MIRA INFORM REPORT

Report Date :

01.08.2011

IDENTIFICATION DETAILS

Name :	NTL LOGISTICS PLUS INDIA PRIVATE LIMITED (w.e.f. February 2011)
Formerly Known As :	LOGISTICS PLUS INDIA PRIVATE LIMITED
Registered Office :	206, 3^rd Floor, Okhla Industrial Estate, Phase-III, New Delhi-110020, Delhi
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	22.08.2001
Com. Reg. No.:	55-112104
Capital Investment / Paid-up Capital :	Rs. 0.965 million
CIN No.: [Company Identification No.]	U60221DL2001PTC112104
TAN No.: [Tax Deduction & Collection Account No.]	DELL01699F
PAN No.: [Permanent Account No.]	AAACL6710B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing logistics services mainly custom clearance, transportation, freight forwarding, warehouse management to its clients.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

LOCATIONS

Registered Office :	206, 3^rd Floor, Okhla Industrial Estate, Phase-III, New Delhi-110020, Delhi, India
Tel. No.:	91-11-46656500
Fax No.:	91-11-46656535
E-Mail :	Salem.ganapathi@logisticsplus.net
Website :	www.ntl.naigai.com
Branches :	Located At · Mumbai · Chennai · Kolkata · Hyderabad · Bangalore · Salem

DIRECTORS

AS ON 20.09.2010

Name :	Mr. Salem Laxmanan Ganapathi
Designation :	Director
Address :	B-402, Rishi Apartment, Alaknanda, New Delhi-110019, Delhi, India
Date of Birth/Age :	26.11.1948
Date of Appointment :	22.08.2001
DIN No :	01151727
Name :	Ms. Jayashree Ganapathi
Designation :	Director
Address :	B-402, Rishi Apartment, Alaknanda, New Delhi-110019, Delhi, India
Date of Birth/Age :	01.02.1956
Date of Appointment :	31.03.2003
DIN No :	01158489
Name :	Mr. James R Berlin
Designation :	Director
Address :	113, Glenruadh Avenue, Erie-16505, USA
Date of Birth/Age :	21.01.1962
Date of Appointment :	11.08.2003
DIN No :	02523619
Name :	Mr. Gretchen Seth
Designation :	Director
Address :	502, Ardmore Avenue, Erie-165005, USA
Date of Birth/Age :	05.02.1957
Date of Appointment :	11.08.2003
DIN No :	02586618

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2010

Names of Shareholders	No. of Shares
S. L. Ganpathi	48245
Logistics Plus Inc., USA	48245
Total	96490

AS ON 20.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing logistics services mainly custom clearance, transportation, freight forwarding, warehouse management to its clients.

Products :

ITC CODE	PRODUCT
0712	Transportation and Forwarders

GENERAL INFORMATION

Bankers :

· ICICI Bank limited

Facilities :

Secured Loan	Rs. In Millions 31.12.2010	Rs. In Millions 31.03.2010
TERM LOAN	47.829	36.175
WORKING CAPITAL LOAN	18.288	14.769
[Term loan and Working Capital loan from ICICI Bank limited, Secured by 1. Exclusive charge on entire stocks and such other movables including book-debts, bills, receivables, both present and future, 2. First charge on entire fixed assets of company (except land and building and vehicles, equipment, etc. charged to other banks / Fls), 3. First charge on entrie fixed assets of the company at warehousing project at Salem, both present and future (except vehicles, equipment etc. charged to other banks / Fls), 4. Cash flow of Salem Warehouse will be routed through of Escrow A/C in ICICI, 5. Secured by personal guarantee of Mr. S L Ganapathi, Director ]
Total	66.117	50.944
Unsecured Loan	Rs. In Millions 31.12.2010	Rs. In Millions 31.03.2010
Unsecured Loan	8.698	8.133
Total	8.698	8.133

Banking Relations :	--
Financial Institution :	· 3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station complex, Vashi, Navi Mumbai-400703, Maharashtra, India
Auditors :
Name :	Maks and Associates Chartered Accountant
Address :	1 B-1/17, Lalita Park, Laxmi Nagar, Delhi-110092, India
Tel No.:	91-11-32005087
Mobile No. :	91-9811445455
Fax No.:	91-11-42487292
Email :	kkbhagirath@gmail.com
Associates :	· Logistics Plus Belgium · Logistics Plus Canada Limited · Logistics Plus GMBH · Logistics Plus Indonesia · Logistics Plus Mexico Limited · Logistics Plus Trurkey Limited · Logistics Plus UK Limited
Subsidiaries :	· Symatec Associates Private Limited
Investing Parties :	· Logistics Plus Inc., USA

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96490	Equity Shares	Rs.10/- each	Rs. 0.965 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 [9 months]	31.03.2010 [12 months]	31.03.2009 [12 months]
SHAREHOLDERS FUNDS
1] Share Capital		0.965	0.965	0.965
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.041	53.123	45.741
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		55.006	54.088	46.706
LOAN FUNDS
1] Secured Loans		66.117	50.944	39.134
2] Unsecured Loans		8.698	8.133	1.650
TOTAL BORROWING		74.815	59.077	40.784
DEFERRED TAX LIABILITIES		0.523	0.536	0.000
TOTAL		130.344	113.701	87.490
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.024	76.566	5.393
Capital work-in-progress		21.382	2.011	55.913
INVESTMENT		0.000	3.087	3.599
DEFERREX TAX ASSETS		0.000	0.000	0.464
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	32.196	38.256	38.840
	Cash & Bank Balances	0.968	0.832	9.503
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	40.054	35.557	18.903
Total Current Assets		73.218	74.645	67.246
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.294	14.079	14.890
	Other Current Liabilities	7.458	11.511	14.918
	Provisions	17.528	17.018	15.644
Total Current Liabilities		42.280	42.608	45.452
Net Current Assets		30.938	32.037	21.794
MISCELLANEOUS EXPENSES		0.000	0.000	0.327
TOTAL		130.344	113.701	87.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 [9 months]	31.03.2010 [12 months]	31.03.2009 [12 months]
	SALES
		Income	262.650	276.630	398.075
		Other Income
		TOTAL (A)	262.650	276.630	398.075
Less	EXPENSES
		Office Expenses
		Administrative Expenses	254.500	262.810	380.734
		Advertising Expenses
		TOTAL (B)	254.500	262.810	380.734
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.150	13.820	17.341
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.310	4.060	2.432
	EXTRAORDINARY ITEMS : LOSS ON SALE OF INVESTMENTS / ASSETS		2.430	0.000	0.000
	PROVISION FOR DIMINUTION IN VALUE OF INVESTMENTS		0.000	0.000	0.027
	PROFIT BEFORE TAX (E-F) (G)		1.410	9.760	14.882
Less	TAX (I)		0.490	2.380	6.119
	PROFIT AFTER TAX (G-I) (J)		0.920	7.380	8.763
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.251	45.741	36.978
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	2.870	0.000
	BALANCE CARRIED TO THE B/S		51.171	50.251	45.741
	Earnings Per Share (Rs.)		13	77	91

KEY RATIOS

PARTICULARS		31.12.2010 [9 months]	31.03.2010 [12 months]	31.03.2009 [12 months]
PAT / Total Income	(%)	0.35	2.67	2.20
Net Profit Margin (PBT/Sales)	(%)	0.54	3.53	3.74
Return on Total Assets (PBT/Total Assets}	(%)	0.93	6.45	20.36
Return on Investment (ROI) (PBT/Networth)		0.03	0.18	0.32
Debt Equity Ratio (Total Liability/Networth)		2.14	1.89	1.85
Current Ratio (Current Asset/Current Liability)		1.73	1.75	1.48

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

This is the ninth year of the working of the company. During the year, the company did well to achieve a turnover of INR 262.650 millions. (INR 276.630 millions) and earned a nominal profit of INR 0.92 millions. (INR 7.38 millions). During the current year we are hopeful to do much better.

COMPANY OVERVIEW

Subject was incorporated on 22^nd August 2001 and is engaged in providing logistics services mainly custom clearance, transportation, freight forwarding, warehouse management to its clients. The services provided by the company have helped its clients to have money and have expenses services for their logistics requirements.

FORM 8

Corporate identity number of the company	U60221DL2001PTC112104
Name of the company	NTL LOGISTICS PLUS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	206, 3^rd Floor, Okhla Industrial Estate, Phase-III, New Delhi-110020, Delhi, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station complex, Vashi, Navi Mumbai-400703, Maharashtra, India
Nature of instrument creating charge	Letter from Bank
Date of instrument Creating the charge	05.01.2011
Amount secured by the charge	Rs. 30.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Pricing : for term loan: IBAR+TP- 2.55% (13.0%) Terms of repayment Term Loan: The principal amount of the Facility shall be repaid in twenty four (24) quarterly equal installments starting September, 2008 and ending on June 2014. Margin 49%. Extent and operation of the charge First charge on warehouse at Salem East Re D, Ayothipattanam Sub D., Valapady Taluk S. No. 48/1A3 and S. No. 49/1A3 measuring 3.92 1/2 acres of land in total situated at Chinnagoundapuram Village. Other The above is to secure the term loan of Rs. 30 million sanctioned by ICICI Bank
Short particulars of the property charged (Including location of the property)	First charge on warehouse at Salem East Re D, Ayothipattanam Sub D., Valapady Taluk S. No. 48/1A3 and S. No. 49/1A3 measuring 3.92 1/2 acres of land in total situated at Chinnagoundapuram Village.
Charge identification number of the charge to be modified	10107610
Particulars of the present modification	Closure of derivative limit of Rs. 10 million. Now, the limit stands reduced from Rs. 40 million to Rs. 30 million (Term Loan)

FIXED ASSETS

· Building

· Plant and Machinery

· Commercial Vehicles

· Computers

· Computer Software

· Furniture and Fittings

· Office Equipments

· Car Land

CONTINGENT LIABILITIES:

a) The Company has given corporate guarantee to MIS. GE Appliances Asia Limited. on behalf of M/s. Shelka Marketing Services Private Limited

b) The Company has given corporate guarantee to ICICI Bank Limited for the credit facilities sanctioned to MIS. Shelka Marketing Services Private Limited for INR 70.0 millions. (INR 30.0 millions) Limits availed by M/s. Shelka Marketing Services Private Limited, as at period end amounted to INR 34.5 millions (INR 19.4 millions). Also ICICI Bank Limited has exclusive charge by way of Equitable mortgage (cross collateral) on Company's warehouse at Salem, Tamil Nadu;

c) The Company has guaranteed loan taken by Mr. S. L. Ganapathi, Managing Director, from M/s. Unitel Credit Private Limited. for INR 5.0 millions (INR 5.0 millions .), the period end balance amounted to INR 0.73 millions . (INR 4.40 millions );

d) The Company has guaranteed loan taken by Mr. S. L. Ganapathi, Managing Director, from MIS. ICICI HFC Limited for INR 8.5 millions (INR 8.5 millions), the period end balance amounted to INR 8.15 millions. (INR 8.5 millions );

e) Secured Loans, i. e, term loan and working capital loan from ICICI Bank Limited. are secured against fixed assets, current assets and further secured by personal guarantees of Mr. S. L. Ganapathi, Managing Director of the company;

f) Unsecured loan from Kotak Mahindra Bank for INR 3.0 millions (INR 3.0 millions), period end outstanding balance INR 2.2 millions (INR 2.8 millions), is secured by personal guarantees of Mr. S. L. Ganapathi, Managing Director of the company and MIS. Shelka Marketing Services Private Limited;

g) Unsecured loan from India Bulls Financial Services Limited for INR 3.5 millions (Nil), period end outstanding balance INR 3.1 millions (Nil), is secured by personal guarantees of Mr. S. L. Ganapathi, Managing Director of the company;

h) Loan from Unitel Credit Private Limited for INR 1.8 millions (Nil), period end outstanding balance INR 0.73 millions (Nil), is secured by personal guarantees of Mr. S. L. Ganapathi, Managing Director of the company and also 3 trucks owned by the company have been hypothecated for the same;

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. 44.15
UK Pound	1	Rs. 72.10
Euro	1	Rs. 63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.