MIRA INFORM REPORT

Report Date :

13.01.2012

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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been promoted by Wadia Group. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	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 Office/ 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 Darjeeling v Bengaluru v Chandigarh v Nedumbasserry v New Delhi v Goa v Guwahati v Jaipur v Jammu-Cantt 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 30.09.2011

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

Other Directorship :

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	U51900MH1944PLC004225	Nowrosjee Wadia And Sons Limited	Director	11-03-97	11-03-97	30-06-07	Active	NO
2	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	24-09-98	24-09-98	-	Active	NO
3	U80211MH2001PTC132222	Virtual Education Network Private Limited	Director	04-06-01	04-06-01	-	Active	NO
4	U24299MH2001PTC132850	Integrated Clinical Research Sciences Private Limited	Director	24-07-01	24-07-01	-	Active	NO
5	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	05-08-11	25-07-01	-	Active	NO
6	U63013DL2004PLC217305	Go Airlines (India) Limited	Managing director	01-01-11	29-04-04	-	Active	NO
7	U62100MH2005PTC155865	Go Airways Private Limited	Director	02-09-05	02-09-05	-	Active	NO
8	L15412WB1918PLC002964	Britannia Industries Limited	Director	14-09-05	14-09-05	-	Active	NO
9	U65990MH2006PTC158807	Go Holdings Private Limited	Director	10-01-06	10-01-06	-	Active	NO
10	U63012MH2006PTC162900	Go Cargo Private Limited	Director	28-06-06	28-06-06	-	Active	NO
11	U29199MH2006PTC162899	Go Engineering Private Limited	Director	28-06-06	28-06-06	-	Active	NO
12	U51909MH2006PTC162897	Go Training Private Limited	Director	28-06-06	28-06-06	-	Active	NO
13	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Managing director	01-04-11	01-06-10	-	Active	NO
14	U67120MH1976PLC019304	Archway Investment Company Limited	Additional director	20-09-10	20-09-10	15-02-11	Active	NO
15	U65990MH1988PTC048388	Go Investments and Trading Private Limited	Director	30-09-11	11-02-11	-	Active	NO

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

Other Directorship :

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	U51900MH1944PLC004225	Nowrosjee Wadia and Sons Limited	Director	11-03-97	11-03-97	30-06-07	Active	NO
2	L24299MH1954PLC009254	National Peroxide Limited	Director	18-03-97	18-03-97	-	Active	NO
3	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	24-09-98	24-09-98	-	Active	NO
4	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	04-08-11	01-08-01	-	Active	NO
5	U80211MH2001PTC132222	Virtual Education Network Private Limited	Director	30-08-01	30-08-01	-	Active	NO
6	U24100MH1961PLC012031	Botanium Limited	Director	23-11-01	23-11-01	08-10-08	Active	NO
7	U74999MH1991PLC059856	Wadia BSN India Limited	Director	31-01-02	31-01-02	14-04-09	Active	NO
8	U36930MH1984PTC033670	Proline India Limited	Director	15-11-02	15-11-02	-	Active	NO
9	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	29-04-04	29-04-04	-	Active	NO
10	U92412CH2008PTC031125	K.P.H. Dream Cricket Private. Limited.	Director	10-03-08	10-03-08	-	Active	NO
11	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Managing director	01-04-11	28-04-10	-	Active	NO
12	L15412WB1918PLC002964	Britannia Industries Limited	Director	09-08-10	29-04-10	-	Active	NO
13	U65990MH1988PTC048388	Go Investments and Trading Private Limited	Director	30-09-11	11-02-11	-	Active	NO
14	U67120MH1980PLC023532	Gherzi Eastern Investments Limited	Director	30-09-11	05-09-11	-	Active	NO

Name :

Mr. Nusli Nevile Wadia

Designation :

Director

Address :

Beach House, P. Balu Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India

nusli.wadia@bombaydyeing.com

Date of Birth /Age :

15.02.1944

Date of Appointment :

01.06.2004

DIN No.:

00015731

Other Directorship :

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	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	04-04-68	04-04-68	-	Active	NO
2	U74220MH1960PLC011691	Gherzi Eastern Limited	Director	06-04-74	06-04-74	-	Active	NO
3	L99999GJ1975PLC002859	Atul Limited	Director	22-03-78	22-03-78	01-06-09	Active	NO
4	L27100MH1907PLC000260	Tata Steel Limited	Director	29-08-79	29-08-79	-	Active	NO
5	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	28-10-80	28-10-80	-	Active	NO
6	L24239MH1939PLC002893	Tata Chemicals Limited	Director	26-06-81	26-06-81	-	Active	NO
7	U51900MH1944PLC004225	Nowrosjee Wadia and Sons Limited	Managing director	03-03-86	03-03-86	30-06-07	Active	NO
8	U91110MH1990NPL055085	Goodeed Charitable Foundation	Director	20-02-90	20-02-90	-	Active	NO
9	U91110MH1990PTC055084	Tristar Charitable Foundation	Director	20-02-90	20-02-90	-	Active	NO
10	L15412WB1918PLC002964	Britannia Industries Limited	Director	05-09-93	05-09-93	-	Active	NO
11	U74999MH1991PLC059856	Wadia BSN India Limited	Director	27-09-93	27-09-93	12-02-09	Active	NO
12	L28920MH1945PLC004520	Tata Motors Limited	Director	22-12-98	22-12-98	-	Active	NO
13	U15201MH2002PTC135164	Britannia Dairy Private Limited	Director	26-03-02	26-03-02	10-11-10	Active	NO
14	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	29-07-05	01-06-04	-	Active	NO
15	U65990MH1988PTC048388	Go Investments and Trading Private Limited	Director	30-09-11	11-02-11	-	Active	NO

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

Other Directorship :

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	U15201MH2002PTC135164	Britannia Dairy Private Limited	Director	03-02-05	03-02-05	10-11-10	Active	NO
2	L15412WB1918PLC002964	Britannia Industries Limited	Managing director	31-05-11	31-05-06	-	Active	NO
3	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	25-10-07	24-08-06	-	Active	NO
4	L74999TZ1984PLC001456	Titan Industries Limited	Director	27-07-07	08-10-06	-	Active	NO
5	L30007KA1992PLC025294	MphasiS Limited	Director	14-09-07	30-03-07	15-07-10	Active	NO
6	L28992MH1998PLC113433	Piramal Glass Limited	Director	07-08-08	26-07-07	-	Active	NO
7	U66020MH2008FTC179912	Goldman Sachs Trustee Company (India) Private Limited	Director	26-08-09	26-03-08	17-05-11	Active	NO
8	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	28-08-09	30-04-09	-	Active	NO
9	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	10-08-10	28-04-10	-	Active	NO
10	U85100DL2008NPL178133	Care India Solutions For Sustainable Development	Director	24-11-10	24-11-10	-	Active	NO

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

Other Directorship :

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	U67190MH2002PLC137798	IDFC Private Equity Company Limited	Director	04-10-04	04-10-04	31-12-07	Active	NO
2	L24239MH1939PLC002893	Tata Chemicals Limited	Director	19-10-04	19-10-04	31-12-07	Active	NO
3	L99999MH1992PLC066213	Jet Airways (India) Limited	Director	18-11-04	18-11-04	31-12-07	Active	NO
4	L99999MH1995PLC089008	Development Credit Bank Limited	Director	13-01-05	13-01-05	31-12-07	Active	NO
5	L35911DL1984PLC017354	Hero MotoCorp Limited	Director	24-03-05	24-03-05	31-12-07	Active	NO
6	U65991MH1994PTC078879	JM Financial Asset Management Private Limited	Director	01-04-05	01-04-05	31-12-07	Active	NO
7	L27102MH1994PLC152925	JSW Steel Limited	Director	29-06-10	09-05-05	-	Active	NO
8	U74999MH1994PTC077533	Roche Products (India) Private Limited	Director	02-02-10	27-05-05	-	Active	NO
9	L15412WB1918PLC002964	Britannia Industries Limited	Director	09-08-10	20-07-05	-	Active	NO
10	L24100MH1983PLC029442	Lupin Limited	Director	28-07-10	19-10-05	-	Active	NO
11	L72200PN1990PLC059594	Kpit Cummins Infosystems Limited	Director	14-03-06	14-03-06	31-12-07	Active	NO
12	L70100MH1977PLC019916	Housing Development Finance Corporation Limited	Nominee director	19-10-06	19-10-06	31-12-07	Active	NO
13	U11101AP2006PLC051191	Krishna Godavari Gas Network Limited	Director	25-09-07	28-11-06	31-12-07	Active	NO
14	U67120HR2005PLC036952	Orbis Financial Corporation Limited	Director	25-05-07	05-03-07	31-12-07	Active	NO
15	U62100MH1991PLC177728	Jet Lite (India) Limited	Director	28-09-07	20-04-07	31-12-07	Active	NO
16	U73200WB1998PLC087651	TCG Lifesciences Limited	Additional director	19-09-07	19-09-07	31-12-07	Active	NO
17	U67120MH1992PLC069769	National Stock Exchange Of India Limited	Director	27-09-10	28-09-07	-	Active	NO
18	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-01-10	-	Active	NO
19	U45400DL2008PLC213287	Green Infra Limited	Director	24-09-10	19-02-10	-	Active	NO
20	L67120MH1986PLC038784	JM Financial Limited	Director	28-07-10	19-03-10	-	Active	NO
21	U74991HR2006PLC036951	Orbis Capital Limited	Director	16-07-10	19-04-10	-	Active	NO
22	U74990MH2008NPL189117	Indian Institute For Human Settlements	Director	22-09-10	28-04-10	-	Active	NO
23	U74900PN2011PTC139394	CSIR - Tech Private Limited	Additional director	06-05-11	06-05-11	-	Active	NO
24	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :

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

Other Directorship :

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	L74999TZ1984PLC001456	Titan Industries Limited	Nominee director	17-07-89	17-07-89	-	Active	NO
2	U44003MH1945PLC004403	Tata Industries Limited	Director	03-04-98	03-04-98	-	Active	NO
3	U99999MH1917PLC000478	Tata Sons Limited	Whole-time director	01-07-09	24-11-98	-	Active	NO
4	L29308MH1954PLC009371	Voltas Limited	Director	26-04-99	26-04-99	-	Active	NO
5	L27100MH1907PLC000260	Tata Steel Limited	Director	15-07-99	15-07-99	-	Active	NO
6	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	29-09-99	29-09-99	-	Active	NO
7	U65991MH1995PLC087722	Tata Trustee Company Limited	Director	16-06-00	16-06-00	17-03-11	Active	NO
8	U66010MH2000PLC128403	Tata AIG Life Insurance Company Limited	Director	23-08-00	23-08-00	-	Active	NO
9	U85110MH2000PLC128425	Tata AIG General Insurance Company Limited	Nominee director	24-08-00	24-08-00	-	Active	NO
10	L72200AP1975PLC001970	CMC Limited	Director	16-10-01	16-10-01	04-01-10	Active	NO
11	L64200MH1986PLC039266	Tata Communications Limited	Director	01-07-02	01-07-02	26-06-07	Active	NO
12	U72200TN2003PTC050510	Speech and Software Technologies (India) Private Limited	Director	13-03-03	13-03-03	-	Active	NO
13	U92120MH2001PLC130365	Tata Sky Limited	Director	06-02-04	06-02-04	-	Active	NO
14	U26921OR1958PLC000349	TRL Krosaki Refractories Limited	Director	02-03-05	02-03-05	26-09-11	Active	NO
15	U67120MH2005PLC155188	BSE Limited	Director	14-09-07	09-11-06	29-05-10	Active	NO
16	L65990MH1991PLC060670	Tata Capital Limited	Director	17-07-07	13-04-07	-	Active	NO
17	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	30-05-07	30-05-07	14-01-11	Active	NO
18	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-01-10	-	Active	NO
19	L17120MH1879PLC000037	The Bombay Dyeing and Manufacturing Company Limited	Director	11-08-10	01-06-10	-	Active	NO
20	U72200DL2004PLC228400	Viom Networks Limited	Director	29-09-11	18-03-11	-	Active	NO
21	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Apurva Shshir Diwanji

Designation :

Director

Address :

Wyoming Building, 5^th 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

Other Directorship :

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	U70101MH1991PTC061446	Hormaze Property Private Limited	Director	25-08-01	25-08-01	-	Active	NO
2	L24230GJ1995PLC025878	Cadila Healthcare Limited	Director	16-08-03	16-08-03	-	Active	NO
3	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Chander R. Gupta
Designation :	Vice President-Legal and Secretarial
Address :	A201, Brentwoods, Hiranandani Gardens, Powai, Mumbai – 400 078, Maharashtra, India
Date of Birth/Age :	22.10.1963
Date of Appointment :	15.07.2011
PAN No.:	ADDPG9345E
Name :	Capt Das Chandan
Designation :	Sr. Captain
Name :	Mr. Brijesh Chandra Lal
Designation :	Sr. Captain
Name :	Rajit Ranjan
Designation :	TRE
Name :	Mr. Kulbir Singh Rai
Designation :	Sr. Captain
Name :	Mr. Puneet Shankta
Designation :	TRE
Name :	Mr. Vickram Arvind Inamdar
Designation :	Sr. Captain
Name :	Mr. Mark Pinheiro
Designation :	Co-Pilot
Name :	S Bindra
Designation :	Co-Pilot
Name :	Mr. Basant Datta
Designation :	Sr. Captain
Name :	Mr. Terence Verma
Designation :	Sr. Captain
Name :	Mr. Babu Peter
Designation :	Executive Vice President
Name :	Mr. Ashok Nijhawan
Designation :	Sr. Captain
Name :	Mr. Ajaykumar Yadav
Designation :	Check Pilot and GM Flight OPS
Name :	Mr. Harinder Singh
Designation :	Co-Pilot
Name :	S Sinha
Designation :	TRI
Name :	Mr. Narendra Sahu
Designation :	Sr. Captain
Name :	Mr. Shekhar Singh
Designation :	Sr. Captain
Name :	Mr. Atit Kolhe
Designation :	Sr. Captain
Name :	D.S. Virk
Designation :	TRE
Name :	Mr. Rajat Sharma
Designation :	Senior Captain
Name :	Mr. Amarjeet Singh Toor
Designation :	Sr. Captain
Name :	Mr. Sunil Kumar Sharma
Designation :	Sr. Captain
Name :	Mr. Rajiv Gaur
Designation :	Sr. Captain
Name :	Mr. Srinivasan Sambasivan
Designation :	Check Pilot
Name :	Mr. Mukesh Sharan
Designation :	TRI
Name :	Mr. Uday Gurjar
Designation :	Check Pilot
Name :	P. Sharma
Designation :	Sr. Captain
Name :	Capt. Deepak Dayal Gandhi
Designation :	VP - Flight OPS
Name :	Mr. Atul Gawand
Designation :	Vice-President HR
Name :	Mr. Kamal Kikani
Designation :	Vice President - Customer Services and Airports
Name :	Mr. Sunil Madan
Designation :	Vice President-Operational Systems
Name :	Mr. Gopal Ranganathan
Designation :	Vice President-Commercial
Name :	Mr. Paul Goodfellow
Designation :	Vice President-Asset Management
Name :	Giorgio De Roni
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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	66357600
Total	70000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
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/ Services :

Product Description	Item Code
Domestic Airlines Passenger and Cargo Services	88024000

GENERAL INFORMATION

No. of Employees :

Not Available

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 Rs. In Millions	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 Rs. In Millions	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 – 400 023, 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 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 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 (including interest financial charges)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1526.529	(351.992)
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

Note:

The registered office of the company has been shifted from Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra to the present address w.e.f. 30.04.2010.

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. (Previous year 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 – 400 023, Maharashtra, India E-Mail: dgmcfb3007@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	1] Second Supplemental Working Capital Facility Agreement 2] Third Supplemental Deed of Hypothecation 3] Term Loan Agreement
Date of instrument Creating the charge	06.07.2011
Amount secured by the charge	Rs.9000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction letter Terms of Repayment: OD/CC : On Demand Term Loan of Rs.1000.000 millions: 24 quarterly installments starting from the end of 5^th quarter from the date of first disbursement Margin: As per sanction letter Extent and Operation of the charge: first pari passu charge over all current and moveable fixed assets- both present and future of total limit of Rs.9000.000 millions [Overdraft/CC of Rs.1000.000 millions, BG cum LC/Stand by LC/ Letter of Comfort of Rs.3500.000 millions with sublimit for suppliers bill discounting of Rs.3500.000 millions, Working Capital Term Loan -I of Rs.2500.000 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 moveables, 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	07.03.2011
Particulars of the present modification	By the present modification the credit limit enhanced by Rs.2000.000 millions. Thus the charge on assets of the company increased from Rs.7000.000 millions to Rs.9000.000 millions.

This form is for	Creation of charge
Corporate identity number of the company	U63013MH2004PTC145991
Name of the company	GO AIRLINES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	IDBI Bank Limited, 224-A, Mittal Court, A-Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India
Email	vijaya.sekhar@idbi.co.in
Nature of description of the instrument creating or modifying the charge	by way of deed of hypothecation dated 15.07.2010
Date of instrument Creating the charge	15.07.2010
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10.06.2010 and as amended from time to time Terms of Repayment as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10.06.2010 and as amended from time to time Margin as per sanction letter ref no: idbi/npt/mcg/10-11/43 dated 10.06.2010 and as amended from time to time Extent and Operation of the charge second pari passu charge on entire movable fixed assets and current assets of the company both present and future by way of hypothecation to secure due repayment of credit facility to the tune of Rs.500.000 millions together with interest and other costs.
Short particulars of the property charged	I) The borrowers entire stock of raw materials semi-finished and finished goods, consumable store and spears and such other moveable including book debts, bills whether documentary or clean II) outstanding monies receivables, both present and future and whole of the moveable properties of the borrower including its moveable plant and machinery, machinery spares, tools and accessories and III) other movables both present and future whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the IV) Continuance of these presents be brought into or upon or be stored or be in or about all the borrowers factories, premises and godown or wherever else the same may be held.

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

WEBSITE DETAILS:

CORPORATE INFORMATION:

Subject is the aviation foray of the Wadia Group, The airline operates its services under the brand GoAir. GoAir launched its operations in November 2005. GoAir, a low-fare carrier launched with the objective of commoditizing air travel, offers airline seats at marginal premium to train fares across India. The airline currently operates across 21 destinations 156 daily flights and approximately 1060 weekly flights.

The GoAir route network spans prominent business metropolis as well as key leisure destinations across the Indian subcontinent. GoAir is currently servicing the airports at Ahmedabad, Bagdogra, Bengaluru, Chandigarh, Cochin, Delhi, Goa, Guwahati, Jaipur, Jammu, Kolkata, Leh, Lucknow, Mumbai, Nagpur, Nanded, Patna, Port Blair, Pune, Ranchi and Srinagar. Through this route network GoAir ensures a smart value-for-money option for both business and leisure travellers, without compromising on either safety or service factors.

GoAir's distribution network has been well-researched and after thorough evaluation of the available mediums, the Airline has introduced a gamut of options designed to make tickets very accessible to the end passenger. GoAir has convenient online booking options of on its web site www.GoAir.in wherein the passenger or his associate can book GoAir tickets 24x7, 365 days a year from the comforts of his home. For passengers who do not have a credit or debit card or access to a Web Networked Computer, tickets can be booked from other distribution mediums including GoTravel Agents or GoCallCentre. Tickets are also available at the Airport Counters.

GoAir is positioned as 'the Smart People's Airline'. It's captivating theme, 'Fly Smart' is aimed at offering passengers a consistent, quality-assured and time-efficient service through 'pocket-friendly' fares. The airline uses the state-of-the-art Airbus A320 aircraft fleet.

GoAir is based on 'punctuality, affordability and convenience' business model. The airline has also partnered with Radixx International, a leading technology provider of automated aviation and travel related software solutions, for the use of its Air Enterprise. The adoption of such technology solutions enables GoAir to achieve superior process efficiency, thereby helping transfer a greater portion of time savings to its passengers.

Since January 2007, GoAir has been consistently recording Highest Load factors in the industry. It has been recording an average load factor of 86% achieved through a balanced mix of good on-time performance and consistent quality of customer service coupled with smart fares. As part of its aggressive future outlook, GoAir is inducting aircraft which will take its fleet size to 11 aircraft upto 2011 and will induct new routes while efficiently servicing existing ones.

The Wadia Group has been in the fore-front of corporate India for over 116 years. Today, the Group is broadly diversified in several growth industries covering aviation, textiles, chemicals, petrochemicals, plantations, foods, electronics, light engineering, health, laminates, real estate and consultancy. The Group Company has consistently emerged as market leaders in every field they have entered. Over the years, the Wadia Group has developed an enviable record of successfully managing diverse technologies. The Wadia Group has earned a reputation as a household brand through its businesses like Britannia and Bombay Dyeing.

MANAGEMENT TEAM:

Jeh Wadia, Managing Director – GoAir

Master in Science from the Warwick University in Coventry, UK.

He is the Co-author of the restructuring of The Wadia Group.

The restructuring involved looking at new financial and strategic investments for the group. The investments concluded ranged from a Venture Fund for technology companies to Ports, Clinical research, Education, Real Estate and Aviation.

At Present he is Managing Director of Bombay Dyeing (a 130 Year old Real Estate, Polyester and Retail Company) and Go Airlines (a Low Cost Airline in India)

He also sits on the Boards of Britannia and Bombay Burmah.

The World Economic Forum elected him as a Young Global leader in the year 2008.

Giorgio De Roni, Chief Executive Officer

A professional with over 25 years’ experience in the aviation business, Mr. De Roni’s last assignment was as strategy advisor for Aircraft Fleet Purchase Limited in Ireland.

Prior to this, he had a long stint with Air One, Italian leading private airline with over 60 aircraft, 3,000 employees and a turnover of over 1 billion US dollar. As chief revenue officer his responsibilities covered sales and marketing, fleet and network planning, revenue management and alliance. In the 10 year period with Air One, he oversaw an increase in passenger numbers from 1 to 8 million. In the process the airline’s market share in Italy increased from 6% to over 30% delivering substantial profits.

His earlier assignments were with other airlines in commercial roles.

A graduate in foreign languages from Milan University, in Italy. Mr. De Roni has also attended courses at Cranfield University, London Business School, MIT and McGill University.

Babu Peter, Executive Vice-President – Engineering

Babu Peter (EVP – Engineering), a first class Engineering Graduate has 35 years of aviation exposure in Air India and Indian Airlines. Prior to being Functional Director at Indian Airlines, he was Director, Engineering in Air India.

Babu Peter has held many responsible and prestigious positions in various forums. He represented Air India in the IATA Engineering and Maintenance committee, was Theme Leader for European Union India Civil Aviation Project appointed by Ministry of Civil Aviation, Fellow and Vice President of Aeronautical Society of India and Council Member of Society of Aerospace technology and Industry.

Paul Goodfellow - Vice President-Asset Management

Paul holds a 1st Class Degree (BA Honours) in International Business from the University of Strathclyde, Glasgow, UK.

In his role as Vice President - Asset Management, Paul is responsible for the investment, insurance and asset financing and leasing of GoAir’s fleet.

Prior to joining GoAir, Paul’s last assignment was with DVB Bank, Frankfurt, as Vice President – Aviation Risk Management, where he was responsible for industry and asset research and analysis, structuring of aircraft financing transactions and undertaking financial analysis of risk counterparties.

Vikas Gupta - Vice President-Legal and Secretarial

Vikas Gupta, head of legal and secretarial at GoAir, is a fellow member of Institute of Company Secretaries of India, Associate member of Institute of Costs and Works Accountants of India and a qualified law graduate.

Mr. Gupta has experience of working on various matters related to corporate affairs, legal and secretarial aspects including overseas and local listing of companies, listing on NYSE, merger and acquisitions. He also has rich exposure in areas of corporate re-structuring, post merger integration, developing and implementing best corporate governance practices at India and overseas listed companies

Prior to joining GoAir Mr. Gupta worked with WNS Global Services, a NYSE listed company, as its general counsel.

Gopal Ranganathan - Vice President-Commercial

Gopal has completed his MBA in finance from The University of Chicago, M.S MIS from Texas University and B Tech from IIT Madras.

Gopal has around 20 years of experience with an expertise in Sales and Revenue Expansion. His last assignment was with Kingfisher Airlines as Assistant Vice President and HOD-Revenue Management / Commercial strategy. He has also worked with companies like Jet Airways, Deloitte Consulting and United Airlines.

He has functional expertise in strategic planning, pricing, inventory management, sales and marketing. He has revamped the Revenue Management strategy for the previous companies and has developed new revenue streams in many international markets.

Sunil Madan - Vice President-Operational Systems

Sunil has completed his MBA from the Institute of Management Technology, Ghaziabad and he is a Graduate Engineer from the Institute of Engineers (I), India.

Prior to this, he was with GMG Airlines, Dhaka as Director Operations, with key responsibilities of setting Airline Procedures, implementation of Airline Wide Systems. His past assignments were with Indigo Airlines, Gurgaon as Director Flight Operations Support. His task will be of implementing processes that will enhance their flight operational efficiencies.

Kamal Kikani, Vice President - Customer Services and Airports

Academically, Kamal is a Microbiologist. He has been in the field of aviation for over two decades. He worked for 17 years at British Airways, covering several commercial and operationally oriented roles on the passenger and air-freight sides of business. In his previous role at British Airways World Cargo, Kamal had responsibility for the airline's cargo business in India and Nepal. He also worked at Qantas Airways as Sales and Marketing Manager for South Asia for over four years before joining GoAir as Vice President - Customer Services and Airports.

Kamal is driven by a passion to deliver GoAir passengers a delightful travel experience comprising of safety, security and reliability, adhering to the airline's belief of 'Fly Smart'.

Atul Gawand, Vice-President HR

Atul Gawand is a post graduate in Human resource management with over 15 years in manufacturing and Information Technology companies.

His work experience includes companies like Mahindra and Mahindra – Farm Equipment Sector, Syntel Inc., Raymond Limited and Greatship (India).

He has strong accomplishments in organizational re-design, workflow reorganization for achieving business results and HRIS implementation to achieve improved operating efficiency internally and improved return on human capital for the company as a whole.

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		26

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.