MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	INTERGLOBE ESTABLISHED PRIVATE LIMITED (w.e.f. 09.06.2011)
Formerly Known As :	INTERGLOBE ESTABLISHED PRODUCTS PRIVATE LIMITED (w.e.f. 14.03.2011) INTERGLOBE GENERAL AVIATION PRIVATE LIMITED
Registered Office :	Ground Floor, Central Wing, Thapar House, 124, Janpath, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.04.2007
Com. Reg. No.:	55-162697
Capital Investment / Paid-up Capital :	Rs.30.600 Millions
CIN No.: [Company Identification No.]	U63090DL2007PTC162697
Legal Form :	Private Limited Liability Company
Line of Business :	Sales representative in Aviation Industries. Business Aviation provider to a new one-stop shop for luxury lifestyle solutions.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has improved its performance in the year 2009-10.Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

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

INFORMATION PARTED BY

Receptionist (contact no. 91-124-4978900)

LOCATIONS

Registered Office :	Ground Floor, Central Wing, Thapar House, 124, Janpath, New Delhi-110001
E-Mail :	manoj.malhotra@interglobe.com
Corporate Office :	Plot No. 14/2, 3^rd Floor, Infotech Centre, Dundahera, Old Delhi, Gurgaon Road, Gurgaon-122016, Haryana, India
Tel. No.:	91-124-4978900
Fax No.:	91-124-4978928
E-Mail :	info@theestd.com

DIRECTORS

As on 30.08.2010

Name :	Mr. Kapil Bhatia
Designation :	Director
Address :	18, Oak Drive Mandi Road, Sultanpur, Mehrauli, New Delhi-110030, India
Date of Birth/Age :	01.06.1932
Date of Appointment :	27.04.2007
Din No.:	00090776
Other Directorship:	Name of Company: Interglobe Enterprises Limited CIN of Company: U99999DL1989PLC037689 Designation: Director Name of Company: Interglobe Hotels Private Limited CIN of Company: U55101DL2004PTC128567 Designation: Director Name of Company: Interglobe Travel Technology Services Private Limited CIN of Company: U63040HR2005PTC035591 Designation: Director Name of Company: Interglobe Technology Quotient Private Limited CIN of Company: U74999DL2005PTC132134 Designation: Director Name of Company: Interglobe Aviation Limited CIN of Company: U62100DL2004PLC129768 Designation: Director Name of Company: Interglobe Technologies Private Limited CIN of Company: U72300DL1998TC097150 Designation: Director
Name :	Mr. Anil Chanana
Designation :	Director
Address :	36-Prakriti Marg, Sultanpur Farms, Mehrauli, New Delhi-110030, India
Date of Birth/Age :	29.11.1946
Date of Appointment :	08.01.2008
Name :	Mr. Kunal Chanana
Designation :	Director
Address :	36-Prakriti Marg, Sultanpur Farms, Mehrauli, New Delhi-110030, India
Date of Birth/Age :	01.11.1977
Date of Appointment :	08.01.2008
Name :	Mr. Rahul Bhatia
Designation :	Director
Address :	18, Oak Drive Mandi Road, Sultanpur, Mehrauli, New Delhi-110030, India
Date of Birth/Age :	10.06.1960
Date of Appointment :	27.04.2007
Name :	Mr. Nakul Nath
Designation :	Director
Address :	47-C Friends Colony East, New Delhi-110065, India
Date of Birth/Age :	21.06.1974
Date of Appointment :	08.01.2008
Name :	Mr. Bakul Nath
Designation :	Director
Address :	47-C Friends Colony East, New Delhi-110065, India
Date of Birth/Age :	27.07.1977
Date of Appointment :	08.01.2008
Name :	Mr. Micheal Gordon Whitaker
Designation :	Director
Address :	House No. 815, Aravalis, Gurgaon-122002, Haryana, India
Date of Birth/Age :	21.06.1961
Date of Appointment :	11.11.2009
Name :	Mr. Nigel Anthony Harwood
Designation :	Whole Time Director
Address :	B-2/5, Second Floor, Vasant Vihar, New Delhi-110057, India
Date of Birth/Age :	22.03.1965
Date of Appointment :	11.11.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2010

Names of Shareholders	No. of Shares
Interglobe Enterprises Limited, India	10200
Amira Investments Private Limited, India	10200
Span Air Private Limited, India	10200
Total	30600

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

BUSINESS DETAILS

Line of Business :

Sales representative in Aviation Industries.

Business Aviation provider to a new one-stop shop for luxury lifestyle solutions.

Products :

Product Description	Item Code
Sales Representative	NA
Aircraft Maintenance	8803
Aviation Spares	NA

Brand Names :

“THE ESTD”

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and

GENERAL INFORMATION

No. of Employees :

40 (Approximately)

Bankers :

Bank of America

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loans from banks* (Secured against the hypothecation of respective vehicles )	0.121	0.388
Total	0.121	0.388
Unsecured Loan
Other Loans and Advances
Form Directors	7.000	20.000
Inter Corporate Deposits	7.000	18.000
Total	14.000	38.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Building No. 10, 8^th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101

CAPITAL STRUCTURE

As on 30.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.1000/- each	Rs.35.000 Millions
16666	Preferences Shares	Rs.1000/- each	Rs.16.666 Millions
	Total		Rs.51.666 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30600	Equity Shares	Rs.1000/- each	Rs.30.600 Millions

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		30.600	30.600
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		25.250	0.000
4] (Accumulated Losses)		0.000	(0.629)
NETWORTH		55.850	29.971
LOAN FUNDS
1] Secured Loans		0.121	0.388
2] Unsecured Loans		14.000	38.000
TOTAL BORROWING		14.121	38.388
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		69.971	68.359
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.880	38.609
Capital work-in-progress		0.000	0.940
INVESTMENT		15.610	0.000
DEFERREX TAX ASSETS		6.196	2.604
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.396	9.467
	Sundry Debtors	24.300	31.311
	Cash & Bank Balances	26.353	6.664
	Other Current Assets	0.000	0.000
	Loans & Advances	10.166	7.728
Total Current Assets		70.215	55.170
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.088	21.344
	Other Current Liabilities	22.954	3.769
	Provisions	2.888	3.851
Total Current Liabilities		49.930	28.964
Net Current Assets		20.285	26.206
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		69.971	68.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	277.186	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	238.499	NA
		Advertising Expenses
		TOTAL	238.499	NA
	PROFIT BEFORE TAX		38.687	NA
Less	TAX		12.807	NA
	PROFIT AFTER TAX		25.880	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.629)	NA
	BALANCE CARRIED TO THE B/S		25.251	NA
	EARNINGS IN FOREIGN CURRENCY
		Commission Income	177.181	141.620
		Service and Maintenance Income	8.430	0.927
		Sale of Spares	0.613	0.237
		Other Income	0.168	0.000
	TOTAL EARNINGS		186.392	142.784
	IMPORTS
		Traded Goods (Including in Transit)	33.751	9.473
		Capital Goods	1.714	21.795
	TOTAL IMPORTS		35.465	31.268
	Earnings Per Share (Rs.)		845.75	NA

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	9.34
Return on Total Assets (PBT/Total Assets}	(%)	39.44
Return on Investment (ROI) (PBT/Networth)		0.69
Debt Equity Ratio (Total Liability/Networth)		1.15
Current Ratio (Current Asset/Current Liability)		1.41

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the financial year of the company has made a net profit of Rs.25.880 millions as compared to the net profit of Rs.1.147 millions in the immediately preceding year. the brought forward loss of the previous year is Rs.0.629 millions and the directors recommend to carry forward the resultant profit of Rs.25.251 millions.

FIXED ASSETS:

• Leasehold Improvements
• Plant and Machinery
• Office Equipments
• Vehicles
• Furniture and Fixtures
• 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.44.37
UK Pound	1	Rs.72.20
Euro	1	Rs.62.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		312

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.