MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	FLYJAC LOGISTICS PRIVATE LIMITED
Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.03.2008
Com. Reg. No.:	11-180548
Capital Investment / Paid-up Capital :	Rs.250.000 millions
CIN No.: [Company Identification No.]	U63000MH2008PTC180548
Legal Form :	Private Limited Liability Company
Line of Business :	Acts as Shipping, freight Forwarding Agents and Offers Logistics Services.
No. of Employees :	2500 (Approximately)

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 1840000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Flyjac logistics, a partnership concern started in the year 1990. It is an established company having satisfactory track. 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

INFORMATION PARTED BY

Name :	Mr. Subhash
Designation :	Finance Executive
Contact No.:	91-22-30904900

LOCATIONS

Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra, India
Tel. No.:	91-22-28329758 / 30909900
Fax No.:	91-22-28366609
E-Mail :	bcmehta@flyjac.com info@flyjac.com sales@flyjac.com sagarsakrorkar@flyjac.com
Website :	www.flyjaclogistics.com
Area :	3500 sq.ft
Location :	Owned
Air / Ocean Import Office:	Vaibhav Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-28322103 / 28329758 / 28371267
Fax No.:	91-22-28366609 / 28362563
E-Mail :	flyjac@bom3.vsnl.net.in fjlbom@flyjac.com
Website :	http://www.flyjac.com
Air / Ocean Export & Clearance Office:	102, Awas Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-28315494/97/28306244/45/47
Fax No.:	91-22-28315512
E-Mail :	flyjac@bom3.vsnl.net.in fjlbom@flyjac.com
BRANCHES:
Address:	No. 3, Davidson Street, 1^st Floor, Off Broadway, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-25234009 (5 lines)
Fax No.:	91-44-252222401/25261536
E-Mail:	flymaa@vsnl.com
Contact Person:	Mr. Ravikumar, Mr. Ramdass, Mr. Unni, Mr. Sethu
Area :	7000 Sq.ft
Location :	Owned
Address:	Jay Towers, Office No. 22/23, Kalbhor Nagar, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	91-9520-27489715
Fax No.:	91-9520-27485969
E-Mail:	flyjac@pn.vsnl.net.in fjlpnq@flyjac.com
Contact Person:	Mr. Jayesh Vora
Area :	7000 Sq.ft
Location :	Owned
Address:	20/11E, Roche Colony, Second Street, Tuticorin-628001, Tamilnadu, India
Tel. No.:	91-461-2329874/75/2326460
Fax No.:	91-461-2323499
E-Mail:	Ttn_flytuti@sancharnet.in fjltut@flyjac.com
Contact Person:	Mr. Renjith Thomas, Mr. Harikumar
Area :	7000 Sq.ft
Location :	Owned
Address:	2A, Shivam Society, Near Chani Jakat Naka, Vadodara-390002, Gujarat, India
Tel. No.:	91-265-2761774
Fax No.:	91-265-2774244
E-Mail:	flyjac@sify.com
Contact Person:	Mr. J D Shah
Area :	7000 Sq.ft
Location :	Owned
Address:	3A, Mezzanine Floor, Rippon Street, Kolkatta-700016, West Bengal, India
Tel. No.:	91-33-22160403/22295874/22295890
Fax No.:	91-33-22469584
E-Mail:	fjfccuu@cal.vsnl.net.in
Contact Person:	Mr. A Rajesh, Mr. Mahesh
Area :	7000 Sq.ft
Location :	Owned
Address:	210, Sakar V, Behind Natraj Cinema, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26584101/6586554
Fax No.:	91-79-26586961
E-Mail:	fjfamd@icenet.net fjlamd@flyjac.com
Contact Person:	Mr. Minesh Oza
Area :	7000 Sq.ft
Location :	Owned
Address:	414, Connection Point, Next to MSIL Cargo Complex, Airport Road, Bangalora-560017, Karnataka, India
Tel. No.:	91-80-5228047/49/50/5225048
Fax No.:	91-80-5229643
E-Mail:	flyjac@mantraonline.com fjlblr@flyjac.com
Contact Person:	Wg. Cdr. Shankar
Area :	7000 Sq.ft
Location :	Owned
Address:	Door Nn. 8, Kerithika Apartment, Near AEPC, Indira Nagar, Tirupur-5660003, India
Tel. No.:	91-421-2244716/2208641/2208207
Fax No.:	91-421-2245982
E-Mail:	flupr@md3.vsnl.net.in
Contact Person:	Mr. Suresh
Area :	7000 Sq.ft
Location :	Owned
Address:	516/517, Vishal Towers, 10, District Centre, Janakpuri, New Delhi-110058, India
Tel. No.:	91-11-25502731/25502750/25528992
Fax No.:	91-11-25526004
E-Mail:	fjfdel@ndf.vsnl.net.in fjfdel@del6.vsnl.net.in fjldel@flyjac.com
Contact Person:	Mr. Manoj Kumar, Venkat, Mr. Rajesth A, Mr. Srijit, Mr. Sanjeev (Branch Manager)
Area :	7000 Sq.ft
Location :	Owned
Address:	306, 3^rd Floor, Jabbar Building, Beside Shoppers Stop, Begumpet, Hyderabad-500016, Andhra Pradesh, India
Tel. No.:	91-40-27765687
Fax No.:	91-40-27761671
E-Mail:	nsvkrishnarao@eudoramail.com
Contact Person:	Mr. Krishna Rao
Area :	7000 Sq.ft
Location :	Owned
Address:	Peirce Leslie Building, B. Ristow Road, Willingdon Island, Cochin-682003, Kerela, India
Tel. No.:	91-484-2669896/2669905
Fax No.:	91-484-2668787
E-Mail:	flycok@md4.vsnl.net.in
Contact Person:	Mr. Ajit Kumar
Area :	7000 Sq.ft
Location :	Owned
Address:	Laksh Jyot Complex Housing Society, II Floor, Flat No. 3, Near Rebello Hotel, Vasco-403802, Goa, India
Tel. No.:	91-832-2516006/2517266
Fax No.:	91-832/2501528
E-Mail:	flyjac@goatelecom.com fjlgoi@flyjac.com
Contact Person:	Mr. D Manojkumar
Area :	7000 Sq.ft
Location :	Owned
Address:	B-8, Pelican Park, Plot No. 87A, N-3, Cidco, Aurangabad-431003, Maharashtra, India
Tel. No.:	91-240-2476591
Mobile No.:	91-9823054070
E-Mail:	sundaresan@flyjac.com
Contact Person:	Mr. Sundaresan. E
Area :	7000 Sq.ft
Location :	Owned
Address:	203, Manan Complex, Opposite Dhara Hospital, Gotri Road, Baroda 390 021, Gujarat, India
Tel. No.:	91-265 2356948
Mobile No.:	91-9879114622
E-Mail:	Fjlbdq@Flyjac.Com
Address:	23-A, Royd Street, Room: 103, 1st Floor,Calcutta-700 016, West Bengal, India
Tel. No.:	91-33-2229 5874/5890,2227 0881/82
Fax No.:	91-33-2246 9584
E-Mail:	Fjlccu@Flyjac.Com
Contact Person:	Mr. K.J. Mahesh, Branch Manager
Address:	11, Easwaran Nagar, First Floor, State Bank Colony, Gandhi Nagar P.O., Tirupur-641 603 , India
Tel. No.:	91-421 248 2659/60/61
Fax No.:	91-421 247 6562
E-Mail:	Fjltpr@Flyjac.Com
Contact Person:	Mr. Sethumadhavan, Branch In Charge
Address:	24/508 TMMC Building, G.V. Iyer Road, Willingdon Islands, Cochin - 3 , India
Tel. No.:	91-484 3018711 To 16
Fax No.:	91-484 3018717
E-Mail:	Fjlcok@Flyjac.Com
Contact Person:	Mr. Harikumar, Branch Manager
Address:	Plot No. 175, House No. 10-3-56/4, East Marredpally, Secundarabad - 500046 , India
E-Mail:	Fjlhyd@Flyjac.Com
Contact Person:	Mr. Mathew Jacob, Branch Manager
Address:	Tenement No.67, Hig, Shraddha Colony, Opp. Nandlal Dhoot Hospital, N-2, Cidco, New Aurangabad-431 210 , India
Tel. No.:	91-240-2476111
E-Mail:	Fjlixu@Flyjac.Com
Contact Person:	Mr. Ramanlal G. Jaiswal, Branch In Charge
Address:	Visava Bungalow, 680/2b/2 Subash Chandra Nagar , 3rd Cross, R.C. Nagar Extension, Belgaum 590 006 , India
Mobile No.:	91-9986918015
E-Mail:	Fjlgoi@Flyjac.Com; Vin9625@Rediffmail.Com
Contact Person:	Mr. Vinod C. Naik, Branch In Charge
Address:	210, Sakar V. , Behind Natraj Cinema, Ashram Road, Ahmedabad 380 009 , India
Tel. No.:	91-79-2658 4101/2658 6554
Fax No.:	91-79-2658 6961
E-Mail:	Fjlamd@Flyjac.Com
Contact Person:	Mr.Minesh Oza, Branch Manager
Address:	401, 4th Floor, Sapphire Square , Tower Chaurahha, Above Canara, Bank, Indore (Mp) 452 001, India
Tel. No.:	91-731-2460600
Mobile No.:	91-9827080801
E-Mail:	Fjlind@Flyjac.Com
Contact Person:	Mr. Manish Jaiswal, Branch In Charge
Address:	4, West View Apartments, Near Donde Bridge, Untawadi, Nasik , India
Tel. No.:	91-253-2370903
Mobile No.:	91-9326180355
E-Mail:	Csthuse@Rediffmail.Com
Contact Person:	Mr. Chaitanya S. Thuse
Address:	No-1, 11 Cross , Motilal Nagar, Moolakumam, Ponducherry-605010 , India
Mobile No.:	91-98419 08802
E-Mail:	Sivaraj.Pny@Flyjac.Com
Contact Person:	Mr. Shivaraj Kumar
Address:	1st Floor, Door No. 1140 , Opp. Indo Shell Tvs Showroom , Chungam, Trichy Road, Coimbatore -641 045, India
Tel. No.:	91-422-2319217
Fax No.:	91-422-2319347
E-Mail:	Vadivel.Cbe@Flyjac.Com
Contact Person:	Mr. Vadivel, Branch In Charge
Address:	Plot 1 32, Ward 12/B, Near Jain Temple, Gandhidham (Kutch) 370 201, Kandla , India
Mobile No.:	91-94269 65510
Contact Person:	Mr. Sunil Nahata, Branch In Charge
Address:	No.483, Ennar Plaza, Industrial Suburb, Near Sterling Theatre, Mysore 5700 008 , India
Tel. No.:	91-821-4242412
Mobile No.:	91-9886794768
E-Mail:	Hidayathulla.Blr@Flyjac.Com
Contact Person:	Mr. Hidayathulla, Branch In Charge
Address:	Plot No.87-A, Sarthak Apt. Opp. Salphekar Hospital, Shivaji Nagar, Nagpur 440 010 , India
Mobile No.:	91-9850607175
E-Mail:	Sandeepchandak77@Rediffmail.Com
Contact Person :	Mr. Sandeep Chandak
Address:	92-93, Deep Complex, 1st Floor, Court Road, Amritsar- 143 001 , India
Tel No.;	91-183-500 5643/ 500 5082
Mobile No.:	91-98784 45900 / 91-98783 45900
E-Mail:	Fjlatq@Hotmail.Com
Contact Person:	Mr. Manish Suyal - Mr. N. K. Sharma

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Lalit Chhabildas Jobanputra
Designation :	Director
Address :	Manas 25 – Friend’s society, N S road, No. 6, Juhu Scheme Mumbai – 400 056, Maharashtra, India
Date of Birth/Age :	11.08.1952
Date of Appointment:	27.03.2008

Name :	Mr. Sethu Madhavan Athrasseri
Designation :	Director
Address :	503/504, Powai Vihar, B wing Building No. 4, 5^th Floor, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	01.07.1950
Date of Appointment:	27.03.2008
DIN No.:	01085858

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	U63090MH2004PTC146624	Jwc Logistics Park Private Limited	Director	31/05/2004	31/05/2004	-	Active	NO
2	U63000MH2008PTC180548	Flyjac Logistics Private Limited	Managing director	01/03/2009	27/03/2008	-	Active	NO
3	U72200KA2009PTC050938	Webyana Technologies Private Limited	Director	20/09/2010	26/05/2010	-	Active	NO
4	U74120MH2010PTC207371	Jwr Logistics Private Limited	Director	01/09/2010	01/09/2010	-	Active	NO

Name :	Mr. Ravikumar Athrassery Varriath
Designation :	Director
Address :	No. 556, 14^th Street, 4^th Sector, K K Nagar, Chennai – 600 078, Tamil Nadu, India
Date of Birth/Age :	31.05.1960
Date of Appointment:	27.03.2008
DIN No.:	01119274

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	U63090MH2004PTC146624	Jwc Logistics Park Private Limited	Director	31/05/2004	31/05/2004	-	Active	NO
2	U63000MH2008PTC180548	Flyjac Logistics Private Limited	Director	27/03/2008	27/03/2008	-	Active	NO
3	U74120MH2010PTC207371	Jwr Logistics Private Limited	Director	01/09/2010	01/09/2010	-	Active	NO

Name :	Mr. Takashi Mamoru Jinguji
Designation :	Director
Address :	233, Paya Leber, Road # 04-10, Le Crescendo – 409044, Japan
Date of Birth/Age :	13.01.1955
Date of Appointment:	30.04.2010
Date of Ceasing :	10.06.2010
DIN No.:	02247269

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	U60231DL2007FTC170306	Hitachi Transport System India Private Limited	Director	16/12/2008	18/04/2008	-	Active	NO
2	U63000MH2008PTC180548	Flyjac Logistics Private Limited	Nominee director	30/04/2010	30/04/2010	10/06/2010	Active	NO

Name :	Mr. Tetsuya Kinju Machida
Designation :	Director
Address :	2363, Forest , Okaks Drive, Chula Vista, California – 91915, USA
Date of Birth/Age :	28.04.1957
Date of Appointment:	30.04.2010
DIN No.:	01803125

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	U60231DL2007FTC170306	Hitachi Transport System India Private Limited	Managing director	20/11/2007	20/11/2007	-	Active	NO
2	U63000MH2008PTC180548	Flyjac Logistics Private Limited	Nominee director	30/04/2010	30/04/2010	10/06/2010	Active	NO

Name :	Mr. Kazuo Teizo Tsuda
Designation :	Director
Address :	#C, 1-35-3, Nowawa, Setaganya – Ju, Tokoyo NA – 91915, USA
Date of Birth/Age :	06.11.1946
Date of Appointment:	06/06.2010
DIN No.:	03069726

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	U63000MH2008PTC180548	Flyjac Logistics Private Limited	Nominee director	06/06/2010	06/06/2010	-	Active	NO

Name :	Mr. Tetsuro Katsurhior
Designation :	Director
Address :	2-32-17, Nishinippori, Arakshan, Ku Tokyo, Japan
Date of Birth/Age :	06.03.1962
Date of Appointment:	06.06.2010
DIN No.:	0333791

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	U25209UP1993PLC015611	Mac Chemicals Limited	Director	04/08/1993	04/08/1993	17/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Sarang
Designation :	Accounts Manager
Name :	Mr. Venkatesh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Lalit C Jobanputra	9875000
A S Madhavan	9875000
A V Ravikumar	3250000
Geeta Madhavan	750000
Ambili Ravikumar	500000
Raj Lalit Jobanputra	250000
Karishma Lalit Jobanputra	250000
Kruti lalit Jobanputra	250000
Total	25000000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Acts as Shipping, freight Forwarding Agents and Offers Logistics Services.
Services:	· Freight Management · Global Logistics · IT Enabled Service · Global Reach
Terms :
Selling :	Cash, Credit (30 days, 60 days, 90 days)
Purchasing :	Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

2500 (Approximately)

Bankers :

• Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India
• HDFC Bank
• Indian Overseas Bank
• State Bank of India
• Bank of India
• Vijaya Bank
• Axis Bank
• ICICI Bank

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Working Capital Loan from Bank against Book debts, Advances and Other Assets	0.000	40.649
Motor Car Loan from Banks/Institution are secured against the specific motor cars.	1.828	3.097
Loan from Bank for Equipments are secured against the specific equipments	0.000	6.011
Total	1.828	49.757
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan from Directors
A.S. Madhavan	0.000	332.116
L.C. Jobanputra	0.000	15.471
Krishma Jobanputra	0.000	0.538
Kruti Jobanputra	0.000	0.538
Raj Jobanputra	0.000	0.538
Geeta Jobanputra	0.000	1.614
A V Ravikumar	0.000	27.065
Ambili Ravikumar	0.000	(1.800)
Total	0.000	76.083

Banking Relations :	--
Auditors :
Name :	Bharat C Mehta Chartered Accountant
Address :	13 Raj Ratan Palace, 60 Shankar Lane, Kandivali (West), Mumbai 400067, Maharashtra, India
Associates/Subsidiaries :	Ø Jac Air Services Private Limited Ø JWC Logistics Park Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10 each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10 each	Rs.250.000millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		250.000	250.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		209.327	96.953
4] (Accumulated Losses)		0.000	0.000
NETWORTH		459.327	346.953
LOAN FUNDS
1] Secured Loans		1.828	49.757
2] Unsecured Loans		0.000	76.083
TOTAL BORROWING		1.828	125.840
DEFERRED TAX LIABILITIES		7.918	5.295
TOTAL		469.073	478.088
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.699	129.615
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	584.097	662.552
	Cash & Bank Balances	124.611	49.095
	Other Current Assets	0.000	0.000
	Loans & Advances	228.264	150.689
Total Current Assets		936.972	862.336
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	466.980	394.372
	Provisions	137.771	121.026
Total Current Liabilities		604.751	515.398
Net Current Assets		332.221	346.938
MISCELLANEOUS EXPENSES		1.153	1.535
TOTAL		469.073	478.088

Expected Sales (2010-2011) : Rs.3450.000 Millions

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	3131.000	3685.900
		Other Income	0.000	0.000
		TOTAL (A)	3131.000	3685.900
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2942.321	3445.999
		Advertising Expenses
		TOTAL (B)	2942.321	3445.999
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		188.679	239.901
Less	FINANCIAL EXPENSES (D)		6.237	8.704
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		182.442	231.197
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.444	5.510
	PROFIT BEFORE TAX (E-F) (G)		174.998	225.687
Less	TAX (H)		62.623	84.861
	PROFIT AFTER TAX (G-H) (I)		112.375	140.826
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	11.238	14.083
		Dividend	0.000	37.500
		Tax on Dividend	0.000	6.373
	BALANCE CARRIED TO THE B/S		101.137	82.870
	Earnings Per Share (Rs.)		4.49	5.63

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	3.58	3.82
Net Profit Margin (PBT/Sales)	(%)	5.58	6.12
Return on Total Assets (PBT/Total Assets}	(%)	16.31	22.75
Return on Investment (ROI) (PBT/Networth)		0.38	0.65
Debt Equity Ratio (Total Liability/Networth)		1.34	1.86
Current Ratio (Current Asset/Current Liability)		1.54	1.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Sundry Creditors details are not available

NOTE:

The World giant Hitachi Transport System has took over the business of Flyjac Logistics Private Limited from 30^th April, 2010.

OPERATION:

The gross total income for the year ended 31.03.2010 stood at Rs. 3131.000 millions comparing with Rs. 3685.900 millions for the previous year. Due to global slow down in the logistics sector there is a decrease of 15.05%.

The gross profits before interest, depreciation and social responsibility cost stood at Rs. 188.700 millions vis a vis Rs. 239.900. which shows a decrease of 21.34% even after such deflation the company has contributed Rs. 10.900 millions towards social responsibilities and donations vis avis Rs. 11.000 millions for previous year.

TRADE REFERENCE:

• Cisco Systems, USA
• Cmc Limited
• Crompton Greaves Limited

FIXED ASSETS:

• Computer and Accessories and System Development
• Furniture and Fittings
• Software Development
• Racking System
• Wooden Pallet
• Industrial Locker
• Indital Reach Stackers Cranes
• Generator Set
• Electrical Fitting
• Weighting Machine
• Fax Machine
• Building
• Air Conditioner
• Typewriter
• Photocopier Machine
• EPABX
• UPS
• Cold Storage CTP Logi Fixed Asset Technova
• Telex Machine
• Pager Equipments
• Mobile Instrument
• Water Cooler
• Referigeator
• Hand Pallet Truck
• Office Equipments
• Motor Car
• Land

FORM 8

Corporate identity number of the company	U63000MH2008PTC180548
Name of the company	FLYJAC LOGISTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, 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	Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Letter No. IBL/CAD/127A/2010-11 Dated 20.4.2010 from IndusInd Bank Limited
Date of instrument Creating the charge	20.04.2010
Amount secured by the charge	Rs. 110.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at Prime Lending Rate, which is presently 16.75% p.a. subject to minimum of 10% p.a. with applicable interest tax at monthly rests. Terms of repayment On Demand Margin As may be stipulated by Bank from time to time. Extent and operation of the charge The Bank has confirmed that term loan of Rs. 18.200 millions has since been repaid and consequently the overall charge stands reduced/revised upto Rs. 110 millions together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the Bank to the Company.
Short particulars of the property charged (Including location of the property)	Hypothecation of entire current assets of the Company, including stocks and book debts, both present and future. Hypothecation of plant and machinery of the Company
Particulars of the present modification	Upon repayment of term loan of Rs. 18.200 millions by the Company, the overall charge now stands reduced/revised upto Rs.110.000 millions which is continued to be secured against the current assets and plant and machinery of the Company in favour of the Bank.

BUSINESS DESCRIPTION

Flyjac Logistics provides logistics and fulfilment services to industrial, commercial and private clients. The company provides a range of freight forwarding services by road and sea. It offers experience in handling electrical products and consumer goods. The company owns and manages a warehouse that offers interim storage, bar coding, tagging and labelling services. It provides various software applications covering exchange, repair, return and parts recovery programmes. It also administers various documentation and invoicing services. In addition, it offers tracking and tracing for various distribution products through bar codes and shipping numbers.

India PRwire: 25 July 2011
[What follows is the full text of the news story.]

India, July 25 -- Adrenalin 4.0 with Zolog was unleashed in yet another RUSH event held on the 22nd July'11 at Hotel Orchid, Mumbai. The event was well attended by HR and IT decision makers from over 43 companies like Eureka Forbes Limited, Degustibus Hospitality Private Limited, Flyjac Logistics Private Limited, Mahadiscom, NISA, Nivea India Private Limited, Prime Focus, Rolta, Yes Bank, Angel Broking etc. Attendees were enlightened on the various HRMS implementation challenges and how to turn it into an advantage.

Ms. Priya Khare, Director - Human Capital, Fullerton India Limited, an Adrenalin client, gave a crisp presentation on 'Adrenalin Advantage'. This was followed by an interactive session where all the queries from the attendees were addressed. The next RUSH event is scheduled in Hyderabad with Adrenalin Business Partner, Proquest on the 12th of August, 2011. Once again, the advantage of HR automation and the Adrenalin edge and knowledge about maximizing human capital will be on the centre stage. Published by HT Syndication with permission from India PRwire.

Nikkei English News: 26 September 2010
[What follows is the full text of the news story.]

TOKYO (Nikkei)--Hitachi Transport System Limited (9086) continues to grow as a leading third-party logistics service provider, expanding its client network through mergers and acquisitions while relying less on the Hitachi Ltd. (6501) group for earnings.

Hitachi Transport makes some 70% of its sales outside the group and is expected to post a 14.8 billion yen (175 million dollar) operating profit on sales of 370 billion yen -- both all-time highs -- in fiscal 2010.

Targeting 500 billion yen in sales in fiscal 2012, Hitachi Transport seeks to become, in the words of its president, Takao Suzuki, a "1 trillion yen company."

Two birds, one stone

Hitachi Collabonext Transport System Co. is a distribution firm Hitachi Transport acquired from leading cosmetics maker Shiseido Co. (4911) in April 2007. At its distribution center in Kawasaki, Kanagawa Prefecture, products Shiseido brings in are sorted out for delivery to other distribution outlets across Japan. These outlets then deliver the products to individual Shiseido retailers.

Hitachi Collabonext will begin to offer the same logistics service to another cosmetics maker, Kosei Corp. (4922), and is striving to net more cosmetics industry clients.

Kazunori Umino, president of Hitachi Collabonext, said the company hopes to create a system in which "a full round of product distribution in the cosmetics industry can be completed by a one-time delivery to retailers."

With such a system, Hitachi Collabonext can improve its earnings and cosmetics makers can cut distribution costs and eventually contribute to environmental protection, according to Umino.

Third-party logistics services cover all distribution-related operations, including product delivery, proposals for efficient distribution, inventory management at warehouses, and wrapping and inspection. Winning a bundle order, a service provider can create a logistics system suitable to each client and so add value to its service.

According to the transport ministry, the market for third-party logistics services is expected to reach 4.76 trillion yen in fiscal 2011, up more than 20% from five years earlier, due to an increase in the outsourcing needs of businesses.

Hitachi Transport entered the service sector in 1985, when it proposed an information system-based logistics mechanism to an apparel maker. It now has some 500 clients -- including, since 2001, retail giant Aeon Co. (8267) -- and handles a wide range of products such as consumer electronics, high-technology materials, precision instruments, daily necessities and foodstuffs.

The Tokyo-based firm's reliance on the Hitachi group for sales has dropped to less than 30% from 70% in 1989, when it went public.

But Hitachi Transport cannot maintain its pace of growth if it continues focusing on outsourcing needs, according to analysts, who say third-party logistics services feature stable earnings based on long-term contracts which, however, often include annual fee cuts.

In other words, it is difficult, if not impossible, for service providers to boost sales unless they increase customer numbers.

Key to growth

M and As hold the key to growth in the sector. Hitachi Transport, for its part, has acquired seven companies, including Hitachi Collabonext, J.P. Holding Co. of the U.S. in October 2009, and Flyjac Logistics Private Limited of India in April this year.

The 370 billion yen in group sales Hitachi Transport expects in fiscal 2010 includes 60 billion yen from companies it has bought since 2007. As sales were a little more than 300 billion yen in fiscal 2006 before the company launched an earnest M and A strategy, the projected sales gain is attributable mainly to the newly added group firms.

While Hitachi Transport eyes a further sales gain of 130 billion yen to clear the targeted 500 billion yen in fiscal 2012, it plans to secure 40 billion yen of the increase through M and As.

"We are holding (M and A) talks with a number of companies at home and abroad and will be able to conclude deals with a few of them by the end of this business year," Suzuki said.

Since Hitachi Transport needs to expand overseas operations as a medium-term goal, it hopes to raise the ratio of sales in international logistics services from the current 20% to 30% by the end of fiscal 2012 and to 50% later by acquiring forwarders in markets it has yet to tap, such as Latin America, Western Europe and the Middle East.

"The yen's current strength gives us the chance" to achieve the goal, Suzuki said.

In principle, Hitachi Transport finances M and As with funds on hand, totaling 20-30 billion yen in the form of cash and deposits, including those at the Hitachi group's bank. Though it will consider tapping outside funding sources, "We will avoid loans that will affect our single-A issuer rating," said Hidetoshi Maekawa, executive officer in charge of the finance department.

Hitachi Transport is seen favored by investors as its stock has risen some 4% since the start of this year amid a 19% drop on the Nikkei Stock Average of land transporters, including Yamato Holdings Co. (9064) and Nippon Express Co. (9062), which have experienced double-digit drops.

At core

Despite its reduced reliance on the Hitachi group for sales, Hitachi Transport remains a core member, along with Hitachi Capital Corp. (8586), among nonmanufacturing units.

"We are benefiting greatly from the Hitachi brand," Suzuki said.

In particular, Hitachi Transport can promote M and As amid an accelerating shakeout in the logistics industry due to the presence of Hitachi as a stable shareholder having 53.2% of its outstanding shares.

Meanwhile, stock market participants continue to wonder whether Hitachi Transport or Hitachi Capital will be a target if Hitachi further consolidates its group now that it has made such units as Hitachi Maxell Ltd. into wholly owned subsidiaries.

Given Hitachi Transport's independent operations, pundits say Hitachi will consider it more beneficial to sell shares in the unit than convert it into a wholly owned subsidiary. Market participants will continue to monitor Hitachi Transport's position in the group.

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. 48.92
UK Pound	1	Rs. 76.52
Euro	1	Rs. 66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--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.