MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	BDP GLOBAL LOGISTICS (INDIA) PRIVATE LIMITED
Registered Office :	201, 2nd Floor, Lok Bhavan, Lok Bharti Complex, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.2010
Com. Reg. No.:	11-200206
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U63000MH2010PTC200206
TAN No.: [Tax Deduction & Collection Account No.]	MUMB20164E
PAN No.: [Permanent Account No.]	AAFCB9937D
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of BDP Humanitarian Aid, BDP Project Logistic, Chemical Logistic, Import Logistic etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 419000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a better growth in its revenue as well as net profitability during 2013. There appear no external borrowings recorded in the books. Trade relations are fair. Business is active. Payment terms are reported as regular. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	201, 2nd Floor, Lok Bhavan, Lok Bharti Complex, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-67395400
Fax No.:	91-22-67395401
E-Mail :	naresh.s@bdpind.com pavithran.m@uniqueglobal.in
Website :	http://www.bdpinternational.com
Location :	Owned
Corporate Office :	401, Alpha, Main Street, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-61942000
Fax No.:	91-22-66942001
E-Mail :	mumbai.import@bdpind.com info@bdpind.com
Branch Offices :	Located at · Bangalore · Chennai · Kolkata · New Delhi · Tuticorin

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Vinod Kumar Brijnarain Seth

Designation :

Director

Address :

401, Manish Sea Croft, Sherli Mala Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

01.02.1953

Date of Appointment :

18.02.2010

DIN No.:

00407581

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	Company/ LLP Status	Defaulting status
1	U74990MH1986PTC038990	NETWORK COURIERS PRIVATE LIMITED	Director	19/02/1986	19/02/1986	Active	NO
2	U63040MH1993PTC073570	ALLIED AVIATION PVT LTD	Managing director	28/08/1993	28/08/1993	Active	NO
3	U63013MH2003PTC141831	NETWORK ALLIED AVIATION PRIVATE LIMITED	Director	22/08/2003	22/08/2003	Strike off	NO
4	U63040MH2004PTC148154	CISMAT CARGO SERVICES PRIVATE LIMITED	Director	20/08/2004	20/08/2004	Active	NO
5	U62100MH2004PTC149138	SKYTEAM LOGISTIC PRIVATE LIMITED	Director	30/03/2005	30/03/2005	Active	NO
6	U63040MH2006PTC166421	KABIR TRAVELS PRIVATE LIMITED	Director	22/12/2006	22/12/2006	Active	NO
7	U63011MH2008PTC182066	UNIQUE GLOBAL LOGISTICS PRIVATE LIMITED	Director	09/05/2008	09/05/2008	Active	NO
8	U63000MH2010PTC200206	BDP GLOBAL LOGISTICS (INDIA) PRIVATE LIMITED	Director	18/02/2010	18/02/2010	Active	NO

Name :

Mr. Richard Bolte Jr

Designation :

Director

Address :

129 Pheasant Fields Lane, Moorestown, 08057, United States of America

Date of Birth/Age :

29.09.1957

Date of Appointment :

18.02.2010

DIN No.:

00558199

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	L27320MH1981PLC024747	ARSHIYA LIMITED	Director	19/04/2006	19/04/2006	30/06/2009	Active	NO
2	U63000MH2010PTC200206	BDP GLOBAL LOGISTICS (INDIA) PRIVATE LIMITED	Director	18/02/2010	18/02/2010	-	Active	NO

Name :

Mr. Pavithran Mavila Thazhekallada

Designation :

Director

Address :

B-106,Girdhar Park Chs, Mithi Chouki, Marve Road, Malad (West), Mumbai, 400064, Maharashtra, India

Date of Birth/Age :

21.04.1971

Date of Appointment :

18.02.2010

DIN No.:

02202450

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	Company/ LLP Status	Defaulting status
1	U63011MH2008PTC182066	UNIQUE GLOBAL LOGISTICS PRIVATE LIMITED	Managing director	19/05/2008	19/05/2008	Active	NO
2	U63000MH2010PTC200206	BDP GLOBAL LOGISTICS (INDIA) PRIVATE LIMITED	Director	18/02/2010	18/02/2010	Active	NO

Name :

Hoo Ching Dew

Designation :

Director

Address :

BLK B-809, Phileo Damansara I, JLN 16/11, Petaling Jaya, Selangor, 46350, Malaysia

Date of Birth/Age :

02.04.1971

Date of Appointment :

10.05.2010

DIN No.:

02903284

Name :

Mr. Michael Christopher Andaloro

Designation :

Director

Address :

2000 Yunshan Liu, #163 Vizcaya Estates, Shanghal, 201026, China

Date of Birth/Age :

25.12.1963

Date of Appointment :

28.09.2010

DIN No.:

02954587

MAJOR SHAREHOLDERS

AS ON 25.09.2013

Names of Shareholders	No. of Shares
BDP Global Service PTE Limited, Singapore	1625000
Unique Global Logistics Private Limited, India	875000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2013

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	65.00
Bodies corporate	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service provider of BDP Humanitarian Aid, BDP Project Logistic, Chemical Logistic, Import Logistic etc.
Products and Services :	· BDP Humanitarian Aid · BDP Project Logistic · Chemical Logistics · Import Logistics · Lead Logistics Provider · Trade And Security Compliance · Warehousing And Distribution · Transport Services · Domestic Ground Services · Export Logistics Services · Project Logistics Services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	IDBI Bank, Andheri East Branch, Andheri, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	M. L. Bhuwania and Company Chartered Accountants
Address :	Dahanukar Building 5th Floor, 480 Kalbadevi Road, Mumbai – 400002, Maharashtra, India
PAN No.:	AAAFM1380R
Holding Company :	BDP Global Service Pte Limited, Singapore

CAPITAL STRUCTURE

AS ON 25.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	25.000	25.000
(b) Reserves & Surplus	79.824	51.391	16.115
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	104.804	76.391	41.115
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.686
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.686
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	71.251	21.977	19.695
(c) Other current liabilities	2.056	2.751	2.957
(d) Short-term provisions	0.000	0.000	0.866
Total Current Liabilities (4)	73.307	24.728	23.518
TOTAL	178.131	101.119	65.319
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.344	2.193	2.543
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.579	0.701	0.000
(d) Long-term Loan and Advances	5.672	8.297	5.360
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.595	11.191	7.903
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	109.955	39.756	27.415
(d) Cash and cash equivalents	48.335	46.938	28.588
(e) Short-term loans and advances	8.309	1.759	1.118
(f) Other current assets	1.937	1.475	0.295
Total Current Assets	168.536	89.928	57.416
TOTAL	178.131	101.119	65.319

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income (Gross)		656.790	313.864
		Other Income		NA	NA
		TOTAL (A)		NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		NA	NA	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			106.429	52.713	NA
Less	FINANCIAL EXPENSES (D)			0.000	0.000	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			106.429	52.713	NA
Less	DEPRECIATION/ AMORTISATION (F)			1.544	1.312	NA
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			104.885	51.401	NA
Less	TAX (H)			34.321	16.125	NA
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			70.564	35.276	NA
Less	APPROPRIATIONS
			Interim Dividend on Equity Shares	36.250
			Dividend Distribution Tax	5.880
			Transferred to General Reserve	7.056
	BALANCE CARRIED TO THE B/S			49.186	NA	NA
	Earnings Per Share (Rs.)			28.23	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	15.97	16.38	NA
Return on Total Assets (PBT/Total Assets}	(%)	61.74	55.80	NA
Return on Investment (ROI) (PBT/Networth)		1.00	0.67	NA
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.30	3.34	2.44

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 two 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	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 involved in	----------
23]	Banking Details	Yes
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	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: No Charges Exist for company.

FIXED ASSETS:

· Vehicle

· Furniture and Fixture

· Office Equipment

· Computer

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.63.59
UK Pound	1	Rs.101.56
Euro	1	Rs.85.15

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		48

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.