MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	BOEING INTERNATIONAL CORPORATION INDIA PRIVATE LIMITED
Registered Office :	3^rd Floor, DLF Centre, Sansad Marg, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.12.2003
Com. Reg. No.:	55-123398
Capital Investment / Paid-up Capital :	Rs. 96.124 Millions
CIN No.: [Company Identification No.]	U72900DL2003PTC123398
TAN No.: [Tax Deduction & Collection Account No.]	DELB06116F
PAN No.: [Permanent Account No.]	AACCB3303J
Legal Form :	Private Limited Liability Company
Line of Business :	Marketer and Seller of Jet Airplanes
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “BOEING CYPRUS HOLDINGS LIMITED”. It is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by strong liquidity position and decent profitability levels of the company. Rating also reflects financial and managerial support that company receives from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding support, the company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sharad Sirothia
Designation :	Accounts Department
Contact No.:	91-11-46566000
Date :	19.08.2014

LOCATIONS

Registered Office :	3^rd Floor, DLF Centre, Sansad Marg, New Delhi – 110001, India
Tel. No.:	91-11-46566000
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	avik.battacharya@boeing.com
Website :	http://www.boeing.co.in
Branch :	RMZ Infinity, Tower D, 5^th Floor, Old Madras Road, Bangalore – 560016, Karnataka, India
Tel. No.:	91-80-42636000

DIRECTORS

AS ON 16.09.2013

Name :

Mr. Pratyush Kumar

Designation :

Managing Director

Address :

16 Hailey Road, New Delhi – 110001, India

Date of Birth/Age :

05.02.1966

Date of Appointment :

11.02.2013

DIN No. :

01959285

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	U74999MH2008PTC180918	Infinite Water Solutions Private Limited	Director	08/04/2008	08/04/2008	30/09/2011	Active	NO
2	U72900DL2003PTC123398	BOEING INTERNATIONAL CORPORATION INDIA PRIVATE LIMITED	Managing director	16/09/2013	11/02/2013	-	Active	NO
3	U72200MH2004FTC145892	Jeppesen India Private Limited	Director	27/09/2013	22/03/2013	-	Active	NO
4	U72200WB2006PTC109980	INMEDIUS SOFTWARE INDIA PRIVATE LIMITED	Director	07/08/2013	28/03/2013	-	Active	NO
5	U93000TN2009PTC073966	Continental DataGraphics Technical Services India Private Limited	Additional director	01/04/2013	01/04/2013	-	Active	NO
6	U64203KA2006PTC039098	NARUS NETWORKS PRIVATE LIMITED	Director	25/09/2013	31/07/2013	-	Active	NO

Name :

Mr. Avik Bhattacharyya

Designation :

Director

Address :

2/302 Heritage City, Mg Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

09.02.1977

Date of Appointment :

10.03.2011

DIN No. :

03476547

Name :

Mr. Richard Paul Kinscherff

Designation :

Director

Address :

312 Surrey lane, Lake Forest, Illinois – 60045, United States

Date of Birth/Age :

27.06.1958

Date of Appointment :

12.09.2011

DIN No. :

03617958

Name :

Mr. Abhishek Mitra

Designation :

Director

Address :

C-92 First Floor, Sector – 41, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

15.12.1973

Date of Appointment :

30.05.2012

DIN No. :

05291600

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	U72900DL2003PTC123398	BOEING INTERNATIONAL CORPORATION INDIA PRIVATE LIMITED	Director	27/09/2012	30/05/2012	-	Active	NO
2	U64203KA2006PTC039098	NARUS NETWORKS PRIVATE LIMITED	Director	25/09/2013	29/11/2012	30/05/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharad Sirothia
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2013

Names of Shareholders	No. of Shares
Boeing International Corporation, USA	3488584
Boeing Operations International, Incorporated USA	19500
The Boeing Company, USA	1025030
Boeing Cyprus Holdings Limited, Cyprus	5079289
Total	9612403

As on 16.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Marketer and Seller of Jet Airplanes

Products :

Item Code No. (ITC Code)	Product Description
99839900	All other professional, technical and business services n.e.c.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available
Facilities :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber Citi Complex, DLF City Phase – ll, Gurgaon – 12202, Haryana, India
Pan No.:	AABFD2095B
Holding Company:	· The Boeing Company, USA (Ultimate holding Company) · Boeing Cyprus Holdings Ltd, Cyprus
	·
Fellow subsidiary Companies :	· Aviall Services Inc.,USA · Boeing Operations International, Inc · Boeing Defence Australia Ltd. · Boeing International Corporation, USA

CAPITAL STRUCTURE

As on 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9612403	Equity Shares	Rs.10/- each	Rs.96.124 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	96.124	96.124	96.124
(b) Reserves & Surplus	950.304	742.102	598.449
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1046.428	838.226	694.573
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.140	25.531	16.823
Total Non-current Liabilities (3)	32.140	25.531	16.823
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	248.615	64.632	136.507
(c) Other current liabilities	24.638	13.153	38.447
(d) Short-term provisions	4.502	13.396	1.597
Total Current Liabilities (4)	277.755	91.181	176.551
TOTAL	1356.323	954.938	887.947
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.459	151.352	219.682
(ii) Intangible Assets	7.732	12.794	24.205
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	50.743	38.010	23.591
(d) Long-term Loan and Advances	70.684	30.498	56.216
(e) Other Non-current assets	0.050	0.050	0.000
Total Non-Current Assets	245.668	232.704	323.694
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4.858	355.766	250.185
(d) Cash and cash equivalents	478.717	322.448	250.816
(e) Short-term loans and advances	626.416	43.850	63.048
(f) Other current assets	0.664	0.170	0.204
Total Current Assets	1110.655	722.234	564.253
TOTAL	1356.323	954.938	887.947

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	TOTAL	1722.371	1214.576	953.599
Less	EXPENSES
	TOTAL	1447.243	999.345	782.071
Less	PROFIT BEFORE TAX AND PRIOR PERIOD ADJUSTMENTS	275.128	215.231	171.528
Less	PRIOR PERIOD ADJUSTMENTS	0.000	2.098	0.953
	PROFIT/ (LOSS) BEFORE TAX	275.128	213.133	170.575
Less	TAX	66.927	69.480	57.766
	PROFIT/ (LOSS) AFTER TAX	208.201	143.653	112.809
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	742.102	282.382	169.573
	Balance Carried to the B/S	950.303	426.035	282.382
	EARNINGS IN FOREIGN CURRENCY
	Income from Support Service	1395.584	1166.718	902.114
	Contract Revenue	30.376	0.000	0.000
	Miscellaneous Income	0.000	6.344	0.000
	TOTAL EARNINGS	1425.960	1173.062	902.114
	Earnings / (Loss) Per Share (Rs.)	21.66	14.94	11.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.09	11.83	11.83
Return on Total Assets (PBT/Total Assets}	(%)	21.07	23.24	19.73
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.25
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.00	7.92	3.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	96.124	96.124	96.124
Reserves & Surplus	598.449	742.102	950.304
Net worth	694.573	838.226	1046.428
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	953.599	1214.576	1722.371
		27.368	41.808

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	953.599	1214.576	1722.371
Profit	112.809	143.653	208.201
	11.83%	11.83%	12.09%

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	Yes
10]	Designation of contact person	Yes
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	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

Note:

The Registered office of the company has been shifted Eros Corporate Tower 10^th Floor, Nehru Place New Delhi – 110019, India to the present address w.e.f. 21.12.2009

INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other Equipments

· 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. 60.72
UK Pound	1	Rs.101.47
Euro	1	Rs. 81.04

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.