MIRA INFORM REPORT

Report Date :

18.07.2011

IDENTIFICATION DETAILS

Name :	ORISSA STEVEDORES LIMITED
Registered Office :	Badapadia, Pardeep Port, Paradeep, Jagatsinghpur– 754142, Orissa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.07.1978
Com. Reg. No.:	15-000771
Capital Investment / Paid-up Capital :	Rs.214.465 Millions
CIN No.: [Company Identification No.]	U35112OR1978PLC000771
TAN No.: [Tax Deduction & Collection Account No.]	BBNO00140A
Legal Form :	A Closely Held with Public Limited Liability Company
Line of Business :	Distributor, Manufacturer, Wholesaler, Service Provider of Indian Subcontinent

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 3500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and 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.

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

LOCATIONS

Registered Office :	Badapadia, Pardeep Port, Paradeep, Jagatsinghpur– 754142, Orissa, India
Tel. No.:	91-6722-222134 / 222471 / 222534
Fax No.:	91-6722-222787
E-Mail :	pradeip@oslgroup.in
Website :	www.oslgroup.in
Branch Office :	Located at : · Haldia · Chennai · Talcher · Goplapur · Lanjigarh · Delhi · Charbatia · Vishakhapatanam · Jharsuguda · Kolkata · Korba · Kakinda · Joda · Jaipur · Krishnapatnam · Mundra Port

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Mahimananda Mishra
Designation :	Managing Director
Address :	Mahimananda Mishra Oriya Bazar, Cuttack – 753001, Orissa, India
Date of Birth/Age :	07.05.1953
Date of Appointment :	08.02.1981
Name :	Mr. Chandan Mishra
Designation :	Whole Time Director
Address :	Chandan Mishra, Oriya Bazar, Cuttack – 753001, Orissa, India
Date of Birth/Age :	11.09.1979
Date of Appointment :	25.09.2001
Name :	Mr. Charchit Mishra
Designation :	Whole Time Director
Address :	Chandan Mishra, Oriya Bazar, Cuttack – 753001, Orissa, India
Date of Birth/Age :	13.09.1982
Date of Appointment :	01.04.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mahimananda Mishra	8256000
Chinmaya Mishra	256000
Chandan Mishra	704000
Charchit Mishra	640000
BNR Infrastructure, Orissa	2833000
Arman Impex Private Limited, Delhi	3005000
Taru Infrastructure Limited, Orissa	2000000
Mitabuilders and Tradin (Private) Limited, Orissa	2985000
Intime Infrastructure (Private) Limited, Delhi	474000
Deepak Infrastructure (Private) Limited, Delhi	30000
True Value Infradevelopers Private Limited, Delhi	263500
Total	21446500

AS ON 30.09.2010

Category	Percentage
Bodies corporate	54.00
Directors or relatives of Directors	46.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor, Manufacturer, Wholesaler, Service Provider of Indian Subcontinent

GENERAL INFORMATION

Bankers :

· Magma Fincorp Limited

· ICICI Bank

· Srei Equipment Finance Limited

· Srei Infrastructure Finance Limited

· ABN Amro Bank N-A

· HDFC Finance Limited

· TML Finance Limited

· Reliance Capital Limited

· L and T Finance Limited

· TATA Capital Finance

· Kotak Mahindra Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit From Bank of India, Paradeep	46.849	51.044
Cash Credit From Bank of India, PRESS CHHAK,	1.968	4.763
Cuttack A/C No CC – 43 (The above loans are fully Secured against Hypothecation of Book Debt, Plant and Machinery and Land and Building of Company and Promoters.)
Export Packing Credit From Bank of India, Bhubaneswar (The above loan is fully Secured against Hypothecation of Stock of iron Ore Fines and Land and Building of Company and)	98.212	99.167
Term Loan from Bank of India, Paradeep (For Purchase of Plant and Machinery with Hypothecation thereof )	2.571	15.494
Demand Loan From Bank of India, Paradeep (Against lien of Fixed Deposits)	10.098	1.000
Demand Loan From Oriental Bank of Commerce, Chennai (Against lien of Fixed Deposits)	1.200	0.000
Deferred Credit For Equipment and Vehicle (Secured against the mortgage of Vehicles/Equipment)	280.459	259.214
Total	441.360	430.682
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Krishna Coke Private Limited	23.181	45.614
Sunlife Infra Developers Private Limited	25.000	0.000
Jindal steel and Power Limited, Paradeep	50.000	0.000
United constructions Private Limited	0.895	0.894
Total	99.076	46.509

Banking Relations :	----
Auditors :
Name :	L.N. More and Company Chartered Accountant
Address :	AT-Canal Road, Professorpara, Cuttack - 753003, Orissa, India
Associates/Subsidiaries :	· Gopalpur Ports Limited · OSL Automobiles Private Limited · Nandi Ghosh Coke Private Limited · Purvi Bharat Coal and Coke Industries Private Limited · Purvi Bharat Steels Limited · Green Field Amusement Private Limited · Century Plaza Private Limited · OSL IRC Enterprises Private Limited · Orissa Stevedores (Overseas) Private Limited · OSL Motors (P) Limited · Hotel Casuarina · Bhargavi Enterprises Private Limited · Orissa Magnetics Private Limited · Inns and Resorts Private Limited · ACE Auto Cars Private Limited · OSL Auto Cars Private Limited · Golden Horizon Resorts Private Limited · OSL Exclusive Private Limited · Hotel Virgo Private Limited · OSL Health Care Private Limited · OSL Balaji Enterpot Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21446500	Equity Shares	Rs.10/- each	Rs.214.465 Millions

AS ON 30.06.2010

Authorised Capital : Rs. 230.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 215.365 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		214.465	208.030	103.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		668.057	402.273	376.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		882.522	610.303	480.050
LOAN FUNDS
1] Secured Loans		441.360	430.682	259.468
2] Unsecured Loans		99.076	46.509	0.895
TOTAL BORROWING		540.436	477.191	260.363
DEFERRED TAX LIABILITIES		24.617	45.587	40.013
TOTAL		1447.575	1133.081	780.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		887.978	764.038	542.765
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		901.632	656.278	421.190
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.798	28.398	26.909
	Sundry Debtors	405.803	221.038	152.772
	Cash & Bank Balances	157.213	112.051	158.637
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	634.632	344.522	292.844
Total Current Assets		1207.446	706.009	631.162
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	1453.243	939.896	747.134
	Provisions	96.238	53.348	67.557
Total Current Liabilities		1549.481	993.244	814.691
Net Current Assets		(342.035)	(287.235)	(183.529)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1447.575	1133.081	780.426

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Stevedoring, Mining and Transportation	3010.481	2319.050	2158.541
		Export of Iron and Ore Fines	223.809	266.844	412.242
		Sale of Stones	3.440	14.581	26.747
		Other Income	26.637	13.614	13.544
		TOTAL (A)	3264.367	2614.089	2611.074
Less	EXPENSES
		Purchase of iron Ore Fines	25.598	174.687	180.615
		Operational Expenses	2578.699	1955.873	2044.374
		Administrative Expenses	185.805	164.740	117.226
		Loss on sale of Fixed Assets	0.610	3.200	0.000
		Increase / Decrease in Stock	18.599	(1.488)	(1.180)
		TOTAL (B)	2809.311	2297.012	2341.035
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		455.056	317.077	270.039
Less	FINANCIAL EXPENSES (D)		70.390	88.230	28.064
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		384.666	228.847	241.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		101.529	81.771	51.407
	PROFIT BEFORE TAX (E-F) (G)		283.137	147.076	190.568
Less	TAX (I)		75.269	59.923	73.783
	PROFIT AFTER TAX (G-I) (J)		207.868	87.153	116.785
	Earnings Per Share (Rs.)		9.70	5.00	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.36	3.33	4.47
Net Profit Margin (PBT/Sales)	(%)	9.40	6.34	8.82
Return on Total Assets (PBT/Total Assets}	(%)	13.51	10.00	16.23
Return on Investment (ROI) (PBT/Networth)		0.32	0.24	0.39
Debt Equity Ratio (Total Liability/Networth)		2.36	2.40	2.23
Current Ratio (Current Asset/Current Liability)		0.77	0.71	0.77

LOCAL AGENCY FURTHER INFORMATION

FORM : 8

Corporate identity number of the company	U35112OR1978PLC000771
Name of the company	ORISSA STEVEDORES LIMITED
Address of the registered office or of the principal place of business in India of the company	Badapadia, Paradeep Port, Paradeep, Orissa – 754142, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata, West Bengal- 700046, INDIA
Nature of instrument creating charge	Deed of Hypothecation.(LBC714).
Date of instrument Creating the charge	01/04/2011
Amount secured by the charge	Rs. 28.442 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 10.7% per annum. Terms of repayment Amount repayable in 35 No. monthly installments of Rs.0.949 millions each. Margin Rs.3.009 millions Extent and operation of the charge As per Deed of Hypothecation. Other Nil
Short particulars of the property charged (Including location of the property)	5 No. Caterpillar Wheel Loader 950 H.( Within India )

FIXED ASSETS :

· Land

· Scooter and Motorcycle

· Electrical Fittings

· A.C. and refrigerator

· Type Writer

· Computer

· Building

· Bicycle

· Generator

· Tools and equipments

· Tools Equipments

· Calculators

· Books and Library

· Television

· Pump Set

· Pana Board

· Transformer

· Boat

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. 71.90
Euro	1	Rs. 62.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	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	YES
--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.