MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	CEVA FREIGHT (INDIA) PRIVATE LIMITED
Registered Office :	1^st Floor, DLF Building No. 10, Tower C, DLF Phase II, DLF Cyber City, Gurgaon-122002, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.06.1985
Com. Reg. No.:	05-038755
Capital Investment / Paid-up Capital :	Rs.6.559 Millions
CIN No.: [Company Identification No.]	U74899HR1985PTC038755
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Logistics.
No. of Employees :	130 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anand
Designation :	Assistant Manager
Contact No.:	91-9840528863
Date :	22.10.2011

LOCATIONS

Registered Office :	1^st Floor, DLF Building No. 10, Tower C, DLF Phase II, DLF Cyber City, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4618777
Mobile No.:	91-9840528863 [Mr. Anand]
Fax No.:	91-124-4618715
E-Mail :	anand@cevalogistics.com devang.vaidya@cevalogistics.com
Website :	http://www.cevalogistics.com
Location :	Owned
Corporate Office:	403-404, Satellite Silver, Marol, A.K. Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel No.:	91-22-40390777
Fax No.:	91-22-40104888
Branch Office 1:	Survey 425, Hissa No. 2, Village Mahalunge, Taluka Khed, Pune-410501, Maharashtra, India
Branch Office 2:	No. 130/81, Opposite to Sony World, Nelson Manickan Road, Aminjikarai, Chennai-600029, Tamilnadu, India

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Devang Vijaykant Vaidya

Designation :

Director (Alternate Director to Evasio Barbero)

Address :

5/541, Vanrai Colony, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India

Date of Appointment :

14.06.2007

Din No.:

01670466

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899HR1985PTC038755	CEVA FREIGHT (INDIA) PRIVATE LIMITED	Alternate director	08-04-11	14-06-07	Active	NO
2	U63090KA2002PTC030891	CEVA LOGISTICS INDIA PRIVATE LIMITED	Director	30-09-09	05-05-08	Active	NO

Name :

Mr. Samar Surendra Nath

Designation :

Additional Director

Address :

205, Panch Leela, Near S M Shetty School, Hiranandini Garden, Powai, Mumbai-400072, Maharashtra, India

Date of Appointment :

28.05.2010

Din No.:

02635519

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63010MH1999PTC118974	APL LOGISTICS (INDIA) PRIVATE LIMITED	Director	01-04-09	01-04-09	-	Active	NO
2	U51909MH2006PTC162930	CHETANA MULTITRADE PRIVATE LIMITED	Director	25-09-09	25-05-09	17-05-10	Active	NO
3	U51909MH2006PTC162527	HUMA MULTITRADE PRIVATE LIMITED	Director	25-09-09	25-05-09	17-05-10	Active	NO
4	U74899HR1985PTC038755	CEVA FREIGHT (INDIA) PRIVATE LIMITED	Director	30-09-10	28-05-10	-	Active	NO
5	U63090KA2002PTC030891	CEVA LOGISTICS INDIA PRIVATE LIMITED	Director	28-05-10	28-05-10	-	Active	NO

Name :

Mr. Murli Yadav

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ceva International Inc., Delaware	4
Ceva India Holding B.V., The Netherlands	655972
Total	655976

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Logistics.
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

GENERAL INFORMATION

Customers :	Transocem Offshore Limited
No. of Employees :	130 [Approximately]
Bankers :	Deutsche Bank AG, 28, Kasturba Gandhi Marg, ECE House, Connaught Place, New Delhi-110001, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, Tower B, 7^th and 8^th Floor, Cyber City, Gurgaon-122002, Haryana, India
Pan No.:	AACFG9413D
Holding Company:	· Ceva India Holding BV, Netherlands · Circle International Inc., USA
Parties Under Common Control:	· EGL Eagle Global Logistics Inc., Houston, USA · Ceva Freight (Australia) Pty Limited · Ceva Freight Belgium N.V · Ceva Freight Management do Brasil Ltda · Ceva Logistics (Bahraln) WLL · Ceva Freight Canada Corporation · Ceva Freight Management Logistics DE Chile Ltda · Ceva Freight Shanghai Limited · Ceva Freight Management France SAS · Ceva Freight Germany GmbH · Ceva Logistics (Hong Kong) Limited · Ceva Logistics Hungary Kft. · PT Ceva Freight Indonesia · Ceva Logistic Ireland Limited · Ceva Freight Italy S.R.L · Ceva Logistics Japan, Inc. · Ceva Logistics Korea Inc. · Ceva Freight Holdings (Malaysia) Sdn Bhd · Ceva Freight Holland B.V · Ceva Logistics (New Zealand) Limited · Ceva Logistics LLC, Oman · Ceva Logistics (Portugal), Logistica Empresarial, Lda · Ceva Freight (S) Pte Limited · Ceva Logistics South Africa Pty Limited · Ceva Freight (Espana) SL · Ceva Logistics (Sweden) AB · Ceva Freight (Schweiz) GmbH · Ceva Logistics (Taiwan) Company Limited · Ceva Freight (Thailand) Limited · Ceva Uluslararasi Tasimacillik Anonim Sirketi, Turkey · Ceva Logistics FZCO (Middle East), Dubai · Ceva Freight (UK) Limited · Ceva Logistics Philippines Inc. · Ceva Logistics Peru SRL · Ceva Freight Management Mexico SA De CV · Ceva Freight Czech Republic S.R.O. · Ceva Freight Management do Colombia Ltda · Ceva Freight Austria GmbH · Ceva Freight Management Argentina S.R.L. · Ceva Freight (Poland) sp. Z.o.o · Ceva Logistics Qatar W.L.L · Ceva International Al-Suwaitket Limited, Saudi Arabia · Ceva Freight Management Panama S. de. R.L. · Ceva Logistics Algerie S.a.r.l. · Ceva Freight Management Costa Rica, S.R.L. · Ceva Freight Management Guatemala Limitada · Ceva C/o Leman AS, Copenhagen, Denmark · Ceva C/o OY RH FREIGHT AS, Finland · Ceva C/o MAC Supply Chain Solutions (Private) Limited, Srilanka · Ceva C/o AI Rashed Intl Shipping Company, Kuwait · Ceva C/o Cargo Amerford, Tel Aviv, Israel · Ceva C/o Grieg Logistics KS, Oslo, Norway · Ceva C/o Concord Express Inc. · Ceva C/o Wings Air Cargo Limited, Bangladesh · Ceva C/o BA Freight Services, Egypt · Ceva C/o Walfred Services Limited, Ghana · Ceva C/o Best Quality, Greece · Ceva C/o Asti, Morocco · Ceva C/o Jet Exp / Tours and World Trans Private Limited · Ceva C/o AI Moherble Intl Freight, UAE · Ceva C/o Taurel and Cia, Venezuela · Ceva C/o MMK Express Limited, Ireland · Ceva C/o Orbit Kazoulis Limited, Cyprus · Ceva C/o Net Logistics SaL, Lebanon · Ceva C/o Mudisa Salvador · Ceva C/o Konekta Cargo Lithuania · Ceva C/o Gollcher Air Express Limited, Malta · Ceva C/o IK Speditor Group OU-Estonia · Ceva C/o Gibson Freight, Fiji · Ceva C/o Societe Mixte de Transport LAOS · Ceva C/o Air Connection Limited · Ceva C/o AES Afghanistan

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
655976	Equity Shares	Rs.10/- each	Rs.6.559 Millions

Note:

1. Of the above 655972 equity shares of Rs.10/- each are held by the holding company, Ceva India Holding BV and the balance 4 equity share are held by Circle International Inc., USA.

2. With effect from August 1, 2007 655972 equity shares were transferred from EGL Overseas Corporation Inc. to Ceva India Holding, BV

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.559	6.559	6.559
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		772.258	660.941	599.925
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		778.817	667.500	606.484
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		778.817	667.500	606.484
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.329	66.160	42.656
Capital work-in-progress		4.203	2.385	0.000
INVESTMENT		38.517	37.024	34.774
DEFERREX TAX ASSETS		49.416	49.507	64.203
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	649.772	454.840	520.795
	Cash & Bank Balances	159.372	223.160	238.195
	Other Current Assets	26.008	21.018	27.122
	Loans & Advances	138.531	115.442	60.563
Total Current Assets		973.683	814.460	846.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	335.434	262.712	319.200
	Other Current Liabilities	31.332	18.418	13.816
	Provisions	22.565	20.906	48.808
Total Current Liabilities		389.331	302.036	381.824
Net Current Assets		584.352	512.424	464.851
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		778.817	667.500	606.484

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	2.549	2.712	2.690
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2.364	2.602	2.483
		Advertising Expenses
		TOTAL	2.364	2.602	2.483
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.185	0.110	0.207
Less/ Add	DEPRECIATION/ AMORTISATION		0.015	0.012	0.008
	PROFIT BEFORE TAX		0.170	0.098	0.199
Less	TAX		0.059	0.037	0.072
	PROFIT AFTER TAX		0.111	0.061	0.127
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.661	0.600	0.473
	BALANCE CARRIED TO THE B/S		0.772	0.661	0.600
	EARNINGS IN FOREIGN CURRENCY
		Freight Handling Commission (Profit Share Income)	114.884	114.148	88.892
	IMPORTS
		Purchase of Warehousing Equipments	10.090	0.000	0.000
	Earnings Per Share (Rs.)		169.70	93.02	193.39

The above information has been parted by Mr. Anand.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.35	2.25	4.72
Return on Total Assets (PBT/Total Assets}	(%)	0.02	0.01	0.02
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.50	0.45	0.63
Current Ratio (Current Asset/Current Liability)		2.50	2.70	2.22

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted 1^st Floor, Tower C, DLF Building No. 10, DLF Phase II, DLF Cyber City, Gurgaon-122020, Haryana, India from to the present address w.e.f. 09.07.2010.

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Others	335.434	262.712	319.200
Total	335.434	262.712	319.200

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	--
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U74899HR1985PTC038755
Name of the company	CEVA FREIGHT (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^st Floor, DLF Building No. 10, Tower C, DLF Phase II, DLF Cyber City, Gurgaon-122002, Haryana, India
Type of charge	Book Debts
Particular of charge holder	Deutsche Bank AG, 28, Kasturba Gandhi Marg, ECE House, Connaught Place, New Delhi-110001, India
Email	rahul-p.jain@db.com
Nature of description of the instrument creating or modifying the charge	That the first charge has been created by executing a deed of hypothecation in favour of the Bank for all the present and future book debts as and by way of security.
Date of instrument Creating the charge	20.05.2011
Amount secured by the charge	Rs.132.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Overdraft - MIBOR + 190 bps For Issuance of Guarantees- As advised from time to time. Terms of Repayment On demand by the Bank, the Borrower shall pay to the bank, under the said facilities together with all interest/commission at rates aforementioned. Margin The balance due to the bank under the said facilities shall not exceed 50% of the value of said debts. Extent and Operation of the charge The security and the charge created on the said debts shall be a security by way of first charge on all the hypothecated assets. The hypothecated assets and all the sales, realization and insurance proceeds thereof and all proceeds from the said debts shall be held as the Bank's exclusive property and borrower shall not part with the hypothecated assets or deal with such debts save by way of sale etc.
Short particulars of the property charged	Book Debts both Present and Future.

Contingent Liabilities:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Claims against the company not acknowledged as debts:
Bank guarantees	0.257	0.243
Disputed income tax matters	29.349	29.349
Total	29.606	29.592

Fixed Assets:

· Office Premises

· Office Equipment and Electricals

· Warehousing Equipments

· Computers

· Furniture and Fixtures

· Vehicles

· 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 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.50.07
UK Pound	1	Rs.79.15
Euro	1	Rs.69.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		61

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.