MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	INDEV LOGISTICS PRIVATE LIMITED
Formerly Known As :	CARGO POINT SHIPPING SERVICES PRIVATE LIMITED
Registered Office :	No. 41, Thabu Chetty Street, Chennai – 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.01.1997
Com. Reg. No.:	18-037389
Capital Investment / Paid-up Capital :	Rs. 12.950 Millions
CIN No.: [Company Identification No.]	U63012TN1997PTC037389
TAN No.: [Tax Deduction & Collection Account No.]	CHEI06525B
PAN No.: [Permanent Account No.]	AABCC1756D
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Custom House Agents, Inland Container Depot, Clearing and Forwarding Services.
No. of Employees :	Not Available

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 2670000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management of the company has not filed its latest financial i.e. 2011-12 with government department. From the financial of 2011, it seems that the company is performing well. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office :	No. 41, Thabu Chetty Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rammohan@indevlogistics.com
Website :	http://www.indevlogistics.com
Corporate/ Marketing Office/ Sea Freight :	“"Swamy Complex", Ground Floor, No. 81, Thambu Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-30101030
Fax No.:	91-44-30101020
E-Mail :	corporate@indevlogistics.com mktg@indevlogistics.com admin@indevlogistics.com
Air Freight :	No.28, 2nd Cross Street, V. G. P. Murphy Square, St. Thomas Mount, Chennai – 600016, Tamilnadu, India
Tel. No.:	91-44-30107230/ 31
Fax No.:	91-44-22317717/ 22317727
E-Mail :	airimport@indevlogistics.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Xavier Britto Swamikannu
Designation :	Managing director
Address :	No. 5, Kasturiba Nagar, 3^rd Main Road, Adyar, Chennai – 600020, Tamilnadu, India
Date of Birth/Age :	05.06.1958
Date of Appointment :	27.01.1997
DIN No.:	00767286
Name :	Mrs. Vimalarani Britto
Designation :	Whole-time director
Address :	No. 5, Kasturiba Nagar, 3^rd Main Road, Adyar, Chennai – 600020, Tamilnadu, India
Date of Birth/Age :	15.02.1966
Date of Appointment :	27.01.1997
DIN No.:	00767318
Name :	Mr. Wing Kai William Ma
Designation :	Additional director
Address :	1/F, 89 Tai hang Road, Jardine’s Lookout, Hong Kong
Date of Birth/Age :	29.11.1961
Date of Appointment :	30.10.2010
DIN No.:	03056115
Name :	Mr. Tan Kai Whatt Robert
Designation :	Additional director
Address :	19, Kew Walk, Singapore 465999
Date of Birth/Age :	11.02.1957
Date of Appointment :	30.10.2010
DIN No.:	01854542

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Xavier Britto Swamikannu	69862
Vimalarani Britto	29625
KLN (Singapore) Pte Limited, Singapore	42637
Total	142124

AS ON 30.09.2011

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]	30.00
Directors or relatives of directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Custom House Agents, Inland Container Depot, Clearing and Forwarding Services.

Products :

ITC Code	Product Descriptions
173	Freight Forwarding Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Ø Standard Chartered Bank, No. 8, Haddows Road, Ground Floor, Jayalakshmi Estate, Nungambakkam, Chennai – 600006, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loan bank secured	41.181	57.427
Working capital loans others secured	112.263	93.490
Hire purchase installment payable secured	127.552	100.987
Other debt secured	0.000	4.663
Total	280.996	256.567
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	45.150	33.170
Fixed deposit unsecured	0.000	0.248
Deposit related parties unsecured	40.837	38.012
Other debt unsecured	3.282	2.099
Total	89.269	73.529

Banking Relations :	--
Auditors :
Name :	ASA and Associates Chartered Accountants
Address :	New No. 39, I Main Road, RA Puram, Chennai, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFA4690A

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
225,000	Equity Shares	Rs. 100/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142,124	Equity Shares	Rs. 100/- each	Rs. 14.212 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
225,000	Equity Shares	Rs. 100/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
129500	Equity Shares	Rs. 100/- each	Rs. 12.950 Millions

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		12.950	12.950	9.650
2] Share Application Money		179.270	0.000	0.000
3] Reserves & Surplus		475.126	344.033	222.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		667.346	356.983	232.483
LOAN FUNDS
1] Secured Loans		280.996	256.567	183.909
2] Unsecured Loans		89.269	73.529	92.539
TOTAL BORROWING		370.265	330.096	276.448
DEFERRED TAX LIABILITIES		7.786	8.094	5.305
TOTAL		1045.397	695.173	514.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		500.709	406.492	228.472
Capital work-in-progress		131.691	117.009	12.000
INVESTMENT		1.000	1.000	51.908
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	443.594	309.360	245.390
	Cash & Bank Balances	120.022	62.829	80.030
	Other Current Assets	0.801	2.011	0.000
	Loans & Advances	56.514	34.239	25.777
Total Current Assets		620.931	408.439	351.197
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	151.464	162.002	121.674
	Other Current Liabilities	41.869	23.294	7.667
	Provisions	15.601	52.471	0.000
Total Current Liabilities		208.934	237.767	129.341
Net Current Assets		411.997	170.672	221.856
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1045.397	695.173	514.236

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	2990.858	1872.251	1942.929
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2814.944	1708.682	1802.173
	PROFIT BEFORE TAX		175.914	163.569	140.756
Less	TAX		N.A.	46.857	48.294
	PROFIT AFTER TAX		N.A.	116.712	92.462
	Earnings Per Share (Rs.)		N.A.	901.25	713.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	6.23	4.76
Return on Total Assets (PBT/Total Assets}	(%)	15.68	19.95	24.28
Return on Investment (ROI) (PBT/Networth)		0.26	0.46	0.61
Debt Equity Ratio (Total Liability/Networth)		0.87	1.59	1.75
Current Ratio (Current Asset/Current Liability)		2.97	1.72	2.72

LOCAL AGENCY FURTHER INFORMATION

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	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 two 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	No
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	No
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

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Office Equipments

Ø Computers

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 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. 59.45
UK Pound	1	Rs. 91.24
Euro	1	Rs. 78.44

INFORMATION DETAILS

Report Prepared by :

VRN

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	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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
-	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.