MIRA INFORM REPORT

Report No. :	343484
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED (w.e.f. 30.03.2007)
Formerly Known As :	DRIVEINDIACOM LIMITED
Registered Office :	7^th Floor, Kamla Executive Park, Andheri (East), Mumbai - 400059, Maharashtra
Tel. No.:	91-22-67779000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.04.2000
Com. Reg. No.:	11-126195
Capital Investment / Paid-up Capital :	Rs.51.204 Million
CIN No.: [Company Identification No.]	U72900MH2000PLC126195
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMD12064D
PAN No.: [Permanent Account No.]	AABCD5823E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject have evolved from Import and Distribution of Handsets and other equipment to providing Warehousing and Distribution (Logistics) Solutions
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit:	USD 610000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Drive India Enterprises Solution Limited DIESL, a “Tata group” company, was incorporated on 27^th April, 2000. The company is owned by Tata International and Tata Industries Limited (50%). It is an established company having satisfactory track record. The rating drives strengths from strong promoter support and growing revenues from the high-margin logistic business. The above rating strength are tempered by fluctuating profitability which depends on the proportion of the revenues from the high-margin logistics segment, low capital base of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holdings support, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+” Withdrawn
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.05.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3+” Withdrawn
Rating Explanation	Moderate degree of safety and high credit risk.
Date	20.05.2014

REASON:

CARE has withdrawn the ratings assigned to the above mentioned bank facilities of Drive India Enterprise solution Limited with immediate effect as the company has fully repaid the amounts under the said facilities and there is no amount outstanding under the facilities as on date.

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

MANAGEMENT NON CO-OPERATIVE (91-22-67779000)

LOCATIONS

Registered/ Corporate Office :	7^th Floor, Kamla Executive Park, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-67779000
Fax No.:	91-22-67779001/ 9002
E-Mail :	antrthony.dsouza@driveindia.co.in info@diesl.in contact.us@driveindia.co.in vishal.shah@driveindia.co.in mg.subramaniam@driveindia.co.in
Website :	http://www.diesl.in

DIRECTORS

AS ON 16.06.2014

Name :

Mr. Rameshwar Singh Thakur

Designation :

Additional Director

Address :

Flat No.205, Burlington, Hiranandani Estate, Patlipada, Thane (West), Mumbai-400607, Maharashtra, India

Date of Birth/Age :

06.09.1948

Date of Appointment :

08.08.2011

DIN No.:

00020126

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	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	6/7/2010	Active	NO
2	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
3	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	16/12/2005	16/12/2005	24/10/2007	Active	NO
4	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	27/04/2006	27/04/2006	21/01/2008	Active	NO
5	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	7/7/2007	17/07/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	1/7/2010	Active	NO
7	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Managing director	28/12/2012	28/12/2007	5/9/2013	Active	NO
8	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Additional director	9/4/2008	9/4/2008	26/08/2008	Active	NO
9	U31300PN2005PTC021394	TATA AUTOCOMP GY BATTERIES PRIVATE LIMITED	Director	21/06/2010	9/4/2008	6/9/2013	Active	NO
10	U28910TN1997PLC047905	SUNGWOO HITECH INDIA LIMITED	Nominee director	9/4/2008	9/4/2008	4/2/2009	Active	NO
11	U29130PN2006PTC128649	TATA AUTOCOMP HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	21/07/2008	10/4/2008	26/08/2008	Active	NO
12	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	29/04/2008	6/9/2013	Active	NO
13	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA PRIVATE LIMITED	Director	25/09/2008	6/5/2008	26/12/2008	Active	NO
14	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	30/12/2008	6/5/2008	-	Amalgamated	NO
15	U34300PN1997PTC015436	YAZAKI INDIA PRIVATE LIMITED	Director	23/09/2009	8/7/2008	11/1/2013	Active	NO
16	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	11/7/2008	11/7/2008	17/11/2008	Active	NO
17	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	14/07/2009	25/12/2008	-	Under liquidation	NO
18	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	29/09/2009	5/1/2009	25/03/2013	Active	NO
19	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	8/8/2011	30/09/2010	-	Active	NO
20	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	22/06/2012	1/9/2011	6/9/2013	Active	NO
21	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	28/05/2014	30/01/2013	10/7/2014	Active	NO

Name :

Mr. Ajay Murlidhar Ponkshe

Designation :

Director

Address :

Flat No.3 1^st Floor, Yashodhan, Sahayog Mandir Path, Naupada Thane – 400 601, Maharashtra, India

Date of Birth/Age :

27.02.1960

Qualifications:

B.COM., ACA, ACS

Date of Appointment :

16.07.2007

DIN No.:

01663073

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	U19120MH1978PTC147888	CHAMBAL LEATHERS PRIVATE LIMITED	Additional director	12/7/2007	12/7/2007	22/03/2011	Active	NO
2	U19120MH1978PTC147885	NARMADA LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/7/2007	23/03/2011	Active	NO
3	U19120MH1977PTC147887	M. P. LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/7/2007	18/03/2011	Active	NO
4	U19120MH1977PTC147886	DEWAS TANNERIES PRIVATE LIMITED	Director	28/09/2007	12/7/2007	-	Active	NO
5	U01111DL1989PTC036899	PRAN AGRO SERVICES PRIVATE LIMITED	Director	29/09/2007	12/7/2007	-	Active	NO
6	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
7	U34200PN2005PTC152193	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	6/9/2007	27/08/2007	-	Active	NO
8	U19120MH1978PTC147884	TAPTI LEATHERS PRIVATE LIMITED	Director	28/09/2007	28/09/2007	7/6/2010	Active	NO
9	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
10	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Director	5/8/2011	24/12/2010	-	Active	NO
11	U18209TN1997PLC037515	BACHI SHOES LIMITED	Director	5/8/2011	24/12/2010	-	Active	NO
12	U74140MH1992PLC252981	TRENT RETAIL SERVICES LIMITED	Director	7/8/2012	31/01/2012	-	Active	NO
13	U19200MH2012PLC229877	TATA INTERNATIONAL WOLVERINE BRANDS LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
14	U74999MH1957GOI010918	ECGC LIMITED	Director	1/10/2013	1/10/2013	-	Active	NO

Name :

Mr. Kanwar Rameshwar Singh Jamwal

Designation :

Additional Director

Address :

73-A, Maker Towers, CHSL, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

11.10.1965

Qualifications:

BE in Technology in petroleum, PG in management

Date of Appointment :

08.08.2011

DIN No.:

03129908

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	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Whole-time director	1/7/2015	1/7/2010	-	Active	NO
2	U74999MH2007PLC173035	TATA UNISTORE LIMITED	Director	12/8/2011	13/09/2010	-	Active	NO
3	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	18/08/2011	20/09/2010	-	Active	NO
4	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	8/8/2011	30/09/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishal Shah
Designation :	Secretary
Address :	A-604, Poonam Enclave, Opposite Wagheshwari Temple, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	02.05.1976
Date of Appointment :	01.04.2013
PAN No.:	ANZPS0103N
Name :	Ms. Aishwarya
Designation :	H R Executive

MAJOR SHAREHOLDERS

AS ON 16.06.2014

Names of Shareholders	No. of Shares
Tata Industries Limited, India	2560144
Tata Industries Limited, India Jointly With Anurag Sapre	10
Tata Industries Limited, India Jointly With K K Bhatt	10
Tata Industries Limited, India Jointly With Dhirendrasingh Kushwah	10
Tata Industries Limited, India Jointly With Mr. S. Sriram	10
Tata Industries Limited, India Jointly With Deepika Bhagwagar	10
Tata International Limited, India	2560206
Total	5120400

Equity Share Break up (Percentage of Total Equity)

AS ON 16.06.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject have evolved from Import and Distribution of Handsets and other equipment to providing Warehousing and Distribution (Logistics) Solutions

Products :

Item Code No.	Product Description
85171210	Telephone Handsets

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

· Australia and New Zealand Banking Group Limited

Cynergy, A-1 Ground floor and A-6^th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

· Axis Bank Limited

Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Union Bank of India Limited,

Maharashtra, India

· Canara Bank

Corporate Services Branch, 101, 1st Floor, Dalamal, Towers, B Wing, Nariman Point, Mumbai - 400021, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India

· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Working capital loans from banks	1602.771	2413.203
Total	1602.771	2413.203

Financial Institute:	RBL Bank Limited, Shahupuri, Kolhapur, Kolhapur, Maharashtra - 416001, India Australia And New Zealand Banking Group Limited, Cynergy, A-1 Ground Floor and A-6th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27th To 32^nd Floor, Indiabulls Finance Center, Elphinstone Mill Compound, Senapati Bapat Marg, Lower parel, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	· Tata International Limited, India [U51900MH1962PLC012528]
Ultimate Holding Company:	· Tata Sons Limited, India [U99999MH1917PLC000478]
Tata Industries Limited has significant influence over the Company:	· Tata Industries Limited, India [U44003MH1945PLC004403]
Fellow Subsidiaries with whom the Company had Transactions:	· Infinity Retail Limited, India [U31900MH2005PLC158120] · Tata Consultancy Services Limited, India [L22210MH1995PLC084781] · Tata Sky Limited, India [U92120MH2001PLC130365] · Tata Teleservices Limited, India [U74899DL1995PLC066685] · Tata Teleservices (Maharashtra) Limited, India [L64200MH1995PLC086354] · Tata Petrodyne Limited, India [U11100MH1993PLC134095] · Tata Autocomp Systems Limited, India [U34100MH1995PLC093733] · Tata AIG Life Insurance Company Limited, India [U85110MH2000PLC128425] · VIOM Networks Limited, India [U72200DL2004PLC228400] · Tata Advance Materials Limited, India [U85110KA1989PLC013224] · Tata Lockheed Martin Aerostructures Limited (formerly Tata Aerostructures Limited)

CAPITAL STRUCTURE

AS ON 16.06.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5120400	Equity Shares	Rs.10/- each	Rs. 51.204 Million

After 16.06.2014

Authorised Capital: Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 52.204 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	51.204	51.204	51.204
(b) Reserves & Surplus	162.934	158.063	543.322
(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)	214.138	209.267	594.526
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.308	2.329	2.474
(d) long-term provisions	14.207	16.846	24.446
Total Non-current Liabilities (3)	15.515	19.175	26.920
(4) Current Liabilities
(a) Short term borrowings	1602.771	2413.203	3329.715
(b) Trade payables	1393.044	891.189	2445.630
(c) Other current liabilities	364.799	215.555	365.601
(d) Short-term provisions	6.145	3.644	5.935
Total Current Liabilities (4)	3366.759	3523.591	6146.881
TOTAL	3596.412	3752.033	6768.327
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	445.475	453.030	469.748
(ii) Intangible Assets	56.470	89.549	83.728
(iii) Capital work-in-progress	0.000	0.000	24.709
(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	22.090
(d) Long-term Loan and Advances	486.816	392.466	312.519
(e) Other Non-current assets	196.956	215.788	323.873
Total Non-Current Assets	1185.717	1150.833	1236.667
(2) Current assets
(a) Current investments	0.000	1.925	0.000
(b) Inventories	697.233	1006.864	2076.099
(c) Trade receivables	1357.160	1166.082	1674.431
(d) Cash and cash equivalents	11.578	128.454	950.926
(e) Short-term loans and advances	231.052	188.152	260.332
(f) Other current assets	113.672	109.723	569.872
Total Current Assets	2410.695	2601.200	5531.660
TOTAL	3596.412	3752.033	6768.327

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6677.656	7723.712	13318.222
	Other Income	199.664	93.022	60.705
	TOTAL (A)	6877.320	7816.734	13378.927
Less	EXPENSES
	Purchases of Stock-in-Trade	3493.236	3797.995	9852.631
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	309.631	1069.235	(77.850)
	Employees benefits expense	332.555	302.389	393.046
	Other expenses	2527.406	2725.438	3000.117
	Exceptional items	0.000	120.000	120.000
	TOTAL (B)	6662.828	8015.057	13287.944
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	214.492	(198.323)	90.983
Less	FINANCIAL EXPENSES (D)	115.582	71.071	93.348
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	98.910	(269.394)	-2.365
Less/ Add	DEPRECIATION/ AMORTISATION (F)	91.044	93.775	111.310
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.866	(363.169)	(113.675)
Less	TAX (I)	0.000	22.090	(2.313)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	7.866	(385.259)	(111.362)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	157.800	543.000	654.400
	APPROPRIATIONS
	Transfer to General Reserve	3.000	0.000	0.000
	Balance Carried to the B/S	162.700	157.800	543.000
	Earnings / (Loss) Per Share (Rs.)	1.54	(75.24)	21.75

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
Net cash flows from (used in) operations	922.352	348.936	(809.377)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.12	(4.99)	(0.84)
Operating Profit Margin (PBIDT/Sales)	(%)	3.21	(2.57)	0.68
Return on Total Assets (PBT/Total Assets}	(%)	0.22	(9.68)	(1.69)
Return on Investment (ROI) (PBT/Networth)		0.04	(1.74)	(0.19)
Debt Equity Ratio (Total Debt /Networth)		7.48	11.53	5.60
Current Ratio (Current Asset/Current Liability)		0.72	0.74	0.90

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	51.204	51.204	51.204
Reserves & Surplus	543.322	158.063	162.934
Net worth	594.526	209.267	214.138
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3329.715	2413.203	1602.771
Total borrowings	3329.715	2413.203	1602.771
Debt/Equity ratio	5.601	11.532	7.485

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	13318.222	7723.712	6677.656
		(42.006)	(13.543)

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	13318.222	7723.712	6677.656
Profit/ (Loss)	(111.362)	(385.259)	7.866
	(0.84%)	(4.99%)	0.12%

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	No
8	Designation of contact person	No
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

Registered office has been shifted from G-1 and 2, New Udyog Mandir 2, Mogul Lane, Mahim (West), Mumbai, Maharashtra, India to the present address w.e.f. 01.02.2009

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:- 0705.2014
Lodging No.:-		NMAL/1167/2014	Filing Date:-	0705.2014
	Lodging No.:-	APPL/292/2014	Main Matter

Petitioner:-

M/S. OVERSEAS MOBILES PRIVATE LIMITED

Petn.Adv.:-

Law Global Advocates (I3294)

District:-

OUTSIDE MAHARASHTRA

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	NOTICE OF MOTION (APPEAL)

Last Date:-

31.07.2014

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Arbitration and Conciliation Act 1996

Under Section:-

OPERATING RESULTS AND BUSINESS:

The Company has achieved an overall turnover of Rs. 6877.300 Million (previous year Rs. 7816.700 Million), a decrease of 12 %. The turnover has two major components, sourcing and Distribution - Rs. 3984.000 Million (previous year Rs. 5097.500 Million) and Service Business - Rs. 2693.500 Million (previous year Rs. 2626.200 Million). The overall Profit for the period ended 31-March-2014 was Rs. 7.900 Million (as compared with a Loss of Rs. 385.300 Million in the previous year).

During the financial year 2013-14 the Company has faced significant challenges principally from reduction in business from its largest Sourcing and Distribution Services (SDS) - erstwhile Trading - customer and although new customers have been developed across the Telecom space, a majority of these were taken on board only towards the end of the Financial Year 2013-14.

The Service Business (Warehousing, Distribution and Value added services) for FY 2013-14 was stagnant with a marginal increase of sales revenue of Rs. 67.300 Million as compared with the previous year. The Company has extended its existing business with Titan Industries Limited, Tata Power Solar, Eureka Forbes and added new customers viz. Bosch (BSH), Exide Industries, Delta Power, etc. and lost customers viz., Asian Paints, Voltas EMRBG, Raipur), Jotun Paints (Bhubaneswar), Bayer (Chennai).

FUTURE OUTLOOK:

The Indian Logistics market is estimated by McKinsey to be Rs. 6655000.000 Millions in FY 13-14 and expected to grow at a CAGR of 9-11% to reach Rs. 8857810.000 Million by 2017. The current Indian 3PL market of Rs. 451440.000 Million is expected to grow at a CAGR of 20% to reach Rs. 780090.000 Million by 2017. Of the total logistics market in India, Transportation is the largest segment with 62% share followed by Warehousing 26%, Freight Forwarding 8% and Value Added Services (VAS) 4%. The Company is well positioned to grow exponentially across all these segments.

Key positive drivers for the Indian Logistics Industry:

1. The share of modern warehousing is anticipated to grow to 30% and reach 178 million sq. ft. by 2015.

2. Rising domestic and EXIM freight volumes

3. Industrial Infrastructure Development - Dedicated Freight Corridors along the Eastern and Western routes, Delhi-Mumbai Industrial Corridor

4. Emergence of Private Container Train Operators (CTO) have brought in competitiveness

5. Implementation of Goods and Service Tax (GST) expected to result in consolidation of warehouses

6. FDI policy related to logistics sector has encouraged foreign players to invest in the sector.

The Directors have a reasonable expectation that the Company shall better its sales performance, operational improvement and efficiency in the coming years together with new customers that will be added across both the SDS and Service verticals. The Company expects to achieve operational improvement with better cost control measures, achieving higher volume of sales at existing overheads levels and improvements in margin from better negotiations with customers. Thus, the going concern basis of accounting continues to be adopted in the preparation of the annual financial statements.

CORPORATE INFORMATION

Subject incorporated on 27th April, 2000 is part of the TATA Group as a joint venture arrangement between Tata Industries Limited and Tata International Limited. The operations of the Company have evolved from Import and Distribution of Handsets and other equipment to providing Warehousing and Distribution (Logistics) Solutions. It caters to industries such as Telecommunication, Consumer Durables, Fast Moving Consumer Goods, Retail, and Direct to Home, Project Logistics, and Automobile.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10562160	03/12/2014	900,000,000.00	RBL BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C50368950
2	10459010	22/10/2013	1,300,000,000.00	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	CYNERGY, A-1 GROUND FLOOR & A-6TH FLOOR, APPA SAHEB MARATHE MARG, PRABHADEVI, MUMBAI, MAHARASHTRA -  400025, INDIA	B89052161
3	10452940	17/03/2015 *	1,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C49057045
4	90145628	24/10/2008 *	5,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A49125198

* Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

Intangible assets

• Computer software

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.65.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.80

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	GTA

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	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.