MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	TVS LOGISTICS SERVICES LIMITED
Registered Office :	TVS Building, 7-B, West Veli Street, Madurai – 625001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.2004
Com. Reg. No.:	18-054655
Capital Investment / Paid-up Capital :	Rs.187.622 Millions
CIN No.: [Company Identification No.]	U63011TN2004PLC054655
TAN No.: [Tax Deduction & Collection Account No.]	MRIT01242D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing logistics services including aftermarket warehouse, in-plant warehouse, global supply chain management services, domestic supply chain management services and material handling services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 5100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of the highly respected TVS group. It is a well established company having fine track. The financial position of the company appears to be good. It has achieved a better increase in its sales during 2011. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A+ (Long Term Loans)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	June 2012

Rating Agency Name	ICRA
Rating	A1+ (Short Term Loans)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	June 2012

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 :	TVS Building, 7-B, West Veli Street, Madurai – 625001, Tamilnadu, India
Tel. No.:	91-452-2356400
Fax No.:	91-452-2341587
E-Mail :	raghunath.ravi@tvssons.com
Website :	http://www.tvslogisticsservices.com
Corporate Office :	58, Eldams Road, TK Kumarasamy Road, Teynampet, Chennai – 600015, Tamilnadu, India
Tel. No.:	91-44-66793222
Fax No.:	91-44-66793127
E-Mail :	feedback.tvslogistics@tvssons.com
Branch Office :	AVA Towers, No. 152 and 150, TNEB Avenue, Annasalai, Chennai, Tamilnadu, India
Godown :	Sheetla Mata Mandir Road, Near Bharat Petrol Pump, Near Auto Link-Gurgaon, Gurgaon, Haryana, India
Tel. No.:	91-124-4640900

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Suresh Krishna

Designation :

Director

Address :

79, Poes Gorden, Chennai-600 086, Tamilnadu, India

Date of Birth/Age :

24.12.1936

Date of Appointment :

16.11.2004

DIN No.:

00046919

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	L35999TN1962PLC004943	SUNDRAM FASTENERS LIMITED	Managing director	01-07-11	26-08-64	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	25-12-70	25-12-70	-	Active	NO
3	U27209TN1962PLC004760	TVS SEWING NEEDLES LIMITED	Director	26-06-75	26-06-75	-	Active	NO
4	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	02-02-79	02-02-79	24-03-12	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	23-07-08	23-05-79	24-12-11	Active	NO
6	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	02-03-94	02-03-94	24-12-11	Active	NO
7	U40108TN1994PLC029132	SUNDRAM NON-CONVENTIONAL ENERGY SYSTEMS LIMITED	Director	04-11-94	04-11-94	-	Active	NO
8	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	16-11-04	16-11-04	-	Active	NO
9	U65991TN1992PLC022619	UPASANA ENGINEERING LIMITED	Director	20-08-08	16-04-08	-	Active	NO

Name :

Mr. Santhanam Ram

Designation :

Director

Address :

Old No.29, New No.57, Prithvi Avenue, Chennai-600 018, Tamilnadu, India

Date of Birth/Age :

27.04.1940

Date of Appointment :

16.11.2004

DIN No.:

00018309

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	25-12-70	25-12-70	-	Active	NO
2	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	14-06-72	14-06-72	-	Active	NO
3	L35921TN1960PLC004175	WHEELS INDIA LIMITED	Whole-time director	01-05-10	28-05-74	-	Active	NO
4	U60221TN1946PLC002582	SOUTHERN ROADWAYS LIMITED	Director	24-04-75	24-04-75	-	Active	NO
5	U27209TN1981PLC008630	AXLES INDIA LIMITED	Director	01-04-12	18-02-81	-	Active	NO
6	L65191TN1954PLC002429	SUNDARAM FINANCE LIMITED	Director	27-09-88	27-09-88	-	Active	NO
7	U35202TN1998PLC041466	IRIZAR TVS LIMITED	Director	05-02-01	05-02-01	-	Active	NO
8	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	16-11-04	16-11-04	-	Active	NO
9	L65991TN1954PLC000958	INDIA MOTOR PARTS AND ACCESSORIES LIMITED	Director	24-01-06	24-01-06	-	Active	NO

Name :

Mr. Ramachandran Dinesh

Designation :

Director

Address :

16, Jawahar Road, Chokki Kulam, Madurai-625 002, Tamilnadu, India

Date of Birth/Age :

25.02.1965

Date of Appointment :

01.09.2008

DIN No.:

00363300

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Managing director	15-11-11	27-05-98	-	Active	NO
2	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	28-09-98	28-09-98	-	Active	NO
3	U35202TN1998PLC041466	IRIZAR TVS LIMITED	Director	23-11-98	23-11-98	-	Active	NO
4	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Managing director	01-09-08	16-11-04	-	Active	NO
5	U72900TN2007PLC063049	INDIA TELECOM INFRA LIMITED	Director	09-04-07	09-04-07	04-03-08	Amalgamated	NO
6	U65921TN2007PLC063294	NSM HOLDINGS LIMITED	Director	27-04-07	27-04-07	-	Active	NO
7	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Director	24-09-07	30-04-07	-	Active	NO
8	U63010TN2007PLC064282	TVS DYNAMIC GLOBAL FREIGHT SERVICES LIMITED	Director	19-07-07	19-07-07	-	Active	NO
9	U60200TN2008PLC068631	TVS COMMUTATION SOLUTIONS LIMITED	Director	21-07-08	21-07-08	-	Active	NO
10	U51220MH1944PLC004124	THE ASSOCIATED AUTO PARTS LIMITED	Director	29-09-08	01-09-08	-	Active	NO
11	U50102MH2009PTC195226	FIXALL AUTOMOTIVE SERVICES PRIVATE LIMITED	Director	25-08-09	25-08-09	-	Active	NO
12	U60100TN2010PLC074341	TVS GMR AVIATION LOGISTICS LIMITED	Director	22-01-10	22-01-10	-	Active	NO
13	U34100TN2009PLC071439	TVS AUTOMOBILE SOLUTIONS LIMITED	Director	13-12-10	12-11-10	-	Active	NO
14	U60200TN2009PLC071624	TVS RHR FINISHED VEHICLES LOGISTICS SOLUTIONS LIMITED	Director	29-09-11	29-12-10	-	Active	NO
15	U51109TN2011PTC083208	DINRAM HOLDINGS PRIVATE LIMITED	Director	18-11-11	18-11-11	-	Active	NO
16	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Director	28-03-12	28-03-12	-	Active	NO
17	U50300GJ2012PLC069099	ESSEX AUTOMOBILE SOLUTIONS LIMITED	Additional director	29-03-12	29-03-12	-	Active	NO
18	U74990TN2010PLC076131	FLEXOL PACKAGING (INDIA) LIMITED	Additional director	31-03-12	31-03-12	-	Active	NO

Name :

Mr. Gopal Srinivasan

Designation :

Director

Address :

Old No.2, New No.3, West Side Houses, Adyar Club, Gate Road Chennai-600 028, Tamilnadu, India

Date of Birth/Age :

04.08.1958

Date of Appointment :

05.08.2005

DIN No.:

00177699

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	U65991TN1943PLC002656	SUNDARAM INDUSTRIES LIMITED	Director	31-08-79	31-08-79	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR AND SONS LIMITED	Director	31-08-79	31-08-79	-	Active	NO
3	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	18-08-08	29-11-85	-	Active	NO
4	U65191TN1994PLC028851	TVS INVESTMENTS LIMITED	Managing director	26-04-10	25-05-95	-	Active	NO
5	U35999TN1961PLC004678	LUCAS TVS LIMITED	Director	28-03-96	28-03-96	-	Active	NO
6	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09-05-97	09-05-97	-	Active	NO
7	U65191TN1998PLC039853	TVS FINANCE AND SERVICES LIMITED	Director	19-01-99	19-01-99	-	Active	NO
8	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Director	12-07-99	12-07-99	28-07-08	Active	NO
9	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27-01-00	27-01-00	14-08-08	Active	NO
10	U30006TN1996PLC035418	HARITA TECHSERV LIMITED	Director	05-12-01	05-12-01	-	Active	NO
11	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Nominee director	23-10-08	18-07-03	-	Active	NO
12	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	22-11-04	22-11-04	-	Active	NO
13	U72900MH2001NPL133410	MEDIA LAB ASIA	Director	28-12-04	28-12-04	24-03-11	Active	NO
14	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	05-08-05	05-08-05	-	Active	NO
15	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	19-01-07	19-01-07	03-05-11	Active	NO
16	U72500TN2007PLC063540	TVS-E SERVICETEC LIMITED	Director	29-08-08	17-05-07	-	Active	NO
17	U72200TN2007PLC064091	HARITA ACADEMY LIMITED	Director	28-08-08	25-06-07	-	Active	NO
18	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	28-06-07	28-06-07	20-04-09	Active	NO
19	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Managing director	06-06-08	28-06-07	-	Active	NO
20	U72900TN2007FTC065500	GRANDTECH INDIA PRIVATE LIMITED	Director	26-11-07	26-11-07	21-09-11	Active	NO
21	U74140TN2004PTC052667	CROSS CREEK CHANNEL INVESTMENT ADVISORS PRIVATE LIMITED	Director	05-08-09	10-05-08	-	Active	NO
22	U22300DL2007PTC167650	NINE DOT NINE MEDIAWORX PRIVATE LIMITED	Nominee director	10-10-08	10-10-08	12-05-10	Active	NO
23	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Director	17-08-10	04-11-09	-	Active	NO
24	U93000KA2008PTC046355	NEXTWEALTH ENTREPRENEURS PRIVATE LIMITED	Director	11-02-10	11-02-10	-	Active	NO
25	U85110TN2010PTC075352	MEDFORT HOSPITALS PRIVATE LIMITED	Additional director	22-11-10	22-11-10	19-01-11	Active	NO
26	U15499DL2005PTC139631	OM PIZZAS AND EATS INDIA PRIVATE LIMITED	Director	24-12-10	24-12-10	13-03-12	Active	NO
27	U55101MH2010PTC209517	INDIAN COOKERY PRIVATE LIMITED	Nominee director	01-03-11	01-03-11	-	Active	NO
28	U74900TN2011PLC083371	SUNDARAM ENGINEERING PRODUCTS SERVICES LIMITED	Director	01-12-11	01-12-11	-	Active	NO
29	U74300DL2007PTC158884	MOSAIC MEDIA VENTURES PRIVATE LIMITED	Additional director	25-04-12	25-04-12	-	Active	NO

Name :

Mr. Tarun Khanna

Designation :

Director

Address :

66, Druid Hill road, Newton, United States of America 02461

Date of Birth/Age :

09.05.1966

Date of Appointment :

21.11.2007

DIN No.:

01760700

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	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	22-09-08	21-11-07	-	Active	NO
2	L65999AP2003PLC041732	SKS MICROFINANCE LIMITED	Director	07-08-08	01-02-08	-	Active	NO
3	U74999AP2000PTC035826	GVK BIOSCIENCES PRIVATE LIMITED	Director	03-07-09	19-07-08	-	Active	NO

Name :

Mr. Sanjeev Kishen Mehra

Designation :

Director

Address :

44, Mayfair Lane, Greenwich, United States of America- 06831

Date of Birth/Age :

07.01.1958

Date of Appointment :

25.08.2010

DIN No.:

02195545

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	L24223PB1988PLC008031	MAX INDIA LIMITED	Director appointed in casual vacancy	30-07-10	30-07-10	-	Active	NO
2	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Director	29-09-10	25-08-10	-	Active	NO

Name :

Ms. Lavanya Ashok

Designation :

Alternate Director

Address :

139/6-2, Domlur Layout, Bangalore-560071, Karnataka, India

Date of Birth/Age :

11.07.1982

Date of Appointment :

07.06.2011

DIN No.:

03453279

KEY EXECUTIVES

Name :	Mr. Raghuvanth Ravi
Designation :	Company Secretary
Address :	B4, Vaigai Vilas, Vaigai Vilas Road, Kochadai, Madurai-625 016, Tamilnadu, India
Date of Birth/Age :	20.10.1954
Date of Appointment :	08.09.2006
Pan No.:	AAEPR7332Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

SHAREHOLDING DETAILS FILES ATTACHED

AS ON 29.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.74
Bodies corporate	65.24
Directors or relatives of Directors	5.89
Other top fifty shareholders	3.12
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing logistics services including aftermarket warehouse, in-plant warehouse, global supply chain management services, domestic supply chain management services and material handling services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, 6A, West Veli Street, Madurai- 625001, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	158.440	223.684
Loans taken for fixed assets secured
Loans taken for vehicles secured	3.952	9.116
Other debt secured	280.389	246.081
Total	442.781	478.881
Notes: (A) It comprises of: Term Loan Rs. 158.440 Millions from State Bank of India secured by assets acquired out of term loan and second charge on book debts current and future. Includes interest accrued and due Rs.1.634 Millions. Amount repayable within one year Rs.75.000 Millions; Corporate Loan NIL from State Bank of India secured by assets acquired out of term loan. (B) It comprises of: Term Loan Rs. 223.396 Millions from State Bank of India secured by assets acquired out of term loan and second charge on book debts current and future. Includes interest accrued and due Rs. 2.172 Millions. Amount repayable within one year Rs.76.247 Millions; Corporate Loan Rs. 0.288 Million from State Bank of India secured by assets acquired out of term loan. (C) Secured by hypothecation of vehicles taken on lease. (D) Secured by hypothecation of book debts - cash credit from banks
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	280.836	100.307
Total	280.836	100.307
Notes: (A) Includes interest accrued and due Rs. 0.836 Million Amount repayable within one year Rs.130.000 Millions (B) Includes interest accrued and due Rs. 0.307 Million Amount repayable within one year Rs.100.000 Millions

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	No.10 Mahatma Gandhi Road, Nungambakkam, Chennai-600 034, Tamilnadu, India
Holding Company :	· T V Sundram Iyengar and Sons Limited CIN No.: - U34101TN1929PLC002973
Subsidiaries :	· TVS Dynamic Global Freight Services Limited CIN No.: - U63010TN2007PLC064282 · TVS Commutation Solutions Limited CIN No.: - U60200TN2008PLC068631 · TVS GMR Aviation Logistics Limited CIN No.: - U60100TN2010PLC074341 · TVS RHR Finished Vehicles Logistics Solutions Limited (formerly RHR Car Transportation Solutions Limited) CIN No.: - U60200TN2009PLC071624 · TVS America Inc, USA · TVS Automotive Europe Limited, UK · TVS Logistics Siam Limited, Thailand · TVS Logistics Investment UK Limited, UK · TVS Logistics Investments USA Inc, USA
Step Down Subsidiaries :	· Yelestre Holdings Limited, UK · Multipart (Holdings) Limited, UK · Multipart Solutions Limited, UK · MSys Software Solutions Limited, UK · Multipart Limited, UK (formerly IH Crick Property Company Limited) · Globe Dynamics Limited, UK (formerly Globe Transport Products Limited, UK) · Globe Transport Products Limited, UK (Globe Dynamics Limited, UK) · TVS CJ Components Limited, UK · TVS Logistics Iberia S.L., Spain · TVS Autoserv GmbH, Germany · Manufacturers Equipment and Supply Company, USA
Fellow Subsidiaries :	· Sundaram Industries Limited CIN No.: - U65991TN1943PLC002656 · Sundaram Clayton Limited CIN No.: - L35999TN1962PLC004792 · TVS Motor Company Limited CIN No.: - L35921TN1992PLC022845 · Lucas TVS Limited CIN No.: - U35999TN1961PLC004678 · Lucas Indian Service Limited CIN No.: - U35999TN1930PLC005705 · TVS Net Technologies Limited CIN No.: - U72900TN2004PLC054575
Shareholders/ parties having significant influence :	· TVS Infrastructure Limited CIN No.: - U45200MH2005PLC154628

CAPITAL STRUCTURE

As on: 29.09.2011

Authorised Capital : Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.232.190 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
19543800	Equity Shares	Rs.10/- each	Rs.195.438 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
18762200	Equity Shares	Rs.10/- each	Rs.87.622 Millions

Note:

30,000,000 equity shares

Comprises of - 12,150,000 equity shares of Rs.10 each at par 5,066,800 equity shares of Rs 10 each at a premium of Rs 185.72 per share 390,800 equity shares of Rs.10 each at a premium of Rs.185 per share 275,800 equity shares of Rs 10 each at a premium of Rs.65 per share 1,660,400 equity shares of Rs.10 each

Comprises of - 18,566,800 equity shares of Rs.10 each fully paid up 977,000 equity shares of Rs.10 each, Rs 2 per share paid up (Of the above 12,000,000 equity shares fully paid up are held by the holding Company, T.V. Sundram Iyengar and Sons Limited)

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		187.622	174.122	174.122
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1087.699	1056.526	1030.573
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1275.321	1230.648	1204.695
LOAN FUNDS
1] Secured Loans		442.781	478.881	356.886
2] Unsecured Loans		280.836	100.307	101.760
TOTAL BORROWING		723.617	579.188	458.646
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1998.938	1809.836	1663.341
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		513.060	466.970	409.013
Capital work-in-progress		6.029	14.897	58.941
INVESTMENT		606.574	430.724	215.756
DEFERREX TAX ASSETS		29.001	12.912	12.032
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.196	2.613	2.583
	Sundry Debtors	503.153	791.075	527.496
	Cash & Bank Balances	50.454	200.340	367.835
	Other Current Assets	297.042	22.422	0.000
	Loans & Advances	555.478	494.748	370.268
Total Current Assets		1412.323	1511.198	1268.182
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	138.776	292.309	258.102
	Other Current Liabilities	381.081	300.021	22.165
	Provisions	48.192	34.535	20.316
Total Current Liabilities		568.049	626.865	300.583
Net Current Assets		844.274	884.333	967.599
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1998.938	1809.836	1663.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3920.235	2736.553	2429.900
		Other Income	30.414	25.803	26.785
		TOTAL (A)	3950.649	2762.356	2456.685
Less	EXPENSES
		Consumption materials changes inventories	63.122	31.082	0.000
		Manufacturing service costs	2425.467	1818.216
		Employee costs	875.798	529.676	448.519
		Operating, Administrative and other Expenses	313.439	195.720	1855.392
		Prior Period Items	0.000	0.000	14.513
		TOTAL (B)	3677.826	2574.694	2318.424
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		272.823	187.662	138.261
Less	FINANCIAL EXPENSES (D)		94.829	56.616	46.231
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		177.994	131.046	92.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.629	66.449	31.708
	PROFIT BEFORE TAX (E-F) (G)		90.365	64.597	60.322
Less	TAX (H)		39.567	24.431	28.389
	PROFIT AFTER TAX (G-H) (I)		50.798	40.166	31.933
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		124.955	103.017	81.347
Less	APPROPRIATIONS
		Transfer to General Reserve	5.079	4.016	3.193
		Proposed Dividend	16.886	12.188	6.043
		Tax on Dividend	2.739	2.024	1.027
	BALANCE CARRIED TO THE B/S		151.049	124.955	103.017
	EXPORT VALUE		118.400	28.542	12.345
	IMPORTS
		Stores & Spares	14.833	0.353	0.000
		Capital Goods	62.976	1.073	49.420
	TOTAL IMPORTS		77.809	1.426	49.420
	Earnings Per Share (Rs.)		2.71	2.31	1.85

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	1.45	1.30
Net Profit Margin (PBT/Sales)	(%)	2.31	2.36	2.48
Return on Total Assets (PBT/Total Assets}	(%)	4.62	3.24	3.60
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		1.01	0.98	0.63
Current Ratio (Current Asset/Current Liability)		2.49	2.41	4.22

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	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 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND

Subject was incorporated on 16 November 2004 and is in the business of providing logistic services. The Company has been providing the entire basket of logistics services including aftermarket warehouse, in-plant warehouse, global supply chain management services, domestic supply chain management services and material handling services.

The registered office of the Company is situated at TVS Building, 7-B, West Veli Street, Madurai - 625001.

BUSINESS REVIEW

The operating income of the company for the year amount to Rs. 3920.200 Millions as against Rs. 2736.500 Millions reported in the previous year.

Profit for the year before tax has increased by about 40% over that of the previous year.

The company has continued to focus on both organic and inorganic growth through acquisitions which allow a success to new capabilities, geographies or strategic Customers. In the year, Company has been purchases in the USA which provides specialized supply chain services to the tool and die industry. Similarly the company has entered the CBU transportation through investment in RHR Finished Vehicles Logistics Solutions Limited.

The company had launched initiatives during the year to ensure further operational improvement as also working with existing customers to improve quality and profitability.

Bankers Charges Report as per Registry

Corporate identity number of the company	U63011TN2004PLC054655
Name of the company	TVS LOGISTICS SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	TVS Building, 7-B, West Veli Street, Madurai-625 001, Tamilnadu, India E-mail: raghunath.ravi@tussons.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80015153
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank Of India, Commercial Branch, 6A, West Veli Street, Madurai- 625001, Tamilnadu, India E-mail: sbi.04034@sni.co.in
Nature of instrument creating charge	1. Supplemental Agreement of loan for increase in the overall limit - Form C1A dated 20.12.2010 2. Supplemental agreement of Hypothecation of goods and assets for increase in the overall limit - Form C2A dated 20.12.2010 3. Letter regarding the grant of individual limits within the overall limit - Form C5 dated 20.12.2010
Date of instrument Creating the charge	20.12.2010
Amount secured by the charge	Rs.960.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - 4.00% above Base rate (presently 12.00% p.a.) Term Loan - 4.50% above Base rate (presently 12.50% p.a.) Terms of Repayment 1. Cash Credit of Rs.400.000 Millions and BG (WC) of Rs 50.000 Millions and LOC of Rs 210.000 Millions - Repayable on Demand 2. Term Loan of Rs 300.000 Millions - There is no change in the existing sanction stipulated. Margin Receivables (cover period - 90 days) - 25% BG (WC) - 10% Extent and Operation of the charge CC - First Charge on the entire receivables and other Current Assets and Second charge on fixed assets acquired out of term loans; TL - First Charge on fixed assets acquired out of term loan and second charge on the receivables; BG (WC) - Counter Guarantee from the company and charge over Current Assets. LC - Counter Guarantee from the company and extension of charge over current assets and fixed assets already charged to them.
Short particulars of the property charged	Current assets (receivables) and Fixed assets acquired out of term loan
Date of instrument modifying the charge	06.02.2009
Particulars of the present modification	The overall limit is increased to Rs 960.000 Millions. [CC - Rs 400.000 Millions, Term Loan - Rs 300.000 Millions, Bank Guarantee (WC) - Rs 50.000 Millions, Letter of Comfort - Rs 210.000 Millions].

FIXED ASSETS:

· Plant and machinery

· Computers

· Office equipment

· Furniture and fixtures including racks

· Vehicles

· Software

AS PER WEBSITE DETAILS:

BOARD OF DIRECTOR

Suresh Krishna - Chairman

Suresh Krishna hails from the TVS family. He pursued his M.A. in Literature from the University of Wisconsin. Mr. Krishna is the Chairman and Managing Director of Sundram Fasteners Limited (SFL).

R. Dinesh - Managing Director

R Dinesh hails from the TVS family and is the Managing Director of Subject, since September 1, 2008. Apart from TVS Logistics, he also serves as the Joint Managing Director of T V Sundram Iyengar & Sons Limited and heads various other businesses that come under these companies.

S Ram – Director

S Ram hails from the TVS family and has an M.S. degree in Production Engineering from Birmingham University, UK. He serves as the Chairman and Managing Director of Axles India Limited and Chairman of Wheels India Limited. He is also a Director of Sundaram Finance Limited.

Gopal Srinivasan – Director

Gopal is the founder and the Chairman of TVS-Electronics, Director of Subjecttics, and several other TVS Group businesses. Gopal is a management graduate from University of Michigan, USA.

Tarun Khanna – Director

Tarun Khanna is the Jorge Paulo Lemann Professor at the Harvard Business School (HBS). He joined the faculty in 1993, after obtaining an engineering degree from Princeton University (1988) and a Ph.D. from Harvard (1993).

S Ravichandran—President

Mr. Ravichandran is a management graduate from the prestigious Indian Institute of Management, Ahmedabad. He is a specialist in the Indian logistics industry, particularly in the automobile sector.

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. 55.44
UK Pound	1	Rs. 89.31
Euro	1	Rs. 71.62

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

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.