MIRA INFORM REPORT

Report Date :

25.01.2014

IDENTIFICATION DETAILS

Name :	QATAR AIRWAYS
Principal place of business in India :	Ground Floor, Bajaj Bhavan, Opposite Inox Cinema, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Year of Establishment :	Not Divulged
Head Office funds (deficit) :	Rs.1091.815 Millions
Legal Form :	Branch of a Foreign Registered Company
Line of Business :	Subject is engaged in air transportation including passenger, cargo and related services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 4400000
Status :	Branch of a foreign registered company
Payment Behaviour :	Slow but correct
Litigation :	Exists
Comments :	Subject is a branch office of reputed and well established Airline Company based in Doha, Qatar, It is one of the fastest growing airlines in the world. It is having a moderate track record. There appear loss recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Shaki
Designation :	Accounts Officer
Contact No.:	91-22-40916002
Date :	23.01.2014

LOCATIONS

Registered Office :	Qatar Airways Tower, P O Box – 22550, Airport Road, Doha, Qatar
Tel. No.:	(+974) 4622221
Tel. No.:	(+974) 4621566
Website :	http://www.qatarairways.com
Ahmedabad City Office:	A-101, Baleshwar Square, Opposite Iscon Temple S G Highway, Ahmedabad – 380015, Gujarat, India
Principal place of business in India / Airways (Booking Office) / Mumbai City Office :	Ground Floor, Bajaj Bhavan, Opposite Inox Cinema, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-40916002

MANAGEMENT

Name :	Mr. Akbar Al Baker
Designation :	Chief Executive Officer
Name :	Mr. Sheikh Hamad Bin Jassim Bin Jabor Al Thani
Designation :	Chairman
Name :	Mr. Sheikh Hamad Bin Abdullah Bin Khalifa Al Thani
Designation :	Member
Name :	Sheikh Mohamed Bin Fahad Bin Mohamed Al Thani
Designation :	Member
Name :	Mr. Yousef Hussain Kamal (Representative of the Government of the State of Qatar)
Designation :	Member
Name :	Dr. Hussain Ali Al Abdulla (Representative of the Government of the State of Qatar)
Designation :	Member
Name :	Mr. Abdul Aziz Mohamed Al Noaimi (Representative of the Government of the State of Qatar)
Designation :	Member
Name :	Mr. John Rea
Designation :	Member

KEY EXECUTIVES

Name :	Mr. Shakim
Designation :	Office Employee

BUSINESS DETAILS

Line of Business :

Subject is engaged in air transportation including passenger, cargo and related services.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Fatehi and Company Chartered Accountants
Address :	60/62, Sarang Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23424620
Email:	Fatehi.ca@gmail.com

CAPITAL STRUCTURE

As on 31.03.2013

HEAD OFFICE FUNDS (DEFICIT) : Rs.1091.815 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
ASSETS
Non-current assets
Property, plant and equipment	179.531	169.805	136.472
Current assets
Accounts receivable and prepayments	1887.591	1851.067	710.528
Cash and bank balances	326.097	99.858	89.996
Total	2213.688	1950.925	800.524
TOTAL ASSETS	2393.219	2120.730	936.996
HEAD OFFICE FUNDS (DEFICIT) AND LIABILITIES
Head Office funds (deficit)
Head Office account	1091.815	1257.593	(3.616)
Total Head Office funds (deficit)	1091.815	1257.593	(3.616)
Non-current liabilities
Employees' end of service benefits	28.642	21.906	16.149
Current liabilities
Accounts payable and accruals	1272.762	841.231	877.015
Bank overdrafts	0.000	0.000	47.448
TOTAL LIABILITIES	1301.404	863.136	924.463
TOTAL HEAD OFFICE FUNDS (DEFICIT) AND LIABILITIES	2393.219	2120.730	936.996

STATEMENT OF COMPREHENSIVE INCOME

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Revenue	15852.864	14270.746	10341.882
Other operating income	3.161	0.000	2.020
Operating Expenses	(18986.767)	(16686.341)	(11496.355)
OPERATING LOSS	(3130.742)	(2415.595)	(1152.453)
Other income	21.008	15.423	7.407
General and administrative expenses	(1395.412)	(1257.034)	(961.063)
Gain (Loss) on disposal of property, plant and equipment	0.537	(1.118)	(0.586)
Gain on foreign currency exchange	1.446	1.774	(21.249)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	(4503.163)	(3656.550)	(2127.944)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	No
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	No
16]	Details of sister concerns	No
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	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	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				08/04/2013
Stamp No.:-	WPST/10931/2013	Filing Date:-	08/04/2013	Reg. No.:-	WP/5784/2013	Reg. Date:-	03/07/2013
Petitioner:-	BAJAJ BHAVAN OWNERS PREMISES CO-OPERATIVE SOCIETY LIMITED			Respondent:	CONSULATE GENERAL OF QATAR AND ANR – QATAR AIRWAYS
Petn.Adv.:-	S S PATWARDHAN			Resp.Adv.:-	MULLA AND MULLA AND CRAIGIE BLUNT AND CAROE R NO. 2 MULLA AND MULLA AND CRAIGIE BLUNT AND CAROE R NO. 1

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission

Next Date:-

03/02/2014

Stage:-

PETITIONS FOR ADMISSION - AFTER NOTICE [CIVIL SIDE MATTERS]

Coram:-

HON'BLE SHRI JUSTICE R.M. SAVANT

Last Date:-

17/01/2014

Stage:-

PETITIONS FOR ADMISSION - AFTER NOTICE [CIVIL SIDE MATTERS]

Last Coram:-

HON'BLE SHRI JUSTICE R.M. SAVANT

Act :-

Mah. Co-op. Soc. Act

CORPORATE INFORMATION AND PRINCIPAL ACTIVITIES

This schedule of financial information (the "Schedule") represents the activities of India operations of Qatar Airways Q.C.S.C., (the "Parent") which is a Qatari Closed Shareholding Company designated as the national airline of the State of Qatar. The Company is registered in India as a foreign Company (referred to as the "Company") under the Companies Act No I of 1956 and registered office is located at Ground Floor, Bajaj Bhawan, in Mumbai, Maharashtra, India

The schedule of financial information represents the activities of Qatar Airways in India and presents specific revenues, costs and expenses related to its operations in India.

The Company is engaged in air transportation including passenger, cargo and related services.

The schedule of financial information represents the activities of Qatar Airways Q.C.S.C in India and presents specific revenues costs and expenses related to its operation in India only.

The schedule of financial information of Qatar Airways – India operations as of and for the year ended 31 March 2013 were authorized for issue by the management representatives on 29 December 2013.

PRESS RELEASES

ALSO NAMED ‘BEST AIRLINE IN THE WORLD FOR INTERNATIONAL TRAVEL’ FOR FIFTH CONSECUTIVE YEAR

21 JANUARY 2014

Los Angeles, USA – Qatar Airways was named "Best Business Class" at the 25th Annual Best in Business Travel Awards, recently held in Los Angeles at the Loews Hollywood Hotel. The airline was additionally honored as the “Best Business Class in the Middle East” and named “Best Airline in the World for International Travel” for the 5th consecutive year.

The Best in Business Travel Awards are based on votes by readers of Business Traveler USA magazine with the results authenticated by an independent auditing company and are widely recognized as the market's benchmark for excellence. Readers based their voting on the strength of the airline’s customer service, its route network and services.

Lisa Markovic, Qatar Airways' Country Manager for the United States of America, said “There is no greater achievement than the appreciation of our passengers and we would like to thank the Business Traveller readers for choosing Qatar Airways, especially against such strong competition."

“These awards illustrate Qatar Airways’ ongoing commitment to providing 5-star service as one of the world’s leading airlines for both business and leisure travellers. We are particularly proud to be acknowledged for consistently providing the world’s best international travel experience for five years, running. We now look forward to improving our travel options, by expanding on our network of over 130 destinations, through the oneworld alliance.”

Qatar Airways was also recently named Best Business Class by Business Traveller readers in the United Kingdom and Best Middle East Airline by readers of Business Traveller Asia-Pacific. The Doha-based carrier was recognized in London, on November 5th and for the fourth consecutive year at the 22nd Annual Business Traveller Asia-Pacific Awards, held in Hong Kong.

Qatar Airways has seen rapid growth in just 17 years of operations, currently flying a modern fleet of 129 aircraft to 134 key business and leisure destinations across Europe, Middle East, Africa, Asia Pacific and The Americas.

Over the next few months, the network will grow further with Sharjah and Dubai World Central, both in the UAE (March 1, 2014), Larnaca, Cyprus (April 29), Philadelphia, USA (April 2, 2014), Sabiha Gökçen Airport, Turkey (May 22, 2014), Edinburgh, Scotland (May 28, 2014), Miami, USA (June 10, 2014) and Dallas/Fort Worth, USA (July 1, 2014).

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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.