MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	BLUE MOON LOGISTICS PRIVATE LIMITED
Registered Office :	3A, Hare Street, 2^nd Floor, Room No – 201, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.2006
Com. Reg. No.:	21-165299
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U63090WB2006PTC165299
PAN No.:	AACCB9266E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject Acts as a Freight Forwarding Agent
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined during financial year 2013. However, the rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Madhu Mishra
Designation :	Manager Accounts
Contact No.:	91-120-4527000
Date :	16.08.2014

LOCATIONS

Registered Office :	3A, Hare Street, 2^nd Floor, Room No – 201, Kolkata – 700001, West Bengal, India
Tel. No.:	91-120-4527000
Fax No.:	91-120-4527011
E-Mail :	Account.os@atlasdecargo.com acc.del@atlasdecargo.com acc.del@bluemoon-logistics.com
Website :	http://www.atlasdecargo.com
Corporate Office :	B – 56A, 2^nd Floor, Sector – 7, Noida - 201301, Uttar Pradesh, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sushil Gupta

Designation :

Director

Address :

E – 36, 1^st Floor, East Of Kailash, New Delhi – 110065, Delhi, India

Date of Birth :

01.07.1964

Date of Appointment :

10.08.2006

DIN No.:

00546912

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	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Managing director	01/11/2010	18/05/1996	-	Active	NO
2	U70101WB1995PLC075570	VIJAY ENCLAVE LTD.	Director	30/07/2004	30/07/2004	-	Dormant	NO
3	U51900WB1999PTC089662	SILVERSON MARKETING PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
4	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
5	U60210MH2006PTC161086	ATLAS DE CARGO (INDIA) PRIVATE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
6	U74990MH2009PTC197975	GTS LOGISTICS PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
7	U61200DL2011FTC222068	BOLLORE AFRICA LOGISTICS INDIA PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO

Name :

Ms. Neha Gupta

Designation :

Director

Address :

14/41, Nice Apartments, West Punjabi Bagh, New Delhi – 110026, Delhi, India

Date of Birth :

29.10.1985

Date of Appointment :

28.08.2006

DIN No.:

01734264

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	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Director	28/09/2011	28/09/2011	-	Active	NO
3	U51900WB1999PTC089662	SILVERSON MARKETING PRIVATE LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO
4	U72900HR2012PTC045553	LOGISTICS PORTAL PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO

Name :

Mr. Nishit Gupta

Designation :

Director

Address :

Geeta Sadan, Soomari Mata, Bhiwani – 127021, Haryana, India

Date of Birth :

30.01.1989

Date of Appointment :

28.09.2011

DIN No.:

02333074

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	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Director	15/10/2008	15/10/2008	-	Active	NO
2	U51909DL2008PTC183815	BENEVOLENT TRADEX PRIVATE LIMITED	Director	08/03/2009	08/03/2009	04/05/2012	Active	NO
3	U61200DL2011FTC222068	BOLLORE AFRICA LOGISTICS INDIA PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
4	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
5	U72900HR2012PTC045553	LOGISTICS PORTAL PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO
6	U51900DL2013PTC253887	REGNANT TRADING PRIVATE LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Madhu Mishra
Designation :	Manager Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Sushil Kumar Gupta	180000	36.00
Sarita Gupta	40000	8.00
Silverson Marketing Private Limited	100000	20.00
Atlas Shipping Services Private Limited	180000	36.00
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	56.00
Directors or relatives of directors	44.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject Acts as a Freight Forwarding Agent
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

80 (Approximately)

Bankers :

· Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, Delhi, India

· Standard Chartered Bank 23, Narain Manzil Building, Barakhamba Road, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Term loan
Vehicle loan from bank	0.210	1.437
Loans and advances from related parties	0.000	0.000
Total	0.210	1.437

Banking Relations :	--
Auditors :
Name :	Agrawal Himatsingka and Company Chartered Accountants
Address :	9, India Exchnange Place, 4^th Floor, Room No -3, Kolkata – 700001, West Bengal, India
PAN No.:	AAFFA4281L
Associates/Subsidiaries :	· Atlas Shipping Services Private Limited, Kolkata, West Bengal, India · Bollore Africa Logistics India Private Limited · Silverson Marketing Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	39.909	36.433
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	44.909	41.433
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	2.290	6.507
(b) Trade payables	32.041	14.113
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.678	1.633
Total Current Liabilities (4)	36.009	22.253
TOTAL	80.918	63.686
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.880	6.318
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	30.000	15.000
(c) Deferred tax assets (net)	0.466	0.343
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	35.346	21.661
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	24.935	13.209
(d) Cash and cash equivalents	3.119	0.496
(e) Short-term loans and advances	17.518	28.320
(f) Other current assets	0.000	0.000
Total Current Assets	45.572	42.025
TOTAL	80.918	63.686

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	381.697	463.378
Less	EXPENSES
		TOTAL	375.035	456.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.662	6.878
Less	FINANCIAL EXPENSES AND DEPRECIATION		1.631	2.243
	PROFIT BEFORE TAX		5.031	4.635
Less	TAX		1.555	1.432
	PROFIT AFTER TAX		3.476	3.203
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.233	8.030
	BALANCE CARRIED TO THE B/S		14.709	11.233
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	60.238	NA
	TOTAL EARNINGS		60.238	NA
	Earnings Per Share (Rs.)		6.95	6.41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.91	0.69
Return on Total Assets (PBT/Total Assets}	(%)	9.97	9.59
Return on Investment (ROI) (PBT/Networth)		0.11	0.11
Debt Equity Ratio (Total Debt/Networth)		0.05	0.16
Current Ratio (Current Asset/Current Liability)		1.27	1.89

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000
Reserves & Surplus	36.433	39.909
Net worth	41.433	44.909
long-term borrowings	0.000	0.000
Short term borrowings	6.507	2.290
Total borrowings	6.507	2.290
Debt/Equity ratio	0.157	0.051

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	463.378	381.697
		(17.627)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	463.378	381.697
Profit	3.203	3.476
	0.69%	0.91%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans and advances from related parties	2.080	5.070
Other loans and advances	0.000	0.000
Total	2.080	5.070

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472140	08/01/2014	50,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B94236312

FIXED ASSETS:

· Electric Generator

· Water Dispenser

· Computer

· Printer

· Air Conditioner

· Mobile Phone

· Office Equipment

· Furniture and Fixtures

· Vehicle

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 judgment 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.60.71
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES/NO
--OTHER ADVERSE INFORMATION	YES/NO	YES/NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES/NO
--EXPORT ACTIVITIES	YES/NO	YES/NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES/NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.