MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	WONKADELL LIMITED
Registered Office :	West Pier Dun Laoghaire,
Country :	Ireland
Financials (as on) :	31.12.2012
Date of Incorporation :	20.11.2007
Com. Reg. No.:	E0449371
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in Leasing and subleasing of jet aircraft
No. of Employees :	06

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Ireland	B1	B1

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP

Source : CIA

company name and address

WONKADELL LIMITED

West Pier

Dun Laoghaire,

Ireland

(Registered Address)

Employees:	6
Company Type:	Private Subsidiary
Incorporation Date:	20-Nov-2007
Auditor:	Ernst & Young

Fiscal Year End:	31-Dec-2012
Reporting Currency:	US Dollar
Annual Sales:	4.2
Total Assets:	0.1

Business Description

Leasing and subleasing of jet aircraft

Industry

Industry	Commercial and Industrial Rental
ANZSIC 2006:	6639 - Other Goods and Equipment Rental and Hiring Not Elsewhere Classified
ISIC Rev 4:	7730 - Renting and leasing of other machinery, equipment and tangible goods
NACE Rev 2:	7735 - Renting and leasing of air transport equipment
NAICS 2012:	532411 - Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing
UK SIC 2007:	7735 - Renting and leasing of air transport equipment
US SIC 1987:	7359 - Equipment Rental and Leasing, Not Elsewhere Classified

Key Executives

Name	Title
Declan Cotter	Secretary, Director
Gregory Azzara	Director
James Conroy	Director
Gavin Mercer	Director
Maurice Prendergast	Director

Registered No.(IRE): E0449371

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
West Pier
Dun Laoghaire, County Dublin County
Ireland

Sales USD(mil):	4.2
Assets USD(mil):	0.1
Employees:	6
Fiscal Year End:	31-Dec-2012

Industry:

Rental and Leasing

Incorporation Date:	20-Nov-2007
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(IRE):	E0449371

Secretary, Director:

Declan Cotter

Industry Codes

ANZSIC 2006 Codes:
6639	-	Other Goods and Equipment Rental and Hiring Not Elsewhere Classified

ISIC Rev 4 Codes:
7730	-	Renting and leasing of other machinery, equipment and tangible goods

NACE Rev 2 Codes:
7735	-	Renting and leasing of air transport equipment

NAICS 2012 Codes:
532411	-	Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing

US SIC 1987:
7359	-	Equipment Rental and Leasing, Not Elsewhere Classified

UK SIC 2007:
7735	-	Renting and leasing of air transport equipment

Business Description

Leasing and subleasing of jet aircraft.

Key Corporate Relationships

Auditor:	Ernst & Young
Auditor:	Ernst & Young

Executives Report

Board of Directors

Name	Title	Function
Gregory Azzara	Director	Director/Board Member
James Conroy	Director	Director/Board Member
Declan Cotter	Secretary, Director	Director/Board Member
Gavin Mercer	Director	Director/Board Member
Maurice Prendergast	Director	Director/Board Member
Robert Steven Tomczak	Director	Director/Board Member

Executives

Name	Title	Function
Declan Cotter	Secretary, Director	Company Secretary

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011
Period Length	52 Weeks	52 Weeks
Filed Currency	USD	USD
Exchange Rate (Period Average)	1	1
Consolidated	No	No
Turnover	4.2	2.7
Operating Profit	0.0	0.5
Non Trading Income	-	-0.4
Interest Expenses	-	0.3
Pretax Profit	0.0	-0.1
Taxation	0.0	0.0
Profit after Tax	0.0	-0.1
Dividends Payable	0.1	-
Retained Profits	0.0	-0.1
Auditors Fees	0.0	0.0
Non-audit fees	-	0.0
Number of Employees	6	5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011
Filed Currency	USD	USD
Exchange Rate	1	1
Consolidated	No	No
Cash	0.0	0.0
Miscellaneous Current Assets	0.0	0.0
Other Current Assets	0.1	0.1
Total Current Assets	0.1	0.1
Total Assets	0.1	0.1
Net assets	0.0	0.0
Total Current Liabilities	0.0	0.1
Total Debt	-	0.0
Total Liabilities	0.0	0.1
Share Capital And Other Reserves	-	0.1
Profit & Loss Account Reserve	0.0	-0.1
Shareholders Funds	0.0	0.0
Capital Employed	0.0	0.0
Net Worth	0.0	0.0
Working Capital	0.0	0.0
Liquid Assets	0.1	0.1
Miscellaneous Current Liabilities	0.0	0.1
Other Short Term Finance	-	0.0
Other Current Liabilities	0.0	0.1
Short Term Loans	-	0.0
Sundry Reserves (incl. Grants)	-	0.1

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011
Period Length	52 Weeks	52 Weeks
Filed Currency	USD	USD
Exchange Rate (Period Average)	1	1
Consolidated	No	No
Net Cashflow From Operating Activities	0.0	-0.3
Net Cashflow From ROI & Servicing Of Finance	-0.1	-0.3
Net Cashflow Before Financing	0.0	-0.1
Net Cashflow From Financing	-	0.1
Increase In Cash	0.0	0.0
Net Cash	0.0	0.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.16

INFORMATION DETAILS

Report Prepared by :

NIS

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	--

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%)

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.