MIRA INFORM REPORT

Report No. :	328630
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	INDELOX SERVICES PRIVATE LIMITED
Registered Office :	No. 31/1, Sitaram Palya, Mahadevpura Post Bangalore – 560048, Karnataka
Tel. No.:	91-80-40824600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.2000
Com. Reg. No.:	08-027510
Capital Investment / Paid-up Capital :	Rs.12.558 Million
CIN No.: [Company Identification No.]	U63090KA2000PTC027510
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRI00841B
PAN No.: [Permanent Account No.]	AAACI7253A
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of logistics services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2000 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by decent networth position with low borrowings and favorable gap between trade payable and trade receivable. Further the rating also takes into consideration, company good profitability margin. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually 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, 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

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Satish
Designation :	Assistant Manager
Contact No.:	91-80-40824600
Date :	23.06.2015

LOCATIONS

Registered Office :	No. 31/1, Sitaram Palya, Mahadevpura Post Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-40824600
Fax No.:	Not Available
E-Mail :	jeevan@indelox.com
Website :	www.indelox.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Jeevan Guruprasad Raosahib

Designation :

Whole-Time Director

Address :

23-24, Rishi Krupa, 7th Cross, Nanjappa Layout, Vidyaranyapura, Bangalore, 560097, Karnataka, India

Date of Birth/Age :

15.03.1958

Date of Appointment :

25.07.2000

DIN No.:

00366519

Voter ID No.:

BCW1923978

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	U63090KA2000PTC027510	INDELOX SERVICES PRIVATE LIMITED	Whole-time director	25/07/2000	25/07/2000	-	Active	NO
2	U60231KA1998PTC023740	NEW INTERPORT SHIPPING SERVICES PRIVATE LIMITED	Director	31/07/2005	31/07/2005	16/01/2010	Active	NO
3	U74900KA2015PTC080835	INDELOX TRADING SERVICES PRIVATE LIMITED	Director	11/06/2015	11/06/2015	-	Active	NO

Name :

Mr. Ravikumar Venkatesan Mysore

Designation :

Director

Address :

136, Swami Vivekananda Road, Ulsoor, Bangalore, 560008, Karnataka, India

Date of Birth/Age :

27.07.1950

Date of Appointment :

24.09.2010

DIN No.:

03245413

KEY EXECUTIVES

Name :	Mr. Satish
Designation :	Assistant Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Guruprasad Jeevan Raosahib	676800	53.89
Kiran Mohan Kumar	60000	4.78
Kallur Ramadas Sridhara	204000	16.24
Nayana Harish Ballal	300000	23.89
Srinivas Rao R	15000	1.19
Total	1255800	100.00

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	53.89
Other top fifty shareholders	46.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of logistics services.
Products :	Not Available
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	Citibank NA
Branch Address	2, Club House Road, Annasali, Chennai - 600002, Tamil Nadu, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
HDFC Car Loan	0.128	0.301
Total	0.128	0.301

Auditors :
Name :	RCE And Company Chartered Accountants
Address :	No. 458 and 459, MP Arcade, 18^th Main Road, 4th T Block, Jayanagar, Bangalore – 560041, Karnataka, India
PAN No.:	AAAFR9072R
Memberships :	Not Available
Collaborators :	Not Available
Parties where control exists :	Anvase Exim Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1255800	Equity Shares	Rs.10/- each	Rs.12.558 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	12.558	12.558	12.558
(b) Reserves & Surplus	54.534	44.521	35.916
(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)	67.092	57.079	48.474
(3) Non-Current Liabilities
(a) long-term borrowings	0.128	0.301	0.535
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.413	1.100	1.145
(d) long-term provisions	1.146	0.773	5.423
Total Non-current Liabilities (3)	3.687	2.174	7.103
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	9.976	16.337	6.652
(c) Other current liabilities	16.552	16.143	7.783
(d) Short-term provisions	1.596	2.221	7.370
Total Current Liabilities (4)	28.124	34.701	21.805
TOTAL	98.903	93.954	77.382
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.458	8.346	7.569
(ii) Intangible Assets	2.211	0.829	1.033
(iii) Capital work-in-progress	0.000	5.594	0.000
(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)	0.995	1.129	0.828
(d) Long-term Loan and Advances	4.840	4.126	5.664
(e) Other Non-current assets	16.041	10.431	10.211
Total Non-Current Assets	31.545	30.455	25.305
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	32.916	26.594	23.926
(d) Cash and cash equivalents	18.022	32.815	19.845
(e) Short-term loans and advances	12.499	0.804	8.196
(f) Other current assets	3.921	3.286	0.110
Total Current Assets	67.358	63.499	52.077
TOTAL	98.903	93.954	77.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	235.836	218.596	185.147
	Other Income	3.410	2.629	1.378
	TOTAL	239.246	221.225	186.525
Less	EXPENSES
	Cost of Materials Consumed	116.394	116.483	0.000
	Employees benefits expense	57.540	48.772	0.000
	Other expenses	45.487	39.550	169.789
	TOTAL	219.421	204.805	169.789
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	19.825	16.420	16.736
Less	FINANCIAL EXPENSES	0.165	0.121	0.098
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.660	16.299	16.638
Less/ Add	DEPRECIATION/ AMORTISATION	3.114	2.465	3.217
	PROFIT/ (LOSS) BEFORE TAX	16.546	13.834	13.421
Less	TAX	5.439	4.499	5.678
	PROFIT/ (LOSS) AFTER TAX	11.107	9.335	7.743
	EARNINGS IN FOREIGN CURRENCY
	Warehouse and RMA Distribution Services	41.498	36.152	24.668
	TOTAL EARNINGS	41.498	36.152	24.668
	Earnings / (Loss) Per Share (Rs.)	8.844561236	7.43350852	6.165790731

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.71	4.27	4.18
Operating Profit Margin (PBDIT / Sales)	(%)	8.41	7.51	9.04
Return on Total Assets (PBT/Total Assets}	(%)	16.90	15.86	17.53
Return on Investment (ROI) (PBT/Networth)		0.25	0.24	0.28
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.01
Current Ratio (Current Asset/Current Liability)		2.40	1.83	2.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.558	12.558	12.558
Reserves & Surplus	35.916	44.521	54.534
Net worth	48.474	57.079	67.092
long-term borrowings	0.535	0.301	0.128
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.535	0.301	0.128
Debt/Equity ratio	0.011	0.005	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	185.147	218.596	235.836
		18.066	7.887

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	185.147	218.596	235.836
Profit	7.743	9.335	11.107
	4.18%	4.27%	4.71%

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	Yes
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

Note:

Registered address has been shifted from the 23/24, Nanjappa Layout Vidyaranyapura Post Bangalore – 560097, Karnataka, India to the present address w.e.f.01.04.2010.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Furniture
• Plant and Machinery
• Computer Hardware
• Vehicles
• Office Equipment’s
• Leasehold Improvements

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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.62

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	PNM

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	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		47

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.