MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	NYK GLOBAL BULK CORPORATION

Registered Office :	Yusen Bldg 5F, 2-3-2 Marunouchi Chiyodaku Tokyo 100-0005

Country :	Japan

Financials (as on) :	31.12.2012

Date of Incorporation :	September, 1963

Legal Form :	Limited Company

Line of Business :	Ocean transport company, operating a total of 101 vessels of 4,199,067 DWT: handy bulkers, Panamax bulkers, Cape-size bulkers, carrying iron ore, coals, grains, other bulk cargoes

No. of Employees :	60

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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 – September 30, 2011

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

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

COMPANY NAME

NYK GLOBAL BULK CORPORATION

REGD NAME

NYK Global Bulk KK

MAIN OFFICE

Yusen Bldg 5F, 2-3-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN

Tel: 03-3284-6750

URL: http://www.nyk-globalbulk.com

E-Mail address: ngbinfo@jp.nykline.com

ACTIVITIES

Ocean transportation

BRANCHES

Yokohama

OFFICERS

TAKASHI ABE, PRES Motoyuki Nose, mgn dir

Toshimasa Kawai, dir Hideki Hounou, dir

Shigeru Setoguchi, dir Ryoichi Oda, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 76,798 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 4,150 M

TREND SLOW WORTH Yen 76,621 M

STARTED 1988 EMPLOYES 60

COMMENT

OCEAN TRANSPORT COMPANY, OWNED BY NYK LINES.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established on the basis of a division separated from Nippon Yusen KK (NYK Lines) (See REGISTRATION). This is an ocean transport company, operating 101 vessels of 4,199,067 DWT: handy bulkers, Panamax bulkers, Cape-size bulkers, other, carrying iron ores, coals, grains, other bulk cargoes. Clients include major general trading houses, other

FINANCIAL INFORMATION

The sales volume for Mar/2012 fiscal term amounted to Yen 76,798 million, a 13% down from Yen 88,103 million in the previous term. Ocean freight revenues (in US Dollars) decreased in Yen terms due to the high Yen. The recurring profit was posted at Yen 1,564 million and the net profit at Yen 705 million, respectively, compared with Yen 13,676 million recurring profit and Yen 8,443 million net profit, respectively, a year ago.

For the current term ending Mar 2013 the recurring profit is projected at Yen 1,600 million and the net profit at Yen 710 million, respectively, on a 0.3% rise in turnover, to Yen 77,000 million.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,812.6 million, on 30 days normal terms.

REGISTRATION

Date Registered: Sept 1963

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 332,000 shares

Issued: 83,000 shares

Sum: Yen 4,150 million

Major shareholders (%): Nippon Yusen KK* (100)

*.. Japan’s largest shipping company, Tokyo, founded 1885, listed Tokyo, Osaka, Nagoya

S/Es, capital Yen 144,319 million, turnover Yen 1,807,819 million, operating loss Yen 24,124 million, recurring loss Yen 33,238 million, net loss Yen 72,820 million, total assets Yen 2,122,234 million, net worth Yen 579,342 million, employees 28,498, pres Yasumi Kudo

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: Ocean transport company, operating a total of 101 vessels of 4,199,067 DWT: handy bulkers, Panamax bulkers, Cape-size bulkers, carrying iron ore, coals, grains, other bulk cargoes (--100%).

Clients: [Mfrs, wholesalers] Mitsui & Co, Marubeni Corp, Sojitz Corp, Sumitomo Forestry, Sumitomo Corp, Itochu Corp, Mitsubishi Corp, other

No. of accounts: 200

Domestic areas of activities: Nationwide

Suppliers: [Ship owners, operators] Orient, Angel Shipping, Global Bulk Ship SA, other

Payment record: No Complaints

Location: Business area in Tokyo. Office premises at the caption address are owned by the owner, Nippon Yusen KK, and maintained satisfactorily.

Bank References:

Mizuho Corporate Bank (H/O)

MUFG (H/O)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales	77,000	76,798	88,103	79,793
Recur. Profit	1,600	1,564	13,676	10,801
Net Profit	710	705	8,443	8,745
Total Assets		98,569	99,594	92,250
Current Assets		50,072	51,130	45,517
Current Liabs		16,955	19,341	19,068
Net Worth		76,621	79,742	71,124
Capital, Paid-Up		4,150	4,150	4,150
Div.P.Share(¥)
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	0.26	-12.83	10.41	-41.77
Current Ratio	..	295.32	264.36	238.71
N.Worth Ratio	..	77.73	80.07	77.10
R.Profit/Sales	2.08	2.04	15.52	13.54
N.Profit/Sales	0.92	0.92	9.58	10.96
Return On Equity	..	0.92	10.59	12.30

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.02
UK Pound	1	Rs.86.89
Euro	1	Rs.67.84

INFORMATION DETAILS

Report Prepared by :

SDA

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	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.