MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	INTERGLOBE AVIATION LIMITED (w.e.f.11.08.2006)
Formerly Known As :	INTERGLOBE AVIATION PRIVATE LIMITED
Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.01.2004
Com. Reg. No.:	55-129768
Capital Investment / Paid-up Capital :	Rs.343.716 Millions
CIN No.: [Company Identification No.]	U62100DL2004PLC129768
TAN No.: [Tax Deduction & Collection Account No.]	DELI05040A
PAN No.: [Permanent Account No.]	AABCI2726B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Air Support Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 21300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of INTERGLOBE ENTERPRISES LIMITED. It is an established company having satisfactory track record. The company has achieved decent profitability from its operational activities during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 DENIED

Management Non-Cooperative (Tel No.: 91-124-4352500).

LOCATIONS

Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.malhotra@interglobe.com
Website :	www.interglobe.com
Area :	10000 sq ft
Location :	Owned
Branch Office 1 :	Block 2B, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201-05
Fax No.:	91-124-2357554
Branch Office 2 :	Interglobe Air Transport/ Galileo India, 101, 106, Jaipur Towers, First Floor, Opposite AIR, M.I. Road, Jaipur-302001, India
Tel. No.:	91-141-2360532
Fax No.:	91-141-5118886
Branch Office 3 :	Interglobe Technologies, Tower C, Global Business Park, Mehrauli Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-5060555/ 4352500
Fax No.:	91-124-2549540
Branch Office 4 :	InterGlobe Technology Quotient, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91.124-2357554
Location :	Owned
Branch Office 5 :	InterGlobe Hotels, Block 2B, DLF, Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193
Branch Office 6 :	InterGlobe Aviation, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193
Branch Office 7 :	Ground Floor, Thapar House, 66, Janpath, New Delhi – 110 001, India

DIRECTORS

As on 30.08.2013

Name :

Mr. Rahul Bhatia

Designation :

Managing Director

Address :

18, OAK Drive, Mandi Road, Sultanpur, New Delhi – 110030, India

Date of Birth/Age :

10.06.1960

Date of Appointment :

26.03.2013

PAN No.:

AAAPB3340G

DIN No.:

00090860

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	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Whole-time director	01/04/2010	13/09/1989	-	Active	NO
2	U63040DL1997PTC085860	ACQUIRE SERVICES PRIVATE LIMITED	Director	01/01/2008	17/03/1997	-	Active	NO
3	U72300DL1998PTC097150	INTERGLOBE TECHNOLOGIES PRIVATE LIMITED	Director	19/11/1998	19/11/1998	-	Active	NO
4	U72200DL1999PTC098629	IGT SOLUTIONS PRIVATE LIMITED	Director	03/03/1999	03/03/1999	-	Active	NO
5	U62100DL1999PTC100664	SCANDINAVIAN AIRLINES SYSTEM INDIA PRIVATE LIMITED	Director	14/07/1999	14/07/1999	13/02/2007	Under liquidation	NO
6	U51109DL2000PTC106077	WORLD CONNECT PRIVATE LIMITED	Director	02/06/2000	02/06/2000	30/06/2012	Active	NO
7	U74999DL2001PTC111438	INDUS AVIATION SERVICES PRIVATE LIMITED	Director	26/06/2001	26/06/2001	-	Dissolved	NO
8	U74899DL1994PTC063492	SHREE NATH SHARES PRIVATE LIMITED	Director	30/05/2003	30/05/2003	-	Active	NO
9	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	Managing director	26/03/2013	13/01/2004	-	Active	NO
10	U55101DL2004PTC127156	ARA HOSPITALITY PRIVATE LIMITED	Director	25/06/2004	25/06/2004	28/09/2012	Under liquidation	NO
11	U55101DL2004PTC128567	INTERGLOBE HOTELS PRIVATE LIMITED	Director	24/08/2004	24/08/2004	26/09/2012	Active	NO
12	U55101DL2004PTC130073	AAPC INDIA HOTEL MANAGEMENT PRIVATE LIMITED	Alternate director	26/09/2012	19/10/2004	29/11/2012	Active	NO
13	U51900DL2005PTC193379	INTERGLOBE LUXURY PRODUCTS PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
14	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
15	U74899DL1993PTC054944	ARC Hospitality Private Limited	Director	20/08/2005	20/08/2005	01/02/2007	Active	NO
16	U74899DL1991PTC042800	Uniworld Insurance Agency Private Limited	Director	27/03/2006	27/03/2006	04/03/2010	Active	NO
17	U93000DL1984PTC019199	BHARAT TELECOM PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Under liquidation	NO
18	U70102DL2005PTC209600	SRILANAND MANSIONS PRIVATE LIMITED	Director	01/08/2007	09/03/2007	-	Active	NO
19	U74140DL2007PTC162695	ITQ CONSULTANCY PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Under liquidation	NO
20	U63090DL2007PTC162697	INTERGLOBE ESTABLISHED PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
21	U74899DL2006PTC144822	TECHPARK HOTELS PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
22	U55101DL2008PTC175885	Caddie Hotels Private Limited	Director	28/09/2010	10/12/2009	-	Active	NO
23	U92490DL2010NPL199860	INTERGLOBE FOUNDATION	Director	01/09/2011	10/06/2010	-	Active	NO
24	U93000DL2010PTC203645	INTERGLOBE RETAIL PRIVATE LIMITED	Director	11/07/2011	27/04/2011	-	Active	NO
25	U55101DL2010PTC206975	TRIGUNA HOSPITALITY VENTURES (INDIA) PRIVATE LIMITED	Director	18/08/2011	24/06/2011	-	Active	NO
26	U55101DL2008PTC175886	ACCENT HOTELS PRIVATE LIMITED	Director	18/08/2011	27/06/2011	-	Active	NO
27	U80301DL2011PLC224686	INTERGLOBE EDUCATION SERVICES LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO
28	U74140DL2008PTC178997	PEGASUS UTILITY MAINTENANCE & SERVICES PRIVATE LIMITED	Director	30/09/2013	30/11/2012	-	Active	NO

Name :

Mr. Kapil Bhatia

Designation :

Director

Address :

18, OAK Drive, Mandi Road, Sultanpur, New Delhi – 110030, India

Date of Birth/Age :

01.06.1932

Date of Appointment :

13.01.2004

PAN No.:

AAAPB2694K

DIN No.:

00090776

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	L65920AP1923PLC000044	LAKSHMI FINANCE AND INDUSTRIAL CORPORATION LIMITED	Director	22/05/1979	22/05/1979	-	Active	NO
2	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Managing director	26/03/2013	13/09/1989	-	Active	NO
3	U63040DL1997PTC085860	ACQUIRE SERVICES PRIVATE LIMITED	Director	17/03/1997	17/03/1997	-	Active	NO
4	U72300DL1998PTC097150	INTERGLOBE TECHNOLOGIES PRIVATE LIMITED	Director	19/11/1998	19/11/1998	-	Active	NO
5	U72200DL1999PTC098629	IGT SOLUTIONS PRIVATE LIMITED.	Director	03/03/1999	03/03/1999	-	Active	NO
6	U62100DL1999PTC100664	SCANDINAVIAN AIRLINES SYSTEM INDIA PRIVATE LIMITED	Director	14/07/1999	14/07/1999	-	Under liquidation	NO
7	U74999DL2001PTC111438	INDUS AVIATION SERVICES PRIVATE LIMITED	Director	26/06/2001	26/06/2001	-	Dissolved	NO
8	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	Director	13/01/2004	13/01/2004	-	Active	NO
9	U55101DL2004PTC130073	AAPC INDIA HOTEL MANAGEMENT PRIVATE LIMITED	Director	19/10/2004	19/10/2004	-	Active	NO
10	U51900DL2005PTC193379	INTERGLOBE LUXURY PRODUCTS PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
11	U74999DL2005PTC134961	DELTA AIR LINES PRIVATE LIMITED	Director	13/04/2005	13/04/2005	-	Active	NO
12	U55101DL2004PTC128567	INTERGLOBE HOTELS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
13	U93000DL1984PTC019199	BHARAT TELECOM PRIVATE LIMITED	Director	19/12/2006	19/12/2006	-	Under liquidation	NO
14	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Director	14/01/2007	14/01/2007	-	Active	NO
15	U74140DL2007PTC162695	ITQ CONSULTANCY PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Under liquidation	NO
16	U63090DL2007PTC162697	INTERGLOBE ESTABLISHED PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
17	U91990DL1901PLC001746	DELHI GOLF CLUB LIMITED	Director	22/09/2007	22/09/2007	27/09/2008	Active	NO
18	U74899DL2006PTC144822	TECHPARK HOTELS PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
19	U74999HR2009PTC043308	INTERGLOBE TECHNOLOGIES INTERNATIONAL PRIVATE LIMITED	Director	21/09/2010	02/12/2009	-	Active	NO
20	U45203DL2010PTC199854	ZELOS INFRASTRUCTURE PRIVATE LIMITED	Director	09/03/2010	09/03/2010	-	Active	NO
21	U92490DL2010NPL199860	INTERGLOBE FOUNDATION	Director	01/09/2011	10/06/2010	-	Active	NO
22	U62200DL2009PLC196031	INTERGLOBE AIR TRANSPORT LIMITED	Director	07/09/2011	27/04/2011	-	Active	NO
23	U55101DL2010PTC206975	TRIGUNA HOSPITALITY VENTURES (INDIA) PRIVATE LIMITED	Director	18/08/2011	24/06/2011	-	Active	NO
24	U70102DL2005PTC209600	SRILANAND MANSIONS PRIVATE LIMITED	Director	18/08/2011	27/06/2011	-	Active	NO
25	U55101DL2008PTC175886	ACCENT HOTELS PRIVATE LIMITED	Director	18/08/2011	27/06/2011	-	Active	NO
26	U80904DL2011NPL224204	InterGlobe Education Foundation	Director	26/08/2011	26/08/2011	-	Active	NO
27	U93000DL2010PTC203645	INTERGLOBE RETAIL PRIVATE LIMITED	Director	27/08/2012	07/09/2011	-	Active	NO
28	U55101DL2008PTC175885	Caddie Hotels Private Limited	Director	27/09/2012	15/11/2011	-	Active	NO
29	U70102DL2012PTC235042	Acquire Buildcon Private Limited	Director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Anil Parashar

Designation :

Director

Address :

E-367, Greater Kailash Part I, New Delhi – 110048, India

Date of Birth/Age :

17.08.1958

Date of Appointment :

30.05.2007

DIN No.:

00055377

Name :

Mr. Aditya Ghosh

Designation :

Director

Address :

H-452A, Palam Vihar, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

27.07.1975

Date of Appointment :

30.05.2007

PAN No.:

AECPG1832Q

DIN No.:

01243445

KEY EXECUTIVES

Name :	Mr. Ashish Lakhotia
Designation :	Secretary
Address :	M 165, Lado Sarai, New Delhi – 110030, India
Date of Birth/Age :	15.12.1981
Date of Appointment :	20.09.2011
PAN No. :	ACQPL7145M

MAJOR SHAREHOLDERS

As on 30.08.2013

Names of Shareholders (Equity Shares)	No. of Shares
Kapil Bhatia	50
Rahul Bhatia	40
Rohini Bhatia	10
Interglobe Enterprises Limited, India	156950
Caelum Investment LLC, USA	147000
Shobha Gangwal	1451
Asha Mukherjee	1499
Total	307000

Names of Shareholders (Convertible Preference Shares	No. of Shares
Riyaz Peer Moham	5110
Shakti Lumba	84
Steven Eugene Harfst	3607
Newton Bruce Ashby	6012
Chesapaake International	4008
Kunal Chanana	6012
G5 Investments	1503
Sanjay Kumar	334
Tario Taher Carimjee	4034
Anil Chanana	6012
Total	36716

Equity Share Break up (Percentage of Total Equity)

As on 30.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	48.36
Bodies corporate	51.12
Directors or relatives of Directors	0.03
Other top fifty shareholders	0.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Air Support Services.

Products / Services :

Product or Services	ITC code No.
Domestic Schedule air transport service of passenger	99642410

Brand Names :

‘INDIGO AIR’

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London – E145JP, United Kingdom
• Bank of Baroda, Corporate Financial Services Branch, 16, Parliament Street, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Foreign currency term loans from banks	1628.700	1527.900
Foreign currency term loans from others	1140.090	0.000
Long-term maturities of finance lease obligations	13404.530	7527.580
Short Term Borrowings
Foreign currency term loans from banks	314.340	305.580
Total	16487.660	9361.060

Banking Relations :	--
Financial Institutions :	Connolly Aviation Capital 2 Limited, Custom House, Plaza 3, Harbourmaster Place, IFSC, Dublin - 1, Ireland Connolly Aviation Capital 3 Limited, Custom House, Plaza 3, Harbourmaster Place, IFSC, Dublin - 1, Ireland
Auditors :
	B.S.R. and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No. :	AAAFB9852F
Ultimate Holding Company :	InterGlobe Enterprises Limited CIN No. : U63040DL1989PLC037689
Fellow Subsidiary Company :	InterGlobe Air Transport Limited CIN No. : U62200DL2009PLC196031
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	InterGlobe Technologies Private Limited CIN No. : U72300DL1998PTC097150 Acquire Services Private Limited (formerly known as Galileo India Private Limited) CIN No.: U63040DL1997PTC085860 InterGlobe Hotels Private Limited CIN No. : U55101DL2004PTC128567 Zelos Developers Private Limited CIN No. : U70101DL1999PTC098628

CAPITAL STRUCTURE

As on 30.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.1000/- each	Rs.500.000 Millions
1700000	Preference Share	Rs.1000/- each	Rs.1700.000 Millions
	Total		Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
307000	Equity Shares	Rs.1000/- each	Rs.307.000 Millions
36716	Preference Share	Rs.1000/- each	Rs.36.716 Millions
	Total		Rs.343.716 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	343.720	343.720	343.720
(b) Reserves & Surplus	4980.150	3483.090	2204.330
(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)	5323.870	3826.810	2548.050
(3) Non-Current Liabilities
(a) long-term borrowings	16173.320	9055.480	8069.760
(b) Deferred tax liabilities (Net)	537.150	0.000	0.000
(c) Other long term liabilities	18912.360	11542.180	5692.760
(d) long-term provisions	231.640	158.310	133.820
Total Non-current Liabilities (3)	35854.470	20755.970	13896.340
(4) Current Liabilities
(a) Short term borrowings	814.340	305.580	540.290
(b) Trade payables	2797.410	1793.390	1205.460
(c) Other current liabilities	15009.870	11204.380	6824.330
(d) Short-term provisions	307.850	153.230	5797.370
Total Current Liabilities (4)	18929.470	13456.580	14367.450
TOTAL	60107.810	38039.360	30811.840
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17547.890	8813.120	8310.120
(ii) Intangible Assets	96.700	46.990	1.290
(iii) Capital work-in-progress	68.470	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.350	0.000	0.000
(c) Deferred tax assets (net)	0.000	665.100	25.380
(d) Long-term Loan and Advances	6829.860	4541.840	2859.470
(e) Other Non-current assets	4857.720	885.300	118.950
Total Non-Current Assets	29400.990	14952.350	11315.210
(2) Current assets
(a) Current investments	11383.420	5234.180	8022.440
(b) Inventories	522.750	373.880	446.740
(c) Trade receivables	685.220	389.200	166.580
(d) Cash and cash equivalents	13405.880	13088.260	7756.930
(e) Short-term loans and advances	3586.590	3179.450	2491.330
(f) Other current assets	1122.960	822.040	612.610
Total Current Assets	30706.820	23087.010	19496.630
TOTAL	60107.810	38039.360	30811.840

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		92030.800	55646.600	38254.090
		Other Income		2552.340	1534.090	1219.250
		TOTAL (A)		94583.140	57180.690	39473.340
Less	EXPENSES
		Purchase of Stock-in-trade		559.940	346.570	190.930
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(18.650)	(6.830)	(1.100)
		Employee Benefits Expenses		6,972.330	5218.070	2938.180
		Other Expenses		75703.080	49804.340	28172.200
		TOTAL (B)		83216.700	55362.150	31300.210
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			11366.440	1818.540	8173.130
Less	FINANCIAL EXPENSES (D)			578.010	514.270	449.910
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			10788.430	1304.270	7723.220
Less	DEPRECIATION/ AMORTISATION (F)			856.200	665.230	628.700
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			9932.230	639.040	7094.520
Less	TAX (H)			2058.760	(639.720)	591.270
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			7873.470	1278.760	6503.250
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1278.760	0.000	1795.810
Less	APPROPRIATIONS
			Transfer to General Reserve	787.350	0.000	650.330
			Proposed equity dividend	5486.380	0.000	4904.310
			Corporate dividend tax	890.030	0.000	795.590
			Premium on redemption	0.000	0.000	394.830
			Transfer to capital redemption reserve	0.000	0.000	1554.000
	BALANCE CARRIED TO THE B/S			1988.470	1278.760	0.000
	EARNINGS IN FOREIGN CURRENCY
			Passenger services	3347.020	1044.500	360.240
			Incentives (cash and non-cash)	3699.320	2720.470	0.000
			Profit on redelivery of aircraft	152.880	0.000	0.000
			Miscellaneous income	12.370	0.000	0.000
	TOTAL EARNINGS			7211.590	3764.970	360.240
	IMPORTS
			Capital Goods	230.530	51.400	104.870
			Components and Spare Parts	561.430	286.250	330.540
	TOTAL IMPORTS			791.960	337.650	435.410
	Earnings Per Share (Rs.)
	Basic			25646.00	4165.00	19897.00
	Diluted			22907.00	3720.00	17772.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.32	2.24	16.48
Net Profit Margin (PBT/Sales)	(%)	10.79	1.15	18.55
Return on Total Assets (PBT/Total Assets}	(%)	16.54	1.71	23.04
Return on Investment (ROI) (PBT/Networth)		1.87	0.17	2.78
Debt Equity Ratio (Total Debt /Networth)		3.19	2.45	3.38
Current Ratio (Current Asset/Current Liability)		1.62	1.72	1.36

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	343.720	343.720	343.720
Reserves & Surplus	2204.330	3483.090	4980.150
Net worth	2548.050	3826.810	5323.870
long-term borrowings	8069.760	9055.480	16173.320
Short term borrowings	540.290	305.580	814.340
Total borrowings	8610.050	9361.060	16987.660
Debt/Equity ratio	3.379	2.446	3.191

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	38,254.090	55,646.600	92,030.800
		45.466	65.384

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	38,254.090	55,646.600	92,030.800
Profit	6,503.250	1,278.760	7,873.470
	17.00%	2.30%	8.56%

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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 1663/2007 and IA Nos. 10317/2007, 10318/2007, 4121/2008,   4122/2008 and 11621/2008

LECOANET HEMANT INDIA PRIVTE LIMITED ..... Plaintiff

Through: Mr. Peeyoosh Kalra, Mr. Amol Dixit and Ms. V. Mohini, Advs. with witness, Mr. C.D. Kingsly.

versus

INTERGLOBE AVIATION LIMITED. and ANR. ..... Defendant

Through: Mr. Saurabh Srivastava, Adv. for D-1.

Mr. Ankur Bansal, Adv. for D-2.

CORAM:

MS. SUKHVINDER KAUR (DHJS), JOINT REGISTRAR

ORDER

07.12.2013

BACKGROUND

The Company was incorporated on 13 January 2004 as a private limited company. Subsequently, the Company changed its legal status from a private company to a public company on 11 August 2006. The Company is one of the dominant players in the low cost carrier (LCC) segment of the airline industry in India. The Company has commenced international operations during the previous year ended 31 March 2012.

BUSINESS PROGRESS

The Company made a profit of Rs.7873.470 Millions as against a profit of Rs.1278.760 Millions the previous year

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10476464	03/02/2014	3,039,980,000.00	BNP Paribas Singapore Branch	20 Collyer Quay, #01-01, Singapore, - 049319, Singapore	B95872032
2	10476474	03/02/2014	4,152,433,945.51	BNP Paribas Singapore Branch	20 Collyer Quay, #01-01, Singapore, - 049319, Singapore	B95874947
3	10473630	22/01/2014	3,146,697,000.00	Connolly Aviation Capital 3 Limited	Custom House, Plaza 3, Harbourmaster Place, Ifsc, Dublin, - 1, Ireland	B94725744
4	10456945	24/10/2013	2,958,500,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B88255997
5	10456947	24/10/2013	4,038,200,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B88256441
6	10449724	09/09/2013	487,500,000.00	Bank of Baroda	Corporate Financial Services (Large Corporate) Br., 16, Parliament Street, New Delhi, Delhi - 110001, India	B85267003
7	10446436	29/08/2013	3,152,500,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B83728659
8	10446438	29/08/2013	4,236,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B83729780
9	10443010	06/08/2013	2,958,500,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B82104001
10	10443013	06/08/2013	3,905,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B82105073
11	10435557	03/07/2013	2,910,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B79065629
12	10435559	03/07/2013	3,905,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B79066643
13	10435614	01/07/2013	2,910,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B79089553
14	10435623	01/07/2013	3,905,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B79094157
15	10434052	26/06/2013	2,981,467,412.50	Connolly Aviation Capital 2 Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B78388022
16	10426559	14/05/2013	2,592,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B75431965
17	10426577	14/05/2013	3,574,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B75436055
18	10419314	10/04/2013 *	3,574,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B74266107
19	10419318	10/04/2013	2,592,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B73059586
20	10412052	14/03/2013	2,592,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B70843065
21	10412054	14/03/2013	3,574,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B70843982
22	10406358	21/02/2013	2,592,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B68946805
23	10406359	21/02/2013	3,574,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B68946920
24	10403473	14/02/2013	2,683,474,093.75	Connolly Aviation Capital 1 Limited	Custom House, Plaza 3, Harbourmaster Place, IFSC, Dublin, - 1, Ireland	B68309251
25	10401786	01/02/2013	2,544,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B67566166
26	10401884	01/02/2013	3,574,800,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B67638270
27	10401876	28/01/2013	2,544,000,000.00	J.P. Morgan Europe Limited	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B67633974
28	10401893	28/01/2013	3,574,800,000.00	J.P. MORGAN EUROPE LIMITED	25 Bank Street, Canary Wharf, London, - E145 JP, United Kingdom	B67644963
29	10392622	13/12/2012	2,579,795,625.00	HKAC Leasing (IGO No. 9) Limited	23 Herbert Place, Dublin, - 2, Ireland	B64389547
30	10396134	06/12/2012	412,500,000.00	Bank of Baroda	Corporate Financial Services (Large Corporate) Br., 16, Parliament Street, New Delhi, Delhi - 110001, India	B65573743
31	10387756	15/11/2012	2,526,727,500.00	HKAC Leasing (IGO No. 8) Limited	23 Herbert Place, Dublin, - 2, Ireland	B62471222
32	10383900	23/10/2012	2,501,477,475.75	Pembroke Aircraft Leasing 3 Limited	33/41 Lower Mount Street, Dublin, - 2, IRELAND	B61079679
33	10383353	05/10/2012	2,403,597,386.03	Pembroke Aircraft Leasing 3 Limited	33/41 Lower Mount Street, Dublin, - 2, IRELAND	B60846557
34	10379893	26/09/2012	2,467,839,000.00	HKAC Leasing (IGO No. 7) Limited	23 Herbert Place, Dublin, - 2, IRELAND	B59443440
35	10385797	20/09/2012	2,309,025,000.00	Pembroke Aircraft Leasing 4 Limited	33/41 Lower Mount Street, Dublin, - 2, IRELAND	B61848685
36	10385794	18/09/2012	2,305,625,000.00	Pembroke Aircraft Leasing 4 Limited	33/41 Lower Mount Street, Dublin, - 2, IRELAND	B61848206
37	10373524	02/08/2012	5,551,000,000.00	UT Finance Corporation	Office Building G, 400 Main Street,, Mail Stop 13 3-54, East Hartford, CT, East Hartford Connecticut , - 06108, UNITED STATES OF AMERICA	B56816671
38	10358450	25/05/2012	2,594,400,000.00	AWAS 5155 Ireland Limited	Block B, Riverside IV, Sir John Rogerson's Quay, Dublin, - 2, IRELAND	B40734717
39	10350432	04/04/2012	2,358,990,975.00	Avolon Aerospace AOE 33 Limited	PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, - 1104, CAYMAN ISLANDS	B37795861
40	10351346	29/03/2012	1,000,000,000.00	Bank of Baroda	Corporate Financial Services (Large Corporate) Br., 16, Parliament Street, New Delhi, Delhi - 11000 1, INDIA	B38062998
41	10350428	26/03/2012	2,367,201,975.00	Avolon Aerospace AOE 32 Limited	PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, - 1104, CAYMAN ISLANDS	B37795382
42	10343271	09/02/2012	1,200,000,000.00	Oriental Bank of Commerce	Harsha Bhawan, E- Block, Connaught Place, New Del hi, Delhi - 110001, INDIA	B35493121
43	10295984	30/06/2011	2,002,500,000.00	HKAC Leasing (IGO No. 6) Limited	AIB International Centre, IFSC, Dublin, - 1, IRE LAND	B16475121
44	10296025	30/06/2011	2,002,500,000.00	HKAC Leasing (IGO No. 6) Limited	AIB International Centre, IFSC, Dublin, - 1, IRE LAND	B16491573
45	10283709	30/03/2011	1,989,000,000.00	HKAC Leasing (IGO No.6) Limited	AIB International Centre, IFSC, Dublin, - 1, IRE LAND	B11962875
46	10228944	21/06/2010	1,961,800,000.00	AETHER AIRCRAFT 1 LIMITED	Block 1,Booters Town Hall, Booterstown Avenue, Dublin, Ireland, Dublin, - Co, Ireland	A89182620
47	10124289	23/09/2008	2,263,494,048.00	Allaviation Leasing (IGO No. 5) Limited	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A47491519
48	10116629	21/07/2008	1,998,734,401.37	Allco Leasing (IGO. No. 2) Limited	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A43114578
49	10110035	27/05/2008	2,012,784,463.00	Allco Leasing (IGO. No. 2 Limited)	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A41114323
50	10096821	03/04/2008	1,867,751,240.00	Allaviation Leasing (IGO. No. 4 Limited)	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A36029734
51	10096820	27/03/2008	1,863,156,200.00	Allaviation Leasing (IGO No. 3) Limited	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A36029643
52	10091034	25/02/2008	1,846,027,115.00	Allco Leasing (IGO No. 2) Limited	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A33873001
53	10085498	09/01/2008	1,821,091,500.00	Allco Leasing (IGO No.1) Limited	AIB International Centre, IFSC, Dublin 1, Ireland, Dublin, - 1, Ireland	A31502578
54	10088984	16/07/2010 *	1,125,000,000.00	Union Bank Of India	D43 South Extension Part I, New Delhi, New Delhi, Delhi - 110049, India	A90788308
55	10045000	05/03/2007	87,621,019.00	Wells Fargo Bank Northwest National Association Asowner Trustee	299 South Main Street 12th Floor, Mac: U1228 - 12 0, Salt Lake City, - 1, United States Of America	A12856670
56	10039863	18/01/2007	87,621,019.00	MCR AVIATION LIMITED	Custom House Plaza, Block 6, Ifsc, Dublin 1, Ireland, Dublin, - 1, Ireland	A11722279
57	10039947	18/01/2007	87,621,019.00	MCR AVIATION LIMITED	Custom House Plaza, Block 6, Ifsc, Dublin 1, Ireland, Dublin, - 1, Ireland	A11734712
58	10019828	23/07/2007 *	1,573,300,000.00	Bank of Maharashtra	1295, Sushant Lok, Gurgaon, Gurgaon, Haryana - 12202, INDIA	A20513206

*Date of modification Charges

FIXED ASSETS:

· Furniture and Fixtures

· Computer

· Office Equipment

· Vehicles

· Electrical Installation

· Software

PRESS RELEASE:

PRATT AND WHITNEY AND INDIGO FINALIZE AGREEMENT FOR 300 PUREPOWER PW1100G-JM ENGINES

07/09/2012 -InterGlobe Aviation

Farnborough, UK: Pratt and Whitney and IndiGo signed a definitive agreement for PurePower PW1100G-JM engines for 150 Airbus A320neo family aircraft. The agreement includes 300 firm PurePower PW1100G-JM engines with additional options and a long-term PureSolutionSM maintenance agreement. Deliveries are scheduled to begin in 2015. Pratt & Whitney is a division of United Technologies Corp. (NYSE:UTX).

Speaking on the occasion, Mr Aditya Ghosh, President, IndiGo, said, with oil prices on the rise, we are more satisfied than ever with our selection of the Pratt & Whitney PurePower engine. As a result of the lower engine operating cost, we are confident that we can maintain our competitive low fares while simultaneously offering our customers the most environmentally friendly way to fly.

As part of this agreement, each IndiGo Airbus A320neo family aircraft will be powered by two PurePower PW1100G-JM engines with benefits including double-digit reductions in fuel burn, environmental emissions, engine noise and operating costs when compared with today’s engines.

This IndiGo order represents one of the largest engine orders in Pratt & Whitneys long history," said Todd Kallman, president, Commercial Engines & Global Services for Pratt & Whitney. We are excited by the opportunity to power IndiGos A320neo fleet and fly its customers with the dependable Pratt & Whitney PurePower engines.

Pratt & Whitney has more than 2,500 PurePower engines on order, including options. The PurePower engine uses an advanced gear system allowing the engines fan to operate at a different speed than the low-pressure compressor and turbine. The combination of the gear system and an all-new advanced core delivers double-digit improvements in fuel efficiency and environmental emissions as well as a 50 percent reduction in noise.

IndiGo is Indias largest low-cost carrier, as well as the fastest growing carrier. It operates domestic services linking 32 destinations. Its main base is Delhis Indira Gandhi International Airport. Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries.

NDIGO FIRST AIRLINE IN INDIA TO IMPLEMENT REQUIRED NAVIGATION PERFORMANCE APPROACHES; MAKES KOCHI AIRPORT GREENER AND SAFER!

22/06/2012 -Interglobe Aviation

National: In yet another milestone, IndiGo, the country's innovative carrier conducted the first ever Required Navigation Performance (RNP) approach in regular airline operations today, while landing at Kochi on their scheduled flight, 6E 345 from Bengaluru. IndiGo has collaborated with Quovadis, a subsidiary of Airbus, the Airports Authority of India (AAI), and the Directorate General of Civil Aviation (DGCA) to enable an even more secure and safe landing procedure at the Kochi International Airport. IndiGo becomes the first carrier in India authorized to implement this effective, fuel-saving practice. The Kochi International Airport is Indias seventh busiest airport, and equipped with one ILS (Instrument Landing System) on runway 27 and a VOR (both ground based installations) that are used for guidance for landing procedures on both ends of the runway.

IndiGo has been working with Airbus and the government to develop and implement the RNP procedure, which brings great benefits to both the authorities and IndiGo:

Accurate flight path on contained and secure trajectories

A shorter flight path, saving 75 KM for IndiGo on each approach, which is approximately 400 kgs of fuel saving per landing, and a corresponding amount of reduction of greenhouse gas emissions

Freedom from dependence on conventional ground based navigation installations by using on board systems and Global Positioning System (satellite based positioning)

Easier traffic management in non-radar environments

The entire process that has been successfully validated on Airbus simulators and in the aircraft, has now been flown successfully in regular commercial operations by IndiGo on its Airbus A320 on June 23, 2012. Elaborating on this - another first undertaken by the countrys best on-time performer -

Aditya Ghosh, President, IndiGo, said , said, We are looking forward to commercially flying RNP approaches at Kochi airport in the future. This new technology will enable tangible cost savings which in turn will have a positive impact on our overall operational efficiency. But more importantly, we are excited about partnering in this significant step towards improving Air Traffic Management in India and making it an even safer and greener environment to fly in. The development of more such approaches in India will also go a long way towards improving safety and efficiency.

IndiGo was the first airline in India to test and develop this approach in 2011 in partnership with Quovadis, an Airbus subsidiary, DGCA, and AAI. Additionally, 6E was the first to actually test fly the approach at Kochi on 8 Dec 2011. Todays flight marks the culmination of these efforts, as this approach can now be flown in regular commercial operations after IndiGos approval by DGCA, thus regularly resulting in the safety, cost and environmental benefits as enumerated above RNP approaches, which can be flown by all IndiGo aircraft, are a great way to achieve savings while promoting safety. This form of navigation has the necessary flexibility to optimize and protect trajectories from terrain and obstacles. The RNP project in Kochi has been co-financed by Airbus and the French Civil Aviation Authority. The task was led by Quo Vadis, a wholly owned Airbus subsidiary dedicated to Performance Based Navigation (PBN).

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.62.28
UK Pound	1	Rs.103.84
Euro	1	Rs.85.70

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		47

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.