	66357600
Total	70000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
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

Products :

Product Description	Item Code
Domestic Airlines, Passenger and Cargo Services	88024000

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees:

1500 (Approximately) (In Office + In Branches)

Bankers :

• IDBI Bank Limited, 224-A, Mittal Court, A-Wing, Nariman Point, Mumbai-400021, Maharashtra, India
• 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
• Central Bank of India, Corporate Finance branch, 1^st Floor, MMO Building, MG Road, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Bank
Term loan	2762.041	325.000
Cash credit	880.178	302.378
From Others
Vehicle finance	2.764	7.180
Interest accrued and due (Amount payable within one year Rs. 1143.913 millions previous year Rs.311.412 millions)	2.148	3.847
Total	3647.131	638.405
Unsecured Loan
From Banks	1678.731	1895.131
From a Directors	312.500	312.500
From Shareholders	750.100	923.100
Inter Corporate Deposits	658.000	2173.100
Interest accrued and due	47.480	18.163
Total	3446.811	5321.994

Note:

• Secured against hypothecation by way of first charge/ subservient charge on fixed assets, margin money and current assets of the company.
• Secured against hypothecation by way of first pari passu charge on stock, outstanding monies receivable and other current assets being movable properties of the company.
• Secured by hypothecation of vehicles purchased under the scheme.

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai-400000, Maharashtra, India
Holding Company:	Go Investment and Trading Private Limited (Formerly Known as Sevakunj Investment and Trading Company Private Limited)

CAPITAL STRUCTURE

As on 30.09.2010

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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		700.000	700.000	700.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(5832.113)	(4933.260)	(4707.756)
NETWORTH		(5132.113)	(4233.260)	(4007.756)
LOAN FUNDS
1] Secured Loans		3647.131	638.405	654.540
2] Unsecured Loans		3446.811	5321.994	2236.411
TOTAL BORROWING		7093.942	5960.399	2890.951
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1961.829	1727.139	(1116.805)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		427.437	138.144	146.429
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.051	0.000	0.000
DEFERREX TAX ASSETS		2577.794	2235.656	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.037	11.576	1.991
	Sundry Debtors	57.588	52.379	13.879
	Cash & Bank Balances	23.907	73.364	52.215
	Other Current Assets	0.000	0.106	0.000
	Loans & Advances	2252.476	2001.575	2111.669
Total Current Assets		2363.008	2139.000	2179.754
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	526.885	847.035	738.711
	Other Current Liabilities	2862.673	2347.124	2689.309
	Provisions	16.903	14.579	14.968
Total Current Liabilities		3406.461	3208.738	3442.988
Net Current Assets		(1043.453)	(1069.738)	(1263.234)
MISCELLANEOUS EXPENSES		0.000	423.077	0.000
TOTAL		1961.829	1727.139	(1116.805)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7519.619	3627.732
		Other Income	769.604	274.805
		TOTAL	8289.223	3902.537	5098.604
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	4099.607	6810.963
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	(197.070)	(1712.359)
Less/ Add	DEPRECIATION/ AMORTISATION		18.766	21.689	28.005
	PROFIT BEFORE TAX		NA	(218.759)	(1740.364)
Less	TAX		NA	6.745	7.256
	PROFIT AFTER TAX		(898.853)	(225.504)	(1747.620)
	EARNINGS IN FOREIGN CURRENCY		471.203	NA	NA
	Earnings Per Share (Rs.)		(12.84)	(3.22)	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(10.84)	(5.78)	(34.28)
Net Profit Margin (PBT/Sales)	(%)	NA	(6.03)	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	(9.61)	(74.82)
Return on Investment (ROI) (PBT/Networth)		NA	0.05	0.43
Debt Equity Ratio (Total Liability/Networth)		(2.05)	(2.17)	(1.58)
Current Ratio (Current Asset/Current Liability)		0.69	0.67	0.63

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	526.885	847.035	738.711

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL RESULTS:

The Company is one of the youngest player in the Indian Domestic Aviation Sector and during the year has planned to setout and widespread its wings to more destinations covering more passengers.

During the Current Fiscal the Net Sales Turnover of the Company has increased substantially by 112% corresponding to same period previous year. The Company has improved its operational performance and the EBITDAR and EBITDA has also improved corresponding to the previous year.

Due to losses in current financial year, the directors do not recommend any dividend for the year ended 31^st March, 2010.

OPERATION AND OUTLOOK:

During the Current Fiscal 2009- 2010 the Company has increased its fleet of aircrafts and got two new aircrafts each in the month of May and June 2009. The Company again took delivery of two more aircrafts in the month of August 2010 and September 2010. The Company has a youngest fleet of 10 Aircrafts with an average age of 1 year and 7 months.

The operational performance of the Company has substantially improved compared to the previous year.

IMPROVED UTILISATION OF AIRCRAFTS:

The Company has improved its utilisation of Aircrafts in the Current Fiscal and has added 4 more cities Patna, Pune, Leh and Lucknow taking its Network to 19 Destinations all over India.

LEAST CANCELLED FLIGHTS AND ON-TIME PERFORMANCE:

The Company has got least number of Cancelled Flights in the Aviation Industry in India and has consistently recording high load factor in the Industry with high on-time performance and consistent and improved customer service.

Bankers Charges Report as per Registry

Name of the company	GO AIRLINES (INDIA) PRIVATE LIMITED
Presented By	Mr. Jeh Wadia, Managing Director
1) Date and description of instrument creating the change	Agreement of loan dated 21^st November, 2005 and hypothecation agreement dated 1^st December, 2005 (Both the agreements constitute a single creation of charge)
2) Amount secured by the charge/amount owing on the securities of charge	Term loan facility of Rs.75.000 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 by way of first charge the assets purchased out of the Bank finance and margin money i.e. Ground Handling Equipment Computer Systems Furniture and Fixtures Electrical Installation Office Equipments
4) Gist of the terms and conditions and extent and operation of the charge.	The rate of interest will be 7.75% p.a., fixed payable monthly and margin of 10% of the value of the assets hypothecated. The term loan is sanctioned for a period of 33 months to be repaid by bullet payment on expiry of 33 months.
5) Name and Address and description of the person entitled to the charge.	State Bank of Patiala, Atlanta, 1^st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
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.	NA

This form is for	Creation of charge
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, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	IDBI Bank Limited, 224-A, Mittal Court, A-Wing, Nariman Point, Mumbai-400021, Maharashtra, India
Email	vijaya.sekhar@idbi.co.in
Nature of description of the instrument creating or modifying the charge	by way of deed of hypothecation dated 15-07-2010
Date of instrument Creating the charge	15.07.2010
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10/06/2010 and as amended from time to time Terms of Repayment as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10/06/2010 and as amended from time to time Margin as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10/06/2010 and as amended from time to time Extent and Operation of the charge second pari passu charge on entire movable fixed assets and current assets of the company both present & future by way of hypothecation to secure due repayment of credit facility to the tune of rs 50 crore together with interest and other costs.
Short particulars of the property charged	I) The Borrowers Entire Stock Of Raw Materials Semi-Finished And Finished Goods, Consumable Storea And Spears And Such Other Moveable Including Book Debts, Bills Whether Documentary Or Clean II) outstanding monies receivables, both present and future and whole of the moveable properties of the borrower including its moveable plant and machinery, machinery spares, tools and accessories and III) other movables both present and future whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the IV) Continuance of these presents be brought into or upon or be stored or be in or about all the borrowers factories, premises and godown or wherever else the same may be held.

Fixed Assets:

• Leasehold Improvements
• Office Equipments
• Computer Equipments
• Furniture and Fixtures
• Vehicle on Finance Lenses
• Ratable
• Computer 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.52.82
UK Pound	1	Rs.82.47
Euro	1	Rs.68.93

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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		26

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.