1. Summary Information

		Country	India
Company Name	PIONEER MARINE SERVICES PRIVATE LIMITED	Principal Name 1	Mr. Hameed Jahubar Moulana Hameed Ahamed Farzan
Status	New Company	Principal Name 2	Mr. Nadupandalai Maricar Mohamed Idris
		Registration #	069733
Street Address	No. 25, Old No 10 B, First Floor, KR Ahmed Shah Complex, Dr Radha Krishnan Road, Mylapore, Chennai-600004, Tamilnadu, India
Established Date	31.10.2008	SIC Code	--
Telephone#	91-44-42975115	Business Style 1	Providing Ship Management Services.
Fax #	91-44-42975100	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	10	Product Name 2	--
Paid up capital	--	Product Name 3	--
Shareholders	--	Banking	--
Public Limited Corp.	--	Business Period	03 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	Ca (17)
Related Company
Relation	Country	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,237,000	Current Liabilities	9,334,000
Inventories	369,000	Long-term Liabilities	--
Fixed Assets	7,376,000	Other Liabilities	76,000
Deferred Assets	--	Total Liabilities	9,410,000
Invest& other Assets	--	Retained Earnings	--
		Net Worth	(428,000)
Total Assets	8,982,000	Total Liab. & Equity	8,982,000
Total Assets (Previous Year)	5,958,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	17,746,000	Net Profit	89,000
Sales(Previous yr)	--	Net Profit(Prev.yr)	(628,000)

MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	PIONEER MARINE SERVICES PRIVATE LIMITED
Registered Office :	No. 25, Old No 10 B, First Floor, KR Ahmed Shah Complex, Dr Radha Krishnan Road, Mylapore, Chennai-600004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.10.2008
Com. Reg. No.:	069733
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U61100TN2008PTC069733
TAN No.: [Tax Deduction & Collection Account No.]	CHEP10821G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Ship Management Services.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	--
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are not known. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Mohammed Azhar
Designation :	Director

LOCATIONS

Registered Office :	No. 25, Old No 10 B, First Floor, KR Ahmed Shah Complex, Dr Radha Krishnan Road, Mylapore, Chennai-600004, Tamilnadu, India
Tel. No.:	91-44-42975115
Fax No.:	91-44-42975100
E-Mail :	anu_bisani12@rediffmail.com
Area :	3000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Hameed Jahubar Moulana Hameed Ahamed Farzan
Designation :	Director
Address :	74-1, Ward No 108 Joiser Street Nungambakkam, Chennai-600034, Tamilnadu, India
Date of Birth/Age :	16.02.1982
Date of Appointment :	30.05.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U61100TN2008PTC069733	PIONEER MARINE SERVICES PRIVATE LIMITED	Director	30/05/2009	30/05/2009	-	Active	NO
2	U51909TN2011PTC081016	ALFJEMEL TRADING COMPANY PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
3	U74999TN2011PTC081368	IFIC ADVISORY SERVICES PRIVATE LIMITED	Director	05/07/2011	05/07/2011	-	Active	NO

Name :	Mr. Nadupandalai Maricar Mohamed Idris
Designation :	Director
Address :	1A, Rutland Gate, 4^th Street, Thousand Lights, Chennai-600006, Tamilnadu, India
Date of Birth/Age :	28.10.1948
Date of Appointment :	25.05.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U05001TN1994PTC028097	ORKI AQUACULTURE PRIVATE LIMITED	Director	15/07/1994	15/07/1994	-	Active	YES
2	U65991TN1991PTC020261	REALTY INVESTMENTS PRIVATE LIMITED	Director	15/07/1994	15/07/1994	-	Active	NO
3	U92490MH2006PTC165141	SUPREME MULTI NETWORK PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
4	U36912MH1972PTC015920	ORIENTAL DIAMOND ENTERPRISES PRIVATE LIMITED	Director	12/05/2008	12/05/2008	-	Active	YES
5	U51900MH1992PTC069690	ORIENTAL COMMODITIES NETWORK PRIVATE LIMITED	Director	12/05/2008	12/05/2008	-	Active	NO
6	U61100TN2008PTC069733	PIONEER MARINE SERVICES PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO
7	U74900TN2009PTC072113	AQUAMARINE MARITIME SERVICES PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Strike off	NO
8	U70100TN2010PTC078312	SPETTRO ENGINEERING PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

Name :	Mr. Ahamed Raqueeb
Designation :	Director
Address :	8 Nawab Habibullah Avenue, 2^nd Street, Chennai-600006, Tamilnadu, India
Date of Birth/Age :	14.01.1961
Date of Appointment :	25.05.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201TN2005PTC055907	A.M.C.ESTATES PRIVATE LIMITED	Director	17/04/2005	17/04/2005	-	Active	YES
2	U61100TN2008PTC069733	PIONEER MARINE SERVICES PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Nadupandalai Maricar Mohamed Idris	3333
Ahamed Raqueeb	3333
Hameed Jahubar Moulana Hameed Ahamed Farzan	3334
Total	10000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Ship Management Services.
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :	End Users, OEM’s
No. of Employees :	10 (Approximately)
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	N C Rajagopal and Company Chartered Accountant
Address :	5, Moores Road, Chennai – 60006, Tamil Nadu, India
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.528)	(0.628)
NETWORTH		(0.428)	(0.528)
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		0.076	0.087
TOTAL		(0.352)	(0.441)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.376	5.817
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.369	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	1.031	0.100
	Other Current Assets	0.051	0.000
	Loans & Advances	0.155	0.041
Total Current Assets		1.606	0.141
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.462	6.399
	Other Current Liabilities	1.586	0.000
	Provisions	0.286	0.000
Total Current Liabilities		9.334	6.399
Net Current Assets		(7.728)	(6.258)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		(0.352)	(0.441)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	17.746	NA
		Other Income	0.000	NA
		TOTAL	17.746	NA
Less	EXPENSES
		TOTAL	17.657	(0.628)
	PROFIT BEFORE TAX		0.089	(0.628)
Less	TAX		(0.011)	0.000
	PROFIT AFTER TAX		0.100	(0.628)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.50	NA
Net Profit Margin (PBT/Sales)	(%)	0.50	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.99	(10.54)
Return on Investment (ROI) (PBT/Networth)		(0.21)	(1.18)
Debt Equity Ratio (Total Liability/Networth)		(21.81)	(12.12)
Current Ratio (Current Asset/Current Liability)		0.17	0.02

LOCAL AGENCY FURTHER INFORMATION

NIL

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.49.61
UK Pound	1	Rs.76.67
Euro	1	Rs.66.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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
TOTAL		17

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.