MIRA INFORM REPORT

Report Date :

28.07.2011

IDENTIFICATION DETAILS

Name :	GTC LOGISTICS PRIVATE LIMITED
Registered Office :	39, Paschimi Marg, IIIrd Floor, Vasant Vihar, Opposite Vasant Vihar Club, New Delhi-110057
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.10.2009
Com. Reg. No.:	55-195202
Capital Investment/ Paid-up Capital:	Rs. 8.994 Millions
CIN No.: [Company Identification No.]	U60200DL2009PTC195202
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Logistic Services.
No. of Employees:	Approximately 25

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 44000
Status :	New Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively new company establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Profit and Loss of the company is not available.

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. Sudhashu
Designation :	Vice President
Contact No.:	91-9971688377
Date :	26.07.2011

LOCATIONS

Registered Office :	39, Paschimi Marg, IIIrd Floor, Vasant Vihar, Opposite Vasant Vihar Club, New Delhi-110057, India
Mobile No.:	91-9971688377 (Mr. Shudhanshu)
Fax No.:	91-11-26991111
E-Mail :	accounts@beeaar.com
Area :	Owned
Corporate Office :	Premier Building, 2^nd Floor, 9-Shahnajaj Road, Lucknow-226001, Uttar Pradesh, India
Tel. No.:	91-522-4152225/ 4152226
Fax No.:	91-522-2616611
Area :	Owned
Branches :	Located at:- Pune Lucknow Delhi

DIRECTORS

As on 31.12.2010

Name :	Mr. Vijay Kumar Agarwal
Designation :	Director
Address :	B-102, Gopala Apartments, Ram Tirath Marg, Narahi Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	20.08.1946
Date of Appointment :	13.10.2009
DIN No.:	00518109
Name :	Mr. Sushil Agarwal Kumar
Designation :	Director
Address :	B-102, Gopala Apartments, Ram Tirath Marg, Narahi Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	16.11.1954
Date of Appointment :	13.10.2009
DIN No.:	00518303
Name :	Mr. Suresh Kumar Agarwal
Designation :	Director
Address :	B-102, Gopala Apartments, Ram Tirath Marg, Narahi Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	14.07.1953
Date of Appointment :	13.10.2009
DIN No.:	00518147
Name :	Mr. Vivek Nanda
Designation :	Additional Director
Address :	F-211, Sainik Farm House, Mehrauli, Badarpur Road, New Delhi-110062, India
Date of Birth/Age :	07.07.1967
Date of Appointment :	01.04.2010
Date of Ceasing:	14.03.2011
DIN No.;	00553713
Name :	Mr. Bhuvan Om Prakash Nanda
Designation :	Additional Director
Address :	F-211, Sainik Farm House, Mehrauli, Badarpur Road, New Delhi-110062, India
Date of Birth/Age :	08.09.1963
Date of Appointment :	01.04.2010
Date of Ceasing:	14.03.2011
DIN No.:	01821411

KEY EXECUTIVES

Name :	Mr. Sudhashu
Designation :	Vice President
Name :	Mr. Rudrangshu
Designation :	Accounts Manager
Name :	Mr. Raj Kumar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	No. of Shares
Vijay Kumar Agarwal	85000
Suresh Kumar Agarwal	55000
Sushil Kumar Agarwal	175000
Agarwal Brothers HUF	100
Akshita Agarwal	9000
Anjali Agarwal	60000
Bola Nath Agarwal HUF	140000
Deepika Agarwal	15000
Naintara Agarwal	80000
Nalini Agarwal	100
Premlata Agarwal	10000
Ragini Agarwal	100
Rajeneesh Agarwal	80000
Subhash Chandra Agarwal HUF	100
Sumeet Kumar Agarwal	50000
Suresh Kumar Agarwal HUF	70000
Sushil Kumar Agarwal HUF	50000
Vijay Kumar Agarwal HUF	20000
Shakuntla Nanda	280000
Om Prrakash Nanda	70000
Bhuvan Nanda	175000
Vivek Nanda	175000
Krishna Agarwal	100000
Nitin Agarwal	50000
Abhishek Agarwal	600
Total	1750000

Equity Share Breakup (Percentage of Total Equity)

As on 31.12.2010

Category	Percentage
Directors or relatives of Directors	91.41
Other top fifty shareholders	8.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Logistic Services.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

• Hyundai
• Tata

No. of Employees :

Approximately 25

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapur, Baroda-390015 Gujarat, India
• HDFC Bank
• Indian Overseas Bank

Facilities :

Secured Loans	31.03.2010 Rs. in Millions
Term Loan Against Hypothecation of Vehicles and personal guarantee of directors	46.727
Total	46.727
Unsecured Loans	31.03.2010 Rs. in Millions
From Shareholders	22.236
From Corporate	1.563
Total	23.799

Banking Relations :	--
Auditors :
Name :	G. J. Nigama and Company Chartered Accountant
Address :	127, 1^st Floor, Prince Complex, Nawal Kishore Road, Hazrlatganj, Lucknow-226001, Uttar Pradesh, India
Associates/Subsidiaries :	Premier Car Sales Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs. 10/- each	Rs. 17.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
899400	Equity Shares	Rs. 10/- each	Rs. 8.994 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.994
2] Share Application Money		0.000
3] Reserves & Surplus		1.901
4] (Accumulated Losses)		0.000
NETWORTH		10.895
LOAN FUNDS
1] Secured Loans		46.727
2] Unsecured Loans		23.799
TOTAL BORROWING		70.526
DEFERRED TAX LIABILITIES		0.000
TOTAL		81.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.251
Capital work-in-progress		19.920
INVESTMENT		0.000
DEFERREX TAX ASSETS		2.025
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	6.416
	Cash & Bank Balances	2.665
	Other Current Assets	0.000
	Loans & Advances	5.456
Total Current Assets		14.537
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.462
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		4.462
Net Current Assets		10.075
MISCELLANEOUS EXPENSES		0.150
TOTAL		81.421

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	13.500	11.700

The above information has been parted by Mr. Shudhashu Agarwal (Vice President)

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	6.88
Current Ratio (Current Asset/Current Liability)	3.26

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U60200DL2009PTC195202
Name of the company	GTC LOGISTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	39, Paschimi Marg, IIIrd Floor, Vasant Vihar, Opposite Vasant Vihar Club, New Delhi-110057, India
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapur, Baroda-390015 Gujarat, India
Nature of instrument creating charge	Unattested Deed of Hypothecation (Borrower)
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs. 22.905 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.01% p.a. Terms of Repayment Repayable in 47 EMI of Rs. 0.608 Million each Margin Nil Extent and Operation of the charge Against LPS 3518 X 15 Chassis
Short particulars of the property charged	LPS 3518 X 15 Chassis

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 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.43.95
UK Pound	1	Rs.72.12
Euro	1	Rs.63.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	YES
--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.