MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	DSV AIR AND SEA PRIVATE LIMITED
Registered Office :	401, 4^th Floor, Satellite Silver Building, Village Marol, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	19.06.2006
Com. Reg. No.:	11-162700
CIN No.: [Company Identification No.]	U63011MH2006PTC162700
TAN No.: [Tax Deduction & Collection Account No.]	MUMD13996D
PAN No.: [Permanent Account No.]	AACCD3848A
Legal Form :	Private Limited Liability Company.
Line of Business :	Service Provider of Freight Forwarders.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 64000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. The company has been successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Ms. Lavina
Designation :	Accountant
Date :	25.01.2010

LOCATIONS

Registered Office :	401, 4^th Floor, Satellite Silver Building, Village Marol, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-30839000/ 01
Fax No.:	91-22-30839001
E-Mail :	ketkimayekar@rediffmail.com ketkimayekar@gmail.com accounts@in-dsv.com bharat.mody@skpgroup.com
Location :	Owned

DIRECTORS

As on 30.06.2010

Name :	Mr. Jorgen Moller
Designation :	Director
Address :	5 IVY Lane, Manalapan NJ 077268321
Date of Birth/Age :	19.03.1950
Date of Appointment :	17.08.2009
Name :	Mr. Peter Larsen
Designation :	Director
Address :	Batterivej 12, DK – 2791 Dragoer, Denmark
Date of Birth/Age :	24.05.1956
Date of Appointment :	25.07.2006
Name :	Mr. Michael Carstensen
Designation :	Director
Address :	Pejaten Barat II JI, Jambu Kav. C Jaksel, Jakarta, Indonesia
Date of Birth/Age :	09.03.1968
Date of Appointment :	25.07.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.06.2010)

Names of Shareholders	No. of Shares
DSV Air and Sea Holding A/S, Denmark	674999
DSV Air and Sea A/s – Nominee of DSV Air and Sea Holding A/s, Denmark	1
Total	675000

(AS ON 30.06.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Freight Forwarders.
Exports :
Countries :	· North America · South America · Eastern Europe · Southeast Asia · Africa · Oceania · Middle East · Eastern Asia · Western Europe
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

150 (Office – 20 and Factory – 130)

Bankers :

· ABN Ambro Bank

Branch Fort, Mumbai, Maharashtra, India

Facilities :

Unsecured Loans	31.12.2009 (Rs. in Millions)	31.12.2008 (Rs. In Millions)
From a Bank – Overdraft	65.440	85.010
Total	65.440	85.010

NOTE:

Bank Overdraft is secured by a Corporate Guarantee From the Holding Company.

Banking Relations :	--
Auditors :
Name :	S. R. Batlibol and Associates Chartered Accountant
Address :	18^th Floor, Express Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66655000
Fax No.:	91-22-22826000
Holding Company :	DSV Air and Sea Holding
Associates / Subsidiaries :	DSV Air and Sea AJS -DENMARK DSV Air and Sea AS -NORWAY DSV Air and Sea AB -SWEDEN DSV Air and Sea Oy -FINLAND DSV Air and Sea Limited - UNITED KINGDOM DSV Air and Sea Limited. - IRELAND Campbell Freight Agnecies Limited. - IRELAND DSV Road S.p.A. -ITALY DSV Air and Sea GmbH - GERMANY DSV Air and Sea B.V. -NETHERLANDS DSV Air and Sea NV BELGIUM DSV Logistics and Freight Forwarding Spain S.A. DSV Air and Sea Hungav Kft. -HUNGARY DSV Air and Sea A/S -TURKEY DSV Air and Sea Sp.z.o.o.- POLAND DSV Air and Sea Czech Republic s.r.0.-CZECH REPUBLIC DSV Air and Sea Company Limited.- CHINA DSV Air and Sea Limited.- HONG KONG PT DFDS Transport Indonesia - INDONESIA DSV Aii and Sea Limited.- THAILAND DSV Air and Sea Private Limited.- SINGAPORE DSV Air and Sea Sdn. Bhd. - MALAYSIA DSV Air and Sea 1nc.- PHILIPPINES DSV Air and Sea Limited.- BANGLADESH DSV Airand Sea Limited. - KOREA L)SV Air and Sea Company Limited.- TAIWAN DSV Air and Sea Company Limited.- VIETNAM Active Freiglit Management - DUBAI DSV Air and Sea Ry. Limited.- AIJSTKALIA ABX LOGISTICS (AIJSTRAL.IA) YIY I,TD(a-AU) DSV Air and Sea Limited.- NEW %EAL.AND DSV Air and Sea Inc. - UNll'tiD SI'ATES USA DSV Air and Sea Inc. -CANADA ABX LOGISTICS (NETHERLANDS) BV ABX LOGISTICS AIR and SEA (FRANCE) ABX LOGISTICS (POLAND) SP ZOO ABX LOGISTICS (SINGAPORE) Private Limited ABX LOGISTICS (HONG KONG) LIMITED ABX LOGISTICS (CHINA) Company Limited

CAPITAL STRUCTURE

(As on 30.06.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
675000	Equity Shares	Rs.10/- each	Rs.6.750 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
675000	Equity Shares	Rs.10/- each	Rs.6.750 Millions

NOTE:

Of the above 675000 (Previous year 675000) 674999 equity shares are held by DSV Air and Sea Holding A/S, the holding company and 1 shares held by DSV Air and Sea A/S.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009	31.12.2008	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		6.750	6.750	6.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.180	0.000	0.000
4] (Accumulated Losses)		0.000	(24.830)	(42.848)
NETWORTH		15.930	(18.080)	(36.098)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		65.440	85.010	92.803
TOTAL BORROWING		65.440	85.010	92.803
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		81.370	66.930	56.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.662	13.661	18.390
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		4.277	2.512	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	112.740	87.097	83.631
	Cash & Bank Balances	9.721	3.572	3.649
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	54.777	41.908	33.081
Total Current Assets		177.238	132.577	120.361
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	109.574	78.316	79.503
	Provisions	3.233	3.504	2.543
Total Current Liabilities		112.808	81.820	82.046
Net Current Assets		64.430	50.757	38.315
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		81.370	66.930	56.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009	31.12.2008	31.12.2007
	SALES
		Income	870.985	620.861	444.914
		Other Income	0.151	1.290	0.272
		TOTAL (A)	871.136	622.151	445.186
Less	EXPENSES
		Cost of Services		454.141	344.339
		Personnel Expenses		65.134	48.062
		Administrative Expenses		62.374	53.489
		TOTAL (B)	825.020	581.649	445.890
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	40.502	(0.704)
Less	FINANCIAL EXPENSES (D)		NA	12.684	10.264
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	27.818	(10.968)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	9.842	9.635
	PROFIT BEFORE TAX (E-F) (G)		46.116	17.976	(20.603)
Less	TAX (I)		13.410	(0.042)	0.850
	PROFIT AFTER TAX (G-I) (J)		32.706	18.018	(21.453)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(42.848)	(21.395)
	BALANCE CARRIED TO THE B/S		NA	(24.830)	(42.848)
	EARNINGS IN FOREIGN CURRENCY
		Service income	191.402	169.825	NA
	TOTAL EARNINGS		191.402	169.825	NA
	Earnings Per Share (Rs.)		50.39	26.69	(31.78)

KEY RATIOS

PARTICULARS		31.12.2009	31.12.2008	31.12.2007
PAT / Total Income	(%)	3.75	2.90	(4.82)
Net Profit Margin (PBT/Sales)	(%)	5.29	2.90	(4.63)
Return on Total Assets (PBT/Total Assets}	(%)	24.28	12.29	(14.85)
Return on Investment (ROI) (PBT/Networth)		2.89	(0.99)	0.57
Debt Equity Ratio (Total Liability/Networth)		11.19	(9.23)	4.84
Current Ratio (Current Asset/Current Liability)		1.57	1.62	1.47

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 12-A, Suleman Chambers, 4 Battery Street, Apollo Bunder, Mumbai – 400039, Maharashtra, India, of the present address w.e.f. 12.09.2006.

FINANCIAL RESULTS :

The company has earned a net profit of Rs.46.116 Millions before tax on gross service income of Rs.870.985 Millions and other income of Rs.0.151 Million during the year and after providing for income tax of Rs.13.410 Millions the Balance Rs.9.181 Millions is carried to Balance Sheet.

FIXED ASSETS:

· Leasehold Improvement

· Computer and Hardware

· Office Equipment

· Furniture and Fixtures

· Vehicles

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 records 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 records 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.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.