MIRA INFORM REPORT

Report No. :	352213
Report Date :	07.12.2015

IDENTIFICATION DETAILS

Name :	INTERGLOBE AVIATION LIMITED (w.e.f.11.08.2006)
Formerly Known As :	INTERGLOBE AVIATION PRIVATE LIMITED
Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001
Tel. No.:	91-124-2358201-05
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.01.2004
Com. Reg. No.:	55-129768
Capital Investment / Paid-up Capital :	Rs. 343.720 Million
CIN No.: [Company Identification No.]	U62100DL2004PLC129768
IEC No.:	0505034841
TAN No.: [Tax Deduction & Collection Account No.]	DELI05040A
PAN No.: [Permanent Account No.]	AABCI2726B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Air Support Services. (Confirmed by management)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11700000
Status :	Good
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “InterGlobe Enterprises Limited.” It is engaged in providing airline services. The company offers both domestic and international air travel services under the brand name “Indigo”. The company is the largest airline in India in terms of passengers flown with market share of 36.5% as of September 2015. The airline officer’s more than 647 daily flights connecting to 39 destinations including 5 international destinations with its primary hub at Indira International Airport, Delhi. It presently operates a fleet of 98 aircraft belonging to the airbus A320 family. In 2014, IndiGo carried 21.4 Million passengers in the domestic sector alone. For the financial year ended 2013-14, the company operating performance was better – than – expected, with a revenue growth of around 21.02 per cent but there is a dip in operating margin of 7.43 per cent (as against 12.35 per cent for 2012-13). The ratings continue to reflect company’s healthy financial profile marked by a comfortable capital structure and steady accruals, and adequate business profile underpinned by its business expertise. Rating also takes into consideration cost leadership over airfare cost which led to attract more customers and increase revenue over long term. Furthermore, recent infusion of fund via initial public offering (IPO) strengthen the financial ability to meet large capex (capital expenditure). Rating strength is partially offset by exposure to customer concentration risks along with susceptibility to intense competition in the sector and business profile likely to affect due to changes in the government regulations in airlines industry. Payments are reported to be slow. In view of aforesaid, the company can be regarded as favourable partner for medium to long term business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Pankaj Madan
Designation :	Chief Financial Officer
Contact No.:	91-124-2358201
Date :	04.12.2015

LOCATIONS

Registered Office :	Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi – 110 001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	corporate@goindigo.in rajnish.rai@goindigo.in
Website :	www.interglobe.com
Area :	10000 sq. ft.
Location :	Owned
Branch Office 1 :	Block 2B, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201-05
Fax No.:	91-124-2357554
Branch Office 2 :	Interglobe Air Transport/ Galileo India, 101, 106, Jaipur Towers, First Floor, Opposite AIR, M.I. Road, Jaipur-302001, India
Tel. No.:	91-141-2360532
Fax No.:	91-141-5118886
Branch Office 3 :	Interglobe Technologies, Tower C, Global Business Park, Mehrauli Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-5060555/ 4352500
Fax No.:	91-124-4068536
Branch Office 4 :	InterGlobe Technology Quotient, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91.124-2357554
Location :	Owned
Branch Office 5 :	InterGlobe Hotels, Block 2B, DLF, Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193
Branch Office 6 :	InterGlobe Aviation, Block 2B, DLF Corporate Park, DLF City, Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2358201
Fax No.:	91-124-5068193
Branch Office 7 :	Ground Floor, Thapar House, 66, Janpath, New Delhi – 110 001, India

DIRECTORS

As on: 08.09.2014

Name :

Mr. Rahul Bhatia

Designation :

Managing Director

Address :

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

Date of Birth/Age :

10.06.1960

Date of Appointment :

26.03.2013

PAN No.:

AAAPB3340G

DIN No.:

00090860

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Whole-time director	01-04-2010	13-09-1989	-	Active	NO
2	U63040DL1997PTC085860	ACQUIRE SERVICES PRIVATE LIMITED	Director	01-01-2008	17-03-1997	-	Active	NO
3	U72300DL1998PTC097150	INTERGLOBE TECHNOLOGIES PRIVATE LIMITED	Director	19-11-1998	19-11-1998	-	Active	NO
4	U72200DL1999PTC098629	IGT SOLUTIONS PRIVATE LIMITED.	Director	03-03-1999	03-03-1999	-	Active	NO
5	U62100DL1999PTC100664	SCANDINAVIAN AIRLINES SYSTEM INDIA PRIVATE LIMITED	Director	14-07-1999	14-07-1999	13-02-2007	Under liquidation	NO
6	U51109DL2000PTC106077	WORLD CONNECT PRIVATE LIMITED	Director	02-06-2000	02-06-2000	30-06-2012	Active	NO
7	U74999DL2001PTC111438	INDUS AVIATION SERVICES PRIVATE LIMITED	Director	26-06-2001	26-06-2001	-	Dissolved	NO
8	U74899DL1994PTC063492	SHREE NATH SHARES PRIVATE LIMITED	Director	30-05-2003	30-05-2003	-	Active	NO
9	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	Managing director	26-03-2013	13-01-2004	-	Active	NO
10	U55101DL2004PTC127156	ARA HOSPITALITY PRIVATE LIMITED	Director	25-06-2004	25-06-2004	28-09-2012	Under liquidation	NO
11	U55101DL2004PTC128567	INTERGLOBE HOTELS PRIVATE LIMITED	Director	24-08-2004	24-08-2004	26-09-2012	Active	NO
12	U55101DL2004PTC130073	AAPC INDIA HOTEL MANAGEMENT PRIVATE LIMITED	Alternate director	26-09-2012	19-10-2004	29-11-2012	Active	NO
13	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Director	14-01-2005	14-01-2005	-	Active	NO
14	U51900DL2005PTC193379	INTERGLOBE LUXURY PRODUCTS PRIVATE LIMITED	Director	14-01-2005	14-01-2005	-	Active	NO
15	U74899DL1993PTC054944	ARC Hospitality Private Limited	Director	20-08-2005	20-08-2005	01-02-2007	Active	NO
16	U74899DL1991PTC042800	Uniworld Insurance Agency Private Limited	Director	27-03-2006	27-03-2006	04-03-2010	Active	NO
17	U93000DL1984PTC019199	BHARAT TELECOM PRIVATE LIMITED	Director	29-12-2006	29-12-2006	-	Under liquidation	NO
18	U70102DL2005PTC209600	SRILANAND MANSIONS PRIVATE LIMITED	Director	01-08-2007	09-03-2007	29-05-2014	Active	NO
19	U63090DL2007PTC162697	INTERGLOBE ESTABLISHED PRIVATE LIMITED	Director	27-04-2007	27-04-2007	-	Active	NO
20	U74140DL2007PTC162695	ITQ CONSULTANCY PRIVATE LIMITED	Director	27-04-2007	27-04-2007	-	Under liquidation	NO
21	U74899DL2006PTC144822	TECHPARK HOTELS PRIVATE LIMITED	Director	09-09-2008	09-09-2008	29-05-2014	Active	NO
22	U55101DL2008PTC175885	Caddie Hotels Private Limited	Director	28-09-2010	10-12-2009	29-05-2014	Active	NO
23	U92490DL2010NPL199860	INTERGLOBE FOUNDATION	Director	01-09-2011	10-06-2010	-	Active	NO
24	U93000DL2010PTC203645	TNSI RETAIL PRIVATE LIMITED	Director	11-07-2011	27-04-2011	14-07-2014	Active	NO Bottom of Form
25	U55101DL2010PTC206975	TRIGUNA HOSPITALITY VENTURES (INDIA) PRIVATE LIMITED	Director	18-08-2011	24-06-2011	29-05-2014	Active	NO
26	U55101DL2008PTC175886	ACCENT HOTELS PRIVATE LIMITED	Director	18-08-2011	27-06-2011	29-05-2014	Active	NO
27	U80301DL2011PLC224686	INTERGLOBE EDUCATION SERVICES LIMITED	Director	07-09-2011	07-09-2011	-	Active	NO
28	U74140DL2008PTC178997	PEGASUS UTILITY MAINTENANCE & SERVICES PRIVATE LIMITED	Director	30-09-2013	30-11-2012	-	Active	NO

Name :

Mr. Rohini Bhatia

Designation :

Director

Address :

18, Oak Drive, Mandi Road, Sultanpur, Mehrauli, New Delhi, 110030, Delhi, India

Date of Appointment :

27.03.2015

DIN No.:

01583219

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L65920AP1923PLC000044	LAKSHMI FINANCE AND INDUSTRIAL CORPORATION LIMITED	Director	22-05-1979	22-05-1979	-	Active	NO
2	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Managing director	26-03-2013	13-09-1989	-	Active	NO
3	U63040DL1997PTC085860	ACQUIRE SERVICES PRIVATE LIMITED	Director	17-03-1997	17-03-1997	-	Active	NO
4	U72300DL1998PTC097150	INTERGLOBE TECHNOLOGIES PRIVATE LIMITED	Director	19-11-1998	19-11-1998	-	Active	NO
5	U72200DL1999PTC098629	IGT SOLUTIONS PRIVATE LIMITED.	Director	03-03-1999	03-03-1999	-	Active	NO
6	U62100DL1999PTC100664	SCANDINAVIAN AIRLINES SYSTEM INDIA PRIVATE LIMITED	Director	14-07-1999	14-07-1999	-	Under liquidation	NO
7	U74999DL2001PTC111438	INDUS AVIATION SERVICES PRIVATE LIMITED	Director	26-06-2001	26-06-2001	-	Dissolved	NO
8	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	Director	13-01-2004	13-01-2004	-	Active	NO
9	U55101DL2004PTC130073	AAPC INDIA HOTEL MANAGEMENT PRIVATE LIMITED	Director	19-10-2004	19-10-2004	-	Active	NO
10	U51900DL2005PTC193379	INTERGLOBE LUXURY PRODUCTS PRIVATE LIMITED	Director	14-01-2005	14-01-2005	-	Active	NO
11	U74999DL2005PTC134961	DELTA AIR LINES PRIVATE LIMITED	Director	13-04-2005	13-04-2005	-	Active	NO
12	U55101DL2004PTC128567	INTERGLOBE HOTELS PRIVATE LIMITED	Director	24-08-2006	24-08-2006	-	Active	NO
13	U93000DL1984PTC019199	BHARAT TELECOM PRIVATE LIMITED	Director	19-12-2006	19-12-2006	-	Under liquidation	NO
14	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Director	14-01-2007	14-01-2007	-	Active	NO
15	U63090DL2007PTC162697	INTERGLOBE ESTABLISHED PRIVATE LIMITED	Director	27-04-2007	27-04-2007	-	Active	NO
16	U74140DL2007PTC162695	ITQ CONSULTANCY PRIVATE LIMITED	Director	27-04-2007	27-04-2007	-	Under liquidation	NO
17	U91990DL1901PLC001746	DELHI GOLF CLUB LIMITED	Director	22-09-2007	22-09-2007	27-09-2008	Active	NO
18	U74899DL2006PTC144822	TECHPARK HOTELS PRIVATE LIMITED	Director	09-09-2008	09-09-2008	-	Active	NO
19	U74999HR2009PTC043308	INTERGLOBE TECHNOLOGIES INTERNATIONAL PRIVATE LIMITED	Director	21-09-2010	02-12-2009	-	Active	NO
20	U45203DL2010PTC199854	ZELOS INFRASTRUCTURE PRIVATE LIMITED	Director	09-03-2010	09-03-2010	-	Active	NO
21	U92490DL2010NPL199860	INTERGLOBE FOUNDATION	Director	01-09-2011	10-06-2010	-	Active	NO
22	U62200DL2009PLC196031	INTERGLOBE AIR TRANSPORT LIMITED	Director	07-09-2011	27-04-2011	-	Active	NO
23	U55101DL2010PTC206975	TRIGUNA HOSPITALITY VENTURES (INDIA) PRIVATE LIMITED	Director	18-08-2011	24-06-2011	-	Active	NO
24	U55101DL2008PTC175886	ACCENT HOTELS PRIVATE LIMITED	Director	18-08-2011	27-06-2011	-	Active	NO
25	U70102DL2005PTC209600	SRILANAND MANSIONS PRIVATE LIMITED	Director	18-08-2011	27-06-2011	-	Active	NO
26	U80904DL2011NPL224204	InterGlobe Education Foundation	Director	26-08-2011	26-08-2011	-	Active	NO
27	U93000DL2010PTC203645	TNSI RETAIL PRIVATE LIMITED	Director	27-08-2012	07-09-2011	14-07-2014	Active	NO
28	U55101DL2008PTC175885	Caddie Hotels Private Limited	Director	27-09-2012	15-11-2011	-	Active	NO
29	U70102DL2012PTC235042	Acquire Buildcon Private Limited	Director	01-05-2012	01-05-2012	-	Active	NO

Name :

Mr. Devadas Mallya Mangalore

Designation :

Director

Address :

11/A Woodland Apartment,, 67 A, Pedder Road, Mumbai, 400026, Maharashtra, India

Date of Appointment :

27.03.2015

DIN No.:

01804955

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	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	DIRECTOR	30/05/2007	30/05/2007	22/02/2013	ACTIVE	NO
2	U65990MH1968GOI013983	AFC INDIA LIMITED	DIRECTOR	26/09/2009	15/07/2008	28/03/2013	ACTIVE	NO
3	U65990MH1994GOI081616	BOBCARDS LIMITED	DIRECTOR	01/08/2008	01/08/2008	01/12/2012	ACTIVE	NO
4	U99999MH1919GOI000526	THE NEW INDIA ASSURANCE COMPANY LIMITED	DIRECTOR	20/10/2008	20/10/2008	01/12/2012	ACTIVE	NO
5	U65991MH1992PLC069414	BARODA PIONEER ASSET MANAGEMENT COMPANY LIMITED	DIRECTOR	23/09/2009	23/10/2008	01/12/2012	ACTIVE	NO
6	U66010MH2008PLC183679	INDIAFIRST LIFE INSURANCE COMPANY LIMITED	DIRECTOR	17/12/2009	04/03/2009	01/12/2012	ACTIVE	NO
7	U65923MH2012PLC237365	INDIA INFRADEBT LIMITED	DIRECTOR	14/06/2013	26/02/2013	-	ACTIVE	NO
8	L63993WB1983PLC036030	EMAMI LIMITED	DIRECTOR	09/08/2014	20/01/2014	-	ACTIVE	NO
9	U26941WB1996PLC076612	BINANI CEMENT LIMITED	ADDITIONAL DIRECTOR	28/01/2014	28/01/2014	26/05/2014	ACTIVE	NO
10	L25209DN1985PLC000162	NILKAMAL LIMITED	ADDITIONAL DIRECTOR	30/01/2014	30/01/2014	29/05/2014	ACTIVE	NO
11	L07010KA2004PLC033412	NITESH ESTATES LIMITED	DIRECTOR	26/09/2014	12/02/2014	-	ACTIVE	NO
12	U45201KA2007PTC044561	NITESH URBAN DEVELOPMENT PRIVATE LIMITED	DIRECTOR	24/09/2014	04/08/2014	-	ACTIVE	NO
13	U45201KA2007PTC042660	NITESH INDIRANAGAR RETAIL PRIVATE LIMITED	DIRECTOR	22/09/2014	05/08/2014	-	ACTIVE	NO
14	U45201KA2007PTC044553	NITESH HOUSING DEVELOPERS PRIVATE LIMITED	DIRECTOR	23/09/2014	05/08/2014	-	ACTIVE	NO
15	U74990TN2011PTC081729	IFMR RURAL CHANNELS AND SERVICES PRIVATE LIMITED	DIRECTOR	31/08/2015	15/10/2014	-	ACTIVE	NO
16	U61100MH2002PLC135732	SEVEN ISLANDS SHIPPING LIMITED	DIRECTOR	10/01/2015	17/10/2014	-	ACTIVE	NO
17	U65991TN1993PTC024547	PUDHUAARU FINANCIAL SERVICES PRIVATE LIMITED	DIRECTOR	29/08/2015	26/03/2015	-	ACTIVE	NO
18	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	DIRECTOR	23/06/2015	27/03/2015	-	ACTIVE	NO
19	U55101KA2008PLC046866	COFFEE DAY ENTERPRISES LIMITED	DIRECTOR	08/05/2015	05/05/2015	-	ACTIVE	NO

Name :

Mr. Aditya Ghosh

Designation :

Director

Address :

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

Date of Birth/Age :

27.07.1975

Date of Appointment :

08.09.2014

PAN No.:

AECPG1832Q

DIN No.:

01243445

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	U51900DL2005PTC193379	INTERGLOBE LUXURY PRODUCTS PRIVATE LIMITED	Director	27-03-2006	27-03-2006	-	Active	NO
2	U72300DL1998PTC097150	INTERGLOBE TECHNOLOGIES PRIVATE LIMITED	Director	27-03-2006	27-03-2006	29-01-2009	Active	NO
3	U62100DL2004PLC129768	INTERGLOBE AVIATION LIMITED	Whole-time director	08-09-2014	30-05-2007	-	Active	NO
4	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Director	30-06-2008	11-12-2007	-	Active	NO
5	U72200DL1999PTC098629	IGT SOLUTIONS PRIVATE LIMITED.	Alternate director	21-05-2008	21-05-2008	19-09-2008	Active	NO
6	U74140DL2007PTC162695	ITQ CONSULTANCY PRIVATE LIMITED	Director	30-06-2009	23-09-2008	-	Under liquidation	NO
7	U74899DL2005PTC137167	CALLEO DISTRIBUTION TECHNOLOGIES PRIVATE LIMITED	Director	16-07-2010	21-06-2010	-	Active	NO
8	U63090DL2007PTC162697	INTERGLOBE ESTABLISHED PRIVATE LIMITED	Director	28-09-2011	31-03-2011	-	Active	NO
9	U55101DL2004PTC128567	INTERGLOBE HOTELS PRIVATE LIMITED	Director	27-09-2012	26-09-2012	-	Active	NO
10	U55101DL2004PTC130073	AAPC INDIA HOTEL MANAGEMENT PRIVATE LIMITED	Director	27-09-2012	26-09-2012	27-02-2013	Active	NO
11	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Director	19-09-2014	04-02-2014	-	Active	NO

Name :

Mr. Anupam Khanna

Designation :

Director

Address :

4/15, Second Floor, Shanti Niketan, New Delhi, 110021, Delhi, India

Date of Appointment :

27.03.2015

DIN No.:

03421015

Name :

Mr. Rakesh Gangwal

Designation :

Director

Address :

1155 Crest Lane, Mclean, 22101, United States of America

Date of Appointment :

25.06.2015

DIN No.:

03426679

KEY EXECUTIVES

Name :	Mr. Pankaj Madan
Designation :	Chief Financial Officer
Address :	C - 7, G K Enclave Ii,, New Delhi, 110048, Delhi, India
Date of Appointment :	01.12.2014
PAN No. :	AAFPM8439A
Name :	Mr. Suresh Kumar Bhutani
Designation :	Secretary
Address :	8/123, Sector - 3, Rajinder Nagar, Sahibabad, Ghaziabad, 201005, Uttar Pradesh, India
Date of Appointment :	01.12.2014
PAN No. :	AIKPB4332J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 08.09.2014

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

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

Equity Share Break up (Percentage of Total Equity)

As on: 08.09.2014

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

BUSINESS DETAILS

Line of Business :

Providing Air Support Services. (Confirmed by management)

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

• BNP Paribas Singapore Branch, 20 Collyer Quay, #01-01, Singapore - 049319, Singapore
• J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London - E145JP, United Kingdom
• Oriental Bank Of Commerce, E- Block, Connaught Place, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Foreign currency term loans from banks	958.180	1628.700
Foreign currency term loans from others	2096.850	1140.090
Long-term maturities of finance lease obligations	27752.370	13404.530
Short Term Borrowings
Foreign currency term loans from banks	0.000	814.340
Total	30807.400	16987.660

Financial Institutions :	Pembroke Aircraft Leasing 2 Limited, 33/41 Lower Mount Street, Dublin, - 2, Ireland Pembroke Aircraft Leasing 3 Limited, 33/41 Lower Mount Street, Dublin, - 2, Ireland Sky High Xliii Leasing Company Limited, 2 Grand Canal Square, Grand Canal Harbour, Dublin, - 2, Ireland
Auditors :
Name:	B.S.R. and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No. :	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company :	InterGlobe Enterprises Limited CIN No. : U63040DL1989PLC037689
Fellow Subsidiary Company :	InterGlobe Air Transport Limited CIN No. : U62200DL2009PLC196031
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	InterGlobe Technologies Private Limited CIN No. : U72300DL1998PTC097150 Acquire Services Private Limited (formerly known as Galileo India Private Limited) CIN No.: U63040DL1997PTC085860 InterGlobe Hotels Private Limited CIN No. : U55101DL2004PTC128567 Zelos Developers Private Limited CIN No. : U70101DL1999PTC098628
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	CAE Simulation Training Private Limited 25CIN: U74900DL2012PTC231352

CAPITAL STRUCTURE

After As on 08.09.2014

Authorised Capital : Rs. 7500.000

Issued, Subscribed & Paid-up Capital : Rs. 3437.160 Million

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
307000	Equity Shares	Rs.1000/- each	Rs.307.000 Million
36716	Preference Share	Rs.1000/- each	Rs.36.716 Million
	Total		Rs.343.716 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	343.720	343.720	343.720
(b) Reserves & Surplus	3732.580	4980.150	3483.090
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4076.300	5323.870	3826.810
(3) Non-Current Liabilities
(a) long-term borrowings	30807.400	16173.320	9055.480
(b) Deferred tax liabilities (Net)	542.760	537.150	0.000
(c) Other long term liabilities	26612.170	18912.360	11542.180
(d) long-term provisions	368.320	231.640	158.310
Total Non-current Liabilities (3)	58330.650	35854.470	20755.970
(4) Current Liabilities
(a) Short term borrowings	0.000	814.340	305.580
(b) Trade payables	3935.380	2797.410	1793.390
(c) Other current liabilities	20027.820	15009.870	11204.380
(d) Short-term provisions	4645.060	307.850	153.230
Total Current Liabilities (4)	28608.260	18929.470	13456.580
TOTAL	91015.210	60107.810	38039.360
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39407.200	17547.890	8813.120
(ii) Intangible Assets	152.460	96.700	46.990
(iii) Capital work-in-progress	0.000	68.470	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.470	0.350	0.000
(c) Deferred tax assets (net)	0.000	0.000	665.100
(d) Long-term Loan and Advances	7992.910	6829.860	4541.840
(e) Other Non-current assets	14315.230	4857.720	885.300
Total Non-Current Assets	61868.270	29400.990	14952.350
(2) Current assets
(a) Current investments	12714.840	11383.420	5234.180
(b) Inventories	672.860	522.750	373.880
(c) Trade receivables	891.220	685.220	389.200
(d) Cash and cash equivalents	11015.330	13405.880	13088.260
(e) Short-term loans and advances	2231.340	3586.590	3179.450
(f) Other current assets	1621.350	1122.960	822.040
Total Current Assets	29146.940	30706.820	23087.010
TOTAL	91015.210	60107.810	38039.360

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations		111165.840	92030.800	55646.600
		Other Income		3304.390	2552.340	1534.090
		TOTAL (A)		114470.230	94583.140	57180.690
Less	EXPENSES
		Purchase of Stock-in-trade		593.270	559.940	346.570
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		7.060	(18.650)	(6.830)
		Employee Benefits Expenses		9289.400	6,972.330	5218.070
		Other Expenses		96317.100	75703.080	49804.340
		TOTAL (B)		106206.830	83216.700	55362.150
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			8263.400	11366.440	1818.540
Less	FINANCIAL EXPENSES (D)			1225.770	578.010	514.270
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			7037.630	10788.430	1304.270
Less	DEPRECIATION/ AMORTISATION (F)			2260.080	856.200	665.230
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			4777.550	9932.230	639.040
Less	TAX (H)			1607.640	2058.760	(639.720)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			3169.910	7873.470	1278.760
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1988.470	1278.760	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	490.83	787.350	0.000
			Proposed equity dividend	3775.78	5486.380	0.000
			Corporate dividend tax	641.7	890.030	0.000
			Premium on redemption	0.000	0.000	0.000
			Transfer to capital redemption reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S			250.070	1988.470	1278.760
	EARNINGS IN FOREIGN CURRENCY
			Passenger Service	4563.480	3347.020	1044.500
			Revenue- Tours and Packages	39.040	29.470	0.000
			Cargo Service	563.290	339.350	0.000
			Inflight sales	115.990	136.100	0.000
			Incentives (cash and non-cash)	3979.860	3699.320	2720.470
			Profit on redelivery of aircraft	113.310	152.880	0.000
			Miscellaneous income	86.370	12.370	0.000
	TOTAL EARNINGS			9461.340	7716.510	3764.970
	IMPORTS
			Capital Goods	814.100	230.530	51.400
			Components and Spare Parts	679.940	561.430	286.250
	TOTAL IMPORTS			1494.040	791.960	337.650
	Earnings Per Share (Rs.)
	Basic			10325.00	25646.00	4165.00
	Diluted			9222.00	22907.00	3720.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000	381.980
Cash generated from operations	17030.440	19264.540	9327.820
Net Cash flows from operating activities	15955.020	17413.010	8956.690

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.85	8.56	2.30
Operating Profit Margin (PBIDT/Sales)	(%)	7.43	12.35	3.27
Return on Total Assets (PBT/Total Assets}	(%)	5.25	16.54	1.71
Return on Investment (ROI) (PBT/Networth)		1.17	1.87	0.17
Debt Equity Ratio (Total Debt /Networth)		7.56	3.19	2.56
Current Ratio (Current Asset/Current Liability)		1.02	1.62	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	343.720	343.720	343.720
Reserves & Surplus	3483.090	4980.150	3732.580
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3826.810	5323.870	4076.300
long-term borrowings	9055.480	16173.320	30807.400
Short term borrowings	305.580	814.340	0.000
Current maturities of long-term debts	381.980	0.000	0.000
Total borrowings	9743.040	16987.660	30807.400
Debt/Equity ratio	2.546	3.191	7.558

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	55646.600	92030.800	111165.840
		65.384	20.792

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	55646.600	92030.800	111165.840
Profit	1278.760	7873.470	3169.910
	2.30%	8.56%	2.85%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND

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

BUSINESS PROGRESS

The Company made a profit after tax of Rs.3169.910 Million as against the profit of Rs.7873.470 Million in the previous year.

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	356.680
Total	356.680

FIXED ASSETS:

· Furniture and Fixtures

· Computer

· Office Equipment

· Vehicles

· Electrical Installation

· Software

INDEX OF CHAGRES:

S .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10566254	09/04/2015	2,819,091,600.00	PEMBROKE AIRCRAFT LEASING 4 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C52098035
2	10552320	05/02/2015	2,588,670,700.00	PEMBROKE AIRCRAFT LEASING 2 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C45185907
3	10549040	29/01/2015	2,764,655,200.00	PEMBROKE AIRCRAFT LEASING 4 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C43586932
4	10549048	22/01/2015	2,764,655,200.00	PEMBROKE AIRCRAFT LEASING 4 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C43590637
5	10549402	29/12/2014	2,664,021,805.00	PEMBROKE AIRCRAFT LEASING 3 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C43762624
6	10548021	23/12/2014	2,783,841,800.00	PEMBROKE AIRCRAFT LEASING 4 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C42996314
7	10541683	28/11/2014	2,709,710,270.00	PEMBROKE AIRCRAFT LEASING 2 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C39798061
8	10541685	20/11/2014	2,709,710,270.00	PEMBROKE AIRCRAFT LEASING 3 LIMITED	33/41 LOWER MOUNT STREET, DUBLIN- 2, IRELAND	C39798483
9	10540071	03/11/2014	2,830,672,020.00	SKY HIGH XLIII LEASING COMPANY LIMITED	2 GRAND CANAL SQUARE, GRAND CANAL HARBOUR, DUBLIN - 2, IRELAND	C38917498
10	10541161	07/10/2014	2,908,117,960.00	SKY HIGH XLIII LEASING COMPANY LIMITED	2 GRAND CANAL SQUARE, GRAND CANAL HARBOUR, DUBLIN - 2, IRELAND	C39514344

* Date of charge modification

PRESS RELEASE:

IndiGo posts record profit in fiscal year 2015

Airline posts fourfold jump in profit as it benefits from higher passenger traffic and lower jet fuel costs

Sep 16 2015: Mumbai: InterGlobe Aviation Limited, owner of India’s biggest airline IndiGo, on Thursday reported a record net profit of Rs.13040.000 million for the year ended 31 March—a fourfold jump over the previous year—as it benefited from higher passenger traffic and lower jet fuel costs ahead of a planned initial share sale.

The airline company—which returned a net profit of Rs.3170.000 million in 2013-14—notched up the increase on a 25% rise in revenue to Rs.143200.000 million from Rs.114470.000 million.

Profit before tax was Rs.18470.000 million in the year, the company said in a submission to the Directorate General of Civil Aviation (DGCA), the aviation regulator.

IndiGo, which in July applied for regulatory approval to sell shares in a Rs.25000.000 million initial public offering (IPO), has been consistently profitable since 2009, a feat unrivalled in India’s airline industry, which is weighed down by heavy debt and accumulated losses.

IndiGo, which had a 33.8% share of domestic passenger traffic in the year ended 31 March, reported a net margin of 9.4%, according to the submission to DGCA. The airline currently operates a fleet of 97 planes and offers 648 flights a day.

IndiGo president and chief executive officer Aditya Ghosh said four factors contributed to the record profit—an increase in passenger traffic in 2014-15; IndiGo’s ability to capture a larger share of it by increasing its capacity; stronger yields resulting from higher seat occupancy, and lower jet fuel prices that offset a stronger dollar.

Ghosh downplayed the role of sale and leaseback of planes in the record numbers generated by the airline.

“This profit is purely out of running an airline efficiently,” he said. “Philosophically speaking, the mode of financing an aircraft is just a part of operating an airline. In any case, only a part of our fleet is on sale and lease back,” Ghosh said.

The price of jet fuel, on which airlines typically spend 45-55% of revenue, has declined sharply in line with a drop in the price of crude, enabling airlines to save on operational costs.

Oil prices have fallen over 50% since June 2014. Crude dipped below $40 in August as concern over slowing Chinese growth fueled volatility in world markets.

IndiGo’s listed rivals Jet Airways (India) Limited and Spice Jet Limited also reported a net profit for the quarter ended June as they benefited from lower fuel prices and better demand.

This seems to be the beginning of a profitable phase for airlines in India after close to a decade of pain, said K.G. Vishwanath, a partner at consulting firm Trinity Aviation Consultants Pte Limited.

“With demand set to grow faster than supply, airlines don’t need to trigger price wars,” Vishwanath said. “Crude oil seems to be in a very small range for the next few quarters. Overall (it is) a sweet spot for commercial aviation in India,” Vishwanath said.

Share sale documents filed by IndiGo in July revealed that one of the secrets behind IndiGo’s success over the past few years has been its low maintenance cost.

Its largest rival Jet Airways spent more than 10 times what IndiGo did in the nine months ended 31 December 2014 on maintenance, data contained in the documents showed.

For the nine months ended 31 December, IndiGo reported a maintenance cost of Rs.2914.500 million, or just 3.1% of the airline’s total expenses. In contrast, the maintenance cost for Jet Airways was Rs.31000.000 million, or 14.5% of the airline’s total costs.

One expert cautioned that a profit margin as high as 9.4% may not be sustainable.

“One may benefit by 4-5% due to efficiency or low manpower cost, but there cannot be a huge change. IndiGo may operate profitably like its counterpart in the US, South-West Airlines, but cannot defy the law of gravity,” said Satish Modh, director of the Institute of Management Studies and Research at Vivekanand Education Society.

“Further, IndiGo reported a net margin of 9.4%, which is quite high compared to the best performing airlines in the world,” said Modh, who has over 28 years of experience in the field of aviation and is a former senior director at Air India Limited.

He said that even South-West Airlines hadn’t been able to achieve a margin of more than 6% in the last decade.

Since starting operations in 2006, IndiGo has ousted Jet Airways to claim the top spot among Indian airlines by sticking to a single-aircraft model—it uses single-aisle Airbus planes—and diligently following a no-frills model.

On 15 August, IndiGo confirmed an order to buy as many as 250 Airbus A320neo single-aisle jets. At list price, the order was worth $26.5 billion.

In 2005, IndiGo placed an order for 100 A320s, all of which have been delivered. IndiGo has so far ordered 530 aircraft from the A320 family, out of which it has taken delivery of 100 planes.

Modh said that one way IndiGo could be making a profit is by selling aircraft booking rights to the highest bidder as and when possible.

“This is one strategy for non-operational profit making. This also explains high order bookings by IndiGo, which did not convert into delivery of planes. This is a good strategy if the airline has surplus funds,” he said.

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.66.84
UK Pound	1	Rs.101.04
Euro	1	Rs.73.05

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		66

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.