MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	MAX AEROSPACE AND AVIATION PRIVATE LIMITED (w.e.f.24.02.2011)
Formerly Known As :	MAX AEROSPACE AND AVIATION LIMITED
Registered Office :	Hanger No. C1, Juhu Aerodrome, Juhu, Mumbai 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.07.1994
Com. Reg. No.:	079577
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U35300MH1994PTC079577
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20125A / MUMM10816B
PAN No.: [Permanent Account No.]	AABCM9671M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Support to all the Major Commercial Airlines and Aircraft Operators in India and the Middle East.
No. of Employees :	Not Available

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 324980
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 trde 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Hanger No. C1, Juhu Aerodrome, Juhu, Mumbai 400054, Maharashtra, India
Tel. No.:	91-22-26609723 / 27 / 28 / 29
Fax No.:	91-22-26609724
E-Mail :	accounts@maxaerospace.com admin@maxaerospace.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Bharat Harkishan Malkani
Designation :	Director
Date of Birth/Age :	29.10.1965
Date of Appointment :	12.07.1994
DIN No.:	00486775

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	U35300MH1994PTC079577	Max Aerospace And Aviation Private Limited	Director	12/07/1994	12/07/1994	-	Active	NO
2	U55200MH1972PTC016025	Hotel Transit Private Limited	Managing director	01/10/1995	01/10/1995	-	Active	NO
3	U45200MH2006PTC159085	Max Aviation Infrastructre And Projects Services Private Limited	Director	19/01/2006	19/01/2006	-	Active	NO
4	U74999MH2007PTC166733	Dsq Architects Private Limited	Director	19/01/2007	19/01/2007	-	Active	NO
5	U62200MH2008PLC178218	Max Defence Aerospace Limited	Director	24/01/2008	24/01/2008	-	Active	NO
6	U63033MH2008PTC178221	Max Mro Services Private Limited	Managing director	15/06/2011	24/01/2008	-	Active	NO
7	U55100DL1955NPL002587	The Federation of Hotel and Restaurant Associations of India	Director	30/09/2010	30/09/2010	-	Active	NO

Name :	Mr. Pravin Harkishan Malkani
Designation :	Director
Date of Birth/Age :	04.07.1968
Date of Appointment :	12.07.1994
DIN No.:	00486803

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	U35300MH1994PTC079577	Max Aerospace And Aviation Private Limited	Director	12/07/1994	12/07/1994	-	Active	NO
2	U55200MH1972PTC016025	Hotel Transit Private Limited	Director	01/10/1995	01/10/1995	-	Active	NO
3	U45200MH2006PTC159085	Max Aviation Infrastructre And Projects Services Private Limited	Director	19/01/2006	19/01/2006	-	Active	NO
4	U74999MH2007PTC166733	Dsq Architects Private Limited	Director	19/01/2007	19/01/2007	-	Active	NO
5	U63033MH2008PTC178221	Max Mro Services Private Limited	Director	24/01/2008	24/01/2008	-	Active	NO
6	U62200MH2008PLC178218	Max Defence Aerospace Limited	Director	24/01/2008	24/01/2008	-	Active	NO
7	U45201MH2006PTC164314	Praval Developers Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
8	U45201MH2006PTC164319	Arsen Infra Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
9	U45201MH2006PTC164318	Pandora Infra Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
10	U51103MH2007PTC166822	Terminus Realcon Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
11	U70109MH2007PTC166825	Hera Realcon Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
12	U51109MH2007PTC166783	Hebe Infracon Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
13	U45200MH2007PTC167521	Apollo Buildwell Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
14	U45400MH2007PTC171050	Nirman Constructions Private Limited	Director	31/08/2011	01/03/2011	-	Active	NO
15	U45400MH2007PTC171064	Bhooma Realties Private Limited	Director	31/08/2011	01/03/2011	-	Active	NO
16	U45400MH2007PTC171048	Vismaya Constructions Private Limited	Director	31/08/2011	01/03/2011	-	Active	NO

Name :	Mr. Purshotham Bantwal Baliga
Designation :	Director
Date of Birth/Age :	04.04.1933
Date of Appointment :	28.07.2005
DIN No.:	02478805

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	U35300MH1994PTC079577	Max Aerospace and Aviation Private Limited	Director	28/07/2005	28/07/2005	-	Active	NO

Name :	Mrs. Jaimini Bipinchandra Chinai
Designation :	Director
Date of Birth/Age :	01.02.1946
Date of Appointment :	28.07.2005
DIN No.:	02478855

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	U35300MH1994PTC079577	Max Aerospace and Aviation Private Limited	Director	28/07/2005	28/07/2005	-	Active	NO

Name :	Mrs. Jyoti Bharat Malkani
Designation :	Director
Date of Birth/Age :	21.01.1966
Date of Appointment :	12.07.1994
DIN No.:	02568401

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	U35300MH1994PTC079577	Max Aerospace and Aviation Private Limited	Director	12/07/1994	12/07/1994	-	Active	NO
2	U63033MH2008PTC178221	Max Mro Services Private Limited	Additional director	08/03/2011	08/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Bharat Harkishan Malkani	650000
Mr. Pravin Harkishan Malkani	159600
Mrs. Jyoti Bharat Malkani	150000
Mrs. Bindiya H Malkani	100
Mrs. Meghna B Malkani	200
Mrs. Babita P Malkani	100
Mrs. Anushka B Malkani	40000
Total	1000000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Engineering Support to all the Major Commercial Airlines and Aircraft Operators in India and the Middle East.
Services:	· Domain Name Registration · Web Hosting · Website Design · Website Maintenance · Internet Marketing · Mailer Designing · Business Presentation · Video Editing
	·

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2010	31.03.2009
From Director	22.992	18.992
Total	22.992	18.992

Banking Relations :	--
Auditors :
Name :	C B Pokle and Company Chartered Accountant
Address :	201, Chitrakoot, Kasinath Dharu Street, Agra Bazar, Dadar, Mumbai 400028, Maharashtra, India
Tel. No.:	91-22-24322223/24
Fax No.:	91-22-24322225
E-Mail :	cbpco@mtnl.net.in
Subsidiaries :	· Max MRO Services Limited CIN No.: U63033MH2008PLC178221 · Max Defence Aerospace Limited CIN No.: U62200MH2008PLC178218
Associates :	· Hotel Transit Private Limited · Max Defence Systems Limited · Max Aviation Infrastructure and Projects Services Private Limited · DSQ Architects Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10 each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10 each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		17.500	25.000	0.000
3] Reserves & Surplus		53.745	29.125	15.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.245	64.125	25.007
LOAN FUNDS
1] Secured Loans		0.000	0.000	13.425
2] Unsecured Loans		22.992	18.992	13.792
TOTAL BORROWING		22.992	18.992	27.217
DEFERRED TAX LIABILITIES		0.000	0.000	0.336
TOTAL		104.237	83.117	52.560
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.255	21.692	22.828
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.016	1.016	0.016
DEFERREX TAX ASSETS		1.754	0.705	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.753	33.308	7.391
	Sundry Debtors	52.939	23.026	17.754
	Cash & Bank Balances	3.422	3.223	0.648
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.556	23.891	22.212
Total Current Assets		113.670	83.448	48.005
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.832	18.159	13.889
	Other Current Liabilities	2.328	1.831	0.458
	Provisions	7.445	3.945	4.175
Total Current Liabilities		31.605	23.935	18.522
Net Current Assets		82.065	59.513	29.483
MISCELLANEOUS EXPENSES		0.147	0.191	0.233
TOTAL		104.237	83.117	52.560

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	133.755	107.605	92.767
		Other Income	1.305	1.995	5.631
		TOTAL (A)	135.060	109.600	98.398
Less	EXPENSES
		Cost of Materials	43.928	32.154	56.378
		Personnel Expenses	23.382	22.425	19.091
		Administrative Expenses	39.149	31.525	15.939
		TOTAL (B)	106.459	86.104	91.408
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.601	23.496	6.990
Less	FINANCIAL EXPENSES (D)		0.651	5.203	2.332
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.950	18.293	4.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.876	3.261	3.277
	PROFIT BEFORE TAX (E-F) (G)		25.074	15.032	1.381
Less	TAX (H)		0.550	(0.914)	0.478
	PROFIT AFTER TAX (G-H) (I)		24.524	15.946	0.903
	PRIOR PERIOD ITEMS – NET		0.096	(1.828)	(0.195)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.125	4.007	3.599
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	0.000	0.300
	BALANCE CARRIED TO THE B/S		22.745	18.125	4.007
	EARNINGS IN FOREIGN CURRENCY		35.824	40.895	36.745
	IMPORTS		35.498	16.101	9.111
	Earnings Per Share (Rs.)		24.62	14.12	0.71

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.15	14.54	0.92
Net Profit Margin (PBT/Sales)	(%)	18.74	13.96	1.48
Return on Total Assets (PBT/Total Assets}	(%)	18.86	14.29	1.94
Return on Investment (ROI) (PBT/Networth)		0.30	0.23	0.05
Debt Equity Ratio (Total Liability/Networth)		0.67	0.66	1.84
Current Ratio (Current Asset/Current Liability)		1.38	1.40	2.59

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from Hotel Transit off Nehru Road Vile Parle (East), Mumbai 400099, Maharashtra, India to the present address w.e.f. 25.10.2007.

OPERATIONS AND OVERVIEW:

Over the years, the Company has emerged as the largest player in the Private Sector 3rd Party Component MRO in the country and built up capability to service divergent Aircraft systems and sub systems.. Already equipped with DGCA and CEMILAC approvals, the Company is in process of obtaining EASA approval to service overseas clients. We believe, this step will significantly strengthen the company’s market position globally and serve as a robust bedrock of the growth in coming years. The Directors are pleased to report that year 2009-10 was a satisfying one as they performed well in a challenging environment. Despite the external challenges, they grew revenue and Earnings. Overall economic revival in general and Defence and Aviation sectors in particular, is expected to create manifold opportunities. Commercial Production of Defence Aerospace Aviation products commenced in August 2009.

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Computers

· Vehicles

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

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	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	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.