MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	BROEKMAN LOGISTICS INDIA PRIVATE LIMITED (w.e.f. 01.01.2008)
Formerly Known As :	BROEKMAN LOGISTICS (I) PRIVATE LIMITED (w.e.f. 29.10.2007) COURCAN CARGO (INDIA) PRIVATE LIMITED
Registered Office :	307/308, Rangoli Complex, 3^rd Floor, Opposite Sahar Air, Cargo Complex, Andheri East, Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.01.1988
Com. Reg. No.:	11-045811
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U63010MH1988PTC045811
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10026C
PAN No.: [Permanent Account No.]	AAACC8442P
Legal Form :	Private Limited Liability Company.
Line of Business :	The Company’s Operations Predominantly Consist of Freight Forwarding and Logistic Services.
No. of Employees :	Information declined by the management

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 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION DECLINED BY

Management No Co-operative.

LOCATIONS

Registered Office/ Mumbai Branch Office :	307/308, Rangoli Complex, 3^rd Floor, Opposite Sahar Air, Cargo Complex, Andheri East, Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-26817590/ 7212/ 7101/ 7602
Fax No.:	91-22-26817628
E-Mail :	manoj@borkeman.in manju@joshinair.com sridhar@broekman.in
Website :	http://www.broekman.in
Headquarters :	Broakman Group Albert Plesmanweg 63, 3088 GB Rotterdam, The Netherlands
Tel. No.:	+ 31 (0) 10 4873 911
Fax No.:	+ 31 (0) 10 4282215
Website:	http://www.borekman-group.nl http://www.brokeman-group.com
Corporate/ Chennai Branch Office :	Jamals Chambers, 3^rd Floor, New No. 49 (Old No. 26), Mount Road, Saidapet, Chennai-600015, Tamilnadu, India
Tel. No.:	91-44-22201591-95/ 42926363
Fax No.:	91-44-22301295/ 42926300
E-Mail :	sandeeptyagi@broekman.in rajiv@brokeman.in sridhar@brokeman.in latha@broekman.in

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Albert Hoek
Designation :	Director
Address :	Resenburgth 5, Maasdam, 3299 aw, Netherlands
Date of Appointment :	01.06.2010
DIN No.:	03065473
Name :	Mr. Raymond Riemen
Designation :	Director
Address :	Straatweg 135, Rotterdam, 3054AC, Netherlands
Date of Appointment :	15.05.2006
DIN No.:	00786382

KEY EXECUTIVES

Name :	Mr. Rajiv Michael Susai Nathan
Designation :	Vice President
Name :	Mr. Sandeep Tyagi
Designation :	Marketing Manager- All India
Name :	Mr. S Sridhar
Designation :	General Manager- Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Broekman Logistics B.V., Netherlands	2
Broekman Logistics Division B. V., Netherlands	499998
Total	500000

(AS ON 30.09.2011)

Equity Shares Break – up

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 :

The Company’s Operations Predominantly Consist of Freight Forwarding and Logistic Services.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· The South Indian Bank Limited,

Andheri Branch, Mumbai- 400058, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Hire Purchase Finance
From Bank (Secured against hypothecation of the Vehicles)	--	0.161
From Others (Secured against hypothecation of the Vehicles)	0.194	0.459
Total	0.194	0.620
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank – Cash Credit Facility etc. (Secured against Bank Guarantee given by the Holding company)	14.268	12.095
From Other – Ultimate Holding Company (Including interests accrued and due Rs.0.368 Millions)	5.182	4.778
Total	19.450	16.873

Banking Relations :	--
Auditors :
Name :	Singrodia Goyal and Company Chartered Accountant
Address :	A-201, Rajeshri Accord, Telly Cross Lane, Off S. N. Road, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN No.:	AAAFS7106D
Holding Company :	· Broekman Logistics Division B. V., Netherlands
Ultimate Holding Company:	· Broekman Group B.V. Netherlands
Other Related Parties:	· Broekman Logistics Amsterdam B.V., (Netherlands) · Broekman Logistics B.V., (Netherlands) · Broekman Project Services B.V. (Netherlands) · Broekman Logistics N.V., (Belgium) · Broekman Logistics (S) Pte. Limited (Singapore) · Broekman Logistics Kft. (Hungary) · Store-Ship B.V. · Comexair BVBA (Belgium)

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

NOTES:

(Of the above 499998 Equity shares of Rs.10/- each are held by Broekman logistics Division B.V., Netherlands the holding company)

Of the above, 45,000 Equity shares of Rs.10/- each are allotted as fully paid up bonus shares by capitalisation of accumulated profits (during the FY 2007-08)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.852	12.798	22.273
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.852	17.798	27.273
LOAN FUNDS
1] Secured Loans		0.194	0.620	2.451
2] Unsecured Loans		19.450	16.873	28.966
TOTAL BORROWING		19.644	17.493	31.417
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52.496	35.291	58.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.494	13.569	30.167
Capital work-in-progress		0.000	0.000	0.075
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.671	0.000	0.685
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	77.402	67.716	85.891
	Cash & Bank Balances	0.289	0.637	3.114
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.946	27.955	26.110
Total Current Assets		119.637	96.308	115.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	62.377	61.115	76.751
	Other Current Liabilities	15.911	10.651	7.246
	Provisions	3.018	2.820	3.355
Total Current Liabilities		81.306	74.586	87.352
Net Current Assets		38.331	21.722	27.763
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.496	35.291	58.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.12.2008
	SALES
		Income from operations	537.176	498.577	614.195
		Other Income	6.589	8.107	0.106
		TOTAL (A)	543.765	506.684	614.301
Less	EXPENSES
		Direct Expenses	455.113	411.892	531.420
		Personnel Expenses	40.627	48.137	40.751
		Administrative and other expenses	32.902	47.427	49.677
		Prior Period Items	0.069	0.000	0.000
		TOTAL (B)	528.711	507.456	621.848
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.054	(0.772)	(7.547)
Less	FINANCIAL EXPENSES (D)		2.033	3.063	3.440
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.021	(3.835)	(10.987)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.867	4.789	4.811
	PROFIT BEFORE TAX (E-F) (G)		10.154	(8.624)	(15.798)
Less	TAX (H)		(4.900)	0.851	1.249
	PROFIT AFTER TAX (G-H) (I)		15.054	(9.475)	(17.047)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.798	22.273	39.320
	BALANCE CARRIED TO THE B/S		27.852	12.798	22.273
	EARNINGS IN FOREIGN CURRENCY		21.305	14.859	54.365
	Earnings Per Share (Rs.)		30.11	(18.95)	(34.09)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.12.2008
PAT / Total Income	(%)	2.77	(1.87)	(2.78)
Net Profit Margin (PBT/Sales)	(%)	1.89	(1.73)	(2.57)
Return on Total Assets (PBT/Total Assets}	(%)	7.68	(7.85)	(10.87)
Return on Investment (ROI) (PBT/Networth)		0.31	(0.48)	(0.58)
Debt Equity Ratio (Total Liability/Networth)		3.07	5.17	4.35
Current Ratio (Current Asset/Current Liability)		1.47	1.29	1.32

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Due to Micro, Small and Medium Enterprises	0.000	0.000	0.000
- Due to Others	62.377	61.115	76.751
Total	62.377	61.115	76.751

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Estimated amount of Contracts remaining to be executed on capital account not provided for	0.255	0.255
Bank Guarantees Outstanding	2.240	2.040

FIXED ASSETS:

· Leasehold Improvement

· Office Premises

· Office Equipments

· Computers

· Furniture and Fixture

· Motor 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.49.08
UK Pound	1	Rs.77.80
Euro	1	Rs.65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		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.