MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	AET TANKERS INDIA PRIVATE LIMITED (w.e.f 07.07.2009)
Formerly Known As :	AET OCEAN TRANSPORT (INDIA) PRIVATE LIMITED
Registered Office :	126, Vipul Agora, Mehrauli Gurgaon Road, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.05.2009
Com. Reg. No.:	05-039110
Capital Investment / Paid-up Capital :	Rs.36.600 Millions
CIN No.: [Company Identification No.]	U61200HR2009PTC039110
TAN No.: [Tax Deduction & Collection Account No.]	RTKA05817A
Legal Form :	Private Limited Liability Company
Line of Business :	The object of the company is to construct, purchase, hire and operate ships, barges, vessel of any class and to establish and maintain lines of regular ships, vessel and barges and to transport goods, petroleum products through out the world.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 409000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Shipmanagement/ Regional Office :	126, Vipul Agora, Mehrauli Gurgaon Road, Gurgaon – 122001, Haryana
Tel. No.:	91-124-4638100
Fax No.:	Not Available
E-Mail :	rdeshwal@aetotankers.com
Website :	http://www.aet-tankers.com
Head Quarter :	Located at: AET Tanker Holdings Sdn Bhd, Malaysia
Commercial Operation:	Located at: AET Inc Limited, USA AET UK Limited, United Kingdom AET Tankers Pte Limited, Singapore AET Offshore Services Inc, USA
Shipmanagement ;	AET Shipmanagement (Singapore) Pte Limited, Singapore AET Shipmanagement (USA) LLC, USA
Regional Office :	Located at: Malaysia India

DIRECTORS

As on 30.09.2011

Name :

Hor Weng Yew

Designation :

Additional director

Date of Appointment :

06.08.2009

DIN No.:

02725859

Name :

Mr. Abdul Rahim Abdul Rahman

Designation :

Additional director

Date of Appointment :

06.08.2009

DIN No.:

01987033

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	U63032HR2008FTC040539	AET SHIPMANAGEMENT (INDIA) PRIVATE LIMITED	Director	05-09-08	05-09-08	-	Active	NO
2	U61200HR2009PTC039110	AET TANKERS INDIA PRIVATE LIMITED	Additional director	06-08-09	06-08-09	-	Active	NO

Name :

Mr. Rajesh Deshwal

Designation :

Alternate director

Address :

65, Officers Capmus, Krishana Marg, Sirsi Road, Khatipura, Jaipur – 302012, Rajasthan, India

Date of Birth/Age :

02.08.1971

Date of Appointment :

01.01.2010

DIN No.:

02451579

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	U63032HR2008FTC040539	AET SHIPMANAGEMENT (INDIA) PRIVATE LIMITED	Alternate director	15-04-09	15-04-09	-	Active	NO
2	U61200HR2009PTC039110	AET TANKERS INDIA PRIVATE LIMITED	Alternate director	01-10-10	21-05-09	-	Active	NO
3	U74990MH2011PTC215670	RAJASTHAN INSTITUTE OF RESEARCH AND MARITIME STUDIES PRIVATE LIMITED	Director	01-04-11	01-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
AET Tankers Pte Limited, Singapore	3613500
AET Petroleum Tankers SDN BHD, Malaysia	36500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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
Total	100.00

BUSINESS DETAILS

Line of Business :

The object of the company is to construct, purchase, hire and operate ships, barges, vessel of any class and to establish and maintain lines of regular ships, vessel and barges and to transport goods, petroleum products through out the world.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S.V Ghatalia and Associates Chartered Accountant
Address :	Golf View Corporate Tower B, Sector -42, Sector Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644080
PAN.:	AACFS6921Q
Holding Company :	AET Tankers Pte Limited
Fellow Subsidiaries :	AET Petroleum Tankers (M) SDN BHD AET Shipmanagement (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3660000	Equity Shares	Rs.10/- each	Rs.36.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions].

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.600	36.600
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		109.500	109.500
4] (Accumulated Losses)		(43.960)	(30.341)
NETWORTH		102.140	115.759
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		337.918	337.918
TOTAL		440.058	453.677
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		261.829	323.246
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	2.084	15.673
	Sundry Debtors	2.186	33.526
	Cash & Bank Balances	187.028	131.177
	Other Current Assets	1.922	0.000
	Loans & Advances	3.597	0.559
Total Current Assets		196.817	180.935
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.086	47.377
	Other Current Liabilities	2.250	1.292
	Provisions	1.252	1.835
Total Current Liabilities		18.588	50.504
Net Current Assets		178.229	130.431
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		440.058	453.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	INCOME		210.566
	EXPENSES INCLUDING DEPRECATION		223.756
	PROFIT BEFORE TAX		(13.263)
Less	TAX		(0.356)
	PROFIT AFTER TAX		(13.619)
	EARNINGS IN FOREIGN CURRENCY
		Income from Service	82.462
	TOTAL EARNINGS		82.462
	Earnings Per Share (Rs.)		(3.72)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(2.83)	NA
Return on Investment (ROI) (PBT/Networth)		(0.13)	NA
Debt Equity Ratio (Total Liability/Networth)		0.18	0.44
Current Ratio (Current Asset/Current Liability)		10.59	3.58

LOCAL AGENCY FURTHER INFORMATION

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 one years	Yes
12) Profitability for last one 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	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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	Yes
30) Major Shareholders, if available	Yes

Nature of Operations

The company was incorporated on May 21, 2009. The object of the company is to construct, purchase, hire and operate ships, barges, vessel of any class and to establish and maintain lines of regular ships, vessel and barges and to transport goods, petroleum products through out the world.

The company had purchased vessel “Eagle Meeru” in January 2010 and is using this vessel for voyages and charter business.

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
TOTAL		27

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.