MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED (w.e.f.17.10.2007)
Formerly Known As :	PRELUDE EXPORTS PRIVATE LIMITED
Registered Office :	431, Laxmi Mall, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.2002
Com. Reg. No.:	11-135662
Capital Investment / Paid-up Capital :	Rs.1440.079 Millions
CIN No.: [Company Identification No.]	U51909MH2002PTC135662
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15214C
PAN No.: [Permanent Account No.]	AACCP5048E
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business as agents, brokers, commission agents, buying and selling agents, distributors, indenting agents in goods and commodities.
No. of Employees :	Above 300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 6500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	431, Laxmi Mall, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-42329600
Fax No.:	91-22-42329611
E-Mail :	bagaria.arun@gmail.com puneet@fourcee.co.in
Website :	http://www.fourcee.co.in

DIRECTORS

As on: 22.08.2012

Name :

Mr. Vinay Singh

Designation :

Director

Address :

A-303 Greenfields, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

13.04.1988

Date of Appointment :

30.07.2007

PAN No.:

BGAPS0899A

DIN No.:

00542695

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109MH1997PTC108673	FOURCEE EQUIPMENTS AND SERVICES PRIVATE LIMITED	Director	20/07/2006	20/07/2006	04/04/2008	Active	NO
2	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Director	30/07/2007	30/07/2007	-	Active	NO
3	U51109WB2005PTC105641	DEVNADI TRADELINK PRIVATE LIMITED	Director	05/02/2009	05/02/2009	-	Active	NO
4	U63090GJ2010PTC065523	KERRY-ITS TERMINAL (KANDLA) PRIVATE LIMITED	Director	24/03/2010	24/03/2010	07/09/2010	Active	NO
5	U74900MH2010PTC200202	SHAARVIN DEVELOPERS PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO
6	U74900WB2007PTC116684	FOURCEE PORT AND TERMINAL PRIVATE LIMITED	Director	30/03/2010	30/03/2010	22/03/2011	Active	NO
7	U51909WB2007PTC120728	ORIENT VINCOM PRIVATE LIMITED	Director	05/04/2010	05/04/2010	-	Active	NO
8	U74990MH2010PTC198246	SUTTRA BROADBAND PRIVATE LIMITED	Director	08/05/2010	08/05/2010	-	Active	NO
9	U74990MH2011PTC214372	FOURCEE EQUIPMENT CLEANING INDIA PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
10	U60200DL2011PTC227307	KASHIPUR INFRASTRUCTURE AND FREIGHT TERMINAL PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO

Name :

Mr. Ranjit Vasant Pandit

Designation :

Nominee Director

Address :

Daibhanga Mansion, Flat No. 1,12, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

05.04.1954

Date of Appointment :

11.01.2012

DIN No.:

00782296

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100MH1972PLC016112	PRATAP PANDIT LIMITED	Director	06/12/1974	06/12/1974	-	Active	NO
2	U99999MH1941PTC003412	THE INDUSTRIAL LEATHER COMPANY PRIVATE LIMITED	Director	17/03/1975	17/03/1975	-	Active	NO
3	U19202MH1957PTC010907	BOMBAY FOOTWEAR PRIVATE LIMITED	Director	26/04/1993	26/04/1993	-	Active	NO
4	U22219WB1922PTC004503	ABP PRIVATE LIMITED	Director	20/08/2008	17/03/2008	-	Active	NO
5	L24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	30/01/2009	30/01/2009	-	Active	NO
6	U74210MH2002PTC137746	GENERAL ATLANTIC PRIVATE LIMITED	Director	29/09/2011	03/05/2011	-	Active	NO
7	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Nominee director	11/01/2012	11/01/2012	-	Active	NO

Name :

Mr. Tariq Nadeem Ahmed

Designation :

Nominee Director

Address :

Vittal Mallya Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

22.11.1978

Date of Appointment :

11.01.2012

DIN No.:

03490137

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40105AP2007PTC058753	EAST COAST ENERGY PRIVATE LIMITED	Alternate director	28/09/2012	18/03/2011	-	Active	NO
2	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Nominee director	11/01/2012	11/01/2012	-	Active	NO
3	U40300AP2008PTC058520	COBALT POWER PRIVATE LIMITED	Alternate director	05/06/2012	31/03/2012	05/07/2012	Active	NO
4	U40108AP2010FTC069648	INDUS CLEAN ENERGY (INDIA) PRIVATE LIMITED	Alternate director	26/09/2012	26/09/2012	-	Active	NO
5	U40108AP2010PTC069348	INDUS HYDRO POWER (INDIA) PRIVATE LIMITED	Alternate director	28/09/2012	28/09/2012	-	Active	NO

Name :

Mr. Kuntal Biswas

Designation :

Nominee Director

Address :

E-24, Maker Kundan, Near SNDT, Juhu Tara Road, Santacruz (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

30.06.1976

Date of Appointment :

03.02.2011

DIN No.:

03528143

Name :

Mr. Rajesh Lihala

Designation :

Director

Address :

155, C Uashmesh Colony, N Dutta Marg, DN Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

09.06.1959

Date of Appointment :

26.06.2009

PAN No.:

ACYPL6324J

DIN No.:

02788479

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Director	26/09/2009	26/09/2009	-	Active	NO
2	U27200MH1993PTC074003	HARI METAL MILLS PRIVATE LIMITED	Director	26/09/2009	26/09/2009	-	Active	NO
3	U51909WB2007PTC120728	ORIENT VINCOM PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
4	U51909WB2007PTC120723	ROSE VINCOM PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
5	U63090GJ2010PTC065523	KERRY-ITS TERMINAL (KANDLA) PRIVATE LIMITED	Director	24/03/2010	24/03/2010	07/09/2010	Active	NO
6	U74990MH2010PTC199033	NIVEDITA SALES AGENCY PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO
7	U74900WB2007PTC116684	FOURCEE PORT AND TERMINAL PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
8	U51900MH2010PTC201972	PRABODH MERCANTILE PRIVATE LIMITED	Director	02/08/2012	27/04/2010	-	Active	NO
9	U63030MH2011PTC214386	FOURCEE TANKS AND TERMINALS PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
10	U61100MH2011PTC215807	ZEN SHIPPING AND PORTS INDIA PRIVATE LIMITED	Director	05/04/2011	05/04/2011	21/12/2011	Active	NO
11	U51909WB2008PTC128888	LOTUS SUPPLIERS PRIVATE LIMITED	Director	12/04/2011	12/04/2011	-	Active	NO
12	U51909WB2010PTC148982	BLUEBIRD VINTRADE PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
13	U51909WB2010PTC148976	AMRITGIRI COMMODEAL PRIVATE LIMITED	Director	31/05/2011	31/05/2011	-	Active	NO
14	U60200DL2011PTC227307	KASHIPUR INFRASTRUCTURE AND FREIGHT TERMINAL PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
15	U51909WB2009PTC132457	VALUETIME TIE-UP PRIVATE LIMITED	Director	29/12/2011	29/12/2011	-	Active	NO
16	U51909WB2008PTC131447	TEJASWANI COMMERCIAL PRIVATE LIMITED	Director	29/12/2011	29/12/2011	-	Active	NO
17	U74990MH2011PTC214372	FOURCEE EQUIPMENT CLEANING INDIA PRIVATE LIMITED	Additional director	08/10/2012	08/10/2012	-	Active	NO

Name :

Mrs. Artidevi Rajsingh Singh

Designation :

Director

Address :

A-303 Greenfields, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

15.02.1970

Date of Appointment :

10.08.2007

DIN No.:

01717098

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
2	U51109WB2005PTC105641	DEVNADI TRADELINK PRIVATE LIMITED	Director	05/02/2009	05/02/2009	-	Active	NO
3	U74900MH2010PTC200202	SHAARVIN DEVELOPERS PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO
4	U51909WB2007PTC120728	ORIENT VINCOM PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
5	U74990MH2010PTC198246	SUTTRA BROADBAND PRIVATE LIMITED	Director	08/05/2010	08/05/2010	-	Active	NO

Name :

Mr. Kumar Krishnan Iyer

Designation :

Nominee Director

Address :

Flat 2002, Odyssey II, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

28.05.1962

Date of Appointment :

22.08.2012

PAN No.:

AAAPI2320M

DIN No.:

01865617

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200AP2005PTC047562	FACET CONSTRUCTION ENGINEERING PRIVATE LIMITED	Director	19/09/2008	05/11/2007	-	Active	NO
2	U55100MH2004PTC148815	SPLENDOUR HOSPITALITY PRIVATE LIMITED	Director	27/03/2008	27/03/2008	11/06/2012	Active	NO
3	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Director	15/09/2009	30/10/2008	20/07/2011	Active	NO
4	U67100MH2009PTC191898	IEP FUND ADVISORS PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
5	U70109DL2006PLC153767	IL AND FS CLUSTER DEVELOPMENT INITIATIVE LIMITED	Nominee director	29/01/2010	21/01/2010	-	Active	NO
6	U80220MH1997PLC112535	IL AND FS EDUCATION AND TECHNOLOGY SERVICES LIMITED	Nominee director	29/01/2010	21/01/2010	-	Active	NO
7	U51909MH2002PTC135662	FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED	Nominee director	22/08/2012	04/11/2010	-	Active	NO
8	U63090MP1999PTC013434	SWASTIK ROADLINES PRIVATE LIMITED	Nominee director	20/12/2010	20/12/2010	-	Active	NO
9	U85300CH2010PTC032132	COMET HEALTHCARE AND CONSULTING PRIVATE LIMITED	Director	30/09/2011	31/12/2010	-	Active	NO
10	U24236DL1986PTC023504	R.G. SCIENTIFIC ENTERPRISES PRIVATE LIMITED	Nominee director	30/09/2011	20/04/2011	-	Active	NO
11	U85120DL2007PTC170348	AXISS DENTAL PRIVATE LIMITED	Nominee director	23/05/2012	23/05/2012	-	Active	NO

Name :

Mr. Baljitsingh P Sandhu

Designation :

Director

Address :

F-1, Anandbag Society, Ghatlodia Tal City, District Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

10.09.1958

Date of Appointment :

31.03.2009

DIN No.:

02792891

Other Directorship :

KEY EXECUTIVES

Name :	Mr. Santosh Deshpande
Designation :	Chief Operating Officer
Name :	Mr. Sundeep Ramgarhia
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 22.08.2012

Names of Shareholders	No. of Equity Shares
Vinay Singh	750020
Rajesh Lihala	20000
Arti Singh	607500
Jyoti Singh	122500
Devnadi Tradelink Private Limited, India	800000
Hari Metal Mills Private Limited, India	1207486
General Atlantic Singapore Fund Pte. Limited, India	20
Total	3507526

Names of Shareholders	No. of Preferences Shares
General Atlantic Singapore Fund Pte. Limited, India
Series A CCPS	2499990
Series B CCPS	1000000
Series C CCPS	27457994
Series D CCPS	7542006
Mulith Equity Holdings Limited, Mauritius
Series B CCPS	10500000
Total	48999990

Equity Share Break up (Percentage of Total Equity)

As on: 22.08.2012

Category	Percentage
Bodies corporate	57.24
Directors or relatives of directors	42.76
Total	100.00

BUSINESS DETAILS

Line of Business :

To carry on the business as agents, brokers, commission agents, buying and selling agents, distributors, indenting agents in goods and commodities.

GENERAL INFORMATION

No. of Employees :

Above 300 (Approximately)

Bankers :

ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	393.601	451.921
Rupee term loans others secured	70.498	40.509
Working capital loans banks secured	161.535	45.212
Loans taken for vehicles secured	0.691	0.000
Finance lease obligation long-term secured	171.766	0.000
Total	798.091	537.642
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	25.628	0.000
Total	25.628	0.000

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
PAN No.:	AAIFB7357B
Subsidiary Companies :	Fourcee Asia Pte. Limited

CAPITAL STRUCTURE

As on: 22.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4010000	Equity Shares	Rs.10/- each	Rs.40.100 Millions
49599000	Preference Shares	Rs.100/- each	Rs.4959.900 Millions
	Total		Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3507526	Equity Shares	Rs.10/- each	Rs.35.075 Millions
48999990	Preference Shares	Rs.100/- each	Rs.4899.999 Millions
	Total		Rs.4935.074 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4010000	Equity Shares	Rs.10/- each	Rs.40.100 Millions
14000000	Preference Shares	Rs.100/- each	Rs.1400.000 Millions
	Total		Rs.1440.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4008040	Equity Shares	Rs.10/- each	Rs.40.080 Millions
13999990	Preference Shares	Rs.100/- each	Rs.1399.999 Millions
	Total		Rs.1440.079 Millions

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		1440.079	540.078	19.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		187.956	213.263	94.640
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1628.035	753.341	114.440
LOAN FUNDS
1] Secured Loans		798.091	537.642	202.686
2] Unsecured Loans		25.628	0.000	0.267
TOTAL BORROWING		823.719	537.642	202.953
DEFERRED TAX LIABILITIES		58.255	23.188	8.092
TOTAL		2510.009	1314.171	325.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1309.535	701.583	215.146
Capital work-in-progress		755.092	351.931	15.210
INVESTMENT		22.043	0.002	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	252.791	100.228	20.183
	Cash & Bank Balances	14.710	98.718	0.029
	Other Current Assets	0.000	0.000	2.823
	Loans & Advances	338.955	86.261	124.643
Total Current Assets		606.456	285.207	147.678
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.087	17.013	46.933
	Other Current Liabilities	125.910	6.448	0
	Provisions	9.120	1.091	5.616
Total Current Liabilities		183.117	24.552	52.549
Net Current Assets		423.339	260.655	95.129
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2510.009	1314.171	325.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Freight and Hire Receipts		841.954	273.774
		Other Income		0.454	0.219
		TOTAL (A)	1997.900	842.408	273.993
Less	EXPENSES
		Operating Expenses		675.907	216.227
		Administrative and Other Expenses		23.905	7.504
		Personnel Expenses		14.349	4.943
		TOTAL (B)	1789.100 (Including Depreciation and Financial Expenses)	714.161	228.674
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			128.247	45.319
Less	FINANCIAL EXPENSES (D)			39.477	12.632
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			88.770	32.687
Less/ Add	DEPRECIATION/ AMORTISATION (F)			22.255	7.210
	PROFIT BEFORE TAX (E-F) (G)		208.800	66.515	25.477
Less	TAX (H)		74.100	19.766	10.435
	PROFIT AFTER TAX (G-H) (I)		134.700	46.749	15.042
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.860	15.840	0.798
	APPROPRIATIONS
		Proposed Dividend on Preference Shares	7.300	0.626	0.000
		Dividend Distribution Tax	1.200	0.103	0.000
	BALANCE CARRIED TO THE B/S		187.900	61.860	15.840
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.900	NA	NA
	TOTAL EARNINGS		1.900	NA	NA
	Earnings Per Share (Rs.)		7.48	13.05	18.52

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.74	5.55	5.49
Net Profit Margin (PBT/Sales)	(%)	NA	7.90	9.31
Return on Total Assets (PBT/Total Assets}	(%)	10.90	6.74	7.02
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.22
Debt Equity Ratio (Total Liability/Networth)		0.62	0.75	2.23
Current Ratio (Current Asset/Current Liability)		3.31	11.62	2.81

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from 236, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India to the present address w.e.f. 14.12.2009

MANAGEMENT REVIEW AND OUTLOOK

The Company recorded a total income and net profit of Rs.1997.900 Millions and Rs.134.700 Millions respectively for the financial year ended March 31, 2011 as against Rs.842.400 Millions and Rs.46.700 Millions respectively in the previous year.

Revenue growth was driven due to strong growth in rail freight income.

Business volume and operating margin continues to be healthy the Company continues to expand its customer base through unique service offerings across various products and geographies.

The Company has been awarded ‘ Special Freight Train Operator ’ (SFTO) license from Indian Railways. The Company continues to work closely with Indian Railways and thank them for their progressive actions and support.

The business environment has been challenging on account of increasing commodity prices, cost of capital and uncertain global economic outlook. Such challenging times offer greater opportunities for their Company to drive cost and supply chain efficiencies for their customers.

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.53.81
UK Pound	1	Rs.86.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.