MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	GSEC LIMITED (w.e.f. 05.10.2006)
Formerly Known as :	GUJARAT STATE EXPORT CORPORATION LIMITED
Registered Office :	Gujarat Chambers Building, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.10.1965
Com. Reg. No.:	04-001347
Capital Investment / Paid-up Capital :	Rs.75.500 Millions
CIN No.: [Company Identification No.]	U52100GJ1965PLC001347
TAN No.: [Tax Deduction & Collection Account No.]	AHMG00303C
PAN No.: [Permanent Account No.]	AAACG7985R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Logistics and Cargo Handling Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 850000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company seems to be low. However, general financial position of the company is decent. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	29.11.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	29.11.2013

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 DENIED

Management Non Co-operative (91-79-26554100)

LOCATIONS

Registered Office :	Gujarat Chambers Building, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26554100/26575757/26582020
Fax No.:	91-79-26584040
E-Mail :	info@gsecl.co.in
Website :	www.gsecl.co.in
Cargo Handling Services Office 1 :	Air Cargo Complex, Old Airport, Ahmedabad-380003, Gujarat, India
Cargo Handling Services Office 2 :	Air Cargo Complex, Devi Ahilyabhai Holkar Airport, Indore – 452001, Madhya Pradesh, India

DIRECTORS

AS ON 18.09.2013

Name :

Mr. Rakesh Ramanlal Shah

Designation :

Managing director

Address :

E-37, Ayojannagar Society, Near Shreyas Crossing, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

04.03.1953

Date of Appointment :

23.11.2013

DIN No.:

00421920

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	U51909GJ1995PTC024860	KALPAVRUKSHA ESTATE AND FINANCE PRIVATE LIMITED	Director	02/03/1995	02/03/1995	-	Active	NO
2	U65910GJ1997PTC031654	PRERAK CAPITAL SERVICES PRIVATE LIMITED	Director	04/02/1997	04/02/1997	-	Active	NO
3	U51909GJ1989PTC011863	KOMAL MARKETING PVT LIMITED	Director	08/02/1999	08/02/1999	01/04/2010	Amalgamated	NO
4	U72200GJ2000PTC037463	KOMAL INFOTECH PRIVATE LIMITED	Director	02/03/2000	02/03/2000	01/05/2007	Active	NO
5	U51505GJ2001PTC040270	KAVA IMPEX PRIVATE LIMITED	Director	14/12/2001	14/12/2001	22/11/2010	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Managing director	23/11/2013	08/03/2004	-	Active	NO
7	U51909GJ2004PTC051485	ADITYA CORPEX PRIVATE LIMITED	Director	16/10/2004	16/10/2004	04/06/2008	Amalgamated	NO
8	U45208GJ2001PTC039395	KOMAL INFRAVENTURES PRIVATE LIMITED	Director	30/09/2013	01/02/2006	-	Active	NO
9	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	07/09/2006	07/09/2006	-	Active	NO
10	U45201GJ2007PTC050020	GSEC INFRASTRUCTURE PRIVATE LIMITED.	Director	14/02/2007	14/02/2007	-	Active	NO
11	U63033GJ2007PLC050617	GSEC AVIATION LIMITED.	Director	23/04/2007	23/04/2007	-	Active	NO
12	U92410GJ1973GAP002446	RAJPATH CLUB LIMITED	Additional director	01/01/2014	23/06/2009	-	Active	NO
13	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO
14	U29219GJ1991PLC070436	KOMOLINE AEROSPACE LIMITED	Director	10/09/2012	29/07/2011	-	Active	NO
15	U37200GJ2011PTC066904	GSEC GREEN ENERGY PRIVATE LIMITED	Director	13/12/2011	13/12/2011	18/06/2013	Active	NO
16	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	06/08/2013	01/04/2013	-	Active	NO

Name :

Mr. Samir Hanskumar Mankad

Designation :

Whole-time director

Address :

1002, Prasad Towers, Near Jain Temple, Near Nehrunagar Circle, Ambawadi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

13.07.1960

Date of Appointment :

01.04.2011

DIN No.:

00421878

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	U52100GJ1965PLC001347	GSEC LIMITED	Whole-time director	01/04/2011	08/03/2004	-	Active	NO
2	U45208GJ2001PTC039395	KOMAL INFRAVENTURES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	15/03/2008	Active	NO
3	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	07/09/2006	07/09/2006	-	Active	NO
4	U63033GJ2007PLC050617	GSEC AVIATION LIMITED.	Director	30/09/2010	06/02/2010	-	Active	NO

Name :

Mr. Natwarlal Patel

Designation :

Director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli Bopal Road, Bodakdev, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

18.03.2004

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2009	02/01/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	01/04/2013	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	30/09/2013	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Cresent, B/H, Prhaladnagar, Garden, S.G. Highway, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

18.03.2004

DIN No.:

00558310

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	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28/04/1993	28/04/1993	01/04/2010	Active	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	Director	18/10/1994	18/10/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13/04/2000	13/04/2000	-	Active	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	20/10/2000	20/10/2000	23/04/2008	Active	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	Director	10/01/2001	10/01/2001	12/02/2008	Strike off	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	-	Active	NO
8	U24240GJ1980PLC003670	NIRMA LIMITED	Director	06/06/2002	06/06/2002	-	Active	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Nominee director	03/09/2002	03/09/2002	08/09/2008	Active	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18/12/2003	18/12/2003	18/03/2014	Active	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	Director	24/10/2005	24/10/2005	07/04/2007	Strike off	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31/07/2006	31/07/2006	-	Active	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
16	U24110GJ1995PTC025307	DOSHION Private Limited	Director	04/11/2006	04/11/2006	25/01/2013	Active	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25/09/2008	25/04/2008	01/07/2012	Active	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08/08/2009	30/07/2008	-	Active	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	Director	23/11/2009	10/12/2008	27/12/2012	Active	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28/07/2009	25/03/2009	-	Active	NO

Name :

Mr. Bhalabhai Chhotabhai Patel

Designation :

Director

Address :

B-3/4, Lantin Apartment, Vasna Road, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

17.07.1934

Date of Appointment :

07.09.2007

DIN No.:

00373088

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	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	03/05/1989	03/05/1989	-	Active	NO
2	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	16/04/2010	18/08/2005	07/01/2011	Active	NO
3	U52100GJ1965PLC001347	GSEC LIMITED	Director	07/09/2007	10/02/2007	-	Active	NO

Name :

Mr. Shyamal Shivkumar Joshi

Designation :

Director

Address :

40, Prerana Tirth-1, Behind Someshwar-II, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

12.08.1949

Date of Appointment :

26.09.2009

DIN No.:

00005766

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	U35912GJ1990PTC014579	BHAVYA MOTORS PRIVATE LIMITED	Director	29/10/1990	29/10/1990	07/12/2011	Active	NO
2	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	28/12/1999	28/12/1999	31/05/2009	Amalgamated	NO
3	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Active	NO
4	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Amalgamated	NO
5	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	31/05/2009	Active	NO
6	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	29/09/2008	25/01/2008	31/05/2009	Active	NO
7	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2008	04/03/2008	31/05/2009	Active	NO
8	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Amalgamated	NO
9	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Active	NO
10	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Strike off	NO
11	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	04/03/2008	04/03/2008	31/05/2009	Active	NO
12	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2008	04/03/2008	-	Amalgamated	NO
13	U45203GJ2006PTC049426	DHOLERA INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2008	07/03/2008	18/07/2009	Active	NO
14	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	25/09/2008	14/03/2008	31/05/2009	Active	NO
15	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	25/09/2008	17/03/2008	31/05/2009	Active	NO
16	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	30/09/2008	28/07/2008	10/04/2009	Active	NO
17	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	12/08/2008	12/08/2008	31/05/2009	Active	NO
18	U52100GJ1965PLC001347	GSEC LIMITED	Director	26/09/2009	30/06/2009	-	Active	NO
19	U24114GJ2003PLC042820	LOXIM INDUSTRIES LIMITED	Director	09/08/2010	01/12/2009	01/06/2012	Active	NO
20	U85110GJ2004PLC044667	SHALBY LIMITED	Director	16/08/2010	01/06/2010	-	Active	NO
21	L45201GJ1990PLC013417	NILA INFRASTRUCTURES LIMITED	Director	25/09/2010	14/08/2010	-	Active	NO
22	U21019GJ1969PTC001572	SABARMATI PAPERS PRIVATE LIMITED	Director	21/07/2011	03/02/2011	04/09/2013	Active	NO
23	U13203AP2010PTC071499	A&M RESOURCES PRIVATE LIMITED	Nominee director	06/07/2011	06/07/2011	-	Active	NO
24	U85110GA1995PLC001851	VRUNDAVAN SHALBY HOSPITALS LIMITED	Nominee director	12/08/2011	12/08/2011	-	Active	NO
25	U85110GJ2004PLC045076	KUSHA HEALTHCARE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
26	U85110GJ1997PLC032486	YOGESHWAR HEALTHCARE LIMITED	Director	30/11/2013	30/10/2012	-	Active	NO
27	U10102CT2010SGC022194	CSPGCL AEL PARSA COLLIERIES LIMITED	Director	13/12/2013	12/12/2012	-	Active	NO

Name :

Mr. Shaishav Rakesh Shah

Designation :

Whole-time director

Address :

E-37, Ayojannagar Society, Near Shreyas Crossing, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

22.05.1984

Date of Appointment :

12.06.2013

DIN No.:

00019293

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	U51505GJ2001PTC040270	KAVA IMPEX PRIVATE LIMITED	Director	22/05/2002	22/05/2002	22/11/2010	Active	NO
2	U51909GJ1995PTC024860	KALPAVRUKSHA ESTATE AND FINANCE PRIVATE LIMITED	Director	22/05/2002	22/05/2002	-	Active	NO
3	U51909GJ1989PTC011863	KOMAL MARKETING PVT LIMITED	Director	16/10/2002	16/10/2002	01/04/2010	Amalgamated	NO
4	U45208GJ2001PTC039395	KOMAL INFRAVENTURES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
5	U62200GJ2006PLC049049	GSEC LOGISTICS LIMITED	Director	07/09/2006	07/09/2006	-	Active	NO
6	U45201GJ2007PTC050020	GSEC INFRASTRUCTURE PRIVATE LIMITED.	Director	14/02/2007	14/02/2007	-	Active	NO
7	U72200GJ2000PTC037463	KOMAL INFOTECH PRIVATE LIMITED	Director	15/04/2007	15/04/2007	01/12/2011	Active	NO
8	U63033GJ2007PLC050617	GSEC AVIATION LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
9	U52100GJ1965PLC001347	GSEC LIMITED	Whole-time director	12/06/2013	12/06/2010	-	Active	NO
10	U29219GJ1991PLC070436	KOMOLINE AEROSPACE LIMITED	Director	10/09/2012	29/07/2011	-	Active	NO
11	U37200GJ2011PTC066904	GSEC GREEN ENERGY PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	06/08/2013	01/04/2013	-	Active	NO
13	AAB-7913	VISHWA IMPORTS LLP	Designated Partner	01/10/2013	01/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. ViralKumar Bhupendrakumar Mehta
Designation :	Secretary
Address :	D/2, Tirupati Flats-2, Behind Gokul Nagar, Near Alpha School, Junagadh – 362001, Gujarat, India
Date of Birth/Age :	19.07.1990
Date of Appointment :	01.08.2012
PAN No.:	BIEPM3073N

MAJOR SHAREHOLDERS

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 18.09.2013

Category	Percentage
Bodies corporate	63.73
Directors or relatives of Directors	34.06
Other top fifty shareholders	1.56
Others	0.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Logistics and Cargo Handling Services.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· UCO Bank, MID Corporate Branch, UCO Bhavan, Near Sanyas Ashram, Ashram Road, Ahmedabad – 380009, Gujarat, India

· Bank of India

· State Bank of India

· Bank of Baroda

· ICICI Bank Limited

· HDFC Bank Limited

· The Kalupur Commercial Co-Operative Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	2.867	7.428
Term Loans from Others	0.000	0.431
Short Term Borrowings
Foreign Currency Term loans from Banks	0.000	75.295
Working Capital Loans from Banks	136.293	130.249
Total	139.160	213.403

Banking Relations :	--
Auditors :
Name :	BJS and Associates Chartered Accountants
Address :	511-512, Span Trade Centre, Opposite Kochrab Ashram, Paldi, Ahmedabad-380006, India
PAN.:	AABFH2699K
Holding Company :	Komal Infotech Private Limited CIN No.: U72200GJ2000PTC037463
Subsidiaries :	· GSEC Logistics Limited CIN No.: U62200GJ2006PLC049049 · GSEC Green Energy Private Limited CIN No.: U37200GJ2011PTC066904 · Komoline Aerospace Limited CIN No.: U29219GJ1991PLC070436
Associates :	· GSEC Aviation Limited CIN No.: U63033GJ2007PLC050617

CAPITAL STRUCTURE

AS ON 18.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7550000	Equity Shares	Rs.10/- each	Rs.75.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	75.500	64.500	64.500
(b) Reserves & Surplus	137.449	107.436	92.401
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	212.949	171.936	156.901
(3) Non-Current Liabilities
(a) long-term borrowings	2.867	7.859	1.666
(b) Deferred tax liabilities (Net)	0.000	0.417	0.309
(c) Other long term liabilities	18.239	21.046	0.000
(d) long-term provisions	0.000	0.000	17.243
Total Non-current Liabilities (3)	21.106	29.322	19.218
(4) Current Liabilities
(a) Short term borrowings	221.500	369.315	126.720
(b) Trade payables	501.501	55.278	142.643
(c) Other current liabilities	90.231	57.805	41.346
(d) Short-term provisions	8.482	8.575	9.293
Total Current Liabilities (4)	821.714	490.973	320.002
TOTAL	1,055.769	692.231	496.121
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	121.191	128.888	94.482
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.955	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	41.842	30.230	0.597
(c) Deferred tax assets (net)	0.662	0.000	0.000
(d) Long-term Loan and Advances	29.506	54.637	49.975
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	193.201	215.710	145.054
(2) Current assets
(a) Current investments	0.000	4.730	1.904
(b) Inventories	1.501	102.667	26.722
(c) Trade receivables	626.593	150.715	177.512
(d) Cash and cash equivalents	79.711	85.939	43.024
(e) Short-term loans and advances	153.172	131.055	100.783
(f) Other current assets	1.591	1.415	1.122
Total Current Assets	862.568	476.521	351.067
TOTAL	1,055.769	692.231	496.121

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2,404.061	2,028.641	2,413.290
		Other Income	23.451	51.908	27.982
		TOTAL (A)	2,427.512	2,080.549	2,441.272
Less	EXPENSES
		Purchase of Stock-in-trade	2,120.900	1,936.147	2,302.183
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	101.893	(75.945)	(21.498)
		Employee Benefits Expenses	19.790	18.577	16.831
		Other Expenses	101.626	129.003	86.515
		TOTAL (B)	2,344.209	2,007.782	2,384.031
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		83.303	72.767	57.241
Less	FINANCIAL EXPENSES (D)		34.897	26.482	17.833
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.406	46.285	39.408
Less	DEPRECIATION/ AMORTISATION (F)		18.945	15.646	11.310
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		29.461	30.639	28.098
Less	TAX (H)		8.846	8.109	9.107
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		20.615	22.530	18.991
	EARNINGS IN FOREIGN CURRENCY		Nil	40.400	47.800
	Earnings Per Share (Rs.)		2.73	3.49	2.94

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.85	1.08	0.78
Net Profit Margin (PBT/Sales)	(%)	1.23	1.51	1.16
Return on Total Assets (PBT/Total Assets}	(%)	2.91	4.64	5.67
Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.18
Debt Equity Ratio (Total Debt /Networth)		1.05	2.19	0.82
Current Ratio (Current Asset/Current Liability)		1.05	0.97	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	64.500	64.500	75.500
Reserves & Surplus	92.401	107.436	137.449
Net worth	156.901	171.936	212.949
long-term borrowings	1.666	7.859	2.867
Short term borrowings	126.720	369.315	221.500
Total borrowings	128.386	377.174	224.367
Debt/Equity ratio	0.818	2.194	1.054

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,413.290	2,028.641	2,404.061
		(15.939)	18.506

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,413.290	2,028.641	2,404.061
Profit	18.991	22.530	20.615
	0.79%	1.11%	0.86%

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Term Loans from banks	0.000	9.408
Rupee Term Loans from Others	55.500	35.000
Deposits from Directors	3.897	16.007
Loans and Advances from Others	25.810	103.356
Total	85.207	163.771

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10422522	31/03/2013	31,400,000.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B73969099
2	10122003	19/10/2010 *	490,000,000.00	UCO BANK	MID CORPORATE BRANCH, UCO BHAWAN, NR. SANYASASHRAM, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	A97032817

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

· A.C. Machines and Plant

· Vehicles

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.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		48

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.