MIRA INFORM REPORT

Report No. :	321362
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	APOLLO FIEGE INTEGRATED LOGISTICS PRIVATE LIMITED
Registered Office :	Office No. 303, Third Floor, DLF Courtyard, Saket, Delhi – 110017
Tel. No.:	91-11-246740200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.10.2012
Com. Reg. No.:	244255
Capital Investment / Paid-up Capital :	Rs. 156.114 Million
CIN No.: [Company Identification No.]	U63090DL2012PTC244255
TAN No.: [Tax Deduction & Collection Account No.]	DELA31733C
PAN No.: [Permanent Account No.]	AALCA0748D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of rendering end to end logistics services comprising of activities related to consolidation of cargo, transportation, freight forwarding and customs clearance services to its customers
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is joint venture between “APOLLO LOGISOLUTIONS LIMITED” and “FIEGE INTERNATIONAL BETEILIGUNGS GMBH” with shareholding in a ratio of 60:40. It is an established company having satisfactory track record. The company has incurred accumulated loss during 2014. However, rating takes into account the credit enhancement in the form of an unconditional and irrevocable corporate guarantee provided by Apollo Logisolutions Limited to subject company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of strong financial support from Apollo Logisolutions Limited, 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long term bank facilities: BBB (SO)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.01.2015

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 DECLINED BY

Name :	Ms. Kanika
Designation :	Office Executive
Contact No.:	91-124-6740200
Date :	08.05.2015

LOCATIONS

Registered Office :	Office No. 303, Third Floor, DLF Courtyard, Saket, Delhi – 110017, India
Tel. No. :	91-11-246740200
Fax No. :	91-11-244197222
E-Mail :	secretarialggn@gmail.com asachdev@apolloindia.com
Website :	www.apollofiege.com www.azfreight.com
Head Office :	Plot No-20, Sector – 44, Gurgaon - 122002, Haryana India
Tel. No. :	91-124-6740200/ 300
Branch Office :	Located at · Bangalore · Hyderabad · Mumbai

DIRECTORS

As on 12.09.2014

Name :	Mr. Srisivaprasad Pisipati
Designation :	Director
Address :	Unit No. 1001, Block B4, World Spa, Sector - 40, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	01.07.1967
Date of Appointment :	03.11.2012
DIN No. :	00024426
Name :	Jan Hugo Josef Fiege
Designation :	Director
Address :	Fichtestrasse 2, Berlin, 10967, Germany
Date of Birth/Age :	18.04.1981
Date of Appointment :	11.02.2013
DIN No. :	06494783
Name :	Mr. Ajay Milhotra Kumar
Designation :	Director
Address :	C-8, Defence Colony, New Delhi, New Delhi - 110024, , India
Date of Birth/Age :	24.08.1965
Date of Appointment :	21.11.2013
DIN No. :	06556815

KEY EXECUTIVES

Name :	Ajay Milhotra Kumar
Designation :	Manager
Address :	C - 8, Defence Colony, New Delhi - 110024, India
Date of Birth/Age :	24.08.1965
Date of Appointment :	21.11.2013
PAN No. :	AAFPM6255J
Name :	Arjun Vohra
Designation :	Chief Executive Officer
Name :	Ms. Kanika
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2014

Names of Shareholders	No. of Shares
Pradeep Chugh	1
Vanita Taneja	1
Apollo Logisolutions Limited, India	9366838
Sanjiv Kumar Kothari	1
Pramendra Tomar	1
Pravindra Kumar Agarwal	1
Fiege International Beteiligungs Gmbh, Germany	6244562
Total	15611405

*Beneficial Interest held by Apollo Logisolutions Limited, India

Allottees as on 11.11.2014

Names of Allottee	No. of Shares
Apollo Logisolutions Limited, India	1000000
Total	1000000

Allottees as on 14.01.2015

Names of Allottee	No. of Shares
Fiege International Beteiligungs Gmbh, Germany	123533
Total	123533

As on 12.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of rendering end to end logistics services comprising of activities related to consolidation of cargo, transportation, freight forwarding and customs clearance services to its customers
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Name of the Person (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

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans taken for vehicles	4.588	0.000
Total	4.588	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7Th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase-2, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	--
Collaborators :	--
Holding Company :	Apollo Logisolutions Limited, India CIN No.: U63020DL1989PLC174286
Ultimate Holding Company :	Apollo Finance Limited, India CIN No.: U65923DL1995PLC064163
Subsidiary Company :	AF Ferrari Secure Logitech Private Limited CIN No.: U63090DL2013PTC261068
Fellow Subsidiary Companies :	· Apollo International Limited CIN No.: U74899DL1994PLC061080 · Kailash Shipping Services Private Limited CIN No.: U35110TN1985PTC012326 · Apollo International FZC · Dusk Valley Technologies Limited CIN No.: U74899DL1998PLC093810
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives:	Fiege International Beteiligungs GMBH
Other Related Parties:	· Fiege Antwerpen NV · Fiege Eastern Europe GMBH · Fiege International Freight Forwarder China Co Limited · Fiege KFT · Fiege Logistica Svzzera SA · Fiege Logistiques (Suisse) SA · Fiege Logistics(Switzerland) Limited · Fiege Logistics Italia SPA · Fiege Logistics Italia SRL · Fiege Logistik (Scweiz) AG · Fiege Logistik France · Fiege Logistik Stiftung & Co.KG · Fiege Ltd · Fiege SRO · Fiege SAS · Fiege SP Zoo

CAPITAL STRUCTURE

After 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16,734,938	Equity Shares	Rs.10/- each	Rs. 167.349 Million

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs.10/- each	Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,611,405	Equity Shares	Rs.10/- each	Rs. 156.114 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	156.114	81.575
(b) Reserves & Surplus	(68.510)	25.016
(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)	87.604	106.591
(3) Non-Current Liabilities
(a) Long-term Borrowings	4.588	0.000
(b) Deferred Tax Liabilities (Net)	0.000	0.000
(c) Other Long Term Liabilities	0.000	0.000
(d) Long-Term Provisions	7.829	1.957
Total Non-Current Liabilities (3)	12.417	1.957
(4) Current Liabilities
(a) Short term Borrowings	98.621	22.667
(b) Trade Payables	175.366	35.594
(c) Other Current Liabilities	59.799	9.484
(d) Short-Term Provisions	0.371	0.019
Total Current Liabilities (4)	334.157	67.764
TOTAL	434.178	176.312
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	34.065	4.004
(ii) Intangible Assets	0.622	0.000
(iii) Capital Work-in-progress	0.000	0.000
(iv) Intangible Assets under Development	0.000	0.000
(b) Non-Current Investments	3.000	0.000
(c) Deferred Tax Assets (net)	0.000	0.000
(d) Long-Term Loan and Advances	33.281	6.260
(e) Other Non-Current Assets	0.075	0.075
Total Non-Current Assets	71.043	10.339
(2) Current Assets
(a) Current Investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade Receivables	286.276	52.585
(d) Cash and Cash Equivalents	32.982	107.716
(e) Short-Term Loans and Advances	39.219	5.095
(f) Other Current Assets	4.658	0.577
Total Current Assets	363.135	165.973
TOTAL	434.178	176.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1207.413	58.655
		Other Income	9.119	0.771
		TOTAL	1216.532	59.426
Less	EXPENSES		1384.597	110.985
	PROFIT/ (LOSS) BEFORE TAX		(168.065)	(51.559)
Less	TAX		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(168.065)	(51.559)
	EARNINGS IN FOREIGN CURRENCY
		Sale of Services	62.340	1.159
	TOTAL EARNINGS		62.340	1.159
	Earnings / (Loss) Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	(13.92)	(87.90)
Return on Total Assets (PBT/Total Assets}	(%)	(38.98)	(29.24)
Return on Investment (ROI) (PBT/Networth)		(1.92)	(0.48)
Debt Equity Ratio (Total Debt/Networth)		1.18	0.21
Current Ratio (Current Asset/Current Liability)		1.09	2.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	81.575	156.114
Reserves & Surplus	25.016	(68.510)
Net worth	106.591	87.604
long-term borrowings	0.000	4.588
Short term borrowings	22.667	98.621
Total borrowings	22.667	103.209
Debt/Equity ratio	0.213	1.178

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	58.655	1207.413
		1,958.500

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	58.655	1207.413
Profit	(51.559)	(168.065)
	(87.90%)	(13.92%)

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10563148	10/10/2014	441,700.00	YES BANK LIMITED	9TH FLOOR, DISCOVERY OF INDIA, NEHRU CENTRE,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, INDIA	C50412857
2	10444642	18/06/2014 *	160,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	C07840929

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Rupee term loans from banks	78.586	0.000
Loans and advances from others	20.035	22.667
Total	98.621	22.667

GENERAL INFORMATION ABOUT COMPANY

The Company was incorporated on 31 October, 2012. The Company is a subsidiary of Apollo Logisolutions Limited.

The Company is engaged in business of rendering end to end logistics services comprising of activities related to consolidation of cargo, transportation, freight forwarding and customs clearance services to its customers. The main activities of the Company were started on 18 February 2013.

These financial statements have been prepared for the year ended 31 March, 2014. Previous period figures represents amount for the period from 31 October, 2012 (date of incorporation of the Company) to 31 March, 2013 and hence not comparable with the current year figures.

FINANCIAL PERFORMANCE

The Directors have pleasure to inform that the Company crossed a turnover of landmark to Rs.100.00 Crores in first full year of business operation.The loss incurred by the Company is in line with the estimates of the management.

MANAGEMENT DISCUSSION AND ANALYSIS

The Company is operating in an environment that is becoming more and more competitive. As it gets into the expansion mode, it is poised to exploit several new opportunities along its way. The Company is planning for both Organic and inorganic growth and poised for a rapid expansion to enhance its foot print in the logistics business across the country. Currently the company is looking at certain strategic options to have foothold in the domestic market and as a first step towards same growth by recourse to alliances, through enhancing its network of alliances.

FIXED ASSETS

Tangible assets

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

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. 64.05
UK Pound	1	Rs. 99.04
Euro	1	Rs. 71.76

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.