MIRA INFORM REPORT

Report Date :

17.11.2014

IDENTIFICATION DETAILS

Name :	BERNHARD SCHULTE SHIPMANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 03.12.2007)
Formerly Known As :	EURASIA MARITIME MANAGEMENT (INDIA) PRIVATE LIMITED
Registered Office :	401, Olympia, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.02.2000
Com. Reg. No.:	11-124110
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U61100MH2000PTC124110
TAN No.: [Tax Deduction & Collection Account No.]	MUME03548G
PAN No.: [Permanent Account No.]	AAACE7346Q
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Ship Management Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: 23 AC documents for the year 2014 could not be made available from any source.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 – COOPERATIVE (91-22-40017300)

LOCATIONS

Registered Office:	401, Olympia, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-25704224/ 25797523/ 40017300
Fax No.:	91-22-25704390/ 40017333
E-Mail :	eurasiamumbai@eurasiagroup.com in-sdcl-man@bs-shipmanagement.com deepak.degadwala@bs-shipmanagement.com psm.mumbai@eurasiagroup.com anita.dube@bs-shipmanagement.com
Website :	http://www.bs-shipmanagement.com
Area :	1000 sq. ft.
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :	Mr. Atul Sudhakar Gupte
Designation :	Director
Address :	House J4, Phase 4, Marina Cove, 380 Hiram’s Highway, Sai Kung, Hong Kong
Date of Birth/Age :	31.01.1967
Date of Appointment :	29.09.2007
DIN No.:	00122400
Name :	Mr. Rajaish Bajpaee
Designation :	Director
Address :	Flat A, 3/F, Tower 5, The Redhill Peninsula, 18 Pak Pat Sham Road, Hong Kong, KCLSKG09, Hong Kong
Date of Birth/Age :	04.09.1951
Date of Appointment :	12.06.2000
DIN No.:	01064549
Name :	Mr. Deepak Kantilal Degadwala
Designation :	Director
Address :	72, Juhu Shangrila CHS Limited, Gulmohar Cross Road No.11, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	18.04.1967
Date of Appointment :	15.04.2010
DIN No.:	01811195
Name :	Cheeran David Joseph
Designation :	Director
Address :	A2 Rutomji Residency Apartments, 87 Richmond Road, Bangalore – 560 025, Karnataka, India
Date of Birth/Age :	17.10.1952
Date of Appointment :	01.01.2013
DIN No.:	06484081

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Bernhard Schulte Shipping (India) Private Limited, India	999
Bernhard Schulte Ship management (Hong Kong) Limited as nominee of Bernhard Schulte Shipping (India) Private Limited, Hong Kong	1
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Ship Management Services.
Products :	Ship Management Services
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, Ambalal Doshi Marg (Hamam Street), Mumbai, Maharashtra, 400023.
Tel. No.:	91-22-40021140/22651190/22691414/22691515
Fax No.:	91-22-22650126
E-Mail :	mumbai@lodhaco.com
PAN No.:	AABFL1894Q
Holding Company :	Bernhard Schulte Shipping (India) Private Limited
Fellow Subsidiaries :	Paramount Shipping and Management Private Limited BSM Business Solutions Private Limited BSM Technology Solutions Delivery Center (India) Private Limited (Formerly known as BSM Business Solutions Private Limited)
Fellow Associate Company:	Eurasia Travel Services Private Limited
Associate Enterprises :	Bernhard Schulte Shipmanagement (L) Limited Bernhard Schulte Shipmanagement (Bermuda) Limited (Partnership) Bernhard Schulte Shipmanagement (IOM) Limited Bernhard Schulte Shipmanagement (Hong Kong) Limited Partnership Bernhard Schulte Shipmanagement (Singapore) Pte. Limited Bernhard Schulte Shipmanagement (Cyprus) Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	48.341	37.254	23.623
(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)	48.441	37.354	23.723
(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	23.880	26.330	19.494
(c) Other current liabilities	83.517	53.779	65.106
(d) Short-term provisions	39.290	38.138	43.654
Total Current Liabilities (4)	146.687	118.247	128.254
TOTAL	195.128	155.601	151.977
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.850	23.709	25.561
(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)	7.184	6.010	3.476
(d) Long-term Loan and Advances	0.200	0.200	0.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.234	29.919	29.237
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	16.031	32.678	52.760
(e) Short-term loans and advances	149.863	93.004	69.980
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	165.894	125.682	122.740
TOTAL	195.128	155.601	151.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income			366.209
		Other Income			5.429
		TOTAL	436.583	404.468	371.638
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	375.092	333.708	319.568
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		61.491	70.760	52.070
	DEPRECIATION/ AMORTISATION		7.975	8.607	7.848
	PROFIT BEFORE TAX		53.515	62.153	44.221
Less:	TAX		19.029	19.465	15.935
	PROFIT AFTER TAX		34.486	42.688	29.286
	EARNINGS IN FOREIGN CURRENCY
		Ship Management Support Services	430.558	378.241	366.209
		Training Income	1.957	2.029	1.504
	TOTAL EARNINGS		432.515	380.270	367.713
	Earnings Per Share (Rs.)		34487.00	42688.00	29286.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT/ Sales	(%)	NA	NA	8.00
PBIDT / Sales	(%)	NA	NA	14.22
Return on Total Assets (PBT/Total Assets}	(%)	28.47	41.55	29.78
Return on Investment (ROI) (PBT/Networth)		1.10	1.66	1.86
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.13	1.06	0.96

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	0.100	0.100	0.100
Reserves & Surplus	23.623	37.254	48.341
Net worth	23.723	37.354	48.441
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)
Total Income	371.638	404.468	436.583
		8.834	7.940

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	371.638	404.468	436.583
Profit	29.286	42.688	34.486
	7.88%	10.55%	7.90%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
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

COMPANY BACKGROUND

The Company was incorporated in India on February 8, 2000 under “The companies Act, 1956” is engaged in the business of rendering:

(a) Ship management support services in the areas of crew and technical management and maritime catering including activities such as accounting, human resources and purchases. The company charges cost plus mark up for the said support services.

(b) Recruitment activities of manpower (crew) for shipping companies. It receives recruitment agency fees for its services.

The company is a subsidiary of Bernhard Schulte Shipping (India) Private Limited which in turn is a subsidiary of Bernhard Schulte GmbH and Company KG, Hamburg.

OPERATION

The company has been successfully rendering Shipmanagement support services in the area of crew and Technical Management and Marine Catering Services on cost plus markup basis

Note: No Charges Exist for Company 

FIXED ASSETS

· Computer Equipments

· Vehicles

· Office Equipments

· Furniture and Fixtures

· Simulators

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.61.65
UK Pound	1	Rs. 96.54
Euro	1	Rs. 76.70

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		48

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.