MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	RELIANCE AEROSPACE TECHNOLOGIES LIMITED (w.e.f 13.03.2013)
Formerly Known As :	RELIANCE AEROSPACE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	3^rd Floor, Maker Chambers IV, 222 Nariman Point, Mumbai – 400021 Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.09.2008
Com. Reg. No.:	11-186471
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U35300MH2008PLC186471
TAN No.: [Tax Deduction & Collection Account No.]	MUMR29950E
PAN No.: [Permanent Account No.]	AAECR2908R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in , the business of design, development and manufacture of parts and accessories for defence aircraft.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1800
Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a wholly-owned subsidiary of Reliance Security Solution Limited. Reliance Industries Limited is it’s ultimate Holding Company. Eventhough, the company was incorporated during 4^th September 2008, it is yet to commence its business activities the company has applied for an industrial License to the Ministry of Commerce and Industry, Government of India. The company has incurred pre-operative expenses which are been recorded as a loss during 2013. Payments terms are unknown. In view of experienced promoters, the company can be considered for business dealings with some cautions.

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

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.

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 PARTED BY

MANAGEMENT NON CO-OPERATIVE (91-22-22785000)

LOCATIONS

Registered Office :	3^rd Floor, Maker Chambers IV, 222 Nariman Point, Mumbai – 400021 Maharashtra, India
Tel. No. :	91-22-22785000
Fax No. :	Not Available
E-Mail :	ashoo.mote@ril.com

DIRECTORS

As on 02.09.2013

Name :

Ramesh Kumar Damani

Designation :

Director

Address :

403 Fouth Floor, Usha Kung 30 D, Juhu Koliwada, Juhu Tara Road, Santcruz, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

06.05.1971

Date of Appointment :

04.09.2008

DIN No. :

00049764

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	U51909MH2006PLC166166	RELIANCE RETAIL VENTURES LIMITED	Director	29/09/2007	24/04/2007	17/07/2013	Active	NO
2	U51900MH2007PLC174470	RELIANCE BRANDS LIMITED	Director	31/12/2008	26/09/2007	-	Active	NO
3	U51900MH2007PTC175637	RELIANCE-VISION EXPRESS PRIVATE LIMITED	Additional director	28/11/2007	28/11/2007	13/08/2008	Active	NO
4	U51900MH2007PTC175638	RELIANCE-GRANDOPTICAL PRIVATE LIMITED	Director	31/10/2008	28/11/2007	-	Active	NO
5	U51900MH2007PLC175640	RELIANCE INFRASTRUCTURE MANAGEMENT SERVICES LIMITED	Director	29/09/2008	06/12/2007	04/07/2012	Active	NO
6	U52100MH2007PLC175533	RELIANCE LEISURES LIMITED	Director	31/10/2008	06/12/2007	-	Amalgamated	NO
7	U51909MH2007PLC175652	RELIANCE DIGITAL MEDIA LIMITED	Director	29/08/2008	06/12/2007	-	Amalgamated	NO
8	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Director	07/08/2008	24/12/2007	-	Active	NO
9	U51109MH2007PTC176276	RELIANCE-GRANDVISION INDIA SUPPLY PRIVATE LIMITED	Additional director	07/01/2008	07/01/2008	13/08/2008	Active	NO
10	U35300MH2008PLC186471	RELIANCE AEROSPACE TECHNOLOGIES LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
11	U51900MH2007PTC176279	SHARANYA TRADING PRIVATE LIMITED	Director	25/09/2009	24/09/2008	-	Amalgamated	NO
12	U51101MH2007PLC175624	RELIANCE LOYALTY & ANALYTICS LIMITED	Director	07/08/2010	31/03/2010	04/07/2012	Active	NO
13	U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	Director	06/09/2010	31/03/2010	-	Active	NO
14	U65923MH2007PLC173923	RELIANCE PAYMENT SOLUTIONS LIMITED	Director	07/08/2010	31/03/2010	-	Active	NO
15	U51900MH2007PLC175670	RELIANCE RETAIL SECURITIES AND BROKING COMPANY LIMITED	Director	07/08/2010	31/03/2010	-	Active	NO
16	U52100MH2007PLC175530	RELIANCE AGRI PRODUCTS DISTRIBUTION LIMITED	Director	04/08/2010	22/04/2010	-	Active	NO
17	U51109MH2007PTC167447	KANISKA COMMERCIALS PRIVATE LIMITED	Director	09/09/2010	30/06/2010	-	Active	NO
18	U51109MH2008PTC179375	INDIA SPORTSWIN PRIVATE LIMITED	Director	10/07/2010	10/07/2010	-	Active	NO
19	U51310MH2008PTC178078	RELIANCE STYLE FASHION INDIA PRIVATE LIMITED	Director	16/08/2011	31/01/2011	-	Active	NO
20	U52599MH2007PLC168275	RESQ LIMITED	Director	04/08/2012	18/08/2011	-	Amalgamated	NO
21	U51109MH2007PLC176416	RELIANCE PERSONAL ELECTRONICS LIMITED	Director	04/08/2012	18/08/2011	-	Active	NO
22	U51900MH2007PTC175639	ARIMAS TRADING PRIVATE LIMITED	Director	29/12/2012	27/03/2012	-	Active	NO
23	U67120MH2007PTC170180	D. E. SHAW INDIA SECURITIES PRIVATE LIMITED	Director	05/07/2012	25/06/2012	-	Active	NO
24	U52100MH2007PTC174895	RELIANCE INNOVATIVE BUILDING SOLUTIONS PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO

Name :

Mr. Rajan Luthra

Designation :

Director

Address :

Flat – 32, A – Wing, Centrum Tower, Barkat Ali Road, Wadala (East), Mumbai – 400037, Maharashtra, India

Date of Birth/Age :

18.05.1968

Date of Appointment :

28.09.2012

DIN No. :

03023486

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	U51109MH2008PLC185401	RELIANCE SECURITY SOLUTIONS LIMITED	Director	30/07/2011	03/01/2011	-	Active	NO
2	U64202DL2008PTC172573	DIGIVISION WIRELESS PRIVATE LIMITED	Director	28/09/2012	01/05/2012	29/12/2012	Active	NO
3	U35300MH2008PLC186471	RELIANCE AEROSPACE TECHNOLOGIES LIMITED	Director	28/09/2012	04/06/2012	-	Active	NO

Name :

Mr. Darshan Purushottam Naphade

Designation :

Director

Address :

602, Mangal Prabha, Sector 9, DY Patil Hospital, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

25.04.1966

Date of Appointment :

23.03.2013

DIN No. :

06534423

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2013

Names of Shareholders	No. of Shares
Reliance Security Solutions Limited, India	49994
L.V.Merchant jointly with Reliance Security Solutions Limited, India	1
K. Sethuraman jointly with Reliance Security Solutions Limited, India	1
Sudhakar Saraswatula jointly with Reliance Security Solutions Limited, India	1
Rohit Shah jointly with Reliance Security Solutions Limited, India	1
Ashwin Khasgiwala jointly with Reliance Security Solutions Limited, India	1
Raj Mullick jointly with Reliance Security Solutions Limited, India	1
Total	50000

As on 02.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in , the business of design, development and manufacture of parts and accessories for defence aircraft.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715,Tulsiani Chamber,212,Nariman Point,Mumbai-400021, Maharashtra, India
PAN No. :	AAAFC0662N
Associates :	Ø Relianc E Elastomers Private Limited (Upto 03.06.2012) CIN No. : U24130GJ1991PTC016096 Ø Relianc Industrial Enterprises Private Limited (Upto 03.06.2012) CIN No. : U23231GJ1991PTC016012
Holding Company :	Ø Reliance Industrial Investments And Holdings Limited (w.e.f. 04.06.2012) CIN No. : U65910MH1986PLC041081 Ø Reliance Security Solutions Limited (w.e.f. 04.06.2012) CIN No. : U51109MH2008PLC185401
Ultimate Holding Company :	Ø Reliance Industries Limited (w.e.f. 04.06.2012) CIN No. : L17110MH1973PLC019786

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs.0.750 Million
25000	Preference Shares	Rs.10/- each	Rs.0.250 Million
	Total		Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.100
(b) Reserves & Surplus	(0.055)	(0.037)
(c) Money received against share warrants	0.000	0.000
	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.445	0.063
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.010	0.001
Total Current Liabilities (4)	0.010	0.001
TOTAL	0.455	0.064
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.455	0.064
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	0.455	0.064
TOTAL	0.455	0.064

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Cost of materials consumed	0.000	0.000
		Purchases of stock-in-trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.000	0.000
		Employee benefit expense	0.000	0.000
		Other expenses	0.018	0.002
		TOTAL	0.018	0.002
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.018)	(0.002)
Less	FINANCIAL EXPENSES		0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.018)	(0.002)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(0.018)	(0.002)
Less	TAX		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.018)	(0.002)
	Earnings / (Loss) Per Share (Rs.)		(0.43)	(0.20)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		(0.00)	(0.00)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		45.50	64.00

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 two years	Yes
12]	Profitability for last two 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	No
24]	Banking facility details	No
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	No

INDEX OF CHARGES

No Charges Exist for Company

OPERATIONAL REVIEW

The name of the Company was changed from Reliance Gas Marketing Private Limited to Reliance Aerospace Technologies Private Limited and subsequently to Reliance Aerospace Technologies Limited during the year, with a view to pursue business in the aerospace sector. The Company is a wholly owned subsidiary of Reliance Security Solutions Limited. Subject is it’s ultimate holding company.

The Company has applied for an Industrial License to the Ministry of Commerce and Industry, Government of India for undertaking, inter-alia, the business of design, development and manufacture of parts and accessories for defence aircraft.

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.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.