MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	SCORPIO MARINE MANAGEMENT (INDIA) PRIVATE LIMITED
Registered Office :	801 Alpha Main Street, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.01.2009
Com. Reg. No.:	11-189409
Capital Investment / Paid-up Capital :	Rs.12.181 Millions
CIN No.: [Company Identification No.]	U63011MH2009PTC189409
TAN No.: [Tax Deduction & Collection Account No.]	MUMS62464D
PAN No.: [Permanent Account No.]	AAMCS6751R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Ship Management Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 140000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-61504300)

LOCATIONS

Registered Office :	801 Alpha Main Street, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-61504300
Fax No.:	91-22-61504350
E-Mail :	staff@ssdco.org
Website :	http://www.scorpiogroup.net
Overseas Office:	Located at · Monaco · New York · London · Singapore · Hamburg

DIRECTORS

AS ON 04.09.2013

Name :

Mr. Tarun Kumar

Designation :

Director

Address :

Flat No. 1003, Verona, Hiranandani Gardens, Powai, Andheri (East), Mumbai – 400076, Maharashtra, India

Date of Appointment :

06.01.2009

DIN No.:

02427691

Name :

Mr. Firdaus Bhathena Dara

Designation :

Additional Director

Address :

302, Serene Manor, Serene Estate, Kondwa Road, Pune – 411040, Maharashtra, India

Date of Appointment :

13.09.2012

DIN No.:

05113380

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	U63011MH2009PTC189409	SCORPIO MARINE MANAGEMENT (INDIA) PRIVATE LIMITED	Director	13/09/2012	17/01/2012	-	Active	NO

Name :

Mr. Sanjay Kapoor

Designation :

Additional Director

Address :

F-606, A Who Colony, Sector-9, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Appointment :

13.09.2012

DIN No.:

05115785

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	U63011MH2009PTC189409	SCORPIO MARINE MANAGEMENT (INDIA) PRIVATE LIMITED	Director	13/09/2012	17/01/2012	-	Active	NO

Name :

Mr. Suresh Shivlal Kalynkar

Designation :

Additional Director

Address :

12/2, Mes Chs, Dharna Camp, Near Sainik Society, Devlali, Nasik – 422401, Maharashtra, India

Date of Appointment :

13.09.2012

DIN No.:

05121094

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	U63011MH2009PTC189409	SCORPIO MARINE MANAGEMENT (INDIA) PRIVATE LIMITED	Director	13/09/2012	17/01/2012	-	Active	NO

Name :

Mr. Virender Singh Punia

Designation :

Additional Director

Address :

125, Officers Campus Extension, Sirsi Road, Khatipura, Jaipur – 302012, Rajasthan, India

Date of Appointment :

13.09.2012

DIN No.:

05121256

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	U63011MH2009PTC189409	SCORPIO MARINE MANAGEMENT (INDIA) PRIVATE LIMITED	Director	13/09/2012	17/01/2012	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 04.09.2013

Names of Shareholders	No. of Shares
Scorpio Services Holding Limited	1218099
Tarun Kumar	1
Total	1218100

Equity Share Break up (Percentage of Total Equity)

AS ON 04.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00

BUSINESS DETAILS

Line of Business :

Providing Ship Management Services.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Rahul Gautam Divan and Associates Chartered Accountant
Address :	Midsnell, 134 Mittal Tower, C, Nariamn Pont, Mumbai – 400021, Maharashtra, India
PAN.:	AADFR9025P
Holding Company :	Scorpio International Corporation Limited, Marshall Island
Group Company:	· Scorpio Commercial Management S.A.M, Monaco · Scorpio Ship Management S.A.M, Monaco · Scorpio Crewing Services Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 04.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1218100	Equity Shares	Rs.10/- each	Rs.12.181 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	12.181	12.181	12.181
(b) Reserves & Surplus	25.306	16.874	8.886
(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)	37.487	29.055	21.067
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3.039	18.544	18.606
(c) Other current liabilities	1.918	0.048	1.369
(d) Short-term provisions	20.900	13.855	9.456
Total Current Liabilities (4)	25.857	32.447	29.431
TOTAL	63.344	61.502	50.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.323	15.940	21.359
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.242	0.821	1.283
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.565	16.761	22.642
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	14.235	0.000	0.761
(d) Cash and cash equivalents	7.969	23.050	10.981
(e) Short-term loans and advances	28.365	21.563	16.055
(f) Other current assets	0.210	0.128	0.059
Total Current Assets	50.779	44.741	27.856
TOTAL	63.344	61.502	50.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	164.401	148.298	108.062
		Other Income	0.134	0.306	0.135
		TOTAL	164.535	148.604	108.197
Less	EXPENSES		142.551	127.192	92.007
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.984	21.412	16.190
Less	FINANCIAL EXPENSES / DEPRECIATION		7.117	7.578	7.802
	PROFIT/(LOSS) BEFORE TAX		14.867	13.834	8.388
Less	TAX		(10.439)	(3.040)	(0.498)
	PROFIT/(LOSS) AFTER TAX		25.306	16.874	8.886
	Earnings Per Share (Rs.)		6.92	6.56	2.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.38	11.36	8.21
Net Profit Margin (PBT/Sales)	(%)	9.04	9.33	7.76
Return on Total Assets (PBT/Total Assets}	(%)	23.56	22.80	17.04
Return on Investment (ROI) (PBT/Networth)		0.40	0.48	0.40
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.96	1.38	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	12.181	12.181	12.181
Reserves & Surplus	8.886	16.874	25.306
Net worth	21.067	29.055	37.487
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	108.062	148.298	164.401
		37.234	10.859

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	108.062	148.298	164.401
Profit	8.886	16.874	25.306
	8.22%	11.38%	15.39%

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	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS OPERATIONS:

Scorpio Marine Management (India) Private Limited is a wholly owned subsidiary company of Scorpio Services Holding Limited, Marshall Islands.

Scorpio Marine Management, India through a service contract with Scorpio Commercial Management S.A.M, Monaco, currently provides services related to vessel operations, post fixture claims and agency management.

Scorpio Commercial Management operates its managed ships by way of Pooling arrangements and Commercial Management contracts. Scorpio Marine Management, India, through a service agreement with Scorpio Ship Management S.A.M. Monaco, provides Technical Management Services to ships that are under the Management of Scorpio Ship Management, Monaco.

Scorpio Marine Management, India, through a service agreement with Scorpio Crewing Services Pte Limited, recruits and places, duly certified seafarers on ships that are under the Management of Scorpio Crewing Services Pte Limited.

REVIEW OF OPERATION:

The Company's Turnover for the year is Rs.164.401 Millions. The directors have full confidence towards good progress in the coming years.

The company at present is focused on providing quality service to its subsidiary companies within the Scorpio group and at this moment it is not looking to engage with any other companies, outside the Scorpio Group.

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Building (Lease hold)

· Electrical Fittings

· Books and Periodicals (100%)

· Furniture and Fixtures

· Computer

· Air Conditioner

· UPS – Computer

· Printer Other Than Computer

· Water Dispenser

· Prox Reader (Access Card Reader)

· Projector

· Vacuum Cleaner

· Refrigerator

· Telecommunication Equipments

· T.V Plasma / LCD

· Camera

· Coffee Machine

· Cash Locker

· Filing

· Cabinet

· Audio Equipment

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 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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.