MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	WILHELMSEN SHIP MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 30.01.2008)
Formerly Known As :	BARBER SHIP MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 27.10.1998) INDIAN OCEAN SHIP MANAGEMENT PRIVATE LIMITED
Registered Office :	31/32, Apple Heritage, Plot No 54-C, Sir M V Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.1982
Com. Reg. No.:	11-027931
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U35110MH1982PTC027931
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing vessel related services namely Manning, Marine Consultancy and procurement and also providing Maritime Training.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in its sales and profitability during 2011-2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and condition.

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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-30882750)

LOCATIONS

Registered Office :	31/32, Apple Heritage, Plot No 54-C, Sir M V Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-30882750
Fax No.:	91-22-26870977
E-Mail :	jaime.pereira@wilhelmsen.com wsm.india@wilhelmsen.com
Website :	www.wilhelmsen.com
Location:	Owned
Branch Office :	Located At: Chennai Kochi Kolkata New Delhi

DIRECTORS

As on 26.09.2012

Name :	Ms. Mee Yin Soong
Designation :	Director
Address :	Flat No. 8C-2-2, Enau Court, Loreng Enau, Kuala Lumpur 55100, Malaysia
Date of Birth/Age :	14.04.1999
Date of Appointment :	20.08.1966
DIN No.:	00966518
Name :	Mr. Jaime Anslem Pereira
Designation :	Director
Address :	53, Cris Adel, C.S.M. Road, Vakola Bridge, Santacruz (East), Mumbai-400055, Maharashtra, India
Date of Birth/Age :	03.07.1965
Date of Appointment :	01.02.2007
DIN No.:	01251292
Name :	Mr. Yashoverman Navin Sharma
Designation :	Whole Time Director
Address :	101, Ashok B, Panch Marg, Versova, Mumbai-400061, Maharashtra, India
Date of Birth/Age :	07.12.1953
Date of Appointment :	24.04.2009
DIN No.:	02624788
Name :	Mr. Carl Christian Schou
Designation :	Director
Address :	Sutera Bukit Tunku, Unit No. A, 2-2, No. 20A, Jalan Tun Ismail, Bukit Tunku, Kuala Lumpur-50480, Malaysia
Date of Birth/Age :	16.01.1958
Date of Appointment :	02.09.2011
DIN No.:	03552102

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Wilhelmsen Ship Management Holding Limited (HK), Central Hong Kong	49999
Wilhelmsen Ship Management Limited (HK), Central Hong Kong	1
Total	50000

As on 26.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of providing vessel related services namely Manning, Marine Consultancy and procurement and also providing Maritime Training.
Products / Services:	Manning Services Trainings Sourcing

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Vehicle Finance Loan	0.764	0.206
Total	0.764	0.206

Banking Relations :	--
Financial Institution:	Housing Development Finance Corporation Limited, Ramon House, 169, Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India
Pan No.:	AADFP9359C
Holding Company :	Wilhelmsen Ship Management Holding Limited, Hong Kong
Other Related Party :	Wilhelmsen Ship Management Limited, Hong Kong

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.182	47.684	49.533
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.682	48.184	50.033
LOAN FUNDS
1] Secured Loans		0.764	0.206	1.953
2] Unsecured Loans		92.913	85.762	91.870
TOTAL BORROWING		93.677	85.968	93.823
DEFERRED TAX LIABILITIES		4.972	5.211	4.922
TOTAL		145.331	139.363	148.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.711	108.036	116.514
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.266
	Sundry Debtors	9.984	13.919	12.112
	Cash & Bank Balances	22.160	22.607	8.701
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.224	53.919	52.925
Total Current Assets		85.368	90.445	74.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.695	4.693	13.576
	Other Current Liabilities	21.384	20.761	13.780
	Provisions	18.669	33.664	14.384
Total Current Liabilities		44.748	59.118	41.740
Net Current Assets		40.620	31.327	32.264
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		145.331	139.363	148.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	167.415	171.310	166.841
Less	EXPENSES
		TOTAL	148.291	132.831	133.194
	PROFIT BEFORE TAX		19.124	38.479	33.647
Less	TAX		9.861	12.889	7.866
	PROFIT AFTER TAX		9.263	25.590	25.781
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.812	15.219	0.295
Less	APPROPRIATIONS
		Transfer to General Reserve	0.926	2.559	2.578
		Proposed Final Dividend	9.263	23.608	7.100
		Tax on Proposed Final Dividend	1.503	3.830	1.179
	BALANCE CARRIED TO THE B/S		8.383	10.812	15.219
	Earnings / (Loss) Per Share (Rs.)		185.26	511.80	515.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.53	14.94	15.45
Return on Total Assets (PBT/Total Assets}	(%)	10.06	19.39	17.66
Return on Investment (ROI) (PBT/Networth)		0.41	0.80	0.67
Debt Equity Ratio (Total Debt/Networth)		2.01	1.78	1.88
Current Ratio (Current Asset/Current Liability)		1.91	1.53	1.77

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable	4.695	4.693	13.576

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	No
10]	Designation of contact person	No
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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

GENERAL INFORMATION

Subject is engaged in the business of providing vessel related services namely Manning, Marine Consultancy and procurement to its principal. The company is also engaged in providing Maritime Training to its principal and others.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Foreign Currency Loan from Wilhelmsen Ship Management Holding Limited, Hong Kong	92.913	85.762
Total	92.913	85.762

FIXED ASSETS

v Intangible Assets

• Office Premises
• Leasehold Improvement
• Computers
• Furniture and Fixture
• Office Equipment
• Vehicles

v Intangible Assets

• Computer Software

PRESS RELEASE

WILHELMSEN SHIP MANAGEMENT OPENS NEW OFFICE IN BERGEN

28.02.2013

Wilhelmsen Ship Management (WSM) opens a new ship management office in Bergen, on Norway’s West Coast. The office will offer technical ship management and manning services to the offshore sector and ship owners based in the region.

“The largest growth in Norwegian shipping takes place in the offshore segment. Other ship owners in the region have also grown significantly. The new operation in Bergen is a consequence of this growth. We wish to be closer to these customers to offer our experience in vessel operation and manning service,” says Haakon Lenz, regional manager WSM Europe.

The new office will be co-located with Wilhelmsen Ships Service (WSS) at Skoltegrunnskaien 1, Bergen. WSS is well established in Western Norway, with offices in Bergen, Ålesund, Mongstad and Stavanger and is represented in all the major ports along the Norwegian coastline.

 “Looking ahead we expect continued strong growth in the maritime industry in Western Norway and note that several owners with new tonnage are entering this market. As a third party ship manager we offer access to qualified crew, cost effective purchasing of shipboard supplies and world class expertise in ship operation. In addition, we provide customers with a full overview of how their money is spent,” adds Lenz.

Wilhelmsen Ship Management is part of the Wilhelmsen Maritime Services group, a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA. WSM has responsibility for technical ship management of more than 160 ships in most vessel segments as well as manning services for a further 250 ships. The company’s manning pool includes more than 10 000 officers and seamen. Their level of competence is high and reflects the demands of the Norwegian offshore fleet for skills such as dynamic positioning.

Kenneth Bjoerklund, WSM fleet manager, will be heading the new office in Bergen.

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.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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		44

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.