MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	GO AIRLINES (INDIA) LIMITED (w.e.f. March 1, 2011)
Formerly Known As :	GO AIRLINES (INDIA) PRIVATE LIMITED
Registered Office :	C/O Britania Industries Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110 035
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.2004
Com. Reg. No.:	55-217305
Capital Investment / Paid-up Capital :	Rs.700.000 Millions
CIN No.: [Company Identification No.]	U63013DL2004PLC217305
PAN No.: [Permanent Account No.]	AAACG2599K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is managed as a single operating unit that provides air transportation.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of Wadia Group is an established company having moderate track record. The latest financials are not made available with the government department. As per previous year’s, there appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with some cautions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligations, it carry moderate credit risk.
Date	April, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Management Non-Cooperative.

LOCATIONS

Registered Office :	C/O Britania Industries Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110 035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.pillai@goair.in
Website :	http://www.goair.in
Head/ Corporate Office :	1^st Floor, C-1, Wadia International Centre (WIC), Pandurang Budhkar Marg, Worli, Mumbai - 400 025, Maharashtra, India
Tel. No.:	91-22-67410000 (Board Line)
Fax No.:	91-22-67410001
Airport Offices :	Located at: v Ahmedabad v Bagdogra v Bengaluru v Chandigarh v Chennai v New Delhi v Goa v Guwahati v Jaipur v Jammu v Kochi v Kolkata v Leh, Jammu and Kashmir v Lucknow v Mumbai v Nagpur v Nanded v Patna v Port Blair v Pune v Ranchi v Srinagar

DIRECTORS

(AS ON 14.09.2012)

Name :	Mr. Jehangir Nusli Wadia
Designation :	Managing Director
Address :	Springs – I, Flat 3704, GD Ambedkar Marg, Naigaon, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	06.07.1973
Date of Appointment :	29.04.2004
DIN No.:	00088831
PAN No.:	AAAPW0989N
Name :	Mr. Ness Nusli Wadia
Designation :	Director
Address :	Beach House, P. Balu Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	30.05.1971
Date of Appointment :	29.04.2004
DIN No.:	00036049
PAN No.:	AAAPW0814G
Name :	Mr. Nusli Nevile Wadia
Designation :	Director
Address :	Beach House, P. Balu Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India
Date of Birth/Age :	15.02.1944
Date of Appointment :	01.06.2004
DIN No.:	00015731
PAN No.:	AAAPW0990M
Name :	Ms. Vinita K. Bali
Designation :	Director
Address :	Flat No.1104, Tulip Prestige Exotica, Cunningham Crescent Road, Bangalore – 560 001, Karnataka, India
Date of Birth/Age :	11.11.1955
Date of Appointment :	24.08.2006
DIN No.:	00032940
PAN No.:	AFDPB1852R
Name :	Mr. Vijay Laxman Kelkar
Designation :	Director
Address :	A701, Blossom Boulevard, Plot No.421/2 South Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India
Date of Birth/Age :	15.05.1942
Date of Appointment :	21.06.2011
DIN No.:	00011991
PAN No.:	ACSPK8324P
Name :	Mr. Ishaat R. Hussain
Designation :	Director
Address :	222-A NCPA Apartments, Nariman Point, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	02.09.1947
Date of Appointment :	21.06.2011
DIN No.:	00027891
PAN No.:	AAVPH6348F
Name :	Mr. Apurva Shishir Diwanji
Designation :	Director
Address :	Wyoming Building, 5th Floor, Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	17.01.1969
Date of Appointment :	21.06.2011
DIN No.:	00032072
PAN No.:	AECPD8099L
Name :	Mr. Ranendra Sen
Designation :	Director
Address :	A-42, IFS Apartment, Mayur Vihar, Phase – I, Delhi – 110091, India
Date of Birth/Age :	09.04.1944
Date of Appointment :	15.02.2012
DIN No.:	03043868
PAN No.:	ATXPS1539C

KEY EXECUTIVES

Name :	Mr. Manoj Rajan Pillai
Designation :	Company Secretary
Address :	B-404, Panchsheel CHS, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	15.01.1984
Date of Appointment :	01.08.2012
PAN No.:	AYEPP6866H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.09.2012)

Names of Shareholders	No. of Shares
Jeh Nusli Wadia	727500
Ness Nusli Wadia	727500
Sea Wind Investment and Trading Company Limited, India	5000
Nidhivan Investments and Trading Company Private Limited, India	727400
Sahara Investments Private Limited, India	727500
Heera Holdings and Leasing Private Limited, India	727500
Go Investments and Trading Private Limited, India	66357520
R. Chandrasekharan Jointly Go Investments and Trading Private Limited, India	10
Jairaj Bham Jointly Go Investments and Trading Private Limited, India	10
Kaioz Nalladaru Jointly Go Investments and Trading Private Limited, India	10
N. Venkat Krishnan Jointly Go Investments and Trading Private Limited, India	10
Ashish Mehta Jointly Go Investments and Trading Private Limited, India	10
Tejash Rane Joint Go Investments and Trading Private Limited, India	10
Shankar Kanhere Jointly Go Investments and Trading Private Limited, India	10
Akash Seth Jointly Go Investments and Trading Private Limited, India	10
Total	70000000

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	97.92
Directors or relatives of directors	2.08
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is managed as a single operating unit that provides air transportation.

Products :

Products Description	Item Code No.
Domestic Airlines Passenger and Cargo Services	88024000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

v IDBI Bank Limited,

224-A, Mittal Court, A-Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Axis Bank Limited

Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

v ICICI Bank Limited,

ICICI Bank Towers, Corporate office, Bandra Kurla Complex, Bandra [East], Mumbai – 400 051, Maharashtra, India

v Central Bank of India

Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	3722.001	2762.041
Working capital loans banks secured	2445.662	880.178
Loans taken for vehicles secured	60.294	2.764
Interest accrued due other debt secured	11.376	2.148
Total	6239.333	3647.131
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	1441.907	1678.731
Loans directors unsecured	0.000	312.500
Other debt unsecured	0.000	1408.100
Interest accrued due other debt unsecured	0.294	47.480
Total	1442.201	3446.811

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Maneekji Wadia Building, 127, Mahatma Gandhi Road, Mumbai – 400023, Maharashtra, India
PAN No.:	AAAFK7554R
Holding Company:	Go Investments and Trading Private Limited CIN No.: U65990MH1988PTC048388
Enterprise in which the Key Management personnel can exercise significant influence :	v Go Holdings Private Limited v Go Engineering Private Limited v Go Training Private Limited v Go Cargo Private Limited v Go Airways Private Limited v Virtual Education Network Private Limited v Integrated Clinical Research Sciences Private Limited v Boyztoyz Trading Company Private Limited v Paradiso Entertainment Private Limited v Trieste Trading Private Limited v Bombay Burmah Trading Corporation Limited

CAPITAL STRUCTURE

(AS ON 14.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
50000000	Preference Shares	Rs.10/- each	Rs.500.000 Millions
	Total		Rs.1700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		700.000	700.000	700.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(5231.651)	(5832.112)	(4933.260)
NETWORTH		(4531.651)	(5132.112)	(4233.260)
LOAN FUNDS
1] Secured Loans		6239.333	3647.131	638.405
2] Unsecured Loans		1442.201	3446.811	5321.994
TOTAL BORROWING		7681.534	7093.942	5960.399
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3149.883	1961.830	1727.139
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		596.403	427.437	138.144
Capital work-in-progress		0.706	0.000	0.000
INVESTMENT		0.051	0.051	0.000
DEFERREX TAX ASSETS		2585.294	2577.794	2235.656
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.367	29.037	11.576
	Sundry Debtors	31.915	26.393	52.379
	Cash & Bank Balances	1316.104	23.907	73.364
	Other Current Assets	0.039	0.000	0.106
	Loans & Advances	2376.497	2283.671	2001.575
Total Current Assets		3777.922	2363.008	2139.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	862.617	526.885	847.035
	Other Current Liabilities	2921.438	2862.672	2347.124
	Provisions	26.438	16.903	14.579
Total Current Liabilities		3810.493	3406.460	3208.738
Net Current Assets		(32.571)	(1043.452)	(1069.738)
MISCELLANEOUS EXPENSES		0.000	0.000	423.077
TOTAL		3149.883	1961.830	1727.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	12606.736	7519.619	3627.732
		Other Income	253.511	769.604	274.805
		TOTAL (A)	12860.247	8289.223	3902.537
Less	EXPENSES
		Manufacturing service costs	9840.790	7302.776	4099.607
		Employee related expenses	1039.113	720.527
		Administrative selling other expenses	487.364	373.942
		Extraordinary items	0.000	243.970
		Prior period items	(33.549)	0.000
		TOTAL (B)	11334.718	8641.215	4099.607
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1526.529	(351.992)	(including interest financial charges)
Less	INTEREST FINANCIAL CHARGES (D)		881.169	870.233
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		645.360	(1222.225)	(197.070)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.916	18.766	21.689
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		596.444	(1240.991)	(218.759)
Less	TAX (H)		(4.019)	(342.138)	6.745
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		600.463	(898.853)	(225.504)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5832.112)	(4933.259)	NA
	BALANCE CARRIED TO THE B/S		(5231.651)	(5832.112)	NA
	EARNINGS IN FOREIGN CURRENCY
		Deferred incentive/leased subsidy & allowance	179.169	271.367	292.025
		Passenger Revenue Credit Cards	122.216	138.250	89.902
	TOTAL EARNINGS		301.385	409.617	381.927
	IMPORTS
		Capital Goods	120.471	306.081	10.791
	TOTAL IMPORTS		120.471	306.081	10.791
	Earnings/ (Loss) Per Share (Rs.)		8.58	(12.84)	(3.22)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.67	(10.84)	(5.78)
Net Profit Margin (PBT/Sales)	(%)	4.73	(16.50)	(6.03)
Return on Total Assets (PBT/Total Assets}	(%)	13.64	(44.47)	(9.61)
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.24	0.05
Debt Equity Ratio (Total Liability/Networth)		(2.54)	(2.05)	(2.17)
Current Ratio (Current Asset/Current Liability)		0.99	0.69	0.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
-Creditors due small micro enterprises	0.120	0.289	847.035
-Creditors due others	862.497	526.596
Total	862.617	526.885	847.035

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS AND DIVIDEND:

During the Current Fiscal the operating revenue of the Company has increased by 67.65% as compared to the previous year. The Company has improved its operational performance. EBITDAR increased by 282 % as compared to the previous financial year and the Company achieved EBITDA of Rs.1493.000 millions compared to loss of Rs.769.300 millions in the previous financial year.

OPERATIONS AND OUTLOOK:

During the fiscal 2010-11 the Company has increased its fleet of aircraft from 8 to 10 with the induction of new aircraft in the month of August and September 2010. The Company has a youngest fleet of aircraft in the Indian aviation industry with an average aircraft age of approximately 25 months.

During the year the Company has improved utilization of its aircraft by increasing number of flights per aircraft. The Company presently connects to 18 destinations across India. With effect from October 8, 2011 the Company will start operating in 3 new destinations: Kolkata, Ranchi and Port Blair. The Company has got least number of cancelled flights in the Indian Aviation Industry and has consistently recorded high load factor. Because of the operational efficiencies and better general industry outlook the Company has recorded substantial improvement in its operational performance.

AWARDS AND RECONGTION:

During the year the Company achieved the following awards and certifications:

· India’s best domestic airline for on-time performance from PATWA (Pacific Air Travel Writers Association)

· Best performing Airbus A320 operator in Asia Pacific/Middle East/ Africa within the same fleet size category.

· Accredited with IOSA (IATA Operational Safety Audit) which certify that the Company’s operations are safe and reliable.

SHARE CAPITAL:

During the year, there was no change in the Paid-up Share Capital of the Company.

The shareholders at the Extraordinary General Meeting of the Company held on June 21, 2011 resolved to increase the Authorized Share Capital of the Company to 15,00,00,000 Equity Shares of Rs.10 each aggregating to Rs.1500.000 millions from 8,00,00,000 Equity Shares of Rs.10 each aggregating Rs.800.000 millions.

CHANGE IN THE NAME OF THE COMPANY:

During the year, the Company was converted from private limited to public limited Company. As a result its name got changed with the deletion of word ‘Private’ from its name. The new name of the Company changed to “Go Airlines (India) Limited” w.e.f. March 1, 2011.

REGISTERED OFFICE:

The Company has shifted its registered from the State of Maharashtra to Delhi. The new address of the registered office of the Company is as under: C/o Britannia Industries Limited, A-33 Lawrence Road Industrial Area, New Delhi - 110 035.

CORPORATE OFFICE:

The Company shifted its corporate office from Paper Box House, Off Mahakali Caves Road, Andheri (East), Mumbai- 400 093 to C-1 Wadia International Centre, First Floor, Pandurang Budhkar Marg, Worli, Mumbai- 400 025.

Commitments and contingent liabilities not provided for: (As on 31.03.2011)

Claims against the Company not acknowledged as debts to the extent ascertainable and quantifiable:

a. Liabilities arising out of legal cases filed against the Company in various Courts / Consumer Redressal Forum, Consumer Court on account of denied boarding, loss of passenger baggage, mishandled baggage, delayed flight and cancellation of flight, etc. Rs.13.919 millions

b. Bank Guarantee Outstanding Rs.682.855 millions

c. Letter of Credit Outstanding Rs.946.642 millions

d. Claims against the Company not acknowledged as debts Rs.76.059 millions.

e. The Company has 10 aircrafts A320 to be delivered between 2012 and 2014. Further the company has signed up a 72 A 320 NEO aircraft scheduled to be delivered between 2016 to 2020. The Company plans to have adequate funding to meet the capital commitments as and when they become due. Estimated amount of cont racts remaining to be executed on Capital Account Rs.44254.200 millions.

f. The Company had filed application under section 10(15A) of the Income Tax Act, 1961 with the Central Board of Direct Taxes (CBDT) seeking exemption from deduction of tax. As CBDT has rejected the application, a writ petition has been filed in the High Court against the same. The amount is currently not ascertainable.

g. Redelivery and other costs in respect of assets taken on operating lease at the end of the lease period - Amount not ascertainable.

FROM 8:

Corporate identity number of the company	U63013DL2004PLC217305
Name of the company	GO AIRLINES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O Britania Industries Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110 035, India E-Mail: manoj.pillai@goair.in
This form is for	Modification of charge
Charge identification number of the modified	10172476
Type of charge	· Book Debts · Movable Property · Others (Current and Fixed Assets)
Particular of charge holder	Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Fort, Mumbai – 400023, Maharashtra, India E-Mail: dgmcfb3007@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	1] Third Supplemental Working Capital Facility Agreement 2] Fourth Supplemental Deed of Hypothecation
Date of instrument Creating the charge	25.08.2012
Amount secured by the charge	Rs.12000.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per sanction letter Terms of Repayment: As per sanction letter Margin: Nil Extent and Operation of the charge: First pari passu charge over all current and moveable fixed assets- both present and future to the total limit of Rs.12000.000 Millions. Overdraft of Rs.4850.000 Millions BG Cum LC/Stand by LC/Letter of Comfort of Rs.3150.000 Millions Working Capital Term Loan –I of Rs.2000.000 Millions Term Loan – II of Rs.1000.000 Millions and Term Loan –III of Rs.1000.000 Millions Others: As stipulated by Bank from time to time and as per agreement and as per sanction letter of the Bank.
Short particulars of the property charged	First paripassu charge with other banks (present and future), hypothecation of the current assets of the borrower namely stock in trade consisting of air turbine fuel, stores and spares not relating to plant and machinery, (consumable stores and spares), bills receivables and book debts all outstanding monies, receivables both present and future. the whole of borrowers moveable properties including its movable plant and machinery, machinery spares, tools and accessories and other moveable’s, both present and future whether in the possession or under the control of the borrower or not hypothecation of all bank accounts/charge on credit card receivables (whether escrow and no lien or otherwise) excluding such accounts over which other creditors have exclusive security interest (the bank accounts) and all estate, rights, title, interest, benefits, claims and demands whatsoever of the borrower hypothecation of all book debts, trade receivables, all cash flows and receivables and proceeds arising from and all rights, title, interest, benefits, claims and demands whatsoever of the borrower in to or in respect of all the Aforesaid assets, including but not limited to the borrower in to or in respect of all the aforesaid assets, including but not limited to the borrowers cash in hand, both present and future.
Date of latest modification prior to the present modification	06.07.2011
Particulars of the present modification	By the present modification the credit limit enhanced by Rs.3000.000 millions. Thus the charge on assets of the company increased from Rs.9000.000 millions to Rs.12000.000 millions.

FIXED ASSETS:

Tangible Assets:

v Leasehold Improvements

v Office Equipments

v Ground Handling Equipments

v Computer Equipments

v Furniture and Fixtures

v Vehicle on Finance Lenses

v Other Vehicles

v Ratable

Intangible Assets:

v 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 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.54.96
UK Pound	1	Rs.88.68
Euro	1	Rs.72.45

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.