MIRA INFORM REPORT

Report Date :

14.07.2011

IDENTIFICATION DETAILS

Name :	INTERPORT GLOBAL LOGISTICS PRIVATE LIMITED (w.e.f. 24.12.2000)
Formerly Known As :	INTERPORT SHIPPING AND TRANSPORT PRIVATE LIMITED
Registered Office :	G-5/6, Shrikant Chambers, Sion-Tombay Road, Ground Floor, Chembur, Mumbai-400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.11.1998
Com. Reg. No.:	11-117254
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U63090MH1998PTC117254
Legal Form :	Private Limited Liability Company
Line of Business :	Logistic Provider, Freight Forecasting etc.
No. of Employees :	225 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 280000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track records. 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. Rajan
Designation :	General Manager
Date :	13.07.2011

LOCATIONS

Registered Office / Corporate Office:	G-5/6, Shrikant Chambers, Sion-Tombay Road, Ground Floor, Chembur, Mumbai-400071, Maharashtra, India
Tel. No.:	91-22-66166616
Fax No.:	91-22-66166644 / 66166643
E-Mail :	info@interportglobal.com sham@interportglobal.com
Website :	www.interportglobal.com
Location :	Owned
Branches :	Located At · New Delhi · Ludhiana · Navi Mumbai · Pune · Ahmadabad · Vadodara · Nagpur · Nashik · Kolhapur · Chennai · Tuticorin · Kolkata · Solapur · Aurangabad · New York · Los Angeles

DIRECTORS

AS ON 06.08.2010

Name :	Mr. Sham Digambar Bendre
Designation :	Director
Address :	1402, Glen Eagle, G. D. Ambekar Road, Tata Colony, Parel, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	18.01.1954
Date of Appointment :	27.11.1998
DIN No :	01500040
PAN No.:	AACPB1949B
Name :	Mrs. Shobha Sham Bendre
Designation :	Director
Address :	1402, Glen Eagle, G. D. Ambekar Road, Tata Colony, Parel, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	09.11.1954
Date of Appointment :	27.11.1998
DIN No :	01890142
Name :	Mr. Amit Sham Bendre
Designation :	Director
Address :	1402, Glen Eagle, G. D. Ambekar Road, Tata Colony, Parel, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	22.01.1976
Date of Appointment :	27.11.1998
DIN No :	01512969
PAN No.:	AABPB1187E
Name :	Mr. Sameer Sham Bendre
Designation :	Director
Address :	1402, Glen Eagle, G. D. Ambekar Road, Tata Colony, Parel, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	25.09.1979
Date of Appointment :	27.11.1998
DIN No :	01890134
PAN No.:	ADQB7660Q
Name :	Mr. Vaidyanath Balkrishna Iyer
Designation :	Director
Address :	G2, Sphene Morji Residency, Sector-16, Phase-II, Palm Beach Road, Vashi, Navi Mumbai, Maharashtra, India
Date of Birth/Age :	15.05.1969
Date of Appointment :	01.07.2000
DIN No :	01785636
PAN No.:	AADPI7126C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2010

Names of Shareholders	No. of Shares
Sham Digambar Bendre	275100
Shobha Sham Bendre	22500
Amit Sham Bendre	45000
Sameer Sham Bendre	45000
Vaidyanath Balkrishna Iyer	62400
Total	450000

AS ON 06.08.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Logistic Provider, Freight Forecasting etc.
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

· Others

· Importer

· Exporter

No. of Employees :

225 (Approximately)

Bankers :

· CITI Bank N.A. , Trent House, 2^nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· Canara Bank

· Punjab and Mah-Co. Bank

· ICICI Bank

· Standard Chartered Bank

· Yes Bank

· NKGSB A/c

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit from Bank (Secured by hypothecation of entire current assets of the company and Guarantees given by directors)	65.809	47.484
Vehicle Loans (secured by specific Vehicles)	2.750	1.100
Term Loan from Banks (Secured by mortgage of immovable property of the company and guarantees given by directors)	87.923	5.115
Total	156.493	53.700
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Shareholders	8.485	0.860
Total	8.485	0.860

Banking Relations :
Auditors :
Name :	Borkar And Muzumdar Chartered Accountant
Address :	Anand Nagar, Om Co-operative Housing Society, Anand Nagar Lane, Off Nehru Road, Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India
Subsidiaries :	· Interport Multimodal Private Limited CIN No.: U74992MH2007PTC167040 · Icon Freight and Logistics Private Limited CIN No.: U63010MH2007PTC171694

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		45.000	45.000	30.225
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.228	15.626	23.202
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.228	60.626	53.427
LOAN FUNDS
1] Secured Loans		156.493	53.700	67.463
2] Unsecured Loans		8.485	0.860	0.000
TOTAL BORROWING		164.978	54.560	67.463
DEFERRED TAX LIABILITIES		0.421	0.452	0.671
TOTAL		234.627	115.638	121.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.185	37.470	41.508
Capital work-in-progress		112.605	24.684	0.000
INVESTMENT		0.816	0.814	0.316
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	115.473	67.403	92.650
	Cash & Bank Balances	3.328	4.015	7.049
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.172	21.333	26.060
Total Current Assets		134.973	92.751	125.759
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.959	28.373	30.532
	Other Current Liabilities	5.811	6.988	13.142
	Provisions	7.182	4.720	2.348
Total Current Liabilities		52.952	40.081	46.022
Net Current Assets		82.021	52.670	79.737
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		234.627	115.638	121.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	700.175	910.286	814.188
		Other Income	4.155	0.476	4.403
		TOTAL (A)	704.330	910.762	818.591
Less	EXPENSES
		Operating Expenses	609.987	822.255	728.506
		Personnel Cost	37.923	34.356	35.706
		Administrative and other Expenses	18.996	17.396	17.321
		Selling Expenses	1.780	3.192	2.518
		TOTAL (B)	668.686	877.199	784.051
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.644	33.563	34.540
Less	FINANCIAL EXPENSES (D)		7.724	9.803	5.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.920	23.760	31.172
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.974	5.821	5.849
	PROFIT BEFORE TAX (E-F) (G)		21.946	17.939	25.323
Less	TAX (I)		7.573	6.789	9.234
	PROFIT AFTER TAX (G-I) (J)		14.373	11.150	16.099
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.738	6.313	6.831
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	15.000
		Dividend	4.950	3.184	1.382
		Tax on Dividend	0.822	0.541	0.234
	BALANCE CARRIED TO THE B/S		12.339	8.738	6.313
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.194	2.478	NA
	TOTAL EARNINGS		3.194	2.478	NA
	Earnings Per Share (Rs.)		31.94	24.78	117

Particulars	31.03.2011
Sales Turnover (Approximately)	1070.000

The above information has been parted by Mr. Rajan

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.04	1.22	1.96
Net Profit Margin (PBT/Sales)	(%)	3.13	1.97	3.11
Return on Total Assets (PBT/Total Assets}	(%)	12.60	13.77	15.13
Return on Investment (ROI) (PBT/Networth)		0.31	0.29	0.47
Debt Equity Ratio (Total Liability/Networth)		3.14	1.56	2.12
Current Ratio (Current Asset/Current Liability)		2.54	2.31	2.73

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	39.959	28.373	30.532

FINANCIAL HIGHLIGHTS :

The company has earned a Net Profit after Tax of Rs. 14.373 millions for the year.

SUBSIDIARY COMPANIES :

Audited Accounts of the Subsidiary Companies i.e. Interport Multimodal Private Limited and Icon Freight and Logistics Private Limited Along with the Statement required under section 212 of the Companies Act 1956.

FIXED ASSETS :

· Building

· Computer and Software

· Motor Vehicles

· Furniture and Fixtures

· Office Equipments

· Xerox Machine

· Air conditioner

· Instruments

· Telephone Mobile and Fax

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] 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. 44.58
UK Pound	1	Rs. 71.07
Euro	1	Rs. 62.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
TOTAL		49

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.