MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	GREATSHIP (INDIA) LIMITED
Registered Office :	Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.06.2002
Com. Reg. No.:	11-136326
Capital Investment / Paid-up Capital :	Rs. 2599.700 Millions
CIN No.: [Company Identification No.]	U63090MH2002PLC136326
TAN No.: [Tax Deduction & Collection Account No.]	MUMG11556G
PAN No.: [Permanent Account No.]	AABCG8542K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in providing offshore oilfield services with the principal activity of offshore logistics and drilling services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 84000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “The Great Eastern Shipping Company Limited”. It is a well-established and reputed company having good track record. The financial position of the company is strong. Liquidity position of the company is good. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding and experience promoters to company can be considered for normal 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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : AA
Rating Explanation	High degree of safety and low credit risk.
Date	November 21, 2013

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 31-03-2012.

LOCATIONS

Registered Office :	Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66613000
Fax No.:	91-22-24920200
E-Mail :	secretarial@greatshipglobal.com
Website :	www.greatshipglobal.com
Corporate/ Head Office :	Indiabulls Finance Centre, Tower 3, 23^rd Floor Senapati Bapat Marg, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-67207500/ 71022200
	91-22-66517428
E-Mail :	marketing@greatshipglobal.com

DIRECTORS

AS ON 18.07.2013

Name :

Mr. Ravi Kanaiyalal Sheth

Designation :

Managing director

Address :

Flat No. 12-B Manek, 11 L.D. Ruparel Marg, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

02.04.1961

Qualification :

MBA, B.Com

Date of Appointment :

07.11.2011

PAN No.:

AAIPS7341E

DIN No.:

00022121

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	U65990MH1994PTC079352	A H BHIWANDIWALLA INVESTMENTS PRIVATE LIMITED	Director	01/07/1994	01/07/1994	-	Active	NO
2	L29142TN1988PLC015586	FINANCIAL TECHNOLOGIES (INDIA) LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
3	U63090DL1994PLC168695	ROUTES TRAVEL LIMITED	Director	27/10/1994	27/10/1994	30/03/2007	Amalgamated	NO
4	U00000DL1970PLC100242	BUSINESS STANDARD LIMITED	Nominee director	27/02/1998	27/02/1998	09/07/2008	Active	NO
5	U51100MH2005PTC154893	LINX COMMODITIES PRIVATE LIMITED	Director	19/07/2005	19/07/2005	20/06/2008	Active	NO
6	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Whole-time director	01/04/2010	30/01/2006	-	Active	NO
7	U51900MH2006PTC160075	ARTEX INDIA PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Strike off	NO
8	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Managing director	07/11/2011	22/03/2006	-	Active	NO
9	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	09/08/2007	30/11/2006	06/10/2008	Active	NO
10	U74999MH2008PTC188103	GREATSHIP DOF SUBSEA PROJECTS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	-	Strike off	NO

Name :

Mr. Bharat Kanaiyalal Sheth

Designation :

Director

Address :

Flat No. 19-B Manek, 11 L.D. Ruparel Marg, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

18.01.1958

Qualification :

B.Sc (Economics)

Date of Appointment :

26.06.2002

DIN No.:

00022102

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	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Managing director	01/04/2010	01/07/1989	Active	NO
2	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	26/06/2002	26/06/2002	Active	NO
3	U91990MH1979GAP021664	INDIAN NATIONAL SHIPOWNERS ASSOCIATION	Director	30/09/2010	30/09/2010	Active	NO

Name :

Pradyumna Raghunath Naware

Designation :

Whole-time director

Address :

Marble Arch, Flat No. 51, 52/5, TPS III, 5th Road, Santacruz (East), Mumbai - 400055, Maharashtra, India

Date of Birth/Age :

23.09.1952

Qualification :

CS, LLB, B.Sc

Date of Appointment :

07.11.2011

PAN No.:

AAEPN2222R

DIN No.:

00041519

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	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Whole-time director	07/11/2011	26/06/2002	-	Active	NO
2	U63090DL1994PLC168695	ROUTES TRAVEL LIMITED	Director	06/11/2003	06/11/2003	20/03/2007	Amalgamated	NO
3	U65991MH2003PTC142971	BNP PARIBAS TRUSTEE INDIA PRIVATE LIMITED	Director	27/09/2004	27/09/2004	12/06/2009	Active	NO
4	U74999MH2008PTC188103	GREATSHIP DOF SUBSEA PROJECTS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	-	Strike off	NO

Name :

Keki Minoo Mistry

Designation :

Director

Address :

Vivarea, B Wing, Flat No. 2603, 26th Floor, Sane Guruji Marg, Mahalaxmi (East), Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

07.11.1954

Qualification :

CA, Certified Public Accountant

Date of Appointment :

25.06.2008

DIN No.:

00008886

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	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Managing director	14/11/2010	01/02/1993	-	Active	NO
2	U45200MH1981PLC023708	HDFC DEVELOPERS LIMITED	Director	14/03/1996	14/03/1996	15/07/2010	Active	NO
3	U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	Director	08/06/2000	08/06/2000	18/12/2007	Active	NO
4	U67190MH2000PTC123712	INDIA VALUE FUND ADVISORS PRIVATE LIMITED	Director	18/07/2000	18/07/2000	-	Active	NO
5	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
6	U99999MH2000PTC129112	INTELENET GLOBAL SERVICES PRIVATE LIMITED	Director	01/09/2009	11/10/2000	07/07/2011	Amalgamated	NO
7	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	12/12/2000	12/12/2000	-	Active	NO
8	U65990MH1988GAP047081	ASSOCIATION OF LEASING AND FINANCIAL SERVICES COMPANIES	Director	10/01/2001	10/01/2001	01/08/2011	Active	NO
9	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	14/02/2002	14/02/2002	-	Active	NO
10	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
11	L55101TN1996PLC036595	MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED	Director	07/02/2003	07/02/2003	26/03/2007	Active	NO
12	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	14/03/2003	14/03/2003	-	Active	NO
13	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	13/07/2012	27/03/2003	-	Active	NO
14	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
15	U65990MH1987PLC044571	INFRASTRUCTURE LEASING AND FINANCIAL SERVICES LIMITED	Nominee director	23/11/2006	23/11/2006	05/12/2013	Active	NO
16	U74140MH2006PTC164125	IVF ADVISORS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	27/02/2008	Active	NO
17	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2008	04/12/2007	-	Active	NO
18	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	02/07/2008	24/12/2007	-	Active	NO
19	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	08/09/2009	01/09/2008	-	Active	NO
20	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Director	31/07/2010	28/01/2010	-	Active	NO
21	U67120MH2005PLC155188	BSE LIMITED	Director	29/06/2011	22/06/2010	-	Active	NO
22	U93000MH2012NPL237056	H T PAREKH FOUNDATION	Director	19/10/2012	19/10/2012	-	Active	NO
23	L74140DL1991PLC046369	HCL TECHNOLOGIES LIMITED	Additional director	15/04/2013	15/04/2013	-	Active	NO

Name :

Berjis Minoo Desai

Designation :

Director

Address :

Yezerina II, 740/741, Dadar Parsi Colony, Dadar, Mumbai - 400014, Maharashtra, India

Date of Birth/Age :

02.08.1956

Qualification :

LLM, Solicitor

Date of Appointment :

25.06.2008

DIN No.:

00153675

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	U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
2	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	27/08/1993	27/08/1993	-	Active	NO
3	U61100MH1991PTC059902	SEA FREIGHT PRIVATE LIMITED	Director	11/01/1995	11/01/1995	-	Active	NO
4	U61100MH1996PTC102891	OCEAN EXPRESS PRIVATE LIMITED	Director	19/11/1996	19/11/1996	16/09/2002	Active	NO
5	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
6	U51900MH1998PTC115918	NISHIT MERCHANDISE PRIVATE LIMITED	Director	07/05/1999	07/05/1999	14/10/2011	Active	NO
7	L29299MH1987PLC045446	RELIANCE MEDIAWORKS LIMITED	Director	19/07/2000	19/07/2000	26/10/2007	Active	NO
8	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Director	29/06/2001	29/06/2001	-	Amalgamated	NO
9	U24299MH2001PTC133128	ISAGRO (ASIA) AGROCHEMICALS PRIVATE LIMITED	Director	21/08/2001	21/08/2001	19/11/2008	Active	NO
10	U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED.	Director	25/09/2002	25/09/2002	-	Active	NO
11	U45201MH1992PTC067019	MAN REALTORS AND HOLDINGS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Active	NO
12	U63010MH1997PTC110288	JAKARI EXPRESS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Amalgamated	NO
13	U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
14	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	30/01/2009	31/12/2002	30/04/2010	Active	NO
15	U74999MH2003PTC140687	CHRYSALIS HRD PRIVATE LIMITED	Director	02/06/2003	02/06/2003	22/07/2008	Active	NO
16	U72200MH2000PTC125520	BUSINESS ASIA CONSULTING PRIVATE LIMITED	Director	01/08/2003	01/08/2003	30/08/2008	Active	NO
17	U55102MH2004PTC187649	NEO CAPRICORN PLAZA PRIVATE LIMITED	Director	01/04/2004	01/04/2004	07/07/2011	Active	NO
18	U36101MH2000PLC129024	BP ERGO LIMITED	Director	18/04/2005	18/04/2005	25/06/2007	Active	NO
19	U01110MH1999PTC123246	TRIMODE PROPERTIES PRIVATE LIMITED	Director	26/04/2005	26/04/2005	19/06/2007	Active	NO
20	L52190DL2005PLC181536	STORE ONE RETAIL INDIA LIMITED	Director	11/08/2006	16/05/2005	26/12/2007	Active	NO
21	L99999MH1961PLC012003	NOCIL LIMITED	Director	29/07/2005	29/07/2005	01/08/2012	Active	NO
22	U74900MH2006PTC162712	SABRE PARTNERS INDIA ADVISORS PRIVATE LIMITED	Director	19/06/2006	19/06/2006	21/05/2012	Active	NO
23	U45200MH2006PLC161190	RELIANCE ASSET RECONSTRUCTION COMPANY LIMITED	Director	28/05/2007	27/09/2006	21/02/2009	Active	NO
24	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	18/12/2006	27/10/2006	-	Active	NO
25	U74900MH2007PTC171272	EQUINE BLOODSTOCK PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
26	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	09/09/2008	30/07/2007	23/12/2008	Active	NO
27	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	07/09/2007	03/08/2007	29/07/2009	Active	NO
28	U72200GA2006PTC004816	INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	15/11/2007	-	Active	NO
29	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2008	04/12/2007	-	Active	NO
30	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Additional director	24/12/2007	24/12/2007	06/04/2009	Active	NO
31	U67190MH2008PTC180341	SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED	Director	20/03/2008	20/03/2008	-	Strike off	NO
32	L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	Director	14/08/2008	16/04/2008	25/10/2012	Active	NO
33	U28129MH2004PTC150322	EDEN REALTORS PRIVATE LIMITED	Director	18/08/2009	27/07/2009	07/08/2012	Active	NO
34	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	30/07/2010	18/11/2009	-	Active	NO
35	L17112KA1985PLC006647	HIMATSINGKA SEIDE LIMITED.	Director	23/08/2011	08/09/2010	-	Active	NO
36	L24110GJ1939PLC000748	D C W LIMITED	Director	24/11/2011	08/08/2011	21/08/2013	Active	NO
37	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	09/08/2012	17/09/2011	19/11/2012	Active	NO
38	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	08/08/2012	28/05/2012	-	Active	NO
39	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	08/08/2013	03/12/2012	-	Active	NO

Name :

Mr. Vineet Nayyar

Designation :

Director

Address :

5A, Friends Colony (West), Mathura Road, New Delhi – 110065, India

Date of Birth/Age :

30.11.1938

Qualification :

Master's degree in Development Economics

Date of Appointment :

25.06.2010

DIN No.:

00018243

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	U74899DL1995PTC064096	NAMM INTERTRADE PRIVATE LIMITED	Director	05/01/1995	05/01/1995	-	Active	NO
2	U74899DL1995PTC073241	MANOR FINLEASE PRIVATE LIMITED	Director	17/10/1995	17/10/1995	-	Active	NO
3	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Director	29/01/1999	29/01/1999	30/04/2008	Active	NO
4	U85310DL1999GAT100781	ESSEL SOCIAL WELFARE FOUNDATION	Director	22/07/1999	22/07/1999	-	Active	NO
5	U65900MH1988PLC047985	DAYKON FINANCIAL SERVICES LIMITED	Director	22/12/1999	22/12/1999	-	Strike off	NO
6	U66030MH2000PLC128503	KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED	Director	17/08/2001	17/08/2001	-	Active	NO
7	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Director	01/03/2004	01/03/2004	28/02/2007	Active	NO
8	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	24/03/2004	24/03/2004	-	Active	NO
9	U80301DL2004PTC130211	VIDYA EDUCATION INVESTMENTS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	-	Active	NO
10	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Whole-time director	10/08/2012	17/01/2005	-	Active	NO
11	U00000DL1970PLC100242	BUSINESS STANDARD LIMITED	Nominee director	28/09/2006	24/11/2005	09/07/2008	Active	NO
12	U85110KA1995PLC018673	TECH MAHINDRA ( R & D SERVICES) LIMITED	Nominee director	28/11/2005	28/11/2005	-	Amalgamated	NO
13	U72900MH2006PLC163373	CANVASM TECHNOLOGIES LIMITED	Nominee director	20/06/2007	03/10/2006	-	Active	NO
14	U80210MH1993NPL073071	THE MAHINDRA UNITED WORLD COLLEGE OF INDIA	Director	24/09/2007	17/01/2007	-	Active	NO
15	L55101TN1996PLC036595	MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED	Director	25/07/2007	23/01/2007	-	Active	NO
16	U85310MH2006PLC160651	TECH MAHINDRA FOUNDATION	Nominee director	20/07/2007	14/04/2007	-	Active	NO
17	U80301MH2008PTC181110	MAURYA EDUCATION COMPANY PRIVATE LIMITED	Director	29/09/2009	15/04/2008	-	Active	NO
18	U72200PN2004PTC019520	VENTURBAY CONSULTANTS PRIVATE LIMITED	Director	21/07/2009	17/03/2009	-	Active	NO
19	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	22/07/2009	10/04/2009	-	Active	NO
20	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LIMITED	Nominee director	21/12/2010	27/05/2009	-	Active	NO
21	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2010	24/07/2009	-	Active	NO
22	U74900MH2008PLC179152	POWER EXCHANGE INDIA LIMITED	Director	28/09/2012	15/12/2011	-	Active	NO
23	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	13/12/2012	-	Active	NO
24	U80300AP2013NPL086878	MAHINDRA EDUCATIONAL INSTITUTIONS	Nominee director	09/04/2013	09/04/2013	-	Active	NO

Name :

Mr. Shashank Singh

Designation :

Director

Address :

Flat 8A Sudhakar, 26, Narayan Dabholkar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

03.06.1976

Qualification :

MBA

Date of Appointment :

25.06.2010

DIN No.:

02826978

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	U65993MH2006PTC165142	APAX PARTNERS INDIA ADVISERS PRIVATE LIMITED	Whole-time director	27/09/2010	16/11/2009	-	Active	NO
2	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2010	03/05/2010	-	Active	NO
3	L72200MH1978PLC020127	IGATE COMPUTER SYSTEMS LIMITED	Director	29/06/2011	08/02/2011	03/10/2012	Active	NO
4	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Additional director	09/11/2012	09/11/2012	07/08/2013	Active	NO

Name :

Mr. Anil Chandanmal Singhvi

Designation :

Director

Address :

131A, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra

Date of Birth/Age :

30.06.1959

Qualification :

CA

Date of Appointment :

27.07.2012

DIN No.:

00239589

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	U67120MH1993PTC074470	ICAN INVESTMENTS ADVISORS PRIVATE LIMITED	Director	09/02/1998	09/02/1998	-	Active	NO
2	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Managing director	01/05/1999	01/05/1999	01/05/2007	Active	NO
3	U65993DL1999PTC192225	AMBUJA CEMENT INDIA PRIVATE LIMITED	Nominee director	18/02/2000	18/02/2000	25/06/2007	Amalgamated	NO
4	U74999MH2002NPL137807	ASSOCIATION OF FINANCE PROFESSIONALS OF INDIA.	Director	07/11/2002	07/11/2002	16/07/2009	Active	NO
5	L26940MH1936PLC002515	ACC LIMITED	Director	17/02/2006	17/02/2006	19/07/2007	Active	NO
6	U72200MH2006PLC161092	HOLCIM SERVICES (SOUTH ASIA) LIMITED	Director	12/06/2006	12/06/2006	08/06/2007	Active	NO
7	U80211PN2004NPL019964	FOUNDATION FOR LIBERAL AND MANAGEMENT EDUCATION	Director	12/12/2006	12/12/2006	-	Active	NO
8	U67190MH1994PTC078151	ICAN INVESTMENTS ADVISORS Private LIMITED	Director	25/06/2008	01/05/2007	-	Amalgamated	NO
9	U67120MH1993PTC073146	PATHFINDER ADVISORS PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Amalgamated	NO
10	U65993MH2006FTC165663	MIRAE ASSET GLOBAL INVESTMENTS (INDIA) PRIVATE LIMITED	Director	30/04/2008	09/07/2007	24/10/2008	Active	NO
11	U93090MH2006PLC165172	NCDEX SPOT EXCHANGE LIMITED	Additional director	23/07/2007	23/07/2007	25/07/2008	Active	NO
12	L45200MH1926PLC001228	HINDUSTAN CONSTRUCTION COMPANY LIMITED	Director	11/06/2010	27/07/2007	-	Active	NO
13	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	03/07/2008	24/09/2007	19/10/2011	Active	NO
14	U99999MH1993PLC071865	IDFC SECURITIES LIMITED	Director	30/06/2010	27/03/2008	23/08/2013	Active	NO
15	U74999MH2000PTC124842	DH CONSULTANTS PRIVATE LIMITED	Additional director	05/05/2008	05/05/2008	13/01/2009	Active	NO
16	U64200MH2000PLC125260	RELIANCE NATURAL RESOURCES LIMITED	Director	23/09/2008	25/07/2008	08/11/2010	Active	NO
17	U26940MH2007PTC173458	RELIANCE CEMENT COMPANY PRIVATE LIMITED	Director	27/07/2009	21/11/2008	08/11/2010	Active	NO
18	U74990MH2009PTC196509	FOURTH DIMENSION EXPERIENTIAL MARKETING PRIVATE LIMITED	Director	16/10/2009	16/10/2009	31/08/2010	Active	NO
19	L74140GJ1982PLC005215	MASTEK LIMITED	Director	01/10/2010	23/04/2010	19/10/2011	Active	NO
20	U74990MH2010PLC204788	INSTITUTIONAL INVESTOR ADVISORY SERVICES INDIA LIMITED	Director	15/12/2011	24/06/2010	-	Active	NO
21	L29120MH2005PLC156795	CAPITAL FIRST LIMITED	Director	17/08/2011	23/09/2010	-	Active	NO
22	U45400MH2010PLC210944	HCC INFRASTRUCTURE COMPANY LIMITED	Director	13/12/2010	13/12/2010	-	Active	NO
23	L85110KA1994PLC016663	SUBEX LIMITED	Director	27/07/2011	11/04/2011	-	Active	NO
24	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	27/07/2012	04/02/2012	-	Active	NO
25	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	17/06/2013	22/10/2012	-	Active	NO
26	AAA-2487	ANAGHA ADVISORS LLP	Designated Partner	11/10/2010	11/10/2010	-	Active	NO

Name :

Mathew Cyriac

Designation :

Additional director

Address :

1908, 19th Floor, B.B. Nakashe Marg, Imperial North Tower, Tardeo, Mumbai - 400034, Maharashtra, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

27.07.2013

DIN No.:

01903606

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	20/11/2007	20/11/2007	01/06/2009	Active	NO
2	U72200AP1999PTC032836	MTAR TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	29/11/2007	-	Active	NO
3	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Director	04/09/2008	21/02/2008	-	Active	NO
4	U30007MH1980PLC022235	CMS COMPUTERS LIMITED	Additional director	21/02/2009	21/02/2009	01/07/2009	Active	NO
5	U46711MH2006PLC158878	CMS MARSHALL LIMITED	Director	30/09/2009	01/07/2009	-	Active	NO
6	U67190DL1999PLC098107	CMS SECURITAS LIMITED	Director	29/09/2009	01/07/2009	-	Active	NO
7	U45200MH2008PTC180479	CMS INFO SYSTEMS PRIVATE LIMITED	Director	30/09/2009	01/07/2009	-	Active	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	18/09/2010	23/08/2010	-	Active	NO
9	U74999DL1998PTC095012	SECURITRANS INDIA PRIVATE LIMITED	Director	31/08/2012	18/06/2011	-	Active	NO
10	U72900MH2006PLC162656	FINO PAYTECH LIMITED	Nominee director	08/07/2011	08/07/2011	-	Active	NO
11	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Alternate director	14/11/2011	14/11/2011	24/09/2012	Active	NO
12	U67190MH2005PTC156325	BLACKSTONE ADVISORS INDIA PRIVATE LIMITED	Director	29/09/2012	19/03/2012	-	Active	NO
13	U74899DL1995PLC073245	INTERNATIONAL TRACTORS LIMITED	Nominee director	18/12/2012	18/12/2012	-	Active	NO
14	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Additional director	27/07/2013	27/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Amisha Mitesh Ghia
Designation :	Secretary
Address :	B-201, Shrushti Vihar, Building No. 98, 13th Road, Tilak Nagar, Chembur (W), Mumbai - 400089, Maharashtra, India
Date of Birth/Age :	09.03.1981
Date of Appointment :	04.08.2006
PAN No.:	AWFPS1337M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.07.2013

Names of Equity Shareholders	No. of Shares
Sheth Kanaiyalal Bharat	50*
Naware Raghunath Pradyumna	50*
Trivedi Madhusudan Jayesh	50*
The Great Eastern Shipping Company Limited, India	111345200
Sheth Kanaiyalal Ravi	50*
Icot Bimal Tapas	50*
Gomathinayagam Shivakumar	50*
Total	111345500

Note:

*held as nominee of ‘The Great Eastern Shipping Company Limited’

Names of Preference Shareholders	No. of Shares
The Great Eastern Shipping Company Limited, India	134124000
Total	134124000

AS ON 18.07.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing offshore oilfield services with the principal activity of offshore logistics and drilling services.

Products/ Services :

ITC Code No.	Product Descriptions
99862110	Support Services to Oil and Gas Extraction

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ING Bank N.V. Singapore Branch, 9 Raffles Place #19-02, Republic Plaza,, Singapore - 048619, Singapore

DNB Asia Limited, 8 Shenton Way #48-02, Singapore - 068811, Singapore

Axis Bank Limited, DIFC Branch, Unit No. 701, 7th Floor, DIFC Al Fattan Currency House Office Building, Dubai - 506593, United Arab Emirates

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from banks	7378.300	6801.100
Total	7378.300	6801.100

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFK7554R
Holding company	The Great Eastern Shipping Company Limited [L35110MH1948PLC006472]
Subsidiary company	· Greatship Global Holdings Limited Greatship Global Energy Services Pte. Limited Greatship Global Offshore Services Pte. Limited Greatship Subsea Solutions Singapore Pte. Limited Greatship Subsea Solutions Australia Pty. Limited Greatship (UK) Limited Greatship Global Offshore Management Services Pte. Limited, Singapore
Fellow Subsidiaries :	· The Great Eastern Chartering LLC (FZC), Sharjah The Great Eastern Shipping Company (London) Limited, London The Greatship (Singapore) Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 18.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
135,000,000	Equity Shares	Rs. 10/- each	Rs. 1350.000 Millions
229,000,000	Preference Shares	Rs. 10/- each	Rs. 2290.000 Millions
	Total		Rs. 3640.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111,345,500	Equity Shares	Rs. 10/- each	Rs. 1113.455 Millions
134,124,000	Preference Shares	Rs. 10/- each	Rs. 1341.240 Millions
	Total		Rs. 2454.695 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
135,000,000	Equity Shares	Rs. 10/- each	Rs. 1350.000 Millions
229,000,000	Preference Shares	Rs. 10/- each	Rs. 2290.000 Millions
	Total		Rs. 3640.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111,345,500	Equity Shares	Rs. 10/- each	Rs. 1113.500 Millions
14,862,000	Preference Shares	Rs. 10/- each	Rs. 1486.200 Millions
	Total		Rs. 2599.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2599.700	2599.700	2545.100
(b) Reserves & Surplus	18498.300	17808.800	16427.300
(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)	21098.000	20408.500	18972.400
(3) Non-Current Liabilities
(a) long-term borrowings	7378.300	6801.100	5747.200
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	70.700	1.400	33.200
Total Non-current Liabilities (3)	7449.000	6802.500	5780.400
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	626.300	550.400	839.000
(c) Other current liabilities	2906.800	1474.400	1072.600
(d) Short-term provisions	1086.800	878.100	276.400
Total Current Liabilities (4)	4619.900	2902.900	2188.000
TOTAL	33166.900	30113.900	26940.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16602.000	12022.900	10057.100
(ii) Intangible Assets	27.700	33.700	31.600
(iii) Capital work-in-progress	0.000	0.000	403.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10378.000	10378.000	10378.100
(c) Deferred tax assets (net)	11.800	13.100	8.800
(d) Long-term Loan and Advances	756.200	3730.100	1866.700
(e) Other Non-current assets	60.200	71.700	78.800
Total Non-Current Assets	27835.900	26249.500	22825.000
(2) Current assets
(a) Current investments	865.100	676.000	0.000
(b) Inventories	571.400	388.200	423.200
(c) Trade receivables	2208.200	1337.600	1106.500
(d) Cash and cash equivalents	1530.200	1352.100	2514.000
(e) Short-term loans and advances	144.700	99.100	26.500
(f) Other current assets	11.400	11.400	45.600
Total Current Assets	5331.000	3864.400	4115.800
TOTAL	33166.900	30113.900	26940.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	10166.200	8266.000	7526.300
		Other Income	578.200	368.300	159.100
		TOTAL (A)	10744.400	8634.300	7685.400
Less	EXPENSES
		Employee benefit expense	1586.100	1254.900	990.200
		Other expenses	5669.300	4714.700	4419.200
		TOTAL (B)	7255.400	5969.600	5409.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3489.000	2664.700	2276.000
Less	FINANCIAL EXPENSES (D)		474.000	740.200	303.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3015.000	1924.500	1972.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1001.700	666.900	519.600
	PROFIT BEFORE TAX (E-F) (G)		2013.300	1257.600	1453.000
Less	TAX (H)		350.000	355.700	269.200
	PROFIT AFTER TAX (G-H) (I)		1663.300	901.900	1183.800
Less	Transfer to Tonnage Tax Reserve Account under section 115VT of the Income-tax Act, 1961		300.000	100.000	200.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1979.800	1752.000	1211.300
Less	APPROPRIATIONS
		Transfer to General Reserve	170.000	70.000	120.000
		Interim Dividend on 7.5% Preference Shares	66.000	66.000	66.000
		Interim Dividend on 22.5% Preference Shares	136.400	0.000	0.000
		Proposed Dividend on 22.5% Preference Shares	0.000	145.000	0.000
		Proposed Dividend on Equity Shares	445.400	222.700	211.800
		Dividend distribution tax on equity and preference dividends	108.500	70.400	45.300
	BALANCE CARRIED TO THE B/S		2416.800	1979.800	1752.000
	EARNINGS IN FOREIGN CURRENCY
		Earnings on Interest	100.500	91.700	17.400
		Other Earnings	9900.100	8293.900	8343.000
	TOTAL EARNINGS		10000.600	8385.600	8360.400
	Earnings Per Share (Rs.)
	Basic		12.83	6.20	12.30
	Diluted		12.82	6.19	12.28

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.48	10.44	15.40
Net Profit Margin (PBT/Sales)	(%)	19.80	15.21	19.31
Return on Total Assets (PBT/Total Assets}	(%)	11.54	6.38	9.00
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.35	0.33	0.30
Current Ratio (Current Asset/Current Liability)		1.15	1.33	1.88

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 three years	Yes
12]	Profitability for last three 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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10465255	02/12/2013	1,245,000,000.00	ING BANK N.V. SINGAPORE BRANCH	9 RAFFLES PLACE #19-02, REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE	B91583955
2	10418579	15/04/2013	1,260,775,000.00	DVB GROUP MERCHANT BANK (ASIA) LIMITED	77 ROBINSON ROAD, #30-02, SINGAPORE, - 068896, SINGAPORE	B72845332
3	10401858	17/01/2013	7,065,500,000.00	DNB BANK ASA SINGAPORE BRANCH	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE	B67611483
4	10380077	13/08/2013 *	958,776,000.00	DNB ASIA LIMITED	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE	B84006709
5	10374076	13/08/2013 *	955,652,880.00	DNB ASIA LIMITED	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE	B84001569
6	10352985	13/08/2013 *	807,576,000.00	DNB ASIA LIMITED	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE	B84029115
7	10273528	14/03/2011	841,650,000.00	AXIS BANK LIMITED DIFC BRANCH	UNIT NO. 701, 7TH FLOOR, DIFCAL FATTAN CURRENCY HOUSE OFFICE BUILDING, DUBAI, - 506593, UNITED ARAB EMIRATES	B07727399
8	10272364	02/03/2011	5,753,600,000.00	DNB NOR BANK ASA SINGAPORE BRANCH	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SINGAPORE	B06947303
9	10257695	10/12/2010	837,930,000.00	AXIS BANK LIMITED DIFC BRANCH	UNIT NO. 701, 7TH FLOOR, DIFCAL FATTAN CURRENCY HOUSE OFFICE BUILDING, DUBAI, - 506593, UNITED ARAB EMIRATES	B00559377
10	10180446	19/10/2009	6,479,200,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A71049845
11	10172681	27/08/2009	1,076,240,000.00	SOCIETE GENERALE	80 ROBINSON ROAD, #26-00, SINGAPORE, - 068898, SINGAPORE	A68063809
12	10162770	25/06/2009	1,067,000,000.00	SOCIETE GENERALE	80 ROBINSON ROAD, #26-00, SINGAPORE, - 068898, SINGAPORE	A64157886
13	10154911	04/05/2009	1,200,196,320.00	UNITED OVERSEAS BANK LIMITED	CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE	A61158465
14	10147896	24/03/2009	1,219,113,600.00	UNITED OVERSEAS BANK LIMITED	CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE	A58662586
15	10118858	21/11/2008 *	2,159,678,779.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	2ND FLOOR, SHIV BLDG, PLOT NO. 139-140B, WESTERN EXPRESS HIGHWAY,SAHAR RD JUNC,VILE PARLE (E), MUMBAI - 400057, MAHARASHTRA, INDIA	A50648880
16	10096848	08/04/2008	495,651,932.00	UNITED OVERSEAS BANK LIMITED	CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE	A36051829
17	10080750	02/01/2008	500,203,253.00	UNITED OVERSEAS BANK LIMITED	CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE	A29363751
18	10070903	26/09/2007	807,611,418.00	UNITED OVERSEAS BANK LIMITED	CORPORATE BANKING SECTOR, 1 RAFFLES PLACE, # 10-00 OUB CENTRE, SINGAPORE, - 048616, SINGAPORE	A24786048
19	10016430	18/03/2010 *	722,700,326.25	STATE BANK OF INDIA	WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A82975814

* Date of charge modification

BACKGROUND

Subject is a public company domiciled in India and incorporated in the year 2002 under the provisions of the Companies Act, 1956. The company is providing offshore oilfield services with the principal activity of offshore logistics and drilling services. The company presently owns and operates 4 Platform Supply Vessels (PSVs), 7 Anchor Handling Tug cum Supply Vessels (AHTSVs) and 5 Remotely Operated Vehicle Support Vessels (ROVSVs) in the Indian and International markets. The company also operates 3 Jack up Drilling Rigs. The company is a subsidiary of The Great Eastern Shipping Company Limited (GESCO) which is listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and at the Luxemburg Stock Exchange.

FINANCIAL HIGHLIGHTS

The Company has achieved a profit after tax this year of Rs. 1663.300 Millions (previous year Rs. 901.900 Millions) on a stand-alone basis and consolidated net profit of Rs. 4307.200 Millions (previous year Rs. 2202.300 Millions). The group recorded consolidated total revenue of Rs. 14014.600 Millions for this year as compared to Rs. 12270.400 Millions for the previous year.

CONTINGENT LIABILITIES (AS ON 31.03.2013):

a) Guarantees given by banks Rs. 1099.300 Millions (previous year Rs. 1245.400 Millions).

b) Corporate guarantees given on behalf of subsidiary companies Rs. 23049.900 Millions (previous year Rs. 20472.500 Millions).

c) Customs duty in respect of vessel provisionally cleared against security bond furnished by the company Rs. NIL (previous year 88.200 Millions). The vessel is finally assessed on 2nd April 2013.

d) Service tax claimed for services provided by drilling units under the head ‘Supply of Tangible Goods for use’ and the services being consumed by the seabed of the Continental Shelf of India, amounting to Rs. 272.400 Millions (previous year Rs. 272.400 Millions). However, the Company is of the view that in the unforeseen circumstances that the demand is sustained, the same would be recoverable from the service receiver under the terms of contract. For the similar period the company has also received notice from The Assistant Commissioner of Service Tax in relation to the Central Excise Revenue Audit (CERA) objection for payment of service tax on the services provided by the drilling units.

e) Custom duty demand for Marine Gas Oil to be treated as Light Diesel Oil during conversions of the vessels from a foreign-run vessels to a coastal-run vessels. While the notices do not specify the demand amount and is disputed by the company, it is estimated to be around Rs. 7.200 Lakhs (previous year Rs. 1.200 Millions) cumulatively.

f) The company has received a Show Cause Notice from Service Tax Dept demanding a sum of Rs. 2.200 Millions (previous year Rs. NIL) in relation to excess utilized Cenvat Credit i.e. more than 20% during the period Aug '07 to Feb '08.

g) The company has received a draft assessment order for the year ended 31 March 2009 proposing a total income adjustment of Rs. 335.100 Millions. While the order is disputed and an appeal has been filed before the Dispute Resolution Panel, incase, the demand is raised the same is estimated to be around 25.800 Millions.

FIXED ASSETS:

· Plant and equipment

Furniture and fixtures

Vehicles

Ships vessels

Motor vehicles

Office equipment

Computer equipments

Other equipments

Leasehold improvements

Computer software

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 xist 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. 62.24
UK Pound	1	Rs. 101.81
Euro	1	Rs. 84.88

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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	--

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