MIRA INFORM REPORT

Report Date :

05.01.2011

NOTE :-

Given Address of the company has been shifted to Senapati Bapat Marg, Elphinstone (west), Mumbai – 400013, Maharashtra, India

IDENTIFICATION DETAILS

Name :	AIRMID AVIATION SERVICES PRIVATE LIMITED

Registered Office :	E-29, 1^st Floor, Connaught Palace, New Delhi – 110001, Delhi

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	20.07.2007

Com. Reg. No.:	55-166080

CIN No.: [Company Identification No.]	U62200DL2007PTC166080

Legal Form :	Private Limited Liability Company.

Line of Business :	Service Provider of Aviation Services.

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a Subsidiary of India Bulls Real Estate Limited. Subject is a company having moderate track. Profitability of the company appears to be under severe pressure. There appears to be huge accumulated losses recorded by he company. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Sanjeev
Designation :	Finance Manager
Contact No.:	91-22-30866075
Date :	31.12.2010

LOCATIONS

Registered Office :	E-29, 1^st Floor, Connaught Palace, New Delhi – 110001, Delhi, India
Tel. No.:	91-22-30866075
Fax No.:	91-22-30439715
E-Mail :	vkhandelwal@indiabulls.com
Website :	http://www.indiabulls.com
Area :	10000 sq. ft.
Location :	Owned

Indiabulls Center :	Senapati Bapat Marg, Elphinstone (west), Mumbai – 400013, Maharashtra, India

DIRECTORS

Name :	Mr. Mehul Jhonson
Designation :	Director
Address :	Flat No. 2802, 28^th Floor, Tower 1, Imperial Tower, M.P. Mill Compound, Tardeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	28.02.1972
Date of Appointment :	12.08.2010

Name :	Mr. Anil Malhan
Designation :	Director
Address :	R-63, Raj Kunj, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India
Date of Birth/Age :	14.01.1973
Date of Appointment :	17.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders		No. of Shares
Indiabulls Real Estate Limited (India)		1999994
Mr. Anil Malhan		1
Mr. Ashok Sharma		1
Mr. Satish Chand		1
Mr. Somesh Singh		1
Mr. Tejinderpal Miglani Singh		1
Mr. Sanjeev Ranjan		1
Total		2000000

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Aviation Services.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

40 (In office) (Approximartely)

Bankers :

HDFC Bank, Branch Mumbai
Axis Bank, Trishul, 3^rd Floor, Opp. Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From – GC Capital Services India (Secured by way of hypothecation of respective aircrafts)	0.000	613.360
Total	0.000	613.360

Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Other Loans and Advances from others
From Holding Company – Indiabulls Real Estate Limited	0.000	1356.048
Total	0.000	1356.048


Banking Relations :	--

Auditors :
Name :	Sharma Goel and Company Chartered Accountant
Address :	Y – 59, Hauz Khas, New Delhi – 110016, Delhi, India

Holding Company :	Indiabulls Real Estate Limited (India) CIN No. : L45101DL2006PLC148314

Associates/Subsidiaries :	Indiabulls Estate Limited Indiabulls Wholesale Services Limited Sophia Real Estate Limited Indiabulls Infrastructure Development Limited Mariana Constructions Limited Sentia Infrastructure Limited Ceres Land Development Airmid Developers Limited Angina Real Estate Limited Apesh Properties Limited Diana Buildwell Limited Juventus Estate Limited Selene Estate Limited Indiabulls Power Limited Selene Constructions Limited

CAPITAL STRUCTURE

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

NOTE :- Entire paid up capital is held by the holding company – Indiabulls Real Estate Limited and it nominees.

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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(424.086)	(272.700)	(153.551)
NETWORTH		(404.086)	(252.700)	(133.551)
LOAN FUNDS
1] Secured Loans		0.000	613.360	0.000
2] Unsecured Loans		0.000	1356.048	1402.855
TOTAL BORROWING		0.000	1969.408	1402.855
DEFERRED TAX LIABILITIES		0.000	0.000	79.169

TOTAL		(404.086)	1716.708	1348.473

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1132.411	1204.456	1266.217
Capital work-in-progress		122.686	122.686	122.686

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	15.148	37.865	15.505
	Cash & Bank Balances	326.599	292.793	184.081
	Other Current Assets	2.145	3.776	0.580
	Loans & Advances	40.129	80.320	36.834
Total Current Assets		384.021	414.754	237.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.867	20.862
	Other Current Liabilities	2028.038	3.606	276.705
	Provisions	1.299	0.720	0.725
Total Current Liabilities		2043.204	25.188	277.430
Net Current Assets		(1659.183)	389.566	(40.430)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		(404.086)	1716.708	1348.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Revenuer from Operations	104.713	171.261	15.655
		Other Income	26.695	24.676	3.651
		TOTAL (A)	131.408	195.937	19.306

Less	EXPENSES
		Operating Expenses	122.542	199.740	31.421
		Employee remuneration and benefits	30.434	37.397	5.014
		Administrative and other expenses	13.464	8.672	46.490
		TOTAL (B)	166.440	245.809	82.925

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(35.032)	(49.872)	(63.619)

Less	FINANCIAL EXPENSES (D)		44.014	76.032	0.068

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(79.046)	(125.904)	(63.687)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		72.340	72.214	9.945

	PROFIT BEFORE TAX (E-F) (G)		(151.386)	(198.118)	(73.632)

Less	TAX (I)		0.000	(78.969)	79.919

	PROFIT AFTER TAX (G-I) (J)		(151.386)	(119.149)	(153.551)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(272.700)	(153.551)	0.000

	BALANCE CARRIED TO THE B/S		(424.086)	(272.700)	(153.551)

	IMPORTS
		Stores & Spares	0.655	5.005	NA
		Capital Goods	0.000	8.414	NA
	TOTAL IMPORTS		0.655	13.419	NA

	Earnings Per Share (Rs.)		(75.69)	(59.57)	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(115.20)	(60.81)	(795.35)

Net Profit Margin (PBT/Sales)	(%)	(144.57)	(115.68)	(470.34)

Return on Total Assets (PBT/Total Assets}	(%)	(9.98)	(12.23)	(4.90)

Return on Investment (ROI) (PBT/Networth)		0.37	0.78	0.55

Debt Equity Ratio (Total Liability/Networth)		(5.06)	(7.89)	(12.58)

Current Ratio (Current Asset/Current Liability)		0.19	16.47	0.85

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.000	0.000	NA
Due to Others	13.867	20.862	NA
Total	13.867	20.862	NA

OPERATIONS :

During the period, the company has incurred net loss of Rs.151.386 Millions due to administrative and other expenses.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U62200DL2007PTC166080
Name of the company	AIRMID AVIATION SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-29, 1^st Floor, Connaught Palace, New Delhi – 110001, Delhi, India
Type of charge	Movable Property
Particular of charge holder	Axis Bank, Trishul, 3^rd Floor, Opp. Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Hypothecation of aircraft namely Bombardier Challenger 850 having serial no.8070 as a whole asset vide Deed of Hypothecation dated 10th August, 2010
Date of instrument Creating the charge	10.08.2010
Amount secured by the charge	Rs.935.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per Sanction letter or as stipulated by Bank from time to time. Terms of Repayment : As per Sanction letter or as stipulated by Bank from time to time. Margin : 13.48% Extent and Operation of the charge : Credit facilities granted to secure following Limits. Term loan of Rs.93,53,00,000 LOU for Buyer's Credit USD 19900000 ( as a sublimit of Term Loan) Security by exclusive charge on the aircraft being financed -Bombardier Challenger 850 having serial no.8070 as a whole asset.
Short particulars of the property charged	Exclusive charge on Bombardier Challenger 850 serial no.8070. Registration Indian VT-IBP. Year of manufacture 2007. Engine type GE make CF34-3B1 (2 nos.)

FIXED ASSETS :

Aircrafts
Plant and Machinery
Office Equipment
Computers
Vehicles
Furniture and Fixtures

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.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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.

MIRA INFORM REPORT

0.000

15.148

326.599

2.145

40.129

384.021

2028.038

1.299

2043.204

(1659.183)

(115.20)

(144.57)

(9.98)

0.37

(5.06)

0.19

Unit