MIRA INFORM REPORT

Report No. :	328831
Report Date :	25.06.2015

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 – 400076, Maharashtra
Tel. No.:	91-22-25704224 / 25797523 / 40017300 / 56971588
Country :	India
Financials (as on) :	31.03.2014
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
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUME03548G
PAN No.: [Permanent Account No.]	AAACE7346Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into providing ship management service.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 was incorporated on 8^th February 2000, it is established company having satisfactory track record. During FY 2014, company have perform above an average in its business operation and reported top line of 5.5% in its sales turnover and profitability stood at 8.5% backed by its zero debt balance sheet profile. The general financial position of the company seems to sound and healthy. Rating further take consideration on established track record of the company backed by experience of the promoter. Trade relation are fair. Business is active. Payments are reported to be usually correct. In view of sound financial backed by its experienced promoters, 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.

EXTERNAL AGENCY RATING

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Paresh
Designation :	Accounts Department
Contact No.:	91-22-40017300
Date :	24.06.2015

LOCATIONS

Registered Office :	401, Olympia, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25704224 / 25797523 / 40017300 / 56971588
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 paresh.pawar@bs-shipmanagement.com
Website :	www.bs-shipmanagement.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 26.09.2014

Name :	Mr. Deepak Kantilal Degadwala
Designation :	Director
Address :	72 Juhu Shangrila CHS Limited, Gulmohar Cros Road No 11, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	18.04.1967
Date of Appointment :	15.04.2010
DIN No.:	01811195
Name :	Mr. Sanjeev Sharma
Designation :	Managing Director
Address :	1701, Odyssey-I, Hiranandani Gardens, Hiranandani, Powai, Mumbai - 400076, Maharashtra, India
Date of Appointment :	01.01.2015
DIN No.:	07064052

KEY EXECUTIVES

Name :	Mr. Paresh
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 26.09.2014

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

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into providing ship management service.
Products / Services :	Ship Management Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Cheque and Credit (60 / 90 Days)
Purchasing :	Cash, Cheque and Credit (60 / 90 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailer and End Users

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 :

100 (Approximately)

Bankers :

Banker Name	ICICI Bank
Branch Address	Bhiwandi, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	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

Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, Ambalal Doshi Marg, (Haman Street), Mumbai – 400001, Maharashtra, India
PAN No.:	AABFL1894Q
Memberships :	Not Available
Collaborators :	Not Available
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
Fellow Associate Company:	Eurasia Travel Services Private Limited
Associate Enterprises :	Bernhard Schulte Shipmanagement (L) Limited Bernhard Schulte Shipmanagement (Bermuda) Limited (Partnership) Bernhard Schulte Shipmanagement (Hong Kong) Limited Partnership Bernhard Schulte Shipmanagement (Singapore) Pte. Limited Bernhard Schulte Shipmanagement (Cyprus) Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	58.195	48.341	37.254
(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)	58.295	48.441	37.354
(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	48.359	23.890	26.330
(c) Other current liabilities	10.624	13.771	53.778
(d) Short-term provisions	32.817	39.290	38.139
Total Current Liabilities (4)	91.800	76.951	118.247
TOTAL	150.095	125.392	155.601
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.377	21.849	23.709
(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)	6.056	7.184	6.010
(d) Long-term Loan and Advances	0.215	0.200	0.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.648	29.233	29.919
(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	39.882	16.032	32.678
(e) Short-term loans and advances	82.565	80.127	93.004
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	122.447	96.159	125.682
TOTAL	150.095	125.392	155.601

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	460.499	436.583	404.468
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	66.609	61.491	70.760
Less/ Add	DEPRECIATION/ AMORTISATION	7.183	7.976	8.607
	PROFIT/ (LOSS) BEFORE TAX	59.426	53.515	62.153
Less	TAX	20.325	19.029	19.465
	PROFIT/ (LOSS) AFTER TAX	39.101	34.486	42.688
	EARNINGS IN FOREIGN CURRENCY
	Ship Management Support Services	450.739	430.557	378.240
	Training Income	2.805	1.956	2.028
	TOTAL EARNINGS	453.544	432.513	380.268
	Earnings / (Loss) Per Share (Rs.)	39101	34486	42688

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.49	7.90	10.55
Return on Total Assets (PBT/Total Assets}	(%)	41.26	45.27	41.55
Return on Investment (ROI) (PBT/Networth)		1.02	1.10	1.66
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.33	1.25	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	37.254	48.341	58.195
Net worth	37.354	48.441	58.295
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	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	404.468	436.583	460.499
		7.940	5.478

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	404.468	436.583	460.499
Profit	42.688	34.486	39.101
	10.55%	7.90%	8.49%

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	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

The company has been successfully rendering ship management support services in the area of crew and technical management and marine catering services on cost plus markup basis.

FUTURE PROSPECTS AND PLANS

The company’s performance in ship management support services has been consistent and the company is expecting to have the services for more vessels in the forthcoming months.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Computer Equipment’s
• Vehicles

• Office Equipment’s
• 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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.71.31

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KYP
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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		45

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.