MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	OAK SHIPPING SERVICES PRIVATE LIMITED
Registered Office :	D-30, First Floor, Acharya Niketan, Mayur Vihar, Phase – I, New Delhi – 110091
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.01.2005
Com. Reg. No.:	55-131872
Capital Investment / Paid-up Capital :	Rs.0.135 Million
CIN No.: [Company Identification No.]	U63012DL2005PTC131872
TAN No.: [Tax Deduction & Collection Account No.]	DELO02515C
PAN No.: [Permanent Account No.]	AAACO7186L
Legal Form :	Private Limited Liability Company
Line of Business :	International Freight Forwarders and Logistics Solutions Provider.
No. of Employees :	15 (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 90000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Kamal
Designation :	Accounts Executive
Contact No.:	91-11-43653300
Date :	13.12.2013

LOCATIONS

Registered Office :	D-30, First Floor, Acharya Niketan, Mayur Vihar, Phase – I, New Delhi – 110091, India
Tel. No.:	91-11-43653300 (30 Lines) / 22754135/ 43653311 (10 Lines)
Mobile No.:	91-9811774934 (Mr. Nitin Gupta )
Fax No.:	91-11-43653323 / 22754127
E-Mail :	rchadha111@gmail.com oak_shipping@sify.com navin@cargomarketingintl.com nitin.gupta@oakshipping.com oakshipping@gmail.com
Website :	www.oakshipping.com
Location :	Owned

/DIRECTORS

As on 30.09.2013

Name :

Mr. Nitin Gupta

Designation :

Director

Address :

2164, Gali Sudama, Bazar Sita Ram, Delhi – 110006, India

Date of Birth/Age :

08.08.1977

Qualification :

Post Graduate

Date of Appointment :

06.01.2005

PAN No.:

AFYPG8284K

DIN No.:

01715038

Name :

Mr. Om Prakash Gupta

Designation :

Director

Address :

2164, Gali Sudama, Bazar Sita Ram, Delhi – 110006, India

Date of Birth/Age :

14.10.1942

Qualification :

Graduate

Date of Appointment :

06.01.2005

PAN No.:

AARPP5863H

DIN No.:

03250047

Name :

Mr. Prakash Chand Sharma

Designation :

Director

Address :

D-30, First Floor, Acharya Niketan, Mayur Vihar, Phase – I, New Delhi – 110091, India

Date of Birth/Age :

30.10.1964

Qualification :

Graduate

Date of Appointment :

01.04.2008

PAN No.:

ABGPS0559K

DIN No.:

01228689

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63013DL2003PTC120692	BEE ESS LOGISTICS INDIA PRIVATE LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
2	U63090DL2007PTC171425	HIM LOGISTICS PRIVATE LIMITED	Director	13/12/2007	13/12/2007	-	Active	NO
3	U63012DL2005PTC131872	OAK SHIPPING SERVICES PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
4	U74899DL1994PTC056981	ALANKAR AGENCIES PRIVATE LIMITED	Director	30/09/2009	05/01/2009	29/12/2010	Active	NO
5	U63040DL2009PTC187891	SPACE ASTRO TOURISM PRIVATE LIMITED	Director	24/02/2009	24/02/2009	-	Active	NO
6	U63090DL2009PTC193904	APACE TRANSCO PRIVATE LIMITED	Director	03/09/2009	03/09/2009	-	Active	NO

Name :

Mr. Ashok Kumar Sharma

Designation :

Director

Address :

House No.T-510, F-23 B/1, Baljeet Nagar, New Delhi – 110008, India

Date of Birth/Age :

25.05.1974

Qualification :

Graduate

Date of Appointment :

01.04.2008

PAN No.:

AZIPS1509D

DIN No.:

02325289

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63012DL2005PTC131872	OAK SHIPPING SERVICES PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U63090DL2007PTC171425	HIM LOGISTICS PRIVATE LIMITED	Whole-time director	01/10/2008	01/10/2008	10/07/2012	Active	NO
3	U63040DL2005PTC133629	WINSUM HOLIDAYS PRIVATE LIMITED	Director	30/09/2009	01/08/2009	-	Active	NO
4	U63090DL2009PTC193904	APACE TRANSCO PRIVATE LIMITED	Director	03/09/2009	03/09/2009	-	Active	NO
5	U63030DL2012PTC238668	HLPL GLOBAL LOGISTICS PRIVATE LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO

Name :

Deepti Gupta

Designation :

Director

Address :

2164, Gali Sudama, Bazar Sita Ram, Delhi – 110006, India

Date of Birth/Age :

14.01.1980

Qualification :

Graduate

Date of Appointment :

20.10.2010

DIN No.:

03522681

KEY EXECUTIVES

Name :	Mr. Kamal
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Prakash Gupta	5000
Nitin Gupta	5000
Piyush Mathur	3000
Deepti Gupta	500
Total	13500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	International Freight Forwarders and Logistics Solutions Provider.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Exporter and Importer

No. of Employees :

15 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

· Tel No.: 91-11-43073649

· Corporation Bank, 2223, Hardhiyan Singh Road, Karol Bagh, New Delhi - 10005, Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
HDFC Car Loan I-20	0.000	0.064
HDFC Car Loan Swift	0.000	0.059
HDFC Car Loan Hyundai Verna	0.928	0.413
HDFC Bank OD A/c	9.502	0.000
Corporation Bank	0.000	8.310
Total	10.430	8.846

Banking Relations :	--
Auditors :
Name :	Mathur Nitin and Company Chartered Accountants
Address :	207, Gupta Arcade, LSC, Mayur Vihar Phase - 1 Extension Delhi – 110091, India
Tel. No.:	91-11-22717886/87
E-Mail :	nitinmathur@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAJPM1168J
Other Related Party :	Him Logistics (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs. 0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13500	Equity Shares	Rs.10/- each	Rs. 0.135 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.135	0.135	0.100
(b) Reserves & Surplus	22.907	18.200	8.269
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23.042	18.335	8.369
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	22.957	18.243	4.789
(b) Trade payables	9.289	13.917	21.059
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	4.420	3.537	4.015
Total Current Liabilities (4)	36.666	35.697	29.863
TOTAL	59.708	54.032	38.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.047	2.570	2.404
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.255	2.255	2.255
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.302	4.825	4.659
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	50.109	45.580	32.361
(d) Cash and cash equivalents	0.620	0.489	(1.107)
(e) Short-term loans and advances	3.676	3.136	2.315
(f) Other current assets	0.001	0.002	0.004
Total Current Assets	54.406	49.207	33.573
TOTAL	59.708	54.032	38.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	294.781	243.455	12.955
		Other Income	0.000	0.000	0.000
		TOTAL (A)	294.781	243.455	12.955
Less	EXPENSES
		Employee benefits expense	7.192	6.085
		Direct Expenses	274.388	227.071
		Operating expenses	0.622	0.448
		Other expenses	3.517	2.471
		Preliminary Expenses W/Off	0.001	0.001
		TOTAL (B)	285.720	236.076	8.723 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.061	7.379
Less	FINANCIAL EXPENSES (D)		1.585	1.160
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.476	6.219	4.232
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.595	0.521	0.554
	PROFIT BEFORE TAX (E-F) (G)		6.881	5.698	3.678
Less	TAX (H)		2.140	1.77	1.150
	PROFIT AFTER TAX (G-H) (I)		4.741	3.928	2.528
	Earnings Per Share (Rs.)		351.17	291.00	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.61	1.61	19.51
Net Profit Margin (PBT/Sales)	(%)	2.33	2.34	28.39
Return on Total Assets (PBT/Total Assets}	(%)	11.52	10.55	9.62
Return on Investment (ROI) (PBT/Networth)		0.30	0.31	0.44
Debt Equity Ratio (Total Debt /Networth)		1.00	0.99	0.57
Current Ratio (Current Asset/Current Liability)		1.48	1.38	1.12

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: Registered office of the company has been shifted from Off. No-5, Basement 137, Sant Nagar, New Delhi – 110065, India to the present address w.e.f 15.08.2007

BUSINESS

The year 201/20132 was the Eighth year of operations of the company. The company had improved business during the last year with increase in turnover and as per the current year business it expects to do better than the previous year.

FINANCIAL RESULTS

The results of the year 2012-13 reflect increase in turnover to Rs. 294.800 Millions in comparison to Rs. 243.500 Millions as of previous year 2011-2012. The net profits of the company have increase to Rs. 6.881 Millions in 2012-13 as against Rs. 5.698 Millions in 2011-12. Company is expecting further growth viewing the current year market response.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Nitin Gupta	2.561	1.152
Nitin Gupta - HUF	7.073	0.820
Deepti Gupta	2.893	2.316
Bajaj Finance Limited	0.000	0.708
I Venture Securities (Private) Limited	0.000	1.000
RKG Finvest Limited	0.000	3.400
Total	12.527	9.396

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10271720	18/04/2012 *	16,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B39637491

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Furniture and Fixture

· Office Equipment’s

· Computer

· Software

· Vehicles

Intangible Assets

· Software

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 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 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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.