MIRA INFORM REPORT

Report Date :

20.05.2014

IDENTIFICATION DETAILS

Name :	TEBMA SHIPYARDS LIMITED
Registered Office :	M.T. Rajen’s Properties, 2^nd Floor, No. 40, Bazulla Road, T. Nagar, Chennai-600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.07.1984
Com. Reg. No.:	18-010994
Capital Investment / Paid-up Capital :	Rs.2023.615 Millions
CIN No.: [Company Identification No.]	L27209TN1984PLC010994
TAN No.: [Tax Deduction & Collection Account No.]	CHET00687B
PAN No.: [Permanent Account No.]	AAACT1281B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is mainly engaged in Construction of Vessels.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 2709600
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company’s weak financial risk profile marked by continuous accumulated losses that company has incurred over a year and below average financial performance of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	B [Long Term Bank Facilities]
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	11.02.2014

Rating Agency Name	CARE
Rating	A4 [Short Term Bank Facilities]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	11.02.2014

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Raghavan
Designation :	Accounts Department
Contact No.:	91-44-28340703
Date :	16.05.2014

LOCATIONS

Registered / Head Office :	M.T. Rajen’s Properties, 2^nd Floor, No. 40, Bazulla Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28340703
Fax No.:	91-44-28340702
E-Mail :	temba@vsnl.com compsec@tebma.com info@tebma.com
Website :	http://www.temba.bizland.com http://www.tebma.com
Corporate Office :	3rd Floor, Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu, India
Tel. No.:	91-44-28271009/3638/3118/28553040/42/4845/4078/4616
Fax No.:	91-44-28257475/28553655
Shipyard 1:	“Aufa Building”, First Floor, No.258/7, Kodavoor Village, Malpe, Udupi – 576113, India
Tel. No.:	91-0820 2521376
Fax No.:	91-0820 2538901
E-Mail :	info@tebma.com
Shipyard 2 :	Temba Shipyard, Harbour III Complex, Chennai, Tamilnadu, India (Repair Yard)
Shipyard 3 :	No. 7, Pazhamathur Village, Madurantakam Taluk, Chengalpet – 603 116, Tamilnadu, India
Tel No.:	91-22-27565252/53
Shipyard 4 :	No.6, S.N. Chetty Street, Fishing Harbour Complex, New Washermanpet, Chennai-600 081, Tamilnadu, India
Shipyard 5 :	Above Syndicate Bank, Malpe Harbour Complex, Malpe , Udupi – 576 108, Karnataka, India
Tel No.:	91-820-2538284/ 94/ 3208080
Fax No.:	91-820-2538901
Branch Office :	10, Old S. B. Colony Main Road, Chennai - 600 045, Tamilnadu, India
Shipyard 6 :	2nd Floor, Dock House Building, Cochin Shipyard Limited Premises, Perumanoor, Kochi 682 015 , Kerala, India
Tel. No.:	91-484 2364004/ 4006
Fax No.:	91-484 2364008
E-Mail :	info@tebma.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Balasubramanian Puthucode Krishnan

Designation :

Chairman cum Managing Director

Address :

816/817, P. H. Road, Chennai-600 010, Tamilnadu, India

Date of Birth/Age :

28.12.1951

Date of Appointment :

01.04.2007

Din No.:

00098557

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	U01409TN1995PLC030336	TEBMA GARDENS LIMITED	Director	31-03-2003	31-03-2003	26-12-2007	Dissolved	NO
2	L27209TN1984PLC010994	TEBMA SHIPYARDS LIMITED	Managing director	23-04-2008	21-09-2003	-	Active	NO

Name :

Mr. Narasimhan Ramanathan

Designation :

Director

Address :

Flat 1, Block 1, Rani Meyamai Towers, MRC Nagar, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

25.06.1962

Date of Appointment :

28.09.2013

Din No.:

06612503

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	L27209TN1984PLC010994	TEBMA SHIPYARDS LIMITED	Director	28-09-2013	01-04-2013	Active	NO

Name :

Mr. Sanjeev Sehrawat

Designation :

Director

Address :

1201, 12^th Floor, Akruti Nova, A Building, Saiwadi, NS Phadke Road, Andheri (East), Mumbai-400069, Maharashtra, India

Date of Birth/Age :

29.12.1968

Date of Appointment :

17.06.2011

Din No.:

02887484

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	U65922MH1999PLC120106	ICICI HOME FINANCE COMPANY LIMITED	Managing director	07-12-2009	07-12-2009	08-04-2010	Active	NO
2	L27209TN1984PLC010994	TEBMA SHIPYARDS LIMITED	Director	28-09-2011	17-06-2011	-	Active	NO
3	U24299GJ1987PLC009942	RUBAMIN LIMITED	Nominee director	24-06-2011	24-06-2011	29-11-2012	Active	NO
4	U24299KA2006PTC040565	CLININVEST HOLDINGS PRIVATE LIMITED	Nominee director	30-09-2011	22-09-2011	-	Active	NO
5	U67190MH2001PLC227379	KARVY FINANCIAL SERVICES LIMITED	Director	29-04-2013	31-10-2012	-	Active	NO
6	U45200AP2005PTC047097	VIJAY NIRMAN COMPANY PRIVATE LIMITED	Nominee director	14-12-2012	14-12-2012	-	Active	NO
7	U29130MH2004PTC168150	MAHINDRA GEARS & TRANSMISSIONS PRIVATE LIMITED	Alternate director	12-06-2013	12-06-2013	25-07-2013	Active	NO

Name :

Mr. Vijay Kumar

Designation :

Director

Address :

410/411, Mittal Park, Ruia Park, J.R. Mhatre Marg, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

11.04.1945

Date of Appointment :

17.05.2012

Din No.:

00726561

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	L61100MH1976PLC019092	BHARATI SHIPYARD LIMITED	Managing director	07-06-2009	22-06-1976	-	Active	NO
2	U63013MH1978PTC020515	BHARATI SHIPPING AND DREDGING COMPANY PRIVATE LIMITED	Director	24-07-1978	24-07-1978	-	Active	NO
3	U35111GA1991PTC001139	PINKY SHIPYARD PRIVATE LIMITED	Director	05-01-2005	05-01-2005	-	Active	NO
4	U35111WB2007PLC116261	BENGAL SHIPYARD LIMITED	Director	31-05-2007	31-05-2007	-	Active	NO
5	U74140MH2007PTC169694	BHARATI MARITIME SERVICES PRIVATE LIMITED	Director	10-09-2007	10-09-2007	12-03-2014	Active	NO
6	U35110MH2008PTC177487	BHARATI MARINE CONSTRUCTION AND ENGINEERING PRIVATE LIMITED	Director	07-01-2008	07-01-2008	-	Active	NO
7	U35100WB2008PLC121530	OCEANIC SHIPYARD LIMITED	Director	08-01-2008	08-01-2008	-	Active	NO
8	U45200MH2008PTC180437	BHARATI INFRATECH PROJECTS PRIVATE LIMITED	Director	26-03-2008	26-03-2008	12-03-2014	Active	NO
9	U40108MH2007PTC176680	VAYURAJ ENERGY PRIVATE LIMITED	Additional director	02-08-2008	02-08-2008	-	Active	NO
10	U40108MH2007PTC176677	VAYUTATVA ENERGY PROJECTS PRIVATE LIMITED	Director	29-09-2008	02-08-2008	-	Active	NO
11	U17120MH1975PTC018558	USHA SILK MILLS PRIVATE LIMITED	Director	27-09-2008	02-08-2008	-	Active	NO
12	U17120MH1975PTC018555	SWATI SILK MILLS PRIVATE LIMITED	Director	27-09-2008	02-08-2008	-	Active	NO
13	U74999MH2007PTC168518	SHARVEN MULTITRADE PRIVATE LIMITED	Director	27-09-2008	20-08-2008	-	Active	NO
14	U61100MH1975NPL018244	INDIAN REGISTER OF SHIPPING	Director	23-09-2008	23-09-2008	14-11-2009	Active	NO
15	U45200MH2009PTC189650	HARSHA INFRASTRUCTURE PRIVATE LIMITED	Director	28-12-2009	24-01-2009	12-03-2014	Active	NO
16	U35117MH2009PTC190733	SHIPACE SHIPPING PRIVATE LIMITED	Director	05-03-2009	05-03-2009	-	Active	NO
17	U35115MH2009PTC191083	SEA SPLICE SHIPPING PRIVATE LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO
18	L11200MH2005PLC154793	GOL OFFSHORE LIMITED	Whole-time director	01-05-2010	02-02-2010	-	Active	NO
19	U40108MH2007PTC176682	NIRUPAM ENERGY PROJECTS PRIVATE LIMITED	Director	08-09-2010	27-05-2010	-	Active	NO
20	U40104MH2008PTC183571	VISHUDH URJA PRIVATE LIMITED	Director	08-09-2010	27-05-2010	-	Active	NO
21	U40105MH2008PTC183570	NATURAL POWER VENTURES PRIVATE LIMITED	Director	08-09-2010	27-05-2010	-	Active	NO
22	U45200MH2007PTC169252	DHANSHREE PROPERTIES PRIVATE LIMITED	Director	08-09-2010	27-05-2010	-	Active	NO
23	U40104MH2008PTC183572	ADVITIYA URJA PRIVATE LIMITED	Director	08-09-2010	27-05-2010	-	Active	NO
24	L27209TN1984PLC010994	TEBMA SHIPYARDS LIMITED	Director	28-08-2012	17-05-2012	-	Active	NO
25	U51900MH2008PTC186264	PREMILA MERCANTILE PRIVATE LIMITED	Director	14-06-2013	14-06-2013	-	Active	NO
26	U51900MH2008PTC187444	NISHITA MERCANTILE PRIVATE LIMITED	Director	14-06-2013	14-06-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P.R. Kannan
Designation :	Company Secretary
Address :	Plot No. 266, Door No. 73, Balasai Ganesh Apartment, Lakshmanswami Salai, K K Nagar, Chennai-600078, Tamilnadu, India
Date of Birth/Age :	24.05.1957
Date of Appointment :	01.06.2006
Pan No.:	AHSPK4900A
Name :	Mr. Raghavan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOTE:

MAJOR SHAREHOLDERS NOT AVAILABLE

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	54.22
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.15
Other top fifty shareholders	0.82
Venture capital	44.28
Others	0.50
Mutual funds	0.03
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The Company is mainly engaged in Construction of Vessels.

GENERAL INFORMATION

No. of Employees :

500 [Approximately]

Bankers :

· ICICI Bank Limited, Landmark Course, Race Course Circle, Vadodara, Gujarat, India

· State Bank of Hyderabad, Industrial Finance Branch, 45 I Floor, II Line Branch, Chennai-600001, Tamilnadu, India

· IDBI Bank Limited, No. 7, Chevaliar Shivaji Ganesah Salai, T. Nagar, Chennai-600017, Tamilnadu, India

· State Bank of Travancore, Mount Road Branch, 162, Anna Salai, Chennai-600002, Tamilnadu, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	872.321	1068.637
Working capital loans from banks	1061.394	1895.430
Short Term Borrowings
Loans repayable on demand from banks	502.190	495.458
Rupee term loans from others	862.319	0.000
Other loans and advances	33.308	1061.497
TOTAL	3331.532	4521.022

Banking Relations :	--
Auditors :
Name :	D. Rangaswamy and Company Chartered Accountants
Address :	R. C. Towers, II Floor, Old No.27, New No.82, Josier Street, Nungambakkam, Chennai-600 004, Tamilnadu, India
PAN No:	AAAFD0365P
Holding Company :	Nirupam Energy Projects Private Limited
Ultimate Holding Company:	Bharati Shipyard Limited [L61100MH1976PLC019092]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs.900.000 Millions
125000000	Preferences Shares	Rs.10/- each	Rs.1250.000 Millions
	TOTAL		Rs.2150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77361505	Equity Shares	Rs.10/- each	Rs.773.615 Millions
125000000	Preferences Shares	Rs.10/- each	Rs.1250.000 Millions
	TOTAL		Rs.2023.615 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	2023.615	2023.615	2023.615
(b) Reserves & Surplus	(1537.692)	(1541.672)	(1414.346)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	191.500	191.500	191.500
Total Shareholders’ Funds (1) + (2)	677.423	673.443	800.769
(3) Non-Current Liabilities
(a) long-term borrowings	1933.715	2964.067	2831.611
(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)	1933.715	2964.067	2831.611
(4) Current Liabilities
(a) Short term borrowings	1437.817	1586.955	901.871
(b) Trade payables	268.225	229.565	382.428
(c) Other current liabilities	4344.077	4326.944	3355.243
(d) Short-term provisions	48.076	23.541	21.912
Total Current Liabilities (4)	6098.195	6167.005	4661.454
TOTAL	8709.333	9804.515	8293.834
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1500.085	1701.168	1857.490
(ii) Intangible Assets	0.099	0.267	1.481
(iii) Capital work-in-progress	6.807	5.349	47.495
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.132	0.132	0.132
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	148.747	147.607	141.219
Total Non-Current Assets	1655.870	1854.523	2047.817
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1133.117	1172.717	1410.238
(c) Trade receivables	150.054	19.838	2580.929
(d) Cash and cash equivalents	1170.471	1888.677	2072.040
(e) Short-term loans and advances	126.612	95.498	135.990
(f) Other current assets	4473.209	4773.262	46.820
Total Current Assets	7053.463	7949.992	6246.017
TOTAL	8709.333	9804.515	8293.834

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3686.418	3211.580	545.186
	Other Income	206.195	314.447	143.494
	TOTAL (A)	3892.613	3526.027	688.680
Less	EXPENSES
	Cost of Materials Consumed	2824.560	2630.440	598.218
	Employees benefits expense	194.038	176.601	163.934
	Exceptional items	(168.066)	(104.697)	(69.507)
	Other expenses	459.730	346.758	197.720
	TOTAL (B)	3310.262	3049.102	890.365
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	582.351	476.925	(201.685)
Less	FINANCIAL EXPENSES (D)	367.836	373.703	324.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	214.515	103.222	(526.185)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	210.535	225.251	227.485
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.980	(122.029)	(753.670)
Less	TAX (H)	0.000	5.297	(5.613)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.980	(127.326)	(748.057)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(2783.976)	(2656.650)	(1908.593)
	BALANCE CARRIED TO THE B/S	(2779.996)	(2783.976)	(2656.650)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1492.117	1128.483	1117.465
	TOTAL EARNINGS	1492.117	1128.483	1117.465
	IMPORTS
	Raw Materials and Components and Service	1625.557	1107.796	321.731
	TOTAL IMPORTS	1625.557	1107.796	321.731
	Earnings / (Loss) Per Share (Rs.)	0.05	(1.65)	(9.67)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.10	(3.61)	(108.62)
Net Profit Margin (PBT/Sales)	(%)	0.11	(3.80)	(138.24)
Return on Total Assets (PBT/Total Assets}	(%)	0.05	(1.25)	(9.14)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.18)	(0.94)
Debt Equity Ratio (Total Debt/Networth)		4.97	6.75	4.66
Current Ratio (Current Asset/Current Liability)		1.16	1.29	1.34

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	2023.615	2023.615	2023.615
Reserves & Surplus	(1414.346)	(1541.672)	(1537.692)
Net worth	609.269	481.943	485.923
long-term borrowings	2831.611	2964.067	1933.715
Short term borrowings	901.871	1586.955	1437.817
Total borrowings	3733.482	4551.022	3371.532
Debt/Equity ratio	6.128	9.443	6.938

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	545.186	3211.580	3686.418
		489.080	14.785

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	545.186	3211.580	3686.418
Profit	(748.057)	(127.326)	3.980
	(137.21%)	(3.96%)	0.11%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10283381	10/07/2013 *	328,700,000.00	PUNJAB NATIONAL BANK	LARGE COPORATE BRANCH, ROYALA TOWERS, III FLOOR,  781-785 ANNA SALAI,, CHENNAI - 600002, TAMIL NADU,  INDIA	B81002537
2	10284144	10/07/2013 *	349,000,000.00	STATE BANK OF BIKANER & JAIPUR	UTI HOUSE, 29 RAJAJI SALAI, CHENNAI -  600001, TAMIL NADU, INDIA	B80535198
3	10284575	10/07/2013 *	426,300,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, 170, ELDAMS ROAD, TEYNAMPET, CHENNAI - 600018, TAMIL NADU, INDIA	B80683840
4	10283379	10/07/2013 *	461,200,000.00	STATE BANK OF TRAVANCORE	MOUNT ROAD BRANCH, 162 ANNA SALAI,, CHENNAI - 600002, TAMIL NADU, INDIA	B80435829
5	10284466	10/07/2013 *	575,900,000.00	IDBI BANK LIMITED	NO.7, CHEVALIER SHIVAJI GANESAN SALAI, T.NAGAR,,  CHENNAI - 600017, TAMIL NADU, INDIA	B80623085
6	10285039	10/07/2013 *	584,500,000.00	ICICI BANK LIMITED	1, CENATOP ROAD, TEYNAMPET,, CHENNAI -  600018, TAMIL NADU, INDIA	B83792713
7	10284467	10/07/2013 *	1,316,900,000.00	STATE BANK OF HYDERABAD	1ST FLOOR, 45 SECOND LINE BEACH, CHENNAI - 600001, TAMIL NADU, INDIA	B80906670
8	10283344	10/07/2013 *	1,371,300,000.00	ANDHRA BANK	95, MOUNT ROAD, CHENNAI - 600002, TAMIL NADU, INDIA	B80573249
9	10283377	10/07/2013 *	2,213,800,000.00	STATE BANK OF INDIA	MVJ TOWERS, 177/1 POONAMALLEE HIGH ROAD, KILPAUK,  CHENNAI - 600097, TAMIL NADU, INDIA	B80491152
10	10118479	18/02/2011 *	485,800,000.00	STATE BANK OF BIKANER & JAIPUR	UTI HOUSE, 29 RAJAJI SALAI,, CHENNAI - 600001, TAMIL NADU , INDIA	B10290575

* Date of charge modification

NOTE:

The registered office of the company has been shifted from No.5/360, Rajiv Gandhi Salai (Old Mahabalipuram Road), Okkiam Thorapipakkam, Chennai – 600 097, Tamilnadu, India to the present address w.e.f. 23.01.2014.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Loans and advances from related parties	40.000	30.000
TOTAL	40.000	30.000

FINANCIAL PERFORMANCE:

During the year, the Company achieved a turnover of Rs. 3892.613 millions as against a turnover of Rs.3526.027 Millions in the previous year. The Profit after tax stood at Rs 3.980 millions for the current financial year as against a Loss of Rs.127.326 millions for the previous financial year.

OPERATIONAL PERFORMANCE:

The company had delivered three AHTS, four 10 Ton BP Tugs and one 25 T BP Tug during the year. Currently, work is under progress for two Geo Technical Research Vessels, 2 Nos of 10T BP Tugs, three 25 T BP Tug Boats, one Grab Hopper Dredger and 1 No MPSV.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipment

· Vehicle

· Miscellaneous Assets

· Air Conditioner

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.58.43
UK Pound	1	Rs.98.28
Euro	1	Rs.80.12

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.