MIRA INFORM REPORT

Report No. :	493331.3
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	GLOBAL AVIATION SERVICES INC.
Registered Office :	11 Stewart Drive, Guelph, Ontario Canada N1h 6h7
Country :	Canada
Financials (as on) :	December 2017
Date of Incorporation :	2009
Legal Form :	Corporation
Line of Business :	The company provides line maintenance, scheduled maintenance, AOG services, as well as maintenance tracking and planning on all types of fixed wing aircraft.
No. of Employees :	7

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 100 000
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Exist

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Canada	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

CANADA - ECONOMIC OVERVIEW

Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the world’s sixth-largest oil producer.

The 1989 Canada-US Free Trade Agreement and the 1994 North American Free Trade Agreement (which includes Mexico) dramatically increased trade and economic integration between the US and Canada. Canada and the US enjoy the world’s most comprehensive and highly balanced bilateral trade and investment relationship, with merchandise trade of $544 billion in 2016, services trade of over $80 billion, and two-way investment stocks of nearly $700 billion. Over three-fourths of Canada’s exports are destined for the US each year. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports.

Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from 1993 through 2007. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Since the fall in world oil prices in 2014, Canada has achieved modest economic growth.

Source : CIA

STATUTORY INFORMATION
Legal Name:	Global Aviation Services Inc.
Trade Names:	Global Aviation Services Inc.
ID:	1924164 / Ontario Registry /
Date Created:	2009
Date Incorporated:	2014-10-15 /Ontario Registry /
Legal Address:	11 STEWART DRIVE GUELPH ONTARIO CANADA N1H 6H7
Operative Address:	Toronto International Airport 6500 Silver Dart Drive, Vista Cargo “A” Ste. 205,P.O. Box 69, Mississauga ON L5P 1B1 Canada
Telephone:	905-673-7827 647 700 8487
Fax:	905-673-6767
Legal Form:	CORPORATION
Email:	info@globalaviationservice.com
Registered in:	CANADA
Website:	www.globalaviationservice.com
Contact:	Carmel Borg, Administrator, Officer and President
Staff:	7
Activity:	NAICS 1: Other Support Activities for Air Transportation SIC 1: Aircraft Servicing And Repairing
BANKS
The company does not disclose its banking details.
HISTORY
The company was founded in 2009.
PRINCIPAL ACTIVITY
Global Aviation Services is an independently owned Transport Canada and EASA Approved Maintenance provider.
Products/Services description:	The company provides line maintenance, scheduled maintenance, AOG services, as well as maintenance tracking and planning on all types of fixed wing aircraft.
Brands:	The company does not have any brands of its own.
Sales are:	Wholesale
Clients:	Aircrafts
Suppliers:	BAR CANADA Ground Handling International Conference (GHI) International Ground Handling Conference (IGHC) International Association of Airport Executives (IAAE) Canada
Operations area:	National
The company imports from	No import records found.
The company exports to	No export records found.
The subject employs	7 employees /The person contacted from the company explained they have an estimated of 300 people cooperating; however, this information could not be confirmed/
Payments:	No complaints
LOCATION
Headquarters :	Toronto International Airport 6500 Silver Dart Drive, Vista Cargo “A” Ste. 205,P.O. Box 69, Mississauga ON L5P 1B1 Canada
Comments on Address:	-
Branches:	The company has 2 branches in Canada
Related Companies:	The company has 4 international offices in USA: in Orlando (Florida), in Washington, in St. Louis and in Minneapolis.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. We were not able to confirm major holders.
Management:	Kevin Carruthers, General Manager Carmel Borg, Administrator, Officer and President Doug Brown, General Manager Kevin Knudsen, VP of Sales Jeff Farrugia, General Manager Gary Cook, General Manager Derek Wosnitza, General Manager
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by the company:
BALANCE SHEET AS AT YEAR END DECEMBER 31, 2016 (UNAUDITED)
CURRENT ASSETS
Cash		-
Prepaid Expenses and Deposits		1,571
HST Refund		-
Holdback Receivable		83,537
Accounts Receivable		213,384
TOTAL CURRENT ASSETS		298,492
FIXED ASSETS
Vehicules		53,383
Furniture and Fixtures		1,012
Less: Accumulated Amortization		(22,418)
TOTAL FIXED ASSETS		31,977
OTHER ASSETS
Incorporation Costs		950
Less: Accumulated Amortization		-
Canadian Shares		145,000
Loan WGA Navstar US		1,353,361
TOTAL OTHER ASSETS		1,499,311
TOTAL ASSETS		1,829,780
CURRENT LIABILITIES
Bank Overdraft / Indebtedness		57,585
Accounts Payable & Accrued Liabilities		216,003
Income Tax Payable		70,494
Wages Payable		92,585
Credit Cards		179,186
Holdbacks Payable		29,112
Sales Taxes Payable		460,584
TOTAL CURRENT LIABILITIES		1,105,549
LONG TERM LIABILITIES
Due to Shareholders		63,076
Loan - Related Companies		-
Loan - Ford Credit		45,605
Loan - Walter Murray		120,000
Loan - Grand Financial		60,000
Loan - Michael Sousa		-
TOTAL LONG TERM LIABILITIES		288,681
SHAREHOLDERS´ EQUITY
Capital Stock		100
RETAINED EARNINGS
Balance Forward		51,556
Net Profit (Loss) for Year		383,894
TOTAL RETAINED EARNINGS		435,450
TOTAL EQUITY		435,550
TOTAL LIABILITES PLUS EQUITY		1,829,780
STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2016 (UNAUDITED)
REVENUE
Service Income		6,649,361
DTAA Airport Fee		131,800
Services		-
TOTAL REVENUE		6,781,161
COST OF SALES
Other Direct Costs		323,345
Subcontractors		280,583
TOTAL COST OF SALES		603,928
GROSS MARGIN		6,177,233
OPERATING EXPENSES (Exhibit "D")		5,722,845
NET INCOME (LOSS) BEFORE TAXES		454,388
Less: Allowance for Income Taxes		70,494
NET INCOME (LOSS)		383,894
STATEMENT OF EXPENSE FOR THE YEAR ENDED DECEMBER 31, 2016 (UNAUDITED)
OPERATING EXPENSES
Advertising & Promotion		9,490
Bad Debt Expense		15,194
Bank Charges		4,893
Business Taxes, licences & memberships		2,929
Computer-related Expenses		28,774
Consulting Fees		31,388
Courier and Postage		13,765
Credit Card Charges		17,925
Depreciation		13,667
Employee Benefits		101,294
Insurance		26,705
Interest		9,285
Meals & Entertainment		31,156
Meeting and Conventions		10,390
Office & General		46,317
Other Expenses		26,332
Parking Expense		86,489
Payroll Expense		4,693,816
Professional Fees		25,669
Rent		95,824
Repairs & Maintenance		10,359
Shipping & Warehouse Expense		25,000
Supplies		5,433
Telecommunications		151,556
Training Expense		7,541
Travel		138,402
Uniforms		78,667
Vehicle Expense		14,585
TOTAL OPERATING EXPENSES		5,722,845
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 (UNAUDITED)
OPERATING EXPENSES
Net Income for Year		383,894
Add Items Not Affecting Cash
-Amortization		14,411
Incease/Decrease in Working Capital		679,951
Cash Flow from Operations		1,078,256
INVESTING ACTIVITIES
Loan WGA Navstar Aviation USA		(953,800)
Investment Share Purchase		(145,000)
Sales (Purchases) of Fixed Assets		(1,012)
Cash Flow from Investing Activities		(1,099,812)
FINANCING ACTIVITIES
Due to Shareholders		19,734
Loan - Related Companies		(38,024)
Loan - Ford Credit		(12,440)
Loan - Walter Murray		(5,000)
Loan - Grand Financial		-
Loan - Michael Sousa		(50,000)
Cash Flow from Financing Activities		(85,729)
SUMMARY
Increase/Decrease in Cash & Equivalents		(107,285)
Cash & Equivalents, Beginning of Year		49,700
Cash & Equivalents, End of Year		(57,585)
PROFIT AND LOSS JANUARY - DECEMBER 2017
INCOME
ACAP Income		5,740,660
Grooming		2,791,129
Passenger Service		2,961,995
Services US Sales (in Canadian $)		3,365,294
Ramp		1,006,316
Services - Other		608,810
TOTAL INCOME		16,474,203
COST OF GOODS SOLD
Liquid Capital Discount		153,883
Subcontractors		76,255
TOTAL COST OF GOODS SOLD		230,137
GROSS PROFIT		16,244,065
EXPENSES
General & Administration
Operations Expense		873,974
Payroll Expense		1,304,358
Vehicle Expense		11,708,274
TOTAL EXPENSES		396,824
OTHER EXPENSES
Amortization of Start up Costs		19,619
Depreciation		162,179
Penalties and settlements		14,391
TOTAL OTHER EXPENSES		196,189
PROFIT		1,764,445
LEGAL FILINGS
PATENTS		No records found.
GOVERNMENT CONTRACTS		No records found.
CASES		Global Aviation Services, Inc. v. Rupom Sajib Appeal from 61st District Court of Harris County (memorandum opinion per curiam) June 13, 2017 Daniel Nghiem v. Rupom Sajib and Global Aviation Service, Inc. d/b/a, Global Aviation Services and d/b/a Global Aviation Services, Inc. Appeal from 61st District Court of Harris County (memorandum opinion) June 29, 2017
TRADEMARKS		No records found.
RENEWAL HISTORY		ANNUAL RETURN 2016 2017/05/21 ELECTRONIC FILING
OFAC Sanctions List Search		The company is not listed in the OFAC list.
SUMMARY
Founded in 2009, Global Aviation Services Inc is a small organization in the airports and flying field service companies industry located in Goffs, Canada. It has approximately 7 full-time employees and generates an estimated $ 6,781,161 (unaudited) in annual revenue. The company operates nationally. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS		Controlled
PAYMENTS		No complaints
Credit Limit :		USD 100 000
CASH FLOW		Normal
STATUS		Active
INTERVIEW
NAME		NA
POSITION		Operator
COMMENTS		The person contacted confirmed legal name, trade name, telephone, website, address, email and telephone. She explained that the company has 4 international offices in USA: in Orlando (Florida), in Washington, in St. Louis and in Minneapolis. She also explained that the company has 2 branches in Canada. She refused to provide neither staff number nor major holders. She did not tell us her name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54
CAD	1	INR 50.57

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.