MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	MUMBAI INTERNATIONAL AIRPORT PRIVATE LIMITED
Registered Office :	Office of the Airport Director, Terminal – IB, CSI Airport, Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.03.2006
Com. Reg. No.:	11-160164
Capital Investment / Paid-up Capital :	Rs. 12000.000 Millions
CIN No.: [Company Identification No.]	U45200MH2006PTC160164
PAN No.: [Permanent Account No.]	AAECM6285C
Legal Form :	Private Limited Liability Company
Line of Business :	To operation, maintenance, development, design, construction, up-gradation, modernization, finance and management of the Airport
No. of Employees :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 86200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There appears dip in profit of the company in 2013. However overall financial position of the company seems to be good. Company gets good support from its holding companies. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of strong holding and experienced director, Company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Bank loans : (FITCH) BBB+
Rating Explanation	Expectations of default risk are current low. Payment of financial commitment is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.
Date	March 2012

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

Management non-cooperative

LOCATIONS

Registered Office :	Office of the Airport Director, Terminal – IB, CSI Airport, Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-66714680 / 26264000 / 66850900/ 66852200
Fax No.:	91-22-66714611 / 26264684 / 66850652/ 66852059
E-Mail :	vinod.hiran@gvk.com
Website :	http://www.csia.in

DIRECTORS

As on: 24.07.2013

Name :	Dr. Krishna Reddy Venkata Gunapati
Designation :	Whole Time Director
Address :	6-3-250, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Date of Birth/Age :	16.03.1937
Qualification :	BA
Date of Appointment :	01.02.2012
DIN No.:	00005212
Name :	Mr. Venkata Sanjay Reddy Gunupati
Designation :	Managing Director
Address :	6-3-1089/A/5, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India
Date of Birth/Age :	22.11.1964
Qualification :	BE, MBA
Date of Appointment :	19.04.2006
DIN No.:	00005282
Name :	Mrs. Indira Krishna Reddy Gunupati
Designation :	Director
Address :	6-3-250/1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Date of Birth/Age :	17.10.1944
Qualification :	B. Sc
Date of Appointment :	19.04.2006
DIN No.:	00005230
Name :	Mr. Anil Srivastava
Designation :	Director
Address :	C-23, Shivaji Nagar, Bhopal – 462001, Madhya Pradesh, India
Date of Birth/Age :	15.03.1959
Date of Appointment :	29.04.2013
DIN No.:	02903603
Name :	Mr. Sudhir Raheja
Designation :	Director
Address :	E8, Bali Nagar, New Delhi - 110015, India
Date of Birth/Age :	16.06.1958
Qualification :	BE
Date of Appointment :	28.10.2010
DIN No.:	02745768
Name :	Mr. Bongani Maseko
Designation :	Director
Address :	No.5, Bayron Street, Sanderwoord
Date of Birth/Age :	30.06.1968
Date of Appointment :	05.02.2013
DIN No.:	06565420
Name :	Mr. Krishna Ram Bhupal
Designation :	Director
Address :	6 3 250/A/10, Road No. 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Date of Birth/Age :	16 03 1983
Qualification :	MBA
Date of Appointment :	22.07.2010
DIN No.:	00005442
Name :	Mr. Suresh Seshadri
Designation :	Director
Address :	B-35, Block-B, 2^nd Floor, Sarvodya Enclave, Aurbindo Marg, New Delhi – 110017, India
Date of Birth/Age :	22.03.1960
Date of Appointment :	31.10.2012
DIN No.:	06386248
Name :	Mr. David Edward Cleasby
Designation :	Director
Address :	8 Iona Drive, Glenadrienne, Johannesburg, 2196, South Africa
Date of Birth/Age :	16.07.1962
Qualification :	CA (SA)
Date of Appointment :	26.07.2012
DIN No.:	00266577
Name :	Mr. Terence Rory Mackey
Designation :	Alternate Director
Address :	54 Florence Avenue, Bedfordview, 2007, South Africa
Date of Birth/Age :	29.09.1961
Qualification :	Graduate
Date of Appointment :	24.10.2011
DIN No.:	01221762
Name :	Mr. Issac George Anicattu
Designation :	Additional director
Address :	36 Czech Colony, Sanathnagar, Hyderabad - 500018, Andhra Pradesh, India
Date of Birth/Age :	19.04.1954
Date of Appointment :	26.07.2012
DIN No.:	00005456
Name :	Mr. Anumolu Ramakrishna
Designation :	Director
Address :	Anmol M-6, (Old No. M-29), Anna Nagar East, Chennai – 600102, Tamil Nadu, India
Date of Birth/Age :	20.12.1939
Date of Appointment :	06.07.2007
DIN No.:	00027520

KEY EXECUTIVES

Name :	Mr. Vinod Hiran
Designation :	Secretary
Address :	Flat No. 163, Malhar Co-Operative Housing Society Limited, Gokuldham, Goregaon, Mumbai - 400097, Maharashtra, India
Date of Birth/Age :	28.06.1970
Date of Appointment :	08.05.2006
PAN No.:	AAJPH1665F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.07.2013

Names of Shareholders	No. of Shares
Airports Authority of India, India	312000000
GVK Airport Holdings Private Limited, India	606000000
Bid Services Division (Mauritius) Limited, Mauritius	162000000
ACSA Global Limited, Mauritius	120000000
Total	1200000000

Equity Share Break up (Percentage of Total Equity)

As on: 24.07.2013

Category	Percentage
Government (Central and State)	26.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	23.50
Bodies corporate	50.50
Total	100.00

BUSINESS DETAILS

Line of Business :

To operation, maintenance, development, design, construction, up-gradation, modernization, finance and management of the Airport

GENERAL INFORMATION

No. of Employees :

Information Decline by the management

Bankers :

Canara Bank, Prime Corporate Branch, T.S.R Complex, S. P. Road, Secundrabad - 500003, Andhra Pradesh, India

Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Term loans from banks	58847.500	34469.200
Term loans from others	3455.300	3082.500
Short term borrowings
Term loans	1500.000	0.000
Working capital loans from banks	625.500	104.500
Total	64428.300	37656.200

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Auditors 1 :
Name :	Brahmayya and Company Chartered Accountants
Address :	Flat No.403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500082, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFB8032G
Auditors 2 :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	#8-2-293/82/A/1131A, Road No. 36, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAHFP0187A
Ultimate holding company:	Ø GVK Power and Infrastructure Limited (GVKPIL)
Venturers having joint control :	Ø GVK Airport Holdings Private Limited (GVKAHL) Ø Airports Authority of India (AAI) Ø ACSA Global Limited, Mauritius (AGL) Ø Bid Services Division (Mauritius) Limited, Mauritius (BSDL)
Subsidiaries :	Ø Navi Mumbai Airport Developers Private Limited (NMADL) [U45200MH2007PTC169174] Ø Mumbai Aerotropolis Private Limited (MAPL) [U62200MH2008PTC186673] Ø Mumbai Aviation Fuel Farm Facility Private Limited (MAFFFPL) [U63000MH2010PTC200463] Ø Mumbai Airport Habitation Private Limited (MAHL) [U45200MH2007PTC168807]
Entities over which the key management personnel and his relatives exercise significant influence :	Ø GVK Airport Foundation (GVKAF) Ø Orbit Travel and Tours Private Limited (OTTL) Ø GVK Projects and Technical Services Limited (GVKPTSL) Ø GVK Jaipur Expressway Private Limited (GVKJEPL) Ø GVK Transportation Private Limited (GVKTPL) Ø GVK Deoli Kota Expressway Private Limited (GVKDKEPL) Ø GVK Bagodara Vasad Expressway Private Limited (GVKBVEPL) Ø GVK Shivpuri Dewas Expressway Private Limited (GVKSDEPL) Ø GVK Gautami Power Limited (GVKGPL) Ø Taj GVK Hotels and Resorts Limited (TGVKHRL)

CAPITAL STRUCTURE

As on: 24.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000000	Equity Shares	Rs.10/- each	Rs. 12000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000000	Equity Shares	Rs.10/- each	Rs. 12000.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12000.000	10000.000
(b) Reserves & Surplus	9550.200	7998.900
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	2000.000
Total Shareholders’ Funds (1) + (2)	21550.200	19998.900
(3) Non-Current Liabilities
(a) long-term borrowings	62302.800	37551.700
(b) Deferred tax liabilities (Net)	2869.500	2526.200
(c) Other long term liabilities	2548.600	1798.200
(d) long-term provisions	58.500	44.800
Total Non-current Liabilities (3)	67779.400	41920.900
(4) Current Liabilities
(a) Short term borrowings	5625.500	8104.500
(b) Trade payables	1982.100	1110.900
(c) Other current liabilities	8032.300	5088.700
(d) Short-term provisions	168.400	142.800
Total Current Liabilities (4)	15808.300	14446.900
TOTAL	105137.900	76366.700
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24712.900	21558.100
(ii) Intangible Assets	4190.200	4408.100
(iii) Capital work-in-progress	57284.500	36268.700
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.300	0.900
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2492.800	3716.600
(e) Other Non-current assets	0.000	94.700
Total Non-Current Assets	88681.700	66047.100
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.700	36.400
(c) Trade receivables	3194.900	3726.000
(d) Cash and cash equivalents	11046.500	4834.600
(e) Short-term loans and advances	1905.600	1618.000
(f) Other current assets	269.500	104.600
Total Current Assets	16456.200	10319.600
TOTAL	105137.900	76366.700

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		8000.000
2] Share Application Money		0.000
3] Reserves & Surplus		6161.100
4] (Accumulated Losses)		0.000
NETWORTH		14161.100
LOAN FUNDS
1] Secured Loans		27649.900
2] Unsecured Loans		2500.000
TOTAL BORROWING		30149.900
DEFERRED TAX LIABILITIES		2179.800
TOTAL		46490.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21456.700
Capital work-in-progress		18888.600
Expenditure pending allocation, net		4553.900
INVESTMENT		1909.600
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.200
	Sundry Debtors	3167.100
	Cash & Bank Balances	2776.300
	Other Current Assets	58.100
	Loans & Advances	1746.600
Total Current Assets		7793.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5378.800
	Other Current Liabilities	2618.700
	Provisions	113.800
Total Current Liabilities		8111.300
Net Current Assets		(318.000)
MISCELLANEOUS EXPENSES		0.000
TOTAL		46490.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	14785.900	13143.400	11793.500
Less	EXPENSES
		Annual Fee
		Operating and Administrative Expenses
		TOTAL	12483.000	10417.400	7122.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				4670.600
Less	FINANCIAL EXPENSES		Including	Including	571.900
			Depreciation	Depreciation
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		and Financial expenses	and Financial expenses	4098.700
Less/ Add	DEPRECIATION/ AMORTISATION				1138.300
	PROFIT BEFORE EXCEPTIONSL ITEM				2960.400
Less	EXCEPTIONAL ITEM				0.000
	PROFIT BEFORE TAX		2302.900	2726.000	2960.400
Less	TAX		751.600	888.200	990.000
	PROFIT AFTER TAX		1551.300	1837.800	1970.400
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7998.900	6161.100	4190.700
	BALANCE CARRIED TO THE B/S		9550.200	7998.900	6161.100
	EARNINGS IN FOREIGN CURRENCY		2577.900	NA	NA
	Earnings Per Share (Rs.)		1.29	2.30	2.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.49	13.98	16.71
Return on Total Assets (PBT/Total Assets}	(%)	4.81	6.80	10.12
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.21
Debt Equity Ratio (Total Debt/Networth)		3.15	2.28	2.21
Current Ratio (Current Asset/Current Liability)		1.05	0.71	0.97

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	564.200	303.000	0.000

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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Term loans	3500.000	8000.000
Total	3500.000	8000.000

ss

Lodging No:

SL/2768/2012

Filling Date:

10/12/2012

Reg. No:

S/74/2013

Reg. Date:

29/01/2013

Petitioner:-	The Shipping Corporate Of India Limited	Respondent:-	Mumbai International Airport Private Limited
Petn.Adv.:-	Little and Company	Resp.Adv.:-	Wadia Ghandy and Company (DEFT)
District:-	Mumbai

Bench:-	Single
Status:-	Pre-Admission	Category:-	Suits for Damages
Next Date:-	18/11/2013	Stage:-	For Directors
Coram:-	Registrar (OS)/ Prothonotary and Sr. Master
Last Date:-	26/07/2013	Stage:-	For Directors
Last Coram:-	Registrar (OS)/ Prothonotary and Sr. Master

Act :-

Code of civil procedure 1908

OPERATIONAL REVIEW

During the FY13, CSIA handled 244,499 Aircraft Movements (ATMs), 2.79% lower compared to FY12. Passenger throughput decreased by 1.76% to 30.210 million and cargo throughput was lower by 3.39% to 635,207 MT as compared to FY12. Amongst all Indian airports, CSIA was foremost in total cargo tonnage with 29% share and 2nd in passengers travelled and aircraft movements with a share of 18.96% and 16.52% respectively.

During the year, CSIA demonstrated its vision of being the pride of Mumbai by receiving various awards and environmental certifications, besides being rated among the top 3 performing airports across the globe in the annual ACI Airport Service Quality Survey for 2012. It has been rated the 3rd best airport globally and the 2nd best airport in India in the 25-40 mppa category. This reaffirms the Company’s continued focus to improve the service quality at CSIA, overwhelmingly endorsed by passengers. During the year, MIAL cargo created two all India handling by delivering 1016MT of import cargo and accepting 1030MT of export cargo in a single day.

CSIA is operating at its optimum capacity and the mega project to build new integrated terminal T2 is in advanced stage of completion. New T2 will be a state of the art world class terminal with a capacity to handle 40 million passengers per annum. This is one of the most complex infrastructure projects, akin to performing an open heart surgery on a marathon runner during the race. This project will not remain confined to airport development, but will also redefine Mumbai’s urban profile. It is truly a one-of-its-kind unique infrastructure project in the world. Once completed, T2 will cater to both domestic and international passengers. It will be a perfect expression of Mumbai’s achievements, its ambitions and its imagination thereby creating an inspiring experience and a welcoming gateway to Mumbai and India. Moreover, with its meticulous planning and state-of-the-art technology, the terminal will offer passengers a seamless journey that will be punctuated by a series of wonderful experiences. Its overall design will give passengers a distinct sense of place and a clear awareness that they are in Mumbai.

During the year, NATS Services (UK) recommendations for capacity enhancement of CSIA were implemented and declared capacity of runway was increased to 40 ATMs during peak hours from earlier capacity of 38 ATMs per hour.

The Company successfully hosted Routes Asia 2013 event in Mumbai. It is a key event for Airports, Airlines, Tourism Authorities, Policy Leaders and Exhibitors for networking, business transactions and traffic planning. The event was a grand success with widespread participation and was inaugurated by the Hon’ble Minister of Civil Aviation and was attended by various dignitaries.

FINANCIAL REVIEW

During the year under review, the Company recorded growth of 12.50% in total revenue compared with the previous year. The increase in revenue is attributable to an increase of 23% in aeronautical revenue, 8.28% increase in non-aeronautical revenue and decrease of 1.36% in cargo revenue. The increase in aero revenue is due to revision of tariffs, as per AERA order with effective from 1st February, 2013.

Annual Fee paid to AAI was Rs 5669.400 millions against Rs 5086.500 millions in previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447290	31/08/2013	2,000,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B84167048
2	10377150	31/08/2013 *	26,478,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B83838490
3	10260964	03/08/2012 *	3,650,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B44851145
4	10148370	19/01/2013 *	700,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B67733691
5	10095120	26/03/2008	42,310,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001, MAHARASHTRA - 400  001, INDIA	A35420892
6	10247420	20/11/2007	260,000,000.00	Airports Authority of India	RAJIV GANDHI BHAWAN, NEW DELHI, DELHI - 110003, INDIA	A88364252

* Date of charge modification

FIXED ASSETS

Ø Computers

Ø Office And Other Equipments

Ø Furniture And Fixtures

Ø Vehicles

Ø Intangible Assets

Ø Building

Ø Plant And Machinery

Ø Computer Software

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 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. 63.59
UK Pound	1	Rs. 101.56
Euro	1	Rs. 85.15

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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	--

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