MIRA INFORM REPORT

Report No. :	354930
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	GATEWAY RAIL FREIGHT LIMITED (w.e.f. 17.08.2006)
Formerly Known As :	RAG FREIGHT SERVICES PRIVATE LIMITED
Registered Office :	SF-7, Second Floor, D-2 'Southern Park' Saket District Centre, Saket, New Delhi – 110017
Mobile No.:	91-9811375900 (Mr. Nandan Chopra)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.07.2005
Com. Reg. No.:	55-138598
Capital Investment / Paid-up Capital :	Rs.6123.002 Million
CIN No.: [Company Identification No.]	U60231DL2005PLC138598
IEC No.:	0507028023
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR3132N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in business of Container Train logistics. It provides container logistics solution between major Indian ports and Inland Container Depots (ICD) by providing rail services for Export, Import and Domestic containerised cargo, integrated with road transportation, transit and bonded warehousing, refrigerated container facilities and other value added services. (Registered activity and also confirmed by management)
No. of Employees :	175 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 22000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Gateway Distriparks Ltd (GDL) incorporated in the year 2005 having fine track. For the FY 15, the company has decent net worth base marked by good profit margin. Operation performance has improved as compared to previous year. The company possesses healthy financial profile marked by strong net worth base, low borrowing, adequate cash accruals and good liquidity position. Trade relations are fair. Business is active. Payments are regular and as per commitments. In view of strong promoters, the company can be considered good for business dealings at usual 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Nandan Chopra
Designation :	V.P. in Finance and Company Secretary
Contact No.:	91-9811375900
Date :	15.12.2015

LOCATIONS

Registered Office / Corporate Office :	SF-7, Second Floor, D-2 'Southern Park' Saket District Centre, Saket, New Delhi – 110017, India
Tel. No.:	91-11-40554400
Mobile No.:	91-9811375900 (Mr. Nandan Chopra)
Fax No.:	91-11-29962850
E-Mail :	nandan.chopra@gatewayrail.in customerservices@gatewayrail.in
Website :	www.gatewayrail.in
Facilitation Centre :	35, Second Floor, A-8C, Vishwakarma Colony, Mehraul Badarpur Road, New Delhi – 110044, India
Tel No.:	91-11-32215113
LCD :	Located at : Garhi Harsaru Sahnewal Faridabad

DIRECTORS

As on 31.03.2015

Name :

Richard Blaise Saldanhax

Designation :

Director

Address :

24, Senor Valley Road No. 13, Jubille Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

03.02.1944

Date of Appointment :

18.09.2010

Din No.:

00189029

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	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Director	30/09/2015	01/06/2002	-	Active	NO
2	U72900MH2002PLC134966	TIMES INFOTAINMENT MEDIA LIMITED	Director	30/09/2015	31/12/2002	-	Active	NO
3	U74899DL1982GAP144061	Times for India Org	Director	12/09/2007	16/10/2006	28/11/2007	Active	NO
4	U80302DL1984NPL019475	TIMES CENTRE FOR MEDIA AND MANAGEMENT STUDIES	Director	02/01/2007	02/01/2007	29/06/2009	Active	NO
5	U74140DL2007PTC160135	Impactresources Consultants Private Limited	Director	06/03/2007	06/03/2007	-	Strike off	NO
6	U74140DL2007PLC162846	BENNETT ADVISORY SERVICES LIMITED	Director	03/05/2007	03/05/2007	28/11/2007	Active	NO
7	U80301DL2007PLC165200	Times Centre for learning Limited	Director	26/06/2007	26/06/2007	28/11/2007	Active	NO
8	L99999MH1964PLC012835	ASIAN ELECTRONICS LIMITED	Director	27/09/2007	30/07/2007	06/03/2008	Under liquidation	NO
9	U72200TG1999PTC032836	MTAR TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	29/11/2007	26/09/2014	Active	NO
10	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Director	09/09/2011	21/02/2008	-	Active	NO
11	U30007MH1980PLC022235	CMS COMPUTERS LIMITED	Additional director	21/02/2009	21/02/2009	01/07/2009	Active	NO
12	U46711MH2006PLC158878	CMS Marshall Limited	Additional director	01/07/2009	01/07/2009	01/08/2009	Active	NO
13	U45200MH2008PLC180479	CMS Info Systems Limited	Director	30/09/2009	01/07/2009	18/12/2012	Active	NO
14	U67190DL1999PLC098107	CMS SECURITAS LIMITED	Director	29/09/2009	01/07/2009	18/12/2012	Active	NO
15	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	18/09/2010	23/08/2010	-	Active	NO
16	L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	Director	12/08/2014	23/11/2010	-	Active	NO
17	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Nominee director	28/09/2011	29/03/2011	-	Active	NO
18	U31909KA1978PTC003267	DRESS MASTER APPAREL PRIVATE LIMITED	Director	05/09/2011	31/03/2011	30/11/2012	Active	NO
19	U22120MH2003PTC142239	WORLDWIDE MEDIA PRIVATE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO
20	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Director	30/09/2015	04/09/2015	-	Active	NO

Name :

Mathew Cyriac

Designation :

Director

Address :

1908, 19th Floor, B.B. Nakashe Marg, Imperial North Tower, Tardeo, Mumbai - 400034, Maharashtra, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

18.09.2010

Din No.:

01903606

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	20/11/2007	20/11/2007	01/06/2009	Active	NO
2	U72200TG1999PTC032836	MTAR TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	29/11/2007	-	Active	NO
3	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Director	04/09/2008	21/02/2008	-	Active	NO
4	U30007MH1980PLC022235	CMS COMPUTERS LIMITED	Additional director	21/02/2009	21/02/2009	01/07/2009	Active	NO
5	U45200MH2008PLC180479	CMS Info Systems Limited	Director	30/09/2009	01/07/2009	27/08/2015	Active	NO
6	U46711MH2006PLC158878	CMS Marshall Limited	Director	30/09/2009	01/07/2009	27/08/2015	Active	NO
7	U67190DL1999PLC098107	CMS SECURITAS LIMITED	Director	29/09/2009	01/07/2009	27/08/2015	Active	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	18/09/2010	23/08/2010	-	Active	NO
9	U74999DL1998PTC095012	SECURITRANS INDIA PRIVATE LIMITED	Director	31/08/2012	18/06/2011	18/06/2014	Active	NO
10	U72900MH2006PLC162656	FINO PayTech Limited	Nominee director	08/07/2011	08/07/2011	-	Active	NO
11	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Alternate director	14/11/2011	14/11/2011	24/09/2012	Active	NO
12	U67190MH2005PTC156325	BLACKSTONE ADVISORS INDIA PRIVATE LIMITED	Director	29/09/2012	19/03/2012	-	Active	NO
13	U74899DL1995PLC073245	INTERNATIONAL TRACTORS LIMITED	Nominee director	18/12/2012	18/12/2012	-	Active	NO
14	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	20/09/2014	27/07/2013	-	Active	NO
15	U72900MH2014PTC258189	CMS IT Services Private Limited	Director	18/09/2014	18/09/2014	-	Active	NO

Name :

Mr. Gurdeep Singh

Designation :

Director

Address :

M-1, Breach Candy Apartments, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

23.07.1944

Date of Appointment :

18.09.2010

Din No.:

00036922

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	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	23/05/2003	23/05/2003	-	Active	NO
2	U99999MH1962PLC012316	Anand I-Power Limited	Director	26/10/2005	26/10/2005	22/10/2009	Active	NO
3	L31500UP1991PLC012944	Phoenix Lamps Limited	Director	30/07/2007	25/09/2006	18/06/2015	Active	NO
4	U29299DL1984PTC018517	TECNOVA INDIA Private limited	Director	04/10/2006	04/10/2006	-	Active	NO
5	U25209HR2006PTC036006	KLOECKNER PENTAPLAST INDIA PRIVATE LIMITED	Director	04/02/2007	04/02/2007	-	Active	NO
6	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	28/07/2009	30/07/2008	16/08/2013	Active	NO
7	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	28/07/2009	28/07/2009	18/09/2014	Active	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	18/09/2010	23/08/2010	-	Active	NO
9	L28113DL2010PLC210819	ORIENT REFRACTORIES LIMITED	Additional director	12/11/2014	12/11/2014	09/02/2015	Active	NO

Name :

Mr. Ishaan Gupta

Designation :

Director

Address :

94 Sainik Farms, Khan Pur, New Delhi - 110062, India

Date of Birth/Age :

22.07.1988

Date of Appointment :

25.09.2013

Din No.:

05298583

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	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	26/09/2012	26/05/2012	-	Active	NO
2	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	25/09/2013	14/08/2012	-	Active	NO
3	U63030HR2007PLC036995	Container Gateway Limited	Director	15/09/2014	12/03/2014	27/03/2015	Active	NO
4	U72200DL2015PTC282649	RockSolid Enterprises Private Limited	Director	09/07/2015	09/07/2015	-	Active	NO

Name :

Mr. Prem Kishan Dass Gupta

Designation :

Managing Director

Address :

94 Sainik Farm, Khanpur, New Delhi - 110062, India

Date of Birth/Age :

22.02.1958

Date of Appointment :

20.07.2012

Din No.:

00011670

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	U74899DL1990PTC039124	PERFECT COMMUNICATIONS PRIVATE LIMITED	Director	06/02/1990	06/02/1990	-	Active	NO
2	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Managing director	20/07/2012	06/04/1994	-	Active	NO
3	U74899DL1994PTC061703	PRISM INTERNATIONAL PRIVATE LIMITED	Director	23/09/1994	23/09/1994	-	Active	NO
4	U45209DL1999PTC153163	STAR CINEPLEX PRIVATE LIMITED	Director	20/01/2000	20/01/2000	-	Active	NO
5	U65993MH2000PTC126495	NEXIA INTERNATIONAL PRIVATE LIMITED	Director	15/05/2000	15/05/2000	29/01/2013	Active	NO
6	U51909AP1994PTC017523	GATEWAY EAST INDIA PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
7	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Amalgamated	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Managing director	20/07/2012	02/05/2006	-	Active	NO
9	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
10	U80221DL2006PTC149987	MASSCO MEDIA PRIVATE LIMITED	Director	27/06/2011	01/03/2007	10/03/2015	Active	NO
11	U63030HR2007PLC036995	Container Gateway Limited	Director	29/06/2007	29/06/2007	08/06/2011	Active	NO
12	U63090KL2006PLC019751	GATEWAY DISTRIPARKS (KERALA) LIMITED	Director	08/08/2008	27/03/2008	-	Active	NO
13	U21020MH2009PTC197190	PRIMA SOFT TISSUE PRIVATE LIMITED	Director	21/11/2009	21/11/2009	21/02/2015	Active	NO
14	U45400DL2010PTC204945	PRESTIGE INFRACON PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
15	U63011AP2005PTC046936	CHANDRA CFS AND TERMINAL OPERATORS PRIVATE LIMITED	Director	28/08/2013	04/02/2013	-	Active

Name :

Mr. Shabbir Hakimuddin Hassanbhai

Designation :

Director

Address :

36, Keppel Bay Drive, #05-78, Caribbean At Keppel Bay, Singapore, 098653, , Singapore

Date of Birth/Age :

10.11.1946

Date of Appointment :

23.03.2015

DIN No.:

00268133

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	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	29/09/2014	15/06/1995	-	Active	NO
2	U51909AP1994PTC017523	GATEWAY EAST INDIA PRIVATE LIMITED	Director	22/09/2014	09/09/2004	-	Active	NO
3	U36999HR1996PLC033491	GURGAON TECHNOLOGY PARK LIMITED	Director	29/07/2005	29/07/2005	19/05/2009	Active	NO
4	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	22/09/2014	12/08/2005	-	Amalgamated	NO
5	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	23/03/2015	21/07/2006	-	Active	NO
6	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
7	U63011AP2005PTC046936	CHANDRA CFS AND TERMINAL OPERATORS PRIVATE LIMITED	Director	22/09/2014	04/02/2013	-	Active	NO
8	U63090KL2006PLC019751	GATEWAY DISTRIPARKS (KERALA) LIMITED	Director	03/08/2015	28/01/2015	-	Active	NO

Name :

Ms. Mamta Gupta

Designation :

Additional Director

Address :

94 Sainik Farm, Khanpur, New Delhi - 110062, India

Date of Appointment :

05.11.2015

DIN No.:

00160916

Name :

Mr. Samvid Gupta

Designation :

Additional Director

Address :

94 Sainik Farm, Khanpur, New Delhi - 110062, India

Date of Appointment :

05.11.2015

DIN No.:

05320765

Name :

Mr. Arun Gupta Kumar

Designation :

Additional Director

Address :

S-131, First Floor, Greater Kailash-II, New Delhi - 110048, India

Date of Appointment :

05.11.2015

DIN No.:

06571270

KEY EXECUTIVES

Name :	SGS Associates
Designation :	Company Secretaries
Address “	1^st Floor, 14 Rani Jhansi Road, New Delhi – 110055, India
Tel No.:	91-11-41524497 / 42404326
Email :	sgsdel@gmail.com
Website :	www.dpgupta.companysecretary.com
Name :	Mr. Nandan Chopra
Designation :	V.P. In Finance And Company Secretary
Address :	S-450A, First Floor, Greater Kailash-I, New Delhi - 110048, India
Date of Appointment :	31.01.2007
PAN No.:	AAAPC0097M
Name :	Mr. Sachin Surendra Bhanushali
Designation :	Chief Executive Officer
Address :	G-14, 2nd Floor, Saket, New Delhi - 110017, India
Date of Appointment :	01.01.2015
PAN No.:	AHDPB9671Q
Name :	Mr. Braja Kishor Sahoo
Designation :	Chief Finance Officer
Address :	148, SFS, Flats Sarai, Gulmohar Enclave, New Delhi -110049, India
Date of Appointment :	01.04.2012
PAN No.:	ADCPS5296D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Equity Shareholders	No. of Shares
Gateway Distriparks Limited, India	198099998
Prem Kishan Das Gupta with Gateway Distriparks Limited	1
Arun Agarwal with Gateway Distriparks Limited	1
Sachin S Bhanushail	2600000
Srinivas Reddy	500000
Rajiv Bhasin	120000
Vani Bhasin	180000
Blackstone ZGPV Capital Partners (Mauritius) V-H Limited	100
Total	201500100

Names of Preference Shareholders	No. of Shares
Blackstone ZGPV Capital Partners (Mauritius) V-H Limited (Compulsory Convertible Preference shares)	120000000
Gateway Distriparks Limited (Zero Coupon Redeemable Preference shares)	115000000
	235000000

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Bodies corporate	98.31
Other top fifty shareholders	1.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of Container Train logistics. It provides container logistics solution between major Indian ports and Inland Container Depots (ICD) by providing rail services for Export, Import and Domestic containerised cargo, integrated with road transportation, transit and bonded warehousing, refrigerated container facilities and other value added services. (Registered activity and also confirmed by management)

Products :

Item Code No.	Product Description
99651130	Road transport services of Intermodal Containers
99651230	Railway transport services of intermodal containers
99672900	Other storage and warehousing services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

175 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans from banks	488.432	488.432
(Secured by first pari passu charge on all the assets (fixed and current, present and future) of the Company)
Term loans from others	463.250	816.000
Short-term borrowings
Term loans from banks	64.449	136.625
(Secured by first pari passu charge on all the assets (fixed and current, present and future) of the Company)
Total	1016.131	1441.057

Financial Institutions :	3i, Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Toweration Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar West, Mumbai -400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Gateway Distriparks Limited, India L74899MH1994PLC164024
Subsidiaries :	Container Gateway Limited, India U63030HR2007PLC036995
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Newprint Trading and Sales Corporation

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
402700100	Equity Shares	Rs.10/- each	Rs.4027.001 Million
100	Equity Shares	Rs.25/- each	Rs.0.002 Million
120000000	Preference Shares	Rs.24.65/- each	Rs.2958.000 Million
115000000	Preference Shares	Rs.10/- each	Rs.1150.000 Million
	Total		Rs.8135.002 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
201500100	Equity Shares	Rs.10/- each	Rs.2015.000 Million
100	Equity Shares	Rs.25/- each	Rs.0.002 Million
120000000	Preference Shares	Rs.24.65/- each	Rs.2958.000 Million
115000000	Preference Shares	Rs.10/- each	Rs.1150.000 Million
	Total		Rs.6123.002 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6123.002	6123.002	6123.002
(b) Reserves & Surplus	1561.529	522.109	0.241
(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)	7684.531	6645.111	6123.243
(3) Non-Current Liabilities
(a) long-term borrowings	951.682	816.000	933.088
(b) Deferred tax liabilities (Net)	63.257	100.138	23.552
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	40.512	27.887	28.977
Total Non-current Liabilities (3)	1055.451	944.025	985.617
(4) Current Liabilities
(a) Short term borrowings	64.449	136.625	140.258
(b) Trade payables	255.861	241.565	173.881
(c) Other current liabilities	406.219	322.660	374.872
(d) Short-term provisions	3.960	9.864	3.074
Total Current Liabilities (4)	730.489	710.714	692.085
TOTAL	9470.471	8299.850	7800.945
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6680.775	6344.380	6354.800
(ii) Intangible Assets	305.513	331.186	356.859
(iii) Capital work-in-progress	296.348	256.100	226.551
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	427.747	349.232	192.196
(e) Other Non-current assets	2.951	7.677	26.400
Total Non-Current Assets	7713.334	7288.575	7156.806
(2) Current assets
(a) Current investments	810.000	340.339	0.633
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	713.744	465.508	438.987
(d) Cash and cash equivalents	134.675	108.058	79.132
(e) Short-term loans and advances	83.628	76.844	110.236
(f) Other current assets	15.090	20.526	15.151
Total Current Assets	1757.137	1011.275	644.139
TOTAL	9470.471	8299.850	7800.945

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	6913.199	5634.043	5356.918
	Other Income	78.135	96.032	46.944
	TOTAL (A)	6991.334	5730.075	5403.862
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	182.806	167.329	184.177
	CSR Expenditure	7.626	4.943
	Other expenses	5024.041	4438.716	4393.353
	TOTAL (B)	5214.473	4610.988	4577.530
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1776.861	1119.087	826.332
Less	FINANCIAL EXPENSES (D)	110.477	120.790	121.562
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1666.384	998.297	704.770
Less/ Add	DEPRECIATION/ AMORTISATION (F)	474.712	399.844	401.330
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1191.672	598.453	303.440
Less	TAX (H)	142.780	76.586	23.552
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1048.892	521.867	279.888
	Earnings / (Loss) Per Share (Rs.)	5.21	2.59	1.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	200.157	175.160	181.637
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1554.323	1183.801	755.294
Net cash flow from operating activity	1320.029	1051.117	700.717

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	15.17	9.26	5.22
Operating Profit Margin (PBIDT/Sales)	(%)	25.70	19.86	15.43
Return on Total Assets (PBT/Total Assets}	(%)	12.99	7.44	4.01
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.05
Debt Equity Ratio (Total Debt /Networth)		0.16	0.17	0.20
Current Ratio (Current Asset/Current Liability)		2.41	1.42	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6123.002	6123.002	6123.002
Reserves & Surplus	0.241	522.109	1561.529
Net worth	6123.243	6645.111	7684.531
long-term borrowings	933.088	816.000	951.682
Short term borrowings	140.258	136.625	64.449
Current Maturities Of Long-Term Debts	181.637	175.160	200.157
Total borrowings	1254.983	1127.785	1216.288
Debt/Equity ratio	0.205	0.170	0.158

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5356.918	5634.043	6913.199
		5.173	22.704

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5356.918	5634.043	6913.199
Profit	279.888	521.867	1048.892
	5.22%	9.26%	15.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONAL PERFORMANCE

During the year your Company has achieved the throughput of 1,07,649 TEUs (Previous Year 90,515 TEUs) at its Inland Container Terminal at Gurgaon, 1,26,252 TEUs (Previous year 1,06,267 TEUs) at Inland Container Terminal at Ludhiana and 2458 TEUS (Previous Year 1762) at Inland Container Terminal at Faridabad. The Faridabad Inland Container Depot was rail linked in FY 13-14 and during the year the Company has started building up the volumes at its Inland Container Terminal.

During the FY 2014-15, the increased profitability is due to increased volume, double stack movement and benefits under hub and spoke policy of Indian Railways and cost optimisation efforts. Further domestic operations on profitable routes, sourcing of shipping line empties to reduce empty running of train and optimization of associated costs has been instrumental in this marked improvement in profitability.

The Company understands the importance of infrastructure in container rail logistics business and is committed to developing a network of rail terminals at various strategic locations throughout the country. Your Company aims at providing a one-stop integrated intermodal solution to its customers nationwide through use of technology, world class infrastructure and services.

FINANCIAL HIGHLIGHTS

During the financial year 2014-15, the Company has achieved Revenue of Rs 6990.000 Million (Rs. 5730.000 Million in FY 13-14) an increase of 22 % over FY 2013-14. In FY 2014-15, the Earnings Before Interest, Taxes and Depreciation and Amortization (EBIDTA) was Rs. 1780.000 Million. (59% more than Rs 1120.000 Million. FY 13-14). This is 25 % of revenue as compared to 20% in FY 2013-14.

Over the last Five years the revenue CAGR has been 16.8% and in EBIDTA has been 32.3%.

GENERAL INFORMATION

Gateway Rail Freight Limited (the 'Company') is engaged in business of Container Train logistics. It provides container logistics solution between major Indian ports and Inland Container Depots (ICD) by providing rail services for Export, Import and Domestic containerised cargo, integrated with road transportation, transit and bonded warehousing, refrigerated container facilities and other value added services. The Company operates from its three owned terminals at Garhi Harsaru (Gurgaon), Sanehwal (Ludhiana) and Asauti (Faridabad) and a private freight terminal at Navi Mumbai under agreement. The Company owns and operates through its rakes and a fleet of trailers.

The Company and its Holding Company, Gateway Distriparks Limited (GDL) are involved in an arbitration proceeding with Container Corporation of India Limited (?Concor?) in respect of agreements entered into by the parties for operation of container trains from the Inland Container Depot and Rail Siding of the Company at Garhi Harsaru, Gurgaon. Concor has raised claims on the Company and GDL on various issues in respect to the aforesaid agreements. Based on legal opinion, the Management has taken a view that these claims are at a preliminary stage and the question of maintainability of the alleged disputes as raised by Concor under the aforesaid agreements is yet to be determined and are not sustainable. Pending conclusion of the arbitration, the parties are maintaining status quo in respect of the operations at Garhi Harsaru, Gurgaon.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge+6 Holder	Address	Service Request Number (SRN)
1	10311759	17/10/2011	1,900,000,000.00	3i Infotech Trusteeship Services Limited	36,Rani Jhanshi Road, Jhandewalan Ext., opp. Ram  Kumar Marg,, New Delhi, Delhi - 110055, INDIA	B23154065

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against company not acknowledged as debt	14.894	14.894
Guarantees	30795.300	22947.597

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold improvements
• Railway sidings

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.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.92

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	AMT
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		58

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.