MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	MUMBAI PORT TRUST
Registered Office :	Port House, Shoorji Vallabhdas Marg, Ballard Estate, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Capital Investment / Paid-up Capital :	Not Applicable
Legal Form :	Port Trust
Line of Business :	Providing Logistic and Marine Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 220000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an oldest port in India. It is owned by the Government of India. It is having fine track. Mr. Joglekar (Public Relation Officer) has denied to disclose any details of the subject to us. Business is active. Trade relations are fair. Payment terms are reported to be regular. The Trust can be considered normal for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Issuer Rating: “AA” (Withdrawal)
Date	17.10.2013

Reason for withdrawal: - The request of Mumbai Port Trust and as per CARE’s rating withdrawal policy.

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Joglekar
Designation :	Public Relation Officer
Contact No.:	91-22-66565656
Date :	13.12.2014

LOCATIONS

Registered Office :	Port House, Shoorji Vallabhdas Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66565656
Fax No.:	91-22-22611011
E-Mail :	mbpt@vsnl.com

MANAGEMENT

As on: 31.03.2013

	BOARD OF TRUSTEES
Name :	Mr. Rajeev Gupta
Designation :	Chairman
Name :	Mr. Shreekant Singh ( up to 14.05.2012)
Designation :	Dy. Chairman
Name :	Mr. Ravi Parmar ( from 18.02.2013)
Designation :	Dy. Chairman
Name :	Mr. C.B.Singh
Designation :	Ministry of Shipping
Name :	Dr. Shailesh Kumar Sharma
Designation :	Government of Maharashtra Department of Customs, Mumbai
Name :	Mr. V.K.Madhusoodanan
Designation :	Defence Services (Navy)
Name :	Mr. R.D.Tripathi
Designation :	Indian Railways
Name :	DIG Manoj Vasant Baadkar
Designation :	Coast Guard
Name :	Capt. L.K.Panda
Designation :	Mercantile Marine Department
Name :	Mr. S.R. Kulkarni
Designation :	Port Labour
Name :	Mr. Shanti G. Patel
Designation :	Port Labour
Name :	Mr. Surendra Savai
Designation :	Other Interests
Name :	Mr. Ravi Goenka
Designation :	Other Interests
Name :	Mr. Vijay Singh
Designation :	Other Interests
Name :	Mr. Sanjay Tatkare
Designation :	Other Interests
Name :	Mr. Piyush Pal Singh
Designation :	President, MANSAA, Mumbai
Name :	Mr. Nailesh V. Gandhi
Designation :	President, The Bombay Custom House Agent's Association
Name :	Mr. Atul Jitendra Agarwal
Designation :	Managing Director, Mercator Lines Limited, Indian National Ship -Owners Association , Mumbai
Name :	Mr. Jayant Lapasia
Designation :	President, All India Liquid Bulk Importers' and Exporters' Association
Name :	Mr. Ashok Barat
Designation :	Vice President, Bombay Chamber of Commerce and Industry
Name :	Mr. Gajendra H. Lashkari
Designation :	Other Interests
	MEMBERS OF TRAFFIC COMMITTEE
Name :	Mr. Rajeev Gupta
Designation :	Chairman
Name :	Mr. Ravi Parmar ( from 18.02.2013)
Designation :	Dy. Chairman
Name :	Mr. S.R. Kulkarni
Designation :	Port Labour
Name :	Mr. Shanti G. Patel
Designation :	President, Mumbai Port Dock and General Employees' Union, Mumbai
Name :	Mr. Vijay Singh
Designation :	Other Interests
Name :	Mr. Nailesh V. Gandhi
Designation :	President, The Bombay Custom House Agent's Association
Name :	Mr. Ashutosh Baranwal
Designation :	Department of Customs, Mumbai
Name :	Mr. R. Jayachandran
Designation :	Financial Adviser and Chief Accounts Officer, MbPT
Name :	Mr. D.S.Garde
Designation :	Traffic Manager, MbPT
	MEMBERS OF FINANCE AND GENERAL COMMITTEE
Name :	Mr. Rajeev Gupta
Designation :	Chairman
Name :	Mr. Ravi Parmar ( from 18.02.2013)
Designation :	Dy. Chairman
Name :	Mr. S.R. Kulkarni
Designation :	Port Labour
Name :	Mr. Shanti G. Patel
Designation :	President, Mumbai Port Dock and General Employees' Union, Mumbai
Name :	Mr. Jayant Lapasia,
Designation :	President, All India Liquid Bulk Importers' and Exporters' Association
Name :	Mr. R. Jayachandran
Designation :	Financial Adviser & Chief Accounts Officer, MbPT
Name :	Mr. M.V.Patwardhan,
Designation :	Chief Engineer, MbPT
	PRINCIPAL OFFICERS OF THE PORT OF MUMBAI
Name :	Mr. Rajeev Gupta
Designation :	Chairman
Name :	Mr. Ravi Manubhai Parmar
Designation :	Dy. Chairman
Name :	Mr. P.Ramjee
Designation :	Chief Vigilance Officer (I/C)
Name :	Mr. P. Mohana Chandran
Designation :	Secretary
Name :	Mr. R. Jayachandran
Designation :	Financial Adviser and Chief Accounts Officer
Name :	Ms. S.G. Tahiliani
Designation :	Manager (Human Resource)
Name :	Capt. Shailendra Kohli
Designation :	Deputy Conservator
Name :	Mr. D.S.Garde
Designation :	Traffic Manager
Name :	Mr. M.V.Patwardhan
Designation :	Chief Engineer
Name :	Mr. N.M.Borwankar
Designation :	Chief Mechanical Engineer
Name :	Dr. Mukund Kelkar
Designation :	Chief Medical Officer
Name :	Mr. Pereira V.V.A
Designation :	Harbour Master
Name :	Mr. Dilip Vishwanathan
Designation :	Addl. Chief Mechanical Engineer
Name :	Mr. P.B.Bhagwat
Designation :	Materials Manager
Name :	Mr. P. Singh
Designation :	Chief Personnel and Industrial Relations Manager (I/C)
Name :	Mr. G.Dutta
Designation :	Estate Manager ( I/C)
Name :	Mr. S.S.Shiralkar
Designation :	Railway Manager (I/C)/ Sr. Dy. Traffic Manager
Name :	Mr. P.P.Shah
Designation :	Sr.Dy. Manager (Welfare Division)
Name :	Mr. S.B.Thombare
Designation :	Sr.Dy.Director (Planning & Research)
Name :	Mr. R.R.Mane
Designation :	Chief Security Officer
Name :	Mr. D.Shyamala
Designation :	Sr. Commandant, C.I.S.F.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT APLICABLE

BUSINESS DETAILS

Line of Business :	Providing Logistic and Marine Services
Products :	--
Brand Names :	--
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India Union Bank of India State bank of Bikaner and Jaipur Indian Overseas Bank Dena Bank
Facilities :	--

Banking Relations :	--
Auditors :	Not Available

CAPITAL STRUCTURE

NOT APPLICABLE

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.000	0.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		55315.900	55636.900
4] (Accumulated Losses)		0.000	0.000
NETWORTH		55315.900	55636.900
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		90.100	352.400
TOTAL		55406.000	55989.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10545.600	10034.600
Capital work-in-progress		0.000	0.000
INVESTMENT		44707.800	46442.200
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.800	130.300
	Sundry Debtors	18535.300	17146.200
	Cash & Bank Balances	1367.800	1448.300
	Other Current Assets	3385.700	3893.200
	Loans & Advances	20588.200	18204.600
Total Current Assets		44008.800	40822.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13859.400	1300.700
	Other Current Liabilities	13564.200	24467.200
	Provisions	16432.600	15542.200
Total Current Liabilities		43856.200	41310.100
Net Current Assets		152.600	(487.500)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		55406.000	55989.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Cargo Handling and storage Charges	5540.400	5109.400
		Port and dock Charges	4774.100	3777.800
		Railway earnings	118.100	146.800
		Estate Rentals	1111.800	1196.500
		Finance and Miscellaneous Income	4484.000	4830.300
		TOTAL	16028.400	15060.800
Less	EXPENSES
		Cargo Handling and Storage Charges	3866.700	3279.300
		Port and Dock Charges for Shipping	1967.000	1788.400
		Railway Earnings	333.200	302.400
		Rentable land and buildings	747.100	668.600
		Management and General administrative expenses	2536.900	2176.000
		Finance and Miscellaneous Expenditure	282.200	242.600
		Other Expenses	7000.400	6099.400
		TOTAL	16733.500	14556.700
	PROFIT / (LOSS) BEFORE TAX		(705.100)	504.100
Less	TAX		(262.300)	(29.500)
	PROFIT / (LOSS) AFTER TAX		(442.800)	533.600
Add	WITHDRAWAL FROM EMPLOYEES WELFARE FUND		276.800	262.500
	TOTAL DEFICIT		(166.000)	796.100
Less	APPROPRIATION
		Capital assets	0.000	499.800
		Employee welfare fund	259.600	262.200
		Fun development, repayment of loan and contingencies	0.000	34.100
	NET DEFICIT MET FROM FUND FOR D.R.L.C.		(425.600)	0.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(2.76)	3.54
Return on Total Assets (PBT/Total Assets}	(%)	(1.29)	0.62
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.01
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.000	0.000
Reserves & Surplus	55,636.900	55,315.900
Net worth	55,636.900	55,315.900
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Sales	15,060.800	16,028.400
	0.000	6.425

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Sales	15,060.800	16,028.400
Profit / (Loss)	533.600	(442.800)
	3.54%	(2.76)%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	No
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	Yes
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	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

HIGH COURT OF BOMBAY

Bench:- Bombay
Lodging No:-	WPL/620/2010	Filing Date:-	17/03/2010	Reg. No.:-	WP/1145/2010	Reg. Date:-	11/06/2010
Petitioner:-	AGARWAL COAL CORPORATION PRIVATE LIMITED		Respondent:-	MUMBAI PORT TRUST AND 2 ORS
Petn. Adv.:	SANJAY UDESHI AND COMPANY (598)		Resp. Adv.:	MOTIWALLA AND COMPANY CO R 1 TO 3 (0)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Admitted(Unready)		Category:-	WRIT PETITIONS (DIVISION BENCH)
Last Date:-	03/04/2014		Stage:-	FOR ACCEPTANCE
Last Coram:-	--
Act:-	Major Port Trusts Act

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 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.62.42
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.