MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	AIRLIFT (INDIA) PRIVATE LIMITED
Registered Office :	13/14, Adarsh Industrial Estate, Sahar Road, Chakala, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.1979
Com. Reg. No.:	11-022006
Capital Investment / Paid-up Capital :	Rs. 2.000 millions
CIN No.: [Company Identification No.]	U63040MH1979PTC022006
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20583D
PAN No.: [Permanent Account No.]	AABCA1088J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject acts as a Cargo Agent
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

INFORMATION DECLINED BY

Name :	Mr. Rajesh
Designation :	Accounts Manager
Date :	22.11.2011

LOCATIONS

Registered Office / Head Office / Ocean Imports Division :	13/14, Adarsh Industrial Estate, Sahar Road, Chakala, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28378601 - 05 / 28348433 / 66973400 / 66973456
Fax No.:	91-22-28368304 / 28354275
E-Mail :	admin@airliftindia.com airlift.mum@gems.vsnl.net.in joan@airliftindia.com nimesh@airliftindia.com
Website :	http://www.airliftindia.com
Ocean Export Division ::	32, Contractor Building, 15, Vaju Kotak Marg, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22673124 / 22676403 / 22690265
Fax No.:	91-22-22673125
E-Mail :	apcrasto@airliftindia.com jal@airliftindia.com
Branch Office :	Located At · Ahmedabad · Bangalore · Chennai · Cochin · Delhi · Hyderabad · Pune · Vadodara · Rajkot · Mumbai · Madras · Trivandrum

DIRECTORS

AS ON 20.09.2010

Name :	Mr. Minoo Dosabhai Hansotia
Designation :	Director
Address :	9, Narialwala Building, Station Road, Mahim, Mumbai-400016, Maharashtra, India
Date of Birth/Age :	09.08.1934
Date of Appointment :	15.12.1998
DIN No.:	00264789

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63010MH1989PTC051284	AIRWINGS TRAVEL AND CARGO PRIVATE LIMITED	Director	05-04-89	05-04-89	Active	NO
2	U63040MH1979PTC022006	AIRLIFT(INDIA)PRIVATE LIMITED	Managing director	15-12-98	15-12-98	Active	NO

Name :	Mr. Roshan Minoo Hansotia
Designation :	Director
Address :	9, Narialwala Building, Station Road, Mahim, Mumbai-400016, Maharashtra, India
Date of Birth/Age :	10.01.1943
Date of Appointment :	15.09.1987
DIN No.:	00265020

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63040MH1979PTC022006	AIRLIFT(INDIA)PRIVATE LIMITED	Director	15-09-87	15-09-87	Active	NO
2	U63010MH1989PTC051284	AIRWINGS TRAVEL AND CARGO PRIVATE LIMITED	Director	05-04-89	05-04-89	Active	NO

Name :	Mr. Vinaykumar Vadakke Kovilakom
Designation :	Director
Address :	B-70, Vyshinavam, North Girnagar Kada Canthara, Cochin-682020, Kerala, India
Date of Birth/Age :	24.10.1959
Date of Appointment :	01.01.1991
DIN No.:	01575815

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63040MH1979PTC022006	AIRLIFT(INDIA)PRIVATE LIMITED	Director	01-01-91	01-01-91	Active	NO
2	U63013KL1996PTC011049	AIRLIFT FREIGHT FORWARDERS PRIVATE LIMITED	Director	30-09-08	23-06-08	Active	NO

Name :	Mr. Farokh Minoo Hansotia
Designation :	Director
Address :	9, Narialwala Building, station Road, Mahim, Mumbai-400016, Maharashtra, India
Date of Birth/Age :	19.01.1985
Date of Appointment :	01.09.2008
DIN No.:	01973637
Name :	Mr. Ventatesh Nanardhan Gavankar
Designation :	Director
Address :	D-204, Sunder Park, Veer Desai Road, Andheri (West), Mumbai-400058, Maharashtra, India
Date of Birth/Age :	27.04.1956
Date of Appointment :	01.10.2009
DIN No.:	02742102

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2010

Names of Shareholders	No. of Shares
Minoo Hasotia	4001
Roshan Hasotia	2501
Roshan Hasotia	3997
Airtrac Agents (India) Private Limited, India	9505
Total	20004

AS ON 20.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject acts as a Cargo Agent

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· ICICI Bank Limited, ICICI Tower, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks
Cash Credit account secured by hypothecation of Book Debts (Secured by personal Guarantee of directors and equitable mortgage of company’s and its Director’s immovable properties)	13.930	17.789
Cash Credit account secured by Pledge of Bank Deposit including accrued interest thereon	18.626	17.972
Hire Purchase Creditors	0.000	0.034
Total	32.556	35.795
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bank Overdraft
From Others	16.144	11.234
(Includes amount taken from Directors, relative, friends and business associates)
Total	16.144	11.234

Banking Relations :	--
Auditors :
Name :	J. A. Madon and Company Chartered Accountants
Address :	Tardeo Court, Flat No.33, 3^rd Floor, 251-A, Tardeo Road, Mumbai-400007, Maharashtra, India
Pan No.:	AHYPM7079F
Subsidiaries :	Airwings Travel and Cargo Private Limited CIN No.:-U63010MH1989PTC051284

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20004	Equity Shares	Rs.100/- each	Rs. 2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.260	44.209	40.898
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.260	46.209	42.898
LOAN FUNDS
1] Secured Loans		32.556	35.795	27.930
2] Unsecured Loans		16.144	11.234	11.540
TOTAL BORROWING		48.700	47.029	39.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		96.960	93.238	82.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.023	6.727	7.851
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.522	0.522	0.522
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	83.818	69.019	91.277
	Cash & Bank Balances	5.143	8.022	15.851
	Other Current Assets	23.511	22.061	20.561
	Loans & Advances	71.584	73.234	64.430
Total Current Assets		184.056	172.336	192.119
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.175	54.384	90.676
	Other Current Liabilities	9.986	9.583	7.493
	Provisions	23.480	22.380	19.955
Total Current Liabilities		93.641	86.347	118.124
Net Current Assets		90.415	85.989	73.995
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		96.960	93.238	82.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	PROFIT AFTER TAX		3.009	5.735	5.408
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.528	39.218	36.110
Less	APPROPRIATIONS
		Provision for Taxation	1.050	2.000	1.850
		Provision for F. B. T.	0.000	0.425	0.450
	BALANCE CARRIED TO THE B/S		44.487	42.528	39.218
	Earnings Per Share (Rs.)		150.42	286.69	270.35

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	2.95	2.89	3.67
Current Ratio (Current Asset/Current Liability)	1.97	2.00	1.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	60.175	54.384	90.676

FINANCIAL

This Net Surplus of Rs. 44.487 Millions is carried forward to the subsequent year.

FIXED ASSETS

v Office Premises

v Plant and machinery

v Furniture and Fixture

v Motor

v Office Machines

v Air Conditioners

v Air Curtains

v Computer

v Electrical Installation

v Scooters

v Generator Set

v Photocopiers

v Television

v Punching and Binding

v Refrigerator

v Water Cooler

v Cool Room

v Projector

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. 52.70
UK Pound	1	Rs. 82.44
Euro	1	Rs. 71.07

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.