MIRA INFORM REPORT

Report Date :

18.04.2011

IDENTIFICATION DETAILS

Name :	SAMSARA SHIPPING PRIVATE LIMITED
Registered Office :	101/102, Technopolis Knowledge Park, Mahakali Caves, Road, Chakala, Andheri (E), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.04.1996
Com. Reg. No.:	11-98936
CIN No.: [Company Identification No.]	U61100mh1996ptc098936
TAN No.: [Tax Deduction & Collection Account No.]	Mums20445f
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing Liner Shopping, Container Liner Services.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1089276
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Payments are reported to be usually 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. K K Shah
Designation :	Account Manager
Contact No.:	91-9323722735
Date :	16.04.2011

LOCATIONS

Registered Office :	101/102, Technopolis Knowledge Park, Mahakali Caves, Road, Chakala, Andheri (E), Mumbai – 400 093, Maharashtra
Tel. No.:	91-22-67579500 / 66965000
Mobile No.:	91-9323722735 (Mr. K K shah)
Fax No.:	91-22-55579598 / 55579599 / 67579599 / 66775000
E-Mail :	cs@samsaragroup.com bhavini@samsaragroup.com cntrmktg@samsaragroup.com communication@samsarashipping.com
Website :	www.samsarashipping.com
Area :	5000 Sq.fts
Location :	Owned

Notes:

subject has 40 Branch Office all over India

DIRECTORS

AS ON : 30.09.2010

Name :

Capt. Gave Khershedji Sarkari

Designation :

Director

Address :

102, Manorama Sadan, 535/B MMC Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

20.02.1955

Qualification

MASTER MARINER

Date of Appointment :

15.06.2004

Name :

Mr. Ashok Kumar Gebilal Jain

Designation :

Director

Address :

801, Glenm Croft, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra

Date of Birth/Age :

01.02.1962

Qualification

MBA/PGDBM

Date of Appointment :

05.03.2003

Name :

Mr. Shyam Kundan L Kapur

Designation :

Director

Address :

501-A, Ridhi Kalyan Complex, Yari Road, Versova, Mumbai – 400 061, Maharashtra

Date of Birth/Age :

13.03.1952

Date of Appointment :

12.11.2001

Name :

Mr. Hameed Ismail Ibrahim

Designation :

Director

Address :

Flat 105, Zomoroddah Building, Post Box 576, Dubai

Date of Birth/Age :

11.04.1945

Date of Appointment :

04.07.1996

Name :

Mr. Mukesh Mahendra Prasad oza

Designation :

Director

Address :

501, Regency North Avenue Road, Santacruz (West), Mumbai – 400 054, Maharashtra

Date of Birth/Age :

17.03.1954

Qualification :

B.A

Date of Appointment :

30.09.2006

Directorship in other companies :

CIN of Company :	U63090mh2005ptc15844
Name :	Hind Freight AGS India Private Limited
Designation :	Director
CIN of Company :	U72100mh2006ptc158750
Name :	Samsara Infotech Private Limited
Designation :	Director
CIN of Company :	U51909MH2005PTC158550
Name :	Sino India Freight Services Private Limited
Designation :	Director
CIN of Company :	U63030mh2003ptc141927
Name :	Hind Terminals Private Limited
Designation :	Director
CIN of Company :	U63000mh2003ptc140842
Name :	Hind Rail Services Private Limited
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Suresh Yeshavant Thakur Desai
Designation :	Secretary
Date of Appointment :	16.06.2008
Date of Ceasing :	10.08.2008
Name :	Mr. K K Shah
Designation :	Account Manager
Name :	Mr. R. K. Sreedhar
Designation :	Chief Financial Officer
Age :	48 Years
Qualification :	B Com, A.C.A.
Date of Appointment :	01-11-2007
Name :	Mr. Sanjay Mehta
Designation :	Marine Manager
Age :	38 Years
Qualification :	MMD, Mumbai
Date of Appointment :	01-11-2008
Name :	Ms. Vinita Venkatesh
Designation :	Vice President - South India
Age :	46 Years
Qualification :	B. A, Pgdm (IIM,A)
Date of Appointment :	17-01-2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON : 30.09.2010

Names of Shareholders	No. of Shares
Mr. Mukesh Oza	11
Capt. Jitendra Misra	11
Transmarine Holding Limited - On Repatriation Basis, Mauritius	773048
Transmarine Holdings limited – Non-Repatriation Basis, Mauritius	1264010
Intermarine Holdings Limited, Mauritius	1183980
Total	3221060

AS ON : 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.99
Directors or relatives of directors		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing Liner Shopping, Container Liner Services.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

1. End Users
2. OEM’s

No. of Employees :

280 (Approximately)

Bankers :

· Standard Chartered Bank, M G Road, Fort, Mumbai, Maharashtra

· HDFC Bank, Andheri (East), Mumbai, Maharashtra

Banking Relations :

----

Auditors :

Name :

Price waterhouse

Chartered Accountants

Address :

252 Veer Savarkar Marg Shivaji Park, Dadar West, Mumbai -400028, , Maharashtra, India

Holding Company :

Transmarine Holding Limited, Mauritius

Associates/Subsidiaries :

Company Name	DIAMOND MARITIME AGENCY PRIVATE LIMITED
CIN No.	U61100MH2000PTC124462
Company Name	SINO INDIA FREIGHT SERVICES PRIVATE LIMITED
CIN No.	U51909MH2005PTC158550
Company Name	DIAMOND SHIPBROKERS PRIVATE LIMITED
CIN No.	U63030MH2006PTC158750
Company Name	SEA TRADE SHIPPING (INDIA ) PRIVATE LIMITED
CIN No.	U61000MH2002PTC138045
Company Name	FAR SHIPPING (INDIA) PRIVATE LIMITED
CIN No.	U61100MH2009PTC190747

CAPITAL STRUCTURE

AS ON: 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3221060	Equity Shares	Rs.10/- each	Rs.32.211 millions

Notes:

(Of the above 2037080 shares are held by Transmarine Holding Limited, Mauritius, the Holding Company and its nominees).

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	400.000

Expected Sales (2010-2011) : Rs.500.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		32.211	32.211	32.211
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		240.108	184.567	165.744
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		272.319	216.778	197.955
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		272.319	216.778	197.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.249	64.793	70.550
Capital work-in-progress		0.154	0.820	0.000
INVESTMENT		2.294	2.194	60.045
DEFERREX TAX ASSETS		7.198	9.293	2.094
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	10.550	16.624	4.862
	Cash & Bank Balances	220.445	177.945	171.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	64.019	51.263	51.567
Total Current Assets		295.014	245.832	227.699
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.764	12.305	3.681
	Current Liabilities	76.028	77.727	151.636
	Provisions	12.798	16.122	7.116
Total Current Liabilities		100.590	106.154	162.433
Net Current Assets		194.424	139.678	65.266
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		272.319	216.778	197.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	330.598	280.301	246.819
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		83.672	33.179	49.080
Less	TAX		28.131	14.357	17.407
	PROFIT AFTER TAX		55.541	18.822	31.673
	EARNINGS IN FOREIGN CURRENCY
		Chartering Income	NA	33.164	15.571
	TOTAL EARNINGS		NA	33.164	15.571
	Earnings Per Share (Rs.)		17.24	5.84	9.83

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	16.80	6.71	12.83
Return on Total Assets (PBT/Total Assets}	(%)	23.03	10.85	16.46
Return on Investment (ROI) (PBT/Networth)		0.31	0.15	0.25
Debt Equity Ratio (Total Liability/Networth)		0.37	0.47	0.82
Current Ratio (Current Asset/Current Liability)		2.93	2.38	1.40

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	11.764	12.305	3.681

FINANCIAL RESULTS

The working during the year resulted in the Income of Rs.330.597 Millions as against Rs.280.300 Millions in the previous year. The Profit Before Tax amounted to Rs.83.672 Millions as against Rs.33.178 Millions in the previous year. After providing Rs.28.130 Millions for Tax, the Profit After Tax amounted to Rs.55.541 Millions as against Rs.18.822 Millions for the previous year. The profit for the year has been carried forward to the next year. With a view to conserve the resources for the future business requirement, the Directors do not recommend any dividend for the year under review.

form 8:-

Name of the company	SAMSARA SHIPPING PRIVATE LIMITED
Presented By	The British Bank of Middle East, 16, veer Nariman Road, Mumbai – 400 023, Maharashtra
1) Date and description of instrument creating the change	Agreement for overdraft / loan against hypothecation of present and future book debts dated 01.10.1996.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 15.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all present and future book debts outstanding bills and moneys receivable of the company together with the benefit of all right relating thereto in favour of the bank as and by way of first charge as security for the payment of the overdraft facility granted by the bank to the company.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest 1% p.a over BBME prime lending rate which is currently at 18% p.a (exclusive of interest Tax ) but subject to revision by the bank at its discretion from time to time. Margin: As may be determined by the bank from time to time.

Fixed assets:

· Office Equipment

· Electrical Installation

· Furniture and Fixtures

· Computers

· Vehicles

· Office Premises

· Computer License

· 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 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.44.52
UK Pound	1	Rs.72.71
Euro	1	Rs.64.41

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	5
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.