MIRA INFORM REPORT

Report No. :	316107
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	APL LOGISTICS (INDIA) PRIVATE LIMITED (w.e.f. 18.01.2001)
Formerly Known As :	ACS LOGISTICS (INDIA) PRIVATE LIMITED
Registered Office :	247 Park Hincon House B Wing 8^th Floor, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.03.1999
Com. Reg. No.:	11-118974
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U63010MH1999PTC118974
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Providing cargo consolidation services and international freight forwarding services to APL Logistics Limited (Singapore). The Company is also involved in warehouse management and distribution services
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Mr. Pranit Panth, Accounts Manager has denied to disclose any information to us. As per registrar of Companies the date of balance sheet (i.e. financial file) is shown as 31.03.2014 but the document related to the financial for the 2013 and 2014 are not available from any source. As per previous financial record of 2012, the company has incurred huge accumulated losses which has eroded net worth of the company. As per the status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured 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.

EXTERNAL AGENCY RATING

Not Available

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 DENIED BY

Name :	Mr. Pranit Panth
Designation :	Account Manager
Contact No.:	91-22-39890123
Date :	03.04.2015

LOCATIONS

Registered Office :	247 Park Hincon House B Wing 8^th Floor, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra , India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dolphy_lobo@apl.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kam Gia Soh

Designation :

Director

Address :

50 Medway Drive, Singapore - 556550

Date of Birth/Age :

15.08.1956

Date of Appointment :

30.09.2009

DIN No. :

02790663

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	U63010MH1999PTC118974	APL LOGISTICS (INDIA) PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
2	U35110MH1992PTC069543	APL (INDIA) PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
3	U63090MH2006PTC159346	INDIA INFRASTRUCTURE AND LOGISTICS PRIVATE LIMITED	Additional director	03/03/2011	03/03/2011	15/11/2013	Active	NO

Name :

Mr. Siddharth Adya

Designation :

Managing Director

Address :

A-15, Sector 21, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

14.04.1975

Date of Appointment :

01.11.2010

DIN No. :

03197391

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	U51909MH2006PTC162527	Huma Multitrade Private Limited	Director	27/09/2010	17/05/2010	15/04/2013	Active	NO
2	U51909MH2006PTC162930	Chetana Multitrade Private Limited	Director	27/09/2010	17/05/2010	15/04/2013	Active	NO
3	U63090MH2006PTC159346	INDIA INFRASTRUCTURE AND LOGISTICS PRIVATE LIMITED	Director	27/09/2010	20/09/2010	-	Active	NO
4	U63010MH1999PTC118974	APL LOGISTICS (INDIA) PRIVATE LIMITED	Managing director	01/11/2010	01/11/2010	-	Active	NO
5	U60200DL2012PTC232363	APL Logistics Vascor Automotive Private Limited	Director	30/09/2014	12/12/2013	-	Active	NO

Name :

Mrs. Komal Rungruangyot

Designation :

Additional Director

Address :

3721 Moo ban Lad Praw Yothin Pathana, 11 Alley Road, Klong-Chan, Bangkapi, Bangkok, 10240, Thailand

Date of Birth/Age :

13.08.1962

Date of Appointment :

01.04.2014

DIN No. :

06878591

KEY EXECUTIVES

Name :	Mr. Pranit Panth
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
APL Logistics Limited, Singapore	49999
APL Logistics Limited, Europe B.V	1
Total	50000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing cargo consolidation services and international freight forwarding services to APL Logistics Limited (Singapore). The Company is also involved in warehouse management and distribution services
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S. R. Batliboi and Assciates Chartered Accountants
Address :	14^th Floor, The Ruby, 19 Senapati Bapat Marg, Dadar (West), Mumbai – 400026, Maharashtra, India
PAN No.:	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	APL Logistics Company Pte Limited, Singapore

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	(136.734)	(20.422)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(136.234)	(19.922)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	10.388	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.388	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	85.656	25.133
(c) Other current liabilities	731.311	604.049
(d) Short-term provisions	7.984	4.178
Total Current Liabilities (4)	824.951	633.360
TOTAL	699.105	613.438
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.087	20.691
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	16.847	18.244
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	4.137
(d) Long-term Loan and Advances	128.674	97.462
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	190.608	140.534
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	151.808	137.040
(d) Cash and cash equivalents	66.190	89.991
(e) Short-term loans and advances	273.475	196.809
(f) Other current assets	17.024	49.064
Total Current Assets	508.497	472.904
TOTAL	699.105	613.438

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		8.529
4] (Accumulated Losses)		0.000
NETWORTH		9.029
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		9.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.509
Capital work-in-progress		12.991
INVESTMENT		0.000
DEFERRED TAX ASSETS		2.286
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	84.599
	Cash & Bank Balances	54.082
	Other Current Assets	22.285
	Loans & Advances	237.553
Total Current Assets		398.519
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	395.514
	Other Current Liabilities	26.528
	Provisions	4.510
Total Current Liabilities		426.552
Net Current Assets		(28.033)
MISCELLANEOUS EXPENSES
PROFIT AND LOSS ACCOUNT		7.276
TOTAL		9.029

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Income	1231.940	1010.123	665.409
	Other Income	5.743	11.675	34.126
	TOTAL (A)	1237.683	1021.798	699.535
Less	EXPENSES
	Personal expenses			53.631
	Operating and Other expenses			637.047
	TOTAL	1343.003	1044.374	690.678
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(Including Financial and Depreciation)	(Including Financial and Depreciation)	8.857
Less	FINANCIAL EXPENSES			0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			8.856
Less/ Add	DEPRECIATION/ AMORTISATION			5.403
	PROFIT/ (LOSS) BEFORE TAX	(105.320)	(22.576)	3.453
Less	TAX	10.991	(0.902)	1.089
	PROFIT/ (LOSS) AFTER TAX	(116.311)	(21.674)	2.364
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(20.422)	1.252	(1.112)
	Balance Carried to the B/S	(136.733)	(20.422)	1.252
	Earnings / (Loss) Per Share (Rs.)	(2326.22)	(433.48)	47.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	(9.44)	(2.15)	0.36
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	1.33
Return on Total Assets (PBT/Total Assets}	(%)	(15.44)	(3.82)	0.84
Return on Investment (ROI) (PBT/Networth)		0.77	1.13	0.38
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.62	0.75	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	-20.422	-136.734
Net worth	-19.922	-136.234
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	665.409	1010.123	1231.940
		51.805	21.959

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	665.409	1010.123	1231.940
Profit	2.364	(21.674)	(116.311)
	0.36%	(2.15%)	(9.44%)

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	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	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	No
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	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	No

Note:

The Registered office of the company has been shifted Trade Plaza 2^nd Floor 414 Veer Savarkar Marg, Cadell Road, Prbhadevi, Mumbai – 400025, Maharashtra, India to the present address w.e.f. 18.08.2010

BACKGROUND (As on 31.03.2011)

APL Logistics (India) Private Limited ("the Company") was incorporated as ACS Logistics India Private Limited on March 18, 1999. Subsequently, the name was changed to APL Logistics (India) Private Limited 011 January 18, 2001. The Company is part of the NOL Group which is a global transportation company with core businesses involved in container transportation, terminal operations and supply chain management. The Company acts on behalf of APL Logistics Limited (Singapore) to provide cargo consolidation services and international freight forwarding services from 1" January 2009. Up till 31" December 2008 the Company was acting on behalf of APL Logistics Hong Kong Ltd. The Company is also involved in warehouse management and distribution services.

INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

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. 62.59
UK Pound	1	Rs. 92.46
Euro	1	Rs. 67.51

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.