MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Name :	SEABIRD MARINE SERVICES PRIVATE LIMITED
Registered Office :	215/218, Venus Opposite Cricket Bunglow, Jamnagar – 361001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.12.1996
Com. Reg. No.:	031337
CIN No.: [Company Identification No.]	U63010GJ1996PTC031337
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Marine Shipping Agency and Freight Forwarders

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5887168
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Naresh Parekh
Designation :	Director
Contact No.:	91-22-66344444
Date :	06.04.2010

LOCATIONS

Registered Office :	215/218, Venus Opposite Cricket Bunglow, Jamnagar – 361001, Gujarat, India
Tel. No.:	91-288-2554992
Fax No.:	91-288-2554750
E-Mail :	customer@seabirdcfs.com ketan@seabirdcfs.com
Website :	www.seabirdcfs.com
Area :	1000sq.fts (Approximately)
Location :	Owned
Branches :	Plot No. 70-81, Sector-1, Dronagiri Node, Navi Mumbai – 400707, Maharashtra, India
Tel. No.:	91-22-27248600
Fax No.:	91-22-27243601

DIRECTORS

AS ON 07.08.2010

Name :	Mr. Jaysinh Mulji Parekh
Designation :	Director
Address :	C/36, Jayant Society, Jamnagar - 361008
Date of Birth/Age :	18.06.1946
Date of Appointment :	20.12.1996
Name :	Mr. Khatau Mulji Parekh
Designation :	Director
Address :	C/36, Jayant Society, Jamnagar – 361008
Date of Birth/Age :	17.07.1935
Date of Appointment :	22.02.1999
Name :	Mr. Liladhar Damodhar Parekh
Designation :	Director
Address :	15/16, Honey Comb Building, R B Mehta Marg, Ghatkopar (East), Mumbai-400077, India
Date of Birth/Age :	07.10.1939
Date of Appointment :	25.07.2003
Name :	Mr. Bhagwandas Mulji Parekh
Designation :	Director
Address :	Flat no 601, Plot No. 487, Geraldina Villa, 13th Road, Central Avenue, Chembur, Mumbai -400071.
Date of Birth/Age :	11.05.1948
Date of Appointment :	25.07.2003
Name :	Mr. Suryakant Mulji Parekh
Designation :	Director
Address :	4th Floor, Plot No. 487, Geraldina Villa, 13th Road, Central Avenue, Chembur, Mumbai - 400071.
Date of Birth/Age :	27.01.1955
Date of Appointment :	25.07.2003
Name :	Mr. Naresh Khatau Parekh
Designation :	Director
Address :	20, Natraj Building, 357, R. B. Mehta Road, Ghatkopar (East), Mumbai- 400077
Date of Birth/Age :	17.06.1962
Date of Appointment :	25.07.2003
Name :	Mr. Rushikesh Harishchandra Parekh
Designation :	Director
Address :	10/11, Mahesh Kunj, 2nd Floor, Tilak Road, Ghatkopar (East), Mumbai-400077.
Date of Birth/Age :	09.12.1972
Date of Appointment :	25.07.2003
Name :	Mr. Brijesh Bhagwandas Parekh
Designation :	Director
Address :	Flat no 601, Plot No. 487, Geraldina Villa, 13th Road, Central Avenue, Chembur, Mumbai -400071.
Date of Birth/Age :	01.09.1980
Date of Appointment :	10.05.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.08.2010

Names of Shareholders	No. of Shares
Logistics Enterprises Private Limited, Mumbai	665000
Khatau Mulji Parekh and Yogesh Khatau Parekh	344500
Seabridge Maritime Agencies Private Limited, Mumbai	665000
Parekh Marine Agencies Private Limited, Mumbai	665000
Naresh Khatau Parekh and Dipti Parekh	500500
Liadhar Damodhar Parekh and Liadhar Parekh	666250
Harishchandra Mulji Parekh and Rushikesh Harishchandra Parekh	130000
Suryakant Mulji Parekh and Preeti Suryakant Parekh	870350
Bhagwandas Mulji Parekh and Chanda Bhagwandas Parekh	165750
Chetan Jaysinh Parekh and Jhanvi Chetan Parekh	211900
Brijesh Bhagwandas Parekh and Chanda Bhagwandas Parekh	183300
Rushikesh Harishchandra Parekh and Nisha Rushikesh Parekh	326300
Yogesh Khatau Parekh and Zarna Yogesh Parekh	326300
Jaysinh Mulji Parekh and Chetan Jaysinh Parekh and Harsh Jaysinh Parekh	301250
Jaysinh Mulji Parekh (As a Karta )	136500
Harishchandra Mulji Parekh (As a Karta )	146250
Chanda Bhagwandas Parekh and Brijesh Bhagwandas Parekh	146250
Devkaben Liladhar Parekh and Liladhar Damodhar Parekh	48750
Harishchandra Mulji Parekh and Nirav Harishchandra Parekh	181000
Bhagwandas Mulji Parekh (As a Karta)	146250
Nirav Harishchandra Parekh and Heena Nirav Parekh	86800
Harsh Jaysinh Parekh and Khyati Harsh Parekh	86800
Total	7000000

AS ON 07.08.2010

Category	Percentage
Bodies corporate	28.50
Directors or relatives of Directors	71.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Marine Shipping Agency and Freight Forwarders
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

100 (Approximately)

Bankers :

• State Bank of Travancore, Ahmedabad Branch, Ambawadi, Ahmedabad - 380006, Gujarat, India
• State Bank of India, Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan from Bank [The above loan is secured by Equitable Mortagage of Immovable properties and hypothecation of entire plant and machineries & other Movable assets at Dronagiri, Navi Mumbai. ]	77.157	130.963
Total	77.157	130.963

Banking Relations :	--
Auditors :
Name :	M D Pandya and Associates Chartered Accountant
Address :	107-B, Anand Nagar, Forjet Street, Mumbai – 400036, Maharashtra, India
Associates/Subsidiaries :	Seabridge Maritime Agencies Private Limited Orchid Shipping Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Of the above, 25,00,000 equity shares have been allotted as fully paid up bonus shares by utilizing surplus in Profit & Loss Account.

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2010-2011) : Rs.1000.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		70.000	70.000	70.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1401.792	887.716	481.479
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1471.792	957.716	551.479
LOAN FUNDS
1] Secured Loans		77.157	130.963	228.354
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		77.157	130.963	228.354
DEFERRED TAX LIABILITIES		84.696	72.929	56.662
TOTAL		1633.645	1161.608	836.495
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		637.490	675.904	629.437
Capital work-in-progress		0.000	0.000	76.213
INVESTMENT		687.593	419.093	35.055
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	19.156	25.667	32.556
	Cash & Bank Balances	64.427	101.580	120.760
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	530.921	164.578	96.292
Total Current Assets		614.504	291.825	249.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.118	36.671	36.430
	Other Current Liabilities	15.837	18.557	6.060
	Provisions	253.258	170.393	111.943
Total Current Liabilities		306.213	225.621	154.433
Net Current Assets		308.291	66.204	95.175
MISCELLANEOUS EXPENSES		0.271	0.407	0.615
TOTAL		1633.645	1161.608	836.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	836.059	893.786	571.112
		Other Income	43.532	25.416	10.805
		TOTAL (A)	879.591	919.202	581.917
Less	EXPENSES
		Employee Cost	28.457	29.703	24.703
		Operating and Others Expenses	304.382	303.874	238.327
		TOTAL (B)	332.839	333.577	263.030
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		546.752	585.625	318.887
Less	FINANCIAL EXPENSES (D)		10.105	18.762	19.995
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		536.647	566.863	298.892
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.223	44.961	35.765
	PROFIT BEFORE TAX (E-F) (G)		495.424	521.902	263.127
Less	TAX (I)		59.465	74.717	62.802
	PROFIT AFTER TAX (G-I) (J)		554.889	447.185	200.325
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		746.216	392.479	259.603
Less	APPROPRIATIONS
		Transfer to General Reserve	52.500	52.500	26.500
		Dividend	35.000	35.000	35.000
		Tax on Dividend	5.813	5948	5.948
	BALANCE CARRIED TO THE B/S		1207.792	746.216	392.479
	Earnings Per Share (Rs.)		79.27	63.88	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	63.08	48.65	34.42
Net Profit Margin (PBT/Sales)	(%)	59.25	58.39	46.07
Return on Total Assets (PBT/Total Assets}	(%)	39.58	53.93	29.93
Return on Investment (ROI) (PBT/Networth)		0.34	0.54	0.48
Debt Equity Ratio (Total Liability/Networth)		0.26	0.37	0.69
Current Ratio (Current Asset/Current Liability)		2.01	1.29	1.62

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors	37.118	36.671	36.430

Financial result:

Income from operations and other income during 2009-10 was Rs.879.500 Millions (2008-09: Rs.919.200 Millions whereas the profit after tax was Rs.406.300 Millions (2008-09: Rs.447.100 Millions). During the year the Company had undertaken repair and maintenance of container yard and other assets at Dronagiri, JNPT CFS which has predominately restricted the capacity.

Industry Outlook

They expect growth in containerized cargo volume during 2010-11 that should have positive impact on Company’s business and profitability.

Form 8:

This form is for	Modification of charge
Charge identification number of the modified	80004732
Corporate identity number of the company	U63010GJ1996PTC031337
Name of the company	SEABIRD MARINE SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	215/218 Venus Opp Cricketbunglow Jamnagar, Gujarat -361001, India
Type of charge	Movable Property Immovable Property
Particular of charge holder	STATE BANK OF INDIA
Nature of description of the instrument creating or modifying the charge	No due certificate in respect of term loan of Rs. 100.000 Millions Sanctioned by the bank.
Date of instrument Creating the charge	06/11/2008
Amount secured by the charge	Rs.250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rupee Term Loan of Rs.150.000 Millions: 1.50% below SBAR p.a. (minimum 9.50%), at monthly rests, with reset after 2 years of sanction. Terms of Repayment Term loan of Rs.150.000 Millions is to be repaid in 16 quarterly installments as under, starting from 4th quarter of financial year 2007-08: (Rs. in Millions) Year 2007-08 2008-09 2009-10 2010-11 2011-12 Quarter 1 -- 8.800 88.00 8.800 11.800 Quarter 2 -- 8.800 88.00 8.800 11.800 Quarter 3 -- 8.800 88.00 8.800 11.700 Quarter 4 -- 8.800 8.900 8.900 8.900 Margin For Term Loan - 42.31% Bank Guarantee- 10% Extent and Operation of the charge Exclusive first charge of State Bank of India, Commercial Branch, Ahmedabd over entire assets, existing and future, of the Container Freight Station of the company situated at Dronagiri, Navi Mumbai to secure the repayment of the principal amount, all interest, cost, charges, expenses and all other monies payable in respect of the various credit facilities of Rs.250.000 Millions sanctioned to the company. Others
Short particulars of the property charged	All the fixed assets of the company including entire Plant and Machineries and movable assets situated at Plot No 70 to 81, Sector-1, Dronagiri, New Mumbai, and Plot No 106B and 106C Sector-1, Dronagiri, New Mumbai in the State of Maharashtra.
Date of latest modification prior to the present modification	21/08/2007
Particulars of the present modification	Charge for Term loan of Rs.100.000 Millions has been satisfied, now charge stand secured for aggregate credit facilities of Rs. 250.000 Millions over all the fixed assets of the company including entire Plant and Machineries & movable assets situated at Plot No 70 to 81, Sector-1, Dronagiri, New Mumbai, and Plot No 106B and 106C Sector-1, Dronagiri, New Mumbai in the State of Maharashtra.

Fixed Assets:

• Leasehold Land
• Yard
• Buildings
• Plant and Machinery
• Electrical Installments
• Office Equipments
• Yard Equipments
• Computer
• Furniture 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 records 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 records 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.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		60

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.