MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	INTERGLOBE AVIATION LIMITED

Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	13.01.2004

Com. Reg. No.:	55-129768

Capital Investment / Paid-up Capital :	Rs.343.716 Millions

CIN No.: [Company Identification No.]	U62100DL2004PLC129768

TAN No.: [Tax Deduction & Collection Account No.]	DELI05040A

PAN No.: [Permanent Account No.]	AABCI2726B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Air Support Services.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 10190000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.malhotra@interglobe.com
Website :	www.interglobe.com
Area :	10000 sq ft
Location :	Owned

Branch Office 1 :	Block 2B, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201-05
Fax No.:	91-124-2357554

Branch Office 2 :	Interglobe Air Transport/ Galileo India, 101, 106, Jaipur Towers, First Floor, Opposite AIR, M.I. Road, Jaipur-302001, India
Tel. No.:	91-141-2360532
Fax No.:	91-141-5118886

Branch Office 3 :	Interglobe Technologies, Tower C, Global Business Park, Mehrauli Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-5060555
Fax No.:	91-124-2549540

Branch Office 4 :	InterGlobe Technology Quotient, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91.124-2357554
Location :	Owned

Branch Office 5 :	InterGlobe Hotels, Block 2B, DLF, Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193

Branch Office 6 :	InterGlobe Aviation, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193

Branch Office 7 :	Ground Floor, Thapar House, 66, Janpath, New Delhi – 110 001, India

DIRECTORS

As on 25.07.2011

Name :

Mr. Kapil Bhatia

Designation :

Director

Address :

18, OAK Drive, Mandi Road, Sultanpur, New Delhi – 110 030, India

Date of Birth/Age :

01.06.1932

Date of Appointment :

13.01.2004

DIN No.:

00090776

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	L65920AP1923PLC000044	Lakshmi Finance and Industrial Corporation Limited	Director	22-05-79	22-05-79	-	Active	NO
2	U63040DL1989PLC037689	Interglobe Enterprises Limited	Managing director	26-03-08	13-09-89	-	Active	NO
3	U63040DL1997PTC085860	Galileo India Private Limited	Director	17-03-97	17-03-97	-	Active	NO
4	U72300DL1998PTC097150	Interglobe Technologies Private Limited	Director	19-11-98	19-11-98	-	Active	NO
5	U72200DL1999PTC098629	Igt Solutions Private Limited.	Director	03-03-99	03-03-99	-	Active	NO
6	U62100DL1999PTC100664	Scandinavian Airlines System India Private Limited	Director	14-07-99	14-07-99	-	Under liquidation	NO
7	U74999DL2001PTC111438	Indus Aviation Services Private Limited	Director	26-06-01	26-06-01	-	Under liquidation	NO
8	U62100DL2004PLC129768	Interglobe Aviation Limited	Director	13-01-04	13-01-04	-	Active	NO
9	U55101DL2004PTC130073	Aapc India Hotel Management Private Limited	Director	19-10-04	19-10-04	-	Active	NO
10	U51900DL2005PTC193379	Interglobe Luxury Products Private Limited	Director	14-01-05	14-01-05	-	Active	NO
11	U74999DL2005PTC134961	Delta Air Lines Private Limited	Director	13-04-05	13-04-05	-	Active	NO
12	U55101DL2004PTC128567	Interglobe Hotels Private Limited	Director	24-08-06	24-08-06	-	Active	NO
13	U93000DL1984PTC019199	Bharat Telecom Private Limited	Director	19-12-06	19-12-06	-	Under liquidation	NO
14	U74999DL2005PTC132134	Interglobe Technology Quotient Private Limited	Director	14-01-07	14-01-07	-	Active	NO
15	U63090DL2007PTC162697	Interglobe Established Private Limited	Director	27-04-07	27-04-07	-	Active	NO
16	U74140DL2007PTC162695	ITG Consultancy Private Limited	Director	27-04-07	27-04-07	-	Active	NO
17	U91990DL1901PLC001746	Delhi Golf Club Limited	Director	22-09-07	22-09-07	27-09-08	Active	NO
18	U74899DL2006PTC144822	Techpark Hotels Private Limited	Director	09-09-08	09-09-08	-	Active	NO
19	U74999HR2009PTC043308	Interglobe Technologies International Private Limited	Director	21-09-10	02-12-09	-	Active	NO
20	U45203DL2010PTC199854	Zelos Infrastructure Private Limited	Director	09-03-10	09-03-10	-	Active	NO
21	U92490DL2010NPL199860	Interglobe Foundation	Director	01-09-11	10-06-10	-	Active	NO
22	U62200DL2009PLC196031	Interglobe Air Transport Limited	Director	07-09-11	27-04-11	-	Active	NO
23	U55101DL2010PTC206975	Triguna Hospitality Ventures (India) Private Limited	Director	18-08-11	24-06-11	-	Active	NO
24	U55101DL2008PTC175886	Accent Hotels Private Limited	Director	18-08-11	27-06-11	-	Active	NO
25	U70102DL2005PTC209600	Srilanand Mansions Private Limited	Director	18-08-11	27-06-11	-	Active	NO
26	U80904DL2011NPL224204	Interglobe Education Foundation	Director	26-08-11	26-08-11	-	Active	NO
27	U93000DL2010PTC203645	Interglobe Retail Private Limited	Additional director	07-09-11	07-09-11	-	Active	NO
28	U55101DL2008PTC175885	Caddie Hotels Private Limited	Additional director	15-11-11	15-11-11	-	Active	NO

Name :

Mr. Anil Parashar

Designation :

Director

Address :

E-367, Greater Kailash Part I, New Delhi-110048

Date of Birth/Age :

17.08.1958

Date of Appointment :

30.05.2007

DIN No.:

00055377

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	U72200DL1999PTC098629	IGT Solutions Private Limited.	Director	26-05-03	26-05-03	-	Active	NO
2	U74999DL2005PTC132134	Interglobe Technology Quotient Private Limited	Alternate director	08-02-11	09-02-05	-	Active	NO
3	U63040DL1981PTC011907	Navigator Travel Services Private Limited	Director	27-03-06	27-03-06	-	Active	NO
4	U55101DL2004PTC128567	Interglobe Hotels Private Limited	Director	07-04-06	07-04-06	-	Active	NO
5	U72200DL1999PTC102142	North Shore Technologies Private Limited	Additional director	16-04-07	16-04-07	-	Active	NO
6	U62100DL2004PLC129768	Interglobe Aviation Limited	Director	28-09-07	30-05-07	-	Active	NO
7	U63013DL2006PTC154984	Air France Ground Handling India Private Limited	Director	21-06-07	21-06-07	-	Under liquidation	NO
8	U74899DL2006PTC144822	Techpark Hotels Private Limited	Alternate director	27-06-11	09-09-08	18-08-11	Active	NO
9	U74140DL2007PTC162695	Itq Consultancy Private Limited	Director	30-06-09	23-09-08	-	Active	NO
10	U74999HR2009PTC043308	Interglobe Technologies International Private Limited	Director	05-06-09	05-06-09	02-12-09	Active	NO
11	U62100DL1999PTC100664	Scandinavian Airlines System India Private Limited	Additional director	24-08-09	24-08-09	-	Under liquidation	NO
12	U51109DL2000PTC106077	World Connect Private Limited	Director	15-09-10	17-09-09	-	Active	NO
13	U70102DL2005PTC209600	Srilanand Mansions Private Limited	Alternate director	27-06-11	12-11-09	18-08-11	Active	NO
14	U62200DL2009PLC196031	Interglobe Air Transport Limited	Director	16-11-09	16-11-09	-	Active	NO
15	U55101DL2008PTC175885	Caddie Hotels Private Limited	Alternate director	15-11-11	10-12-09	17-11-11	Active	NO
16	U93000DL2010PTC197713	UR Housekeeping Services Private Limited	Director	06-01-10	06-01-10	12-01-10	Active	NO
17	U92490DL2010NPL199860	Interglobe Foundation	Director	09-03-10	09-03-10	-	Active	NO
18	U74999DL2001PTC111438	Indus Aviation Services Private Limited	Director	30-07-10	10-06-10	-	Under liquidation	NO
19	U55101DL2010PTC206975	Triguna Hospitality Ventures (India) Private Limited	Alternate director	24-06-11	12-08-10	18-08-11	Active	NO
20	U55101DL2008PTC175886	Accent Hotels Private Limited	Alternate director	27-06-11	27-06-11	18-08-11	Active	NO
21	U74140HR2010PTC043445	IGT Solutions International Private Limited	Additional director	08-12-11	29-06-11	-	Active	NO
22	U72300DL1998PTC097150	Interglobe Technologies Private Limited	Director	30-09-11	09-09-11	-	Active	NO
23	U72200MP2011PTC026973	Underhill Ventures Private Limited	Director	18-10-11	18-10-11	-	Active	NO

Name :

Mr. Rahul Bhatia

Designation :

Director

Address :

18, OAK Drive, Mandi Road, Sultanpur, New Delhi – 110 030, India

Date of Birth/Age :

10.06.1960

Date of Appointment :

13.01.2004

DIN No.:

00090860

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	U63040DL1989PLC037689	Interglobe Enterprises Limited	Whole-time director	01-04-10	13-09-89	-	Active	NO
2	U63040DL1997PTC085860	Galileo India Private Limited	Director	01-01-08	17-03-97	-	Active	NO
3	U72300DL1998PTC097150	Interglobe Technologies Private Limited	Director	19-11-98	19-11-98	-	Active	NO
4	U72200DL1999PTC098629	Igt Solutions Private Limited.	Director	03-03-99	03-03-99	-	Active	NO
5	U62100DL1999PTC100664	Scandinavian Airlines System India Private Limited	Director	14-07-99	14-07-99	13-02-07	Under liquidation	NO
6	U51109DL2000PTC106077	World Connect Private Limited	Director	02-06-00	02-06-00	-	Active	NO
7	U74999DL2001PTC111438	Indus Aviation Services Private Limited	Director	26-06-01	26-06-01	-	Under liquidation	NO
8	U74899DL1994PTC063492	Shree Nath Shares Private Limited	Director	30-05-03	30-05-03	-	Active	NO
9	U62100DL2004PLC129768	Interglobe Aviation Limited	Managing director	26-03-08	13-01-04	-	Active	NO
10	U55101DL2004PTC127156	Ara Hospitality Private Limited	Director	25-06-04	25-06-04	-	Active	NO
11	U55101DL2004PTC128567	Interglobe Hotels Private Limited	Director	24-08-04	24-08-04	-	Active	NO
12	U55101DL2004PTC130073	Aapc India Hotel Management Private Limited	Director	19-10-04	19-10-04	-	Active	NO
13	U74999DL2005PTC132134	Interglobe Technology Quotient Private Limited	Director	14-01-05	14-01-05	-	Active	NO
14	U51900DL2005PTC193379	Interglobe Luxury Products Private Limited	Director	14-01-05	14-01-05	-	Active	NO
15	U74899DL1993PTC054944	Arc Hospitality Private Limited	Director	20-08-05	20-08-05	01-02-07	Active	NO
16	U74899DL1991PTC042800	Uniworld Insurance Agency Private Limited	Director	27-03-06	27-03-06	04-03-10	Active	NO
17	U93000DL1984PTC019199	Bharat Telecom Private Limited	Director	29-12-06	29-12-06	-	Under liquidation	NO
18	U70102DL2005PTC209600	Srilanand Mansions Private Limited	Director	01-08-07	09-03-07	-	Active	NO
19	U63090DL2007PTC162697	Interglobe Established Private Limited	Director	27-04-07	27-04-07	-	Active	NO
20	U74140DL2007PTC162695	Itq Consultancy Private Limited	Director	27-04-07	27-04-07	-	Active	NO
21	U74899DL2006PTC144822	Techpark Hotels Private Limited	Director	09-09-08	09-09-08	-	Active	NO
22	U55101DL2008PTC175885	Caddie Hotels Private Limited	Director	28-09-10	10-12-09	-	Active	NO
23	U92490DL2010NPL199860	Interglobe Foundation	Director	01-09-11	10-06-10	-	Active	NO
24	U93000DL2010PTC203645	Interglobe Retail Private Limited	Director	11-07-11	27-04-11	-	Active	NO
25	U55101DL2010PTC206975	Triguna Hospitality Ventures (India) Private Limited	Director	18-08-11	24-06-11	-	Active	NO
26	U55101DL2008PTC175886	Accent Hotels Private Limited	Director	18-08-11	27-06-11	-	Active	NO
27	U80301DL2011PLC224686	Interglobe Education Services Limited	Director	07-09-11	07-09-11	-	Active	NO

Name :

Mr. Aditya Ghosh

Designation :

Director

Address :

H-452A, Palam Vihar, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

27.07.1975

Date of Appointment :

30.05.2007

DIN No.:

01243445

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	U51900DL2005PTC193379	Interglobe Luxury Products Private Limited	Director	27-03-06	27-03-06	-	Active	NO
2	U72300DL1998PTC097150	Interglobe Technologies Private Limited	Director	27-03-06	27-03-06	29-01-09	Active	NO
3	U62100DL2004PLC129768	Interglobe Aviation Limited	Director	28-09-07	30-05-07	-	Active	NO
4	U74999DL2005PTC132134	Interglobe Technology Quotient Private Limited	Director	30-06-08	11-12-07	-	Active	NO
5	U72200DL1999PTC098629	IGT Solutions Private Limited.	Alternate director	21-05-08	21-05-08	19-09-08	Active	NO
6	U74140DL2007PTC162695	ITG Consultancy Private Limited	Director	30-06-09	23-09-08	-	Active	NO
7	U74899DL2005PTC137167	Calleo Distribution Technologies Private Limited	Director	16-07-10	21-06-10	-	Active	NO
8	U63090DL2007PTC162697	Interglobe Established Private Limited	Director	28-09-11	31-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2011

Names of Shareholders (Equity Shares)		No. of Shares
Kapil Bhatia		50
Rahul Bhatia		40
Rohini Bhatia		10
Interglobe Enterprises Limited, India		156950
Caelum Investment LLC, USA		147000
Shobha Gangwal		1451
Asha Mukherjee		1499
TOTAL		307000

Names of Shareholders (Convertible Preference Shares)		No. of Shares
Riyaz Peer Moham		5110
Shakti Lumba		84
Steven Harist		3607
Bruce Ashby		6012
Chesapaake International		4008
Kunal Chanana		6012
G5 Investments		1503
Sanjay Kumar		334
Tario Taher Carimjee		4034
Anil Chanana		6012
TOTAL		36716

Equity Share Break up (Percentage of Total Equity)

As on 25.07.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	48.36
Bodies corporate	51.12
Directors or relatives of Directors	0.03
Other top fifty shareholders	0.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Air Support Services.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

Bank of Baroda, Corporate Financial Services (Large Corporate) Branch, 16, Parliament Street, New Delhi – 110001, India
Canara Bank, Prime Corporate Branch II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110001, India
Oriental Bank of Commerce, E-Block, Connaught Place, New Delhi-110 001, India
Bank of Maharashtra, 1295, Sushant Loak, Gurgaon-122002, Haryana, India
Union Bank of India, D43, South Extension Part I, New Delhi – 110 049, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	1218.890	2799.290
Finance lease obligation long-term secured	7416.140	6204.600
Total	8635.030	9003.890
Footnotes (A) Secured against assignment of certain rights under the aircraft purchase agreement with Airbus SAS. (B) Secured against assignment of certain rights under the aircraft purchase agreement with Airbus SAS. (C) Secured against the respective aircraft is Rs.7391.750 millions and furniture and fixtures of Rs.24.390 millions (D) Secured against the respective aircraft is Rs.6204.600 million and furniture and fixtures of Nil
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	678.600	684.000
Total	678.600	684.000
Footnotes (A) Amount due for repayment within one year is Rs.339.300 million (B) Amount due for repayment within one year is Rs. NIL

Banking Relations :	-

Auditors :
Name :	B.S.R. and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN.:	AAAFB9852F

Holding and ultimate holding Company :	Inter Globe Enterprises Limited CIN NO : U63040DL1989PLC037689

Fellow subsidiary :	Inter Globe Air Transport Limited (with effect from 1 April, 2010, on account of demerger from Inter Globe Enterprises Limited) CIN NO: U62200DL2009PLC196031

Enterprises where significant influence of key management personnel or their relative exists :	InterGlobe Technologies Private Limited CIN NO : U72300DL1998PTC097150 Galileo India Private Limited CIN NO : U63040DL1997PTC085860 Navigator Travel Services Private Limited CIN NO : U63040DL1981PTC011907 InterGlobe Hotels Private Limited CIN NO : U55101DL2004PTC128567 Zelos Developers Private Limited (formerly known as Zelos Real Estate Developers Private Limited) CIN NO : U70101DL1999PTC098628

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.1000/- each	Rs.500.000 Millions
1700000	Preference Shares	Rs.1000/- each	Rs.1700.000 Millions

	TOTAL		Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

307000	Equity Shares	Rs.1000/- each	Rs.307.000 Millions
36716	Preference Shares	Rs.1000/- each	Rs.36.716 Millions
			Rs.343.716 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		343.720	1897.720	1897.720
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2204.330	1795.810	2.220
4] (Accumulated Losses)		0.000	0.000	(3689.970)
NETWORTH		2548.050	3693.530	(1790.030)
LOAN FUNDS
1] Secured Loans		8635.030	9003.890	3410.130
2] Unsecured Loans		678.600	684.000	386.100
TOTAL BORROWING		9313.630	9687.890	3796.230
DEFERRED TAX LIABILITIES		6898.990	5679.510	4952.910

TOTAL		18760.670	19060.930	6959.110

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		8311.410	8363.030	2230.140
Capital work-in-progress		0.000	0.000	0.000
Capital Advances		11.330	11.320	4.350

INVESTMENT		8022.440	6570.860	367.410
DEFERREX TAX ASSETS		25.380	616.650	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	446.740	340.300	353.590
	Sundry Debtors	166.580	180.520	62.620
	Cash & Bank Balances	7850.540	3184.890	3382.290
	Other Current Assets	282.410	190.480	175.680
	Loans & Advances	5638.420	3772.350	2958.350
Total Current Assets		14384.690	7668.540	6932.530
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2589.350	1460.760	666.940
	Other Current Liabilities	3521.240	2535.550	1851.630
	Provisions	5883.990	173.160	56.750
Total Current Liabilities		11994.580	4169.470	2575.320
Net Current Assets		2390.110	3499.070	4357.210

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		18760.670	19060.930	6959.110

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38254.090	26015.690	18900.670
		Other Income	1213.160	630.280	775.950
		TOTAL (A)	39467.250	26645.970	19676.620

Less	EXPENSES
		Manufacturing Service Cost	19311.750	11787.290	18445.120
		Employee Related Expenses	2938.180	2233.790
		Advertising, Selling and other Expenses	8979.230	6749.950
		Prior Period Item	0.000	(43.260)
		TOTAL (B)	31229.160	20727.770	18445.120

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8238.090	5918.200	1231.500

Less	FINANCIAL EXPENSES (D)		514.760	567.730	202.160

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7723.330	5350.470	1029.340

Less/ Add	DEPRECIATION/ AMORTISATION (F)		628.700	459.960	183.120

	PROFIT BEFORE TAX (E-F) (G)		7094.630	4890.510	846.220

Less	TAX (H)		591.380	(616.500)	24.590

	PROFIT AFTER TAX (G-H) (I)		6503.250	5507.010	821.630

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1795.810	(3689.970)	(4511.600)

Less	APPROPRIATIONS		8299.060	21.230	0.000

	BALANCE CARRIED TO THE B/S		0.000	1795.810	(3689.970)

	EARNINGS IN FOREIGN CURRENCY
		Passenger revenue and credit and sales	360.240	323.830	287.370
	TOTAL EARNINGS		360.240	323.830	287.370

	IMPORTS
		Capital Goods	104.870	3238.550	3614.830
		Components and Spare Parts	330.540	111.320	199.600
	TOTAL IMPORTS		435.410	3349.87	3814.430

	Earnings Per Share (Rs.)
	Basic		19897.00	17869.00	2676.00
	Diluted		17772.00	15960.00	2390.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.48	20.67	4.18

Net Profit Margin (PBT/Sales)	(%)	18.55	18.80	4.48

Return on Total Assets (PBT/Total Assets}	(%)	31.26	30.51	9.24

Return on Investment (ROI) (PBT/Networth)		2.78	1.32	(0.47)

Debt Equity Ratio (Total Liability/Networth)		8.36	3.75	(3.56)

Current Ratio (Current Asset/Current Liability)		1.20	1.84	2.69

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

Subject was incorporated on 13 January 2004 as a private limited company. Subsequently, the Company changed its legal status from a private company to a public company on 11 August 2006. The Company is one of the dominant players in the low cost carrier (LCC) segment of the airline industry in India.

BUSINESS PROGRESS

The Company has made a profit of Rs.6503.250 Million as against a profit of Rs.5507.010 Million the previous year.

AWARDS

The Company bagged the “Best Low-Cost Airline” award in Central Asia and India at the World Airline Awards held in Paris and also won the following Awards during the year:

Best Overall Performer at the ASSOCHAM Civil Aviation Centenary Awards, May 2011.

Indy’s Award for the Best Domestic Airline, Feb 2011

Best Performing Airline of the Year 2010 by SATTE at SATTE Achievers Award, Jan 2011

Best Low-Fare Airline-Domestic for the year 2009 by APAI, Sep 2010

Best Low Cost Airline Service by Indian Travel Mart Awards, August, 2011.

FORM 8

Corporate identity number of the company	U62100DL2004PLC129768
Name of the company	INTERGLOBE AVIATION LIMITED
Address of the registered office or of the principal place of business in India of the company	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001, India E-Mail: manoj.malhotra@interglobe.com
This form is for	Creation of charge
Type of charge	Assignment of Insurance in respect of MSN 4630
Particular of charge holder	HKAC Leasing (IGO No.6) Limited, AIB International Centre, IFSC, Dublin, IRELAND Email : fiona.leung@hkavaition.com
Nature of instrument creating charge	This charge is created by way of Assignment of Interest in Policies of Insurance- Indigo MSN 4630 dated March 30, 2011, in respect of one Airbus A320-232 Aircraft bearing MSN 4630 AND Indian Registration Mark VT-IED by Interglobe Aviation Limited in favour of HKAC Leasing (IGO No. 6) Limited.
Date of instrument Creating the charge	30.03.2011
Amount secured by the charge	Rs.1989.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of charge: The Lessee assigns and agrees to assign with full title guarantee (save as to the absence of any Lessor Security Interest) all of the Assigned Property to Lessor absolutely by way of security for the purpose of securing to the Lessor due and punctual payment of the secured money.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Assigned Property means all of the Lessee's right, title and interest, including chose in action in and to all the Lessee's benefits and proceeds of and under the Insurances with respect to Aircraft.

CONTINGENT LIABILITIES

a) Claims against the Company not acknowledged as debts – During the current year ended 31 March 2011; the Company has received a show cause notice from the office of the Commissioner of Service Tax, on account of non-payment of service tax amounting to Rs.39.180 million (previous year Rs. Nil) on excess baggage charges.

b) The Company is party to various legal proceedings in the normal course of business and does not expect the outcome of these proceedings to have any adverse effect on the financial statements and hence no provision has been set-up against the same.

c) The income tax authority has assessed and revised the taxable income on account of disallowance of certain expenses and/or adjustments, and in respect of the tax treatment of certain incentives received from the manufacturer with the acquisition of aircraft and engines. In view of sufficient carry forward losses, no demand has been raised by the income tax authority. Management has filed an appeal against the disallowance and/or adjustments made by tax authorities and believe, based on advice from counsels/experts, that the views taken by the tax authority are not sustainable at higher levels.

FIXED ASSETS

· Furniture and Fixtures

· Computer

· Office Equipment

· Vehicles

· Electrical Installation

· Software

WEBSITE DETAILS

PROFILE

In golf, as in life, it is the follow through that makes the difference. At Subject Enterprises, they carry this philosophy to work, and live by it in each of their relationships - with employees, partners and customers.

Fifteen years ago, Subject entered the business of travel. As they took their first steps, they were acutely aware that they operate in an industry which is globally benchmarked and where change is the only constant. They knew that to be successful, they could not be captive in the environment.

With agility and determination, Subject struck out in new directions across the spectrum of the travel industry – from air transport management to computerized travel reservations, from information and travel technology to hospitality. They took risks, but followed through in each direction; consolidating at each step as they ventured forward.

Today, they have come a long distance from where they began. Yet, Subject is not a group built on toplines and bottomlines. It has been built on integrity and relationships. An organization where trust and transparency complement excellence and teamwork. Where they carve success through long-term mutually beneficial partnerships.

As India gains prominence on the world map, the responsibility lies with the travel industry to ensure that the gateways stay open for smooth traffic and connectivity, to facilitate the weaving of the Indian economy into the global village. They, at Subject, are ready for this mantle. For, in their business, success is intrinsically defined as a journey, not a destination.

Established in 1989, InterGlobe Enterprises is a travel corporation with a truly international vision to deliver outstanding value to its stakeholders, clients and customers through dedicated business units that perform specialist roles.

In an act that was an example of the company's farsightedness and commitment to the industry, InterGlobe Enterprises diversified in the fields of aviation management, travel related services, travel technology, travel distribution services and hotel development and management services - going beyond the traditional definition of the travel spectrum giving it a whole new definition.

Conceived to cater to the growing need for travel services in ground operations, communication and co-ordination, the Subject vision, ever since, has been to become a diversified international corporation in the areas of Air Transport Management, Travel Related Services and Information Technology Management by delivering outstanding value to its business partners, customers, employees and shareholders.

The cumulative experience put in by close to 1900 staff strength not only add value to each other internally but to all the business partners, providing them that necessary edge in the corporate world today and ensuring the best service quality and the highest standards.

An interesting aspect of Subject is that though the company is privately held, it can boast of corporate governance – a low profile corporate personality with exemplary value-based leadership.

Today InterGlobe Enterprises has a daunting India-focus with a network of 52 offices across 23 cities in India and in USA, U.K. and South Africa.

Little wonder that they continue to be the preferred partner in travel-related services, with unending support and patronage from all their business partners including some of the leading airlines the world over.

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	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

446.740

340.300

166.580

180.520

7850.540

3184.890

282.410

190.480

5638.420

3772.350

14384.690

2589.350

3521.240

5883.990

11994.580

2390.110

3499.070

16.48

20.67

18.55

18.80

31.26

30.51

2.78

1.32

8.36

3.75

1.20

1.84

Unit