MIRA INFORM REPORT

Report No. :	335172
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	THE GREAT EASTERN SHIPPING COMPANY LIMITED
Registered Office :	Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra
Tel. No.:	91-22-66613000/24922100/2200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.08.1948
Com. Reg. No.:	11-006472
Capital Investment / Paid-up Capital :	Rs.1507.800 Million
CIN No.: [Company Identification No.]	L35110MH1948PLC006472
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10388A MUMT09402B MUMT09401A MUMT00543E
PAN No.: [Permanent Account No.]	AAACT1565C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchange
Line of Business :	Subject is engaged in shipping business
No. of Employees :	198 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 140000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	The Great Eastern Shipping Company Limited (GESCO) is the largest private shipping company in India. Company was incorporated on August 3, 1948, it is a well-established company having excellent track record. The ratings of the Great Eastern Shipping Company Limited derive strength from the established track record of the company with an experienced and professionally qualified management, strong operating efficiency and capital structure and liquidity position. Further rating take into account, Directors of the company are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility – AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	July 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facility – A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	08.07.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Shivkumar Gomathinayagam
Designation :	Chief Financial Officer
Contact No.:	91-22-66613000
Date :	03.08.2015

LOCATIONS

Registered Office :	Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66613000/24922100/2200
Fax No.:	91-22-24925900
E-Mail :	shares@greatship.com jayesh_trivedi@greatship.com tanker@greatship.com bc@greatship.com snp@greatship.com
Website :	http://www.greatship.com
The Great Eastern Institute of Maritime Studies :	54-56 Tungarli Village, Next to Perfect Engineering Works, Mumbai-Pune Express Highway, Lonavala – 410401, Maharashtra, India
Tel. No.:	91-2114-270166/67/68 / 22-66613239
Vasant J Sheth Memorial Foundation :	Energy House, 81, D. N. Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66352283/84
Fax No.:	91-22-22672989

DIRECTORS

As on 31.03.2015

Name :	Mr. Kanaiyalal Maneklal Sheth
Designation :	Executive Chairman
Name :	Mr. Bharat Kanaiyalal Sheth
Designation :	Deputy Chairman and Managing Director
Name :	Mr. Ravi Kanaiyalal Sheth
Designation :	Executive Director
Name :	Mr. Cyrus Jamshed Guzder
Designation :	Director
Name :	Mr. Vineet Sohanlal Nayyar
Designation :	Director
Address :	5A, Old Friends Colony, Mathura Road, New Delhi – 110065, Delhi, India
Name :	Mr. Berjis Minoo Desai
Designation :	Director
Name :	Mr. Rajiv B. Lall
Designation :	Director
Name :	Mr. Shankar N Acharya
Designation :	Director
Name :	Rita Bhagwati
Designation :	Director
Name :	Mr. Farrokh Kavarana
Designation :	Director
Name :	Mr. Tapas Icot
Designation :	Executive Director and President (Shipping)
Name :	Mr. G Shivakumar
Designation :	Executive Director and CFO

KEY EXECUTIVES

Name :	Mr. Jayesh M Trivedi
Designation :	Company Secretary
AUDIT COMMITTEE :
Name :	Mr. Cyrus Guzder, Chairman Mr. Berjis Desai Mr. Farrokh Kavarana Rita Bhagwati
SHAREHOLDER/INVESTORS’ GRIEVANCE COMMITTEE :
Name :	Cyrus Guzder, Chairman Mr. Bharat K. Sheth G Shivakumar
REMUNERATION COMMITTEE :
Name :	Mr. Cyrus Guzder CHAIRMAN Mr. Berjis Desai Mr. Farrokh Kavarana Mr. Shankar N Acharya

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	40455268	26.83
Bodies Corporate	5401512	3.58
Sub Total	45856780	30.41
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	45856780	30.41
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	22418694	14.87
Financial Institutions / Banks	84453	0.08
Central Government / State Government(s)	0	0.01
Insurance Companies	6059918	4.02
Foreign Institutional Investors	34469735	22.87
Any Others (Specify)	0	0.00
Others	0	0.00
Sub Total	63032800	41.85
(2) Non-Institutions
Bodies Corporate	8997046	6.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	18357449	14.35
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9451267	6.53
Any Others (Specify)	950916	0.64
Non Resident Indians	950916	0.64
Overseas Corporate Bodies	0	0.00
Sub Total	37756678	27.54
Total Public shareholding (B)	100789478	69.39
Total (A)+(B)	146646258	99.80
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	295707	0.20
Sub Total	295707	0.20
Total (A)+(B)+(C)	146941965	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in shipping business
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

198 (Approximately)

Bankers :

• Citi Bank N.A., Plot No. C-54 And C-55,, G- Block, Bandra Kurla Complex, Bandra (East), Mumbai - - 400051, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
9.80% 2500 Redeemable Non-Convertible debentures of Rs.1000000 each redeemable on July 03, 2019	2500.000	2500.000
Term Loans from Banks
Foreign Currency Loans from Banks	8648.700	11368.200
Total	11148.700	13868.200

Financial Institution :	IL and FS Trust Company Limited, IL and FS Financial Centre Plot No.22 G Block Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India
Memberships :	--
Collaborators :	--
Subsidiaries :	The Great Eastern Shipping Co. (London) Limited The Greatship (Singapore) Pte. Limited. The Great Eastern Chartering L.L.C. (FZC) and its subsidiary : The Great Eastern Chartering (Singapore) Pte. Limited ,Singapore Great Eastern CSR Foundation, India (incorporated on 26/02/2015) Greatship (India) Ltd. and its subsidiaries : Greatship Global Holdings Ltd., Mauritius. Greatship Global Energy Services Pte. Limited., Singapore. Greatship Global Offshore Services Pte. Limited, Singapore. Greatship (UK) Limited., UK. - GGOS Labuan Ltd., Malaysia. (Incorporated on 25/06/2014).

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs.10/- each	Rs.3000.000 Million
200,000,000	Preferences Shares	Rs. 10/- each	Rs.2000.000 Million
	TOTAL		Rs.5000.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
15,11,63,426	Equity Shares	Rs.10/- each	Rs.1511.600 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,07,77,065	Equity Shares	Rs.10/- each	Rs.1507.800 Million
2518	Add : Forfeited shares (Amount : 30,358, Previous Year amount : 30,358)

Reconciliation of the shares outstanding at the beginning and at the end of the financial year:

	As on 31.03.2015
	Nos.	Rs. in Million
Equity Shares :
Issued :
Balance as per the last financial statement	15,11,63,426	1511.600
Less : Shares bought back [Refer Note (b) below]	--	-
Closing balance	15,11,63,426	1511.600
Subscribed and Fully Paid :
Balance as per the last financial statement	15,07,77,065	1507.800
Less : Shares bought back	--	--
Closing balance	15,07,77,065	1507.800

(a) Terms/Rights attached to Equity Shares:

The Company has only one class of equity shares having a face value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting. Interim dividend is paid as recommended by the Board of Directors.

During the year ended March 31, 2015, the dividend per share (including interim dividend) recognized as distribution to equity shareholders was Rs.11.00 (Previous Year Rs. 9.00 per share)

In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

(b) Pursuant to the approval of the Board of Directors for buyback of equity shares, during the previous year the Company has bought back 15,45,019 equity shares of 10 each at an average price of 267.14 per share aggregating to Rs. 412.600 Million and the same have been extinguished.

(c) Details of Shareholders holding more than5%equity shares in the Company :

	As on 31.03.2015
	Nos.	% Holding
Equity Shares of Rs.10 each fully paid
Mr. Bharat Kanaiyalal Sheth	1,63,28,490	10.83%
Mr. Ravi Kanaiyalal Sheth	1,43,62,504	9.53%
Nalanda India Equity Fund Limited	1,05,24,139	6.98%

(c) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:

(i) No shares were allotted pursuant to contracts without payment being received in cash.

(ii) No bonus shares have been issued.

(iii) 15,45,019 equity shares have been bought back.

(d) There are no securities convertible into equity/preference shares.

(e) Under orders from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522 (Previous Year 2,53,522) rights equity shares of the Company have been kept in abeyance in accordance with section 206A of the Companies Act,1956 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. An additional 40,608 (Previous Year 40,608) shares have also been kept in abeyance for disputed cases in consultation with the Bombay Stock Exchange.

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	1507.800	1507.800	1523.200
(b) Reserves & Surplus	47799.800	46555.400	48484.700
(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)	49307.600	48063.200	50007.900
(3) Non-Current Liabilities
(a) long-term borrowings	25689.000	28049.600	31609.600
(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	240.900	146.600	154.700
Total Non-current Liabilities (3)	25929.900	28196.200	31764.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1139.100	1259.600	1564.900
(c) Other current liabilities	6383.200	6236.400	6124.300
(d) Short-term provisions	10599.500	10144.500	7991.800
Total Current Liabilities (4)	18121.800	17640.500	15681.000
TOTAL	93359.300	93899.900	97453.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42575.300	44419.000	44893.000
(ii) Intangible Assets	3.500	0.300	0.000
(iii) Capital work-in-progress	2262.400	1412.000	195.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16656.600	17391.100	17526.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	382.000	225.900	98.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61879.800	63448.300	62712.400
(2) Current assets
(a) Current investments	11495.800	10519.100	19393.200
(b) Inventories	528.300	714.300	739.700
(c) Trade receivables	1339.100	428.000	1137.000
(d) Cash and cash equivalents	17169.600	17549.800	12604.500
(e) Short-term loans and advances	831.000	1142.300	821.200
(f) Other current assets	115.700	98.100	45.200
Total Current Assets	31479.500	30451.600	34740.800
TOTAL	93359.300	93899.900	97453.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	17340.800	14925.800	17351.900
	Other Income	2786.100	2876.700	2986.000
	TOTAL (A)	20126.900	17802.500	20337.900
Less	EXPENSES
	Employees benefits expense	2409.300	2057.900	1991.000
	Other expenses	9308.300	7936.200	11049.800
	Reversal of Impairment	0.000	(8.400)	0.000
	TOTAL (B)	11717.600	9985.700	13040.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8409.300	7816.800	7297.100
Less	FINANCIAL EXPENSES (D)	1885.800	2129.900	2091.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6523.500	5686.900	5205.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3190.500	3600.100	3633.300
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3333.000	2086.800	1572.600
Less	TAX (H)	160.000	40.000	110.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3173.000	2046.800	1462.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	28815.600	29049.800	29226.200
Less	APPROPRIATIONS
	Transfer to Tonnage Tax Reserve	450.000	300.000	100.000
	Transfer to General Reserve	0.000	210.000	150.000
	Transfer to Debenture Redemption Reserve	250.000	250.000	150.000
	Transfer to Capital Redemption Reserve	0.000	15.400	0.000
	Interim Dividend on Equity Shares	603.100	603.200	457.000
	Proposed Dividend on Equity Shares	1055.400	753.900	685.400
	Dividend Distribution Tax	209.100	148.500	96.600
	Total (M)	2567.600	2281.000	1639.000
	Balance Carried to the B/S (J+K+L-M)	29421.000	28815.600	29049.800
	EARNINGS IN FOREIGN CURRENCY
	Freight and Charter Hire	9095.600	7827.900	7027.000
	Profit on Sale of Ships	0.000	87.900	531.900
	Interest and Dividends	244.500	244.000	218.900
	Other Operating Income	3.200	309.000	26.400
	TOTAL EARNINGS	9343.300	8468.800	7804.200
	Earnings / (Loss) Per Share (Rs.)
	- Basic	21.04	13.50	35.31
	- Diluted	21.00	13.48	35.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	10769.900	11434.500	4647.600
Cash generated from operations	5582.600	4465.700	5111.400

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	18.30	13.71	8.43
Operating Profit Margin (PBIDT/Sales)	(%)	48.49	52.37	42.05
Return on Total Assets (PBT/Total Assets}	(%)	4.48	2.78	1.97
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		0.74	0.82	0.73
Current Ratio (Current Asset/Current Liability)		1.74	1.73	2.22

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.361.05

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	1523.200	1507.800	1507.800
Reserves & Surplus	48484.700	46555.400	47799.800
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	50007.900	48063.200	49307.600
long-term borrowings	31609.600	28049.600	25689.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	4647.600	11434.500	10769.900
Total borrowings	36257.200	39484.100	36458.900
Debt/Equity ratio	0.725	0.822	0.739

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	17351.900	14925.800	17340.800
		(13.982)	16.180

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	17351.900	14925.800	17340.800
Profit	1462.600	2046.800	3173.000
	8.43%	13.71%	18.30%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS
Bench:- Bombay
Presentation Date: 12/06/2014
Lodging No. :	ITXAL/1126/2014	Failing Date:-	13/03/2013	Reg No.:-	ITXA/977/2013	Reg Date:-	29/04/2013
Petitioner:-	THE COMMISSIONER OF INCOME TAX-5		Respondent:-	THE GREAT EASTERN SHIPPING COMPANY LIMITED
Petn.Adv:-	D.K.KAMWAL(0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-	FOR ADMISSION
Last Date:-	28/01/2015
Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE G.S. KULKARNI
Act. :	Income Tax Act, 1961			Under Section 260A

UNSECURED LOAN

(Rs. In Million)

Unsecured Loan	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWINGS
Bonds/Debentures:
Redeemable Non-Convertible Debentures of Rs. 1000000 each
(i) 9.70 % 1000 Debentures redeemable on January 18, 2023	1000.000	1000.000
(ii) 9.70 % 1000 Debentures redeemable on January 07, 2023	1000.000	1000.000
(iii) 9.70 % 500 Debentures redeemable on April 25, 2021	500.000	500.000
(iv) 9.70 % 1500 Debentures redeemable on April 15, 2021	1500.000	1500.000
(v) 9.70 % 1000 Debentures redeemable on February 02, 2021	1000.000	1000.000
(vi) 9.60 % 2000 Debentures redeemable on November 10, 2019	2000.000	2000.000
(vii) 9.75 % 2500 Debentures redeemable on August 20, 2019	2500.000	2500.000
(viii) 9.35 % 1000 Debentures redeemable on February 08, 2019	1000.000	1000.000
(ix) 9.40 % 1000 Debentures redeemable on January 06, 2019	1000.000	1000.000
(x) 9.19 % 1000 Debentures redeemable on December 24, 2018	1000.000	1000.000
(xi) 9.35 % 1000 Debentures redeemable on February 08, 2018	1000.000	1000.000
(xii) 9.40 % 1000 Debentures redeemable on January 06, 2018	1000.000	1000.000
Term Loans from Banks
Swap Adjustments	40.300	(318.600)
TOTAL	14540.300	14181.400

COMPANY PERFORMANCE

The dry bulk fleet contributed around 15% of the Company’s operating revenues but just 6% of the operating profits.

In FY15, around 30% of the bulk carrier earnings were derived from the period market. In FY15, the average TCY for dry bulk vessels, inclusive of ‘spot’ and ‘period’, was approximately $9,860/ day as compared to $12,100/day in the previous year.

As of March 31, 2015, the dry bulk fleet of your Company stood at 8 vessels aggregating 0.51mn dwt, with an average age of 6.35 years as compared to 8 vessels aggregating 0.62 mn dwt with an average age of 8.5 years on March 31, 2014.

During the year, your company took delivery of:

- 2006 built Supramax bulk carrier ‘Jag Roopa’ inQ2 FY15

1994 built VLGC ‘Jag Vishnu’ inQ2 FY15

During the year, your Company sold and delivered the following tankers:

- 1996 builtMRtanker ‘Jag Padma’ inQ1 FY15

- 1991 built GP tanker ‘Jag Prachi’ inQ2 FY15

- 1990 built VLGC ‘Jag Vidhi’ in Q4 FY15

OUTLOOKFOR THE DRY BULK MARKET

The year FY16 is likely to be characterised by continuing weak demand and continuation of new ship deliveries. This will likely result in an “oversupplied” situation, which will continue to put downward pressure on freight rates.

In order to get the oversupply position into balance, we will need to see increased amounts of scrapping. The early signs on this front are encouraging with about 9 mn dwt of bulk carriers being scrapped in Q4 FY15. However, this pace of scrapping needs to continue for FY16 and FY17 in orderto have a tangible impact on fleet utilisation and as a result a positive impact on earnings.

The global bulk carrier order book stands at about 158.52 mn dwt or 21.4% of the fleet at the end of March

2014 as against a 10 year average of 39.9% of the fleet.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520540	18/09/2014 *	1,622,283,389.59	Citi Bank N.A.	Plot No. C-54 and C-55,, G- Block, Bandra Kurla Complex, Bandra (East),, MUMBAI, Maharashtra - 400051, INDIA	C28753457
2	10306207	18/05/2012 *	1,530,992,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY`, #20-01 NORTH TOWER, SINGAPORE,  - 048583, SINGAPORE	B39651922
3	10298568	08/07/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5th Floor, 1 Basinghall Avenue, London, - EC2V5DD, UNITED KINGDOM	B17356577
4	10281977	28/03/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5th Floor,, 1 Basinghall Avenue, London, - EC2V5DD, UNITED KINGDOM	B10737443
5	10182105	20/09/2011 *	2,500,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA  , KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra  - 400051, INDIA	B23016280
6	10160047	09/06/2009	1,685,970,000.00	KfW IPEX-BANK GmbH	PALMENGARTENSTRASSE 5-9,D60325, FRANKFURT AM MAIN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A63213334
7	10151395	03/04/2009	1,923,975,000.00	SOCIETE GENERALE	17 COURS VALMY, 92800 PUTEAUX, FRANCE, - 92800, FRANCE	A59483040
8	10131511	05/12/2008	3,743,000,000.00	KfW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA  IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A51621852
9	10126384	03/11/2008	3,743,000,000.00	KfW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA  IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A48925523
10	10071149	18/05/2012 *	1,556,100,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE,- 048583, SINGAPORE	B39615869

*Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015 [Rs. in million]	31.03.2014 [Rs. in million]
Claims against the Company, not acknowledged as debts:
(a) Sales Tax demands under BST Act, CST Act and VAT Act against which the Company has preferred appeals.	74.600	74.600
(b) Lease Tax liability in respect of a matter decided against the Company, against which the Company has filed a revision petition in the Madras High Court.	--	174.000
(c) Demand from the Office of the Collector and District Magistrate, Mumbai City and from Brihan Mumbai Mahanagar Palika towards transfer charges for transfer of premises not acknowledged by the Company.	43.400	43.400
(d) Demand for Custom Duty disputed by the Company [The Company has given bank guarantees amounting to Rs. 27.100 Millions (Previous Year Rs. ‘NIL’) against the said Custom Duty demand which are included under ‘Guarantees’ below]	72.900	72.900
(e) Demand for Service Tax disputed by the Company	47.500	47.500
(f) Demand for income tax for the Assessment Year 2008-09	54.700	54.700
(g)Demand for wharfage charges against which Company has tendered a Bank Guarantee. Stay obtained under a Writ Petition filed against Chennai Port Trust for restraining encashment of Bank Guarantee.	9.900	--
Guarantees:
(a) Guarantees given by banks counter guaranteed by the Company.	796.500	752.000
(c) Guarantees given to banks on behalf of subsidiaries.	145.700	975.800

FIXED ASSETS:

• Fleet
• Plant and Machinery
• Land
• Ownership Flats and Building
• Vehicles
• Furniture, Fixtures and Office Equipments

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 :	PRP
Analysis Done by :	KSH
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		75

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.