MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	DELEX CARGO INDIA PRIVATE LIMITED
Registered Office :	9/5, Nandanam Extension 1^st Street, Nandanam Chennai – 600035, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.06.2009
Com. Reg. No.:	18-071996
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U74900TN2009PTC071996
Legal Form :	Private Limited Liability Company
Line of Business :	Logistic and Supply Chain Services and Solutions
No. of Employees :	145 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 450000
Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a new company established itself gradually. The company has successfully achieved sizable turnover in its very first year of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Murti
Designation :	Chief Executive Officer
Contact No.:	91-9004077000
Date :	16.06.2011

LOCATIONS

Registered Office :	9/5, Nandanam Extension 1^st Street, Nandanam Chennai – 600035, Tamilnadu, India
Tel. No.:	91-22-61116999
Mobile No.:	91-9004077000 (Mr. Maruti)
E-Mail :	nareddy@ndrwarehousing.com
Website :	http://www.delex.in
Area :	Owned
Corporate Office :	B401, Pramukh Plaza, Opposite P and G Office, G.C. Road, Chakala Andheri (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-67366900
Fax No.:	91-22-67366999
International Fright Forwarding Offices :	Located at : · Mumbai · Delhi · Pune · Ahmadabad
Regional Offices :	Located at : · Delhi · Mumbai · Bangalore · Kolkata
Area offices :	Located at : · Ahmadabad · Chandigarh · Chennai · Hyderabad

DIRECTORS

AS ON : 11.11.2010

Name :	Mr. Amrutesh Reddy Naidu
Designation :	Director
Address :	13A, Seventh Street, Ashtalakshmi Nagar, Valasaravakkam, Chennai-600087, Tamilnadu, India
Date of Birth/Age :	18.02.1979
Date of Appointment :	18.06.2009
Din No.:	00898556
Name :	Mr. Adikesavulu Naidu Reddy
Designation :	Additional Director
Address :	Ab 12, 2^nd Avenue, Anna Nagar, Chennai, 600040, Tamil Nadu, INDIA
Date of Birth/Age :	19.05.1954
Date of Appointment :	25.09.2009
Din No.:	00236761
Name :	Mr. Chandrasekar Kandasamy
Designation :	Additional Director
Address :	Villa 17, Phase I, Palm Meadows, Airport Whitefield Road, Bangalore, 560066, Karnataka, India
Date of Birth/Age :	31.01.1967
Date of Appointment :	25.09.2009
Name :	Mr. Annapureddy Vishwanath Reddy
Designation :	Additional Director
Address :	8-3-100/2/103/112, Capri Tower, Srinagar Colony, Yellareddyguda, Hyderabad, 500073, Andhra Pradesh, India
Date of Birth/Age :	23.05.1961
Date of Appointment :	25.09.2009
Din No.:	0073512
Name :	Mr. Srinivas Sattiraju
Designation :	Additional Director
Address :	164, 2nd Floor, Near Anjaneya Temple, Domlur, Bangalore, 560071, Karnataka, India
Date of Birth/Age :	14.01.1966
Date of Appointment :	25.09.2009
Din No.:	02784506
Name :	Ms. Naidu Kamakshi Reddy
Designation :	Director
Address :	13A, Seventh Street, Ashtalakshmi Nagar, Valasaravakkam, Chennai-600087, Tamilnadu, India
Date of Appointment :	18.06.2009
Date of Ceasing :	25.09.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON : 11.11.2010

Names of Shareholders	No. of Shares
Amrutesh Reddy Naidu	965000
Naidu Kamakshi Reddy	35000
ePlanet Ventures II L.P	183500
Aureos South Asia Fund L.L.C, Mauritius	215600
Aureos Offshore India Opportunities Fund, Mauritius	68800
Aureos India Trustees Private Limited, India	32100
Total	1500000

AS ON : 11.11.2010

Category	Percentage
Bodies corporate	33.34
Directors or relatives of Directors	66.66
Total	100.00

BUSINESS DETAILS

Line of Business :	Logistic and Supply Chain Services and Solutions
Terms :
Purchasing :	Depend

GENERAL INFORMATION

No. of Employees :

145 (Approximately)

Bankers :

· ANDHRA BANK, Chennai Main Branch, 48/39 Wavoo Mansion, Rajaji Salai, Chennai – 600001, Tamil Nadu, India

· HDFC Bank

· Canara Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Canara Bank Computers Loans (secured against 254 leptops) (amount repayable within 12 months is Rs. 1.748 millions (P.Y. Rs. Nil)	4.856	Nil
HDFC Bank Car Loan (Secured against motor car – Skoda Laura) (Repayable within 12 months of Rs. 0.428 millions)	1.232	Nil
Andhra Bank OD A/c (Secured against book debts ) (against collateral security and personal guarantee of promoters )	23.467	Nil
Total	29.556	Nil

Banking Relations :	--
Auditors :
Name :	R Shetty and Associates Chartered Accountant
Address :	B-301, Kailash Esplande, Opposite Shryas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25001842 / 40111792
E-Mail :	ca.ravishatty@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		95.902
3] Reserves & Surplus		0.989
4] (Accumulated Losses)		0.000
NETWORTH		111.891
LOAN FUNDS
1] Secured Loans		29.556
2] Unsecured Loans		0.000
TOTAL BORROWING		29.556
DEFERRED TAX LIABILITIES		1.371
TOTAL		142.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.956
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	112.799
	Cash & Bank Balances	24.025
	Other Current Assets	0.000
	Loans & Advances	30.220
Total Current Assets		167.044
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.910
	Other Current Liabilities	22.601
	Provisions	0.425
Total Current Liabilities		54.936
Net Current Assets		112.108
MISCELLANEOUS EXPENSES		13.754
TOTAL		142.818

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010
	TOTAL INCOME			131.680
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses		128.893
		Interest
		Depreciation
		TOTAL		128.893
	PROFIT BEFORE TAX			27.787
Less	TAX			26.797
	PROFIT AFTER TAX			0.990
	Earnings Per Share (Rs.)			0.66

Particulars	31.03.2011
Sales Turnover	600.000

The above information has been parted by Mr. Maruti.

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	0.75
Return on Total Assets (PBT/Total Assets}	(%)	15.10
Return on Investment (ROI) (PBT/Networth)		0.24
Debt Equity Ratio (Total Liability/Networth)		0.75
Current Ratio (Current Asset/Current Liability)		3.04

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In millions)

Particulars	31.03.2010	31.03.2009
Sundry Creditors	31.910	Nil

FORM : 8

Corporate identity number of the company	U74900TN2009PTC071996
Name of the company	DELEX CARGO INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9/5,Nandanam Extension 1st Street, Nandanam, Chennai – 600035, Tamil Nadu, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	ANDHRA BANK, Chennai Main Branch, 48/39 Wavoo Mansion, Rajaji Salai, Chennai – 600001, Tamil Nadu, India
Nature of instrument creating charge	Confirmation letter executed by M/s. NDR PLANTATION PRIVATE LIMITED, to secure the existing Credit Facility of Rs.70.000 Crores enjoyed by M/s. DELEX CARGO INDIA PRIVATE LIMITED.
Date of instrument Creating the charge	31/01/2011
Amount secured by the charge	Rs. 70.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As determined by the bank from time to time. Terms of repayment As determined by the bank from time to time. Margin As determined by the bank from time to time. Extent and operation of the charge As mentioned in column no.15 of this e form. Other Facility Limit (Rs in millions) SOD 70.000 against Book Debts All other terms and conditions as per the sanction letters and instruments executed.
Date of instrument modifying the charge	12/01/2011
Particulars of the present modification	Additional securities has been offered to the bank by way of EM of properties situated at Nidaghatta Village, Jadigena Halli Hobli, Hoskote Taluk, Bangalore, total land measuring Acre 12.31 Guntas, owned by M/s.NDR PLANTATIONS PVT LTD, to secure the existing Credit Facility of Rs.70.000 millions enjoyed by the company together with interest, cost and expenses which shall be debited to the account from time to time. All other terms and conditions as per the sanction letter and instruments executed.

FIXED ASSETS :

· Computer Hardware

· Computer Software

· Plant and Machinery

· Furniture and Fixtures

· Motor Car

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. 44.93
UK Pound	1	Rs. 72.42
Euro	1	Rs. 63.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		27

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.