MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	P V CARGO CARRIERS PRIVATE LIMITED
Registered Office :	B-6, Ansal Chambers, II Bhikaji Cama Place, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.10.1994
Com. Reg. No.:	55-62311
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74899DL1994PTC062311
TAN No.: [Tax Deduction & Collection Account No.]	DELP05487G
PAN No.: [Permanent Account No.]	AAACP6994P
Legal Form :	Private limited liability company.
Line of Business :	Providing Sea Freight, Air Freight and Trucking Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 70000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject 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 dealing 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 – 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 /Head Office:	B-6, Ansal Chambers, II Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-41658723/ 26188823/ 26170190/ 91
Fax No.:	91-11-26170188/ 26169660
E-Mail :	praveen@pvgroupindia.com info@pvgroup.com info@pvgroupindia.com ccs@pvgroupindia.com
Website :	http://www.pvcargo.com http://www.pvgroupindia.com
Corporate Office :	515, Ansal Chambers – II, 6 Bhikaji Cama Place, New Delhi – 11066, India
Branch Office:	Located At: · All Ports at NCR · Delhi · Jaipur · Mumdra and Kandla · Mumbai · Bangalore · Chennai · Tuticorin · Hyderabad · Vishakhapatnam

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Praveen Vats

Designation :

Director

Address :

M-1/2, DLF phase, Gurgaon-122 002, Haryana, India

Date of Birth/Age :

05.10.1959

Date of Appointment :

22.10.1994

DIN No.:

00037003

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC062311	P V CARGO CARRIERS PRIVATE LIMITED	Director	21/10/1994	21/10/1994	Active	NO
2	U74950DL2002PTC114614	P V IMPEX PRIVATE LIMITED	Director	18/03/2002	18/03/2002	Active	NO
3	U60231DL2004PTC126352	P.V. LOGISTICS PRIVATE LIMITED	Director	13/05/2004	13/05/2004	Active	NO
4	U74899DL2005PTC141738	P V BEVERAGES PRIVATE LIMITED	Director	14/10/2005	14/10/2005	Active	NO

Name :

Ms. Vanita Vats

Designation :

Director

Address :

M-1/2, DLF Phase, Gurgaon- 122002, Haryana, India

Date of Birth/Age :

29.06.1964

Date of Appointment :

01.04.1998

DIN No.:

00037040

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC062311	P V CARGO CARRIERS PRIVATE LIMITED	Director	1/4/1998	1/4/1998	Active	NO
2	U60231DL2004PTC126352	P.V. LOGISTICS PRIVATE LIMITED	Director	13/05/2004	13/05/2004	Active	NO
3	U74899DL2005PTC141738	P V BEVERAGES PRIVATE LIMITED	Director	14/10/2005	14/10/2005	Active	NO
4	U74950DL2002PTC114614	P V IMPEX PRIVATE LIMITED	Director	20/02/2007	20/02/2007	Active	NO

Name :

Mr. Pankaj Vats

Designation :

Director

Address :

D-117, Bathla Apartment, Patparganj, New Delhi- 110092, India

Date of Appointment :

21.10.1994

DIN No.:

00842858

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Praveen Vats	9980
Pankaj Vats	10
Vanita Vats	10
Total	10000

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Sea Freight, Air Freight and Trucking Services.
Products/ Services:	Custom House Agent

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank,

Ansal Chamber-II, Africa Avenue, Bhikaji Cama Place, New Delhi - 110066, India

· Barclays Bank

· lClCl Bank

· HDFC Bank

· ABN Amro Bank

· Punjab National Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
lClCl Bank – Honda Accord	0.078	0.300
lClCl Bank – Santro	0.101	0.158
Vijaya Bank – Generator Loan	0.102	0.201
lClCl Bank – Motorcycle	0.000	0.026
lClCl Bank – WagonR	0.112	0.188
Barclays Bank – Xylo	0.489	0.584
HDFC Bank – SX4	0.300	0.382
Total	1.182	1.839

Banking Relations :	--
Auditors :
Name :	Neeraj Agrawal and Company Chartered Accountants
Address :	26-B, Jia Sarai, Near IIT Gate, New Delhi-110 016, Delhi, India
Tel. No.:	91-11-26523317/18
Fax No.:	91-11-26523317
PAN No.:	AACFN9212F
E-Mail :	nac.pankaj@gmial.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- Each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- Each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.706	13.879	9.125
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.806	13.979	9.225
LOAN FUNDS
1] Secured Loans		1.182	1.839	1.339
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.182	1.839	1.339
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17.988	15.818	10.564
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.560	8.594	7.749
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.008	0.008	0.008
DEFERREX TAX ASSETS		0.269	0.323	0.397
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	7.042	14.793	13.440
	Cash & Bank Balances	3.564	1.902	0.317
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.092	9.949	7.368
Total Current Assets		21.698	26.644	21.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.083	8.159	10.337
	Other Current Liabilities	2.283	6.266	5.268
	Provisions	6.181	5.326	3.110
Total Current Liabilities		11.547	19.751	18.715
Net Current Assets		10.151	6.893	2.410
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17.988	15.818	10.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	69.986	10.297	83.930
		Other Income	NA	91.900	NA
		TOTAL (A)	NA	102.197	NA
Less	EXPENSES
		TOTAL (B)	NA	1.537	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.369	8.760	6.165
Less	FINANCIAL EXPENSES (D)		0.256	0.293	0.209
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.113	8.467	5.956
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.988	0.955	0.890
	PROFIT BEFORE TAX (E-F) (G)		4.125	7.512	5.066
Less	TAX (H)		1.298	2.758	2.062
	PROFIT AFTER TAX (G-H) (I)		2.827	4.754	3.004
	Earnings Per Share (Rs.)		282.70	475.40	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	4.65	NA
Net Profit Margin (PBT/Sales)	(%)	5.89	72.95	6.04
Return on Total Assets (PBT/Total Assets}	(%)	14.10	21.32	17.55
Return on Investment (ROI) (PBT/Networth)		0.54	0.54	0.55
Debt Equity Ratio (Total Liability/Networth)		0.76	1.54	2.17
Current Ratio (Current Asset/Current Liability)		1.88	1.35	1.13

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1994PTC062311
Name of the company	P V CARGO CARRIERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-6, Ansal Chambers, II Bhikaji Cama Place, New Delhi-110 066, Delhi, India
Type of charge	Movable Property (not being pledge)
Nature of description of the instrument creating or modifying the charge	Vijaya Bank, Ansal Chamber-II, Africa Avenue, Bhikaji Cama Place, New Delhi - 110 066, Delhi, India Email: cadeepakagarwal@gmail.com
Particular of charge holder	1. Hypothecation Agreement 2. Articles of Agreement
Date of instrument Creating the charge	09.02.2008
Amount secured by the charge	Rs.0.294 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% Per Annum Terms of Repayment Secured Loan is repayable in 36 EMIs of Rs.0.010 millions Each and to be paid in full on or before 09/02/2011 Margin 25% Extent and Operation of the charge First Charge
Short particulars of the property charged	Hypothecation of Brand New Kirloskar Generator Set Value Rs.0.394 millions at M/1/2, DLF City Phase-II, Gurgaon, Haryana, India

FIXED ASSETS:

· Computer

· Car

· Scooter

· Air conditioner

· EPABX

· Fan

· Fax Machine

· Invertor

· Television

· Typewriter

· Water Cooler

· Generator

· Refrigerator

· Furniture and Fixture

WEBSITE DETAILS:

PROFILE:

Subject is a India-based International Freight Forwarding Company founded in 1985. The company is focused on Custom clearance, providing Sea Freight, Air Freight and Trucking services.

The management at subject believes in maintaining a friendly and professional relationship with customers. The underlining philosophy being – Proactive approach – to every operational issue. This highly interpersonal approach has not only helped to bring in referrals from existing customers, but also, transformed their clients into great spokesman for subject

Since the early years of as a shipping freight forwarder, they have been specializing in air, land and sea cargo freight services to and from almost all over the world. Their well-established Global Network Partners ensures the timely arrival and delivery of the cargo to all international destinations.

The quest to better their services to their customers led them to add on various services in the entire chain of Logistics solution – Transportation to and fro Port – customer’s site for noram as well as ODC cargo, Installation of Plant and Machinery. This, in turn, translates to higher quality Seamless Logistics solutions with the most attractive rates.

PROFILE:

Subject has grown over the years. The company handles over 10,000 shipments a year, a major part being on behalf of the Multinational Corporations. Its marketing and servicing network includes offices in All Ports at NCR, Delhi, Jaipur, Mundra and Kandla, Mumbai, Bangalore and with operations also at Chennai, Tuticorin, Hyderabad, and Vishakhapatnam.

subject provides a ‘Seamless Logistics Solution' to clients freighting needs and also caters to stand alone process solutions like, Custom handling, Freight Forwarding, Transportation of cargo to and from Port, Installation of Plant and Heavy Machinery. The company's cargo Consolidation Department helps in speedy handling of cargo under one roof. A fleet of 40-feet trailers enable door-to-door pick-up of cargo and delivery. Expertised Custom Handling Solutions and with self owned high precision and lifting equipment and Team of Engineers and Riggers also offer Installation of Plant and Machinery.

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.