MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	APOLLO INTERNATIONAL LIMITED
Registered Office :	Office No. 303, Third Floor, DLF Courtyard, Saket, New Delhi – 110017
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.08.1994
Com. Reg. No.:	55-061080
Capital Investment / Paid-up Capital :	Rs. 165.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC061080
PAN No.: [Permanent Account No.]	AAACA6447N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Quality Leather Apparel and Accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 4890000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The balance sheet of the company is not available. The company has incurred loss from its operations during 2012. However, trade relations are fair. Business is active. Payment terms are 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based facilities : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 2013

Rating Agency Name	ICRA
Rating	Non fund based limits :BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2013

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 :	Office No. 303, Third Floor, DLF Courtyard, Saket, New Delhi – 110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pramendrat@apolloindia.com
Website :	http://www.apolloleather.com
Factory .:	C-48, Sector – 58, Noida – 201301, Uttar Pradesh, India
Tel. No :	91-120-2588552 / 4
Fax No.:	91-120-2588551
E-Mail :	info@apolloleather.com
Head Office :	Plot No.20, Sector 44, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-6740200

DIRECTORS

As on : 25.09.2012

Name :

Mr. Raaja Kanwar

Designation :

Managing Director

Address :

1/30, Shanti Niketan, Near Moti Baugh, New Delhi – 110021, India

Date of Birth/Age :

04.02.1970

Qualification :

MBA

Date of Appointment :

06.06.2012

DIN No.:

00024402

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Managing director	06-06-12	15-12-94	-	Active	NO
2	U74899DL1995PLC068740	TRAVEL TRACKS LIMITED	Director	14-07-95	14-07-95	22-02-08	Active	NO
3	L25111KL1972PLC002449	APOLLO TYRES LIMITED.	Director	19-09-02	19-09-02	17-05-10	Active	NO
4	U72900DL2003PLC119786	ENCORP E-SERVICE LIMITED	Director	07-04-03	07-04-03	04-03-08	Active	NO
5	U19090DL2004PTC129691	AR SPA ENTERPRISES PRIVATE LIMITED	Director	06-10-04	06-10-04	-	Active	NO
6	U92120DL2005PLC135845	UFO MOVIEZ LIMITED	Nominee director	22-12-06	05-05-05	-	Amalgamated	NO
7	U22120DL2004PLC164728	UFO MOVIEZ INDIA LIMITED	Director	13-05-05	13-05-05	-	Active	NO
8	U72900MH2005PTC154979	MAC SOLUTIONS PRIVATE LIMITED	Director	02-08-05	02-08-05	12-08-05	Active	NO
9	U74899DL2005PTC140965	UFO SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	20-09-05	20-09-05	29-09-10	Active	NO
10	U74999DL2007PLC158296	APOLLO LOGISOLUTIONS LIMITED	Additional director	03-03-07	03-03-07	-	Amalgamated	NO
11	U63000MH1999PTC121100	TREND CONTAINER SERVICES PRIVATE LIMITED	Director	29-09-08	19-07-07	15-12-09	Active	NO
12	U63012MH1999PTC121099	MODAL CONTAINER SERVICES PRIVATE LIMITED	Director	29-09-08	19-07-07	15-12-09	Active	NO
13	U63020DL1989PLC174286	APOLLO LOGISOLUTIONS LIMITED	Managing director	01-04-13	19-07-07	-	Active	NO
14	U85100DL2010PTC200694	SILVERMAPLE HEALTHCARE SERVICES PRIVATE LIMITED	Director	29-09-12	03-09-12	-	Active	NO
15	U63090DL2012PTC244255	APOLLO FIEGE INTEGRATED LOGISTICS PRIVATE LIMITED	Additional director	03-11-12	03-11-12	-	Active	NO

Name :

Mr. Vivek Bharati

Designation :

Director

Address :

C-5/43, Safdarjung Development Area, Delhi – 110016, India

Date of Birth/Age :

28.08.1955

Qualification :

BA (Hons) Economics, MA Economics

Date of Appointment :

28.12.2005

DIN No.:

00035336

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Director	28-12-05	28-12-05	-	Active	NO
2	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Director	29-09-08	27-03-08	-	Amalgamated	NO
3	U63020DL1989PLC174286	APOLLO LOGISOLUTIONS LIMITED	Director	24-09-12	27-07-12	-	Active	NO

Name :

Mr. Naveen Kapur

Designation :

Whole-time Director

Address :

A-20/1 GF, SFS Flats, Saket, New Delhi – 110017, India

Date of Birth/Age :

04.05.1958

Date of Appointment :

25.09.2012

DIN No.:

00024538

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Whole-time director	25-09-12	20-09-04	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Gupta
Designation :	Secretary
Address :	88 I, South City II, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	27.03.1965
Date of Appointment :	06.09.1994
PAN No.:	AAUPG0912H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on ; 25.09.2012

Names of Shareholders	No. of Shares
Onkar S Kanwar	1408000
Raaja Kanwar	2055000
Apollo Finance Limited, India	10150000
Amit Dyechem Private Limited, India	2886700
Rakesh Gupta	100
Harish Bahadur	100
Kewal Krishan Malhotra	100
Total	16500000

Equity Share Break up (Percentage of Total Equity)

As on ; 25.09.2012

Category	Percentage
Bodies corporate	79.02
Directors or relatives of Directors	20.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Quality Leather Apparel and Accessories.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Mysore, 3,4 and 5 D, D.A, Building, Nehru Place, New Delhi – 110019, Delhi, India

· PNB Housing Finance Limited, 9TH Floor, Antriksh Bhawan, 22 K G Marg, New Delhi – 110001, India

Facilities :

Rs in Millions

SECURED LOAN	31.03.2012	31.03.2011
Working Capital Loans	--	404.307
Total	--	404.307

Note :

(A) Packing Credit-The above facilities are secured by first charge on the entire current assets of the existing business divisions of the Company on pari passu basis with other lenders in the consortium and second charge on the entire fixed assets of the existing business divisions of the Company on pari passu basis.

(B) Packing Credit-The above facilities are secured by first charge on the entire current assets of the existing business divisions of the Company on pari passu basis with other lenders in the consortium and second charge on the entire fixed assets of the existing business divisions of the Company on pari passu basis.

Auditors :	Not Available
Subsidiaries (31.03.2011) :	· Apollo Logisolutions Limited, India CIN No :U63020DL1989PLC174286 · Modal Container Services Private Limited, India · Glassdoor Entertainment Limited, India CIN No :U92490DL2007PLC159794 · Trend Container Services Private Limited, India CIN No :U63000MH1999PTC121100 · CLS Logistics Private Limited, India CIN No : U63000HR2010PTC040468 · Apollo International Pte. Limited, India
Associates (31.03.2011) :	· Apollo Finance Limited, India CIN No : U65923DL1995PLC064163 · UFO Moviez India Limited, India CIN No : U22120DL2004PLC164728 · Apollo International (FZC), Sharjah, · Vinayak Infosys Pvt. Ltd., India CIN No : U72200DL1999PTC099475 · Cosmic Investments Limited, India CIN No : U65100DL1998PLC095123 · Encorp E - Service Limited, India CIN No : U72900DL2003PLC11978 · Apollo International Trading, LLC, UAE · Sargam Consultants Private Limited, India CIN No : U74140DL1998PTC096019 · Apollo Tyres Limited, India CIN No : L25111KL1972PLC002449 · Travel Tracks Limited, India CIN No : U74899DL1995PLC068740

CAPITAL STRUCTURE

As on ; 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	Rs. 10/- each	Rs. 165.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		165.000	165.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1058.920	860.921
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1223.920	1025.921
LOAN FUNDS
1] Secured Loans		404.307	164.014
2] Unsecured Loans		49.343	0.000
TOTAL BORROWING		453.650	164.014
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1677.570	1189.935
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.752	58.415
Capital work-in-progress		48.684	18.471
INVESTMENT		474.018	762.102
DEFERRED TAX ASSETS		7.452	3.921
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.109	112.204
	Sundry Debtors	557.517	116.114
	Cash & Bank Balances	558.169	70.841
	Other Current Assets	0.000	0.000
	Loans & Advances	638.492	733.725
Total Current Assets		1834.287	1032.884
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	619.544	421.551
	Other Current Liabilities	46.955	143.431
	Provisions	111.124	68.906
Total Current Liabilities		777.623	685.858
Net Current Assets		1056.664	347.026
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1677.570	1189.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1506.189	3647.230	2961.186
		Other Income	48.611	254.430	107.679
		TOTAL (A)	1554.800	3901.660	3068.865
Less	EXPENSES
		Cost of Materials Consumed	251.520	266.397
		Purchases of Stock in Trade	170.135	956.571
		Changes in Inventories of Finished Goods	19.731	53.371
		Employees Benefits Expenses	161.323	201.283
		Other Expenses	1072.446	2067.185
		TOTAL (B)	1675.155	3544.807	2890.119
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(120.355)	356.853	178.746
Less	FINANCIAL EXPENSES (D)		28.531	89.697	30.159
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(148.886)	267.156	148.587
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.743	12.283	11.657
	PROFIT BEFORE TAX (E-F) (G)		(158.629)	254.873	136.930
Less	TAX (H)		(50.204)	28.109	44.999
	PROFIT AFTER TAX (G-H) (I)		(108.425)	226.764	91.931
	Earnings Per Share (Rs.)		(6.57)	(13.74)	5.77

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.97)	5.81	2.99
Net Profit Margin (PBT/Sales)	(%)	(10.53)	6.99	4.62
Return on Total Assets (PBT/Total Assets}	(%)	0.00	13.24	12.55
Return on Investment (ROI) (PBT/Networth)		0.00	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		0.00	0.37	0.16
Current Ratio (Current Asset/Current Liability)		0.00	2.36	1.51

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 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	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	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	Yes

UNSECURED LOAN :

Rs. in Millions

Particulars	31.03.2012	31.03.2011
Working Capital Loans	--	49.343
Total	--	49.343

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U74899DL1994PLC061080
Name of the company	APOLLO INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 303, Third Floor, DLF Courtyard, Saket, New Delhi – 110017 Email : pramendrat@apolloindia.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	PNB Housing Finance Limited, 9TH Floor, Antriksh Bhawan, 22 K G Marg, New Delhi – 110001, India Email : sanjay.jain@pnbhfl.com CIN No : U65922DL1988PLC033856
Nature of instrument creating charge	Loan Agreement
Date of instrument Creating the charge	17.11.2012
Amount secured by the charge	Rs. 77.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per sanction letter dated.25.10.2012 Terms of repayment : As per sanction letter dated.25.10.2012 Margin : As per sanction letter dated.25.10.2012 Extend and operation of the charge : First Charge on the following two properties:- 1.Office No.303, 3rd Floor, DLF Place, plot no.A-4, Distt Center, Saket, New Delhi, India 2.Apartment No.1815, The Magnolias, DLF City, Gurgaon, Haryana, India
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1.Office No.303, 3rd Floor, DLF Place, plot no.A-4, Distt Center, Saket, New Delhi, India 2.Apartment No.1815, The Magnolias, DLF City, Gurgaon, Haryana, India

FIXED ASSETS :

· Land and Building

· Plant and Machinery

· Office Equipments

· Furnitures and Fixtures

· Vehicles

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. 58.74
UK Pound	1	Rs. 91.99
Euro	1	Rs. 78.70

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--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	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		32

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.