MIRA INFORM REPORT

Report No. :	315734.2
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	MAHINDRA AEROSPACE PRIVATE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.2008
Com. Reg. No.:	11-179520
Capital Investment / Paid-up Capital :	Rs. 1462.690 Million
CIN No.: [Company Identification No.]	U63033MH2008PTC179520
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM4657F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in design and development of 5 seat aircraft in technical collaboration with National Aerospace laboratories (NAL) and also the subject is exporting design services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 7660000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a Mahindra and Mahindra Group company, specializes in development of aircraft and aero structures components. It is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i.e. financial file) is shown as 31.03.2014 but the document related to the financial for the 2014 are not available from any source. As per available financial record of 2013, the company has incurred losses from its operational activities. However, the rating takes into consideration strong financial and managerial support that company receives from its parent company backed by experienced and resourceful promoters and adequate liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of subject being a part of Mahindra Group Company, the subject can be considered for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: Standby Letter of Credit = “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.11.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-24905632)

LOCATIONS

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra, India
Tel. No. :	91-22-24905632/ 24905633
Fax No. :	91-22-24900833
E-Mail :	vs.ramesh@mahindra.com
Website :	http://www.mahindraaerospace.com
Corporate Office/ Aerostructures Facility :	251(P), 252 to 264, 265(P) Narsapura Industrial Area, Narsapura Hobli, Kolar - 563133, Karnataka, India
E-Mail:	contact@mahindraaerospace.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Parthasarathy Vankipuram Srinivasa

Designation :

Director

Address :

501-502, Mayfair Bliss, Lena Cottage Co. Op. Hsg. Soc. Limited, 7^th Road, Khar (West), Mumbai - 400052, Maharashtra, India

Date of Birth/Age :

01.11.1962

Date of Appointment :

26.09.2008

DIN No. :

00125299

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	U01110MH2000PLC128757	MEGA ONE STOP FARM SERVICES LIMITED	Director	18-09-2000	18-09-2000	30-06-2011	Active	NO
2	U72900MH2000PLC129103	MRIYALGUDA FARM SOLUTION LIMITED	Director	11-10-2000	11-10-2000	30-06-2011	Active	NO
3	L29211PB1970PLC002942	PUNJAB TRACTORS LIMITED	Director	07-07-2008	23-10-2007	-	Amalgamated	NO
4	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	07-07-2008	22-01-2008	29-04-2014	Active	NO
5	L50210PB1985PLC006473	SWARAJ ENGINES LTD	Director	07-07-2008	22-01-2008	29-04-2014	Active	NO
6	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Additional director	29-01-2008	29-01-2008	-	Amalgamated	NO
7	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	23-07-2008	29-01-2008	-	Amalgamated	NO
8	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	05-09-2008	24-03-2008	16-10-2009	Amalgamated	NO
9	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26-09-2008	26-03-2008	-	Active	NO
10	U80302MH2010PTC198303	MAHINDRA NAMASTE PRIVATE LIMITED	Director	27-06-2011	02-01-2010	18-02-2013	Active	NO
11	U29268MH2009PLC190702	DEFENCE LAND SYSTEMS INDIA LIMITED	Director	25-07-2011	27-04-2010	-	Active	NO
12	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	17-09-2010	26-05-2010	-	Active	NO
13	U74999MH2011PTC212468	MAHINDRA INTEGRATED BUSINESS SOLUTIONS PRIVATE LIMITED	Director	18-01-2011	18-01-2011	24-07-2013	Active	NO
14	U75220MH2012PLC233889	MAHINDRA DEFENCE SYSTEMS LIMITED	Director	30-07-2012	30-07-2012	-	Active	NO
15	U75302MH2013PLC242268	MAHINDRA TELEPHONICS INTEGRATED SYSTEMS LIMITED	Director	22-04-2013	22-04-2013	-	Active	NO
16	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	14-10-2014	Active	NO
17	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Additional director	24-07-2014	24-07-2014	-	Active	NO
18	L55101TN1996PLC036595	MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED	Director	26-12-2014	27-08-2014	-	Active	NO
19	U74120MH2014NPL258367	NEW DEMOCRATIC ELECTORAL TRUST	Director	26-09-2014	26-09-2014	-	Active	NO
20	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Additional director	20-10-2014	20-10-2014	-	Active	NO

Name :

Mr. Hemant Hans Raj Luthra

Designation :

Director

Address :

Breach Candy Gardens, Flat No.6, 2^nd Floor, 68, Bhulabhai Desai Road, Opposite Amarsons, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

18.04.1949

Date of Appointment :

26.09.2008

Voter ID No. :

DL/02/010/252564

DIN No. :

00231420

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	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	27-03-2002	27-03-2002	16-06-2008	Active	NO
2	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	06-05-2002	06-05-2002	30-01-2009	Active	NO
3	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Director	07-05-2002	07-05-2002	17-01-2007	Amalgamated	NO
4	L24117PN1982PLC028040	MAHINDRA COMPOSITES LIMITED	Director	03-06-2002	03-06-2002	-	Amalgamated	NO
5	U74999MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	10-06-2002	10-06-2002	17-01-2007	Active	NO
6	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	18-06-2002	18-06-2002	-	Active	NO
7	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	30-07-2002	30-07-2002	-	Amalgamated	NO
8	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	10-08-2004	10-08-2004	-	Amalgamated	NO
9	L27100MH1999PLC121285	Mahindra CIE Automotive Limited	Director	24-03-2005	24-03-2005	-	Active	NO
10	U63040MH1994PLC079098	Mahindra Trucks and Buses Limited	Director	14-07-2006	11-01-2006	30-04-2014	Active	NO
11	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16-02-2006	16-02-2006	-	Amalgamated	NO
12	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Nominee director	06-01-2007	06-01-2007	-	Amalgamated	NO
13	U29130MH2004PTC168150	Mahindra Gears & Transmissions Private Limited	Director	16-07-2007	18-01-2007	-	Active	NO
14	U27100MH2007PLC173636	Mahindra Hinoday Industries Limited	Director	25-07-2008	30-08-2007	-	Amalgamated	NO
15	U35914MH2007PTC169753	Mahindra Heavy Engines Private Limited	Director	31-07-2008	04-02-2008	26-04-2014	Active	NO
16	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26-09-2008	28-02-2008	-	Active	NO
17	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	11-08-2011	10-05-2011	-	Active	NO
18	U27310MH2011PTC223696	MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED	Director	22-07-2013	10-07-2012	-	Active	NO
19	U93000MH2013PTC242473	Mahindra Investments (India) Private Limited	Director	25-04-2013	25-04-2013	-	Amalgamated	NO
20	U01403MH2013PTC242474	Mahindra HZPC Private Limited	Director	25-04-2013	25-04-2013	28-02-2014	Active	NO

Name :

Mr. Venkata Ramakrishna Kunisetty

Designation :

Nominee Director

Address :

Flat 301, Orchid Hiranandani Meadows, Gladys Alwares Marg, Off. Pokhran Road No.2, Thane - 400610, Maharashtra, India

Date of Birth/Age :

29.10.1969

Date of Appointment :

30.07.2010

DIN No. :

00133248

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	U17297TN2003PLC051728	SABARE INTERNATIONAL LIMITED	Nominee director	08-06-2005	08-06-2005	30-08-2010	Active	NO
2	L72200AP1999PLC033131	PALRED TECHNOLOGIES LIMITED	Nominee director	11-10-2005	11-10-2005	30-09-2013	Active	NO
3	U74210TN2002PTC049197	MACROCOMM CONVERGENCE (INDIA) PRIVATE LIMITED	Additional director	02-05-2006	02-05-2006	-	Dissolved	NO
4	U31200TZ1992PTC004114	DIGITRAC POWER CONTROLS PRIVATE LIMITED	Additional director	08-06-2006	08-06-2006	-	Amalgamated	NO
5	U31200TZ1984PTC001476	DYNA SPEDE INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	28-08-2007	08-06-2006	-	Active	NO
6	U64203AP1989PLC009561	ICOMM TELE LIMITED	Director	26-02-2010	23-02-2008	-	Active	NO
7	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Nominee director	30-07-2010	21-04-2010	-	Active	NO
8	U24200MH1989PLC051018	ADVANCED ENZYME TECHNOLOGIES LIMITED	Director	01-08-2013	11-08-2012	-	Active	NO
9	U72200AP1997PLC033030	PROLIFICS CORPORATION LIMITED	Nominee director	09-12-2013	18-09-2013	-	Active	NO

Name :

Mr. Sanjay Vasant Joglekar

Designation :

Director

Address :

25, Shefalee B, Mahim Makarand Society, Veer Savarkar Marg, Mahim (West), Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

09.10.1955

Date of Appointment :

28.02.2008

DIN No. :

00209394

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	U74900MH1984PTC032647	NAINESH TRADING AND CONSULTANCY PRIVATE LIMITED	Director	29-08-2005	29-08-2005	13-08-2008	Converted to LLP and dissolved	NO
2	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Nominee director	06-01-2007	06-01-2007	-	Amalgamated	NO
3	U67120MH2007PLC168985	Mahindra Stokes Holding Company Limited	Director	24-09-2007	21-03-2007	-	Amalgamated	NO
4	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	26-09-2008	28-02-2008	-	Active	NO
5	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	26-07-2010	23-07-2009	-	Active	NO
6	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	11-08-2011	27-01-2011	-	Active	NO
7	U27310MH2011PTC223696	MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED	Director	29-05-2012	11-11-2011	-	Active	NO
8	U74999MH2011PTC212468	MAHINDRA INTEGRATED BUSINESS SOLUTIONS PRIVATE LIMITED	Director	10-07-2012	22-02-2012	-	Active	NO
9	U93000MH2013PTC242473	MAHINDRA INVESTMENTS (INDIA) PRIVATE LIMITED	Director	25-04-2013	25-04-2013	-	Amalgamated	NO
10	U01403MH2013PTC242474	MAHINDRA HZPC PRIVATE LIMITED	Director	25-04-2013	25-04-2013	28-02-2014	Active	NO

Name :

Mr. Arvind Kumar Mehra

Designation :

Executive Director

Address :

C 515, Sarita Vihar, New Delhi - 110044, India

Date of Birth/Age :

23.12.1963

Date of Appointment :

09.05.2014

DIN No. :

01039769

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	U65999DL2006PTC151588	SOHUM MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	03-08-2006	03-08-2006	-	Active	NO
2	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Whole-time director	09-05-2014	28-02-2008	-	Active	NO
3	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	11-08-2011	27-01-2011	-	Active	NO

Name :

Mr. Ramkrishna Subbaraman

Designation :

Director

Address :

A 103 Belvedere Towers, DLF City Phase II, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

01.12.1955

Date of Appointment :

30.09.2014

DIN No. :

02091639

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	U80302MH2000GAP129082	LICENSING EXECUTIVES SOCIETY INDIA	Director	03-07-2003	03-07-2003	17-11-2014	Active	NO
2	U91120DL2004NPL124788	INTERNATIONAL SPIRITS AND WINES ASSOCIATION OF INDIA	Director	30-09-2006	30-09-2006	01-06-2009	Active	NO
3	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Director	18-08-2008	11-03-2008	31-03-2011	Active	NO
4	U51101DL2008PTC185863	NOKIA INDIA SALES PRIVATE LIMITED	Director	08-09-2011	20-06-2011	22-12-2011	Active	NO
5	U74899DL1995PTC068904	NOKIA INDIA PRIVATE LIMITED	Director	29-09-2012	12-12-2011	13-09-2013	Active	NO
6	U75220MH2012PLC233889	MAHINDRA DEFENCE SYSTEMS LIMITED	Director	17-09-2014	26-03-2014	-	Active	NO
7	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Director	30-09-2014	22-05-2014	-	Active	NO

Name :

Mr. Laxman Ramnarayan

Designation :

Nominee Director

Address :

806, Sunflower, Neelkanth Gardens, Govandi (East), Mumbai - 400088, Maharashtra, India

Date of Birth/Age :

11.11.1967

Date of Appointment :

30.07.2010

DIN No. :

03033960

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	Company/ LLP Status	Defaulting status
1	U63033MH2008PTC179520	MAHINDRA AEROSPACE PRIVATE LIMITED	Nominee director	30-07-2010	21-04-2010	Active	NO
2	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	06-08-2011	28-03-2011	Active	NO
3	U35122MH2011PTC212744	MAHINDRA AEROSTRUCTURES PRIVATE LIMITED	Director	09-08-2012	06-02-2012	Active	NO
4	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Nominee director	14-07-2014	27-09-2013	Active	NO
5	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Nominee director	25-09-2014	22-01-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Yashesh Pankaj Bhatt
Designation :	Secretary
Address :	601,Gurukrupa Apartment, Ashok Nagar, Cross Road No. 3, Kandivli (East), Mumbai - 400101, Maharashtra, India
Date of Birth/Age :	29.07.1982
Date of Appointment :	31.03.2014
PAN No.:	AFLPB5264R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	153534823
Hemant Luthra (Nominee of Mahindra and Mahindra Limited, India)	1
Kotak Mahindra Trusteeship Services Limited (A/c Kotak India Growth Fund II)	55478722
Kotak India Private Equity Fund, Republic of Mauritius	20267270
Kotak Investment Advisors Limited, India	1013309
Total	230294125

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Venture capital	24.09
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.80
Bodies corporate	67.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in design and development of 5 seat aircraft in technical collaboration with National Aerospace laboratories (NAL) and also the subject is exporting design services.

Products :

Item Code No. (ITC Code)	Product Description
85238060	2d/3d computer graphics

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Axis Bank Limited, Corporate Banking Branch, Queens Road, Bangalore - 560001, Karnataka, India

Banking Relations :	--
Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0265E
Memberships :	--
Collaborators :	--
Holding Company :	Mahindra and Mahindra Limited, India
Associate Company :	· Mahindra Engineering Services Limited · Mahindra Integrated Business Solutions Private Limited
Subsidiaries :	· Mahindra Aerostructures Private Limited CIN No.: U35122MH2011PTC212744 · Mahindra Aerospace Australia Pty Limited · Aerostaff Australia Pty Limited · Gipp Aero Investments Pty Limited · Gipps Aero Pty Limited · Airvan Flight Services Pty Limited · GA 8 Airvan Pty Limited · GA 200 Pty Limited · Nomad TC Pty Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000,000	Equity Shares	Rs.10/- each	Rs. 2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230,294,125	Equity Shares	Rs.10/- each	Rs. 2302.941 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
175,000,000	Equity Shares	Rs.10/- each	Rs. 1750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
146,268,965	Equity Shares	Rs.10/- each	Rs. 1462.690 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1462.690	968.851	510.054
(b) Reserves & Surplus	1219.387	771.802	337.640
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	105.000
Total Shareholders’ Funds (1) + (2)	2682.077	1740.653	952.694
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.681	2.681	0.000
(d) long-term provisions	1.064	0.547	0.708
Total Non-current Liabilities (3)	3.745	3.228	0.708
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.881	21.909	30.512
(c) Other current liabilities	5.952	5.888	8.799
(d) Short-term provisions	0.174	0.072	0.000
Total Current Liabilities (4)	12.007	27.869	39.311
TOTAL	2697.829	1771.750	992.713
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.904	1.690	2.729
(ii) Intangible Assets	0.591	0.819	2.067
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	239.799	237.834	149.031
(b) Non-current Investments	2309.894	1263.283	606.598
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.573	16.428	13.089
(e) Other Non-current assets	14.119	0.000	0.000
Total Non-Current Assets	2579.880	1520.054	773.514
(2) Current assets
(a) Current investments	35.754	109.283	70.844
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	12.929	19.202	1.904
(d) Cash and cash equivalents	28.562	43.380	4.888
(e) Short-term loans and advances	39.666	77.608	141.563
(f) Other current assets	1.038	2.223	0.000
Total Current Assets	117.949	251.696	219.199
TOTAL	2697.829	1771.750	992.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	48.278	47.893	11.896
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(11.960)	1.184	(33.718)
Less	FINANCIAL EXPENSES (D)		5.857	1.856	0.864
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(17.817)	(0.672)	(34.582)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.255	2.224	1.002
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(19.072)	(2.896)	(35.584)
Less	TAX (H)		0.000	0.634	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(19.072)	(3.530)	(35.584)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(51.835)	(48.305)	(12.721)
	BALANCE CARRIED TO THE B/S		(70.907)	(51.835)	(48.305)
	EARNINGS IN FOREIGN CURRENCY		29.673	33.855	9.025
	Earnings / (Loss) Per Share (Rs.)		(0.13)	(0.04)	(0.70)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(39.50)	(7.37)	(299.13)
Operating Profit Margin (PBDIT/Sales)	(%)	(24.77)	2.47	(283.44)
Return on Total Assets (PBT/Total Assets}	(%)	(12.87)	(1.07)	(15.01)
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00	(0.04)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		9.82	9.03	5.58

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	510.054	968.851	1462.690
Reserves & Surplus	337.640	771.802	1219.387
Share Application money pending allotment	105.000	0.000	0.000
Net worth	952.694	1740.653	2682.077
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11.896	47.893	48.278
		302.598	0.804

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11.896	47.893	48.278
Profit/ (Loss)	(35.584)	(3.530)	(19.072)
	(299.13%)	(7.37%)	(39.50%)

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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10295785	13/08/2013 *	1,051,875,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, QUEENS ROAD, BANGALORE,  KARNATAKA - 560001, INDIA	B82275728

* Date of charge modification

GENERAL INFORMATION ABOUT COMPANY

The Company was incorporated on 28^th February, 2008 with an objective of exploring various opportunities available in the Aerospace Sector. Presently the Company is engaged in design and development of 5 seat aircraft in technical collaboration with National Aerospace laboratories (NAL). Also the company is exporting design services.

OPERATIONS

AIRCRAFT DIVISION

Subsequent to the successful test flight of the first prototype CNM5 aircraft in Australia during September, 2011, the Company and its CNM5 development partner, National Aerospace Laboratories, have discussed the potential benefits and approach to obtain Type Certification of the CNM5 in Australia and have collaboratively prepared a detailed project plan for the same. Since this is a different approach to certification than was originally planned, National Aerospace Laboratories has to obtain formal acceptance from its parent body, Council of Scientific and Industrial Research, of the modified plan and the reasons for the changes to the original plan. Subject to that

acceptance and a review of the detailed program plan by Civil Aviation Safety Authority, the Australian airworthiness regulator, the formal certification program is scheduled to commence in the last quarter of the current financial year.

The process for certification of the aircraft is expected to take about 24 months from the formal start of the certification process and is expected to be completed during the Financial Year 2015-16.

During the year, the Companys step down subsidiary M/s. Gipps Aero Pty Ltd (GA) continued to expand its dealer network, which at present’ stands at 14 dealers. During the Financial Year 2014, the Company is planning, to secure long-term sales growth, to partner with retail financing Companies across each continent, maximum of 4 finance Companies within Financial Year 2014, to ensure that the dealers and direct sales team have access to aircraft finance solutions.

The Company has successfully underwent a brand transition during January, 2013 to Mahindra Aerospace which has been well received by the market and now forms the front end brand for the aircraft business.

During May, 2012, the next product in the portfolio, the GA10 (10 seat turboprop aircraft) was successfully test flown and the prototype has since completed for about 50 hours of flight testing.

The GA10 Type Certification activity is in process and is expected to be completed during the first quarter of Financial Year 2015. The Company is anticipating demand for this aircraft across several markets, including Africa, US, Australia and emerging markets. Development of the GA18 (18 seat twin turboprop aircraft) continued at a reduced pace.

AEROSTRUCTURES DIVISION:

The manufacturing facility being set up by the Company’s subsidiary, Mahindra Aerostructures Private Limited (MASPL), for aerospace components and assemblies is at advanced stage of completion and is expected to start operations during the 1sthalf of the current financial year. The Company signed technology transfer and training agreement, Shareholders Agreement and Share Subscription Agreement with Aernnova Aerospace S.A.U, Spain and Aerometallic Components S.A.U, Spain, a reputed component manufacturing Company. The relationship will enable both partners to make the most of expanding aerospace opportunities in India.

CONTINGENT LIABILITIES (AS ON 31.03.2014)

a. Corporate Guarantees issued in respect of borrowings availed by subsidiary companies and others Rs. 1150.000 Million (2012:1020.000 Million)

b. Guarantee given to Banks in consideration of the Standby Letter of Credit (SBLC) opened by them in favor of certain overseas banks as security for loan granted by such overseas banks to the Australian subsidiaries of the Company Rs. 756.225 Million (2012: 275300 Lakhs)

c. Service tax matter Rs.9.896 Millions

FIXED ASSETS

Tangible Assets

· Plant and Equipment

· Furniture and Fittings

· Vehicles

· Office Equipment’s

· Computers

Intangible Assets

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.