MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	SUPER AIRPORT PRIVATE LIMITED (w.e.f. 01.11.2010)

Formerly Known As :	RATHNA AIRPORT INFRASTRUCTURE (INDIA) PRIVATE LIMITED

Registered Office :	“Saraswathi Bagh”, No. 12/1, Thomas Park, Race Course, Coimbatore – 641 018, Tamil Nadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	03.06.2008

Com. Reg. No.:	18-14518

Capital Investment / Paid-up Capital :	Rs.5.000 millions

CIN No.: [Company Identification No.]	U74999TZ2008PTC014518

Legal Form :	Private Limited Liability Company

Line of Business :	To develop a Greenfield Airport.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Status :	Yet to Commenced Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	As per last available financials, the company is yet to commenced its commercial operation. Payments terms are not known. The company can be considered for business dealings on a secured trade terms and conditions. The Profit and Loss of the company is not available.

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

LOCATIONS

Registered Office :	“Saraswathi Bagh”, No. 12/1, Thomas Park, Race Course, Coimbatore – 641 018, Tamil Nadu, India
Tel. No.:	91-422-4368653
Fax No.:	91-422-4368635
E-Mail :	info@superairport.cc
Website :	http://superairport.co.in/

DIRECTORS

As on 20.08.2010

Name :	Mr. J V Chowdhury
Designation :	Director
Address :	# 1, V P Naidu Street, Avinashi Road, Coimbatore – 641 018, Tamil Nadu, India
Date of Birth/Age :	29.06.1962
Date of Appointment :	03.06.2008
DIN No. :	00009439

Name :	Mrs. V Parvathy
Designation :	Managing Director
Address :	# 4, Dwaraka Apartments, 380, Puliyakulam Main Road, Samir Thottam, Coimbatore – 641 045, Tamil Nadu, India
Date of Birth/Age :	06.11.1972
Date of Appointment :	03.06.2008
DIN No. :	02132505

Name :	Mr. J Balu
Designation :	Director
Address :	# 50, Att Colony, Avinashi Road, Coimbatore – 641 018, Tamil Nadu, India
Date of Birth/Age :	04.04.1965
Date of Appointment :	03.06.2008
DIN No. :	00283985

KEY EXECUTIVES

Name :	KSR and Company
Designation :	Company Secretaries
Address :	Indus Chambers, Ground Floor, No. 101, Govt. Arts College Road, Coimbatore – 641 018, Tamil Nadu, India
Tel No. :	91-422-2305676 / 2302867 / 2302868 / 4394948
Mobile No. :	91-9443026172 (KSR) 91-9443709781-83 (Staff)
Telefax No. :	91-422-2302867
E-Mail :	rirs@eth.net
Website :	www.ksrandco.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2010

Names of Shareholders		No. of Shares
Super Airport Holdings (India) Private Limited, India		250000
JVC Corporate Services Private Limited, India		5
JVC Textiles Private Limited, India		250000
Total		500005

As on 20.08.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

To develop a Greenfield Airport.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Indore

Avinashi Road, Coimbatore – 641 018, Tamil Nadu, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
JVC Textiles (Private) Limited	0.000	0.180
J V Chowdhury	0.000	0.020
Total	0.000	0.200


Banking Relations :	--

Auditors :
Name :	D Venkataramanan Chartered Accountant
Address :	No. 80, II Floor, West Periyasamy Road, R S Puram, Coimbatore – 641 002, Tamil Nadu, India
Tel. No.:	91-422-2545501
Mobile No.:	91-9363100338
Qualification :	M.Com, FCA

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1020000	Equity Shares	Rs.10/- each	Rs.10.200 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500005	Equity Shares	Rs.10/- each	Rs.5.000 millions

Out of 500005 equity shares of Rs.10/- each fully paid, 250000 shares are held by the group company Super Airport Holdings (I) Private Limited and 250000 shares are held by Group Company JVC Textiles (Private) Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5.000	5.000
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.200
TOTAL BORROWING		0.000	0.200
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		5.000	5.200

APPLICATION OF FUNDS

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

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.005	0.014
	Other Current Assets	0.000	0.000
	Loans & Advances	4.780	5.011
Total Current Assets		4.785	5.025
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.002	0.008
	Provisions	0.000	0.000
Total Current Liabilities		0.002	0.008
Net Current Assets		4.783	5.017

MISCELLANEOUS EXPENSES		0.217	0.183

TOTAL		5.000	5.200

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.00	0.04

Current Ratio (Current Asset/Current Liability)	2392.50	628.13

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

The company was incorporated in June, 2008, and has not started its commercial operations up to the year ending 31.03.2010.

WEB DETAILS

· Subject was selected by the Department of Tourism, Government of Puducherry (GoP) to do a pre feasibility study for establishing an Airport at Karaikal and the findings were well accepted by the GoP.

· The findings led subject to strongly believe that an Airport in Karaikal would be ideal for the growth of the economy of Karaikal and its surrounding regions. The Company decided to develop the location for a Small Greenfield Private Airport.

· They have obtained NOC from Government of Puducherry for setting up an Airport at Karaikal.

· Site has been cleared by the Ministry of Civil Aviation, Govt. of India and also the Defence clearance has been obtained.

· "In-Principle" clearance received .

People

Mr. J. VenkatesamChowdhury, Chairman

Education :

Schooling in Carmel Garden Matric School.

B.E. (Hons.) in Production Engineering at PSG College of Technology, Coimbatore.

M.S. in Industrial Management Engineering at Renesselaer Polytechnic Institute, Troy, NewYork.

Specialized in two areas:

General Purpose Simulation System (GPSS), which enhances the skill to evaluate Airline scheduling. Expert System for selection of Fork Lift Trucks.

Has to his credit many Publications in the field of Aviation, Industrial Engineering and Artificial Intelligence.

Dr. K Ramalingam, Managing Director

Formerly, Executive Director, Airports Authority of India

University Education :

1965-70 B.E Electrical Engineering, Madras University
1976-80 M.Sc (Engg.), Power System Engineering, First Class with Distinction, University First Rank, Madurai Kamarajar University
1988-96 Ph.D, Power System Engineering, Indian Institute of Technology, Delhi
1997-99 MFM, First Class, Pondicherry Central University, Pondicherry

Membership of Professional Societies:

Life fellow of Aeronautical Society of India (AeSI). Vice Chairman, Aeronautical Society of India, Chennai Branch -2008.
Life Member of Bioinformatics Society of India since 2004.

Experience

Tamilnadu Electricity Board between 1971-80 and 1985-87.
International Airports Authority of India between 1980-85.
Head Engineering and Quality Assurance in National Airports Authority between 1987-95.
Airports Authority of India as General Manager, Engineering; Executive Director, Information Technology and Corporate Planning and Management Services Divisions between 1995 -2005.
Head of Southern Region as Regional Executive Director between 2005-08.

Main field(s) of specialization

Airports planning and Systems including Building Services, Air field lighting, Communication, Navigation and Surveillance Systems Services and its Operation and Management.
Budget Planning and control. Project Planning, Contracting, Control and Execution.
Planning, Operation and Maintenance of Infrastructure and Building systems used in Airports and Air Traffic Services.
Corporate Planning and Management Services.
Information Technology Implementation on automation of Airports Information Management Systems. Implementation and management of web based IT products for airport applications.
Regional Administration of Airports operation and management. General administration of regional airports with Human Resources and financial resources including commercial, legal and land aspects.

Expert Contributions

Airport lighting, Air conditioning and Building services in Airports.
Global contract management on procurement of airport Electrical and Mechanical equipment Systems.
Information Technology implementation in Airport Management and Air Traffic Information Systems including Video Conferencing.
Research in Engineering and Project Financial Analysis. A book on Quality Assurance and on Power System Transients.

Mr. V.Parvathy, Executive Director

University Education :

Bachelor of Arts and Education from Regional College of Education,Mysore.
Certified course in Airport Operations by IATA, Montreal.
Pursuing Bachelor's Degree in Aviation Management from Breyer State University.

Experience:

3 years in Aviation Industry and 11 years in Banking industry.

Mr. T.K.Das

Director

· A Graduate in Civil Engineering, University topper, selected by U.P.S.C. in Indian Engineering Services (I.E.S.);

· Having more than 37 years of experience in planning, designing and managing of major projects;

· Recently retired as Executive Director in the Airports Authority of India, as the Head of Departments of Consultancy, and Planning Directorates;

· Prior to that, was Executive Director (Engineering) and Regional Executive Director, A.A.I.;

· Was in charge of Site selection, Project Formulation, Master Planning, Designing, Construction and Management all major domestic and international airports in India;

· Was associated in selection of airport sites of Cochin International Airport (CAIL), Bangalore International Airport (BIAL) and Hyderabad International Airport (HIAL);

· Was in charge of foreign projects at Bhutan, Maldives etc.;

· Coordinated in planning of S.E.Z. by M.I.D.C. at Nagpur Airport including setting up of M.R.O. base by Boeing Company Limited;

· Negotiated to form JVCs to bid and take over three more airports in Nigeria and one airport in Turkey;

· Approved Consultant of International Civil Aviation Organization (I.C.AO) and ADB;

Mr. J. Balu, Director

Educational Qualification:

Diploma in Electronics and Instrumentation

Association Address :

Past President – CODDISSIA, Coimbatore
Trustee – TANSTIA FNF Service Centre, Chennai
Governing Council Member, COINTECH,Coimbatore

Corporate Responsibilities :

Super Airport Infrastructure (India) Private Limited	Director
JVC Airport Infrastructure Private Limited	Director
Super Airport Holdings (I) Private Limited	Director
Salem Airport Private Limited	Director
Karaikal Infrastructure Private Limited	Director
Kilakkarai Infrastructure Private Limited	Director
Salem Airport Infrastructure Private Limited	Director
Rathna Airport Infrastructure (I) Private Limited	Director
Vellore Airport Private Limited	Director
JVC Corporate Services Private Limited	Director

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.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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.

MIRA INFORM REPORT

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