MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	AVOLON AEROSPACE AOE 8 LIMITED
Registered Office :	PO Box 1093, Queensgate House
Country :	Cayman Island
Year of Incorporation :	2000
Legal Form :	International Business Company
Line of Business :	Offshore company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Offshore Company
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Cayman Island	A1	A1

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

ECONOMIC OVERVIEW – CAYMAN ISLAND

With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 1.9 million in 2008, with about half from the US. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.

Source : CIA

GEOPOLITICS - CAYMAN ISLANDS
POLITICAL DATA	ECONOMIC DATA
Form of Government: British overseas territory - Parliamentary system Economic Risk: Nil	Currency: 100.00 KYD = 121.951 USD Branch Situation: Stable

IDENTIFICATION
Ordered as:	AVOLON AEROSPACE AOE 8 LIMITED
Address in the order:	Ugland House Grand Cayman Kyi 1104
Legal Name:	AVOLON AEROSPACE AOE 8 LIMITED
Legal Address	PO Box 1093, Queensgate House.
Postal Town	N.A.
Post Code	KY1-1102
Primary Geographic Area	Grand Cayman
Country	KY
Telephone:	+1 (345) 945-7099 (Registered agent)	Registration Number :	N.A.
Fax:	+1 (345) 945-7100 (Registered agent)	Legal Form:	International Business Company
Email:	N.A.	Registered in:	KY
Website:	N.A.	Date Created:	2000
Manager:	N.A.	Date Incorporated:	N.A.
Staff:	0	Stock:	N.A.
		Value:	N.A.
Activity:	Offshore company.

BANKS
Name of the Bank	BARCLAYS BANK
Comments	This information has not been confirmed by the company.
BUSINESS PRINCIPAL ACTIVITY
	AVOLON AEROSPACE AOE 8 LIMITED is an international business company / offshore company incorporated in CAYMAN ISLANDS for tax purposes. However the company does not carry any operation in CAYMAN ISLANDS. It is not registered with the CAYMAN ISLANDS chamber of commerce as being an active business. It is not listed with the CAYMAN ISLANDS yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in CAYMAN ISLANDS. It uses the registered agent staff.
Trade References:
	In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.
PAYMENTS
	made on a 30 days basis - monitored over the last 12 months
Comments on location:
	The address mentioned above is that of the registered agent: Maples Trustee Services (Cayman) Limited PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Phone: +1 (345) 945-7099 Fax: +1 (345) 945-7100 We tried to contact the registered agent but instead we only got a general voice mail which did not let us save any more messages.

Shareholders - Manager - Related Companies
Shareholders Parent Company(ies):
	The subject is owned by foreign shareholders
Management:
	It is locally managed by the registered agent mentioned above.

	Financials - COMMERCIAL TRENDS AND FORECAST
	The subject company is registered as an International business company / offshore company in CAYMAN ISLANDS and is therefore exempt from filing and / or publishing annual audited accounts at the registrar of companies, under CAYMAN ISLANDS law. In addition, due to the laws of privacy governing disclosure of BANKING INFORMATION, we are unable to demand a copy of the subject's latest financial statements.
	However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency		DATE
USD		2012
Turnover		0
Operating Income		4 880 000
Net Income		4 880 000
Net worth		76 900 000
Bank liabilities		0
The cash flow is		Good

Comments on the financial data: The figures had not been disclosed by the company. They were conciliated with our private sources and from a particular analysis of the company’s structure.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau did not rate this company.
Final Opinion
	Payments are: Made on a 30 day basis - monitored over the last 12 months. The cash flow is normal. We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in CAYMAN ISLANDS, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon request.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	NIL	Payments	UNKNOWN
Cash	GOOD

APPENDIX
Comments
	We tried to contact the registered agent but instead we only got a general voice mail which did not let us save any messages.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.90
UK Pound	1	Rs.102.01
Euro	1	Rs.85.36

INFORMATION DETAILS

Report Prepared by :

SHG

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

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%)

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