MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED
Registered Office :	No.418, 5^th Cross, HBR Layout, 1^st Stage, 2^nd Block, Bangalore – 560043, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.2006
Com. Reg. No.:	08-039632
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U63013KA2006PTC039632
TAN No.: [Tax Deduction & Collection Account No.]	BLRB05965B
PAN No.: [Permanent Account No.]	AACCB8858Q
Legal Form :	Private Limited Liability Company
Line of Business :	They Provided Services Airport Ground Handling, Ramp Handling and Cargo Handlings.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. However, it would be take advisable securities while dealing with subject.

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

INFORMATION PARTED BY

Name :	Mr. Samir
Designation :	H. R. Manager
Contact No.:	91-22-67362203
Date :	16.01.2012

LOCATIONS

Registered Office :	No.418, 5^th Cross, HBR Layout, 1^st Stage, 2^nd Block, Bangalore – 560043, Karnataka, India
Tel. No.:	91-22-67362221/ 25438718
Fax No.:	91-22-28560667/ 67362221/ 25438717
E-Mail :	sameer@bats.co.in rajesh@bats.co.in Johnny@bats.co.in rajesh_10jan@yahoo.com rocbangalore@gmail.com
Location :	Owned
Corporate Office :	Vakrangee House B Wing, 2^nd Floor, Plot No.10/52 Marol Industrial Estate, Off MV Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Dayandn Nishith Suvarna

Designation :

Managing Director

Address :

25^th Cross, Atmananda Colony, R T Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

13.12.1945

Date of Appointment :

05.06.2006

PAN No.:

ABIPS5443E

DIN No.:

00231345

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63013KA2006PTC039632	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED	Managing director	5/6/2006	5/6/2006	Active	NO
2	U74140KA2008PTC046680	FREIGHT AUDIT CONSULTING TRAINING SERVICES INDIA PRIVATE LIMITED	Director	5/6/2008	5/6/2008	Active	NO

Name :

Mr. Sahasranama Ramasubramaonia Iyer

Designation :

Director

Address :

F-302, Nagarjuna Greenwoods Kadubisssinahalli, Bangalore – 560103, Karnataka, India

Date of Birth/Age :

03.04.1948

Date of Appointment :

13.02.2009

PAN No.:

AABPI1836K

DIN No.:

02595740

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63013KA2006PTC039632	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED	Director	13/02/2009	13/02/2009	Active	NO
2	U74140KA2008PTC046680	FREIGHT AUDIT CONSULTING TRAINING SERVICES INDIA PRIVATE LIMITED	Director	13/02/2009	13/02/2009	Active	NO

Name :

Mr. Dinesh Nandwana

Designation :

Director

Address :

3302, Haritage, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

06.06.1963

Date of Appointment :

25.05.2011

PAN No.:

AAFPN9185Q

DIN No.:

00062532

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	L65990MH1990PLC056669	VAKRANGEE SOFTWARES LIMITED	Managing director	1/10/2009	28/05/1990	-	Active	NO
2	U25209DL1992PLC175740	VAKRANGEE PRESS LIMITED	Director	3/6/1992	3/6/1992	6/8/2007	Active	NO
3	U22120MH1961PTC012112	R M D C PRESS PRIVATE LIMITED	Director	29/03/1994	29/03/1994	10/5/2005	Active	NO
4	U74900MH1989PTC053563	VAKRANGEE CAPITAL PRIVATE LIMITED	Director	1/12/1994	1/12/1994	-	Active	NO
5	L99999MH1995PLC093448	GARNET INTERNATIONAL LIMITED	Director	¼/2005	¼/2005	-	Active	NO
6	U30000MH2005PLC156864	VAKRANGEE TECHNOLOGIES LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
7	U67110MH2006PTC161892	MDN SHARES AND STOCK BROKERS PRIVATE LIMITED	Director	22/05/2006	22/05/2006	-	Active	NO
8	U74990MH2007PTC169221	MDN MULTI COMMODITIES PRIVATE LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
9	U72200MH2007PLC175824	VAKRANGEE IT SOLUTIONS LIMITED	Director	8/11/2007	8/11/2007	-	Active	NO
10	U65993MH2007PTC176495	VAKRANGEE HOLDINGS PRIVATE LIMITED	Director	5/12/2007	5/12/2007	-	Active	NO
11	U01403MH2008PTC178556	VAKRANGEE INFRAPROJECTS LIMITED	Director	6/2/2008	6/2/2008	-	Active	NO
12	U01403MH2008PTC178557	NJD BIOTECH PRIVATE LIMITED	Director	6/2/2008	6/2/2008	-	Active	NO
13	U72200MH2008PTC183113	EDOC VISION INFOTECH PRIVATE LIMITED	Director	3/6/2008	3/6/2008	-	Active	NO
14	U40300MH2009PTC197928	VAKRANGEE ENERGY PRIVATE LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
15	U74120MH2011PLC214953	OMNIS INFRA-POWER LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO
16	U74999MH2011PLC215258	OMNIS EDU-HEALTH LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
17	U74999MH2011PTC215694	VAKRANGEE LACTEUS AND HORTUS LIMITED	Director	03/04/2011	03/04/2011	-	Active	NO
18	U63013KA2006PTC039632	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED	Additional director	25/05/2011	25/05/2011	-	Active	NO
19	U74930MH2011PLC221655	VAKRANGEE FINSERVE LIMITED	Director	7/9/2011	7/9/2011	-	Active	NO

Name :

Mr. Minex Jayantilal Shah

Designation :

Additional Director

Address :

6/32, Harikripa, 26-A, S. V. Road, Santacruz (East), Mumbai – 400065, Maharashtra, India

Date of Birth/Age :

17.05.1957

Date of Appointment :

25.05.2011

PAN No.:

AMKPS8643P

DIN No.:

00092514

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	U65990MH1992PTC065806	SHRUTIKA FINLEASE AND INVESTMENT PRIVATE LIMITED	Director	2/5/2000	2/5/2000	22/10/2009	Active	YES
2	U70101MH2000PTC127518	PARASNATH PROPERTIES PRIVATE LIMITED	Director	1/2/2002	1/2/2002	-	Active	NO
3	U31501MH1995PLC088270	EUROLIGHT ELECTRICALS LIMITED	Director	11/2/2002	11/2/2002	28/02/2009	Active	NO
4	U28920MH1998PTC116581	MNR ENGINEERS PRIVATE LIMITED	Director	18/06/2007	18/06/2007	22/06/2007	Active	NO
5	U63013KA2006PTC039632	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED	Additional director	25/05/2011	25/05/2011	-	Active	NO

Name :

Mr. Rajesh Gokaldas Bhatia

Designation :

Director

Address :

Preabha Villa 7, Golibar Road, Plot No.16, TPS III, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

10.01.1961

Date of Appointment :

25.05.2011

DIN No.:

01861662

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	U65910MH1996PTC096519	NAS LEASING INDIA PRIVATE LIMITED	Director	29/02/1996	29/02/1996	15/12/2007	Active	YES
2	U63013KA2006PTC039632	BANGALORE AIRPORT TERMINAL SERVICES PRIVATE LIMITED	Additional director	25/05/2011	25/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir
Designation :	H. R. Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Birdhilalji Sharma	4900
Dinesh Nandwana	4900
Jayantilal Jobalia	100
Usha D. Parekh	100
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	49.00
Directors or relatives of directors	49.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	They Provided Services Airport Ground Handling, Ramp Handling and Cargo Handlings.
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

· Asra Engineering

Customers :

· Kingfisher Airlines

· Air India SATS Limited

· Freight Acts Private Limited

· Menzies Bobba Ground Handling Services Private Limited

· MASL

No. of Employees :

450 (Approximately)

Bankers :

· Central Bank

Andheri (East) Branch, Mumbai, Maharashtra, India

· Centurion Bank of Punjab Bank

Durga Niwas G Road, Panaji, Goa – 403001, India

· Vijaya Bank

# 208, 5^th Cross, 1^st Main, Domlur, Bangalore – 560008, Karnataka, India

· State Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks
Bank CC Account	18.085	17.791
Car Loan – Honda	0.000	0.146
Car Loan – Suzuki	0.000	0.086
Car Loan – Honda	0.000	0.359
Tractors Loan	0.145	0.532
Total	18.230	18.914
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Directors – Interests Free and Unsecured
D. N. Suvarna	0.881	0.795
Vanitha Tomas	0.060	0.000
S. R. Iyer	0.000	0.050
Total	0.941	0.845

Banking Relations :	--
Auditors :
Name :	Deepak Padmanabhan and Company Chartered Accountant
Address :	No.18/7, Chitrakoot Kumaracot Layout, High Grounds, Bangalore – 560001, Karnataka, India
Tel No.:	91-80-41138389
Mobile No.:	91-9845214979
PAN No.:	AJOPP8393C
Email :	deepakpandco@yahoo.com

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.231	11.136	9.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.331	11.236	9.933
LOAN FUNDS
1] Secured Loans		18.230	18.914	19.587
2] Unsecured Loans		0.941	0.845	1.317
TOTAL BORROWING		19.171	19.759	20.904
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		32.502	30.995	30.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.495	11.623	16.623
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.083	0.102
DEFERREX TAX ASSETS		0.187	0.141	0.004
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	10.732	9.039	10.485
	Cash & Bank Balances	17.385	14.859	13.560
	Other Current Assets	0.495	1.147	1.040
	Loans & Advances	1.336	1.612	2.391
Total Current Assets		29.948	26.657	27.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.163	2.447	4.656
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	3.965	5.075	8.739
Total Current Liabilities		7.128	7.522	13.395
Net Current Assets		22.820	19.135	14.081
MISCELLANEOUS EXPENSES		0.000	0.013	0.027
TOTAL		32.502	30.995	30.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	38.743	41.343	52.512
		Profit is Partnership –M/s Service Works	0.014	0.000	0.000
		TOTAL (A)	38.757	41.343	52.512
Less	EXPENSES
		Direct Expenses	6.792	6.114	7.362
		Administrative Expenses	24.524	27.521	30.795
		Selling Expenses	0.081	0.095	0.070
		Preliminary Expenses Amortized	0.013	0.013	0.013
		TOTAL (B)	31.410	33.743	38.240
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.347	7.600	14.272
Less	FINANCIAL EXPENSES (D)		2.262	2.744	2.388
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.085	4.856	11.884
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.033	2.811	3.697
	PROFIT BEFORE TAX (E-F) (G)		3.052	2.045	8.187
Less	TAX (H)		0.958	0.742	2.849
	PROFIT AFTER TAX (G-H) (I)		2.094	1.303	5.338
	Earnings Per Share (Rs.)		209.42	130.33	533.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.40	3.15	10.17
Return on Total Assets (PBT/Total Assets}	(%)	7.74	5.34	18.57
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.82
Debt Equity Ratio (Total Liability/Networth)		1.97	2.43	3.45
Current Ratio (Current Asset/Current Liability)		4.20	3.54	2.05

LOCAL AGENCY FURTHER INFORMATION

PROJECTED PROFITABILITY STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2012	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	PROJECTED
Gross Sales
- Domestic Sales	52.500	72.500	87.000	104.400	125.000
- Export Sales	--	--	--	--	--
Sub Total	52.500	72.500	87.000	104.400	125.000
Less: Excise Duty	0.000	0.000	0.000	0.000	0.000
Net Sales	52.500	72.500	87.000	104.400	125.000
% rise [+] or fall [-] in net sales as compared to previous year	35.46	38.10	20.00	20.00	19.73
Other Operating Income	0.000	0.000	0.000	0.000	0.000
Total Operating Income	52.500	72.500	87.000	104.400	125.000
Cost of Sales
Raw Materials (Including Stores)
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000	0.000	0.000
Other Spares	0.000	0.000	0.000	0.000	0.000
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous
Power and Fuel	0.000	0.000	0.000	0.000	0.000
Direct Labour	23.625	32.625	39.975	48.025	58.525
Other Manufacturing Expenses	8.400	10.600	12.650	17.560	22.550
Depreciation	4.022	7.044	6.701	5.726	4.900
Sub Total	36.047	50.269	59.326	71.311	85.975
Add: Opening Stock-In-Process	--	--	--	--	--
Less: Closing Stock-In-Process	--	--	--	--	--
Cost of Production	36.047	50.269	59.326	71.311	85.975
Add: Opening Stock of Finished Goods	--	--	--	--	--
Deduct: Closing Stock of Finished Goods	--	--	--	--	--
SUB TOTAL (Total cost of sales)	36.047	50.269	59.326	71.311	85.975
Selling, General and Administrative Expenses	9.668	10.675	13.000	16.000	19.500
Operating Profit before interests	6.785	11.556	14.674	17.089	19.525
Interests	1.688	4.254	4.617	3.586	2.555
Operating Profit After Interests	5.097	7.302	10.057	13.503	16.970
Other Non Operating Income	--	--	--	--	--
Other Non Operating Expenses	--	--	--	--	--
Net of Non-operating Income and Expenses	--	--	--	--	--
Profit before Tax/ Loss [PBT]	5.097	7.302	10.057	13.503	16.970
Provision for taxes	1.530	2.190	3.012	4.050	5.191
Net Profit / Loss [PAT]	3.567	5.112	7.045	9.453	11.779
Retained Profit	3.567	5.112	7.045	9.453	11.779
% of Net Profit Retained	75.89	121.56	137.46	151.79	166.79
DSCR A/B	--	5.44	5.41	8.28	16.81
Average DSCR	9.19

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2012	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	PROJECTED
Short Term Borrowing from Bank
i. From Application Bank	10.000	10.000	10.000	10.000	10.000
ii. From Other Banks	0.000	0.000	0.000	0.000	0.000
iii. Of which BP and BD	0.000	0.000	0.000	0.000	0.000
SUB TOTAL	10.000	10.000	10.000	10.000	10.000
Short Term Borrowings From Others	--	--	--	--	--
Sundry Creditors (Trader)	4.462	6.162	7.728	9.273	11.127
Advances Payment from customers	0.000	0.000	0.000	0.000	0.000
Provision For Taxes	5.775	8.345	11.357	15.407	20.598
Dividend Payable	0.000	0.000	0.000	0.000	0.000
Other Statutory Liabilities (due within one years)	0.000	0.000	0.000	0.000	0.000
Installments of term loans and Deferred Payment Credits	0.000	0.000	0.000	0.000	0.000
Other current Liabilities and Provisions (due within one years)	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT LIABILITIES	20.237	24.507	29.085	34.680	41.725
TERM LIABILITIES
Debentures	0.000	0.000	0.000	0.000	0.000
Redeemable Preference Shares	0.000	0.000	0.000	0.000	0.000
Term Loans from Banks/ FIs	10.000	24.218	17.343	10.468	3.593
Deferred Payment Credits	0.000	0.000	0.000	0.000	0.000
Vehicles Loan	0.000	0.000	0.000	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000	0.000	0.000
Term Deposit	0.000	0.000	0.000	0.000	0.000
Deferred Tax Liability	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	19.500	20.000	17.000	14.000
TOTAL TERM LIABILITIES	10.000	43.718	37.343	27.468	17.593
NET WORTH
Equity Shares Capital	0.100	0.100	0.100	0.100	0.100
General Reserve	16.407	21.282	28.327	37.780	49.559
Share Application Money	0.000	0.000	0.000	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000	0.000	0.000	0.000
Reserves and Surplus	0.000	0.000	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000	0.000	0.000
Share Premium Account	0.000	0.000	0.000	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	0.000	0.000	0.000	0.000	0.000
TOTAL NET WORTH	16.507	21.382	28.427	37.880	49.659
TOTAL LIABILITIES	46.744	89.607	94.855	100.028	108.977
ASSETS
CURRENT ASSETS
Cash and Bank Balance	3.543	4.261	5.197	5.286	4.704
Investments [Other than long term investments]	0.000	0.000	0.000	0.000	0.000
Receivables other than deferred and exports	21.500	30.000	36.000	41.760	50.000
Export receivables	0.000	0.000	0.000	0.000	0.000
Installments of deferred receivable	0.000	0.000	0.000	0.000	0.000
Inventory	0.000	0.000	0.000	0.000	0.000
Stock in Process	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000
Other Consumable Spares	0.000	0.000	0.000	0.000	0.000
Advances to suppliers	0.000	0.000	0.000	0.000	0.000
Advance Payment of Taxes	2.866	5.056	8.068	12.118	17.309
Other Current Assets	2.000	3.000	5.000	6.000	7.000
TOTAL CURRENT ASSETS	29.909	42.317	54.265	65.164	79.013
FIXED ASSETS
Gross Block (Land, Building, Machinery, furniture, Fittings and Vehicles)	30.667	68.167	68.167	68.167	68.167
Depreciation	14.019	21.064	27.764	33.490	38.390
NET BLOCK	16.648	47.103	40.403	34.677	29.777
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000	0.000	0.000	0.000
Advances suppliers of Capital goods and contractors	0.000	0.000	0.000	0.000	0.000
Investment in Others	0.000	0.000	0.000	0.000	0.000
Other Non-Current Investment	0.000	0.000	0.000	0.000	0.000
Loans and Advance	0.000	0.000	0.000	0.000	0.000
Receivables more than 6 month old	0.000	0.000	0.000	0.000	0.000
Deferred Tax Assets	0.000	0.187	0.187	0.187	0.187
Other Non-current Assets	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.187	0.187	0.187	0.187
Intangible Assets	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	46.744	89.607	94.855	100.028	108.977
Tangible Networth	16.320	--	--	--	--
Net Working Capital	9.672	--	--	--	--
Current Ratio	1.48	--	--	--	--
TOL/ TNW	1.85	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016
Sources of Cash
Profit Before interests and tax less	14.674	17.089	19.525
Deprecation	6.701	5.726	4.900
Preliminary expenses written off	0.000	0.000	0.000
Loss on sale of fixed assets	0.000	0.000	0.000
Issue of Preference Shares	0.000	0.000	0.000
Issue of Debentures	0.000	0.000	0.000
Raising of Long Term Loans	0.000	0.000	0.000
Raising of Other Long Term Unsecured Loans	0.500	0.000	0.000
Sale of fixed Assets	0.000	0.000	0.000
Increase in Current Liabilities	1.566	1.545	1.854
Decrease in Current Assets	0.000	0.000	0.000
Increase in Short Term Borrowing	0.000	0.000	0.000
Decrease in Non – Current Assets	0.000	0.000	0.000
Sub Total (A)	23.441	24.360	26.279
Application of Cash
Redemption of Redeemable Preference	0.000	0.000	0.000
Redemption of Debenture	0.000	0.000	0.000
Repayment of Long Term Loans	6.875	6.875	6.875
Repayment of Long Term Unsecured Loans	0.000	3.000	3.000
Purchases of Fixed Assets	0.001	0.000	0.000
Decrease in Current Liabilities	0.000	0.000	0.000
Increase in Current Assets	11.948	10.899	13.849
Increase in Non-Current Assets/ Investments	0.000	0.000	0.000
Interests Paid	4.617	3.586	2.555
Tax Paid	0.000	0.000	0.000
Dividend Paid	0.000	0.000	0.000
Sub Total (B)	23.441	24.360	26.279
Net Surplus (A – B)	0.000	0.000	0000
Opening Cash Balance	4.261	5.197	5.286
Closing Cash Balance	5.197	5.286	4.704

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BUSINESS PROJECTIONS AND DSCR (COMPANY ONLY)

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	PROJECTED
Capacity Utilisation (%)	0.00	0.00	0.00	0.00
Net Sales	72.500	87.000	104.400	125.000
PAT	5.193	7.045	9.453	11.779
Cash Profit	12.237	13.746	15.179	16.679
Add: Interests on TL	2.754	3.117	2.086	1.055
Total (A)	14.991	16.863	17.265	17.734
Installments due under TL’s
- Existing TLs	0.000	0.000	0.000	0.000
- Proposed TLs	0.000	0.000	0.000	0.000
Interest on TLs	2.754	3.117	2.086	1.055
Total (B)	2.754	3.117	2.086	1.055
DSCR (A/B)	5.44	5.41	8.28	16.81
Average DSCR	9.19

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DSCR SCENARIOS FOR A COMPANY

(AS DISTINGUISHED FROM A PROJECT)

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016
	PROJECTED
Scenario for a rise in Operating Income
% fall in Revenue	0.000	0.000	0.000	0.000
Total Operating Income (Shocked Downwards)	72.500	87.00	104.400	125.000
Cost of sales + SGA	60.944	72.326	87.311	105.475
Operating Profit Before Interests	11.556	14.674	17.089	19.525
Interests	4.254	4.617	3.586	2.555
Operating Profit After interests	7.302	10.057	13.503	16.970
Net of Non Operating Income / Expenses	0.000	0.000	0.000	0.000
Profit Before Tax	7.302	10.057	13.503	16.970
Provision for Tax	2.109	3.012	4.050	5.191
PAT	5.193	7.045	9.453	11.779
Installments of Term Loans/ Deferred Payment Credits/ Debentures/ Deposits (Due within one year)	0.000	0.000	0.000	0.000
Interests	2.754	3.117	2.086	1.055
DSCR (foe a fall in Operating Revenue)	5.44	5.41	8.28	16.81
Average DSCR	9.19
Scenario for a rise in Operating Expenses
% rise in Opening Revenue	0.000	0.000	0.000	0.000
Total Operating Income (Shocked Downwards)	72.500	87.000	104.400	125.000
Cost of sales + SGA	60.944	72.326	87.311	105.475
Operating Profit Before Interests	11.556	14.674	17.089	19.525
Interests	4.254	4.617	3.586	2.555
Operating Profit After interests	7.302	10.057	13.503	16.970
Net of Non Operating Income / Expenses	0.000	0.000	0.000	0.000
Profit Before Tax	7.302	10.057	13.503	16.970
Provision for Tax	2.109	3.012	4.050	5.191
PAT	5.193	7.045	9.453	11.779
Installments of Term Loans/ Deferred Payment Credits/ Debentures/ Deposits (Due within one year)	0.000	0.000	0.000	0.000
Interests	2.754	3.117	2.086	1.055
DSCR (foe a fall in Operating Revenue)	5.44	5.89	9.00	18.23
Average DSCR	9.19

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NET WORTH STATEMENT

MR. DINESH NANDWANA

This is to certify that the networth of Mr. Dinesh Nandwana (PAN: AAFPN9185Q) residing at 3303, Heritage, Powai, Andheri (East), Mumbai – 400076 as on 31^st March 2011 is Rs.1873.068 Millions

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
A. ASSETS
Land (At Cost)		2.530
Flat at Andheri (At Cost)		0.162
Jewellery (At Cost)		0.689
Furniture, Fixture and Office Equipments (At Cost)		0.090
Life Insurance Premium\ ULIP (Paid)		30.569
Investment in Shares
In Quoted Shares (At Market Value)	890.023
In Unquoted Shares (At Fair Value)	1299.248
In Unquoted Shares\ Bonds	13.909	2203.180
Loans and Advances and Deposits		43.316
Cash and Bank Balance		0.908
SUB TOTAL (A)			2281.444
B. LIABILITIES
Unsecured Loans		408.238
Other Liabilities		0.138
SUB TOTAL (B)			408.376
NET WORTH (A – B)			1873.068

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NOTE:

The Registered office of the company has been shifted from No.2, 3^rd Ainmes Colony, Konena Agrahara Hal Post, Bangalore, Karnataka, India, to the present address w.e.f. 01.11.2008.

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FINANCIAL RESULTS

The company has achieved a turnover of Rs.38.700 Millions and a Net Profit before tax of Rs.3.051 Millions in the Fifth Years of business. After making a provision of Rs.1.003 Millions towards income tax and Rs.0.045 Millions towards Deferred tax Assets, a sum of Rs.2.094 Millions has been carried to Reserve in the Balance Sheet.

OPERATIONS:

Operations of the company during the period were satisfactory and they are confident that with this momentum and growth, they can achieve greater heights. The directors are exploring the new business opportunities for the development of the company.

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TRADE REFERENCE:

· Kingfisher

· MASL

· Asra Engineering

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FORM 8:

Corporate identity number of the company	U63013KA2006PTC039632
Name of the company	Bangalore Airport Terminal Services Private Limited
Address of the registered office or of the principal place of business in India of the company	No.418, 5^th Cross, HBR Layout, 1^st Stage, 2^nd Block, Bangalore – 560043, Karnataka, India rocbangalore@gmail.com
This form is for	Creation of charge
Type of charge	Book debts
Particular of charge holder	Vijaya Bank # 208, 5^th Cross, 1^st Main, Domlur, Bangalore – 560008, Karnataka, India ibd@vijayabank.co.in
Nature of instrument creating charge	Cash Credit hypothecation, Book Debts and Receivable with 40% margin EM dtd of Land and Building of director
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.6.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per HOC 134/09 and HOC 80/09 13.75% Terms of Repayment: Facility for the year margin Margin: Facility for one year margin as cash Credit Account. Extent and Operation of the charge: Book Debts and Receivables with 40% Margin EM Dtd of Land and Building of Director
Particulars of the property charged	Book Debts and Receivables with 40% Margin

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FIXED ASSETS:

· Building

· Furniture and Fixture

· Computers

· Office Equipment

· Plant and Machinery

· Electrical Fittings

· Motor Car

· Tractors

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.51.65
UK Pound	1	Rs.79.10
Euro	1	Rs.65.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.