MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	DELHI DUTY FREE SERVICES PRIVATE LIMITED
Registered Office :	Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3, Indira Gandhi International Airport, New Delhi – 110 037
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.2009
Com. Reg. No.:	55-191963
Capital Investment / Paid-up Capital :	Rs. 800.000 millions
CIN No.: [Company Identification No.]	U52599DL2009PTC191963
TAN No.: [Tax Deduction & Collection Account No.]	DELD11695F
PAN No.: [Permanent Account No.]	AADCD2518C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of operating duty free shops at international airports.
No. of Employees :	Information denied by the management

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

Maximum Credit Limit :	USD 3020000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture between DIAL (Delhi International Airport Private Limited) and IDFS (Indian Duty Free Services Trading Private Limited). It is an established company having satisfactory track record. There appear some accumulated losses recorded by the company. However, the company receives good support from its holding companies. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB + [Long Term Bank Facilities]
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	26.03.2013

Rating Agency Name	CARE
Rating	A2 [Short Term Bank Facilities]
Rating Explanation	Strong degree of safety and low credit risk.
Date	26.03.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Management non co-operative. [91-11-49342900]

LOCATIONS

Registered Office :	Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3, Indira Gandhi International Airport, New Delhi – 110 037, India
Tel. No.:	91-11-49342900
Mobile No.:	91-11-49342935
E-Mail :	parveen.gupta@delhidutyfree.co.in
Corporate Office :	L and T Building, Terminal 3, IGI Airport, New Delhi-110037, India

DIRECTORS

AS ON 02.07.2012

Name :	Mr. Sidharath Shrawankumar Kapur
Designation :	Director
Address :	37, Lovedale Apartments, 10^th Floor, Opposite Fariyas Hotel, Minnodesai Marg, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	20.07.1962
Date of Appointment :	07.12.2010
DIN No.:	02153416

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900MH2008FTC181946	TRANSOCEAN DRILLING SERVICES (INDIA) PRIVATE LIMITED	Director	06/05/2008	06/05/2008	10/11/2008	Active	NO
2	U55101DL2009PTC196639	TRAVEL FOOD SERVICES (DELHI TERMINAL 3) PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
3	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Director	01/09/2010	30/03/2010	24/01/2012	Active	NO
4	U55101DL2009PTC193995	DEVYANI FOOD STREET PRIVATE LIMITED	Director	30/07/2010	14/04/2010	24/01/2012	Active	NO
5	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	30/06/2010	-	Active	NO
6	U74999DL2010PTC203419	TIM DELHI AIRPORT ADVERTISING PRIVATE LIMITED	Director	19/08/2011	09/07/2010	-	Active	NO
7	U74900DL2009PTC196125	DELHI CARGO SERVICE CENTER PRIVATE LIMITED	Nominee director	17/09/2010	17/09/2010	14/03/2011	Active	NO
8	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	15/11/2010	09/11/2010	-	Active	NO
9	U62200AP2008PLC059646	GMR AIRPORT DEVELOPERS LIMITED	Director	22/08/2011	22/01/2011	-	Active	NO

Name :	Mr. Appakudal Nithyanand
Designation :	Additional Director
Address :	C – 4/36, Second Floor, Safdarjang Development Area, New delhi, Delhi – 110 016, India
Date of Birth/Age :	17.05.1970
Date of Appointment :	18.08.2011
DIN No.:	00149845

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201HR2006PLC036025	DLF PROJECTS LIMITED.	Alternate director	02/05/2008	02/05/2008	29/07/2008	Active	NO
2	U74140DL2004PTC124427	EIGEN TECHNICAL SERVICES PRIVATE LIMITED	Alternate director	10/03/2009	19/08/2008	27/11/2009	Active	NO
3	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Additional director	04/11/2009	04/11/2009	17/03/2010	Active	NO
4	U55101DL2009PTC193995	DEVYANI FOOD STREET PRIVATE LIMITED	Additional director	09/11/2009	09/11/2009	14/04/2010	Active	NO
5	U55101DL2009PTC196639	TRAVEL FOOD SERVICES (DELHI TERMINAL 3) PRIVATE LIMITED	Director	04/12/2009	04/12/2009	26/02/2010	Active	NO
6	U72200KA2009PLC051272	WIPRO AIRPORT IT SERVICES LIMITED	Director	25/06/2010	29/01/2010	30/08/2011	Active	NO
7	U63030DL2010PTC198985	DELHI AIRPORT PARKING SERVICES PRIVATE LIMITED	Director	29/06/2011	03/03/2010	21/01/2012	Active	NO
8	U74999DL2010PTC203419	TIM DELHI AIRPORT ADVERTISING PRIVATE LIMITED	Director	19/08/2011	09/07/2010	-	Active	NO
9	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	18/08/2011	15/02/2011	-	Active	NO
10	U74900DL2009PTC196125	DELHI CARGO SERVICE CENTER PRIVATE LIMITED	Nominee director	14/03/2011	14/03/2011	-	Active	NO
11	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Nominee director	07/05/2011	07/05/2011	-	Active	NO

Name :	Deepak Talwar
Designation :	Director
Address :	6/14, Shanti Niketan, New Delhi – 110 021, India
Date of Birth/Age :	18.08.1959
Date of Appointment :	07.07.2009
DIN No.:	00254809

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC072032	DEEPAK TALWAR CONSULTANTS PRIVATE LIMITED	Director	29/08/1995	29/08/1995	-	Active	NO
2	U74140DL1998PTC092100	TRACK INDIA PRIVATE LIMITED	Director	01/04/1998	01/04/1998	01/09/2010	Active	NO
3	U73200DL1998NPL093920	ADVANTAGE INDIA COMMUNITY DEVELOPMENT	Director	19/05/1998	19/05/1998	-	Active	NO
4	U93090DL1997PTC084574	INTEGRAL PR SERVICES PRIVATE LIMITED	Director	08/08/2002	08/08/2002	-	Active	NO
5	U52190DL2005PTC133525	SKYLARK WAREHOUSING SOLUTIONS PRIVATE LIMITED	Director	21/03/2005	21/03/2005	01/02/2011	Active	NO
6	U63040DL2005PTC137076	CEDAR TRAVELS PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/02/2011	Active	NO
7	U15511DL2006PTC153293	IDFS TRADINGS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	11/09/2006	Active	NO
8	U15492DL2007PTC162572	MARS NUTRITION INDIA PRIVATE LIMITED	Director	25/04/2007	25/04/2007	07/06/2012	Active	NO
9	U15331DL2007PTC162668	MARS PETCARE INDIA PRIVATE LIMITED	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
10	U15122DL2007PTC162657	MARS SNACKFOOD INDIA PRIVATE LIMITED	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
11	U15100DL2007PTC162665	MARS SYMBIOSCIENCE INDIA PRIVATE LIMITED	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
12	U55101DL2008PTC175070	SSP CATERING INDIA PRIVATE LIMITED	Director	10/03/2008	10/03/2008	28/03/2008	Active	NO
13	U74140DL2009PTC191187	FIRST STRATEGIC MANAGEMENT PRIVATE LIMITED	Director	12/06/2009	12/06/2009	16/02/2010	Active	NO
14	U93090DL2009PTC191290	AIRPORT TALENT MANAGEMENT PRIVATE LIMITED	Director	16/06/2009	16/06/2009	14/05/2010	Active	NO
15	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/07/2009	07/07/2009	-	Active	NO
16	U52100DL2010PTC198579	KONCEPT RETAIL SERVICES PRIVATE LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
17	U74899DL1973PTC006788	SONAR PAPER PRODUCTS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
18	U64200HR2008PTC038177	MNP INTERCONNECTION TELECOM SOLUTIONS INDIA PRIVATE LIMITED	Director	26/09/2011	31/05/2011	09/02/2012	Active	NO
19	U52100MH2012PTC225859	BB RETAIL PRIVATE LIMITED	Director	09/01/2012	09/01/2012	-	Active	NO
20	U52100DL2012PTC237967	INFINITY DUTY FREE SERVICES PRIVATE LIMITED	Director	22/06/2012	22/06/2012	-	Active	NO

Name :	Edmond Francis Foley
Designation :	Director
Address :	Donnybrook Shanaway Road, Ennis Co Clare, Ireland - 00
Date of Birth/Age :	06.01.1953
Date of Appointment :	07.12.2010
DIN No.:	02843440

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	07/10/2009	Active	NO

Name :	John Boland
Designation :	Director
Address :	Flat No. 12, Building No. 174, Avenue 45, Al Qurayah – 545, Bahrain
Date of Birth/Age :	09.04.1962
Date of Appointment :	07.12.2010
DIN No.:	02831507

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	07/10/2009	Active	NO

Name :	Mr. Srinivas Bommidala
Designation :	Director
Address :	No.309, 3^rd Cross, 2^nd Block, 2^nd Stage, Devasandra Rajmahal Vilas Extention, Bangalore-560094, Karnataka, India
Date of Birth/Age :	01.03.1963
Date of Appointment :	02.07.2012
DIN No.:	00061464

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909AP1988PTC009039	BOMMIDALA EXPORTS PRIVATE LIMITED	Director	13/09/1988	13/09/1988	-	Active	NO
2	U51909AP1988PTC009286	BOMMIDALA EXIM PRIVATE LIMITED	Director	22/11/1988	22/11/1988	-	Active	NO
3	U55101AP1985PTC005319	HOTEL SHIVAM INTERNATIONAL PRIVATE LIMITED	Director	02/11/1992	02/11/1992	-	Active	NO
4	U15541AP1993PTC016105	BOMMIDALA TOBACCO EXPORTERS PRIVATE LIMITED	Director	27/12/1993	27/12/1993	-	Active	NO
5	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	04/06/1995	04/06/1995	15/10/2007	Active	NO
6	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	01/10/2011	10/05/1996	-	Active	NO
7	U23201KA1997PLC032964	GMR VEMAGIRI POWER GENERATION LIMITED	Director	19/04/2006	01/10/2001	15/10/2007	Active	NO
8	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	20/12/2001	20/12/2001	17/10/2007	Active	NO
9	U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	Director	29/06/2004	29/06/2004	-	Active	NO
10	U67120MH1993PTC207451	GMR HOLDINGS PRIVATE LIMITED	Director	08/05/2005	08/05/2005	-	Active	NO
11	U45203KA2005PTC036773	GMR AMBALA-CHANDIGARH EXPRESSWAYS PRIVATE LIMITED	Director	10/01/2008	14/07/2005	17/01/2012	Active	NO
12	U13100KA2005PTC037308	GMR MINING AND ENERGY PRIVATE LIMITED	Director	23/09/2005	23/09/2005	17/10/2007	Active	NO
13	U16000AP2005PTC047651	BOMMIDALA TOBACCO THRESHERS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Under Process of Striking off	NO
14	U45200KA2005PLC049326	GMR JADCHERLA EXPRESSWAYS LIMITED	Director	10/01/2008	18/10/2005	03/08/2009	Active	NO
15	U45200KA2005PLC049327	GMR POCHANPALLI EXPRESSWAYS LIMITED	Director	10/01/2008	18/10/2005	14/07/2009	Active	NO
16	U70101KA2006PTC038204	B S R INFRASTRUCTURE PRIVATE LIMITED	Director	10/01/2006	10/01/2006	-	Active	NO
17	U45203KA2006PLC038379	GMR HIGHWAYS LIMITED	Director	10/01/2008	03/02/2006	04/12/2011	Active	NO
18	U40101UR2006PTC031381	GMR (BADRINATH) HYDRO POWER GENERATION PRIVATE LIMITED	Director	17/02/2006	17/02/2006	20/02/2009	Active	NO
19	U45203KA2006PTC038784	GMR ULUNDURPET EXPRESSWAYS PRIVATE LIMITED	Director	10/01/2008	20/03/2006	17/05/2010	Active	NO
20	U63033DL2006PTC146936	DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED	Managing director	01/12/2011	19/04/2006	-	Active	NO
21	U62100AP2002PLC040118	GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED	Managing director	23/01/2012	08/07/2006	-	Active	NO
22	U45400DL2007PTC163751	DELHI AEROTROPOLIS PRIVATE LIMITED	Director	16/06/2008	18/06/2007	24/05/2010	Active	NO
23	U45209TN2007PLC064863	GMR KRISHNAGIRI SEZ LIMITED	Director	18/08/2008	28/09/2007	-	Active	NO
24	U45400AP2007PLC054827	GMR HYDERABAD AEROTROPOLIS LIMITED	Director	27/06/2008	29/09/2007	-	Active	NO
25	U45203KA2001PTC049329	GMR TAMBARAM TINDIVANAM EXPRESSWAYS PRIVATE LIMITED	Director	03/07/2008	10/01/2008	-	Active	NO
26	U45203KA2001PTC049328	GMR TUNI-ANAKAPALLI EXPRESSWAYS PRIVATE LIMITED	Director	03/07/2008	10/01/2008	-	Active	NO
27	U92410KA2008PTC051176	GMR SPORTS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
28	U92412KA2008PTC051177	GMR LEAGUE GAMES PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
29	U23209AP2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	Director	22/09/2008	23/06/2008	-	Active	NO
30	U74999KA2009PTC049039	BSR HOLDINGS PRIVATE LIMITED	Director	04/02/2009	04/02/2009	-	Active	NO
31	U74920KA2005PLC036865	RAXA SECURITY SERVICES LIMITED	Director	29/09/2009	10/02/2009	01/02/2010	Active	NO
32	U45201KA2009PTC050109	GMR HYDERABAD VIJAYAWADA EXPRESSWAYS PRIVATE LIMITED	Director	11/06/2009	11/06/2009	19/11/2011	Active	NO
33	U62200KA2006PTC041278	GMR AVIATION PRIVATE LIMITED	Director	27/08/2012	20/07/2009	-	Active	NO
34	U45203KA2009PTC050441	GMR CHENNAI OUTER RING ROAD PRIVATE LIMITED	Director	21/07/2009	21/07/2009	17/01/2012	Active	NO
35	U74900KA2008PTC045801	GMR SEZ AND PORT HOLDINGS PRIVATE LIMITED	Director	18/08/2010	01/02/2010	11/05/2011	Active	NO
36	U62200AP2008PLC059646	GMR AIRPORT DEVELOPERS LIMITED	Additional director	14/05/2010	14/05/2010	07/09/2010	Active	NO
37	U45200MH1996PTC205984	GMR PROJECTS PRIVATE LIMITED	Director	21/05/2010	21/05/2010	07/09/2010	Active	NO
38	U40100KA2008PTC045783	GMR GUJARAT SOLAR POWER PRIVATE LIMITED	Director	14/07/2011	19/10/2010	-	Active	NO
39	U65999KA1992PLC037455	GMR AIRPORTS LIMITED	Director	17/06/2011	09/05/2011	-	Active	NO
40	U45200AP2003PTC041961	KAKINADA SEZ PRIVATE LIMITED	Director	30/08/2011	25/05/2011	-	Active	NO
41	U45203DL2011PTC225560	GMR HIGHWAYS PROJECTS PRIVATE LIMITED	Director	27/09/2011	27/09/2011	11/11/2011	Active	NO
42	U85110AP2011PTC076813	AMG HEALTHCARE DESTINATION PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
43	U45200DL2011PLC227902	GMR KISHANGARH UDAIPUR AHMEDABAD EXPRESSWAYS LIMITED	Director	24/11/2011	24/11/2011	-	Active	NO
44	U45201AP2008PLC067141	MAS GMR AEROSPACE ENGINEERING COMPANY LIMITED	Director	27/07/2012	22/02/2012	-	Active	NO
45	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	02/07/2012	30/03/2012	-	Active	NO

Name :	Mr. Jack Patrick Macgowan
Designation :	Director
Address :	44, Oaklands Park, Dublin Ireland
Date of Birth/Age :	07.03.1964
Date of Appointment :	30.03.2012

KEY EXECUTIVES

Name :	Parveen Gupta
Designation :	Secretary
Address :	113-B, SFS DDA, Flats, Gulabi Bagh, Delhi-110007, India
Date of Birth/ Age :	15.09.1977
Date of Appointment :	15/12/2010
PAN No.:	AFEPG4984L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.07.2012

Names of Shareholders	No. of Shares
IDFS Trading Private Limited, India	13624000
Delhi International Airport Private Limited, India	39920000
Yalorvin Limited, Cyprus	26456000
TOTAL	80000000

AS ON 02.07.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	33.07
Bodies corporate	66.93
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of operating duty free shops at international airports.
Products :	No [Information denied by the management]
Brand Names :	No [Information denied by the management]
Exports :
Products :	No [Information denied by the management]
Countries :	No [Information denied by the management]
Imports :
Products :	No [Information denied by the management]
Countries :	No [Information denied by the management]

GENERAL INFORMATION

Suppliers :

No [Information denied by the management]

Customers :

No [Information denied by the management]

No. of Employees :

Information denied by the management

Bankers :

· Indian Bank, New Delhi Branch, Main Branch, G – 41, Connaught Circus, New Delhi – 110 003, India

· Indian Overseas Bank, 70, Golf Links, New Delhi – 110 003, India

· State Bank of India, T\erminal-3, IGI Airport, New Delhi – 110 037, India

· Axis Bank, Sector – 14, Gurgaon, Haryana – 122 001, India

· ICICI Bank Limited, Landmark Race Cource Circles, Alkapuri, Baroda-390015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Rupees Term Loan From Banks	2043.987	2203.986
Short Term Borrowings
Term Loans From Banks	50.000	79.200
TOTAL	2093.987	2283.186

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 18^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No:	AAIFB4734C
Joint Venture Parties:	· Yalorvin Limited · IDFS Tradings Private Limited[CIN : U15511DL2006PTC153293] · Delhi International Airport Private Limited (DIAL) [CIN : U63033DL2006PTC146936]
Related Parties :	Aer Rianta International Middle East W.L.L. GMR Sports Private Limited [CIN : U92410KA2008PTC051176] Track India Private Limited [CIN : U74140DL1998PTC092100] Wipro Airport It Services Limited [U72200KA2009PLC051272] Delhi Select Service Hospitality Private Limited [U55101DL2009PTC192897] Delhi Airport Parking Services Private Limited [U63030DL2010PTC198985] Cedar Travels Private Limited [U63040DL2005PTC137076] Celebi Delhi Cargo Terminal Management India Private Limited [U74900DL2009FTC191359]

CAPITAL STRUCTURE

AS ON 31.03.2012

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
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	800.000	800.000
(b) Reserves & Surplus	(44.124)	(112.460)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	2043.987	2203.986
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.640	2.650
(4) Current liabilities
(a) Short term borrowings	50.000	79.200
(b) Trade payables	487.784	553.120
(c) Other current liabilities	186.305	91.455
(d) Short-term provisions	211.934	0.000
TOTAL	3740.526	3617.951
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	219.859	280.284
(ii) Intangible Assets	8.573	11.624
(iii) Capital work-in-progress	25.982	3.369
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	7.707	0.000
(d) Long-term Loan and Advances	2342.267	2344.165
(e) Other Non-current assets	39.979	38.872
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	577.695	588.143
(c) Trade receivables	17.163	11.222
(d) Cash and cash equivalents	358.589	265.507
(e) Short-term loans and advances	142.709	74.517
(f) Other current assets	0.003	0.248
TOTAL	3740.526	3617.951

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		800.231
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(59.816)
NETWORTH		740.515
LOAN FUNDS
1] Secured Loans		1649.995
2] Unsecured Loans		0.000
TOTAL BORROWING		1649.995
DEFERRED TAX LIABILITIES		0.000
TOTAL		2390.510
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.327
Capital work-in-progress		2.927
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	63.425
	Other Current Assets	0.547
	Loans & Advances	2331.158
Total Current Assets		2395.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.320
	Other Current Liabilities	0.554
	Provisions	0.000
Total Current Liabilities		7.874
Net Current Assets		2387.256
MISCELLANEOUS EXPENSES		0.000
TOTAL		2390.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4713.800	2227.700	0.000
		Other Income	66.200	41.000	0.957
		TOTAL	4780.000	2268.700	0.957
Less	EXPENSES
		TOTAL	4422.800	2321.400	60.773
	PROFIT / (LOSS) BEFORE TAX		357.200	(52.700)	(59.816)
Less	TAX		79.200	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		278.000	(52.700)	(59.816)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(112.500)	(59.800)	0.000
	BALANCE CARRIED TO THE B/S		165.500	(112.500)	(59.816)
	Earnings / (Loss) Per Share (Rs.)		3.48	(0.65)	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.82	(2.32)	(6250.36)
Net Profit Margin (PBT/Sales)	(%)	7.57	(2.37)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	9.64	(1.45)	(2.49)
Return on Investment (ROI) (PBT/Networth)		0.47	(0.07)	(0.08)
Debt Equity Ratio (Total Debt/Networth)		2.77	3.32	2.23
Current Ratio (Current Asset/Current Liability)		1.17	1.30	304.18

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

Registered office of the company has been shifted from 1/1, East Patel Nagar, Near Metro Station, New Delhi-110008, India to the present office address w.e.f. 23.07.2012

BACKGROUND:

Subject is a Company incorporated on 7^th July 2009 under the provisions of Companies Act, 1956. The Company is a joint venture between Delhi International Airport Private Limited, Yalorvin Limited and IDFS Trading Private Limited and is primarily engaged in the business of operating duty free shops at international airports in India.

FINANCES:

During the period the company has refinanced its existing loan and have also entered into Principal Only Swap Derivatives Option with ICICI Bank which has resulted in reduction in the interest cost by about 3.65% p.a.

NEWS:

GMR SUBSIDIARY PICKS 17% STAKE IN DELHI DUTY FREE SERVICES

JUNE 10, 2013

New Delhi: A GMR Infrastructure subsidiary has acquired 17.03 per cent stake in Delhi Duty Free Services at Indira Gandhi International (IGI) airport for an undisclosed sum.

Delhi Duty Free Services is operating, maintaining and managing the duty free outlets at the IGI airport under concession from Delhi International Airport Private Limited for a period of 15 years up to 2024-25.

"GMR Airports, a subsidiary of GMR Infrastructure, has acquired 17.03 per cent equity stake in Delhi Duty Free Services...," GMR Infrastructure said in a BSE filing.

Delhi International Airport Private Limited has the majority 49.9 per cent stake in Delhi Duty Free Services.

Yalorvin Limited, a subsidiary of AerRianta International cpt, wholly-owned by the Ireland Government-owned Dublin Airport Authority, has 33.07 per cent stake in Delhi Duty Free Services.

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 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 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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.