MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	IAL INDIA LIMITED (w.e.f. 06.06.2008)
Formerly Known As :	IAL CONTAINER LINE PRIVATE LIMITED
Registered Office :	6th Floor, Metro Plaza, Market Road, Ernakulam – 682 014, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.01.1997
Com. Reg. No.:	09-011110
Capital Investment / Paid-up Capital :	Rs. 50.010 Millions
CIN No.: [Company Identification No.]	U63012KL1997PLC011110
TAN No.: [Tax Deduction & Collection Account No.]	CHNI00256E
PAN No.: [Permanent Account No.]	AAACI5751P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Logistics and Shipping Services.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments term are usually correct. The company can be considered 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

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 PARTED BY

Name :	Mr. Kuruvilla
Designation :	Assistance Manager (Finance )
Contact No.:	91-9995300944
Date :	13.05.2013

LOCATIONS

Registered Office :	6th Floor, Metro Plaza, Market Road, Ernakulam – 682 014, Kerala, India
Tel. No.:	91-484-2396830/31/2395119
Mobile No.:	91-484-2397164
Fax No.:	91-9995300944 (Mr. Kuruvilla)
E-Mail :	ial@ial.com kutty@ial.com kuruvill@idl.com
Website :	http://www.idl.com
Area :	5800 Sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2012

Name :	Mr. Thazhathu Valiaveettil Narayanan Kutty
Designation :	Managing Director
Address :	Flat No. 32, Marvel Mansions, Near Kathrukkadavu, Kochi, Ernakulam – 682017, Kerala, India
Date of Birth/Age :	08.08.1950
Date of Appointment :	13.01.1997
PAN NO:	ACEPN2070K
DIN No.:	00053374
Name :	Ms. Vimala Narayan
Designation :	Director
Address :	Flat No. 32, Marvel Mansions, Near Kathrukkadavu, Kochi, Ernakulam – 682017, Kerala, India
Date of Birth/Age :	15.11.1951
Date of Appointment :	13.01.1997
PAN NO:	ACGPN3467Q
DIN No.:	00052936
Name :	Mr. Arjun Narayan Menon
Designation :	Director
Address :	Flat No. 32, Marvel Mansions, Near Kathrukkadavu, Kochi, Ernakulam – 682017, Kerala, India
Date of Birth/Age :	27.11.1979
Date of Appointment :	23.06.1999
PAN NO:	AGPPM2209N
DIN No.:	00053152
Name :	Ms. Prema Jayakumar
Designation :	Director
Address :	39, 2984, Krishna Mandhir, Diwas Road, Ernakulam, - 682016, Kerala, India
Date of Birth/Age :	28.08.1952
Date of Appointment :	14.07.2000
DIN No.:	02032204
Name :	Mr. Mypalli Ravindran Nair
Designation :	Director
Address :	Govardhanam Tirchambalam, Taliparamba, Kannur – 670 141, Kerala, India
Date of Birth/Age :	18.02.1942
Date of Appointment :	02.08.2001
DIN No.:	02182721

KEY EXECUTIVES

Name :	Mr. Kuruvilla
Designation :	Assistance Manager (Finance)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Thazhathu Valiaveettil Narayanan Kutty	1953406
Vimala Narayan	1544760
Arjun Narayan Menon	1502416
IAL Shipping Agencies (Mumbai) Limited, Mumbai, Maharashtra, India	14
IAL Shipping Agencies (Calcutta) Limited, Kolkata, West Bengal, India	11
IAL Shipping Agencies (New Delhi) Limited, New Delhi, India	13
Nayati Enterprises Private Limited, Chennai, Tamilnadu, India	125
Nayati Properties Private Limited, Chennai, Tamilnadu, India	125
Makayiram Plantations Private Limited, Kerala, India	125
Total	5000995

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Bodies corporate	0.01
Directors or relatives of directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Logistics and Shipping Services.

Products / Services :

Product/ Service Description	Item Code No. (ITC Code)
Logistics and Shipping Services	63090

• In-Country Logistics
• International Supply Chain Solutions By Air, Sea and Land, etc.

• Liner Shipping Services
• Shipping Agency
• Supply Chain Management
• International Logistics:

- Global Freight Forwarding (Air/Sea/Land)

- Warehousing and Distribution

- Value Addition services

• Customs Clearance
• Project Logistics
• Exhibition and Events logistics
• Fine Art Logistics
• Container Conversion

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

State Bank of India, Overseas Branch, Willingdon Island, Kochi – 682 003, Kerala, India

Facilities :

Cash Credit – Rs.35.000 Millions (From State Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans taken for fixed assets	0.581	1.082
Working capital loans from banks	38.489	48.945
Term loans from banks	0.000	16.573
Total	39.070	66.600

Banking Relations :	--
Auditors :
Name :	Venkit and Hari Chartered Accountants
Address :	Metro Plaza, Market Road, North End, Kochi – 682 014, Karla, India
PAN No.:	AABFV6925A
Subsidiaries :	IAL Shipping Agencies (Mumbai) Limited CIN No.: U63090MH1986PLC040370 Penguin Shipping Agencies Limited CIN No.: U63090MH1990PLC055607 IAL Shipping Agencies (New Delhi) Limited CIN No.: U99999MH1999PTC119075 IAL Shipping Agencies (Calcutta) Limited CIN No.: U60231WB2003PLC095977 IAL Shipping Agencies (Kandla) Limited (Tr. Company) CIN No.: U63090GJ1999PLC042497 IAL Shipping Agencies (Bangalore ) Limited CIN No.: U85110KA1999PLC025583 IAL Shipping Agencies (Chennai) Limited CIN No.: U63090TN1992PLC022902 IAL Art India Limited CIN No. U61100DL2003PLC119956 IAL Logistics India Limited CIN No. U63090MH1986PLC040370

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000995	Equity Shares	Rs.10/- each	Rs. 50.010 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.010	50.010	50.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		211.496	183.398	164.308
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		261.506	233.408	214.318
LOAN FUNDS
1] Secured Loans		39.070	66.600	122.828
2] Unsecured Loans		1.361	1.477	0.000
TOTAL BORROWING		40.431	68.077	122.828
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		301.937	301.485	337.146
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		231.880	254.613	271.292
Capital work-in-progress		0.000	1.123	0.885
INVESTMENT		20.138	15.737	16.539
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Trade receivable	101.838	83.709	59.211
	Cash & Bank Balances	19.590	40.625	25.710
	Other Current Assets	42.567	46.146	0.000
	Loans & Advances	42.465	40.427	124.984
Total Current Assets		206.460	210.907	209.905
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.699	23.257	59.563
	Other Current Liabilities	120.421	144.375	59.006
	Provisions	12.421	13.263	42.906
Total Current Liabilities		156.541	180.895	161.475
Net Current Assets		49.919	30.012	48.430
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		301.937	301.485	337.146

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	656.771	431.294	372.200
		Other Income	12.658	78.142	86.270
		TOTAL (A)	669.429	509.436	458.470
Less	EXPENSES
		Employee benefit expenses	64.811	59.594
		Others Expenses	537.783	0.000
		Manufacturing service costs	0.000	354.964
		Administrative selling other expenses	0.000	37.805
		TOTAL (B)	602.594	452.363	437.835
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.835	57.073	20.635
Less	FINANCIAL EXPENSES (D)		9.361	12.999	11.116
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		57.474	44.074	9.519
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.450	12.848	14.949
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		47.024	31.226	(5.430)
Less	TAX (H)		14.200	7.160	(0.125)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		32.824	24.065	(5.304)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.547	35.482	40.787
	BALANCE CARRIED TO THE B/S		92.371	59.547	35.482
	Earnings Per Share (Rs.)		6.56	4.81	(1.06)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.90	4.72	(1.15)
Net Profit Margin (PBT/Sales)	(%)	7.16	7.24	(1.50)
Return on Total Assets (PBT/Total Assets}	(%)	10.72	6.70	(1.12)
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	(0.03)
Debt Equity Ratio (Total Debt/Networth)		0.15	0.29	0.57
Current Ratio (Current Asset/Current Liability)		1.31	1.17	1.30

Particulars	31.03.2013
Sales Turnover (Approximately)	2500.000

Expected Sales (2013-2014): Rs. 3000.000 Millions

The above information has been parted by Mr. Kuruvilla (Finance Manager)

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	Yes
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	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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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 LOAN

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and advance from related parties	1.361	1.477
Total	1.361	1.477

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Vehicles
• Software

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 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. 54.62
UK Pound	1	Rs. 83.67
Euro	1	Rs. 71.01

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.