MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	ACE EXPRESS LOGISTICS PRIVATE LIMITED
Registered Office :	No.37, 1st Floor, Tank Bund Road, Nungambakkam, Chennai – 600034, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.2009
Com. Reg. No.:	18-070729
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U62100TN2009PTC070729
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into providing of freight forwarding services.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limits :	USD 9100
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has not filed its financials after the year 2011 with government department. Mr. Chiranjivi Account Assistant provided general information and also confirmed that company is very much active however denied to disclose financial details. Business is active. Payment terms are unknown. The company can be considered for business dealings with great caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 (GENERAL DETAILS)

Name :	Mr. Chiranjivi
Designation :	Account Assistant
Contact No.:	91-44-40508888
Date :	09.12.2014

LOCATIONS

Registered Office / Corporate Office :	No.37, 1st Floor, Tank Bund Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-40508888
Fax No.:	91-44-42051779
E-Mail :	babu@onestepsolution.net info@aceexpressindia.com
Website :	http://www.aceexpressindia.com
Branch Office :	Located At : · Pendurthy · Tirupur · Bangalore · Chennai · Mumbai · Coimbatore

DIRECTORS

AS ON 30.09.2011

Name :

Aju Charuvila Soman

Designation :

Director

Address :

9/16, N C L Nagar, I Street Mmc Post, Chennai, Tamilnadu, India

Date of Birth/Age :

24.05.1976

Date of Appointment :

13.02.2009

DIN No.:

02490871

Name :

Lokesh Kumar Sivanesaselvan

Designation :

Director

Address :

Old No. 114B, New No. 113A Sathya Nagar Magaveerar Street, Ambattur, Chennai, Tamilnadu, India

Date of Birth/Age :

11.02.1981

Date of Appointment :

13.02.2009

DIN No.:

02490926

Name :

Balasubramaniam Canchi Kumaran

Designation :

Director

Address :

No. 14 B, Sindhu Apartments MMTC Colony, Nanganallur, Chennai, Tamilnadu, India

Date of Birth/Age :

19.03.1970

Date of Appointment :

21.04.2011

DIN No.:

03186025

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	U62100TN2009PTC070729	ACE EXPRESS LOGISTICS PRIVATE LIMITED	Director	30/09/2011	21/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chiranjivi
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Aju Charuvila Soman	700
Lokesh Kumar Sivanesaselvan	150
Balasubramaniam Canchi Kumaran	150
Total	1000

AS ON 05.12.2011

Names of Shareholders	No. of Shares
Aju Charuvila Soman	8950
Lokesh Kumar Sivanesaselvan	10000
Balasubramaniam Canchi Kumaran	10050
Total	29000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into providing of freight forwarding services.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	A.F.S. Logistics International Private Limited
Name of the Person :	Not Divulged
Contact No.:	91-44-25272451
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Management Non Co-Operative

Customers :

Reference :	Climate Changes Technology Solutions Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Indian Overseas Bank
Branch	Muthialpet Branch
Person Name (With Designation)	Mr. Sanath Kumar (Chief Manager)
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Declined to provide any information.

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans from bank Overdraft	7.446	1.972
Total	7.446	1.972

Banking Relations :
Auditors :
Name :	Kandan and Nambi Chartered Accountants
Address :	1E, 1^st Floor, Indira Arcade, 52 Narasiman Street Amainthkarai, Chennai – 600029, Tamilnadu, India
PAN No.:	AAEFK3231B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

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] Shareholder's Capital	0.100	0.100	0.100
2] Share Application Money	0.000	0.000	0.000
3] Reserves & Surplus	3.085	1.082	0.046
4] (Accumulated Losses)	0.000	0.000	0.000
NETWORTH	3.185	1.182	0.146
LOAN FUNDS
1] Secured Loans	7.446	1.972	0.000
2] Unsecured Loans	1.331	1.193	0.363
TOTAL BORROWING	8.777	3.165	0.363
DEFERRED TAX LIABILITIES	0.059	0.054	0.003
TOTAL	12.021	4.401	0.512
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	0.992	0.822	0.074
Capital work-in-progress	0.000	0.000	0.000
INVESTMENT	0.000	0.000	0.000
DEFERRED TAX ASSETS	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
Inventories	0.000	0.000	0.000
Sundry Debtors	20.559	11.606	1.819
Cash & Bank Balances	1.336	0.723	0.820
Other Current Assets	1.808	0.586	0.000
Loans & Advances and Deposits	2.077	2.350	0.520
Total Current Assets	25.780	15.265	3.159
Less : CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	0.000	0.000	0.000
Other Current Liabilities	14.524	11.326	2.463
Provisions	0.243	0.383	0.289
Total Current Liabilities	14.767	11.709	2.752
Net Current Assets	11.013	3.556	0.407
MISCELLANEOUS EXPENSES	0.016	0.023	0.031
TOTAL	12.021	4.401	0.512

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES
	Income	96.624	68.461	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	2.908	NA	NA
Less	TAX	0.905	NA	NA
	PROFIT/ (LOSS) AFTER TAX	2.003	1.036	0.046
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2.321	NA	NA
	TOTAL EARNINGS	2.321	NA	NA
	Earnings / (Loss) Per Share (Rs.)	2003.00	1036.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin PAT/ Sales	(%)	2.07	1.51	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.86	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.91	NA	NA
Debt Equity Ratio (Total Debt /Networth)		2.76	2.68	2.49
Current Ratio (Current Asset/Current Liability)		1.75	1.30	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.046	1.082	3.085
Net worth	0.146	1.182	3.185
long-term borrowings	0.000	1.972	7.446
Short term borrowings	0.363	1.193	1.331
Total borrowings	0.363	3.165	8.777
Debt/Equity ratio	2.486	2.678	2.756

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)
Sales	68.461	96.624
		41.137

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)
Sales	68.461	96.624
Profit	1.036	2.003
	1.51%	2.07%

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	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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans from Directors	0.619	0.983
Loans from others	0.713	0.210
Total	1.332	1.193

FINANCIAL RESULTS

The company has achieved sales of Rs.96.624 Millions in current year when compared to last year sales of Rs 68.461 Millions. Profit before tax was Rs.2.908 Millions and after providing for income tax, profit after tax was Rs.2.003 Millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503680	07/10/2013	29,000,000.00	Bank of Baroda	Veena Nagar Branch, B/15, Shrikrishna Apartment,,  Veena Nagar, LBS Marg, Mulund West,, Mumbai, Maha  rashtra - 400080, INDIA	C07007420
2	10341611	13/03/2012	16,800,000.00	Bank of Baroda	Nungambakkam Branch, No.66 (Old No.32), Nungambak  kam High Road, Chennai, Tamil Nadu - 600034, INDIA	B34755983

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.97.60
Euro	1	Rs.76.75

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.