MIRA INFORM REPORT

Report No. :	335141
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	GREATSHIP (INDIA) LIMITED
Registered Office :	Indiabulls Finance Center, Tower 3, 23rd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra
Tel. No.:	91-22-67207500/71022200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.06.2002
Com. Reg. No.:	11-136326
Capital Investment / Paid-up Capital :	Rs. 2309.695 Million
CIN No.: [Company Identification No.]	U63090MH2002PLOC136326
IEC No.:	Not Available
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 :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

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. Rating takes into consideration strong financial risk profile of the company marked by strong net worth base, decent liquidity position and strong profitability margin in FY 15. Trade relations are reported to be fair. Business is active. Payment terms 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA
Rating Explanation	High degree of safety and very low credit risk
Date	March 12, 2015

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-22-67207500)

LOCATIONS

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

DIRECTORS

AS ON 31.03.2015

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
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
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
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
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
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
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
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
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
Name :	Dr. Swaroop Rawal
Designation :	Director

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
Name :	Mr. G. Shivakumar
Designation :	Chief Financial Officer

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter
(1) Bodies Corporate
Bodies Corporate	111345500	100.00
Sub Total	111345500	100.00

i) Shareholding of Promoter

S. No.	Shareholder’s Name	Shareholding at the beginning of the year			Shareholding at the end of the year			% change in shareholding during the year
1.	The Great Eastern Shipping Company Limited	111,345,500	100	Nil	111345500	100	Nil	Nil

ii) Change in Promoters’ Shareholding (THE GREAT EASTERN SHIPPING COMPANY LIMITED)

S. No.	Particulars	Shareholding at the beginning of the year		Cumulative Shareholding during the year
1.	At the beginning of the year	111,345,500	100	111345500	100
2.	Date wise Increase/Decrease in Promoters Shareholding during the year specifying the reasons for increase/decrease (e.g. allotment/ transfer /bonus /sweat equity etc.) :	No Change	No Change	111345500	100
3.	At the end of the year	111345500	100	111345500	100

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing offshore oilfield services with the principal activity of offshore logistics and drilling services.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

· 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

· DVB Group Merchant Bank (Asia) Limited

77 Robinson Road, #30-02, Singapore, - 068896, Singapore

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Foreign currency term loans from banks	7875.100	8814.900
Total	7875.100	8814.900

NOTE:

Foreign currency term loans are secured by mortgage of the vessels, assignment of earnings, charge on earnings account, assignment of swap contracts and insurance contracts/policies of respective vessels. Additionally, The Great Eastern Shipping Company Limited, the holding company has issued corporate guarantees as security for some loans to the extent of Rs. 145.700 Million (previous year Rs. 975.800 Million). The loans carry interest at the rate LIBOR plus 100 to 500 bps and are repayable in quarterly / half yearly installments over 4-10 years.

Loans taken in JPY currency have been swapped into USD as a condition precedent to the loan agreements.

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
Memberships :	--
Collaborators :	--
Holding company	The Great Eastern Shipping Company Limited [L35110MH1948PLC006472]
Subsidiary company :	Greatship Global Holdings Limited, Mauritius Greatship Global Energy Services Pte. Limited, Singapore Greatship Global Offshore Services Pte. Limited, Singapore Greatship (UK) Limited, UK GGOSLabuan Limited, Malaysia
Fellow Subsidiaries :	The Great Eastern Chartering LLC (FZC), Sharjah The Great Eastern Shipping Company London Limited, London The Greatship (Singapore) Pte. Limited, Singapore The Great Eastern Chartering (Singapore) Pte. Limited, Singapore Great Eastern CSR Foundation, India

CAPITAL STRUCTURE

AS ON 20.09.2014

Authorised Capital : Rs. 3640.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2309.695 Million

AS ON 31.03.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111,345,500	Equity Shares	Rs. 10/- each	Rs. 1113.500 Million
59,000,000	7.5% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 590.000 Million
60,624,000	22.5% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 606.200 Million
	Total		Rs. 2309.700 Million

a) Reconciliation of shares outstanding at the end of the year:

Details	31.03.2015
	No. of Shares	Rs. In Million
Equity Shares of par value 10/- fully paid up
Outstanding at the beginning of the year	111345500	1113.500
Add: Issued during the year	0.000	0.000
Outstanding at the end of the year	111345500	1113.500
7.5% Cum Redeemable Preference Shares of par value 10/- fully paid up
Outstanding at the beginning of the year	73500000	735.000
Less: Redeemed during the year	14500000	145.000
Outstanding at the end of the year	59000000	590.000
22.5% Cum Redeemable Preference Shares of par value 10/- fully paid up
Outstanding at the beginning of the year	60624000	606.200
Add: Issued during the year	--	--
Outstanding at the end of the year	60624000	606.200

b) Rights, preferences and restrictions attached to shares

Equity Shares:

The holders of equity shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion of their shareholding.

Preference Shares

(a) The 7.5% Cumulative Redeemable Preference Shares of face value 10/- each issued at a premium of 20/- per share on preferential basis to the Holding Company, “The Great Eastern Shipping Company Ltd” are to be redeemed at a premium of 30.90 per share in six annual installments. The following installments are outstanding as on March 31, 2015.

1. 14,500,000 Preference Shares on April 1, 2015
2. 14,500,000 Preference Shares on April 1, 2016
3. 15,000,000 Preference Shares on April 1, 2017
4. 15,000,000 Preference Shares on April 1, 2018

The Company also has an option of early redemption by providing one month’s notice to the Holding Company. The redemption can be in part or in full subject to a minimum of 25 lakhs shares at a time. In case of early redemption, the premium on redemption would be determined at such time so as to provide an effective yield to maturity of 7% to the Holding Company.

(b) The 22.5% Cumulative Redeemable Preference Shares of face value 10/- each, issued at a premium of 20/- per share on preferential basis to the Holding Company, “The Great Eastern Shipping Company Limited”, are to be redeemed at a premium of 20/- per share in four annual installments from April 1, 2018 as per the revised terms as under:

1. 15,156,000 Preference Shares on April 1, 2018
2. 15,156,000 Preference Shares on April 1, 2019
3. 15,156,000 Preference Shares on April 1, 2020
4. 15,156,000 Preference Shares on April 1, 2021

The Company has an option of early redemption by providing one month’s notice to the Holding Company. Early redemption can be in part or in full subject to a minimum of 25 lakhs shares at a time.

c) Shares held by The Great Eastern Shipping Company Limited, the holding company:

Particulars	31.03.2015 (Rs. In Million)
Equity Shares 111,345,500 ( Previous year 111,345,500 ) shares	1113.500
Preference Shares 7.5% Cumulative Redeemable Preference Shares 59,000,000 ( Previous year 73,500,000 ) shares	590.000
22.5% Cumulative Redeemable Preference Shares 60,624,000 ( Previous year 60,624,000 ) shares	606.200

d) Details of the Shareholders holding more than 5%of the shares in the Company:

Name of Shareholder	31.03.2015
	% of Holdings	No. of shares held
Equity Shares The Great Eastern Shipping Company Limited	100%	111345500
7.5% Cumulative Redeemable Preference Shares The Great Eastern Shipping Company Limited	100%	59000000
22.5% Cumulative Redeemable Preference Shares The Great Eastern Shipping Company Limited	100%	60624000

The company's immediate and ultimate Holding Company is "The Great Eastern Shipping Company Limited", a company incorporated in India, as defined under AS-21 Consolidated Financial Statements and AS-18 Related Party Disclosures.

e) Shares allotted as fully paid up pursuant to contract (s) without payment being received in cash during the period of five years immediately preceeding the reporting date – NIL

f) No shares are allotted as fully paid up by way of bonus shares and no shares have been bought back during five years immediately preceeding the reporting date.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2309.700	2454.700	2599.700
(b) Reserves & Surplus	20246.300	19785.000	18498.300
(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)	22556.000	22239.700	21098.000
(3) Non-Current Liabilities
(a) long-term borrowings	7875.100	8814.900	7378.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	538.800	380.300	0.000
(d) long-term provisions	86.800	140.500	70.700
Total Non-current Liabilities (3)	8500.700	9335.700	7449.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	776.100	540.300	626.300
(c) Other current liabilities	2675.600	2196.000	2906.800
(d) Short-term provisions	1044.400	1005.000	1086.800
Total Current Liabilities (4)	4496.100	3741.300	4619.900
TOTAL	35552.800	35316.700	33166.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19385.000	18729.300	16602.000
(ii) Intangible Assets	7.200	15.700	27.700
(iii) Capital work-in-progress	3.900	48.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10378.000	10378.000	10378.000
(c) Deferred tax assets (net)	9.000	9.800	11.800
(d) Long-term Loan and Advances	121.100	918.700	756.200
(e) Other Non-current assets	36.400	40.800	60.200
Total Non-Current Assets	29940.600	30140.300	27835.900
(2) Current assets
(a) Current investments	1004.000	596.400	865.100
(b) Inventories	827.500	661.800	571.400
(c) Trade receivables	1662.500	1925.900	2208.200
(d) Cash and cash equivalents	1763.500	1864.000	1530.200
(e) Short-term loans and advances	342.800	117.400	144.700
(f) Other current assets	11.900	10.900	11.400
Total Current Assets	5612.200	5176.400	5331.000
TOTAL	35552.800	35316.700	33166.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	12906.100	13085.300	10166.200
		Other Income	423.300	760.000	578.200
		TOTAL	13329.400	13845.300	10744.400
Less	EXPENSES
		Employees benefits expense	2370.300	2034.300	1586.100
		Other expenses	7216.700	7259.400	5669.300
		TOTAL	9587.000	9293.700	7255.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3742.400	4551.600	3489.000
Less	FINANCIAL EXPENSES		419.500	526.400	474.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3322.900	4025.200	3015.000
Less/ Add	DEPRECIATION/ AMORTISATION		1263.300	1211.400	1001.700
	PROFIT BEFORE TAX		2059.600	2813.800	2013.300
Less	TAX		300.800	531.500	350.000
	PROFIT AFTER TAX		1758.800	2282.300	1663.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4024.000	2716.800	1979.800
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	230.000	170.000
		Interim Dividend on 7.5% Preference Shares	44.300	55.100	66.000
		Interim Dividend on 22.5% Preference Shares	0.000	0.000	136.400
		Proposed Dividend on 22.5% Preference Shares	136.400	136.400	0.000
		Proposed Dividend on Equity Shares	501.100	445.400	445.400
		Dividend distribution tax on equity and preference dividends	138.800	108.200	108.500
	BALANCE CARRIED TO THE B/S		4962.200	4024.000	2716.800
	Earnings Per Share (Rs.)		44.47	39.64	12.83

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	2196.000	1693.900	2513.300
Cash generated from operations	3738.700	4606.800	19.687
Net cash flow from (used in) operation	3405.300	4103.400	16.330

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	13.63	17.44	16.36
Operating Profit Margin (PBIDT/Sales)	(%)	29.00	34.78	34.32
Return on Total Assets (PBT/Total Assets}	(%)	8.19	11.31	8.84
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.10
Debt Equity Ratio (Total Debt /Networth)		0.35	0.40	0.35
Current Ratio (Current Asset/Current Liability)		1.25	1.38	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2599.700	2454.700	2309.700
Reserves & Surplus	18498.300	19785.000	20246.300
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21098.000	22239.700	22556.000
long-term borrowings	7378.300	8814.900	7875.100
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	7378.300	8814.900	7875.100
Debt/Equity ratio	0.350	0.396	0.349

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10166.200	13085.300	12906.100
		28.714	-1.369

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10166.200	13085.300	12906.100
Profit	1663.300	2282.300	1758.800
	16.36%	17.44%	13.63%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	-----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10566247	30/04/2015	4,351,085,750.00	DNB ASIA LTD	8 SHENTON WAY #48-02, SINGAPORE, -068811, SINGAPORE	C52095890
2	10546936	05/02/2015	864,500,000.00	STANDARD CHARTERED BANK	1 Basinghall Avenue, London, United Kingdom, London, - EC2V5DD, UNITED KINGDOM	C42388710
3	10517477	28/08/2014 *	5,345,835,300.00	STANDARD CHARTERED BANK	1 Basinghall Avenue, London, United Kingdom, London, - EC2V5DD, UNITED KINGDOM	C19173418
4	10493944	03/03/2015 *	12,374,000,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	C45223245
5	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
6	10401858	23/02/2015 *	7,065,500,000.00	DNB ASIA LTD	8 SHENTON WAY #48-02, SINGAPORE, - 068811, SINGAPORE	C44541639
7	10352985	13/08/2013 *	807,576,000.00	DNB ASIA LTD	8 SHENTON WAY #48-02, SINGAPORE, - 068811, SINGAPORE	B84029115
8	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
9	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,, WESTER  N EXPRESS HIGHWAY,SAHAR RD JUNC,VILEPARLE(E), MUMBAI, Maharashtra - 400057, INDIA	A50648880
10	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

* Date of charge modification

BACKGROUND

Greatship (India) Limited (the Company) is a public company domiciled in India and incorporated in the year 2002 under the provisions of the Companies Act, 1956. The company is engaged in providing offshore oilfield services with the principal activity of offshore logistics and drilling services. The company presently owns aoperates 5 Platform Supply Vessels (PSVs), 8 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 4 Jack up Drilling Rigs. There has been no significant changes in the nature of these activities during the financial year. 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.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
a) Guarantees given by banks	1938.600	1791.700
b) Letter of credit issued by banks	--	86.000
c) Claims against the Company not acknowledged as debts:
i) Demand for Service Tax disputed by the Company Above includes service tax claims pertaining to jurisdictional applicability on charter hire, excess utilisation of CENVAT Credit, supply of fuel / diesel by the charterers and non-payment of service tax under reverse charge mechanism on various input services received from foreign vendors (Including follow-up notices received post balance sheet date amounting to 110.16 crores)	3060.600	2012.000
ii) Demand for Customs duty disputed by the Company pertaining to mis-classification of Marine Gas Oil/HFHSD and of vessel Greatship Dhwani	156.500	9.600
iii) Demand for Maharashtra State VAT disputed by the Company (incl. interest and penalty) pertaining to non-payment of MVAT liability on charter hire of Rigs considering it to be a 'deemed sale' transaction	835.200	835.200
iv) Demand for income tax for the Assessment Year 2010-11 and draft assessment order received for AY 2011-12	195.000	96.300

FIXED ASSETS

Tangible Assets

• Leasehold improvements
• Plant and equipment
• Furniture and fixtures
• Furniture and fixtures
• Vehicles
• Office equipments
• Computers

Intangible Assets

• 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 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. 63.96
UK Pound	1	Rs. 99.93
Euro	1	Rs. 70.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.