MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	GSEC LIMITED (w.e.f. 05.10.2006)
Formerly Known as :	GUJARAT STATE EXPORT CORPORATION LIMITED
Registered Office :	Gujarat Chambers Building, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.10.1965
Com. Reg. No.:	04-001347
Capital Investment / Paid-up Capital :	Rs.64.500 Millions
CIN No.: [Company Identification No.]	U52100GJ1965PLC001347
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00303C
PAN No.: [Permanent Account No.]	AAACG7985R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Logistics and Cargo Handling.
No. of Employees :	Not Available

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 630000
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 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 – 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 :	Gujarat Chambers Building, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26554100/26575757/26582020
Fax No.:	91-79-26584040
E-Mail :	info@gsecl.co.in
Website :	www.gsecl.co.in
Cargo Handling Services Office 1 :	Air Cargo Complex, Old Airport, Ahmedabad-380003, Gujarat, India
Cargo Handling Services Office 2 :	Air Cargo Complex, Devi Ahilyabhai Holkar Airport, Indore-452001, Madhya Pradesh, India

DIRECTORS

As on 17.09.2011

Name :

Mr. Rakesh Ramanlal Shah

Designation :

Managing director

Address :

E-37, Ayojannagar Society, Near Shreyas Crossing, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

04.03.1953

Date of Appointment :

08.03.2004

DIN No.:

00421920

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	U51909GJ1995PTC024860	KALPAVRUKSHA ESTATE AND FINANCE PRIVATE LIMITED	Director	2/03/1995	2/03/1995	-	Active	NO
2	U65910GJ1997PTC031654	PRERAK CAPITAL SERVICES PRIVATE LIMITED	Director	4/02/1997	4/02/1997	-	Active	NO
3	U51909GJ1989PTC011863	KOMAL MARKETING PRIVATE LIMITED	Director	8/02/1999	8/02/1999	1/04/2010	Active	NO
4	U72200GJ2000PTC037463	KOMAL INFOTECH PRIVATE LIMITED	Director	2/03/2000	2/03/2000	1/05/2007	Active	NO
5	U51505GJ2001PTC040270	KAVA IMPEX PRIVATE LIMITED	Director	14/12/2001	14/12/2001	22/11/2010	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Managing director	23/11/2010	8/03/2004	-	Active	NO
7	U51909GJ2004PTC051485	ADITYA CORPEX PRIVATE LIMITED	Director	16/10/2004	16/10/2004	4/06/2008	Active	NO
8	U51496GJ2001PTC039395	KOMAL IMPEX PRIVATE LIMITED	Director	1/02/2006	1/02/2006	15/03/2008	Active	NO
9	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	7/09/2006	7/09/2006	-	Active	NO
10	U45201GJ2007PTC050020	GSEC INFRASTRUCTURE PRIVATE LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO
11	U63033GJ2007PLC050617	GSEC AVIATION LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
12	U92410GJ1973GAP002446	RAJPATH CLUB LIMITED	Additional director	12/10/2011	23/06/2009	-	Active	NO
13	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO
14	U31909AP1991PTC062701	KOMOLINE ELECTRONICS PRIVATE LIMITED	Additional director	29/07/2011	29/07/2011	-	Active	NO
15	U37200GJ2011PTC066904	GSEC GREEN ENERGY PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO

Name :

Mr. Samir Hanskumar Mankad

Designation :

Whole-time director

Address :

1002, Prasad Towers, Near Jain Temple, Near Nehrunagar Circle, Ambawadi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

13.07.1960

Date of Appointment :

08.03.2004

DIN No.:

00421878

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	U52100GJ1965PLC001347	GSEC LIMITED	Whole-time director	1/04/2011	8/03/2004	-	Active	NO
2	U51496GJ2001PTC039395	KOMAL IMPEX PRIVATE LIMITED	Director	1/02/2006	1/02/2006	15/03/2008	Active	NO
3	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	7/09/2006	7/09/2006	-	Active	NO
4	U63033GJ2007PLC050617	GSEC AVIATION LIMITED	Director	30/09/2010	6/02/2010	-	Active	NO

Name :

Mr. Natwarlal Patel

Designation :

Director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli Bopal Road, Bodakdev, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

18.03.2004

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	1/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	1/04/2009	2/01/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	-	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Cresent, B/H, Prhaladnagar, Garden, S.G. Highway, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

18.03.2004

DIN No.:

00558310

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	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28/04/1993	28/04/1993	1/04/2010	Active	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	Director	18/10/1994	18/10/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	20/10/2000	20/10/2000	23/04/2008	Active	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	Director	10/01/2001	10/01/2001	12/02/2008	Active	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	-	Active	NO
8	L24240GJ1980PLC003670	NIRMA LIMITED	Director	6/06/2002	6/06/2002	-	Active	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Nominee director	3/09/2002	3/09/2002	8/09/2008	Active	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	Director	24/10/2005	24/10/2005	7/04/2007	Active	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
16	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	Director	4/11/2006	4/11/2006	-	Active	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25/09/2008	25/04/2008	-	Active	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	8/08/2009	30/07/2008	-	Active	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	Director	23/11/2009	10/12/2008	-	Active	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28/07/2009	25/03/2009	-	Active	NO

Name :

Mr. Bhalabhai Chhotabhai Patel

Designation :

Director

Address :

B-3/4, Lantin Apartment, Vasna Road, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

17.07.1934

Date of Appointment :

10.02.2007

DIN No.:

00373088

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	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	3/05/1989	3/05/1989	-	Active	NO
2	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	16/04/2010	18/08/2005	7/01/2011	Active	NO
3	U52100GJ1965PLC001347	GSEC LIMITED	Director	7/09/2007	10/02/2007	-	Active	NO

Name :

Mr. Shyamal Shivkumar Joshi

Designation :

Director

Address :

40, Prerana Tirth-1, Behind Someshwar-II, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

12.08.1949

Date of Appointment :

30.06.2009

DIN No.:

00005766

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	U35912GJ1990PTC014579	BHAVYA MOTORS PRIVATE LIMITED	Director	29/10/1990	29/10/1990	7/12/2011	Active	NO
2	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	28/12/1999	28/12/1999	31/05/2009	Amalgamated	NO
3	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Active	NO
4	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Active	NO
5	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	7/09/2006	7/09/2006	31/05/2009	Active	NO
6	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	29/09/2008	25/01/2008	31/05/2009	Active	NO
7	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2008	4/03/2008	31/05/2009	Active	NO
8	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/09/2008	4/03/2008	31/05/2009	Active	NO
9	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	25/09/2008	4/03/2008	31/05/2009	Active	NO
10	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	25/09/2008	4/03/2008	31/05/2009	Strike off	NO
11	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	4/03/2008	4/03/2008	31/05/2009	Active	NO
12	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2008	4/03/2008	-	Amalgamated	NO
13	U45203GJ2006PTC049426	DHOLERA INFRASTRUCTURE PRIVATE LTD	Director	30/09/2008	7/03/2008	18/07/2009	Active	NO
14	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	25/09/2008	14/03/2008	31/05/2009	Active	NO
15	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	25/09/2008	17/03/2008	31/05/2009	Active	NO
16	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	30/09/2008	28/07/2008	10/04/2009	Active	NO
17	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	12/08/2008	12/08/2008	31/05/2009	Active	NO
18	U52100GJ1965PLC001347	GSEC LIMITED	Director	26/09/2009	30/06/2009	-	Active	NO
19	U24114GJ2003PLC042820	LOXIM INDUSTRIES LIMITED	Director	9/08/2010	1/12/2009	-	Active	NO
20	U85110GJ2004PLC044667	SHALBY LIMITED	Director	16/08/2010	1/06/2010	-	Active	NO
21	L45201GJ1990PLC013417	NILA INFRASTRUCTURES LIMITED	Director	25/09/2010	14/08/2010	-	Active	NO
22	U21019GJ1969PTC001572	SABARMATI PAPERS PRIVATE LIMITED	Director	21/07/2011	3/02/2011	-	Active	NO
23	U13203AP2010PTC071499	A AND M RESOURCES PRIVATE LIMITED	Nominee director	6/07/2011	6/07/2011	-	Active	NO
24	U85110GA1995PLC001851	VRUNDAVAN SHALBY HOSPITALS LIMITED	Nominee director	12/08/2011	12/08/2011	-	Active	NO
25	U85110GJ2004PTC045076	KUSHA HEALTHCARE PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO

Name :

Mr. Shaishav Rakesh Shah

Designation :

Whole-time director

Address :

E-37, Ayojannagar Society, Near Shreyas Crossing, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

22.05.1984

Date of Appointment :

12.06.2010

DIN No.:

00019293

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	U51909GJ1995PTC024860	KALPAVRUKSHA ESTATE AND FINANCE PRIVATE LIMITED	Director	22/05/2002	22/05/2002	-	Active	NO
2	U51505GJ2001PTC040270	KAVA IMPEX PRIVATE LIMITED	Director	22/05/2002	22/05/2002	22/11/2010	Active	NO
3	U51909GJ1989PTC011863	KOMAL MARKETING PRIVATE LIMITED	Director	16/10/2002	16/10/2002	1/04/2010	Active	NO
4	U51496GJ2001PTC039395	KOMAL IMPEX PRIVATE LIMITED	Director	1/02/2006	1/02/2006	-	Active	NO
5	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	7/09/2006	7/09/2006	-	Active	NO
6	U45201GJ2007PTC050020	GSEC INFRASTRUCTURE PRIVATE LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO
7	U72200GJ2000PTC037463	KOMAL INFOTECH PRIVATE LIMITED	Director	15/04/2007	15/04/2007	1/12/2011	Active	NO
8	U63033GJ2007PLC050617	GSEC AVIATION LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
9	U52100GJ1965PLC001347	GSEC LIMITED	Whole-time director	12/06/2010	12/06/2010	-	Active	NO
10	U31909AP1991PTC062701	KOMOLINE ELECTRONICS PRIVATE LIMITED	Additional director	29/07/2011	29/07/2011	-	Active	NO
11	U37200GJ2011PTC066904	GSEC GREEN ENERGY PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2011

Names of Shareholders	No. of Shares
Alembic Limited, India	12210
Laxmikant Premchand Vaidya	1140
Bharatkumar Himatlal Thakkar	1140
Metro Wood Engineering Works Private Limited, India	1110
Vasundhara Canning Private Limited, India	4500
Lalchand T Mehta	2700
Shantilal M Jariwala	3000
Sudha Ganjendra Purohit	1740
Prahlad Bhagwatilal Shah	1530
Tarun Unaagar	3150
Manojkumar Ramanlal Gandhi	12000
Komal Infotech Private Limited, India	3683910
Priti R Shah	1547670
Rakesh R Shah	635790
Shaishav R Shah	387270
Vasant B Shah	38400
Komal Rakesh Shah	1110

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2011

Category	Percentage
Bodies corporate	57.54
Directors or relatives of Directors	40.47
Other top fifty shareholders	1.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Logistics and Cargo Handling.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, MID Corporate Branch, UCO Bhavan, Near Sanyas Ashram, Ashram Road, Ahmedabad – 380009, Gujarat, India

· Bank of India

· State Bank of India

· Bank of Baroda

· ICICI Bank Limited

· HDFC Bank Limited

· The Kalupur Commercial Co-Operative Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	0.184	0.616
Rupee term loans others secured	5.353	3.664
Working capital loans banks secured	71.860	92.564
Total	77.397	96.844

Notes:

(A) All Above Loans are Secured against Hypothecation of Motor cars

(B) All Above Loans are Secured against Hypothecation of Motor cars

(C) Working Capital Facilities from UCO Bank-Rs.68.833 Millions b)Working Capital Facilities from Development Credit Bank

Limited- Rs.3.025 Millions (Secured Against Hypothecation of Book Debts , Stocks and personal guarantee of Directors and their relatives)

(D) Working Capital Facilities from UCO Bank- Rs.92.563 Millions. (Secured Against Hypothecation of Book Debts , Stocks and personal guarantee of Directors and their relatives)

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	54.861	57.220
Total	54.861	57.220

Notes:

(A) a) From Holding Company - Komal Infotech Private Limited- Rs.33.380 Millions + b) GSEC Aviation Limtied- Rs.3.480 Millions + c) Kotak Mahindra Prime Limited-18.000 Millions

(B) a) From Holding Company - Komal Infotech Private Limited Rs.55.717 Millions + b) GSEC Aviation Limtied- Rs.1.503 Millions

Banking Relations :	--
Auditors :
Name :	BJS and Associates Chartered Accountants
Address :	511-512, Span Trade Centre, Opposite Kochrab Ashram, Paldi, Ahmedabad-380006, India
PAN.:	AABFH2699K
Holding Company :	Komal Infotech Private Limited CIN No.: U72200GJ2000PTC037463
Subsidiaries :	GSEC Logistics Limited CIN No.: U62200GJ2006PLC049049
Associates :	· Komal Marketing Private Limited CIN No.: U51909GJ1989PTC011863 · Kalpavruksha Estate and Finance Private Limited CIN No.: U51909GJ1995PTC024860 · Prerak Capital Services Private Limited · Kava Impex Private Limited · Komal Impex Private Limited · GSEC Aviation Limited CIN No.: U63033GJ2007PLC050617 · GSEC Infrastructure Private Limited CIN No.: U45201GJ2007PTC050020

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6450000	Equity Shares	Rs.10/- each	Rs.64.500 Millions

Notes:

1. 10000000 Equity Shares of Rs. 10/--each)

2. a) Current Year 6450000/- Equity Shares of Rs.10/- each Fully Paid-up b) 3683910 shares are held by Komal Infotech Private Limited, the holding company c) During the year the company has allotted 1500000 equity shares of Rs. 10/- each to Komal Infotech Private Limited as per Unlisted Public Companies (Preferntial Allotment) Rules 2003.

3. a)Current Year 6450000/- Equity Shares of Rs.10/- each Fully Paid-up b) 3683910 shares are held by Komal Infotech Private Limited, the holding company c) During the year the company has allotted 1500000 equity shares of Rs. 10/- each to Komal Infotech Private Limited as per Unlisted Public Companies (Preferential Allotment) Rules 2003.

4. (a)Current Year 6450000/- Equity Shares of Rs.10/- each Fully Paid-up b) 3683910 shares are held by Komal Infotech Private Limited, the holding company c) During the year the company has allotted 1500000 equity shares of Rs. 10/- each to Komal Infotech Private Limited as per Unlisted Public Companies (Preferential Allotment) Rules 2003.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		64.500	49.500	16.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.402	65.230	88.867
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		156.902	114.730	105.367
LOAN FUNDS
1] Secured Loans		77.397	96.844	37.572
2] Unsecured Loans		54.861	57.220	0.000
TOTAL BORROWING		132.258	154.064	37.572
DEFERRED TAX LIABILITIES		0.308	0.890	0.000
TOTAL		289.468	269.684	142.939
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.482	53.266	47.086
Capital work-in-progress		0.000	10.010	0.000
INVESTMENT		2.564	15.062	16.678
DEFERREX TAX ASSETS		0.000	0.000	0.049
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.722	5.224	0.740
	Sundry Debtors	177.511	130.313	98.084
	Cash & Bank Balances	42.755	26.894	16.833
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	178.295	118.043	153.903
Total Current Assets		425.283	280.474	269.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	170.780	52.630	131.981
	Other Current Liabilities	29.056	12.562	32.190
	Provisions	33.025	23.936	26.263
Total Current Liabilities		232.861	89.128	190.434
Net Current Assets		192.422	191.346	79.126
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		289.468	269.684	142.939

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2413.291	1509.927	1427.049
		Other Income	27.982	20.391	22.303
		TOTAL (A)	2441.273	1530.318	1449.352
Less	EXPENSES
		Consumption materials changes inventories	2218.582	1390.461
		Manufacturing service costs	58.771	22.557	1422.088
		Employee related expenses	17.261	15.392
		Administrative selling other expenses	89.417	59.569
		TOTAL (B)	2384.031	1487.979	1422.088
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.242	42.339	27.264
Less	FINANCIAL EXPENSES (D)		17.833	11.548	6.024
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.409	30.791	21.240
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.310	9.446	8.852
	PROFIT BEFORE TAX (E-F) (G)		28.099	21.345	12.388
Less	TAX (H)		9.107	9.208	8.449
	PROFIT AFTER TAX (G-H) (I)		18.992	12.137	3.939
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.934	49.071	48.062
Less	APPROPRIATIONS
		Transfer to General Reserve		1.500	1.000
		Proposed Dividend	9.320	2.371	1.650
		Tax on proposed dividend		0.403	0.280
	BALANCE CARRIED TO THE B/S		66.606	56.934	49.071
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Goods exported	47.818	44.462	31.098
	TOTAL EARNINGS		47.818	44.462	31.098
	IMPORTS
		Raw Materials	2808.412	15.682	0.000
	TOTAL IMPORTS		2808.412	15.682	0.000
	Earnings Per Share (Rs.)		2.94	2.45	23.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.78	0.79	0.27
Net Profit Margin (PBT/Sales)	(%)	1.16	1.41	0.87
Return on Total Assets (PBT/Total Assets}	(%)	5.41	6.40	3.91
Return on Investment (ROI) (PBT/Networth)		0.18	0.19	0.12
Debt Equity Ratio (Total Liability/Networth)		2.33	2.12	2.16
Current Ratio (Current Asset/Current Liability)		1.83	3.15	1.41

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCIAL HIGHLIGHTS:

During the year the Company’s domestic sales has increased from Rs.1355.100 Millions to Rs. 2218.700 Millions and Company’s export sales is Rs.42.800 Millions (previous year Rs.49.000 Millions). The Company earned net profit of Rs.19.000 Millions after providing current tax of Rs.9.600 Millions, wealth Tax of Rs.0.200 Million, and Depreciation of Rs.11.300 Millions.

OPERATIONS HIGHLIGHTS:

The petrochemicals division has been growing with high growth rate and the sale of Furnace oil rose from 48680.76 MTs from a level of 40300.45 MTs in the previous year. As an addition to our portfolio in the Petrochem business, the company is focusing on import and sale of Bitumen. During the year, 4312.81MTs of Bitumen was sold.

Air cargo service continued to grow with a tonnage growth of 24% at Ahmedabad air cargo and over 60% at Indore air cargo complex. The company has taken additional 2000 Sq met of land at the air cargo complex and has created additional warehousing space of over 70%. This would enable the company cater to higher volume of cargo in next few years.

The company continues to focus on the air logistics business. The company has began operations at Visakhapatanam airport as an O and M operator.

Apart from air logistics, the company is also setting up an ICD at Ratlam in the state of Madhya Pradesh. This would be company’s first foray into sea related logistics. This project is being implemented under the subsidiary company GSEC Logistics Limited. Land for this project of about 80 acres is already acquired. Necessary government approval from Ministry of Commerce as well as railways have been obtained.

Bankers Charges Report as per Registry

Corporate identity number of the company	U52100GJ1965PLC001347
Name of the company	GSEC LIMITED
Address of the registered office or of the principal place of business in India of the company	Gujarat Chambers Building, Ashram Road, Ahmedabad-380009, Gujarat, India Email : info@gsecl.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10122003
Type of charge	Immovable property
Particular of charge holder	UCO Bank, MID Corporate Branch, UCO Bhavan, Near Sanyas Ashram, Ashram Road, Ahmedabad – 380009, Gujarat, India Email : uco_ashram@vsnl.net
Nature of instrument creating charge	Memorandum of Deposit of Title-Deed
Date of instrument Creating the charge	19.10.2010
Amount secured by the charge	Rs.490.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank interest at the rate as agreed to by the Borrower in terms of the Sanction letter and its subsequent modification or amendments there of from time to time Terms of Repayment As per sanction letter Margin UCO Bank : 1. Cash Credit - Stocks and Inventories - 25 % Book Debts - 40 % 2. Letter of Credit - 10 % FLC / ILC 3. Bank Guarantee - 10 % of BG Development Credit Bank Limited : 1. Cash Credit - Stocks and Inventories - 25 % Book Debts - 40 % Sub-limit (Sales Bills Discounting) - 10 % 2. Letter of Credit - 10 % Cash Margin in form of FDR 3. Bank Guarantee - 10 % Cash Margin in form of FDR Extent and Operation of the charge All the securities as below mentioned in Column no. 15 have been charged to the consortium Banks by way of first pari passu charge basis (UCO Bank as Lead Bank) in order to secure financial assistance by UCO Bank of Rs.245.000 Millions and by Development Credit Bank of Rs. 245.000 Millions, making aggregate limit of Rs. 490.000 Millions together with interest and all other moneys payable by the Company to the Lender.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Flat No. 904, Prakruti Flats, Paldi, Ahmedabad belonging to Shri Rakeshbhai Shah Office No. 30, Third Floor, Asia House, Navrangpura, Ahmedabad belonging to Smt. Pritiben Shah Office No. 31, Third Floor, Asia House, Navrangpura, Ahmedabad belonging to Shri Shaishav Rakeshbhai Shah All that non-agriculture land bearing Block no 453 at Jetalpur, District Ahmedabad belonging to Shri Rakeshbhai Shah and Ors.
Date of instrument modifying the charge	18.10.2010
Particulars of the present modification	By virtue of said modification, now the mortgage charge is extended in favor of Development Credit Bank (DCB) as consortium bank in order to secure its financial assistance aggregating to Rs.245.000 Millions. Now the charge shall operate as consortium charge in favor of both the banks namely, UCO Bank for Rs. 245.000 Millions and DCB for Rs. 245.000 Millions making aggregate limit of Rs. 490.000 Millions

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2011):

a. Claims against the company Not acknowledged as debt Rs.2.286 Millions

b. Income tax matter in respect of Earlier year where appeal was Pending with ITAT Ahmedabad on 31/03/2009 Nil

c. Claims by ex-employees for Gratuity, Bonus and back wages, the amount is not ascertained Rs.0.000

d. Bank Guarantee issued to Customs Department - Ahmedabad Rs.34.500 Millions

e. Sales Tax Liability not acknowledged as debt Rs.0.164 Million

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

· A.C. Machines and Plant

· Vehicles

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.52.52
UK Pound	1	Rs.85.49
Euro	1	Rs.69.61

INFORMATION DETAILS

Report Prepared by :

CTI

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.