MIRA INFORM REPORT

Report Date :

27.12.2011

IDENTIFICATION DETAILS

Name :	BERNHARD SCHULTE SHIPPING (INDIA) Private Limited
Registered Office :	401, Olympia, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1997
Com. Reg. No.:	11-108257
Capital Investment / Paid-up Capital :	Rs.79.500 Millions
CIN No.: [Company Identification No.]	U63090MH1997PTC108257
TAN No.: [Tax Deduction & Collection Account No.]	MUMB10086G
Legal Form :	Private Limited Liability Company
Line of Business :	The Principal activities of the company include Ship Management and Marine Consultancy Services.
No. of Employees :	250 (Approximately)

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 850000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Bernhard Schulte GmbH and Company KG. it is an established company having satisfactory track. Trade relations are reported as fair. Business is active. 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.

INFORMATION PARTED BY

Name :	Mr. Sunder Pillai
Designation :	Senior Accounts Manager
Contact No.:	91-22-40017353
Date :	26.12.2011

LOCATIONS

Registered Office :	401, Olympia, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-40017300
Fax No.:	91-22-40017333/40014333
E-Mail :	anita.dube@bs-shipmanagement.com paresh.pawar@bs-shipmanagement.com eurasia.mumbai@eurasiagroup.com in-sdc1-man@bs-shipmanagement.com deepak.degadwala@bs-shipmanagement.com
Website :	www.bs-shipmanagement.com
Area :	3500 sq.ft
Location :	Owned
Branches:	Located at: · Delhi · Kolkata · Chennai · Patna · Kochin

DIRECTORS

As on 30.09.2011

Name :

Daniel Trevelyn Joseph

Designation :

Director

Address :

Flat No.52, 5^th Floor, Jasmine Chs. Madhusudan Kalekar Marg, Bandra East, Mumbai – 400051

Date of Birth/Age :

21.12.1945

Date of Appointment :

11.02.2009

DIN No.:

01716572

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L63000MH1988PLC048500	Shreyas Shipping and Logistics Limited	Director	27-09-08	10-09-07	-	Active	NO
2	L63090GJ1998PLC034182	Mundra Port and Special Economic Zone Limited	Director	26-09-08	17-09-07	-	Active	NO
3	U99999MH1986PLC062170	Wartsila India Limited	Director	15-05-08	15-10-07	29-06-10	Active	NO
4	U05005AP1995PLC021217	Ocean Sparkle Limited	Director	30-09-08	19-01-08	-	Active	NO
5	L74899DL1956GOI002674	The State Trading Corporation of India Limited	Director	28-11-08	28-11-08	24-09-09	Active	NO
6	U63090MH1997PTC108257	Bernhard Schulte Shipping (India) Private Limited	Director	11-02-09	11-02-09	-	Active	NO
7	L64200MH1995PLC086354	Tata Teleservices (Maharashtra) Limited	Director	13-08-09	08-05-09	-	Active	NO
8	U63032TN1993PLC026045	West Asia Maritime Limited	Director	26-06-09	01-06-09	-	Active	NO
9	U61100MH1994PLC077152	Shreyas Relay Systems Limited	Director	21-06-10	31-07-09	-	Active	NO
10	U64202DL2007PLC223153	Viom Infra Networks (Maharashtra) Limited	Additional director	15-10-09	15-10-09	21-09-10	Active	NO
11	U60232DL2006GOI155068	Dedicated Freight Corridor Corporation of India Limited	Director	14-05-10	14-05-10	-	Active	NO
12	U45200MH1995PTC094208	Keystone Realtors Private Limited	Director	09-09-10	26-06-10	-	Active	NO
13	U63090KL2011PTC027604	Great Sea Shipping Private Limited	Additional director	07-04-11	07-04-11	-	Active	NO

Name :

Mr. Deepak Kantilal Degadwala

Designation :

Director

Address :

72 Juhu Shangrila CHS Limited, Gulmohar Cross Road No. 11, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

18.04.1967

Date of Appointment :

15.04.2010

DIN No.:

01811195

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090MH1997PTC108257	Bernhard Schulte Shipping (India) Private Limited	Director	15-04-10	30-09-07	-	Active	NO
2	U63040MH1997PTC107134	Eurasia Travel Services Private Limited	Director	15-04-10	01-10-07	-	Active	NO
3	U61100MH2000PTC124110	Bernhard Schulte Shipmanagement (India) Private Limited	Director	15-04-10	01-10-07	-	Active	NO
4	U35110MH1992PTC066706	Paramount Shipping and Management Private Limited	Director	15-04-10	01-10-07	-	Active	NO
5	U72900MH2010PTC207711	BSM Business Solutions Private Limited	Director	16-09-10	16-09-10	-	Active	NO

Name :

Mr. Bodh Nath Prasad

Designation :

Director

Address :

703, Glen Heights, hiranandani Gardens, Powai, Mumbai – 400076

Date of Birth/Age :

15.07.1953

Date of Appointment :

23.12.2009

DIN No.:

01812987

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090MH1997PTC108257	Bernhard Schulte Shipping (India) Private Limited	Director	29-09-07	29-09-07	-	Active	NO
2	U35110MH1992PTC066706	Paramount Shipping and Management Private Limited	Director	29-09-07	29-09-07	-	Active	NO
3	U61100MH2000PTC124110	Bernhard Schulte Shipmanagement (India) Private Limited	Managing director	01-10-08	29-09-07	-	Active	NO
4	U63040MH1997PTC107134	Eurasia Travel Services Private Limited	Director	02-03-09	02-03-09	-	Active	NO
5	U72900MH2010PTC207711	Bsm Business Solutions Private Limited	Director	16-09-10	16-09-10	-	Active	NO

Name :

Mr. King Yan Ma

Designation :

Director

Address :

Flat No.8, 7/F, Block J, Telford Gardens, Kowloon Bay, Hong Kong

Date of Birth/Age :

12.04.1982

Date of Appointment :

01.08.2011

DIN No.:

03626918

Name :

Ho Yee Candy Tam

Designation :

Director

Address :

Flat No.E, 28/F, Block No.7, Oscar by the Sea, No.8, Pung Loi Road, Tseung K wan O, New Territories, Hong Kong

Date of Birth/Age :

31.01.1974

Date of Appointment :

01.08.2011

DIN No.:

03626930

KEY EXECUTIVES

Name :	Ms. Anita Vidyasagar Dube
Designation :	Secretary
Address :	7, Bhagyaswaroop CHS, Near Durga Mandir, Majiwada, Thane West, Thane - 400061
Date of Birth/Age :	22.12.1981
Date of Appointment :	18.07.2008
Pan No.:	AJPPD9590E
Name :	Mr. Bodh Nath Prasad
Designation :	Manager
Address :	703, Glen Heights, hiranandani Gardens, Powai, Mumbai – 400076
Date of Birth/Age :	15.07.1953
Date of Appointment :	23.12.2009
Pan No.:	ASPPP1014Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Share)	No. of Shares
Bernhard Schutle GmbH and Company, Germany	50000
Rama Holdings (L) Limited, Malaysia	25000
TOTAL	75000

Names of Shareholders ( Preference Share)	No. of Shares
Bernhard Schutle GmbH and Company, Germany	480000
Rama Holdings (L) Limited, Malaysia	240000
Total	720000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
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 :	The Principal activities of the company include Ship Management and Marine Consultancy Services.
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	250 (Approximately)
Bankers :	ICICI Bank, Powai Branch, Mumbai

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	6, Karim Chambers, 40, Ambalal Doshi Marg (Hamam Street), Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-40021140 / 22651190 / 22691414 / 22691515
Fax No.:	91-22-22650126
E-Mail :	mumbai@bdolodha.com
PAN.:	AABFL1893K
Holding Company :	Bernhard Schulte GmbH and Company Kg, Hamburg, Germany
Associates Company :	Eurasia Travel Services Private Limited
Subsidiaries :	· Paramount Shipping and Management Private Limited CIN No.: U35110MH1992PTC066706 · Bernhard Schulte Ship management (India) Private Limited (Formerly Eurasia Maritime Management India Private Limited) CIN No.: U61100MH2000PTC124110 · BSM Business Solutions Private Limited
Associate Enterprise :	· Bernhard Schulte Ship management (L) Limited (Formerly known as Eurasia International (L) Limited) · Bernhard Schulte Ship management (HongKong) Limited Partnership Concern with an unlimited liability of the partners (Formerly Eurasia International China Limited Partnership) · Schulte Marine Concept · Schulte Energy Services Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions
1620000	Preference Shares	Rs.100/- each	Rs.162.000 millions
	Total		Rs.169.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares (of which 50000 equity shares are held by Bernhard Schulte GmbH and Company KG, the holding company and its nominee)	Rs.100/- each	Rs.7.500 millions
720000	8% Non-Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 72.000 Millions
	Total		Rs. 79.500 millions

FOOTNOTES

(A) 75,000 Equity Shares of Rs.100 each

(B) 1,620,000 Preference Shares of Rs.100 each

(C) 75,000 Equity Shares of Rupees 100 each, fully paid-up (of which 50,000 Equity Shares are held by Bernhard Schulte GmbH and Company KG, the holding company and 25000 Equity shares are held by Rama Holdings(L) Ltd, an overseas company)

(D) 8% Non Cumulative Shares (720,000 Redeemable Preference Shares of Rs.100 each, fully paid-up (2010:1020000 shares) the balance of 420000 shares are redeemable at par before 29 December 2012, 205000 shares are redeemable at par before 12 November 2013, 95000 shares are redeemable at par before 24 February 2014.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		79.500	109.500	133.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		132.880	92.386	55.058
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		212.380	201.886	188.558
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		0.239	0.290	0.000
TOTAL		212.619	202.176	188.558
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		118.634	125.211	132.156
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.200	5.100	5.100
DEFERREX TAX ASSETS		0.000	0.000	3.188
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	12.023	3.860	12.284
	Cash & Bank Balances	102.409	74.298	53.320
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.943	15.348	14.154
Total Current Assets		120.375	93.506	79.758
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.953	20.059	27.761
	Other Current Liabilities	2.429	1.477	3.733
	Provisions	0.208	0.105	0.150
Total Current Liabilities		31.590	21.641	31.644
Net Current Assets		88.785	71.865	48.114
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		212.619	202.176	188.558

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	INCOME	125.671	122.618	103.896
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	55.969	53.492	28.486
Less/ Add	DEPRECIATION/ AMORTISATION	6.528	6.945	7.363
	PROFIT BEFORE TAX	49.441	46.547	21.132
Less	TAX	8.948	9.220	2.931
	PROFIT AFTER TAX	40.493	37.327	18.201
	EARNINGS IN FOREIGN CURRENCY	NA	3.129	5.086
	Earnings Per Share (Rs.)	539.91	497.71	242.69

Expected Sales (2011-2012): Rs.200.000 Millions

The above information has been parted by Mr. Sunder Pillai (Senior Account)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	20.68	21.28	9.97
Return on Investment (ROI) (PBT/Networth)		0.23	0.23	0.11
Debt Equity Ratio (Total Liability/Networth)		0.15	0.11	0.16
Current Ratio (Current Asset/Current Liability)		3.81	4.32	2.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

PARTICULARS	31.03.2011 RS. IN MILLIONS	31.03.2010 RS. IN MILLIONS	31.03.2009 RS. IN MILLIONS
Sundry Creditors	28.953	20.059	27.761

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

COMPANY BACKGROUND:

Bernhard Schulte Shipping (India) Private Limited ('Company') was incorporated in India on May 27, 1997 under The Companies Act 1956. The principal activities of the Company include ship management and marine consultancy services. The company is a subsidiary of Bernhard Schulte GmbH & Co.KG, Hamburg.

OPERATIONS

The Company had two vessels in the said financial year from Indian Ship Owners under its full management. During the year a measure of achieving greater financial flexibility and facilitating the future growth of the Company, the Company has floated a new Company and invested 100% in its share capital. BSM Business Solutions Private Limited In accordance with the provisions of Section 212 of the Companies Act, 1956, the Accounts and other information of the subsidiaries along with the Accounts of the Company has been annexed to the Accounts of the Company

FUTURE PROSPECTS AND PLANS

The Company will be fully focusing on the management of Indian Flag vessels and will take maximum efforts that will enable the Company to take more Indian flag vessels under its management. DIRECTORS Mr. Deepak Degadwala, Director will be retiring as rotational Director as per clause 125 of the Articles of Association of the Company and being eligible offers himself for re-appointment AUDITORS M/s. Lodha & Co., Chartered Accountants, Mumbai, the present Auditors hold their office until the conclusion of the ensuing Annual General Meeting. The present auditors have confirmed their willingness and eligibility under Section 224(1B) of the Companies Act, 1956 for their re-appointment. The Directors recommend their re-appointment at the ensuing Annual General Meeting for the approval.

Fixed Assets

· Office Premises

· Office Equipments

· Computers

· Furniture and Fixtures

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.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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	YES
--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.