MIRA INFORM REPORT

Report No. :	326771.2
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	FM GLOBAL LOGISTICS (INDIA) PRIVATE LIMITED
Registered Office :	No 59, Empee Towers, First Floor, Pudupet, Chennai- 600017, Tamilnadu
Tel. No.:	91-44-30103800
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.05.2013
Com. Reg. No.:	18-091403
Capital Investment / Paid-up Capital :	Rs. 27.723 Million
CIN No.: [Company Identification No.]	U61200TN2013FTC091403
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEF04437G
PAN No.: [Permanent Account No.]	AACCF1974H
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight Forwarding Services.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 62000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is relatively new company incorporated in the year 2013. The company offers products and services that can overcome global risk management challenges and accommodate commercial property insurance and protection needs. It has a moderated track record. For the financial year ended 2014, the company has incurred losses in its first year of business activities and it has modest net worth. However, the company has sound share capital and performing business on its own funds. Also, it has achieved good sales turnover. Trade relations are reported to be improving. Business is active. Payment terms are slow. The company can be considered for business dealings with some cautions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Shankar Narayanan
Designation :	Account Manager
Contact No.:	91-44-30103800
Date :	11.06.2015

LOCATIONS

Registered Office :	No 59, Empee Towers, First Floor, Pudupet, Chennai- 600017, Tamilnadu, India
Tel. No.:	91-44-30103800
Fax No.:	91-44-28551575
E-Mail :	mukund@fmgloballogistics.com mukundann@hotmail.com indiafinance@fmgloballogistics.com
Website :	http://www.globallogistics.co.in
Corporate Address :	Marwah Industrial Prem. Co-Operative Society Limited, Premises no.111, First Floor, 4, Marwah Estate, Saki Vihar Road, Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-67757000
Fax No.:	91-22-67757099
E-Mail :	info@globallogistics.co.in
Branch Offices :	Located at : · Ludhiana · Bangalore · Ahmedabad · Kolkata · Chennai · New Delhi

DIRECTORS

AS ON 29.09.2014

Name :	Mrs. Sanila Jayaprakash
Designation :	Director
Address :	7 Siglap Road No 02-65, Singapore 448909, Singapore
Date of Birth/Age :	03.02.1971
Date of Appointment :	28.05.2013
DIN No.:	06574256
Name :	Mr. Yang Heng Lam
Designation :	Director
Address :	10 JLN 31/80B, Kota Kemuning Shah Alam, Selangor-40460, Malaysia
Date of Appointment :	28.05.2013
DIN No.:	06575981
Name :	Mr. Chew Chong Keat
Designation :	Director
Address :	No. 4, Lot 157, Jalan Sungai Beranang 32/58 A, Phase 1B, Bukit Rimau, Shah Alam-40460, , MALAYSIA
Date of Appointment :	03.03.2014
DIN No.:	06834319

KEY EXECUTIVES

Name :	Mr. Shankar Narayanan
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Icon Line (Malaysia) SDN BHD, Malaysia	1475201	51.00
Global Enterprises Pte Limited, Singapore	944775	32.66
Jayaprakash pandaikadavil Unnikrishnan	472500	16.34
Total	2892476	100.00

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Freight Forwarding Services.
Products :	---
Brand Names :	---
Agencies Held :	---
Exports :	---
Imports :	---
Terms :
Selling :	Cash and Credit (30 days, 60 days and 90 days)
Purchasing :	Cash and Credit (30 days, 60 days and 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

---

Banking Relations :	--
Auditors :
Name :	Guru and Ram Chartered Accountants
Address :	Shreyas No.26, 9th Street, DR. Radhakrishnan Salai, Mylapore, Chennai- 600004, Tamilnadu, India
Tel. No.:	91-44-28474701/ 02
Fax No.:	91-44-28474703
E-Mail :	gururam@gurumurthy.net
Income-tax PAN of auditor or auditor's firm :	AADFG7126N
Memberships :	--
Collaborators :	--
Holding Company :	· Icon Line (Malaysia) SDN BHD · Global Enterprises Pte Limited, Singapore
Other Enterprises :	· FM Global Logistics (M) SDN BHD · PT. FM Global Logistics

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2892476	Equity Shares	Rs. 10/- each	Rs. 28.925 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2772277	Equity Shares	Rs. 10/- each	Rs. 27.723 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	27.723
(b) Reserves & Surplus	(6.573)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.589
Total Shareholders’ Funds (1) + (2)	21.739
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	8.659
(c) Other current liabilities	2.938
(d) Short-term provisions	0.000
Total Current Liabilities (4)	11.597
TOTAL	33.336
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.047
(ii) Intangible Assets	0.082
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	3.114
(d) Long-term Loan and Advances	2.093
(e) Other Non-current assets	0.000
Total Non-Current Assets	7.336
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	13.631
(d) Cash and cash equivalents	10.030
(e) Short-term loans and advances	0.851
(f) Other current assets	1.488
Total Current Assets	26.000
TOTAL	33.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	28.491
		Other Income	0.104
		TOTAL	28.595
Less	EXPENSES
		TOTAL	37.475
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(8.880)
Less/ Add	DEPRECIATION/ AMORTISATION		0.806
	PROFIT BEFORE TAX		(9.686)
Less	TAX		(3.114)
	PROFIT AFTER TAX		(6.572)
	Earnings Per Share (Rs.)		(2.37)

Expected Sales (2014-2015): Rs. 30.000 Million

The above information has been parted by Mr. Shankar Narayanan (Account Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	NA
Cash generated from operations	NA

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	(23.07)
Return on Total Assets (PBT/Total Assets}	(%)	(32.05)
Return on Investment (ROI) (PBT/Networth)		(0.45)
Debt Equity Ratio (Total Liability/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		2.24

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last one year	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

REVIEW OF OPERATION

The Company has successfully commenced and completed and completed its first year of operations. Commencing operations after incorporation in Chennai, they explored additional opportunities in India and extended their arm to Mumbai and Kolkata during the year. They have been able to witness the immense opportunity in these locations for their business and they step into the second year of operations with their optimism at a high.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from New No 3, Old No 1, L Block 18^th Street, Anna Nagar East, Chennai-600102, Tamil Nadu, India to the present address w.e.f 01.12.2013

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Computers

· Mobile

· Office Equipments

Intangible Assets

Computer Software

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. 63.89
UK Pound	1	Rs. 98.90
Euro	1	Rs. 72.31

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		27

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.