MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	MARDAL AVIATION LIMITED

Registered Office :	2nd Floor, Beaux Lane House, Mercer Street Lower

Country :	Ireland

Date of Incorporation :	26.03.2012

Com. Reg. No.:	IE511153

Legal Form :	Private Company

Line of Business :	Financial Leasing

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Clear

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Ireland

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

Ireland - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	MARDAL AVIATION LIMITED	Company Number	IE511153
Registered Address	2ND FLOOR
	BEAUX LANE HOUSE
	MERCER STREET LOWER

Website Address	-
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	26/03/2012	Company Status	Active - Newly Incorporated
Previous Name		Type	Other
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€1
SIC03	6521	Currency	USD
SIC03 Description	FINANCIAL LEASING
SIC07
SIC07 Description
Principal Activity

DIRECTORS/MANAGEMENT

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	STEPHEN O'DONNELL	Date of Birth	27/02/1973
Officers Title		Nationality
Present Appointments	130	Function	Director
Appointment Date	26/03/2012
Address	2 LEICESTER AVENUE, RATHGAR, DUBLIN 6,
Other Actions	View Director Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAN O'SULLIVAN	Date of Birth	19/12/1972
Officers Title		Nationality
Present Appointments	38	Function	Director
Appointment Date	26/03/2012
Address	6 KNOCKLYON HEIGHTS, TEMPLEOGUE, DUBLIN 16,
Other Actions	View Director Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	MFD SECRETARIES LIMITED	Date of Birth	10/02/2006
Officers Title		Nationality
Present Appointments	387	Function	Company Secretary
Appointment Date	26/03/2012
Address	2ND FLOOR, BEAUX LANE HOUSE, MERCER STREET LOWER,

NEGATIVE INFORMATION

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
MAPLES FIDUCIARY SERVICES (IRELAND) LIMITED	1 ORDINARY USD 1.00

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	9
Company DBT	IE Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company
Within Terms 91+ Days

Creditor Details

No Creditor Data

Total Value

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

FINANCIAL INFORMATION

Key Financials

No key Financials Registered

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	6
Satisfied	0

Status History

No Status History found

Event History

Date	Description
16/10/2012	Annual Returns
26/03/2012	New Board Member (STEPHEN O'DONNELL) appointed
26/03/2012	New Board Member (SEAN O'SULLIVAN) appointed
26/03/2012	New Company Secretary (MFD SECRETARIES LIMITED) appointed

Previous Company Names

No Previous Names found

Mortgage Details

Mortgage Type:	A charge on book debts of the company. A charge on a ship or aircraft or any share in a ship or airc
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN SCHEDULE 1 ATTACHED TO FORM C1 XXX

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN THE SCHEDULE ATTACHED TO FORM C1 XXX

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN SCHEDULE 1 ATTACHED TO FORM C1 XXX

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN THE SCHEDULE ATTACHED TO FORM C1 XXX

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	INVESTEC BANK PLC
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN THE SCHEDULE ATTACHED TO FORM C1XXX

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	31/05/12
Date Charge Registered:	19/06/12
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DVB BANK SE
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING ON 31 MAY 2012 OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE ON 31 MAY 2012 OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED ..CONTINUED IN THE SCHEDULE ATTACHED TO FORM C1 XXX

Company Name: MARDAL AVIATION LIMITED

Company No: MARDAL AVIATION LIMITED

Previous Director/Company Secretaries

No Previous Director Details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

ADDITIONAL INFORMATION

Unit