MIRA INFORM REPORT

Report No. :	509577
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	GAFS - IT LIMITED

Registered Office :	32 Molesworth Street Dublin 2 662881

Country :	Ireland

Financials (as on) :	31.12.2019

Date of Incorporation :	04.03.2011

Com. Reg. No.:	IE495800

Legal Form :	LTD - Private Company Limited By Shares

Line of Business :	· Renting and leasing of air passenger transport equipment · Leasing of aircraft.

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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)

Ireland

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program.

In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 25% in 2015. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%. This increase reflected one-off statistical revisions, multinational corporate restructurings, and the aircraft leasing sector, rather than gains in the on the ground economy. Growth moderated to around 4.1% in 2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP.

In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Ireland’s low corporation tax of 12.5% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. In 2014, amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole.

Source : CIA

Company Name and address

GAFS - IT LIMITED

32 MOLESWORTH STREET DUBLIN 2 662881

Company No.

IE495800

Company Status

Active - Accounts Filed

Company Summary

Registered Address 32 MOLESWORTH STREET
DUBLIN 2
662881

Trading Address

Website Address -

Eircode D02Y512

VAT Number IE9778011A

Telephone Number -

Fax Number

TPS -

FPS Yes

Incorporation Date 04/03/2011

Previous Name

Type LTD - PRIVATE COMPANY LIMITED BY SHARES

FTSE Index -

Date of Change -

Filing Date of Accounts -

Currency USD

Share Capital €500

SIC07 77351

Charity Number -

SIC07 Description RENTING AND LEASING OF AIR PASSENGER TRANSPORT EQUIPMENT

Principal Activity Leasing of aircraft. Accounts data converted from US Dollar. T/O = Operating Lease Income.

Nace Code -

Nace Description -

Additional Information

CJ's 0 (€0)

No CJ Information To Display

Ultimate Holding Company GAFS-P LIMITED

Accountant -

Mortgages 6

Group 4 companies

Linkages 0 companies

Countries In 0 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

31/12/2016 €7,364,198 €44,826 €87,941 -

31/12/2015 €7,194,858 €44,569 €43,147 -

31/12/2014 €7,488,643 €19,435 €4,309 -

Mortgage Summary

Total Mortgage 6

Outstanding 2

Satisfied 4

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade €0

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 2.4% on the previous trading period.

Net Worth increased by 103.8% during the latest trading period.

A 13.2% growth in Total Assets occurred during the latest trading period.

CJ

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	Total Value of Satisfied CJs -	€0

Total Current Directors	3	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	3

Current Directors

Title		Function	Director
Name	PATRICK SMYTH	Nationality
Date of Birth	01/1950	Present Appointments	23
Latest Address	3 CORR CASTLE, HOWTH ROAD, SUTTON, DUBLIN 13	Appointment Date	12/11/2015
Eircode
Title		Function	Director
Name	ALAN KANE	Nationality
Date of Birth	10/1951	Present Appointments	20
Latest Address	34 GILFORD PARK, SANDYMOUNT DUBLIN 4	Appointment Date	04/03/2011
Eircode

Title		Function	Director
Name	SEAN O'SULLIVAN	Nationality
Date of Birth	12/1972	Present Appointments	53
Latest Address	6 KNOCKLYON HEIGHTS, TEMPLEOGUE, DUBLIN 16.	Appointment Date	03/12/2014
Eircode

Current Company Secretary

Title		Function	Company Secretary
Name	MFD SECRETARIES LIMITED	Nationality
Date of Birth	02/2006	Present Appointments	1185
Latest Address	32 MOLESWORTH STREET, DUBLIN 2.	Appointment Date	03/12/2014
Eircode

Authorised Person

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
JA-G ACQUISITION LTD	USD	50	ORDINARY	10	100

Profit & Loss

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	03/12/14	(%)	31/12/13
	Weeks	52	(%)	52	(%)	4	(%)	48	(%)	52
	Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Turnover	€7,364,198	2.4%	€7,194,858	-3.9%	€7,488,643	6.5%	€7,028,848	13.2%	€6,207,095
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Export	€7,364,198	2.4%	€7,194,858	-3.9%	€7,488,643	6.5%	€7,028,848	13.2%	€6,207,095
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Cost of Sales	€7,316,789	2.4%	€7,147,707	-4%	€7,442,351	6.6%	€6,982,513	13.2%	€6,166,496
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Gross Profit	€47,409	0.5%	€47,151	1.9%	€46,292	-0.1%	€46,334	14.1%	€40,599
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Wages & Salaries	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Directors Emoluments	-	-	-	-100%	€6,065	6.5%	€5,692	-58.3%	€13,651
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Operating Profit	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Depreciation	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Audit Fees	€2,121	-33.3%	€3,181	-	-	-100%	€3,764	-21.9%	€4,822
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Interest Payments	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Pre Tax Profit	€44,826	0.6%	€44,569	129.3%	€19,435	1%	€19,234	111.7%	€9,085
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Taxation	-€32	99.4%	-€5,571	-129.3%	-€2,429	-1%	-€2,405	-142.6%	-€991
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Profit After Tax	€44,794	14.9%	€38,997	129.3%	€17,005	1%	€16,829	107.9%	€8,094
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Dividends Payable	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Retained Profit	€44,794	14.9%	€38,997	129.3%	€17,005	1%	€16,829	107.9%	€8,094

Balance Sheet

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	03/12/14	(%)	31/12/13
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Tangible Assets	€4,724,101	999.9%	€9,845	-23.6%	€12,890	-3.2%	€13,315	-9.6%	€14,721
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Intangible Assets	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Fixed Assets	€4,724,101	999.9%	€9,845	-23.6%	€12,890	-3.2%	€13,315	-9.5%	€14,721
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Stock	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Trade Debtors	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Cash	€2,483,390	1.7%	€2,442,422	-	0	-100%	€3,045,149	112.2%	€1,434,813
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Other Debtors	€2,568	-99.9%	€3,918,765	22.8%	€3,191,533	0.3%	€3,181,895	61.2%	€1,973,416
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Current Assets	€2,485,959	-60.9%	€6,361,186	99.3%	€3,191,533	-48.7%	€6,227,043	82.7%	€3,408,228
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Trade Creditors	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Other Short Term Finance	€2,483,390	-60.7%	€6,321,940	97.6%	€3,199,726	-48.7%	€6,236,110	349.7%	€1,386,573
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Miscellaneous Current Liabilities	€5,977	0.5%	€5,945	999.9%	€388	17.6%	€330	-100%	€2,006,733
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Current Liabilities	€2,489,367	-60.7%	€6,327,885	97.7%	€3,200,114	-48.7%	€6,236,439	83.8%	€3,393,306
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Bank Loans & Overdrafts and LTL	€4,632,752	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Other Long Term Finance	€4,632,752	-	0	-	0	-	0	-	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Long Term Liabilities	€4,632,752	-	0	-	0	-	0	-	0

Capital & Reserves

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	03/12/14	(%)	31/12/13
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Called Up Share Capital	€424	-	€424	-3.7%	€440	-1.7%	€448	22.6%	€365
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	P & L Account Reserve	€87,517	104.8%	€42,723	999.9%	€3,868	11.4%	€3,471	-88.1%	€29,278
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Revaluation Reserve	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Sundry Reserves	-	-	-	-	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Shareholder Funds	€87,941	103.8%	€43,147	901.4%	€4,309	9.9%	€3,919	-86.8%	€29,643

Other Financial Items

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	03/12/14	(%)	31/12/13
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Net Worth	€87,941	103.8%	€43,147	901.3%	€4,309	10%	€3,919	-86.8%	€29,643
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Working Capital	-€3,408	-110.2%	€33,302	488.1%	-€8,581	8.7%	-€9,396	-163%	€14,923
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Assets	€7,210,060	13.2%	€6,371,032	98.8%	€3,204,423	-48.7%	€6,240,358	82.3%	€3,422,949
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Liabilities	€7,122,119	12.6%	€6,327,885	97.7%	€3,200,114	-48.7%	€6,236,439	83.8%	€3,393,306
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Net Assets	€87,941	103.8%	€43,147	901.3%	€4,309	10%	€3,919	-86.8%	€29,643

Miscellaneous

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	03/12/14	(%)	31/12/13
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Capital Employed	€4,720,693	999.9%	€43,147	901.3%	€4,309	10%	€3,919	-86.8%	€29,643
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Number of Employees	-	-	-	-	-	-	-	-	-
	Accountants
	Auditors	ERNST & YOUNG
	Auditor Comments	The audit report contains no adverse comments
	Bankers	BANK OF IRELAND
	Bank Branch Code	90-00-84

Ratios

	Date Of Accounts	31/12/16	31/12/15	31/12/14	03/12/14	31/12/13
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Pre-tax profit margin %	0.61	0.62	0.26	0.27	0.15
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Current ratio	1	1.01	1	1	1
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Sales/Net Working Capital	-2160.78	216.05	-872.69	-748.05	415.96
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Gearing %	5268	0	0	0	0
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Equity in %	1.20	0.70	0.10	0.10	0.90
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Creditor Days	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Debtor Days	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Liquidity/Acid Test	0.99	1	0.99	0.99	1
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Return On Capital Employed %	0.94	103.29	451.06	490.79	30.64
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Return On Total Assets Employed %	0.62	0.69	0.60	0.30	0.26
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Current Debt Ratio	28.30	146.65	742.72	1591.35	114.47
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Total Debt Ratio	80.98	146.65	742.72	1591.35	114.47
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Stock Turnover Ratio %	-	-	-	-	-
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\barchart-grey.png$	Return on Net Assets Employed %	50.97	103.29	451.06	490.79	30.64

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
24/08/2017	Annual Returns
21/08/2017	New Accounts Filed
21/08/2017	New Accounts Filed
28/04/2016	Annual Returns
25/04/2016	New Accounts Filed
25/04/2016	New Accounts Filed
12/11/2015	MARGARET CLANDILLON has left the board
12/11/2015	New Board Member (PATRICK SMYTH) appointed
03/10/2015	New Accounts Filed
03/10/2015	New Accounts Filed
01/10/2015	Annual Returns
03/12/2014	MARGARET CLANDILLON has resigned as company secretary
03/12/2014	PAUL FREDRICK NEWRICK has left the board
03/12/2014	New Board Member (SEAN O'SULLIVAN) appointed
03/12/2014	New Company Secretary (MFD SECRETARIES LIMITED) appointed

Previous Company Names

No Previous Names found

Received Documents

Writ Details

No writs found

Statistics

Group	4 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	JA-G ACQUISITION LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	GAFS-P LIMITED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\tminus.gif$ GAFS-P LIMITED	IE550372	31.12.2016	Y	€68,780,308
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\tminus.gif$ JA-G ACQUISITION LIMITED	IE550371	31.12.2016	Y	€14,777,529
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\T.gif$ GAFS - IT LIMITED	IE495800	31.12.2016	N	€7,364,198
$Description: \\vivek-pc\E\GAFS IT LIMITED_files\L.gif$ GAFS - IE LIMITED	IE495801	31.12.2016	N	€7,413,330

Mortgage Details

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	24/02/15
Date Charge Registered:	13/03/15
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	U.S BANK NATIONAL ASSOCIATION
Amount Secured:
Details:	XXX ALL MONEYS, LIABILITIES AND OBLIGATIONS, WHETHER ACTUAL OR CONTINGENT, WHICH ARE AT THE DATE OF THE ACCOUNT CHARGE OR AT ANY TIME THEREAFTER MAY BE EXPRESSED TO BE INCURRED FROM OR DUE, OWING OR PAYABLE BY ANY OBLIGOR TO ANY OF THE FINANCE PARTIES UNDER OR PURSUANT TO ANY LOAN DOCUMENT (THE "SECURED OBLIGATIONS"). XXX
Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	03/12/14
Date Charge Registered:	23/12/14
Date Charge Satisfied:	10/09/15
Status:	FULLY SATISFIED
Person(s) Entitled:	U.S. BANK NATIONAL ASSOCIATION
Amount Secured:
Details:	XXX ANY AND ALL MONEYS, LIABILITIES AND OBLIGATIONS (WHETHER ACTUAL OR CONTINGENT, WHETHER EXISTING AT THE DATE OF THE ACCOUNTS CHARGE OR THEREAFTER ARISING, WHETHER OR NOT FOR THE PAYMENT OF MONEY, AND INCLUDING, WITHOUT LIMITATION, ANY OBLIGATION OR LIABILITY TO PAY DAMAGES) WHICH ARE AT THE DATE OF THE ACCOUNTS CHARGE OR WHICH MAY AT ANY TIME AND FROM TIME TO TIME THEREAFTER BE DUE, OWING, PAYABLE OR INCURRED OR BE EXPRESSED TO BE DUE, OWING, PAYABLE OR INCURRED FROM OR BY ANY OBLIGOR UNDER ANY LOAN DOCUMENT (THE "SECURED OBLIGATIONS"). XXX

Mortgage Type:	A charge on book debts of the company. A floating charge on the undertakings or property of the company.
Date Charge Created:	03/12/14
Date Charge Registered:	23/12/14
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	U.S. BANK NATIONAL ASSOCIATION
Amount Secured:
Details:	ALL MONEYS, LIABILITIES AND OBLIGATIONS, WHETHER ACTUAL OR CONTINGENT, WHICH ARE AT THE DATE OF THE SECURITY AGREEMENT OR AT ANY TIME THEREAFTER MAY BE EXPRESSED TO BE INCURRED FROM OR DUE, OWING OR PAYABLE BY ANY OBLIGOR TO ANY OF THE FINANCE PARTIES UNDER OR PURSUANT TO ANY LOAN DOCUMENT (THE "SECURED OBLIGATIONS").
Mortgage Type:	A charge on book debts of the company. A floating charge on the undertakings or property of the company.
Date Charge Created:	09/03/12
Date Charge Registered:	21/03/12
Date Charge Satisfied:	20/03/15
Status:	FULLY SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	PURSUANT TO VARIABLE RENT ACCOUNT CHARGE IN RELATION TO ONE ( I ) AIRBUS A 330-200 AIRCRAFT WITH MANUFACTURER'S SERIAL NUMBER 947 DATED 9 MARCH 2012 BETWEEN THE CHARGOR. DVB BANK SE, LONDON BRANCH, AS SECURITY TRUSTEE (THE "SECURITY TRUSTEE") AND INVESTEC BANK PLC. IRISH BRANCH, AS ACCOUNT BANK (THE "VARIABLE RENT ACCOUNT CHARGE"). THE CHARGOR COVENANTED WITH THE SECURITY TRUSTEE THAT IT SHALL PAY OR DISCHARGE ALL OF THE SECURED OBLIGATIONS.(DEFINED TERMS HAVE THE MEANINGS GIVEN TO THEM IN THE ANNEX ATTACHED TO FORM C1.)

Mortgage Type:	A charge on book debts of the company. A floating charge on the undertakings or property of the company.
Date Charge Created:	09/03/12
Date Charge Registered:	21/03/12
Date Charge Satisfied:	20/03/15
Status:	FULLY SATISFIED
Person(s) Entitled:	DVB BANK SE, LONDON BRANCH
Amount Secured:
Details:	PURSUANT TO A RECEIVABLES ACCOUNT CHARGE IN RESPECT OF ONE (I) AIRBUS A330-200 AIRCIAFT WITH MANURCTURER'S SERIAL NUMBER 947 DATED 9 MARCH 2012 BETWEEN THE CHARGOR. DVB BANK SE. LONDON BRANCH AS SECURITY TRUSTEE (THE "SECURITY TRUSTEE") AND INVESTEC BANK PL.C. IRISH BRANCH, AS ACCOUNT BANK ( THE "RECEIVABLES ACCOUNT CHARGE"), (THE CHARGOR COVENANTED WITH THE SECURITY TRUSTEE THAT IT SHALL PAY OR DISCHARGE ALL OF THE SECURED OBLIGATIONS. (CAPITALISED TERMS ARE DEFINED IN THE ANNEX ATTACHED TO FORM C1
Mortgage Type:	A charge on book debts of the company. A floating charge on the undertakings or property of the company.
Date Charge Created:	28/03/11
Date Charge Registered:	14/04/11
Date Charge Satisfied:	20/03/15
Status:	FULLY SATISFIED
Person(s) Entitled:	WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE)
Amount Secured:
Details:	THE PAYMENT, PERFORMANCE AND DISCHARGE IN FULL OF IHE SECURED OBLIGATIONS PURSUANT TO THE INTERMEDIATE ASSIGNMENT DATED 31 MARCH 2011 IN RELATION TO ONE (I) AIRBUS A33O-20O AIRCRAFT WITH MANUFACTURER'S SERIAL NUMBER 947 (THE "AIRCRAFT") BETWEEN THE ASSIGNOR AND WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE (THE "ASSIGNEE") (THE "INTERMEDIATE ASSIGNMENT") (CAPITALISED TERMS ARE DEFINED IN THE ANNEX ATTACHED TO FORM C1.

Previous Director/Company Secretaries

Name	Current Active Appointments	Previous Appointments	Dissolved Companies
MARGARET CLANDILLON	19	51	50
MARGARET CLANDILLON	19	51	50
PAUL FREDRICK NEWRICK	0	2	2

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.32
UK Pound	1	INR 91.25
Euro	1	INR 80.51
PRA	1	INR 80.82

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	TRU

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.