MIRA INFORM REPORT

Report Date :

26.09.2011

IDENTIFICATION DETAILS

Name :	AFL PRIVATE LIMITED (w.e.f.04.07.2001)
Formerly Known As :	AIRFREIGHT PRIVATE LIMITED AIRFREIGHT LIMITED
Registered Office :	AFL House, Lok Bharti Complex, Maro-Maroshi Road, Andheri (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.04.1947
Com. Reg. No.:	11-005720
Capital Investment / Paid-up Capital :	Rs. 161.139 Millions
CIN No.: [Company Identification No.]	U35300MH1947PTC005720
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19723C/MUMA00180F
PAN No.: [Permanent Account No.]	AAACA5902A/ AABC2213P
Legal Form :	Private limited liability company
Line of Business :	Engaged into the business of Air Services, Air Lines.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track. There appear huge losses incurred by the company in the current year i.e. 2009-10. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office :	AFL House, Lok Bharti Complex, Marol Maroshi Road, Andheri (East), Mumbai-400 059, Maharashtra, India
Tel. No.:	91-22-66463500
Fax No.:	91-22-29206993
E-Mail :	mail@afl.co.in sanjeev.jain@afl.co.in vs.viswanathan@afl.co.in
Website :	www.afl.co.in
Area :	1500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Cyrus Ja,shed Guzder
Designation :	Chairman and Managing Director
Address :	D-11, Seaface Park, 50 B, Desai Road, Mumbai-400 026, Maharashtra, India
Date of Birth/Age :	17.09.1945
Date of Appointment :	19.08.1970
DIN No.:	00080358

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U35300MH1947PTC005720	AFL Private Limited	Managing director	19-08-70	19-08-70	-	Active	NO
2	U99999MH1956PTC009761	N S Guzder And Company Private Limited	Director	11-09-70	11-09-70	-	Active	NO
3	U51209MH1978PLC020456	B P India Limited	Director	30-06-78	30-06-78	-	Active	NO
4	U32301MH1980PTC022502	Mazda Jaygee Electronics (Gandevi) Private Limited	Director	10-04-80	10-04-80	-	Active	NO
5	U67120MH1985PTC037400	Seejay Investments Private Limited	Director	05-09-85	05-09-85	-	Active	NO
6	U51900MH1994PTC077194	Dachser India Private Limited	Director	21-03-94	21-03-94	-	Active	YES
7	U67120MH1985PTC037815	Erangal Investments Private Limited	Director	13-03-98	13-03-98	-	Active	NO
8	U63040MH1998PTC115025	CWT India Private Limited	Director	20-05-98	20-05-98	31-12-10	Active	NO
9	L55101TN1996PLC036595	Mahindra Holidays And Resorts India Limited	Director	07-08-98	07-08-98	-	Active	NO
10	U70101MH1997PLC111936	Zeenia Realtors Limited	Director	09-12-99	09-12-99	-	Active	NO
11	U63090MH2001PTC133173	CYFAST Enterprises Private Limited	Director	28-08-01	28-08-01	-	Active	NO
12	U80302MH2001NPL132936	Spa Education Foundation	Director	28-12-01	28-12-01	-	Active	NO
13	L35110MH1948PLC006472	The Great Eastern Shipping Company Limited	Director	14-03-03	14-03-03	-	Active	NO
14	U72900MH2003PTC143667	Indglobal Network Support Private Limited	Director	26-12-03	26-12-03	-	Active	NO
15	U91990MH2005GAP157317	Association For Protection Of Eco Sensitive Areas	Director	16-11-05	16-11-05	-	Active	NO
16	U63040KA1978PTC050693	Quikjet Cargo Airlines Private Limited	Director	23-10-06	23-10-06	-	Active	NO
17	U27310MH2007PTC166941	BDS Projects India Private Limited	Director	11-01-07	11-01-07	-	Active	NO
18	U28920MH2007PTC173618	Nukote Coating Systems India Private Limited	Director	30-08-07	30-08-07	-	Active	NO
19	U74990MH2008NPL189117	Indian Institute For Human Settlements	Director	23-12-08	23-12-08	-	Active	NO
20	U74900MH2008PTC179695	Rapidair Aviation Services Private Limited	Director	30-09-09	20-06-09	-	Active	NO
21	U45200MH2008PTC179696	CJG Warehouse Infrastructure Private Limited	Director	30-09-09	20-06-09	-	Active	NO
22	U30000MH2010PTC207901	Total Imaging Solutions Private Limited	Director	20-09-10	20-09-10	-	Active	NO

Name :	Mr. Farok Jamshed Guzder
Designation :	Whole Time Director
Address :	132, El-Cid, 13^th Floor, Ridge road, Malabar Hill, Mumbai-400 008, Maharashtra, India
Date of Birth/Age :	13.10.1950
Date of Appointment :	01.05.1981
DIN No.:	00108856

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32301MH1980PTC022502	Mazda Jaygee Electronics (Gandevi) Private Limited	Director	10-04-80	10-04-80	-	Active	NO
2	U99999MH1956PTC009761	N S Guzder And Company Private Limited	Director	01-04-81	01-04-81	-	Active	NO
3	U35300MH1947PTC005720	AFL Private Limited	Whole-time director	01-05-81	01-05-81	-	Active	NO
4	U51209MH1978PLC020456	B P India Limited	Director	05-11-84	05-11-84	-	Active	NO
5	U67120MH1985PTC037395	Jamshed Investments Private Limited	Director	05-09-85	05-09-85	-	Active	NO
6	U51900MH1994PTC077194	Dachser India Private Limited	Director	21-03-94	21-03-94	-	Active	YES
7	U65990MH1998PTC113599	Efgee Securities Private Limited	Director	25-03-98	25-03-98	-	Active	NO
8	U63040MH1998PTC115025	CWT India Private Limited	Director	20-05-98	20-05-98	03-07-07	Active	NO
9	U70101MH1997PLC111936	Zeenia Realtors Limited	Director	09-12-99	09-12-99	-	Active	NO
10	U72900MH2003PTC143667	Indglobal Network Support Private Limited	Director	26-12-06	26-12-06	-	Active	NO
11	U27310MH2007PTC166941	BDS Projects India Private Limited	Director	11-01-07	11-01-07	-	Active	NO
12	U28920MH2007PTC173618	Nukote Coating Systems India Private Limited	Director	30-08-07	30-08-07	-	Active	NO
13	U63090MH2001PTC133173	CYFAST Enterprises Private Limited	Director	30-09-08	22-08-08	-	Active	NO
14	U45200MH2008PTC179696	CJG Warehouse Infrastructure Private Limited	Director	30-09-10	09-06-10	-	Active	NO
15	U30000MH2010PTC207901	Total Imaging Solutions Private Limited	Director	20-09-10	20-09-10	-	Active	NO

Name :	Mrs. Satira Farrokh Wadia
Designation :	Executive Director
Address :	8, Nagar Road, Yaravada, Pune-411 006, Maharashtra, India
Date of Birth/Age :	23.12.1943
Date of Appointment :	20.04.1994
DIN No.:	00108466

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	U35300MH1947PTC005720	Afl Private Limited	Director	01-01-09	20-04-94	Active	NO
2	U99999MH1956PTC009761	N S Guzder And Company Private Limited	Director	14-12-94	14-12-94	Active	NO
3	U24200MH1978PTC020579	Jaygee Pharmaceuticals Private Limited	Director	09-03-98	09-03-98	Active	YES
4	U91990MH2005GAP157317	Association For Protection Of Eco Sensitive Areas	Director	16-11-05	16-11-05	Active	NO
5	U27310MH2007PTC166941	BDS Projects India Private Limited	Director	29-09-09	20-07-09	Active	NO
6	U45200MH2008PTC179696	CJG Warehouse Infrastructure Private Limited	Director	30-09-10	09-06-10	Active	NO
7	U63090MH2001PTC133173	CYFAST Enterprises Private Limited	Additional director	21-02-11	21-02-11	Active	NO

Name :	Mr. Minoo R. Shroff
Designation :	Director
Address :	75, Ashoka Apartments, Nepean Sea Road, Mumbai-400 006, Maharashtra, India
Date of Birth/Age :	28.01.1929
Date of Appointment :	05.03.1991
DIN No.:	00001472

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01110MH1979PLC021159	Amzel Limited	Director	25-02-80	25-02-80	-	Active	NO
2	L99999MH1982PLC026903	Shrenuj And Company Limited	Director	19-12-88	19-12-88	-	Active	NO
3	U35300MH1947PTC005720	AFL Private Limited	Director	05-03-91	05-03-91	-	Active	NO
4	U65990MH1999PTC118686	Zoroastrian Investment Corporation Private Limited	Director	08-03-99	08-03-99	-	Active	NO
5	L27105MP1984PLC002521	Sti India Limited	Director	30-07-99	30-07-99	08-06-09	Active	NO
6	U91110MH1999NPL122154	Centre For Promotion Of Entreprenurship	Director	11-10-99	11-10-99	-	Active	NO
7	U30006TN1991PLC020837	Nagarjuna Oil Corporation Limited	Director	29-03-00	29-03-00	-	Active	NO
8	U40109MP2002SGC015121	Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited	Director	12-09-02	12-09-02	21-09-07	Active	NO

Name :	Mr. Nelum P. Gidwani
Designation :	Director
Address :	92-B, Embassy Apartments, 46, Nepean Sea Road, Mumbai-400 036, Maharashtra India
Date of Birth/Age :	14.02.1941
Date of Appointment :	21.11.2002
DIN No.:	00019776

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65910MH1982PTC028734	Rampart Finance Private Limited	Director	06-04-93	06-04-93	-	Active	NO
2	U74999MH1979PTC021599	Technova Imaging Systems Private Limited	Director	08-07-94	08-07-94	01-09-08	Active	YES
3	U24110MH1952PTC008855	Technova Graphics Private Limited	Director	08-07-94	08-07-94	01-09-08	Active	NO
4	U61100MH1974PLC017161	Tolani Shipping Company Limited	Director	30-09-96	30-09-96	14-11-08	Active	NO
5	U35300MH1947PTC005720	Afl Private Limited	Director	21-11-02	21-11-02	-	Active	NO
6	U66010MH2002PTC138276	Marsh India Insurance Brokers Private Limited.	Director	17-01-03	17-01-03	-	Active	NO
7	U72900MH1980PTC022514	Lastra Niraj Private Limited	Director	12-04-03	12-04-03	01-09-08	Active	NO
8	U65993MH2005PTC155362	India debt management private limited	Director	16-08-05	16-08-05	-	Active	NO
9	U74900MH2007PTC173101	BestPrax Club Private Limited	Director	14-08-07	14-08-07	-	Active	NO
10	U51101MH2008PTC178003	Product Of The Year (India) Private Limted	Director	19-01-08	19-01-08	-	Active	NO
11	U32109MH2009PTC194474	Twenty One Net (India) Private Limited	Director	30-07-09	30-07-09	19-04-11	Active	NO

Name :	Mr. Anurag Vijay Nath Mehra
Designation :	03.06.1967
Address :	800, Sector-14, Faridabad-121 007, Haryana, India
Date of Birth/Age :	03.06.1967
Date of Appointment :	11.08.2008
DIN No.:	01018168

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	U74140DL2004PTC124025	Positron Advisory Services Private Limited	Director	12-01-04	12-01-04	Active	NO
2	U72901DL2006PTC148859	Leaders InfoNet Private Limited	Director	17-05-06	17-05-06	Active	NO
3	U35300MH1947PTC005720	Afl Private Limited	Director	11-08-09	25-03-09	Active	NO
4	U80902DL2010PTC211021	Iact Global Education Private Limited	Director	02-12-10	02-12-10	Active	NO
5	U74120MH2011PTC221100	Positron Consulting Services Private Limited	Director	19-08-11	19-08-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Vallioor Sivaramakrishnan Vishwanathan
Designation :	Company Secretary
Address :	108, Harsha Apartment, Amrut Nagar, Ghatkopar(West), Mumbai-400 086, Maharashtra, India
Date of Birth/Age :	15.01.1952
Date of Appointment :	16.09.2008
PAN No.:	AAFPV0345L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Erangal Investments Private Limited, India	4510564
Statira Farrokh Wadia and Farrokh Framji Wadia	1841226
Farrokh Framji Wadia and Statira Farrokh Wadia	847162
Cyrus Jamshed Guzder and Manek Cyrus Guzder	2318236
Manek Cyrus Guzder and Cyrus Jamshed Guzder	815944
Seejay Investment Private Limited, India	1213993
Farokh Jamshed Guzder and Navaz Farokh Guzder	1539423
Navaz Farokh Guzder and Farokh Jamshed Guzder	655863
Jamshed Investments private Limited, India	705870
Jamshed Nuseerwanji Guzder and Cyrus Jamshed Guzder	565597
Ayesha Cyrus Guzder	1100000
Total	16113878

AS ON 30.09.2010

Category	Percentage
Bodies corporate	39.90
Directors or relatives of Directors	56.59
Other top fifty shareholders	3.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged into the business of Air Services, Air Lines.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· HDFC Bank Limited, 2^nd Floor, Process House, Kamala Mill Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Terms Loan From Banks	388.056	44.167
Working Capital from Banks Others	286.412	313.847
Total	674.468	358.014

Notes

a. Term Loans are secured by a first mortgage of the immovable property of the company situated at AFL How, Marol, Mumbai by depositing the Title deed of this property.

b. Working capital from Banks are secured by joint hypothecation of book debts, present and future and the second charge on the immovable property at AFL House, Mumbai

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Fixed Deposits from:
Director	65.500	65.500
Shareholders	5.540	5.540
Others	130.500	31.750
Total	201.540	102.790

Notes:

*Payable within one year

** Payable on Demand

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Jalan Mill Compound, 95, Ganapatrao Kadam Marg, Mumbai-400 013, Maharashtra, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
Joint Ventures :	· AFL Dachser Private Limited · Franch Express Network Private Limited
Subsidiaries :	Zeenia Realtors Limited CIN No.: U70101MH1997PLC111936
Enterprises owned or significantly influenced by key management personnel or their relatives :	· N. S. Guzder and Company Limited · Erangal Investments Private Limited · Unifreight India Private Limited · Indglobal Network support Private Limited · Positron Advisory Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs. 170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16113878	Equity Shares	Rs.10/- each	Rs. 161.139 Millions

Notes:

(Previous year 12913882 Equity Shares as fully paid up pursuant to a contract for consideration other than cash and 9800000 shares are allotted as fully paid up bonus shares by capitalizing General Reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		161.139	129.139	129.139
2] Share Application Money		0.000	160.000	160.000
3] Reserves & Surplus		507.751	518.540	466.488
4] (Accumulated Losses)		(317.465)	0.000	0.000
NETWORTH		351.425	807.679	755.627
LOAN FUNDS
1] Secured Loans		674.468	358.014	426.599
2] Unsecured Loans		201.540	102.790	71.040
TOTAL BORROWING		876.008	460.804	497.639
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1227.433	1268.483	1253.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		428.347	465.698	520.759
Capital work-in-progress		7.185	1.094	2.993
INVESTMENT		445.530	487.505	291.022
DEFERREX TAX ASSETS		105.662	105.662	105.662
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.852	13.612	12.893
	Sundry Debtors	414.488	466.951	545.325
	Cash & Bank Balances	133.487	102.476	75.990
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	265.312	226.215	274.257
Total Current Assets		826.139	809.254	908.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	381.346	339.680	334.775
	Other Current Liabilities	182.928	243.798	221.604
	Provisions	21.156	17.252	19.256
Total Current Liabilities		585.430	600.730	575.635
Net Current Assets		240.709	208.524	332.830
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1227.433	1268.483	1253.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Revenue	1993.900	2159.000	2102.200
		Other Income	161.500	631.100	530.300
		TOTAL (A)	2155.400	2790.100	2632.500
	EXPENSES
		Operating Costs	1520.100	1534.300	1484.900
		Manpower Costs	477.900	511.400	508.400
		General and Administrative Cost	457.800	528.400	467.700
		Provision for doubtful Debts and Advances	0.000	0.000	72.000
		TOTAL (B)	2455.800	2574.100	2533.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(300.400)	216.000	99.500
	FINANCIAL EXPENSES (D)		83.200	46.300	44.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(383.600)	169.700	55.000
	DEPRECIATION/ AMORTISATION (F)		72.700	101.100	102.600
	PROFIT BEFORE TAX (E-F) (G)		(456.200)	68.600	(47.600)
Less	TAX (I)		0.000	16.500	(12.000)
	PROFIT AFTER TAX (G-I) (J)		(456.200)	52.100	(35.600)
	IMPORTS
		Components & Spares	22.317	28.728	24.155
	TOTAL IMPORTS		22.317	28.728	24.155
	Earnings Per Share (Rs.)		(29.87)	4.03	(2.76)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(21.16)	1.87	(1.35)
Net Profit Margin (PBT/Sales)	(%)	(22.88)	3.18	2.26
Return on Total Assets (PBT/Total Assets}	(%)	(33.54)	4.97	(3.33)
Return on Investment (ROI) (PBT/Networth)		(1.30)	0.08	(0.06)
Debt Equity Ratio (Total Liability/Networth)		4.16	1.31	1.42
Current Ratio (Current Asset/Current Liability)		1.41	1.35	1.58

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Micro, Small and Medium Enterprises	0.000	0.000	0.000
Other than Micro, Small and Medium Enterprises	381.346	339.680	334.775

Note:

Registered office of the company has been shifted from Neville House, Nicol Road, Ballard Estate, Mumbai-400 001, Mumbai, Maharashtra, India to the present address w.e.f.31.08.2006

REVIEW OF BUSINESS OPERATIONS

(i) Express Wiz Division

During the year, the Division achieved significant improvement in the bottom line through enforcing new cost savings initiatives. The revenue line was maintained as compared to previous year even though industry growth rates were under pressure due to recessionary conditions. The Division continues to remain focused on the enterprise business with special emphasis on emerging segments like pharmaceuticals, reverse logistics, tele-communication and e-commerce.

(ii) Logistics Division

During the year, the Logistics Business Division completed full integration of its surface transportation operations with that of Unifreight (India) Private Limited (UFL). This led to consolidation of transport hubs and branches, as well as rationalization in the manpower cost. In Contract Logistics, a few large supply chain network optimization projects have been completed, two of which are in advanced implementation phase. ‘Green Logistics’ and technology as an enabler The Business Unit is now rolling out new safety and environment-friendly policies and practices in anticipation of demand for green logistics. Some of these advances have been made in collaboration with a couple of their marque clients. The Division is also implementing electronic data interchange (EDI) with its client’s ERP such as SAP, with the objective of making all of their track and trace, and order and billing activities, ERPready.

(iii) Cartridge World Division

The Company has exclusive Master franchisee rights of Cartridge World, the world leader in printer cartridge re-conditioning and refilling, for India and the neighboring countries viz. Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives. Cartridge World was founded in Adelaide, South Australia in 1997. With a network of 2000+ stores across 51 countries and annual turnover of over USD 500 Mn, Cartridge World has established itself as the largest retailer of printer cartridge refilling and recharging services.

During the year under review, the Cartridge World Division has opened 25 new, franchisee owned and operated outlets with 78 fully operational Cartridge World outlets as on 31st March 2010. Cartridge World Division was awarded the "Best Master Franchisee of the Year" at the Franchise and Start Retailer Awards 2009.

NATURE OF OPERATIONS:

The company is involved in the following line of business:

a) Logistics: The company provides logistics service which includes surface transport. warehousing and distribution.

b) WIZ division provides domestic and international courier services

c) Airport division is in carting and Delivery Order Department (DOD) services

d) Cartridge World is Master Franchisee of Cartridge World, Australia and is in business of refilling of printer cartridges

FORM 8

Corporate identity number of the company	U35300MH1947PTC005720
Name of the company	AFL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	AFL House, Lok Bharti Complex, Marol Maroshi Road, Andheri (East), Mumbai-400 059, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	FedEx Express Transportation and Supply Chain Services (India) Private Limited, Chemtex House, Hiranandani Gardens, Main Street, Powai, Mumbai-400076, Maharashtra, India
Nature of instrument creating charge	Deed of Mortgage
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs. 1640.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment The Deed of Mortgage is executed to secure the due discharge of the obligations of the Mortgagor to Mortgagee under the Agreement to Sell Business dated 02.11.2010 entered into between Unifreight India Private Limited, the Mortgagor, the promoter shareholders of the Mortgagor and the Mortgagee. Extent and operation of the charge First charge on the mortgaged property as described in Annexure A
Short particulars of the property charged (Including location of the property)	Land and premises situated at Lok Bharati Complex, Marol-Maroshi Road, Andheri (E), Mumbai - 400 059, as described in Annexure A to the attached Deed of Mortgaged dated 22.02.2011.

Fixed Assets:

· Land

· Building

· Furniture and Fixture

· Leasehold land

· Plant and machinery

· EDP 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 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. 49.67
UK Pound	1	Rs. 76.51
Euro	1	Rs. 66.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.