MIRA INFORM REPORT

Report No. :	321952
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	EXPO FREIGHT PRIVATE LIMITED
Registered Office :	29, Josier Street, Nungambakkam, Chennai – 600034, Tamilnadu
Tel. No.:	91-44-43900700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.10.1996
Com. Reg. No.:	18-036702
Capital Investment / Paid-up Capital :	Rs. 8.177 Million
CIN No.: [Company Identification No.]	U60231TN1996PTC036702
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE2126J
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of international freight forwarding services
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exists
Comments :	Subject is a well-established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered for normal 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

Rating Agency Name	ICRA
Rating	Long term proposed facilities: BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	August 2014

Rating Agency Name	ICRA
Rating	Short term fund based: A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	August 2014

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 DENIED

Management Non Co-operative (91-44-43900700)

LOCATIONS

Registered Office :	29, Josier Street, Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-43900700
Fax No.:	Not Available
E-Mail :	sarathy@expofreight.com
Website :	http://www.expofreight.com
Corporate Office :	No. 78, Josier Street Nungambakkam, Chennai – 600034, Tamilnadu, India
Regional Offices :	Located At: · Bangladesh · Cambodia · China · Hong Kong · India · Indonesia · Kenya · Madagascar · Maldives · Mauritius · Pakistan · Philippines · South Africa · Sri Lanka · UAE · USA · Vietnam
Branches :	Located At: · Chennai · Mumbai · Pune · Kutch · New Delhi · Bangalore · Kolkata · Tirupur · Island · Hyderabad · Ahmedabad · Visakhapatnam · Tuticorin · Karur

DIRECTORS

As on 08.09.2014

Name :	Mr. Senthil Nathan Shanmugam
Designation :	Managing director
Address :	Flat No. 09, Raymont Court Door No. 3, Pycrofts Garden Road, Nungambakkam, Chennai – 600006, Tamilnadu, India
Date of Birth/Age :	19.01.1961
Date of Appointment :	04.10.1996
DIN No. :	01893793
Name :	Mr. Rodrigo Gemunu Christopher Stanilaus
Designation :	Whole-time director
Address :	Flat No. 6 D, Rosemere Apartments, Chetpet, Chennai – 600031, Tamilnadu, India
Date of Birth/Age :	24.04.1960
Date of Appointment :	05.11.2007
DIN No. :	01893358
Name :	Mr. Hanif Yusoof
Designation :	Director
Address :	29, Josier Street, Chennai – 60034, Tamilnadu, India
Date of Birth/Age :	15.11.1958
Date of Appointment :	04.10.1996
DIN No. :	01471606

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.09.2014

Names of Shareholders	No. of Shares	% holding
Expo Lanka International Private Limited, Srilanka	735930	90.00
Lotus Holding And Investments Pte Limited, Singapore	75480	9.23
Shinc Consultants Private Limited, India	6300	0.77
Total	817710	100.00

Equity Share Break up (Percentage of Total Equity)

As on 08.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.23
Bodies corporate	0.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of international freight forwarding services

Products :

ITC Code No.	Product or Service
99651190	Road, Railway, Inland Water and Air Transport services of freight N.E.C.

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 :

Not Divulged

Bankers :

• Standard Chartered Bank, No.19, Rajaji Salai, 2nd Floor, Chennai, Tamilnadu, India
• Axis Bank Limited, Corporate Banking Branch, No.192 Anna Salai, Chennai, Tamil Nadu - 600002, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks	0.000	10.065
Total	0.000	10.065

Auditors :
Name :	Anil Nair and Associates Chartered Accountants
Address :	Casa Blanca I, Floor, 6 Casa Major Road, ,Chennai – 600008, Tamilnadu, India
PAN No.:	AAFFA4298P
Memberships :	--
Collaborators :	--
Holding company:	· Expo Lanka International Private Limited
Ultimate Holding company:	· Lotus Holdings and Investments Pte Limited
Fellow Subsidiary company:	· Expolanka Freight Private Limited · Expolanka Pakistan (Private) Limited · Expolanka Bangladesh Limited · Expolanka Freight Dubai LLC · Expolanka Freight Limited Mauritius · Expolanka Freight Limited Kenya · Expolanka Madagascar SA · Expolanka Freight Limited Vietnam · Expolanka Freight Limited Combodia · Expolanka Freight Limited Philipines · Expo Consolidators Private limited · PT Expo Unipara · ExpoLanka Freight (PYT) Limited South Africa · Expolanka USA LLC · Expo Freight Hongkong Limited · Expo Freight Limited (DAC) · Expo Freight Shanghai Limited · International Sky Services (India) Private Limited, India [U63090KL1996PTC022030]
Subsidiary company:	· UCL Logistics Private Limited, India [U63090TN2002PTC049788] · Expotrade Services Private Limited, India [U51311TN2002PTC048378] · AVS Cargo Management Services Private Limited, India [U74900TN2012PTC087285]
Associate:	· Expo Century Logistics Private Limited, India [U63013TN2004PTC054167]
Other related party:	· Shinc Consultants Private Limited, India [U74140TN2004PTC053098]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
817710	Equity Shares	Rs.10/- each	Rs.8.177 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	8.177	8.177	10.000
(b) Reserves & Surplus	510.674	470.194	412.033
(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)	518.851	478.371	422.033
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	8.103	7.045	4.640
(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)	8.103	7.045	4.640
(4) Current Liabilities
(a) Short term borrowings	0.000	10.065	0.000
(b) Trade payables	440.471	434.530	271.821
(c) Other current liabilities	91.566	46.149	31.669
(d) Short-term provisions	27.247	55.167	32.988
Total Current Liabilities (4)	559.284	545.911	336.478
TOTAL	1086.238	1031.327	763.151
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.899	64.698	61.030
(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	11.605	1.456	0.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	179.485	126.807	80.517
(e) Other Non-current assets	2.237	0.000	0.000
Total Non-Current Assets	262.226	192.961	141.549
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	694.769	606.683	502.815
(d) Cash and cash equivalents	68.685	183.750	76.188
(e) Short-term loans and advances	60.558	47.933	42.599
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	824.012	838.366	621.602
TOTAL	1086.238	1031.327	763.151

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	111.942	142.224	177.370
Less	DEPRECIATION/ AMORTISATION	18.337	17.731	18.906
	PROFIT/ (LOSS) BEFORE TAX	93.605	124.493	158.464
Less	TAX	33.036	40.141	51.327
	PROFIT/ (LOSS) AFTER TAX	60.569	84.352	107.137
	Earnings / (Loss) Per Share (Rs.)	74.07	103.16	107.14

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	8.71	12.09	20.76
Return on Investment (ROI) (PBT/Networth)		0.18	0.26	0.38
Debt Equity Ratio (Total Debt /Networth)		0.00	0.02	0.00
Current Ratio (Current Asset/Current Liability)		1.47	1.54	1.85

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	10.000	8.177	8.177
Reserves & Surplus	412.033	470.194	510.674
Net worth	422.033	478.371	518.851
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	10.065	0.000
Total borrowings	0.000	10.065	0.000
Debt/Equity ratio	0.000	0.021	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	APPLICATION
Case No.:	4255
Year :	2009
Petitioner :	SUPREME OVERSEAS EXPORTS
Respondent :	EXPO FREIGHT PVT LTD
Pet's Advocate :	M/S. S. VASUDEVAN
Res's Advocate :	M/S.K.BIJAI SUNDAR
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Dec 30 2009
No Connected Application(s)	No Connected Matter(s)

BUSINESS REVIEW

The company is committed to achieve excellence. It remains a prominent player in its field of operation and has continued to perform well during the financial year 2013-14.

OUTLOOK

The business outlook for the company is very encouraging and the company is well positioned to focus on the opportunities to become a competent player in the field. The strong performance of the company is expected to continue.

COMPANY OVERVIEW

Subject is a leading international freight forwarding company ("the Company"). The Company offers integrated logistics on a Global platform, which includes freight forwarding, multimodal transport operations, container freight logistics and associated Logistics services. Expo Freight Private Limited has established itself as a premier provider of freight forwarding solutions and supply chain management.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10449220	27/08/2013	100,000,000.00	STANDARD CHARTERED BANK	NO.19, RAJAJI SALAI, 2ND FLOOR, CHENNAI, TAMIL NADU - 600001, INDIA	B85079309
2	10226041	14/12/2013 *	60,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, NO.192 ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	B93346393

* Date of charge modification

FIXED ASSETS

Tangible assets

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

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.