BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	FAREDEAL SHIPPING AGENCIES (MUMBAI) PRIVATE LIMITED	Principal Name 1	MR. VIVEK LALCHAND KOTAI
Status	SATISFACTORY	Principal Name 2	MR. SANJAY NANDKUMAR KALRO
		Registration #	11-128187
Street Address	501, SWASTIK DISA CORPORATE PARK, OPPOSITE SHREYAS CINEMA, LBS ROAD, GHATKOPAR (WEST), MUMBAI – 400 086, MAHARASHTRA
Established Date	10.08.2000	SIC Code	--
Telephone#	91-22-40339200 (100 Lines)	Business Style 1	SUBJECT IS ENGAGED IN PROVIDING LOGISTICS SERVICES LIKE AIR FREIGHT, SEA CARGO, ROAD TRANSPORTATION AND WAREHOUSING SERVICES.
Fax #	91-22-40339200	Business Style 2	--
Homepage	www.faredealshipping.com	Product Name 1	--
# of employees	20 (APPROXIMATELY)	Product Name 2	--
Paid up capital	RS.100,000/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	HDFC BANK LIMITED
Public Limited Corp.	NO	Business Period	12 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	43,376,000	Current Liabilities	39,223,000
Inventories	0,000	Long-term Liabilities	1,141,000
Fixed Assets	3,062,000	Other Liabilities	1,566,000
Deferred Assets	50,000	Total Liabilities	41,930,000
Invest& other Assets	3,000	Retained Earnings	4,221,000
		Net Worth	4,561,000
Total Assets	46,491,000	Total Liab. & Equity	46,491,000
Total Assets (Previous Year)	22,177,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	2,359,000
Sales(Previous yr)	NA	Net Profit(Prev.yr)	762,000

MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	FAREDEAL SHIPPING AGENCIES (MUMBAI) PRIVATE LIMITED
Registered Office :	501, Swastik Disa Corporate Park, Opposite Shreyas Cinema, LBS Road, Ghatkopar (West), Mumbai – 400 086, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.2000
Com. Reg. No.:	11-128187
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U63090MH2000PTC128187
TAN No.: [Tax Deduction & Collection Account No.]	MUMF02680G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing logistics services like air freight, sea cargo, road transportation and warehousing services.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 18000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – 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 :	501, Swastik Disa Corporate Park, Opposite Shreyas Cinema, LBS Road, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-40339200 (100 Lines)
Fax No.:	91-22-40339200
E-Mail :	info@faredealshipping.com rakesh@mnrd.com vivek@faredealshipping.com
Website :	http://www.faredealshipping.com
Corporate Office :	424, Nav Vyapar Bhavan, P. D’Mello Road, Carnac Bunder, Masjid (East), Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-23752185 / 95
Fax No.:	91-22-23752182
E-Mail :	fma@vsnl.com
Branch Office :	Located at: v Delhi v Ahmedabad v Pune v Kandla v Chennai v Kolkata
Network :	Located at: v Canada v U.S.A v Mexico v Central America v Carribean v South America v Europe v Mediterranean v Africa v Middle East v Bangladesh v Sri Lanka v Far East Region v China v Japan v Indonesia v Australia v New Zealand

DIRECTORS

As on 26.09.2011

Name :

Mr. Vivek Lalchand Kotai

Designation :

Director

Address :

Happy Valley Home, Phase 10-A-24, Flat 1002, Jiniwadi, Manpada, Thane (West) – 400 607, Maharashtra, India

Date of Birth/Age :

01.12.1971

Date of Appointment :

10.08.2000

Email:

vivek@faredealshipping.com

DIN No.:

02083307

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	U63090MH2000PTC128187	Faredeal Shipping Agencies (Mumbai) Private Limited	Director	10-08-00	10-08-00	Active	NO
2	U63012MH2003PTC139364	Seaspeed Container Lines Private Limited	Director	26-02-03	26-02-03	Active	NO

Name :

Mr. Sanjay Nandkumar Kalro

Designation :

Director

Address :

17/A, Ashoka Palace, 15, S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

25.09.1969

Date of Appointment :

10.08.2000

Email:

sanjay@faredealshipping.com

DIN No.:

02083323

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	U63090MH2000PTC128187	Faredeal Shipping Agencies (Mumbai) Private Limited	Director	10-08-00	10-08-00	Active	NO
2	U63012MH2003PTC139364	Seaspeed Container Lines Private Limited	Director	26-02-03	26-02-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Vivek Lalchand Kotai	5000
Sanjay Nandkumar Kalro	5000
Total	10000

As on 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing logistics services like air freight, sea cargo, road transportation and warehousing services.
Products/ Services :	Freight Receipts Terminal Handling Charges Haulage

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

v The Shamrao Vithal Co-Operative Bank Limited, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India

v Punjab and Maharashtra Co-operative Bank Limited, 264, Gurudwara Building, SBS Marg, Fort, Mumbai – 400 001, Maharashtra, India

v Citi Bank, Mumbai, Maharashtra, India

v HDFC Bank Limited, Mumbai, Maharashtra, India

Facilities :

Secured Loans :	31.03.2011 Rs. In Millions	31.03.2010 Rs. in Millions
From Banks ICICI Motor Vehicle Loan (Secured by Hypothecation of Motor Vehicle)	0.891	0.105
Total	0.891	0.105

Unsecured Loans :	31.03.2011 Rs. In Millions	31.03.2010 Rs. in Millions
- From Others	0.250	0.751
Total	0.250	0.751

Banking Relations :	--
Auditors :
Name :	MNRD and Associates Chartered Accountants
Address :	Room No.2, 3^rd Floor, Abbas Manzil, Sahar Road, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-42369555 (10 Line)
Tele Fax No.:	91-22-42369563
Income-tax PAN of auditor or auditor's firm :	AANFM0177B

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.240	0.000	0.000
3] Reserves & Surplus		4.221	1.862	1.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.561	1.962	1.200
LOAN FUNDS
1] Secured Loans		0.891	0.105	0.258
2] Unsecured Loans		0.250	0.751	1.351
TOTAL BORROWING		1.141	0.856	1.609
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.702	2.818	2.809
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.062	5.069	1.949
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERRED TAX ASSETS		0.050	0.005	0.032
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	9.786	4.685	1.493
	Cash & Bank Balances	18.684	3.143	2.783
	Other Current Assets	0.000	0.000	4.917
	Loans & Advances	14.906	9.272	5.617
Total Current Assets		43.376	17.100	14.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.427	18.087	10.088
	Other Current Liabilities	7.796	0.922	3.460
	Provisions	1.566	0.350	0.437
Total Current Liabilities		40.789	19.359	13.985
Net Current Assets		2.587	(2.259)	0.825
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.702	2.818	2.809

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	65.220
		Other Income	NA	NA
		TOTAL	NA	NA	65.220
Less	EXPENSES
		Office Expenses	NA	NA	64.461
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	64.461
	PROFIT BEFORE TAX		3.215	1.139	0.759
	TAX		0.856	0.377	0.413
	PROFIT AFTER TAX		2.359	0.762	0.346
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.862	1.100	0.754
	BALANCE CARRIED TO THE B/S		4.221	1.862	1.100
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	7.503
	TOTAL EARNINGS		NA	NA	7.503
	Earnings Per Share (Rs.)		235.90	76.20	34.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	0.53
Return on Total Assets (PBT/Total Assets}	(%)	6.92	5.14	4.53
Return on Investment (ROI) (PBT/Networth)		0.70	0.58	0.63
Debt Equity Ratio (Total Liability/Networth)		9.19	10.30	13.00
Current Ratio (Current Asset/Current Liability)		1.06	0.88	1.06

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from Oberoi Garden Estate, C–1114-1115, 1^st Floor, Off Saki Vihar Road, Chandivli, Andheri (East), Mumbai - 400 072, Maharashtra, India to present address w.e.f. 10.03.2010.

OPERATIONS:

The Company has earned Net Profit (After Tax) of Rs.2.359 millions during the year, as compared to Previous Year of Rs.0.762 million.

FORM 8:

Name of the company	FAREDEAL SHIPPING AGENCIES (MUMBAI) PRIVATE LIMITED
Presented By	The Shamrao Vithal Co-operative Bank Limited, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
1) Date and description of instrument creating the change	No instrument was executed. However the equitable mortgage has been created, by way of deposit of title deeds, on 17.05.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All that piece and parcel of land being the Unit Nos. 1114 and 1115, admeasuring 770 sq. ft. situated on the 1^st Floor of the Building known as “Oberoi Garden Estates” situate on the land bearing CTS Nos. 47, 47/1 to 47/20 Village Chandivali, Taluka Kurla, Mumbai, belonging to the Borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure the dye repayment of Cash Credit facility together with interest, costs, charges and expenses thereon, granted by the Bank to the Borrower.
5) Name and Address and description of the person entitled to the charge.	The Shamrao Vithal Co-operative Bank Limited, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

FIXED ASSETS:

v Office Equipments

v Building

v Computers

v Motor Vehicles

v Furniture and Fixtures

WEBSITE DETAILS:

PROFILE:

Subject, a non-vessel owning common carrier (NVOCC) / Freight Forwarding company. The company provides FCL and LCL services to worldwide destinations backed with professional marketing and reliable operations.

Subject was formed in April 1999 with a view to offer personalized logistic services for corporate by leveraging the experience and expertise of its promoters in various areas of shipping, freight forwarding and transportation. In a short time the company has created a profitable niche for itself.

Their strength lies in their professional personnel, dedicated teamwork and their skills of understanding customer requirements.

Their experienced and efficient staff ensures that the cargo is moved expeditiously satisfied employees make satisfied customers and to that end they consider theirselves a people company. They aim to be more than just an intermediary they aim to be an important and reliable link in the supply chain. Giving value and weight age to their staff and management alike. An open door policy is in force giving immense interaction and communication between management and staff.

Their endeavor is to be more than freight forwarder. They aim to be reliable partners to their clients.

They take complete charge for the cargo as a Multimodal Transport Operator and cater to destinations in Europe, Far East, U.S.A., Canada, and Middle East. They issue their own MTO Bill of Lading and have an arrangement with overseas agents to look the other interest in a most professional manner. Even a small parcel of one CBM will be accepted and forwarded to the destination required by the shipper. That's their speciality.

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.