MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	Vantec Logistics India Private Limited
Registered Office :	Module No. 28, SIDCO Garment Complex, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai-600032, Tamilnadu
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	18.08.2008
Com. Reg. No.:	TN-068887
Capital Investment/ Paid-up Capital:	Rs.0.100 million
CIN No.: [Company Identification No.]	U36010TN2008PTC068887
TAN No.: [Tax Deduction & Collection Account No.]	CHEV09270C
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in the business of Automotive logistic services.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is relatively new company having moderate track. There appears huge accumulated losses recorded by the company. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Module No. 28, SIDCO Garment Complex, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai-600032, Tamilnadu, India
E-Mail :	r.naresh@vantec-india.com

DIRECTORS

(AS ON 30.06.2010)

Name :

Takeshi Nohara

Designation :

Director

Address :

3211-4, Fukami Yamato, Kanagawa-2420011, Japan

Date of Birth/Age :

11.03.1958

Date of Appointment :

01.04.2010

DIN No. :

02984245

Name :

Jun Nishimura

Designation :

Director

Address :

3-6-5, Inokashhira Mitaka, Tokyo-1810001, Japan

Date of Birth/Age :

10.12.1958

Date of Appointment :

17.06.2010

DIN No. :

03091151

Name :

Mr. Ramprasad Jayaraman

Designation :

Director

Address :

New No.24, Old No.40, Vijayaraghava Road, T Nagar, Chennai-600017, Tamilnadu, India

Date of Birth/Age :

17.07.1979

DIN No. :

01298615

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29193TN2007PTC062777	First Technology Safety Systems Private Limited	Director	19/03/2007	19/03/2007	21/03/2007	Active	YES
2	U51504TN2007PTC063055	Atmel R and D India Private Limited	Director	10/4/2007	10/4/2007	2/8/2009	Active	NO
3	U72100TN2006PTC061229	Ngin Technologies Private Limited	Alternate director	31/03/2009	1/7/2007	5/11/2009	Active	NO
4	U70101TN2008PTC066500	Havenstead Developers Private Limited	Director	18/02/2008	18/02/2008	24/04/2008	Strike off	NO
5	U31900TZ2008PTC016165	Maclean-Fogg (India) Trading Private Limited	Director	8/4/2008	8/4/2008	12/6/2008	Active	NO
6	U15543TN2008PTC067726	Pearll Waters India Private Limited	Director	14/05/2008	14/05/2008	-	Active	NO
7	U72400TN2008PTC068541	Raqmiyat Information Technology Private Limited	Director	11/7/2008	11/7/2008	30/07/2008	Active	NO
8	U63032TN2008PTC068798	Vistaar Shipping Services (India) Private Limited	Director	7/8/2008	7/8/2008	3/6/2009	Active	NO
9	U63010TN2008PTC068887	Vantec Logistics India Private Limited	Director	18/08/2008	18/08/2008	20/10/2008	Active	NO
10	U72200TN2008PTC070331	Datasync Solutions Private Limited	Alternate director	1/1/2009	1/1/2009	3/1/2009	Active	NO
11	U72900KA2009PTC048795	Netexpert Technologies Private Limited	Additional director	31/01/2009	31/01/2009	-	Active	NO
12	U16004AP2009PTC064907	Innovision Products Private Limited	Director	9/2/2009	9/2/2009	5/9/2009	Active	NO
13	U29120TN2009PTC072147	Vandothra Technologies Private Limited	Director	2/7/2009	2/7/2009	-	Active	NO
14	U74910TN2007PTC064132	Tqm Personnel Services India Private Limited	Director	30/09/2010	1/10/2009	-	Active	NO
15	U65993TN1995PTC030968	Aneka Hygiene Products Private Limited	Additional director	26/02/2010	26/02/2010	1/8/2011	Active	NO
16	U74990TN2010PTC076015	L N P Packaging Private Limited	Director	4/6/2010	4/6/2010	4/8/2010	Active	NO
17	U40106TN2010PTC076386	Amara Energy Private Limited	Director	30/06/2010	30/06/2010	3/9/2010	Active	NO
18	U85100TN2010PTC076413	Mns De Fitness Club Private Limited	Director	2/7/2010	2/7/2010	3/7/2010	Active	NO
19	U61200TN2010PTC077723	Lal Offshore Marine India Private Limited	Director	18/10/2010	18/10/2010	22/10/2010	Active	NO
20	U29248TN2010PTC077660	Moment Construction Systems Private Limited	Additional director	31/12/2010	31/12/2010	27/01/2011	Active	NO
21	U65990TN2011PTC079460	Karn Holdings And Investments Private Limited	Director	3/3/2011	3/3/2011	-	Active	NO
22	U74900TN2011PTC080450	Waldemar Link India Private Limited	Director	4/5/2011	4/5/2011	-	Active	NO

Name :

Mr. Rangarajan Ramakrishnan

Designation :

Director

Address :

2-56, Allur Agraharam, Allur, Tiruchirapallai-639101, Tamilnadu, India

Date of Birth/Age :

16.07.1969

DIN No. :

01656017

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29193TN2007PTC062777	First Technology Safety Systems Private Limited	Director	19/03/2007	19/03/2007	21/03/2007	Active	YES
2	U51504TN2007PTC063055	Atmel R and D India Private Limited	Director	10/4/2007	10/4/2007	30/08/2007	Active	NO
3	U72100TN2006PTC061229	Ngin Technologies Private Limited	Director	1/7/2007	1/7/2007	18/08/2007	Active	NO
4	U70101TN2008PTC066500	Havenstead Developers Private Limited	Director	18/02/2008	18/02/2008	24/04/2008	Strike off	NO
5	U31900TZ2008PTC016165	Maclean-Fogg (India) Trading Private Limited	Director	8/4/2008	8/4/2008	12/6/2008	Active	NO
6	U72400TN2008PTC068541	Raqmiyat Information Technology Private Limited	Director	11/7/2008	11/7/2008	30/07/2008	Active	NO
7	U63010TN2008PTC068887	Vantec Logistics India Private Limited	Director	18/08/2008	18/08/2008	20/10/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.06.2010)

Names of Shareholders	No. of Shares
Vanteck Corporation, Japan	1899999
Vantec Europe Limited, The United Kingdom	1
Total	1900000

Equity Share Breakup

(AS ON 30.06.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of Automotive logistic services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountant
Address :	TPL House, II Floor, No.3, Cenotaph Road, Teynampet, Chennai-600018, Tamilnadu, India
Tel. No.:	91-44-66328400
Fax No.:	91-44-24311450
Holding Company :	Vantec Corporation, Japan
Fellow Subsidiary :	Vantec World Transport (Thailand) Company Limited

CAPITAL STRUCTURE

(AS ON 30.06.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs..100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5900000	Equity Share	Rs.10/- each	Rs.59.000 millions

(AS ON 31.12.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Share	Rs.10/- each	Rs.19.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009 (for 9 months)	31.03.2009 (for 12 months)
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		18.900	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(14.592)	(2.400)
NETWORTH		4.408	(2.300)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		4.408	(2.300)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.042	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	3.874	0.100
	Other Current Assets	1.285	0.000
	Loans & Advances	4.780	0.000
Total Current Assets		9.939	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.573	2.385
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.015
Total Current Liabilities		7.573	2.400
Net Current Assets		2.366	(2.300)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4.408	(2.300)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009 (for 9 months)	31.03.2009 (for 12 months)
	TOTAL INCOME		0.868	0.000
Less	EXPENSES
		Personal Expenses	7.392	1.671
		Operating and Other Expenses	5.514	0.714
		TOTAL	12.906	2.385
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		(12.038)	(2.385)
Less/ Add	DEPRECIATION/ AMORTISATION		(0.153)	0.000
	PROFIT/LOSS BEFORE TAX		(12.191)	(2.385)
Less	TAX		0.000	0.015
	PROFIT/LOSS AFTER TAX		(12.191)	(2.400)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.584	0.000
	TOTAL EARNINGS		0.584	0.000
	Earnings Per Share (Rs.)		(1219.10)	0.000

KEY RATIOS

PARTICULARS		31.12.2009 (for 9 months)	31.03.2009 (for 12 months)
PAT / Total Income	(%)	(1404.49)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(101.75)	(2385.00)
Return on Investment (ROI) (PBT/Networth)		(2.76)	(1.04)
Debt Equity Ratio (Total Liability/Networth)		1.72	(1.04)
Current Ratio (Current Asset/Current Liability)		1.31	(0.04)

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from GF-9, Lokesh Tower, No.18, Kodambakkam High Road, Chennai-600034, Tamilnadu, India to the present address with effect from 01.11.2011.

BACKROUND:

Subject (‘Vantec India’ or ‘the Company ’) was incorporated in India on August 18, 2008 under the Companies Act, 1956. The Company is a subsidiary of Vantec Corporation, Japan (‘Vantec Japan’). Vantec Japan has been set up to engage in the business of providing warehousing and freight forwarding logistic services.

OPERATIONAL REVIEW:

The Company has started its business operation and has entered into various agreements in relation with its business activity. The company expects that in future the business operation shall be multiple. The Auditors in their report 30^th June 2010 had mentioned that the Company’s accumulated losses to the extent of over Rs.14.500 millions have substantially croded the shareholder’s funds of Rs.19.000 millions

The Board has allotted equity shares worth Rs.19.000 millions to M/S Vantec Corporation Japan from whom the Share application money was received during the period. The Company has since received, after the period, further influsion of Capital and they are confident about the ability of the Company to continue as a going concern.

FIXED ASSETS:

· Plant and Machinery

· Computers

· Office Equipments

· Furniture and Fixtures

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		15

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	-

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