MIRA INFORM REPORT

Report No. :	321327
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	LEAAP INTERNATIONAL PRIVATE LIMITED w.e.f. 14.10.1994
Formerly Known as :	LEAP INTERNATIONAL PRIVATE LIMITED w.e.f 17.11.1993 LEAP MANAGEMENT SYSTEM PRIVATE LIMITED
Registered Office :	Plot No.1497, J Block16th Main Road, Anna Nagar, Chennai – 600040, Tamil Nadu
Tel. No.:	91-44-42222115
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.10.1990
Com. Reg. No.:	18-019769
Capital Investment / Paid-up Capital :	Rs. 2.836 Million
CIN No.: [Company Identification No.]	U74140TN1990PTC019769
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 :	They are into providing logistics services.
No. of Employees :	350 (Approximately)

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 370000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2015. However, financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 PARTED BY

Name :	Mr. Narayanan
Designation :	Chief Manager Accounts
Contact No.:	91-9840218471
Date :	05.05.2015

LOCATIONS

Registered Office :	Plot No.1497, J Block16th Main Road, Anna Nagar, Chennai – 600040,Tamil Nadu, India
Tel. No.:	91-44-42222115
Mobile No.:	91-9840218471 (Mr. Narayanan)
Fax No.:	91-44-25231113
E-Mail :	corporateaudit@leaap.com
Website :	www.leaap.com
Location :	Rented
Head office :	46, Rajaji Salai, Chennai-600001, Tamil Nadu,India
Tel. No.:	91-44-42222115
Fax No.:	91-44-25231113/42130642
E-Mail :	maa@leaap.com
Branches :	Located At Ahmedabad Kandla Bangalore Kolkata Cochin Mangalore Coimbatore Mumbai Guntur New Delhi Tuticorin Vizag Hyderabad

DIRECTORS

As on 30.09.2013

Name :

Mr. S. K. Murthy

Designation :

Managing Director

Address :

Plot No.1497, J Block16th Main Road, Anna Nagar, Tamil Nadu – 600040, India

Date of Birth/Age :

02.11.1949

Date of Appointment :

30.08.2014

DIN No.:

00112204

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	U60222TN1989PTC018532	LEAAP FORWARDERS PRIVATE LIMITED	Director	28/12/1989	28/12/1989	-	Active	NO
2	U74140TN1990PTC019769	LEAAP INTERNATIONAL PRIVATE LIMITED	Managing director	31/08/2014	28/12/1990	-	Active	NO
3	U72300TN1995PTC032509	LEAAP LOGICS PRIVATE LIMITED	Director	04/08/1995	04/08/1995	-	Active	NO

Name :

Mrs. Shaheeda Murthy

Designation :

Director

Address :

Plot No.1497, J Block16th Main Road, Anna Nagar, Tamil Nadu – 600040, India

Date of Birth/Age :

25.01.1956

Date of Appointment :

31.08.2014

DIN No.:

00112380

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	U60222TN1989PTC018532	LEAAP FORWARDERS PRIVATE LIMITED	Director	28/12/1989	28/12/1989	-	Active	NO
2	U74140TN1990PTC019769	LEAAP INTERNATIONAL PRIVATE LIMITED	Whole-time director	31/08/2014	28/12/1990	-	Active	NO
3	U72300TN1995PTC032509	LEAAP LOGICS PRIVATE LIMITED	Director	04/08/1995	04/08/1995	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhaskar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares	Percentage
Mr. S. K. Murthy	250749	99.11
Mrs. Shahrada Murthy	2259	0.89
Total	253008	100.00

Names of Preference Shareholders	No. of Shares	Percentage
Mr. S. K. Murthy	27653	90.18
Mrs. Shahrada Murthy	3012	9.82
Total	30665	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

They are into providing logistics services.

Products / Services :

Item Code No. (ITC Code)	Product Description
99831162	logistics management services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

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 :

Wholesalers, Retailers

Reference :	ITC Limited, Andhra Pradesh, India
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 :

350 (Approximately)

Bankers :

Banker Name :	Andhra Bank
Branch Address :	Chennai Main Branch, Tamil Nadu, India
Facilities :	Fund and non-fund – Rs.150.000 Million
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Auditors :
Name :	V Rajagopal and Company Chartered Accountants
Address :	Plot No. 871, New No. 36 Navins Gokulam Dr. A Ramaswamy Salai K.K. Nagar (West) Chennai 600078, Tamil Nadu, India
PAN No.:	AAAPR6548Q
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	Leaap Forwarders Private Limited CIN No.: U60222TN1989PTC018532

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.2.836 Million

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs.4.500 Million
50000	Preference share	Rs.10/- each	Rs.0.500 million
			Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
253008	Equity Shares	Rs.10/- each	Rs.2.530 Million
30666	Preference share	Rs.10/- each	Rs.0.306 million
			Rs.2.836 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	2.836	2.836	2.836
(b) Reserves & Surplus	128.035	119.703	113.845
(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)	130.871	122.539	116.681
(3) Non-Current Liabilities
(a) long-term borrowings	168.987	206.804	192.703
(b) Deferred tax liabilities (Net)	2.382	2.289	2.114
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	171.369	209.093	194.817
(4) Current Liabilities
(a) Short term borrowings	151.787	141.477	130.853
(b) Trade payables	151.978	85.635	159.283
(c) Other current liabilities	8.290	5.214	3.023
(d) Short-term provisions	4.802	3.598	14.826
Total Current Liabilities (4)	316.857	235.924	307.985
TOTAL	619.097	567.556	619.483
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	255.109	267.477	246.831
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.340	0.340	0.340
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	255.449	267.817	247.171
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.001	0.102	0.068
(c) Trade receivables	288.604	230.102	280.384
(d) Cash and cash equivalents	5.090	6.437	15.579
(e) Short-term loans and advances	68.526	61.880	75.327
(f) Other current assets	1.427	1.218	0.954
Total Current Assets	363.648	299.739	372.312
TOTAL	619.097	567.556	619.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	2205.201	2224.822	1987.435
		Other Income	0.487	0.579	2.246
		TOTAL (A)	2205.688	2225.401	1989.681
Less	EXPENSES
		Service Consumed – Operations	1964.710	2009.918	1779.165
		Employees benefits expense	83.617	67.746	64.665
		Other Admin expenses	69.754	69.241	67.654
		TOTAL (B)	2118.081	2146.905	1911.484
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.607	78.496	78.197
Less	FINANCIAL EXPENSES (D)		42.900	39.879	42.161
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.707	38.617	36.036
Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.647	32.220	27.798
	PROFIT BEFORE TAX (E-F) (G)		10.060	6.397	8.238
Less	TAX (H)		0.244	0.210	1.021
	PROFIT AFTER TAX (G-H) (I)		9.816	6.187	7.217
	Earnings Per Share (Rs.)		34.60	21.81	25.44

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.45	0.28	0.36
Operating Profit Margin (PBDIT/Sales)	(%)	3.97	3.53	3.93
Return on Total Assets (PBT/Total Assets}	(%)	1.63	1.13	1.33
Return on Investment (ROI) (PBT/Networth)		0.08	0.05	0.07
Debt Equity Ratio (Total Debt /Networth)		2.45	2.84	2.77
Current Ratio (Current Asset/Current Liability)		1.15	1.27	1.21

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	2.836	2.836	2.836
Reserves & Surplus	113.845	119.703	128.035
Net worth	116.681	122.539	130.871
long-term borrowings	192.703	206.804	168.987
Short term borrowings	130.853	141.477	151.787
Total borrowings	323.556	348.281	320.774
Debt/Equity ratio	2.773	2.842	2.451

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	1987.435	2224.822	2205.201
		11.944	(0.882)

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	1987.435	2224.822	2205.201
Profit	7.217	6.187	9.816
	0.36%	0.28%	0.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10549753	04/02/2015	10,000,000.00	Andhra Bank	Main Branch, Gowri Shankar Theatre Road, Guntur,  Andhra Pradesh - 522001, INDIA	C43902824
2	10533709	03/11/2014	6,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C35268762
3	10531282	12/09/2014	10,000,000.00	Andhra Bank	Main Branch, Gowri Shankar Theatre Road, Guntur,  Andhra Pradesh - 522001, INDIA	C33608514
4	10493498	16/05/2014	1,730,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	C04326120
5	10494904	09/05/2014	7,355,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C04598330
6	10476214	30/01/2014	14,435,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B95745683
7	10466105	29/11/2013	2,080,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B91934638
8	10466660	19/11/2013	13,802,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B92154723
9	10457313	18/10/2013	9,128,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B88302567
10	10459974	27/09/2013	4,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B89447262

* Date of charge modification

FIXED ASSETS

• Land and building
• Furniture and fixture
• Plant and machinery
• Vehicle
• Office equipment

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.96.81
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	RAS
Report Prepared by :	JYTK

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	5
--LIQUIDITY	1~10	5
--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		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.