MIRA INFORM REPORT

Report Date :

21.04.2011

IDENTIFICATION DETAILS

Name :	A. S. CARGO MOVERS PRIVATE LIMITED
Registered Office :	A. S. Corporate House, 2^nd Floor, No.307, Poonamallee High Road, Kilpauk, Cheenai-600010, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.02.1992
Com. Reg. No.:	18-022158
CIN No.: [Company Identification No.]	U60231TN1992PTC022158
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of leasing of warehouse space and other ancillary business is in India.

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 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Amar Rahman
Designation :	Director
Date :	20.04.2011

LOCATIONS

Registered Office :	A. S. Corporate House, 2^nd Floor, No.307, Poonamallee High Road, Kilpauk, Cheenai-600010, Tamil Nadu, India
Tel. No.:	91-44-42857406
E-Mail :	corporatefinance@ascargo.co.in
Website :	www.ascargo.co.in
Area :	1500 sq. ft.
Location :	Owned
Branch :	NO. 8/3, f Block, 1^st Floor, Bangalore-560002, India
Tel. No.:	91-80-22295555 / 22

DIRECTORS

As On : 29.09.2010

Name :	Mr. Amar Rahman
Designation :	Managing Director
Address :	547, Ideal Home Towenship, 12^th Cross R R Nagar, Bangalore-560098, Karnataka, India
Date of Birth/Age :	31.05.1969
Date of Appointment :	10.02.1992
DIN No :	00197603
Name :	Ms. Shahana Rahman
Designation :	Director
Address :	547, Ideal Home Towenship, 12^th Cross R R Nagar, Bangalore-560098, Karnataka, India
Date of Birth/Age :	10.05.1973
Date of Appointment :	24.03.2001
DIN No :	00875693

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Mr. Amar Rahman	1
Finfra Holdings Pte. Limited, Singapore	299999
Total	300000

AS ON 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		99.99
Directors or relatives of directors		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of leasing of warehouse space and other ancillary business is in India.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

50 (Approximately)

Bankers :

• Indian Overseas Bank, Large Advances Branch, Irrungatukottai, Sriperambadur, Chennai-602117, Tamil Nadu, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans
- From Banks	2101.538	1907.362
- From Others	700.000	80.000
(The loans are secured against the lease rentals receivables from tenants, personal guarantees of the directors of the company in their individual capacity and first charge on the entire fixed assets of the company)
Total	2801.538	1987.362
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan from Directors	685.269	341.444
Inter corporate Loans	82.178	81.061
Total	767.447	422.505

Notes : Represents interest free unsecured loans from directors and companies under same management. Teure and repayment terms have not been specified for the said loans. As confirmed by the parties, these unsecured loans are not repayable within 12 months from the date of balance sheet.

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountant
Address :	Maruthi Info Tech Centre, 11-12/1, Inner Ring Road, Kormangala, Bangalore-560071, Karnataka, India
Holding Company :	Finfra Holdings Pte. Limited, Singapore
Associates/Subsidiaries :	Ø A.S. Carriers Private Limited ("A.S. Carriers") Ø A.S. Properties and Investments Private Limited ("A.S. Properties") Ø Reach Logistics Private Limited ("Reach Logistics") Ø Punit Reach Logistics Private Limited ("Punit Reach") Ø A.S. Distributors Private Limited ("A.S. Distributors") Ø Reacll Hotels Private Limited ("Reach Hotels") Ø A.S. Horticulture Private Limited ("A.S. Horticulture") Ø A.S. Global Logistics and Warehousing Services Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs. 100/- each	Rs. 60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 millions

Note :

Of the above 299999 share are held by Finfra Holdings Pte. Limited, the holding company and 1 share is held by Mr. Amar Rahman

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.569	26.974	24.039
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.569	56.974	54.039
LOAN FUNDS
1] Secured Loans		2801.538	1987.362	1037.263
2] Unsecured Loans		767.447	422.506	358.869
TOTAL BORROWING		3568.985	2409.868	1396.132
DEFERRED TAX LIABILITIES		1.182	0.000	0.000
TOTAL		3632.736	2466.842	1450.171
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2618.604	1931.781	537.089
Capital work-in-progress		404.906	293.225	432.428
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	11.525	1.096	0.000
	Cash & Bank Balances	264.824	24.746	130.040
	Other Current Assets	5.083	0.000	0.000
	Loans & Advances	534.317	368.050	411.219
Total Current Assets		815.749	393.892	541.259
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.676	35.478	3.182
	Other Current Liabilities	167.687	110.053	49.398
	Provisions	2.160	6.525	8.025
Total Current Liabilities		206.523	152.056	60.605
Net Current Assets		609.226	241.836	480.654
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3632.736	2466.842	1450.171

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Rental Income	147.999	53.901	9.653
		Business Receipts	0.000	0.000	46.951
		Fright	0.000	0.000	34.996
		Other Income	26.297	3.665	30.955
		TOTAL (A)	174.296	57.566	122.555
Less	EXPENSES
		Personal Cost	10.600	5.610	0.000
		Operating Cost	0.000	0.000	67.656
		Selling and Distribution Expenses	0.000	0.000	1.102
		Administrative Expenses	20.943	11.573	29.195
		TOTAL (B)	31.543	17.183	97.953
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.753	40.383	24.602
Less	FINANCIAL EXPENSES (D)		109.922	28.873	8.537
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.831	11.510	16.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.655	7.542	1.719
	PROFIT BEFORE TAX (E-F) (G)		8.176	3.968	14.346
Less	TAX (H)		2.582	1.032	6.155
	PROFIT AFTER TAX (G-H) (I)		5.594	2.936	8.191
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.906	20.970	12.779
	BALANCE CARRIED TO THE B/S		29.500	23.906	20.970
	Earnings Per Share (Rs.)		18.65	9.78	27.30

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.21	5.10	6.68
Net Profit Margin (PBT/Sales)	(%)	5.52	7.36	11.71
Return on Total Assets (PBT/Total Assets}	(%)	0.24	0.17	1.33
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.27
Debt Equity Ratio (Total Liability/Networth)		60.36	44.97	26.96
Current Ratio (Current Asset/Current Liability)		3.95	2.59	8.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- Small and Medium Enterprises	0.000	0.000	0.000
- Others
- Capital Creditors	31.310	35.478	3.182
- Other Than Towards Capital Assets	5.366	0.000	0.000
Total	36.676	35.478	3.182

Note : Registered Office of the company has been shifted from No.86, Nungambakkam High Road, Chennai, Tamil Nadu, India to the present address w.e.f. 10.04.2009.

BACKGROUND

A.S. Cargo Movers Private Limited ("the Company") is incorporated in Chennai, India and commenced operations in Februaryl992. The Company is engaged in leasing of warehouse space and other ancillary business in India.

FORM 8

Corporate identity number of the company	U60231TN1992PTC022158
Name of the company	A. S.CARGO MOVERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A. S. Corporate House, 2^nd Floor, No.307, Poonamallee High Road, Kilpauk, Cheenai-600010, Tamil Nadu, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Indian Overseas Bank, Large Advances Branch, Irrungatukottai, Sriperambadur, Chennai-602117, Tamil Nadu, India
Nature of instrument creating charge	Confirmation Letter Evidencing Creation of Supplemental Mortgage
Date of instrument Creating the charge	12.08.2010
Amount secured by the charge	Rs. 1762.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12% p.a. Terms of repayment Rs.1762.500 millions- To be repaid within 24 months from the date of first drawal of each of the project. Margin Rs.531.200 millions - 20%. Rs. 72.100 millions - 57% of Project cost including Land cost. Rs.280.000 millions - 20% of Project cost. Rs.77.000 millions - 27% of Project cost including Land cost. Rs 369.600 millions - 20% of Project cost. Rs.61.600 millions - 21% of Project cost including Land cost. Rs.232.400 millions - 20% of Project cost. Rs.92.400 millions - 29% of Project cost including Land cost. Rs.46.200 millions - 40% of Project cost including Land cost. Extent and operation of the charge There is no change in the amount secured or in the terms and conditions.
Short particulars of the property charged (Including location of the property)	Land admeasuring 3.04 acres at Village Dudhola , Tehsil Palwal, District Faridabad, bearing Jarai Khewat No.444/409,437/402 Khatoni No.553,546 Property already mortgage continues to be as security.
Charge identification number of the charge to be modified	10024663
Date of instrument modifying the charge	11.08.2010
Particulars of the present modification	The Credit limit of Rs.1762.500 millions remains the same. Creation of Supplemental Mortgage for the property located at Village Dudhola , Tehsil Palwal, District Faridabad, bearing Jarai Khewat No.444/409,437/402 Khatoni No.553,546.

FIXED ASSETS

ü Freehold Land

ü Leasehold Land

ü Warehouse Buildings

ü Furniture and Fixtures

ü Computer

ü Office Equipment

ü Motor Vehicles

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 records 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 records 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.44.38
UK Pound	1	Rs.72.57
Euro	1	Rs.63.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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
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.