MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	GO AIRLINES (INDIA) LIMITED (w.e.f. March 1, 2011)
Formerly Known As :	GO AIRLINES (INDIA) PRIVATE LIMITED
Registered Office :	C/O Britania Industries Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110 035
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.04.2004
Com. Reg. No.:	55-217305
Capital Investment / Paid-up Capital :	Rs.700.000 Millions
CIN No.: [Company Identification No.]	U63013DL2004PLC217305
PAN No.: [Permanent Account No.]	AAACG2599K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is managed as a single operating unit that provides air transportation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There are accumulated losses which has eroded the Net Worth of the company. However, Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BBB- (SO) = Suspended
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	March 26, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities A3 (SO) = Suspended
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	March 26, 2014

NOTE: Reason for Suspension: The ratings have been suspended as the company has not furnished the information required by CARE for monitoring of the rating.

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

MANAGEMENT NON CO-OPERATIVE (91-22-67410000)

LOCATIONS

Registered Office :	C/O Britania Industries Limited, A-33, Lawrence Road Industrial Area, New Delhi – 110 035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.pillai@goair.in
Website :	http://www.goair.in
Head / Corporate Office :	1^st Floor, C-1, Wadia International Centre (WIC), Pandurang Budhkar Marg, Worli, Mumbai - 400 025, Maharashtra, India
Tel. No.:	91-22-67410000 (Board Line)
Fax No.:	91-22-67410001
Airport Offices :	Located at: · Ahmedabad · Bagdogra · Bengaluru · Chandigarh · Chennai · Delhi · Goa · Guwahati · Jaipur · Jammu · Kochi · Kolkata · Leh, Jammu and Kashmir · Lucknow · Mumbai · Nagpur · Patna · Port Blair · Pune · Ranchi · Srinagar

DIRECTORS

As on 27.09.2013

Name :	Mr. Jehangir Nusli Wadia
Designation :	Managing Director
Address :	Springs – I, Flat 3704, GD Ambedkar Marg, Naigaon, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	06.07.1973
Date of Appointment :	29.04.2004
PAN No.:	AAAPW0989N
DIN No.:	00088831
Name :	Mr. Ness Nusli Wadia
Designation :	Director
Address :	Beach House, P. Balu Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	30.05.1971
Date of Appointment :	29.04.2004
PAN No.:	AAAPW0814G
DIN No.:	00036049
Name :	Mr. Nusli Nevile Wadia
Designation :	Director
Address :	Beach House, P. Balu Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India
Date of Birth/Age :	15.02.1944
Date of Appointment :	01.06.2004
PAN No.:	AAAPW0990M
DIN No.:	00015731
Name :	Ms. Vinita K. Bali
Designation :	Director
Address :	Flat No.1104, Tulip Prestige Exotica, Cunningham Crescent Road, Bangalore – 560 001, Karnataka, India
Date of Birth/Age :	11.11.1955
Date of Appointment :	24.08.2006
PAN No.:	AFDPB1852R
DIN No.:	00032940
Name :	Mr. Vijay Laxman Kelkar
Designation :	Director
Address :	A701, Blossom Boulevard, Plot No.421/2 South Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India
Date of Birth/Age :	15.05.1942
Date of Appointment :	21.06.2011
PAN No.:	ACSPK8324P
DIN No.:	00011991
Name :	Mr. Apurva Shishir Diwanji
Designation :	Director
Address :	Wyoming Building, 5th Floor, Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	17.01.1969
Date of Appointment :	21.06.2011
PAN No.:	AECPD8099L
DIN No.:	00032072
Name :	Mr. Nasser Mukhtar Munjee
Designation :	Director
Address :	Enedict Villa House, No. 471, Saud Vaddo, Chorao Island, Tiswadi - 403102, Goa, India
Date of Birth/Age :	18.11.1952
Date of Appointment :	15.02.2013
PAN No.:	AAFPM7588N
DIN No.:	00010180

KEY EXECUTIVES

Name :	Mr. Manoj Rajan Pillai
Designation :	Company Secretary
Address :	B-404, Panchsheel CHS, Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	15.01.1984
Date of Appointment :	01.08.2012
PAN No.:	AYEPP6866H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Jehangir Nusli Wadia	727500
Ness Nusli Wadia	727500
Sea Wind Investment and Trading Company Limited, India	5000
Nidhivan Investments and Trading Company Private Limited, India	727400
Sahara Investments Private Limited, India	727500
Heera Holdings and Leasing Private Limited, India	727500
Go Investments and Trading Private Limited, India	95596708
R. Chandrasekharan Jointly Go Investments and Trading Private Limited, India	10
Jairaj Bham Jointly Go Investments and Trading Private Limited, India	10
Kaioz Nalladaru Jointly Go Investments and Trading Private Limited, India	10
Narayan Venkat Krishnan Jointly Go Investments and Trading Private Limited, India	10
Tejash Rane Joint Go Investments and Trading Private Limited, India	10
Shankar Kanhere Jointly Go Investments and Trading Private Limited, India	10
S. Raja Jointly With Company Investment and Trading Private Limited, India	10
Ashish Lodha Jointly with Go Investments and Trading Private Limited, India	10
Nowrosjee Wadia and Sons Limited, India	757600
Jagdish Shivprasad Desai	300
Abhay Desai Jointly with Amala Desai	1070
Natvarlal Hathising Jhaveri Jointly with Sanjay Natvarlal Jhaveri and Neeta Natvarlal Jhaveri	307
Anil Prataprai Mehta Jointly with Mitesh Anil Mehta	250
Nargish Minocher Homji Jointly with Zarine Minocher Homji and Ardeshir Minocher Homji	100
Alloo Keki Dadiseth	100
Kokila Mukund	307
Surveyor Rattan Mehroo Jointly With Surveyor Shavakshaw Rattan	100
Neena Ratilal Vadhelvala	407
Valji Harilal Thakkar	50
Jyoti Ratilal Vadhelvala	100
Farrokh Rustomji Bengali Jointly with Motamai Bengali	71
Neena Ratilal Vasdhelvala Jointly with Kumar Mahendrabhai Shah	50
Total	100000000

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	98.54
Directors or relatives of Directors	1.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is managed as a single operating unit that provides air transportation.

Products :

Products Description	Item Code No.
Domestic Airlines Passenger and Cargo Services	88024000

Exports :

Not Divulged

Imports :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· The Jammu and Kashmir Bank Limited, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

· Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

· Axis Bank Limited, Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

· IDBI Bank Limited, 224-A, Mittal Court, A-Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India

· ICICI Bank Limited, ICICI Bank Towers, Corporate office, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, M.G. Road, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from others	1083.300	3208.300
Loans taken for fixed assets	0.700	26.100
SHORT TERM BORROWINGS
Loans repayable on demand	2147.400	1445.200
Total	3231.400	4679.600

NOTES:

LONG TERM BORROWINGS

i. Nature of Security and terms of repayment for secured borrowings:

Borrowings from Bank consists of two term-loans of Rs.666.700 Millions and Rs.916.600 Millions. These term loans are secured by way of a first pari passu charge on all the current and moveable fixed assets, present and future, charge over the escrow receivables of the Company and collateral security by a mortgage on the property owned by erstwhile Botanium Limited. Term-loan of Rs.666.700 Millions carries interest rate of BR+3.5% p.a. and is repayable in 8 equal quarterly installments of Rs.83.300 Millions each starting from June 14, 2013 and other term-loan of Rs.916.600 Millions carries interest rate of BR+3.5% p.a. and is repayable in 22 equal quarterly installments of Rs.41.800 Millions each starting from April 05, 2013.

ii. Vehicle Loans from Finance Companies:

Vehicle Loans are secured by hypothecation of vehicles purchased under the scheme. These loans are payable in equated monthly installments ranging between Rs.0.012 Million to Rs.0.171 Million payable by next year at the interest rates ranging from 10.70% to 12.05%.

SHORT TERM BORROWINGS

i. Nature of Security for secured borrowings:

(a) Working Capital loan of Rs.2147.400 Millions carries interest rate of BR+3% p.a. and is secured as stated in Note 4(i).

(b) Working capital loan of Rs.56.00 carries from Axis Bank carries interest rate of BR+4% p.a. and is secured by first pari passu charge on current assets of the Company.

(c) Working Capital loan of Rs.0.002 Million carries interest rate of BR+3.5% p.a. This loan is collaterally secured by pledging shares of three listed group ompanies held by companies in the same group.

Banking Relations :		--
Auditors :
Name :		Kalyaniwalla and Mistry Chartered Accountants
Address :		Maneekji Wadia Building, 127, Mahatma Gandhi Road, Mumbai – 400023, Maharashtra, India
PAN No. :		AAAFK7554R
Holding Company :	· Go Investments and Trading Private Limited CIN No.: U65990MH1988PTC048388
Entities over which key management personnel and their relatives exercise significant influence :	· Go Holdings Private Limited · Go Engineering Private Limited · Go Training Private Limited · Go Cargo Private Limited · Go Airways Private Limited · Virtual Education Network Private Limited · Integrated Clinical Research Sciences Private Limited · Boyztoyz Trading Company Private Limited · Paradiso Entertainment Private Limited · Trieste Trading Private Limited · The Bombay Dyeing and Manufacturing Company Limited CIN No.: L17120MH1879PLC000037 · Bombay Burmah Trading Corporation Limited CIN No.: L99999MH1863PLC000002

CAPITAL STRUCTURE

After 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
50000000	Preference Shares	Rs.10/- each	Rs.500.000 Millions
	Total		Rs.1700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
50000000	Preference Shares	Rs.10/- each	Rs.500.000 Millions
	Total		Rs.1700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 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	700.000	700.000	700.000
(b) Reserves & Surplus	(4,984.100)	(6,568.900)	(5,231.650)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	7.600	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(4,276.500)	(5,868.900)	(4,531.650)
(3) Non-Current Liabilities
(a) long-term borrowings	3,640.400	5,071.900	3,635.642
(b) Deferred tax liabilities (Net)	7.500	0.500	0.000
(c) Other long term liabilities	0.000	0.000	226.450
(d) long-term provisions	37.900	28.800	20.765
Total Non-current Liabilities (3)	3,685.800	5,101.200	3,882.857
(4) Current Liabilities
(a) Short term borrowings	2,157.300	1,445.200	2,888.046
(b) Trade payables	5,961.600	3,912.600	2,314.103
(c) Other current liabilities	6,114.000	3,366.500	2,401.348
(d) Short-term provisions	12.400	8.200	5.673
Total Current Liabilities (4)	14,245.300	8,732.500	7,609.170
TOTAL	13,654.600	7,964.800	6,960.377
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	684.000	646.400	568.790
(ii) Intangible Assets	19.000	23.600	27.614
(iii) Capital work-in-progress	5,718.400	3,179.600	1,301.835
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.051
(c) Deferred tax assets (net)	2,676.100	3,082.500	2,585.294
(d) Long-term Loan and Advances	2,444.300	576.000	458.035
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11,541.900	7,508.200	4,941.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	658.900	78.300	53.367
(c) Trade receivables	85.700	7.900	31.915
(d) Cash and cash equivalents	100.700	52.300	1,316.104
(e) Short-term loans and advances	1,267.000	318.000	617.332
(f) Other current assets	0.400	0.100	0.040
Total Current Assets	2,112.700	456.600	2,018.758
TOTAL	13,654.600	7,964.800	6,960.377

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		20,957.000	14,611.000	12606.736
		Other Income		372.400	91.800	118.233
		TOTAL (A)		21,329.400	14,702.800	12,724.969
Less	EXPENSES
		Employee Benefits Expenses		1,608.000	1,314.800	1063.113
		Other Expenses		18,698.200	14,142.300	10383.071
		Exceptional items		0.000	0.000	(33.549)
		Prior period items		(1,602.500)	18.500	(135.278)
		TOTAL (B)		18,703.700	15,475.600	11,277.357
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			2,625.700	(772.800)	1,447.612
Less	FINANCIAL EXPENSES (D)			1,083.300	993.600	802.253
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1,542.400	(1,766.400)	645.359
Less	DEPRECIATION/ AMORTISATION (F)			72.500	67.800	48.916
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1,469.900	(1,834.200)	596.443
Less	TAX (H)			426.500	(497.000)	(4.019)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1,043.400	(1,337.200)	600.462
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	184.700	124.100	301.385
	TOTAL EARNINGS			184.700	124.100	301.385
	IMPORTS
			Raw Materials	3.600	4.200	1.395
			Stores & Spares	65.700	45.500	28.284
			Capital Goods	33.600	23.200	120.471
	TOTAL IMPORTS			102.900	72.900	150.150
	Earnings Per Share (Rs.)			14.75	(19.10)	8.58

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.89	(9.09)	4.72
Net Profit Margin (PBT/Sales)	(%)	7.01	(12.55)	4.73
Return on Total Assets (PBT/Total Assets}	(%)	27.94	(107.73)	19.41
Return on Investment (ROI) (PBT/Networth)		(0.34)	0.31	(0.13)
Debt Equity Ratio (Total Debt /Networth)		(1.36)	(1.11)	(1.44)
Current Ratio (Current Asset/Current Liability)		0.15	0.05	0.27

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	700.000	700.000	700.000
Reserves & Surplus	(5231.650)	(6568.900)	(4984.100)
Share Application money pending allotment	0.000	0.000	7.600
Net worth	(4531.650)	(5868.900)	(4276.500)
long-term borrowings	3635.642	5071.900	3640.400
Short term borrowings	2888.046	1445.200	2157.300
Total borrowings	6523.688	6517.100	5797.700
Debt/Equity ratio	(1.440)	(1.110)	(1.356)

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	12,606.736	14,611.000	20,957.000
		15.898	43.433

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	12,606.736	14,611.000	20,957.000
Profit	600.462	(1,337.200)	1,043.400
	4.76%	(9.15%)	4.98%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	2556.400	1837.500
SHORT TERM BORROWINGS
Intercorporate deposits	9.900	0.000
Total	2566.300	1837.500

NOTES:

TERMS OF REPAYMENT FOR UNSECURED BORROWINGS:

a. Term-loan from Banks of Rs.837.500 Millions consists of two Loans. First loan of Rs.125.000 Millions carrying interest rate of BR+3.25% p.a. and is repayable on 3rd April, 2013. This loan is collaterally secured by pledging shares of two listed group companies held by private companies in the same group. Other Loan of Rs.712.500 Millions carrying interest rate of BR+ 3% p.a. and is repayable in tranches: (a) Two equal quarterly installments of Rs.37.500 Millions each starting May 12, 2013, (b) three equal quarterly installments of Rs.25.000 Millions each starting from April 10, 2013, (c) three equal quarterly installments of Rs.25.000 Millions each starting from May 03, 2013 and (d) three equal quarterly installments of Rs.162.500 Millions each starting from May 06, 2013. This loan is collaterally secured by pledging shares of three listed group companies held by other companies in the same group.

b. Term-loan from a financial institution of Rs.1000.000 Millions carries interest rate of CPLR-4 % p.a. and is repayable in four equal monthly installments of Rs.250.000 Millions each starting from April 30, 2013. This loan is secured by a corporate guarantee of a company in the same group.

c. The Company has taken foreign currency term loans duly approved by the Reserve Bank of India (RBI) under the route of External Commercial Borrowings (ECB). These term loans carries interest rate of 6 Months LIBOR + 3.5% bps p.a. (LIBOR 0.51% as on March 31, 2013). These term loans comprise of the pre delivery payments which are aircraft specific and are repayable on delivery of the aircraft to which it pertains.

MERGER OF BOTANIUM LIMITED:

A Scheme of Amalgamation (the Scheme) of Botanium Limited (Botanium) with the Company with effect from April 1, 2011, wassanctioned by the Honble High Court of Judicature at Delhi (the Court) on March 15, 2013 and certified copy of the Order of the Court sanctioning the Scheme was filed with the Registrar of Companies, New Delhi on April 16, 2013. Botanium was mainly engaged in the business of exploring and exploiting the potential for the properties as a part of immovable property business including development of its present holding of immovable property. The amalgamation was accounted for under the pooling of interest method as prescribed by the Accounting Standard (AS) 14 on Accounting for Amalgamations, and the accounting treatment specified in the Scheme. Upon the Scheme coming into effect, in consideration of the transfer of and the vesting of the entire undertaking of Botanium in the Company 760,100 Equity Shares of Rs.10 each shall be issued and allotted by the Company to the equity shareholders of Botanium, in the ratio of 1 equity share of Rs. 10/- each for every 1 equity share of Rs.10/- each held in erstwhile Botanium.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10284372	14/04/2011	366,897.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12138814
2	10284380	14/04/2011	366,897.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12139739
3	10284381	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12140406
4	10284383	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12140844
5	10284385	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12141149
6	10284386	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12141370
7	10284387	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12141677
8	10284389	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142188
9	10284391	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142261
10	10284393	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142337
11	10284402	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142410
12	10284404	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142501
13	10284405	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142733
14	10284408	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142816
15	10284410	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142923
16	10284411	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143053
17	10284412	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143087
18	10284414	14/04/2011	360,577.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143178
19	10284415	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143210
20	10284417	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143251
11	10284402	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142410
12	10284404	14/04/2011	1,063,266.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12142501
21	10284418	14/04/2011	1,086,398.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143335
22	10284419	14/04/2011	366,897.00	Tata Capital Limited	One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India	B12143368
23	10237093	15/07/2010	500,000,000.00	IDBI Bank Limited	224-A, Mittal Court,, A-Wing, Nariman Point, Mumbai, Maharashtra - 400021, India	A93173508
24	10179803	05/02/2013 *	12,000,000,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, 1st Floor, Mmo Building , Mg Road, Fort, Mumbai, Maharashtra - 400023, India	B68521749
25	10172476	09/10/2013 *	13,220,000,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, 1st Floor, MMO Building, M.G. Road, Fort, Mumbai, Maharashtra - 400023, India	B87537981

*Date of modification Charges

FIXED ASSETS:

œ Land

œ Building

œ Plant and Machinery

œ Computer

œ Vehicles

œ Furniture and Fixture

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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ANK / VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.