MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	INDEV LOGISTICS PRIVATE LIMITED (w.e.f 13.05.1999)

Formerly Known As :	CARGO POINT SHIPPING SERVICES PRIVATE LIMITED

Registered Office :	New No.81, (Old No.41), Thambuchetty Street, Chennai – 600 001, Tamilnadu

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	27.01.1997

Com. Reg. No.:	18-037389

Capital Investment / Paid-up Capital :	Rs.14.212 Millions

CIN No.: [Company Identification No.]	U63012TN1997PTC037389

TAN No.: [Tax Deduction & Collection Account No.]	CHEI06525B

PAN No.: [Permanent Account No.]	AABCC1756D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject engaged in the business of Custom House Agents, Inland Container Depot, Clearing, Forwarding Services, Container Freight Stations, Warehousing, Transportation, transportation, Third Party Logistics.

No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 3797000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having a fine track record. The financial position of the company is sound and healthy. Trade relations are trustworthy. Business is active. Payment terms are regular and as per commitment. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

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.

INFORMATION DECLINED BY

Name :	Mr. Vishwanath
Designation :	Finance Department
Contact No.:	91-44-30101027
Date :	26.07.2013

LOCATIONS

Registered Office :	New No.81, (Old No.41), Thambuchetty Street, Chennai – 600 001, Tamilnadu, India
Tel. No.:	91-44-25266232/ 36/ 30101010/ 30101027
Fax No.:	91-44-42161004/ 42130940
E-Mail :	rammohan@indevlogistics.com admin@indevlogistics.com
Website :	http://www.indevlogistics.com

Network Office 1 :	Sea Freight “Swamy Complex”, First Floor, No.81, Thambu Street, Chennai – 600 001, Tamilnadu, India

Network :	Also located at: · Chennai · Irungattukottai · Coimbatore · Tuticorin · Triupur · Karur · Pondicherry · Bangalore · Hyderabad · Delhi · Mumbai · Vizag · Kolkata · Gandhidham · Ahmedabad

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Xavier Britto Swamikannu

Designation :

Managing director

Address :

No.5, Kasturiba Nagar, 3^rd Main Road, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

05.06.1958

Date of Appointment :

27.01.1997

PAN No.:

AADPB8726B

DIN No.:

00767286

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	U70101TN1996PTC036344	INDEV HOLDINGS PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
2	U63012TN1997PTC037389	INDEV LOGISTICS PRIVATE LIMITED	Managing director	27/01/1997	27/01/1997	-	Active	NO
3	U63012TN1997PTC037549	B.S.V.SHIPPING AGENCIES PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	NO
4	U63090TN1997PTC039302	INDEV SHIPPING SERVICES (TUTICORIN) PRIVATE LIMITED	Director	23/10/1997	23/10/1997	-	Amalgamated	NO
5	U63012TN1996PTC035619	KERRY LOGISTICS (INDIA) PRIVATE LIMITED	Director	03/01/2005	03/01/2005	15/04/2011	Active	NO
6	U63021TN2004PTC054967	ENNORE CARGO CONTAINER TERMINAL PRIVATE LIMITED	Managing director	01/04/2007	01/04/2007	-	Active	NO
7	U63020TN2008PTC067363	CONTINENTAL CONTAINER FREIGHT STATIONS PRIVATE LIMITED	Director	16/04/2008	16/04/2008	-	Amalgamated	NO
8	U74999TN2009PTC072836	INDEV LOGISTICS PARK PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

Name :

Mrs. Vimalarani Britto

Designation :

Whole-time Director

Address :

No.5, Kasturiba Nagar, 3^rd Main Road, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

02.07.1999

PAN No.:

AADPV8816C

DIN No.:

00767318

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	U63012TN1996PTC035619	KERRY LOGISTICS (INDIA) PRIVATE LIMITED	Director	31/05/1996	31/05/1996	25/09/2006	Active	NO
2	U70101TN1996PTC036344	INDEV HOLDINGS PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Active	NO
3	U63012TN1997PTC037389	INDEV LOGISTICS PRIVATE LIMITED	Whole-time director	02/07/1999	27/01/1997	-	Active	NO
4	U63012TN1997PTC037549	B.S.V.SHIPPING AGENCIES PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	NO
5	U63090TN1997PTC039302	INDEV SHIPPING SERVICES (TUTICORIN) PRIVATE LIMITED	Director	23/10/1997	23/10/1997	-	Amalgamated	NO
6	U63090TN2002PTC048430	UNIWORLD LOGISTICS PRIVATE LIMITED	Director	29/03/2006	29/03/2006	28/01/2013	Active	NO
7	U63021TN2004PTC054967	ENNORE CARGO CONTAINER TERMINAL PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
8	U63020TN2008PTC067363	CONTINENTAL CONTAINER FREIGHT STATIONS PRIVATE LIMITED	Director	16/04/2008	16/04/2008	-	Amalgamated	NO
9	U74999TN2009PTC072836	INDEV LOGISTICS PARK PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

Name :

Mr. Wing Kai William MA

Designation :

Additional Director

Address :

1/F, 89 Tai hang Road, Jardine’s Lookout, Hong Kong

Date of Birth/Age :

29.11.1961

Date of Appointment :

30.09.2011

DIN No.:

03056115

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	U63012TN1996PTC035619	KERRY LOGISTICS (INDIA) PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
2	U63090GJ2010PTC065523	KERRY-ITS TERMINAL (KANDLA) PRIVATE LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
3	U63012TN1997PTC037389	INDEV LOGISTICS PRIVATE LIMITED	Director	30/09/2011	30/10/2010	-	Active	NO

Name :

Mr. Tan Kai Whatt Robert

Designation :

Director

Address :

19, Kew Walk, Singapore 465999

Date of Birth/Age :

11.02.1957

Date of Appointment :

30.09.2011

DIN No.:

01854542

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	U63012TN1996PTC035619	KERRY LOGISTICS (INDIA) PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
2	U63090GJ2010PTC065523	KERRY-ITS TERMINAL (KANDLA) PRIVATE LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
3	U63012TN1997PTC037389	INDEV LOGISTICS PRIVATE LIMITED	Director	30/09/2011	30/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishwanath
Designation :	Finance Department
E-Mail :	vishwanath@indevlogistics.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Xavier Britto Swamikannu	69862	49.16
Vimalarani Britto	29625	20.84
KLN (Singapore) Pte. Limited, Singapore	42637	30.00
Total	142124	100.00

AS ON 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		30.00
Directors or relatives of directors		70.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in the business of Custom House Agents, Inland Container Depot, Clearing, Forwarding Services, Container Freight Stations, Warehousing, Transportation, transportation, Third Party Logistics.

Products/ Services :

ITC Code

Product Descriptions

99672900

Warehousing Services Customs

173

Freight Forwarding Services

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· Standard Chartered Bank, No.8, Haddows Road, Ground Floor, Jayalakshmi Estate, Nungambakkam, Chennai – 600 006, Tamilnadu, India

· Axis Bank Limited, Corporate Banking Branch, No.192, Anna Salai, Karumuthu Nilayam, Chennai – 600 002, Tamilnadu, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks Hypothecation charge on the entire Fixed Assets of the Company other than those covered under Hire Purchase Agreements Equitable mortgage of Land and Building Situated at New Door No 92, TC Street Chennai (Owned by Xavier Britto) Equitable mortgage 6.18 acres of land at S. F No 129 and 127/1, Poondi Ring Roa, Chettipalyam Village Tiruppur - 641652 Equitable mortgage of 3 kani 26 Kuzhi 1 Veesam of land located at RS No 57/1 and 57/4, Karasur Rev Village Commune, Pondicherry	26.949	17.138
Other loans and advances Equitable mortgage of the land situated at A-11, 12 and B-7, B-8 SIPCOT Industrial Complex, Irrungattukotai measuring 17.56 acres and building constructed thereon.	69.204	62.041
SHORT-TERM BORROWINGS
Rupee term loans from banks Hypothecation charge on the entire Current Assets of the Company Hypothecation charge on the entire Fixed Assets of the Company other than those covered under Hire Purchase Agreements Equitable mortgage of Land and Building Situated at New Door No 92, TC Street Chennai (Owned by Xavier Britto) Equitable mortgage 6.18 acres of land at S. F No 129 and 127/1, Poondi Ring Roa, Chettipalyam Village Tiruppur - 641652 Equitable mortgage of 3 kani 26 Kuzhi 1 Veesam of land located at RS No.57/1 and 57/4, Karasur Rev Village Commune, Pondicherry.	140.779	141.137
Total	236.932	220.316


Banking Relations :	--

Auditors :
Name :	ASA and Associates Chartered Accountants
Address :	New No.39, Ist Main Road, RA Puram, Chennai – 600 028, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFA4690A

Associates :	· KLN (Singapore) Pte. Limited, Singapore · Kerry Reliable Logistics Private Limited, India (CIN No.: U63012TN1996PTC035619) · Uniworld Logistics Private Limited, India (CIN No.: U63090TN2002PTC048430) · Ennore Cargo Container Terminal Private Limited, India (CIN No.: U63021TN2004PTC054967) · B.S.V. Shipping Agencies Private Limited, India (CIN No.: U63012TN1997PTC037549) · Continental Hotels and Resorts

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
225000	Equity Shares	Rs.100/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142124	Equity Shares	Rs.100/- each	Rs.14.212 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	14.212	12.950
(b) Reserves & Surplus	935.001	475.319
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	179.270
Total Shareholders’ Funds (1) + (2)	949.213	667.539

(3) Non-Current Liabilities
(a) Long-term borrowings	333.109	125.816
(b) Deferred tax liabilities (Net)	0.955	7.552
(c) Other long term liabilities	35.420	40.837
(d) Long-term provisions	24.750	14.538
Total Non-current Liabilities (3)	394.234	188.743

(4) Current Liabilities
(a) Short term borrowings	141.258	142.932
(b) Trade payables	127.041	103.884
(c) Other current liabilities	211.819	152.570
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	480.118	399.386

TOTAL	1823.565	1255.668

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	509.855	500.998
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	525.330	131.691
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22.218	26.463
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1058.403	660.152

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	516.987	443.594
(d) Cash and cash equivalents	203.995	120.823
(e) Short-term loans and advances	18.124	10.710
(f) Other current assets	26.056	20.389
Total Current Assets	765.162	595.516

TOTAL	1823.565	1255.668

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.950
2] Share Application Money		0.000
3] Reserves & Surplus		344.033
4] (Accumulated Losses)		0.000
NETWORTH		356.983
LOAN FUNDS
1] Secured Loans		256.567
2] Unsecured Loans		73.529
TOTAL BORROWING		330.096
DEFERRED TAX LIABILITIES		8.094

TOTAL		695.173

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		406.492
Capital work-in-progress		117.009

INVESTMENT		1.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	309.360
	Cash & Bank Balances	62.829
	Other Current Assets	2.011
	Loans & Advances	34.239
Total Current Assets		408.439
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.002
	Other Current Liabilities	23.294
	Provisions	52.471
Total Current Liabilities		237.767
Net Current Assets		170.672

MISCELLANEOUS EXPENSES		0.000

TOTAL		695.173

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2568.315	2990.858	1872.251
		Other Income
		TOTAL	2568.315	2990.858	1872.251

Less	EXPENSES
		Office Expenses	2338.285	2814.655	1708.682
		Administrative Expenses
		Advertising Expenses
		TOTAL	2338.285	2814.655	1708.682

	PROFIT BEFORE TAX		230.030	176.203	163.569

Less	TAX		42.036	44.918	46.857

	PROFIT AFTER TAX		187.994	131.285	116.712

	Earnings Per Share (Rs.)		1322.75	1013.78	901.25

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.32	4.39	6.23

Return on Total Assets (PBT/Total Assets}	(%)	17.73	15.69	20.07

Return on Investment (ROI) (PBT/Networth)		0.24	0.26	0.46

Debt Equity Ratio (Total Debt/Networth)		0.50	0.40	0.92

Current Ratio (Current Asset/Current Liability)		1.59	1.49	1.72

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	Yes
10) Designation of contact person	Yes
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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Other external commercial borrowings	204.626	0.000
Inter-corporate deposits	3.282	1.487
Loans and advances from directors	29.048	45.150
SHORT-TERM BORROWINGS
Inter-corporate deposits	0.479	1.795
Total	237.435	48.432

BACKGROUND:

The Company incorporated under the provisions of the Companies Act, 1956, in India on 27^th January, 1997 is engaged in the business of Custom House Agents, Inland Container Depot, Clearing, Forwarding Services, Container Freight Stations, Warehousing, Transportation, transportation, Third Party Logistics. With effect from 01.04.2009 Indev Shipping Services (Tuticorin) Private Limited and Continental Container Freight Stations (Private) Limited were merged into the company vide a Composite Scheme of Arrangement and Amalgamation sanctioned by Honourable High Court of Chennai.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10397808	19/11/2012	50,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B66169517
2	10360188	16/05/2012	12,475,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B41443250
3	10359552	20/04/2012	12,075,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B41173832
4	10317402	31/10/2011	5,648,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B25212705
5	10315522	04/10/2011	1,379,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B24474736
6	10312172	16/09/2011	11,535,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B23252190
7	10310249	17/11/2012 *	131,500,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B63127104
8	10312175	29/08/2011	9,352,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B23253206
9	10267099	13/01/2011	16,100,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B06551113
10	10259359	09/12/2010	23,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B03133121
11	10252857	23/11/2010	7,200,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B00430512
12	10218566	12/05/2010	20,000,000.00	The Karur Vysya Bank Limited	Central Loan Processing Cell, Whites Road, Chennai, Tamilnadu - 600014, India	A85525756
13	10216012	12/03/2010	38,861,300.00	Axis Bank Limited	SME Centre, Ground Floor, Karumuttu Nilayam, No.1 92. Anna Salai, Chennai, Tamilnadu - 600002, India	A84572304
14	10199942	31/12/2009	11,795,000.00	Axis Bank Limited	SME Centre, Ground Floor, Karumuttu Nilayam, No.1 92. Anna Salai, Chennai, Tamilnadu - 600002, India	A78525979
15	10181013	30/03/2010 *	173,500,000.00	AXIS BANK LIMITED	CMC 1^st Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai, Tamilnadu - 600002, India	A85769883
16	10173104	05/08/2009	10,850,000.00	Axis Bank Limited	SME Centre, Ground Floor, Karumuttu Nilayam, No.1 92, Anna Salai, Chennai, Tamilnadu - 600002, India	A68699628
17	10162065	20/05/2009	145,000,000.00	Citi Bank N.A and Axis Bank Limited	506, 507, Level 5, Prestige Meridian, No.30 M G Road, BANGALORE, Karnataka - 560001, India	A63897318
18	10145487	27/01/2009	9,750,000.00	Axis Bank Limited	SME Centre, Ground Floor,, Karumuthu Nilayam, No.192, Anna Salai, Chennai, Tamilnadu - 600002, India	A57555104
19	10183575	31/05/2008	115,000,000.00	Citibank N.A.	506, 507, Level 5, Prestige Meridian, # 30, M.G. Road, Bangalore, Karnataka - 560001, India	A64941974
20	90287726	06/05/2013 *	390,000,000.00	Axis Bank Limited	Corporate Banking Branch, No.192, Anna Salai, Karumuthu Nilayam, Chennai, Tamilnadu - 600002, India	B76178128

* Date of charge modification

CONTINGENT LIABILITY (AS ON 31.03.2012):

Following demands have been raised on the company by the respective authorities:

On account of nonpayment of Service Tax on reimbursable expenses recovered:

· Rs.24.590 millions [for the period from April, 2006 to October, 2007]

· Rs.2.683 millions [for the period from November, 2007 to September, 2008]

· Rs.0.293 million [for the period from October, 2008 to March, 2009]

On account of non payment of Service Tax on "Transport of Goods by Road Services:

· Rs.8.889 millions [for the period from January, 2005 to December, 2008]

· Rs.2.052 millions [for the period from January, 2009 to December, 2009]

Based on the expert opinions obtained, the Company does not feel any liability will arise and hence no provision has been made in the Accounts.

FIXED ASSETS:

· Land-Freehold

· Land-Leasehold

· Buildings

· Furniture and Fixtures

· Plant and Machinery

· Office Equipments

· Two Wheelers

· Four Wheelers

· Trailers and Trucks

· Computers

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 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.58.94
UK Pound	1	Rs.90.47
Euro	1	Rs.77.87

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

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