MIRA INFORM REPORT

Report No. :	309297
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	SVITZER HAZIRA PRIVATE LIMITED (w.e.f. 09.11.2012)
Formerly Known As :	SVITZER WIJSMULLER HAZIRA PRIVATE LIMITED
Registered Office :	302, Delta, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.2004
Com. Reg. No.:	11-144995
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U63032MH2004PTC144995
IEC No.:	0304033103
TAN No.: [Tax Deduction & Collection Account No.]	MUMS38480B
PAN No.: [Permanent Account No.]	AAICS2193R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Harbour and Ocean Towage Services.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 a part of A.P. Moller Holding A/S a reputed company which owns a major stake in “MAERSK GROUP”. It is an established company having satisfactory track record. The company possess an acceptable financial profile marked by adequate networth base along with slight working capital intensive operations. Management has witnessed a decline in its revenue as well as net profitability during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported as usually correct. In view of technical, managerial and financial support from its strong parentage, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOTT AVIALABLE

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 PARTED BY

Name :	Mr. Dharmendra Shah
Designation :	Finance Manager
Contact No.:	91-22-40652515
Date :	24.02.2015

LOCATIONS

Registered Office :	302, Delta, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-40652525/ 40652500
Fax No.:	91-22-25701965
E-Mail :	jeevan.kelkar@svitzer.com infosvizer@svitzer.com nita.agarwal@svitzer.com suman.varma@svitzer Mumbai.finance@svitzer.com
Website :	http://www.svitzer.com
Location:	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Jagjeet Singh Sachdev

Designation :

Director

Address :

3B/1404, Whispering Palms, Lokhandwala Township, Kandivali (East), Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

14.06.1961

Qualification :

Master (F.G.)

Experience :

30 Years

Date of Appointment :

20.04.2009

DIN No. :

02657397

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	U63031MH2001PTC132020	SVITZER INDIA PRIVATE LIMITED	Director	20-04-2009	20-04-2009	Active	NO
2	U63032MH2004PTC144995	SVITZER HAZIRA PRIVATE LIMITED	Director	20-04-2009	20-04-2009	Active	NO

Name :

Mr. Jeevan Ramchandra Kelkar

Designation :

Director

Address :

D/14, Indra Vadan Society, P T Road, Mahim Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

20.04.1979

Date of Appointment :

03.09.2007

DIN No. :

05289514

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	U63032MH2004PTC144995	SVITZER HAZIRA PRIVATE LIMITED	Director	03-09-2007	03-09-2007	Active	NO
2	U63031MH2001PTC132020	SVITZER INDIA PRIVATE LIMITED	Director	03-09-2007	03-09-2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Dharmendra Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Wijsmuller Groningen BV, Netherland	9999
Svitzer – A/S, Denmark	1
Total	10000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Providing Harbour and Ocean Towage Services.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit (30 Days/ 60 Days/ 90 Days)
Purchasing :	Cash and Credit (30 Days/ 60 Days/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

End Users and OEM’s

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Powai, Mumbai, Maharashtra, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Memberships :	--
Collaborators :	--
Holding Company :	Wijsmuller Groningen BV, Netherland
Ultimate Holding Company :	A.P. Maller Holding A/S
Fellow Subsidiaries :	· Svitzer Middle East Limited · Svitzer India Private Limited · Svitzer Asia Pte. Limited · Wijsmuller International Towage BV · Svitzer Sohar LLC · Svitzer Salvage BV · Maersk India Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	519.249	419.315	259.276
(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)	519.349	419.415	259.376
(3) Non-Current Liabilities
(a) long-term borrowings	168.880	261.612	350.919
(b) Deferred tax liabilities (Net)	0.000	27.908	2.254
(c) Other long term liabilities	0.000	0.060	0.000
(d) long-term provisions	2.963	1.430	0.770
Total Non-current Liabilities (3)	171.843	291.010	353.943
(4) Current Liabilities
(a) Short term borrowings	1.801	1.630	54.712
(b) Trade payables	191.534	147.401	59.933
(c) Other current liabilities	192.551	526.723	98.954
(d) Short-term provisions	19.144	4.808	0.000
Total Current Liabilities (4)	405.030	680.562	213.599
TOTAL	1096.222	1390.987	826.918
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	566.449	893.770	468.258
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	137.697	138.654	149.925
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	704.146	1032.424	618.183
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	8.128	0.000
(c) Trade receivables	308.316	161.163	57.492
(d) Cash and cash equivalents	78.422	178.964	143.325
(e) Short-term loans and advances	5.338	10.308	7.918
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	392.076	358.563	208.735
TOTAL	1096.222	1390.987	826.918

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	400.030	502.288	269.616
		Other Income	336.371	21.369	0.018
		TOTAL	736.401	523.657	269.634
Less	EXPENSES
		TOTAL	458.187	325.945	250.578
	PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS		278.214	197.712	19.057
Less/ Add	EXCEPTIONAL ITEMS		134.687	--	--
	PROFIT/ (LOSS) BEFORE TAX		143.527	197.712	19.057
Less	TAX		43.592	37.673	2.210
	PROFIT/ (LOSS) AFTER TAX		99.935	160.039	16.847
	EARNINGS IN FOREIGN CURRENCY
		Charter Income	380.612	288.431	0.000
		Compensation Received	9.066	0.000	0.000
	TOTAL EARNINGS		389.678	288.431	0.000
	IMPORTS
		Purchase of Tugs	0.000	492.536	NA
	TOTAL IMPORTS		0.000	492.536	NA
	Earnings / (Loss) Per Share (Rs.)		9993.48	16003.90	1684.70

Expected Sales (2014-2015): Rs. 1000.000 Millions

The above information has been parted by Mr. Dharmendra Shah (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	24.98	31.86	6.25
Return on Total Assets (PBT/Total Assets}	(%)	13.09	14.21	2.30
Return on Investment (ROI) (PBT/Networth)		0.28	0.47	0.07
Debt Equity Ratio (Total Debt/Networth)		0.33	0.63	1.56
Current Ratio (Current Asset/Current Liability)		0.97	0.53	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	259.276	419.315	519.249
Net worth	259.376	419.415	519.349
long-term borrowings	350.919	261.612	168.880
Short term borrowings	54.712	1.630	1.801
Total borrowings	405.631	263.242	170.681
Debt/Equity ratio	1.564	0.628	0.329

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	269.616	502.288	400.030
		86.298	(20.358)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	269.616	502.288	400.030
Profit	16.847	160.039	99.935
	6.25%	31.86%	24.98%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
ECB Loan from Wijsmuller Groningen BV	168.880	261.612
SHORT TERM BORROWINGS
Loans and Advances from Related Parties	1.801	1.630
Total	170.681	263.242

CHANGE OF ADDRESS

The registered office of the company has been shifted from B-510A, Galleria, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 19.06.2013

CORPORATION INFORMATION

Subject is domiciled and incorporated in India. The company is a subsidiary of Wijsmuller Groningen BV (A part of A. P. Moller Maersk Group).

PERFORMANCE OF THE COMPANY

As the income of the company has increased the company was able to achieve considerable amount of profits.

CONTINGENT LIABILITIES (AS ON 31.03.2014)

The company has received demand order dated November 9, 2013 from Director General of Central Excise Intelligence for Rs. 58.278 Millions towards service tax liability on port services provided by the company during the period April 2005 to May 2008 and towards penalty of Rs. 69.095 Millions together with penalty of Rs. 200 Per Day or 2% per month, whichever is higher on service tax liability subject to maximum of total service tax liability under section 76 of Finance Act, 1994 and interest under section 75 of Finance Act, 1994. The company has filed an appeal and stay application against the said order with Central Excise and Service Tax Appellate Tribunal (CESTAT) on February 20, 2013. CESTAT has granted stay against said order and the matter is pending before the tribunal/

The company has received notice of demand of Rs. 72.586 Millions under section 143(3) of the Income Tax Act, 1961 from Deputy Commissioner of Income Tax for the assessment year 2010-2011 vide order dated March 22, 2013 towards certain disallowances and penalties under section 271(1) (c). The company has filed an appeal with Commissioner (Appeals) against the said order and also filed rectification application against the impugned order together with the stay application for the said demand. The matter is pending before the Commissioner Appeals.

FIXED ASSETS

· Furniture and Fixtures

· Vehicle

· Office Equipment

· Leasehold Improvement

· Computer

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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	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		43

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.