MIRA INFORM REPORT

Report No. :	327297
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	CRL TERMINALS PRIVATE LIMITED
Registered Office :	Unit 201, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-61294800
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.1967
Com. Reg. No.:	11-013779
Capital Investment / Paid-up Capital :	Rs.168.581 Million
CIN No.: [Company Identification No.]	U24100MH1967PTC013779
IEC No.:	0312007540
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10817C
PAN No.: [Permanent Account No.]	AAACC7840D
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of liquid storage and cargo services.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established private limited company incorporated in the year 1967 having satisfactory track. Subject is a service provider of liquid storage and cargo services. The company has achieved top line growth of 29% in its sales turnover and 16% on profit in FY14 over previous year. Rating also takes into consideration company’s strong business risk profile marked by debt free balance sheet and healthy profit margin. Overall financial condition of the company appears to be strong. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In a view of strong financial position and long standing existence, 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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. Vinay Pandey
Designation :	Account Executive
Contact No.:	91-22-61294800
Date :	15.06.2015

LOCATIONS

Registered Office :	Unit 201, Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-61294800
Fax No.:	91-22-61294888
E-Mail :	crlfinance@vopakindia.com vinay.pandey@vopakindia.com
Website :	www.vopakindia.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Patrick Johannes Arnoldus Van Der Voort

Designation :

Director

Address :

12, Sandwich Road, Medway Park, Singapore, 139161, Singapore

Date of Birth/Age :

29.03.1968

Date of Appointment :

08.07.2011

DIN No.:

03279145

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	Company/ LLP Status	Defaulting status
1	U24100MH1967PTC013779	CRL TERMINALS PRIVATE LIMITED	Director	08/07/2011	08/07/2011	Active	NO
2	U74999MH2013FTC241705	VOPAK STOLTHAVEN TERMINALS PRIVATE LIMITED	Director	04/04/2013	04/04/2013	Active	NO

Name :

Mr. Keng Pheng Aldridge

Designation :

Director

Address :

11 Kismis PL, Singapore, 598162, Singapore

Date of Birth/Age :

12.04.1957

Date of Appointment :

24.12.2012

DIN No.:

01834420

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	U45209PN2005PLC020270	Tata BlueScope Steel Limited	Director appointed in casual vacancy	08/10/2007	08/10/2007	23/04/2008	Active	NO
2	U24100MH1967PTC013779	CRL TERMINALS PRIVATE LIMITED	Director	24/12/2012	30/04/2012	-	Active	NO
3	U74999MH2013FTC241705	VOPAK STOLTHAVEN TERMINALS PRIVATE LIMITED	Director	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Ian Ter Haar

Designation :

Director

Address :

12, Sandwich Road, Singapore, 139161, Singapore

Date of Birth/Age :

27.08.1969

Date of Appointment :

24.12.2012

DIN No.:

03569788

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	Company/ LLP Status	Defaulting status
1	U24100MH1967PTC013779	CRL TERMINALS PRIVATE LIMITED	Director	24/12/2012	19/09/2011	Active	NO

Name :

Mr. Fulco Herman van Geuns

Designation :

Director

Address :

25A, King Albert Park, King Albert Park, 598310, Singapore, NA, Singapore

Date of Birth/Age :

13.06.1972

Date of Appointment :

06.03.2012

DIN No.:

05211900

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	Company/ LLP Status	Defaulting status
1	U24100MH1967PTC013779	CRL TERMINALS PRIVATE LIMITED	Director	24/12/2012	06/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Shishir Agarwal
Designation :	Secretary
Address :	C-301, Kaatyayni Residency, Off Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	09.07.1975
Date of Appointment :	01.08.2011
PAN No.:	AEXPA8131K

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Vopak Asia Limited, Singapore	1685805
Vopak Logistics Asia Pacific BV, Netherland	1
Total	1685806

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
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

BUSINESS DETAILS

Line of Business :	Service provider of liquid storage and cargo services.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit (30 / 60 / 90 Days)
Purchasing :	Cash, Credit (30 / 60 / 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
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 :

Company Name :	Not Divulged
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 :

50 (Approximately)

Bankers :

Banker Name :	Not Divulged
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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India
PAN No.:	AAAFD0907D
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Vopak Asia Pte. Limited, Singapore
Ultimate Holding Company :	Koninklijke Vopak N.V., Netherlands
Fellow Subsidiary Company :	· Vopak Stolthaven Terminals Private Limited · Kertih Terminals SDN BHD · Thai Tank Terminals Limited, Thailand

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
2450000	Equity Shares	Rs.100/- each	Rs.245.000 Million
50000	Preference Shares	Rs.100/- each	Rs.5.000 Million
	Total		Rs.250.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1685806	Equity Shares	Rs.100/- each	Rs.168.581 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	168.581	168.581	168.581
(b) Reserves & Surplus	1249.400	900.657	599.603
(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)	1417.981	1069.238	768.184
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	31.732	25.816	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	21.158	21.158	0.000
Total Non-current Liabilities (3)	52.890	46.974	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	91.747	29.460	56.843
(c) Other current liabilities	30.720	35.720	27.698
(d) Short-term provisions	4.002	7.592	10.443
Total Current Liabilities (4)	126.469	72.772	94.984
TOTAL	1597.340	1188.984	863.168
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	359.999	314.480	169.605
(ii) Intangible Assets	1.470	1.632	1.090
(iii) Capital work-in-progress	34.278	37.276	11.661
(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	24.837
(d) Long-term Loan and Advances	54.371	49.193	46.876
(e) Other Non-current assets	0.000	0.000	104.980
Total Non-Current Assets	450.118	402.581	359.049
(2) Current assets
(a) Current investments	0.372	13.434	19.200
(b) Inventories	6.108	6.621	7.397
(c) Trade receivables	47.455	23.890	29.544
(d) Cash and cash equivalents	1038.169	683.266	433.935
(e) Short-term loans and advances	22.604	36.697	7.681
(f) Other current assets	32.514	22.495	6.362
Total Current Assets	1147.222	786.403	504.119
TOTAL	1597.340	1188.984	863.168

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	930.543	720.776	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/(LOSS) AFTER TAX	348.743	301.054	68.468
	Earnings Per Share (Rs.)	206.87	178.58	--

Expected Sales (2014-2015): Rs.1000.000 Million

The above information has been parted by Mr. Vinay

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	9.07	10.81	5.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	168.581	168.581	168.581
Reserves & Surplus	599.603	900.657	1249.400
Net worth	768.184	1069.238	1417.981
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	720.776	930.543
		29.103

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	720.776	930.543
Profit	301.054	348.743
	41.77%	37.48%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.