MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	L AND T SAPURA SHIPPING PRIVATE LIMITED
Registered Office :	Mount Poonamallee Road, P.O. Box 979, Manapakkam-600089, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.09.2010
Com. Reg. No.:	18-077217
Capital Investment / Paid-up Capital :	Rs.1585.649 Millions
CIN No.: [Company Identification No.]	U61100TN2010PTC077217
TAN No.: [Tax Deduction & Collection Account No.]	CHEL04678C
Legal Form :	Private Limited Liability Company
Line of Business :	Operating Heavy Lift Cum Pipelay Vessel On Charter Hire Basis.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 7230000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Larsen and Toubro Limited. It is an established company having fine track. It has achieved better sales and profitability in its first year of operation. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payment are reported to be regular and as per commitments. The company can be considered good 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 – 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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Mount Poonamallee Road, P.O. Box 979, Manapakkam-600089, Tamilnadu, India
Tel. No.:	91-44-22526000
Fax No.:	91-44-22528000
E-Mail :	charania_khodidas@ntenc.com ud@lntenc.com rohaizad@sapuracrest.com.my
Website :	http://www.intsapuracrest.com

DIRECTORS

As on 29.06.2011

Name :

Mr. Udayan Dasgupta

Designation :

Director

Address :

602, Verona Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

07.11.1950

Date of Appointment :

02.09.2010

Din No.:

00129114

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	U74210KA2004PLC035094	LANDT-VALDEL ENGINEERING LIMITED	Director	05/04/2005	05/04/2005	Active	NO
2	U61100TN2010PTC077217	L AND T SAPURA SHIPPING PRIVATE LIMITED	Director	02/09/2010	02/09/2010	Active	NO
3	U11200TN2010PTC077214	L AND T SAPURA OFFSHORE PRIVATE LIMITED	Director	02/09/2010	02/09/2010	Active	NO

Name :

Shahril Bin Shamsuddin

Designation :

Director

Date of Appointment :

04.09.2010

Din No.:

03178533

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	U11200TN2010PTC077214	L AND T SAPURA OFFSHORE PRIVATE LIMITED	Director	04/09/2010	04/09/2010	Active	NO
2	U61100TN2010PTC077217	L AND T SAPURA SHIPPING PRIVATE LIMITED	Director	04/09/2010	04/09/2010	Active	NO

Name :

Ms. Sushila Pramod Kapoor

Designation :

Director

Date of Appointment :

04.09.2010

Din No.:

02914307

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	U65910MH1997PLC108179	L AND T FINCORP LIMITED	Director	04/08/2011	19/01/2010	21/02/2012	Active	NO
2	U74899DL1995PLC070704	BHILAI POWER SUPPLY COMPANY LIMITED	Director	28/07/2011	19/01/2010	15/03/2012	Active	NO
3	U74900MH2008PLC182601	L AND T NATURAL RESOURCES LIMITED	Director	27/07/2010	20/01/2010	09/03/2012	Active	NO
4	U11200TN2010PTC077214	L AND T SAPURA OFFSHORE PRIVATE LIMITED	Director	04/09/2010	04/09/2010	-	Active	NO
5	U61100TN2010PTC077217	L AND T SAPURA SHIPPING PRIVATE LIMITED	Director	04/09/2010	04/09/2010	-	Active	NO
6	U40102PB2007PLC031039	NABHA POWER LIMITED	Director	07/09/2011	07/10/2010	09/03/2012	Active	NO
7	U74210KA2004PLC035094	LANDT-VALDEL ENGINEERING LIMITED	Director	31/05/2011	29/10/2010	12/03/2012	Active	NO
8	U27100GJ2009PTC055901	KESUN IRON AND STEEL COMPANY PRIVATE LIMITED	Director appointed in casual vacancy	17/12/2010	17/12/2010	15/03/2012	Active	NO
9	U28920MH1994PLC083035	L AND T CHIYODA LIMITED	Director appointed in casual vacancy	16/03/2012	16/03/2012	-	Active	NO

Name :

Mr. Venkataramanan Krishnamurthi

Designation :

Director

Date of Appointment :

04.09.2010

Din No.:

00001647

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	U28920MH1994PLC083035	L AND T CHIYODA LIMITED	Director	17/11/1994	17/11/1994	10/08/2007	Active	NO
2	U74210MH1995PLC088099	L AND T-SARGENT AND LUNDY LIMITED	Director	05/05/1995	05/05/1995	23/04/2008	Active	NO
3	U74899DL1995PLC070704	BHILAI POWER SUPPLY COMPANY LIMITED	Director	12/09/1997	12/09/1997	19/01/2010	Active	NO
4	U31101WB1997PLC083434	HPL COGENERATION LIMITED	Director	31/08/1998	31/08/1998	06/05/2008	Amalgamated	NO
5	U65910MH1997PLC108179	L AND T FINCORP LIMITED	Director	22/02/1999	22/02/1999	19/01/2010	Active	NO
6	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Managing director	01/04/2012	28/05/1999	-	Active	NO
7	U74210KA2004PLC035094	LANDT-VALDEL ENGINEERING LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
8	U40100MH2006PLC160413	L AND T POWER LIMITED	Director	09/03/2006	09/03/2006	18/10/2010	Active	NO
9	U29119MH2006PTC165102	L AND T - MHI BOILERS PRIVATE LIMITED	Director	09/10/2006	09/10/2006	20/02/2008	Active	NO
10	U74140DL2008NPL181389	INSTITUTE OF PROJECT MANAGEMENT CERTIFICATION	Director	25/07/2008	25/07/2008	-	Active	NO
11	U61100TN2010PTC077217	L AND T SAPURA SHIPPING PRIVATE LIMITED	Director	04/09/2010	04/09/2010	-	Active	NO
12	U11200TN2010PTC077214	L AND T SAPURA OFFSHORE PRIVATE LIMITED	Director	04/09/2010	04/09/2010	-	Active	NO
13	U40102PB2007PLC031039	NABHA POWER LIMITED	Director	07/09/2011	07/10/2010	09/03/2012	Active	NO
14	U40103MH2010PLC209313	L AND T POWERGEN LIMITED	Director	22/10/2010	22/10/2010	03/03/2012	Active	NO
15	U13203OR1999PTC005673	RAYKAL ALUMINIUM COMPANY PRIVATE LIMITED	Director appointed in casual vacancy	25/10/2010	25/10/2010	28/01/2012	Active	NO
16	U27100GJ2009PTC055901	KESUN IRON AND STEEL COMPANY PRIVATE LIMITED	Director	08/09/2011	17/12/2010	15/03/2012	Active	NO

Name :

Azmi Bin Arshad

Designation :

Alternate Director

Date of Appointment :

04.09.2010

Din No.:

03094170

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	U11200TN2010PTC077214	L AND T SAPURA OFFSHORE PRIVATE LIMITED	Alternate director	04/09/2010	04/09/2010	Active	NO
2	U61100TN2010PTC077217	L AND T SAPURA SHIPPING PRIVATE LIMITED	Alternate director	04/09/2010	04/09/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Arjun Khodidas Charania
Designation :	Secretary
Date of Appointment :	04.09.2010
Pan No.:	ADKPC1761B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2011

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, India	95138939
Nautical Power Pte Limited, Singapore	63425959
Total	158564898

As on 27.03.2012

Names of Allottees	No. of Shares
Larsen and Toubro Limited, India	172911
Nautical Power Pte Limited, Singapore	115274
Total	288185

As on 29.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Operating Heavy Lift Cum Pipelay Vessel On Charter Hire Basis.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]
Foreign currency loans	5651.524 (A)
Total	5651.524

NOTE:

(A) a) "(Secured by Mortgage of vessel)" b) "(Terms of repayment - 13 semiannual installment of USD 6.67 million each AND final installment of USD 46.69 million)"

Banking Relations :	--
Financial Institution :	BNP Paribas Hong Kong Branch, 63/F, Two International Centre, 8, Finance Street, Hong Kong Central – 31968228, Hong Kong
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Pan No.:	AAAFS2967E
Holding Company :	Larsen and Toubro Limited [L99999MH1946PLC004768]
JV Partner :	SapuraCrest Petroleum Bhd
Fellow Subsidiary :	· TL Offshore Sdn Bhd · Offshore International FZC

CAPITAL STRUCTURE

As on 29.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- each	Rs.1800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
158853083	Equity Shares	Rs.10/- each	Rs.1588.530 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- each	Rs.1800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
158564898	Equity Shares	Rs.10/- each	Rs.1585.649 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		02.09.2010 TO 31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1585.649
2] Share Application Money		0.000
3] Reserves & Surplus		223.753
4] (Accumulated Losses)		0.000
NETWORTH		1809.402
LOAN FUNDS
1] Secured Loans		5651.524
2] Unsecured Loans		0.000
TOTAL BORROWING		5651.524
DEFERRED TAX LIABILITIES		0.000
TOTAL		7460.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7057.765
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	241.784
	Cash & Bank Balances	179.779
	Other Current Assets	7.539
	Loans & Advances	93.105
Total Current Assets		522.207
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.167
	Other Current Liabilities	22.846
	Provisions	33.033
Total Current Liabilities		119.046
Net Current Assets		403.161
MISCELLANEOUS EXPENSES		0.000
TOTAL		7460.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		02.09.2010 TO 31.03.2011
	SALES
		Income
		Other Income
		TOTAL	624.097
Less	EXPENSES
		Office Expenses
		Administrative Expenses	255.477
		Advertising Expenses
		Financial Expenses
		TOTAL	255.477
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		368.620
Less/ Add	DEPRECIATION/ AMORTISATION		144.675
	PROFIT / (LOSS) BEFORE TAX		223.945
Less	TAX		0.192
	PROFIT / (LOSS) AFTER TAX		223.753
	Earnings / (Loss) Per Share (Rs.)		2.22

KEY RATIOS

PARTICULARS		02.09.2010 TO 31.03.2011
PAT / Total Income	(%)	35.85
Return on Total Assets (PBT/Total Assets}	(%)	2.95
Return on Investment (ROI) (PBT/Networth)		0.12
Debt Equity Ratio (Total Liability/Networth)		3.19
Current Ratio (Current Asset/Current Liability)		4.39

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 year	Yes
12) Profitability for last one year	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	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
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
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

COMPANY OVERVIEW:

L and T Sapura Shipping Private Limited (LTSSPL) is a joint venture between Larsen and Toubro Limited (L and T) and SapuraCrest Petroluem Bhd, Malaysia (Sapura) The Company was incorporated on September 02, 2010. Accordingly, the accounts are drawn up for the period from September 02, 2010 to March 31, 2011.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U61100TN2010PTC077217
Name of the company	L AND T SAPURA SHIPPING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Mount Poonamallee Road, P.O. Box 979, Manapakkam-600089, Tamilnadu, India
Type of charge	Ship
Particular of charge holder	BNP Paribas Hong Kong Branch, 63/F, Two International Centre, 8, Finance Street, Hong Kong Central – 31968228, Hong Kong
Email	gary.lee@asia.bnpparibas.com
Nature of description of the instrument creating or modifying the charge	Form 11 and deed of covenant
Date of instrument Creating the charge	18.11.2010
Amount secured by the charge	Rs.7286.764 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest LIBOR Terms of Repayment Loan to be repaid in 13 consecutive semi-annual, with a final balloon installment as on 30th June 2017. Interest paid on loan half yearly rest payable quarterly Margin 1.55 % - Tranch A 3.50 % - Tranch B Extent and Operation of the charge India and abroad.
Short particulars of the property charged	Vessel "LTS 3000" with IMO No. 9446843 registered at the Mercantile Marine Department Mumbai under Official No.3775.

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.55.95
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.