MIRA INFORM REPORT

Report Date :

27.07.2011

IDENTIFICATION DETAILS

Name :	WILSON SANDHU LOGISTICS (INDIA) LIMITED (w.e.f 10.10.2007)
Formerly Known As :	WILSON SANDHU LOGISTICS (INDIA) PRIVATE LIMITED
Registered Office :	2 Swarop Chambers, Opposite Aaiimport Warehouse Sahar, Pipeling Road, Andheri (East), Mumabai - 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	29.01.1993
Com. Reg. No.:	070572
Capital Investment / Paid-up Capital :	Rs.14.702 millions
CIN No.: [Company Identification No.]	U63010MH1993PLC070572
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business as Freight Forwarders
No. of Employees :	250 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2221892
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the latest financials of the company with the government departments. Trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings with some cautions.

NOTES :

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

INFORMATION DECLINED BY

Name :	Ms. Archna
Designation :	Account Executive
Date :	25.07.2011

LOCATIONS

Registered Office :	2 Swarop Chambers, opp. Aaiimport Warehouse Sahar, Pipeling Road, Andheri (East), Mumabai - 400059, Maharashtra, India.
Tel. No.:	91-22-28233445
Fax No.:	91-22-28376886
E-Mail :	wslho@vsnl.com manoj.agarwal@wilsonsandhu.net
Location :	Owned
Head Office :	A – 105, Mithila Apartment, 44 FT, D B Desai Road, Near Jain Temple, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India.
E-Mail :	wslho@vsnl.com
Branches :	Located At: · Bangalore · Cochin · Coimbatore · Kalambali · Nhava Sheva · Chennai, · Mumbai (city office) · New Delhi · Pune · Secunderabad · Tirupur · Jaipur · Kolkata.

DIRECTORS

AS ON 29.09.2008

Name :	Mr. Raghbir Singh Sandhu
Designation :	Managing Director
Address :	Bungalow No. G001 / 002, Arshie Complex, Yari Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.
Date of Birth/Age :	20.04.1957
Date of Appointment :	29.01.1993
Name :	Mr. Geetanjali R. Sandhu
Designation :	Director
Address :	Bungalow No. G001 / 002, Arshie Complex, Yari Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.
Date of Birth/Age :	17.01.1965
Date of Appointment :	29.01.1993
Name :	Mr. Bakshish Singh Sandhu
Designation :	Director
Address :	Bungalow No. G001 / 002, Arshie Complex, Yari Road, Andheri (West), Mumbai – 400 061, Maharashtra, India.
Date of Birth/Age :	07.08.1964
Date of Appointment :	30.09.1999
Name :	Mr. Nirmal Singh Sandhu
Designation :	Director
Address :	Palm Springs, Flat No. F-7, ‘C’ Cross, 16^th Main, 4^th Block, Koramangala, Bangalore -560 034, India.
Date of Birth/Age :	02.12.1967
Date of Appointment :	23.09.2003
Name :	Mr. Muneesh Chawla
Designation :	Director
Date of Birth/Age :	04.01.1967
Date of Appointment :	10.10.2007

KEY EXECUTIVES

Name :	Mr. Rajendra D Sawant
Designation :	Secretary
Date of Appointment :	01.09.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2008

Names of Shareholders	No. of Shares
Mr. Raghbir Singh Sandhu	70870
Mr. Geetanjali R. Sandhu	64044
Mr. Bakshish Singh Sandhu	6033
Mr. Nirmal Singh Sandhu	6033
Gunjan Sandhu	10
Ares Investment, Mauritius	25
Simran Kaur Sandhu	10
Total	147025

AS ON 29.09.2008

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]		0.02
Directors or relatives of directors		99.98
	Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business as Freight Forwarders

GENERAL INFORMATION

No. of Employees :

250 Approximately

Bankers :

· Standard Chartered Bank, SME Credit, 23-25, MG Road, Fort, Mumbai -400 001, Maharashtra, India.

· Development Credit Bank Limited

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2007	31.03.2006
From Banks
- Term Loans [Repayable within one year Rs. 0.457 million]	0.809	1.689
- Overdrafts	59.142	57.262
From Others
- Term Loans from Financial Institutions [Repayable within one year Rs. 2.760 millions]	8.422	2.166
Total	68.373	61.117
Notes: a. Term loans from banks and financial institutions are secured by hypothecation of vehicles b. Overdraft from bank is secured primarily by hypothecation of book debts along with collateral security of mortgage of two commercial properties at Mumbai, warehouse at Kalamboli and fixed deposits liened in favour of the bank [upto Rs. 25.904 millions . These loans and overdraft are further guaranteed by the Managing Director and a Director of the Company in their personal capacity.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse (Lalit Punjabi) Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Mumbai 400028, Maharashtra, India
Subsidiaries:	· Detraco Gmbh International Spedition · German Sky and Sea Express Company Limited

CAPITAL STRUCTURE

AS ON 29.09.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100 each	Rs.30.000 millions
4500	Preference Shares	Rs. 100000 each	Rs. 450.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147025	Equity Shares	Rs. 100 each	Rs.14.702 millions
4499	Preference Shares	Rs. 100000 each	Rs. 449.900 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		464.602	14.700	14.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		90.871	99.549	94.015
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		555.473	114.249	108.715
LOAN FUNDS
1] Secured Loans		67.465	68.373	61.117
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		67.465	68.373	61.117
DEFERRED TAX LIABILITIES		0.000	3.191	1.459
TOTAL		622.938	185.813	171.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.823	37.732	33.107
Capital work-in-progress		7.307	14.321	0.000
INVESTMENT		272.222	0.183	0.000
DEFERREX TAX ASSETS		0.447	0.000	0.183
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	688.942	685.987	319.967
	Cash & Bank Balances	119.764	107.972	92.710
	Other Current Assets	1.399	1.344	2.212
	Loans & Advances	89.056	39.472	44.291
Total Current Assets		899.161	834.775	459.180
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	621.605	291.955
	Other Current Liabilities	598.352	21.369	10.001
	Provisions	8.670	58.224	19.223
Total Current Liabilities		607.022	701.198	321.179
Net Current Assets		292.139	133.577	138.001
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		622.938	185.813	171.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Sales	232.524	236.664	231.361
		Other Income	25.600	22.816	0.000
		TOTAL (A)	258.124	259.480	231.361
Less	EXPENSES
		Employees Remuneration	82.963	66.537	NA
		Administrative Expenses	82.922	83.725	NA
		TOTAL (B)	165.885	150.262	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.239	109.218	NA
Less	FINANCIAL EXPENSES (D)		9.628	7.023	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.611	102.195	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.278	5.976	NA
Less	Exceptional Items		7.404	0.000	NA
	PROFIT BEFORE TAX (E-F) (G)		68.929	96.219	NA
Less	TAX (H)		19.961	40.982	NA
	PROFIT AFTER TAX (G-H) (I)		48.968	55.237	88.824
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		57.854	57.855	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	4.896	5.535	NA
		Dividend	0.000	42.483	NA
		Interim Dividend	34.441	0.000	NA
		Tax on Dividend	5.855	7.220	NA
	BALANCE CARRIED TO THE B/S		61.630	57.854	NA
	Earnings Per Share (Rs.)		316.27	375.77	--

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	18.97	21.28	38.39
Net Profit Margin (PBT/Sales)	(%)	29.64	40.65	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.25	11.02	NA
Return on Investment (ROI) (PBT/Networth)		0.12	0.84	NA
Debt Equity Ratio (Total Liability/Networth)		1.21	6.76	3.52
Current Ratio (Current Asset/Current Liability)		1.48	1.19	1.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2008	31.03.2007	31.03.2006
Sundry Creditors	0.000	621.605	291.955

FIXED ASSETS:

· Office Equipment

· Vehicle

· Furniture and Fixtures

· Leasehold Improvement

PROFILE:

Founded in 1990, Subject provides freight forwarding and logistics services. The company offers a range of airfreight transportation services, including domestic airfreight forwarding, import and export consolidation, and perishable and hazardous goods handling. It also specialises in automobile and textile shipment handling and import and export documentation services. In addition, the company provides sea cargo handling, transportation and documentation services. It offers various services related to secured vessel space allotment and container logistics planning. Additionally, the company provides computerised cargo tracking, supply chain management and warehousing services. It also offers exhibition installation, project shipment and full-vessel chartering services.

FORM 8

Corporate identity number of the company	U63010MH1993PLC070572
Name of the company	WILSON SANDHU LOGISTICS (INDIA) LIMITED (w.e.f 10.10.2007)
Address of the registered office or of the principal place of business in India of the company	2 Swarop Chambers, Opposite Aaiimport Warehouse Sahar, Pipeling Road, Andheri (East), Mumabai - 400059, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, MG Road, Fort, Mumbai -400 001, Maharashtra, India. Email: reenabang@rediffmail.com
Nature of instrument creating charge	Memorandum of Entry - Supplemental
Date of instrument Creating the charge	28.05.2009
Amount secured by the charge	Rs. 78.250 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and operation of the charge The Bank is having first charge on the security given by the Company.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage on Flat No. 105, First Floor, Mithila apts., J B Nagar, Andheri (East), Mumbai – 400 069.
Date of instrument modifying the charge	21.04.2006
Particulars of the present modification	By present modification, the existing charge of Rs.55.750 millions enhanced to Rs.78.250 millions against the security of immovable property of Flat No. 105, First Floor, Mithila apts., J B Nagar, Andheri (East), Mumbai – 400 069.

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.44.29
UK Pound	1	Rs.72.36
Euro	1	Rs.64.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.