MIRA INFORM REPORT

Report No. :	323072
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	LF LOGISTICS (INDIA) PRIVATE LIMITED (w.e.f. 17.08.2012)
Formerly Known As :	IDS INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	226, Tribhuvan Complex, Ishwar Nagar, Friends Colony(West), New Delhi - 110065
Tel. No.:	91-11-99926900
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.01.2010
Com. Reg. No.:	55-197924
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U63000DL2010FTC197924
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of and services related to logistics and supply chain management and also engaged in trading of garments and other accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financials after the year 2012 with the government department. Mr. Shantanu Operation Head denied to part any information about the subject. As per the available financial of 2012, the company has incurred some accumulated losses. As per the registrar of companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings on a secured 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

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Shantanu
Designation :	Operation Head
Contact No.:	91-124-4818609
Date :	18.05.2015

LOCATIONS

Registered Office :	226, Tribhuvan Complex, Ishwar Nagar, Friends Colony(West), New Delhi – 110065, India
Tel. No.:	91-11-66626900
Fax No.:	Not Available
E-Mail :	vda.india@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Ms. Deepika Rana

Designation :

Director

Address :

GVA 16 Palm Springs Opposite, IBIS Hotel, Sector – 54, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.08.1961

Date of Appointment :

30.09.2012

DIN No.:

02030980

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	U74899DL1995PTC074940	L I AND FUNG INDIA PRIVATE LIMITED	Whole-time director	09-06-14	01-01-08	-	Active	NO
2	U51909DL2010FTC210137	DEFINITIVE SOURCING (INDIA) PRIVATE LIMITED	Director	03-11-10	03-11-10	-	Active	NO
3	U63000DL2010FTC197924	LF LOGISTICS (INDIA) PRIVATE LIMITED	Director	30-09-12	01-11-11	-	Active	NO

Name :

Mr. Tommy Sui Keung Lui

Designation :

Director

Address :

Flat C 4/F, Delite Court, 23 On King Street, Phase – 2, Pictorial Garden, Shatin, New Territories, Hon Kong Canada

Date of Birth/Age :

27.05.1959

Date of Appointment :

30.09.2012

DIN No.:

05186986

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	U63000DL2010FTC197924	LF LOGISTICS (INDIA) PRIVATE LIMITED	Director	30-09-12	29-05-12	-	Active	NO

Name :

Mr. Ramamurthy Mani

Designation :

Director

Address :

F 2, Jians Wingate Gardens, 1^st Cross Street, Seethammal Colony, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

15.04.1963

Date of Appointment :

30.09.2012

DIN No.:

05293092

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	U74140DL2008FTC179245	LF (1937) MANAGEMENT INDIA PRIVATE LIMITED	Director	30-06-12	18-06-12	-	Active	NO
2	U63000DL2010FTC197924	LF LOGISTICS (INDIA) PRIVATE LIMITED	Director	30-09-12	13-08-12	-	Active	NO
3	U51909DL2010FTC210137	DEFINITIVE SOURCING (INDIA) PRIVATE LIMITED	Alternate director	30-05-14	30-05-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shantanu
Designation :	Operation Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
LF Logistics Management, Hong Kong	500000	33.33
IDS Group Limited, Tortola	1000000	66.67
Total	1500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of and services related to logistics and supply chain management and also engaged in trading of garments and other accessories.
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 :

Information declined by the management

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 :

---

Auditors :
Name :	Vaish and Associates Chartered Accountants
Address :	219, South Extension Plaza-II, South Extension-II, New Delhi – 110049, India
Tel. No.:	91-11-47334300
Fax No.:	91-11-47334333
E-Mail :	info@vaishassociates.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFV6388B
Memberships :	--
Collaborators :	--
Holding Company:	IDS Group Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (15 Months)	31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000	10.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(6.203)	(5.021)
NETWORTH		8.797	4.979
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		5.000	0.000
TOTAL BORROWING		5.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.226
TOTAL		13.797	5.205
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.959	1.538
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		1.306	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	18.610	12.474
	Cash & Bank Balances	1.882	2.839
	Other Current Assets	0.000	0.000
	Loans & Advances	2.742	1.035
Total Current Assets		23.234	16.348
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.207	11.422
	Other Current Liabilities	3.241	0.960
	Provisions	0.154	0.299
Total Current Liabilities		11.602	12.681
Net Current Assets		11.632	3.667
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		13.897	5.205

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2010
	SALES
	Income	91.253
	Other Income	0.049
	TOTAL	91.302
Less	EXPENSES
	Cost of Services	77.041
	Personal Expenses	14.144
	Administrative Expenses	4.568
	TOTAL	95.753
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(4.451)
Less/ Add	DEPRECIATION/ AMORTISATION	0.344
	PROFIT/ (LOSS) BEFORE TAX	(4.795)
Less	TAX	0.226
	PROFIT/ (LOSS) AFTER TAX	(5.021)
	EARNINGS IN FOREIGN CURRENCY
	Services Income	23.344
	Earnings / (Loss) Per Share (Rs.)	(5.02)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2012 (15 Months)	31.12.2010
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012 (15 Months)	31.12.2010
Net Profit Margin (PAT / Sales)	(%)	NA	(5.50)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(26.81)
Return on Investment (ROI) (PBT/Networth)		NA	(0.96)
Debt Equity Ratio (Total Debt /Networth)		0.57	0.00
Current Ratio (Current Asset/Current Liability)		2.00	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2010	31.03.2012
	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	15.000
Reserves & Surplus	0.000	0.000
Net worth	10.000	15.000
Secured Loans	0.000	0.000
Unsecured Loans	0.000	5.000
Total borrowings	0.000	5.000
Debt/Equity ratio	0.000	0.333

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	No
21	Banking facility details	No
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	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year	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:

• NOTE: Registered office of the company has been shifted from 45, Community Centre, East of Kailash, New Delhi -110065, India to the present address w.e.f. 01.10.2012

· INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
Unsecured Loan	5.000	0.000
Total	5.000	0.000

BACKGROUND

Subject on January 13, 2010. The company is primarily engaged in the business of and services related to logistics and supply chain management. During the period reported, the company has also entered into domestic trading of garments and other accessories. The financial statements are prepared for 15 months i.e. from January 1, 2011 to March 31, 2012

FIXED ASSETS

• Computers
• Office Equipment’s

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.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.