MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	SCHENKER INDIA PRIVATE LIMITED (w.e.f. 15.10.2007)
Formerly Known As :	BAX GLOBAL INDIA PRIVATE LIMITED AIDNI FREIGHT EXPRESS PRIVATE LIMITED
Registered Office :	93-94, Kapashera, New Delhi -110037
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	12.12.1990
Com. Reg. No.:	55-042364
Capital Investment / Paid-up Capital :	Rs.9.900 Millions
CIN No.: [Company Identification No.]	U63010DL1990FTC042364
TAN No.: [Tax Deduction & Collection Account No.]	DELS21101D / DELB02458B
PAN No.: [Permanent Account No.]	AAACS8948J / AAACB0697B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight Forwarding Services
No. of Employees :	Not Available

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 6600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financially company is performing good. Fundamentaly company seem to be strong. But the management have fail to file the current year 2011 financial detail with government department. However, trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing 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 :	93-94, Kapashera, New Delhi -110037, India
Tel. No.:	91-11-41025102
Fax No.:	91-11-41687436 / 41687437
E-Mail :	ashok.mishra@dbschenker.com
Website :	http://www.schenker-india.com
Corporate Office :	DLF Building No. 8-C, 12^th Floor, DLF Cyber City, Phase II Gurgaon - 122002 Haryana, India
Tel. No.:	91-124-4645000
Fax No.:	91-124-4645100 / 200

DIRECTORS

As on 10.06.2011

Name :

Mr. Mayur Nareshbhai Gandhi

Designation :

Whole Time Director

Address :

A-601, Kaustabh Park, SVP Raodm Borivili, Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

25.08.1968

Date of Appointment :

20.07.2007

DIN No.:

00120078

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	U74899DL1996PTC075688	SCHENKER INDIA PRIVATE LIMITED (AMALGAMATED)	Director	24/01/2003	24/01/2003	-	Amalgamated	NO
2	U63010DL1990FTC042364	SCHENKER INDIA PRIVATE LIMITED	Director	20/08/2007	20/07/2007	-	Active	NO

Name :

Mr. Ajey Sehgal

Designation :

Whole Time Director

Address :

16, Kalyan Vihar, Polo Road, New Delhi – 110009, India

Date of Birth/Age :

17.02.1968

Date of Appointment :

20.07.2007

DIN No.:

01737216

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.06.2011

Names of Shareholders	No. of Shares
A.G. Schenker	990003
Schenker Singapore PTE Limited, Singapore	1
Total	990004

As on 10.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	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 Freight Forwarding Services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Surendra and Associates Chartered Accountants
Address :	205, CA Chambers,18/12, W.E.A, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28759485 / 28750458
Mobile No.:	91-9811080323
E-Mail :	skdiwan@gmail.com
PAN.:	AEDPP3297D
Holding Company :	Deutsche Bahn AG, Germany.
Intermediate Holding Company :	Schenker AG Germany
Fellow Subsidiaries :	· Schenker Argentina S.A. · Schenker Australia Pty Limited · Schenker & Co. - Austria · Schenker N. V. - Belgium · Schenker Do Brasil Transportes · Schenker Eood - Bulgaria · Schenker Of Canada Limited · Schenker China Limited · Schenker Bitcc Logistics - China · Schenker Logistics (Shanghai) - China · Schenker Logistics Shenzhen China · Schenker Chile S. A. · Schenker D.O.O. - Croatia · Schenker Spol SRO - Czech Republic · Schenker AS - Denmark · AS Schenker - Estonia · DB Schenker Egypt. LLC · Schenker S.A - France · Schenker Oy - Finland · Schenker Deutschland AG · Anterist + Schneider Gmbh - Germany Antereist · Elsped Speditions Gmbh - Germany · Schenker Industrial Logistics Gmbh - Germany · Schenker Aktiengesellschaft - Germany · Schenker S. A. - Guatemala · Schenker A.E. - Greece · Schenker International (HK) Limited - Hong Kong · Masped-Schenker Air & Sea-Hungary · Schenker Petrolog Utama - Indonesia · Schenker Seino Company Limited - Japan · Schenker Limited - Kenya · Schenker Korea Limited · Sia Schenker - Latvia · Schenker Uab - Lithuania · Schenker (Ireland) Limited - Ireland · Schenker Italiana S.P.A. - Italy · Schenker Espana, S.A. - Spain · Schenker (Sa) (Pty) Limited - South Africa · Schenker AB - Sweden · Schenker Schweiz AG - Switzerland · Schenker (Hk) Limited - Taiwan · Schenker (Thailand) Limited · BAX Global (Thailand) Limited · Schenker Arkas Nakliyat Ve (Turkey) · Schenker Maroc S.A.R.L. - Morocco · Schenker Dooel - Macedonia (Yugoslavia) · Schenker Logistics Malaysia Sdn Bhd · Schenker International S.A. De C. V. - Mexico · Schenker International B.V. - Netherlands · Schenker (N.Z.) Limited · Schenker AS - Norway · Schenker Peru S. R. L. · Schenker Philippines, Inc. · Schenker SP Z. O. O. - Poland · Schenker Transitarios Lda - Portugal · Schenker SRL - Romania · Schenker Limited - Russia · Schenker Saudi Arabia LLC · Schenker D.O.O. - Serbia · Schenker Singapore (Pte) Limited · Schenker (Asia Pacific ) Pte Limited - Singapore · Schenker S.R.O. - Slovak Republic · Schenker D.D. - Slovenia · Schenker Ltd-UK · Schenker D.O.O. Bosnia - Herzegovina · Schenker Luxembourg Gmbh · Schenker L. L. C. - UAE · Schenker Inc - USA · Schenker Vietnam Company Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
990004	Equity Shares	Rs.10/- each	Rs.9.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.900	9.900	9.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1657.152	1465.135	1386.612
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1667.051	1475.035	1396.512
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		1667.052	1475.035	1396.512
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.791	108.970	125.270
Capital work-in-progress & Capital Advance		4.745	5.549	0.585
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		58.543	52.510	46.835
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2176.002	1530.153	1865.897
	Cash & Bank Balances	964.131	751.379	734.001
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	305.246	235.757	237.022
Total Current Assets		3445.379	2517.289	2836.920
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1642.407	1019.145	1356.071
	Other Current Liabilities	303.512	182.824	240.153
	Provisions	7.487	7.314	16.874
Total Current Liabilities		1953.406	1209.283	1613.098
Net Current Assets		1491.973	1308.006	1223.822
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1667.052	1475.035	1396.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	13220.645	8763.119	10529.262
		Other Income	69.080	102.586	76.537
		TOTAL	13289.725	8865.705	10605.799
Less	EXPENSES
		Freight Cost	11000.837	7105.400	9851.594
		General and Operational Expenses	1311.837	946.061
		TOTAL	12312.674	8051.461	9851.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		977.051	814.244	754.205
Less/ Add	DEPRECIATION/ AMORTISATION		58.294	52.020	51.182
	PROFIT BEFORE TAX		918.757	762.224	703.023
Less	TAX		370.339	328.290	236.596
	PROFIT AFTER TAX		548.418	433.934	466.427
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1407.785	1374.262	907.835
Less	APPROPRIATIONS
		Transfer to General Reserve	62.000	45.000	0.000
		Dividend	356.401	355.411	0.000
	BALANCE CARRIED TO THE B/S		1537.802	1407.785	1374.262
	EARNINGS IN FOREIGN CURRENCY
		Freight and on-forwarding charges	4314.760	2042.033	2721.222
	TOTAL EARNINGS		4314.760	2042.033	2721.222
	Earnings Per Share (Rs.)		553.96	438.32	471.14

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	4.13	4.89	4.40
Net Profit Margin (PBT/Sales)	(%)	6.95	8.70	6.68
Return on Total Assets (PBT/Total Assets}	(%)	25.83	29.02	23.73
Return on Investment (ROI) (PBT/Networth)		0.55	0.52	0.50
Debt Equity Ratio (Total Liability/Networth)		1.17	0.82	1.16
Current Ratio (Current Asset/Current Liability)		1.76	2.08	1.76

LOCAL AGENCY FURTHER INFORMATION

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

Note:

The registered office of the company has been shifted from Radisson Hotel Commercial Plaza, Wing B, Ground Floor, National Highway No 8, New Delhi – 110037, India to present address w.e.f.01.02.2007

CONTINGENT LIABILITY

Rs. In Millions

Particular	31.12.2010	31.12.2009
Performance Guarantees (Secured by Fixed Deposit kept as margin)	7.027	6.026

Fixed Assets

· Building

· Furniture and Fixtures

· Office Equipment

· Computer

· Vehicles

· Plant and Machinery

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 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.54.81
UK Pound	1	Rs.86.04
Euro	1	Rs.69.06

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--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.