MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	ORIENT EXPRESS SHIP MANAGEMENT LIMITED
Registered Office :	4th Floor, Geet Mala Building, Next to Shah Industrial Estate, Deonar Village Road, Govandi (East), Mumbai - 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.06.1998
Com. Reg. No.:	11-115223
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U63090MH1998PLC115223
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Ship Management Services for all types of Dry Cargo, Cellular Container, Tanker and Feeder Vessels.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 46700
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management was quite efficient in wiping off accumulated losses. Net profitability of the company has tremendously improved. There are no external borrowings recorded during 2012. Trade relations are fair. Business is active. Payment terms are reported as 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.

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 DECLINED BY

Name :	Mr. Ashish Shinde
Designation :	Senior Account Manager Finance
Contact No.:	91-22-67536200
Date :	10.07.2013

LOCATIONS

Registered Office :	4th Floor, Geet Mala Building, Next to Shah Industrial Estate, Deonar Village Road, Govandi (East), Mumbai - 400088, Maharashtra, India
Tel. No.:	91-22-67536200/ 67253000
Fax No.:	91-22-67975213/ 67251500
E-Mail :	sect@tmc.co.in oesm@oesm.co.in mythili@tmc.co.in
Website :	http://www.oesm.co.in
Corporate Office :	1st Floor Sahayadris Geetmala Compl. Deonar Village Road, Govandi [East], Mumbai - 400088, Maharashtra, India
Tel. No.:	91-22-67536200
Fax No.:	91-22-67975213

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Ramakrishnan Sivaswamy Iyer
Designation :	Director
Address :	12 A, Thakur Niwas, J Tata Road, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	01.01.1961
Date of Appointment :	04.06.1998
DIN No.:	00057637
Name :	Mr. Ramnarayan Varadharajan
Designation :	Director
Address :	Plot No. 3, Popco Housing Society, Versova Road, Andheri, Mumbai, Maharashtra, India
Date of Birth/Age :	22.05.1949
Date of Appointment :	04.06.1998
DIN No.:	00057717
Name :	Mr. Mahesh Sivaswamy
Designation :	Director
Address :	Row House No. 11, Divya Sapna CHS, Dr. C Gidwani Road, Chembur [East], Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	25.07.1967
Date of Appointment :	04.06.1998
DIN No.:	00057683

KEY EXECUTIVES

Name :	Mr. Ashish Shinde
Designation :	Senior Account Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ramakrishanan Sivaswamy	10000
Geeta Ramakrishnan	4990
Iyer Mahesh Sivaswamy	9990
Mala Mahesh	48990
Ramnarayan Vardharajan	5010
Brinda Ramnarayan	10
K. M. Bhageerathi Iyer	10
Shreyas Shipping and Logistics Limited, India	15000
Orient Express Ship Management, Mauritius	6000
Total	100000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.00
Bodies corporate	15.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Ship Management Services for all types of Dry Cargo, Cellular Container, Tanker and Feeder Vessels.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	v ICICI Bank Limited v Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India v Axis Bank Limited

Banking Relations :	--
Auditors :
Name :	K.L. Murty and Company Chartered Accountants
Address :	3/7/14-A, Navjivan Commercial Society, Dr. Dadasaheb Bhadkamkar Marg, Mumbai – 400008, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPK9477B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	10.686	5.583
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	11.686	6.583
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	5.109	4.698
(c) Other current liabilities	1.492	1.030
(d) Short-term provisions	10.109	8.748
Total Current Liabilities (4)	16.710	14.476
TOTAL	28.396	21.059
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.189	1.098
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	1.812	1.687
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.001	2.785
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	13.629	5.345
(d) Cash and cash equivalents	0.177	2.424
(e) Short-term loans and advances	11.589	10.505
(f) Other current assets	0.000	0.000
Total Current Assets	25.395	18.274
TOTAL	28.396	21.059

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		2.462
4] (Accumulated Losses)		(0.695)
NETWORTH		2.767
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.346
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		1.571
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2.432
	Cash & Bank Balances	0.367
	Other Current Assets	0.000
	Loans & Advances	8.464
Total Current Assets		11.263
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.292
	Other Current Liabilities	0.423
	Provisions	7.698
Total Current Liabilities		11.413
Net Current Assets		(0.150)
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (net)	84.343	71.324	59.325
		Other Income	1.880	0.435	0.644
		TOTAL (A)	86.223	71.759	59.969
Less	EXPENSES
		Employee benefits expense	52.787	42.438
		Other expenses	23.916	23.067
		TOTAL (B)	76.703	65.505	58.419
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.520	6.254	1.550
Less	FINANCIAL EXPENSES (D)		0.037	0.120	0.016
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.483	6.134	1.534
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.343	0.412	0.614
	PROFIT BEFORE TAX (E-F) (G)		9.140	5.722	0.920
Less	TAX (H)		4.037	1.906	0.373
	PROFIT AFTER TAX (G-H) (I)		5.103	3.816	0.547
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.121	(0.695)	(1.242)
	BALANCE CARRIED TO THE B/S		8.224	3.121	(0.695)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	27.228	40.101
	Earnings Per Share (Rs.)		51.00	38.00	5.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.92	5.32	0.91
Net Profit Margin (PBT/Sales)	(%)	10.84	8.02	1.55
Return on Total Assets (PBT/Total Assets}	(%)	34.38	29.54	7.30
Return on Investment (ROI) (PBT/Networth)		0.78	0.87	0.33
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.17	1.26	0.99

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade payable	5.109	4.698	3.292

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	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from Nariman Point, Mumbai – 400021, Maharashtra, India to the present w.e.f.23.11.2006

FIXED ASSETS:

v Computers

v Office Equipments

v Motor Vehicles

v Furniture and Fixture

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. 60.13
UK Pound	1	Rs. 89.52
Euro	1	Rs. 76.89

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.