MIRA INFORM REPORT

Report No. :	326421
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	MYSTIC SHIPPING PRIVATE LIMITED

Registered Office :	Office No. 205, 2nd Floor, Plot No. 59, Sector: 8, Sunshine Arcade, Tagore Road, Gandhidham - 370201, Gujarat
Tel. No.:	91-2836-239456 / 239356

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.01.2008

Com. Reg. No.:	052677

Capital Investment / Paid-up Capital :	Rs.2.900 Million

CIN No.: [Company Identification No.]	U63032GJ2008PTC052677

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Service provider of shipping handling transportation, Stevedoring Services, Port Handling Services, Chartering Services, Brokering Services, Vessel Agency, Logistic Solutions and Clearing & Forwarding Solutions.

No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 18000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Management has failed to file its financial with government department for the year 2014. As per available financial record of 2013, the company has reported decent operational performance and it has maintained profitability at 1.82%. Rating also takes into consideration company’s sound operational risk profile Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered 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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mukesh Chhaganlal Tank
Designation :	Director
Contact No.:	91-9924399666
Date :	06.06.2015

LOCATIONS

Registered Office :	Office No. 205, 2nd Floor, Plot No. 59, Sector: 8, Sunshine Arcade, Tagore Road, Gandhidham - 370201, Gujarat, India
Tel. No.:	91-2836-239456 / 239356
Mobile No.:	91-9924399666 / 9925094943 (Mr. Mukesh Chhaganlal Tank)
Fax No.:	91-2836 239356
E-Mail :	info@mysticshipping.com
Website :	http://www.mysticshipping.com
Location :	Owned [Commercial]

Administrative Office :	Office No. 314, 3rd Floor, Plaza Center, Plot No. 117, Sector - 8, Gandhidham - - 370 201, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :	Mukesh Chhaganlal Tank
Designation :	Director
Address :	Plot No. 237, D-C-5, Adipur - 370205, Gujarat, India
Date of Birth/Age :	24.10.1978
Date of Appointment :	21.01.2008
DIN No.:	01943822

Name :	Satish Juttika
Designation :	Director
Address :	Room No-B-392, Sector 14, Rotary Nagar, Near Ganeshnagar, Gandhidham - 370201, Gujarat, India
Date of Birth/Age :	05.12.1986
Date of Appointment :	21.01.2008
DIN No.:	01943865

Name :	Bhavin Hasmukhbhai Thakkar
Designation :	Director
Address :	E/30, Gujarat Housing Board,, Sector-5,, Gandhidham - 370201, Gujarat, India
Date of Birth/Age :	28.02.1981
Date of Appointment :	02.05.2013
DIN No.:	06621291

Name :	Ashok Vachhraj Maheshwari
Designation :	Director
Address :	Mahesh Nagar, Mundra - 370421, Gujarat, India
Date of Appointment :	01.02.2015
DIN No.:	07077914

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Mukesh Chhaganlal Tank	5,000	50.00
Satish Juttika	5,000	50.00
Total	10,000	100.00

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 :	Service provider of shipping handling transportation, Stevedoring Services, Port Handling Services, Chartering Services, Brokering Services, Vessel Agency, Logistic Solutions and Clearing & Forwarding Solutions.

Services :	Services Brokering Services Chartering Services Clearing & Forwarding Services Custom Clearing Services Door to Door Services Freight Forwarding Services Logistic Solutions Port Handling Services Stevedoring Services Transportation Services Vessel Agency Services

Brand Names :	--

Agencies Held :	Not Divulged

Exports :
Countries :	China Bangladesh

Imports :
Countries :	Egypt

Terms :
Selling :	Cash, Cheque and Credit (60 days / 90 days)

Purchasing :	Cash, Cheque and Credit (60 days / 90 days)

PRODUCTION STATUS :NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Aditya Marine Limited Exim Multimedia (India) Private Limited Global Shipping Services Ishan Netsol Private Limited Sun Graphics
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Arawali Phosphate Limited Asia Pecific Resources Private Limited The Great Eastern Shipping Company Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

Bank Name	IDBI Bank Axis Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term Loans
From Bank	0.481	0.000
Total	0.481	0.000

Financial Institutions :	SREI Equipment Finance Private Limited, 'Vishwakarma', 86 C, Topsia Road, Kolkata - 700046, West Bengal, India Citicorp Finance (India) Limited, 1st Floor, Ashirwad Complex, Near Mehta Sweets, Asharam Road, Ahembabad - 380014, Gujarat, India

Auditors :
Name :	Sonal Agrawal Chartered Accountant
Address :	1, Agrawal Beej Udyog Building, Near Roadways Bus Stand, Bhilwara – 311001, Rajasthan, India
PAN No.:	AIYPA3298G

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

290,000	Equity Shares	Rs.10/- each	Rs.2.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.900	0.100	0.100
(b) Reserves & Surplus	3.522	0.365	0.022
(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)	6.422	0.465	0.122

(3) Non-Current Liabilities
(a) long-term borrowings	10.084	0.150	0.150
(b) Deferred tax liabilities (Net)	0.567	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)	10.651	0.150	0.150

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	30.166	5.646	0.013
(c) Other current liabilities	0.419	0.000	0.000
(d) Short-term provisions	2.015	0.022	0.012
Total Current Liabilities (4)	32.600	5.668	0.025

TOTAL	49.673	6.283	0.297

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.999	0.040	0.046
(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	1.173	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.172	0.040	0.046

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	28.322	5.760	0.233
(d) Cash and cash equivalents	1.191	0.377	0.015
(e) Short-term loans and advances	5.988	0.106	0.003
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	35.501	6.243	0.251

TOTAL	49.673	6.283	0.297

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	292.089	12.217	NA
	Other Income			NA
	TOTAL	292.089	12.217	NA

Less	EXPENSES
	TOTAL	284.523	11.868	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.566	0.349	0.008

Less/ Add	DEPRECIATION/ AMORTISATION	2.176	0.006	0.005

	PROFIT/ (LOSS) BEFORE TAX	5.390	0.343	0.003

Less	TAX	2.233	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	3.157	0.343	0.003

	Earnings / (Loss) Per Share (Rs.)	10.89	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011

Return on Total Assets (PBT/Total Assets}	(%)	10.85	5.46	1.01

Return on Investment (ROI) (PBT/Networth)		0.84	0.74	0.02

Debt Equity Ratio (Total Liability/Networth)		1.57	0.32	1.23

Current Ratio (Current Asset/Current Liability)		1.09	1.10	10.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	2.900
Reserves & Surplus	0.022	0.365	3.522
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.122	0.465	6.422

long-term borrowings	0.150	0.150	10.084
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.150	0.150	10.084
Debt/Equity ratio	1.230	0.323	1.570

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	12.217	292.089
		2,290.841

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	12.217	292.089
Profit	0.343	3.157
	2.81%	1.08%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term loans From other parties
City Corp Fin – 982-2976043	2.040	0.000
City Corp Fin – 982-2976082	2.040	0.000
Srei Equipment Fin Private Limited	4.542	0.000
Kotak Mahindra Prime Limited	0.981	0.000
Mystic Shipping	0.000	0.150
Total	9.603	0.150

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446502	30/07/2013	2,713,000.00	CITICORP FINANCE (I) LIMITED	1ST FLOOR, ASHIRWAD COMPLEX, NEAR MEHTA SWEETS, A SHARAM ROAD, AHEMBABAD, GUJARAT - 380014, INDIA	B83755751
2	10446505	30/07/2013	2,713,000.00	CITICORP FINANCE (I) LIMITED	1ST FLOOR, ASHIRWAD COMPLEX, NEAR MEHTA SWEETS, A SHARAM ROAD, AHEMBABAD, GUJARAT - 380014, INDIA	B83756536
3	10432393	31/05/2013	2,800,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	B77634939
4	10432395	31/05/2013	2,895,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	B77635530
5	10372412	22/07/2012	2,720,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	B56342025
6	10372116	22/07/2012	2,890,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	B56233976
7	10370078	19/07/2012	2,500,000.00	CITICORP FINANCE (I) LIMITED	1ST FLOOR, ASHIRWAD COMPLEX, USMANPURA, AHMEDABAD , GUJARAT - 380014, INDIA	B45523123
8	10370079	19/07/2012	2,500,000.00	CITICORP FINANCE (I) LIMITED	1ST FLOOR, ASHIRWAD COMPLEX, USMANPURA, AHMEDABAD , GUJARAT - 380014, INDIA	B45523743

NOTE

As claimed by Mr. Mukesh Chhaganlal Tank the registered office of the company has been shifted from 304, Plaza Centre, Plot No. 117, Sector 8, Kachchh, Gandhidham – 370201, Gujarat, India to the present address.

FIXED ASSETS

Furniture and Fixture
Air Conditioner
Car
Sony Laptop
LG LED Television
Printer
Black Berry Mobile
Motor Cycle
JCB Loader
Computer

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 records 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.63.89
UK Pound	1	Rs.98.89
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KAR

Report Prepared by :	SNT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.

MIRA INFORM REPORT

Unit