MIRA INFORM REPORT

Report No. :	317384
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	SEQUEL LOGISTICS PRIVATE LIMITED
Registered Office :	431, Chetan Society, Bopal Ghuma Road, Ahmedabad – 380 058, Gujarat
Tel. No.:	91-79-61901908
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.03.2004
Com. Reg. No.:	04-043772
Capital Investment / Paid-up Capital :	Rs.9.000 million
CIN No.: [Company Identification No.]	U74999GJ2004PTC043772
IEC No.:	Not Available
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 in providing comprehensive solutions, services and products in the 'Critical Logistics' segments.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration subject’s improved operational performance resulting in significant increase in its profitability during FY 2014. The rating also takes note of the favourable gap between receivables and payables during the year under review. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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 DECLINED BY

Name :	Mr. Chalapathi
Designation :	Accounts Manager
Contact No.:	91-80-66382200
Date :	14.04.2015

LOCATIONS

Registered Office :	431, Chetan Society, Bopal Ghuma Road, Ahmedabad – 380 058, Gujarat, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	info@sequel.co.in jindagi@gkcco.com
Website :	http://www.sequel.co.in
Admin Office :	101, Zodiac Plaza, St. Xavier's College Corner, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-61901908
Fax No.:	91-79-61901902
Corporate Office :	Plot No.L-374, 5^th Main, 6^th Sector, HSR Layout, Bangalore – 560 102, Karnataka, India
Tel. No. :	91-80-66382200

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Saradchandra Himatlal Jobanputra

Designation :

Director

Address :

431, Chetan Society, Bopal Ghuma Road, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

11.03.2004

DIN No. :

00363518

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	U73100GJ1990PTC013500	FAIRDEAL MANAGEMENT SERVICES PRIVATE LIMITED	Director	15/03/1990	15/03/1990	-	Strike off	NO
2	U36998GJ1997PTC032033	FAIRDEAL DISTRIBUTIONS SERVICES PRIVATE LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
3	U74999GJ2004PTC043772	SEQUEL LOGISTICS PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
4	U74140KA2008PTC045295	EPICENTRE MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO

Name :

Mr. Zankar Sharadchandra Jobanputra

Designation :

Director

Address :

431, Chetan Society, Bopal Ghuma Road, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

11.03.2004

DIN No. :

00593203

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	U36998GJ1997PTC032033	FAIRDEAL DISTRIBUTIONS SERVICES PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
2	U74999GJ2004PTC043772	SEQUEL LOGISTICS PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
3	U73100GJ1990PTC013500	FAIRDEAL MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Strike off	NO

Name :

Mr. Rajkumar Soundara Pandian

Designation :

Whole-time Director

Address :

D-53, Kodihalli, Golden Enclave, Diam, Nanjareddi Kaloni, Bangalore – 560 017, Karnataka, India

Date of Appointment :

14.03.2004

DIN No. :

02752089

Name :

Ninu Shivdas Khanna

Designation :

Additional Director

Address :

1302, Stone Arch Building, Shirley Rajan Road, Off Carter Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

22.07.1953

Date of Appointment :

09.03.2013

DIN No. :

00015956

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	U52100MH2007PLC172129	RELIANCE COMMERCIAL REALTY ASSETS LIMITED	Director	29/08/2008	06/12/2007	-	Amalgamated	NO
2	U01111DL1992PLC049149	MAHAAN PROTEINS LIMITED	Nominee director	28/06/2008	21/01/2008	23/06/2009	Active	NO
3	U72400MH2008PTC189192	NUVIS ANALYTICS PRIVATE LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
4	U51390GJ2009PTC056975	CLEAN CUISINE COOKWARE PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO
5	U72900MH2010PTC204512	FORESIGHT ANALYTICS PRIVATE LIMITED	Director	19/06/2010	19/06/2010	-	Active	NO
6	U74140MH2006PTC165313	BIRTHSTONE CAPITAL ADVISORS PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
7	U70102MH2010PTC207747	EDENTHESIS INFRASTRUCTURE PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
8	U85100MH2010PTC209745	DHANVANTRI XCYTON DIAGNOSTIC PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Strike off	NO
9	U74900MH2008PTC180137	RITEVERSES SOLUTIONS PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO
10	U70100MH2012PTC230647	TANDAV DHAM INFRA PROJECTS PRIVATE LIMITED	Director	04/05/2012	04/05/2012	-	Active	NO
11	U74999GJ2004PTC043772	SEQUEL LOGISTICS PRIVATE LIMITED	Additional director	09/03/2013	09/03/2013	-	Active	NO

Name :

Mrs. Kamana Jobanputra

Designation :

Additional Director

Address :

D/53, Golden Enclave, Old Airport Road, Bangalore – 560 017, Karnataka, India

Date of Birth/Age :

11.05.1978

Date of Appointment :

09.03.2013

DIN No. :

06522262

Name :

Srinivasan Krishnamoorthy

Designation :

Additional director

Address :

5084, Sobha Jasmine, Outer Ring Road, Iblur, Bangalore – 560 103, Karnataka, India

Date of Appointment :

27.01.2010

DIN No. :

00205992

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	U02422GJ1989PTC079311	FLINT GROUP INDIA PRIVATE LIMITED	Managing director	01/09/1989	01/09/1989	31/12/2009	Active	NO
2	U91110MH1953NPL009087	ALL INDIA PRINTING INK MANUFACTURERS ASSOCIATION LIMITED	Director	16/09/2005	16/09/2005	22/09/2009	Active	NO
3	U74999GJ2004PTC043772	SEQUEL LOGISTICS PRIVATE LIMITED	Additional director	27/01/2010	27/01/2010	-	Active	NO
4	U29199KA1999PTC025506	K.S. INCTECH PRIVATE LIMITED	Additional director	03/04/2010	03/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chalapathi
Designation :	Accounts Manager
Name :	Shambhu J. Bhikadia
Designation :	Company Secretary
Address :	Flat No. E/202, Vraj Vihar-4, Near Chandan Party Plot, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26925476

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Saradchandra Himatlal Jobanputra	225000	25.00
Zankar Sharadchandra Jobanputra	225000	25.00
Rajkumar Soundara Pandian	225000	25.00
Kamana Jobanputra	225000	25.00
Total	900000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing comprehensive solutions, services and products in the 'Critical Logistics' segments.
Products/ Services :	Logistic Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Information declined by the Management.

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Person Name (With Designation)	Not Divulged
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)	Not Divulged

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheswar, Temple Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

· Union Bank of India, Ashram Road Branch, C.U. Shah Chambers, Ahmedabad – 380 009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Banks
Term Loans
HDFC Bank	18.466	13.823
Vehicle Loans
HDFC Bank	5.044	0.721
Union Bank of India	0.000	0.000
SHORT TERM BORROWINGS
Working Capital Loan from HDFC Bank	62.865	40.485
Total	86.375	55.029

Notes:

LONG TERM BORROWINGS

Nature of Security:

Primary Security

1. Outstanding Amount of Term Loans from HDFC Bank amounting to Rs.26.590 million (P.Y. Rs.21.177 million) are secured by way of first and exclusive charm on all present and future book debts.

2. Outstanding Amount of Vehicle Loans from HDFC Bank amounting to Rs.8.019 million (P.Y. Rs.1.073 million) are secured by way of hypothecation of Vehicle.

3. Outstanding Amount of Vehicle Loans from Union Bank of India amounting to Rs. NIL (P.Y. Rs.0.333 million) are secured by way of hypothecation of Vehicle.

Collateral Security:

Outstanding Amount of Term Loans from HDFC Bank amounting to Rs.26.590 million (P.Y. Rs.21.177 million) are secured by way of equitable mortgage of Residential Property of Directors and their Relatives.

Banking Relations :	--
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	Madhuban, Near Madalpur Under Bridge, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No. :	91-79-30012009
Mobile No. :	91-9925174555-56
Fax No. :	91-79-26569929
E-Mail :	info@gkcco.com
PAN No.:	AAAFG7623H
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in which Key Management Personnel exercise significant Influence :	Fairdeal Distribution Services Private Limited Fairdeal Management Services Private Limited Fairdeal Traders
Enterprise in which Relative of Key Management Personnel exercise significant Influence :	Epicenter Management Solution Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 million
500000	Preference Shares	Rs.10/- each	Rs.5.000 million
	Total		Rs.15.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	9.000	9.000	13.500
(b) Reserves & Surplus	82.092	37.026	19.400
(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)	91.092	46.026	32.900
(3) Non-Current Liabilities
(a) Long-term borrowings	23.510	14.544	18.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.910	4.910	4.910
(d) Long-term provisions	6.246	3.524	2.127
Total Non-current Liabilities (3)	33.666	22.978	25.537
(4) Current Liabilities
(a) Short term borrowings	64.229	42.436	30.253
(b) Trade payables	48.132	30.219	24.108
(c) Other current liabilities	42.362	48.397	30.346
(d) Short-term provisions	1.900	0.116	0.000
Total Current Liabilities (4)	156.623	121.168	84.707
TOTAL	281.381	190.172	143.144
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.558	28.848	18.232
(ii) Intangible Assets	11.886	12.611	1.285
(iii) Capital work-in-progress	3.125	0.175	2.049
(iv) Intangible assets under development	0.000	0.000	7.677
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.131	3.188	3.446
(d) Long-term Loan and Advances	23.704	17.805	12.050
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.404	62.627	44.739
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	151.461	102.017	69.524
(d) Cash and cash equivalents	10.902	6.672	4.516
(e) Short-term loans and advances	30.559	17.844	23.919
(f) Other current assets	0.055	1.012	0.446
Total Current Assets	192.977	127.545	98.405
TOTAL	281.381	190.172	143.144

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	785.882	618.840	468.918
		Other Income	1.032	1.176	0.880
		TOTAL	786.914	620.016	469.798
Less	EXPENSES
		Operating Expenses	427.522	386.595	317.933
		Employee Benefits Expenses	200.820	148.311	104.827
		Administrative and Other Expenses	73.583	43.355	27.873
		TOTAL	701.925	578.261	450.633
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		84.989	41.755	19.165
Less	FINANCIAL EXPENSES		11.110	8.192	5.977
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		73.879	33.563	13.188
Less/ Add	DEPRECIATION/ AMORTISATION		5.757	3.951	2.325
	PROFIT/ (LOSS) BEFORE TAX		68.122	29.612	10.863
Less	TAX		23.056	10.857	3.095
	PROFIT/ (LOSS) AFTER TAX		45.066	18.755	7.768
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.944	19.189	11.421
	BALANCE CARRIED TO THE B/S		83.010	37.944	19.189
	EARNINGS IN FOREIGN CURRENCY		14.295	0.000	NA
	Earnings / (Loss) Per Share (Rs.)		50.07	14.58	8.63

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.73	3.03	1.66
Operating Profit Margin (PBDIT/ Sales)	(%)	10.81	6.75	4.09
Return on Total Assets (PBT/Total Assets}	(%)	24.67	15.85	8.36
Return on Investment (ROI) (PBT/Networth)		0.75	0.64	0.33
Debt Equity Ratio (Total Debt/Networth)		0.96	1.24	1.48
Current Ratio (Current Asset/Current Liability)		1.23	1.05	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	13.500	9.000	9.000
Reserves & Surplus	19.400	37.026	82.092
Net worth	32.900	46.026	91.092
Long Term borrowings	18.500	14.544	23.510
Short Term borrowings	30.253	42.436	64.229
Total borrowings	48.753	56.980	87.739
Debt/Equity ratio	1.482	1.238	0.963

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	468.918	618.840	785.882
		31.972	26.993

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	468.918	618.840	785.882
Profit	7.768	18.755	45.066
	1.66%	3.03%	5.73%

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

During the Current year Company has achieved gross revenue of Rs.786.914 million which is 21.21% higher as compared to previous year. The net profit has moderately increased as compare to previous year though expenditure has increased because of increase in the gross revenue

REVIEW OF OPERATION:

The Company has presence in all the verticals of 'Supply Chain Management and Logistics' having a national presence. However the company intends to position itself as 'Critical Logistics Service Provider. During the year, the Company increased its geographical reach and has presence in all states of the Country.

OUT LOOK FOR 2014-15:

In the year 2014-2015, the Company intends to extend 'Critical Logistics Service' to various customers through the length and breadth of the country. The Company has already entered in contracts with various players in High Value Luxury items. This will have very positive impact on the financials of the year 20 14-2015.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
From Directors and Relatives	1.364	1.951
Total	1.364	1.951

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10511375	17/07/2014	4,490,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C13916606
2	10511371	17/07/2014	4,737,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C13915194
3	10511373	17/07/2014	5,273,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C13916051
4	10484130	18/03/2014	1,058,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C00170688
5	10466375	23/10/2013	5,051,130.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B92038256
6	10304557	27/03/2015 *	220,007,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C48426332

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Bank Guarantee	2.600	0.400

FIXED ASSETS

Tangible Assets

· Plant and Machinery

· Air-conditioner

· Furniture and Fixtures

· Leasehold Improvements

· Vehicles

· Office Equipments

· Mobile

· Computers

Intangible Assets

· 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 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.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	SMN

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
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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.