MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	CSAV GROUP (INDIA) PRIVATE LIMITED
Registered Office :	11^th Floor, Building No.9, Tower A, DLF Cyber City, Gurgaon-122002, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.2004
Com. Reg. No.:	05-035941
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U72900HR2004PTC035941
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Data Processing and Back Office Support Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 560000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company is good. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	11^th Floor, Building No.9, Tower A, DLF Cyber City, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4509000 / 3068005
Fax No.:	91-124-3068470
E-Mail :	rsodani@csavgroup.com

DIRECTORS

AS ON 05.09.2011

Name :	Mr. Alejandro Marco Antonio Pattillo Moreira
Designation :	Director
Address :	Manuel Guzman Maturana-1063, Santiago, Chile
Date of Birth/Age :	29.12.1953
Date of Appointment :	05.03.2004
DIN No.:	01353918

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	U72900HR2004PTC035941	CSAV GROUP (INDIA) PRIVATE LIMITED	Director	05-03-04	05-03-04	Active	NO
2	U63090MH2004PTC194719	CSAV GROUP AGENCIES INDIA PRIVATE LIMITED	Director	25-09-08	24-03-04	Active	NO

Name :	Mr. Rafael Ignacio Ferrada Moreira
Designation :	Director
Address :	Plaza Los Cardos-1023, Lo Barnechea, Santiago, Chile
Date of Birth/Age :	15.02.1968
Date of Appointment :	23.06.2005
DIN No.:	00666942
Name :	Mr. Jaime P Herrera Malden
Designation :	Director
Address :	Los Crdros, 110, Bosqes De, Montemar, Con Con V Region, Chile
Date of Birth/Age :	14.05.1969
Date of Appointment :	02.03.2009
DIN No.:	02575861
Name :	Mr. Javier Verstraete
Designation :	Alternate Director
Address :	LTH, 211A, Laburnum Condominium Complex, Sector 28, Gurgaon-122002, Haryana, India
Date of Birth/Age :	22.10.1970
Date of Appointment :	24.08.2010
DIN No.:	03229902

KEY EXECUTIVES

Name :	Mr. Rajendra Prasad Sodani
Designation :	Secretary
Address :	H No.550A, Kanishka Residency, Sector-35, Faridabad-121003, Haryana, India
Date of Birth/Age :	17.04.1965
Date of Appointment :	17.03.2005
Pan No.:	ACTPS5539H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2011

Names of Shareholders	No. of Shares
CNP Holdings Company S.A., Panama	9900
Tollo Shipping Company S.A., Panama	100
Total	10000

AS ON 05.09.2011

Equity Shares Break Up	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 :

Providing Data Processing and Back Office Support Services.

Products :

ITC CODE	PRODUCTS
0709	Back Office Operations

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower B, DLF Cyber City, Phase-II, Gurgaon-122002, Haryana, India
Pan No.:	AAIFB0630K
Ultimate Holding Company :	Compania Sud Americana De Vapores S A, Chile
Holding Company :	CNP Holdings Company S.A., Panama
Fellow Subsidiaries :	· CSAV Agency North America, USA · Norasia Container Lines Limited, Malta · Compania Sud Americana Se Vapores Gmbh, Germany

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million
5950000	4% Non-Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 59.500 Millions
	Total		Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Notes:

Of the above 9900 equity shares of Rs.10/- each are held by CNP Holding Company SA, Panama and 100 equity shares of Rs. 10/- each are held by Toll Shipping Company SA, Panama. The Ultimate holding company is Compania Sud Americana de Vapores SA (CSAV SA), Chile.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		142.040	197.087	155.946
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		142.140	197.187	156.046
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		142.140	197.187	156.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.891	21.489	36.663
Capital work-in-progress		1.095	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		10.930	10.098	6.906
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	56.815	105.518	0.099
	Cash & Bank Balances	136.352	43.966	108.599
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	54.312	31.877	32.906
Total Current Assets		247.479	181.361	141.604
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.290	7.776	12.847
	Other Current Liabilities	3.725	3.749	11.093
	Provisions	118.240	4.236	5.187
Total Current Liabilities		134.255	15.761	29.127
Net Current Assets		113.224	165.600	112.477
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		142.140	197.187	156.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	357.637	272.528	285.939
		Other Income	5.251	NA	29.817
		TOTAL	362.888	NA	315.756
Less	EXPENSES
		Office Expenses	295.804	NA	229.643
		Administrative Expenses
		Advertising Expenses
		TOTAL	295.804	NA	229.643
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		67.084	62.100	86.113
Less/ Add	DEPRECIATION/ AMORTISATION		11.361	19.448	21.136
	PROFIT BEFORE TAX		55.723	42.652	64.977
Less	TAX		0.359	1.511	5.330
	PROFIT AFTER TAX		55.364	41.141	59.647
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		165.938	124.797	96.299
Less	APPROPRIATIONS
		Transfer to General Reserve	5.536	0.000	0.000
		Capital Redemption Reserve	0.000	0.000	31.149
		Proposed Dividend	95.000	0.000	0.000
		Tax on Dividend	15.412	0.000	0.000
	BALANCE CARRIED TO THE B/S		105.354	165.938	124.797
	EARNINGS IN FOREIGN CURRENCY
		Revenue from data processing and back office support services	357.637	272.528	285.939
	TOTAL EARNINGS		357.637	272.528	285.939
	Earnings Per Share (Rs.)		5536.42	4114.12	5946.70

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.26	NA	18.89
Net Profit Margin (PBT/Sales)	(%)	15.58	15.65	22.72
Return on Total Assets (PBT/Total Assets}	(%)	20.24	20.03	35.09
Return on Investment (ROI) (PBT/Networth)		0.39	0.22	0.42
Debt Equity Ratio (Total Liability/Networth)		0.94	0.08	0.19
Current Ratio (Current Asset/Current Liability)		1.84	11.51	4.86

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from Vatika Tringle, Block-A, Sushant Lok, Mehrauli, Gurgaon Road, Gurgaon, Haryana, India to the present address w.e.f.29.05.2008.

BUSINESS REVIEW

During the year the Company achieved revenue from data processing and back office support services amounting to Rs 357.64 million. The company also took on new business processes, previously being performed in CSAV’s other locations and enhanced cost savings for the CSAV Group. The company continues to deliver cost- efficient back office and planning services to the CSAV Group Lines and other operating entities while maintaining the desired standards of quality and performance indicators.

FUTURE GROWTH PLAN

Subject plan to expand its services from GSSC India for activities related with Documentation Control for CSAV Group entities. Subject India will also analyze for providing services related with Agency network of CSAV Group.

FIXED ASSETS

· Office Equipments

· Furniture and Fixtures

· Leasehold Land

· Computers

· 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. 51.65
UK Pound	1	Rs. 79.09
Euro	1	Rs. 65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.