MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	FAR N PAR INDIA PRIVATE LIMITED
Registered Office :	8-2-120/86/9B, 1^st Floor, Luxor Park, Road No-2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.12.1987
Com. Reg. No.:	01-028854
Capital Investment / Paid-up Capital :	Rs. 13.000 Millions
CIN No.: [Company Identification No.]	U63011TG1987PTC028854
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDF00251G
PAN No.: [Permanent Account No.]	AAACF3110B
Legal Form :	Private Limited Liability Company.
Line of Business :	Providing Freight Forwarding and Customs house clearing services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted into dip in profit of the company during financial year 2013. However, the rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Santosh
Designation :	Account Manager
Contact No.:	91-40-67356735
Date :	10.11.2014

LOCATIONS

Registered/ Corporate Office :	8-2-120/86/9B, 1^st Floor, Luxor Park, Road No-2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-44666767
Mobile No.:	Not Available
Fax No.:	91-40-23412520
E-Mail :	bviswanath.ca@gmail.com info@farnpar.com
Website :	http://www.farnpar.com
Branch Office :	Located At : Shamshabad (Hyderabad) Sanath Nagar (Hyderabad) Kukatpally (Hyderabad) Bangalore Chennai Mumbai Vishakhapatnam Krishnapatnam Guntur

DIRECTORS

As On 30.09.2013

Name :

Mr. Devabhaktuni Amarnath

Designation :

Managing Director

Address :

607, Emrald, Amrutha Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India

Date of Appointment :

15.09.1989

DIN No.:

01856229

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	U63011TG1987PTC028854	FAR N PAR (INDIA) PRIVATE LIMITED	Managing director	15/09/1989	15/09/1989	-	Active	NO
2	U72400TG2005PTC045927	MAST INDIA LOGISTICS PRIVATE LIMITED	Managing director	19/04/2005	19/04/2005	-	Active	NO
3	U92120TG2006PTC051794	DEV FILM DREAMS PRIVATE LIMITED	Director	24/11/2006	24/11/2006	-	Active	NO
4	U63013MH1970GAP014685	THE AIR CARGO AGENTS ASSOCIATION OF INDIA	Director	17/09/2010	17/09/2010	25/09/2012	Active	NO

Name :

Mr. Dharma Teja Devabhaktuni

Designation :

Director

Address :

701, Emrald, Amrutha Hills, Punjagutta, Hyderabad - 500082, Andhra Pradesh, India

Date of Appointment :

15.11.2001

DIN No.:

01913176

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	U63011TG1987PTC028854	FAR N PAR (INDIA) PRIVATE LIMITED	Director	15/11/2001	15/11/2001	-	Active	NO
2	U72400TG2005PTC045927	MAST INDIA LOGISTICS PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
3	U45200TG2010PTC068244	OAKRIDGE PROJECTS PRIVATE LIMITED	Director	04/05/2010	04/05/2010	01/03/2013	Active	NO

Name :

Mrs. Naraharisetti Sirusha

Designation :

Additional Director

Date of Appointment :

24.08.2013

DIN No.:

01922211

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	U72400TG2005PTC045927	MAST INDIA LOGISTICS PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
2	U63011TG1987PTC028854	FAR N PAR (INDIA) PRIVATE LIMITED	Additional director	24/08/2013	24/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
D. Amarnath	3500
N. Sirusha	2500
D. Teja	1500
D. Manasa	1000
N. Sakuntala	1000
JPV Prasad	350
K Prasada Rao	350
Suryanarayana	200
B Prabhakar	200
D Narmada	200
R Reddy	200
Ravi Kumar	200
Laxshmi	200
MP Chaitanya	500
Nagesh	150
Babita Rani	50
M Jitendra	150
C. Naren Dayal	250
Y. Shiva Kumar	200
M. Naini	300
Total	13000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Freight Forwarding and Customs house clearing services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

• End Users

Reference :

Company Name :	Aurobindo Pharma Limited
Contact Number :	91-40-66725000
Report :	Constantly Ringing

No. of Employees :

200 (Approximately)

Bankers :

Bank Name :	State Bank of India, City Center Branch, Hyderabad, Andhra Pradesh, India
Phone No.:	91-40-23384001
Report :	Constantly Ringing

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from bank	2.343	0.000
SHORT TERM BORROWINGS
Term loan from banks	49.184	0.000
Total	51.527	0.000

Banking Relations :	--
Auditors :
Name :	Tukaram and Company Chartered Accountants
Address :	3-6-69, Flat No. 209, Venkatrama Towers, Basheerbagh, Hyderabad – 500029, Andhra Pradesh, India
PAN No.:	AAAFT9960E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Must India Logistics, 402, Tapoz, 4^th Floor, Amrytha Hills, Hyderabad – 500082, Andhra Pradesh, India

CAPITAL STRUCTURE

As On: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13,000	Equity Shares	Rs. 1000/- each	Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,000	Equity Shares	Rs. 1000/- each	Rs. 13.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.000	13.000	13.000
(b) Reserves & Surplus	63.138	53.013	41.979
(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)	76.138	66.013	54.979
(3) Non-Current Liabilities
(a) long-term borrowings	3.300	3.615	6.662
(b) Deferred tax liabilities (Net)	1.995	2.419	2.907
(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)	5.295	6.034	9.569
(4) Current Liabilities
(a) Short term borrowings	49.184	58.008	42.794
(b) Trade payables	76.733	119.826	109.640
(c) Other current liabilities	2.776	12.378	2.379
(d) Short-term provisions	11.202	14.845	9.595
Total Current Liabilities (4)	139.895	205.057	164.408
TOTAL	221.328	277.104	228.956
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.851	14.888	15.221
(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	1.962	1.962	1.962
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.705	7.638	8.158
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.518	24.488	25.341
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	144.739	190.120	174.182
(d) Cash and cash equivalents	3.507	18.559	1.565
(e) Short-term loans and advances	44.564	43.537	27.868
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	192.810	252.216	203.615
TOTAL	221.328	276.704	228.956

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1058.627	1149.228	965.209
		Other Income	NA	NA	24.547
		TOTAL	NA	NA	989.547
Less	EXPENSES
		Clearing and forwarding Expenses	NA	NA	178.226
		Custom duty	NA	NA	86.298
		Freight charges	NA	NA	572.134
		Documentation Charges	NA	NA	3.154
		Handling charges	NA	NA	3.532
		Transport charges	NA	NA	87.670
		Employees benefit expenses	NA	NA	19.897
		Other expenses	NA	NA	21.368
		Prior Period Adjustment	NA	NA	0.267
		TOTAL	NA	NA	972.546
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	17.210
Less	FINANCIAL EXPENSES		NA	NA	4.392
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		18.469	13.344	12.818
Less/ Add	DEPRECIATION/ AMORTISATION		3.578	2.980	2.786
	PROFIT/ (LOSS) BEFORE TAX		14.891	10.364	10.032
Less	TAX		4.766	5.289	7.132
	PROFIT/ (LOSS) AFTER TAX		10.125	5.075	2.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.013	41.979	NA
	BALANCE CARRIED TO THE B/S		63.138	53.013	NA
	Earnings / (Loss) Per Share (Rs.)		778.84	NA	0.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.96	0.96	0.30
Operating Profit Margin (PBDIT/Sales)	(%)	0.00	0.00	1.73
Return on Total Assets (PBT/Total Assets}	(%)	6.72	5.89	4.38
Return on Investment (ROI) (PBT/Networth)		0.19	0.24	0.18
Debt Equity Ratio (Total Liability/Networth)		0.69	0.93	0.90
Current Ratio (Current Asset/Current Liability)		1.38	1.23	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.000	13.000	13.000
Reserves & Surplus	41.979	53.013	63.138
Net worth	54.979	66.013	76.138
long-term borrowings	6.662	3.615	3.300
Short term borrowings	42.794	58.008	49.184
Total borrowings	49.456	61.623	52.484
Debt/Equity ratio	0.900	0.933	0.689

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	965.209	1149.228	1058.627
		19.065	(7.884)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	965.209	1149.228	1058.627
Profit	2.900	5.075	10.124
	0.30%	0.44%	0.96%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10004462	01/03/2006	1,000,000.00	STATE BANK OF INDIA	SAIFABAD BRANCH, HYDERBAD, Andhra Pradesh - 500004  , INDIA	A00314195
2	90259705	21/01/2012 *	40,000,000.00	STATE BANK OF INDIA	SIB SAIFABAD BRANCH, HACA BHAVAN,, SAIFABAD, HYDE  RABAD, Andhra Pradesh - 500004, INDIA	B31083926

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loan and advance from related parties	0.857	0.000
Other loans and advance	0.100	3.615
SHORT TERM BORROWINGS
Other loans and advances	0.000	58.008
Total	0.957	61.623

FIXED ASSETS

• Land
• Plant and Machinery
• Factory Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment
• Motor Vehicles
• Computer Equipment
• Other Equipment

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. 61.45
UK Pound	1	Rs. 97.76
Euro	1	Rs. 76.68

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	JYO

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.