MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	DEUGRO PROJECTS (INDIA) PRIVATE LIMITED
Registered Office :	608-613, 6^th Floor, A-Wing Shrikant Chambers, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.2006
Com. Reg. No.:	163295
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U63011MH2006PTC163295
PAN No.: [Permanent Account No.]	AACCD4204C
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight Forwarding Services.
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 208000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has performed well during 2012. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Jose Varghese
Designation :	Chief Executive Officer
Contact No.:	91-484-3083812
Date :	19.07.2013

LOCATIONS

Registered Office :	608-613, 6^th Floor, A-Wing Shrikant Chambers, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Tel. No.:	91-22-61532100
Fax No.:	91-22-61532106
E-Mail :	jose.varghese@deugro.com Mumbai@deugro.com
Website :	www.deugro.com
Location :	Owned
Branches :	· Located At : · Bangalore · Chennai · Delhi · Kochi · Mumbai · Pune

DIRECTORS

As on: 29.09.2012

Name :	Mr. Thomas Carl Press
Designation :	Director
Address :	Im Graefli 7, 8808, Pfaeffikon, Switzerland
Date of Birth/Age :	31.03.1969
Date of Appointment :	25.07.2006
DIN No. :	01295349
Name :	Mr. Salim Pallippuram Rajan
Designation :	Director
Address :	Pallipuram House 36/44 Chambal Lane Kaloor, Emakulam, Kerala – 682017, India
Date of Birth/Age :	11.08.1955
Date of Appointment :	01.12.2010
DIN No. :	01300076
Name :	Mr. Klaus Hugo Wilhelm Strahmann
Designation :	Director
Address :	Brandenburger Strasse 15L D – 61118, Bad Vilbel, Germany
Date of Birth/Age :	28.06.1966
Date of Appointment :	17.04.2012
DIN No. :	01331421
Name :	Mr. Mirko Menge
Designation :	Director
Address :	Eisenbahnatr 13, 63110 Rodgao Rodgav 6310
Date of Birth/Age :	10.06.1973
Date of Appointment :	17.04.2012
DIN No. :	05283854

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Deugro Freight Forwarding, India	249999
Dehoec AG, Switzerland	01
Total	250000

As on: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Freight Forwarding Services.
Terms :
Selling :	Credit / Depend
Purchasing :	Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

85 (Approximately)

Bankers :

HSBC Bank

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Rupee term loans from banks	9.091	20.567
Total	9.091	20.567

Banking Relations :	--
Auditors :
Name :	J K Varghese and company Chartered Accountants
Address :	102, Sai Deep, Opposite Vaishali Hotel, Chembur, Mumbai - 400071, Maharashtra, India
PAN No. :	AAAPV3658H
Sister Concern :	Deugro, Germany

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.500	2.500
(b) Reserves & Surplus	49.569	16.859
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	52.069	19.359
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	33.202	39.378
(b) Trade payables	128.959	94.250
(c) Other current liabilities	21.597	20.877
(d) Short-term provisions	0.139	0.110
Total Current Liabilities (4)	183.897	154.615
TOTAL	235.966	173.974
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.200	10.152
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.510	8.186
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	18.710	18.338
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	192.297	148.309
(d) Cash and cash equivalents	18.203	1.289
(e) Short-term loans and advances	6.428	5.628
(f) Other current assets	0.328	0.410
Total Current Assets	217.256	155.636
TOTAL	235.966	173.974

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			2.500
2] Share Application Money			0.000
3] Reserves & Surplus			11.291
4] (Accumulated Losses)			0.000
NETWORTH			13.791
LOAN FUNDS
1] Secured Loans			0.000
2] Unsecured Loans			7.107
TOTAL BORROWING			7.107
DEFERRED TAX LIABILITIES			0.270
TOTAL			21.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			7.274
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERREX TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets			32.067
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities			18.666
Net Current Assets			13.401
MISCELLANEOUS EXPENSES			0.493
TOTAL			21.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1421.236	658.828	80.721
		Other Income	0.343	0.066	0.401
		TOTAL	1421.579	658.894	81.122
Less	EXPENSES
		Freight and Forwarding Expenses		572.777	56.092
		Administrative and Other Expenses	(Including Financial and Depreciation)	75.083	17.400
		TOTAL		647.860	73.492
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			11.034	7.630
Less/ Add	DEPRECIATION/ AMORTISATION		1374.549	2.589	0.280
	PROFIT BEFORE TAX		47.030	8.445	7.350
Less	TAX		32.710	5.645	2.364
	PROFIT AFTER TAX		14.320	2.800	4.986
	BALANCE CARRIED TO THE B/S		32.710	5.568	4.909
	EARNINGS IN FOREIGN CURRENCY		415.688	245.512	15.752
	Earnings Per Share (Rs.)		57.28	22.67	19.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.01	0.42	6.14
Net Profit Margin (PBT/Sales)	(%)	3.31	1.28	9.10
Return on Total Assets (PBT/Total Assets}	(%)	20.86	5.09	18.68
Return on Investment (ROI) (PBT/Networth)		0.90	0.44	0.53
Debt Equity Ratio (Total Debt/Networth)		0.64	2.03	0.51
Current Ratio (Current Asset/Current Liability)		1.18	1.00	1.72

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Current Maturities of Long Term Debt is Not Available.

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The register office of the company has been shifted from 503/504, Sabari Samriddi, 5^th Floor Sion Trombay Road, Maitri Park, Chembur, Mumbai – 400071, Maharashtra, India to the present address w.e.f. 26.07.2010.

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Loans and advances from others	24.111	18.811
Total	24.111	18.811

FINANCIAL HIGHLIGHTS:

The company earned total income from sales and service of Rs. 1421.236 millions as against Rs.658.822 millions earned during the previous year. The profit before tax stood at Rs.47.030 millions as against Rs.8.445 millions. The profit margin was affected during the year on account of increase in input cost. After providing for tax the net profit for the year is Rs.32.710 millions which is carried to Balance Sheet.

FIXED ASSETS:

· Computer and Printer

· Motor Car

· Air Conditioner

· Electrical Installation

· EP ABX

· Fax Machine

· Office Equipments

· Scanner, Router and Modem

· Xerox Machine

· Mobile Instruments

· Furniture and Fixture

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 proceedingfor 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.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

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.