MIRA INFORM REPORT

Report No. :	344167
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	MERCATOR LIMITED (w.e.f. 22.11.2011)
Formerly Known As :	MERCATOR LINES PRIVATE LIMITED
Registered Office :	3^rd Floor, Mittal Tower, B – Wing, Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-66373333
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.11.1983
Com. Reg. No.:	11-031418
Capital Investment / Paid-up Capital :	Rs.244.892 Million
CIN No.: [Company Identification No.]	L63090MH1983PLC031418
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20822E
PAN No.: [Permanent Account No.]	AAACM5007A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company has directly and/or through its subsidiaries diversified business verticals viz. Shipping (tankers, Gas Carriers and dry bulkers), Dredging, Oil and Gas (EPCIC and E and P), Coal (Mining, Procurement and Logistics.
No. of Employees :	102 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated on 24^th November, 1983. It has fine track record. The company possesses a decent profile marked by decent networth base along with fair liquidity and good profitability. The rating also takes into consideration long track record of the company along with experience promoters and management. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments. The 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Prasad B. Patwardhan
Designation :	Chief Financial Officer
Contact No.:	91-22-66373333
Date :	07.10.2015

LOCATIONS

Registered Office :	3rd Floor, Mittal Tower, B – Wing, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66373333 / 40373333
Fax No.:	91-22-66373333 / 40373333
E-Mail :	mercator@mercator.in investor@mercator.in
Website :	www.mercator.in

DIRECTORS

AS ON 31.03.2015

Name :	Mr. H. K. Mittal
Designation :	Executive Chairman
Date of Birth/Age :	64 Years
Qualification :	Masters from the Indian Institute of Technology (IIT)
Name :	Mr. Atul J. Agarwal
Designation :	Managing Director
Date of Birth/Age :	26.07.1958
Qualification :	Fellow Member of Institute of Chartered Accountants of India
Expertise in specific functional area :	Finance, Accounts, Taxation and Administration
Date of Appointment :	01.08.1988
Name :	Mr. Manohar Bidaye
Designation :	Independent and Non-Executive Director
Date of Birth/Age :	10.11.1963
Qualification :	Master of Commerce (M.Com) from the University of Mumbai. Degree in Law (LLB - Gen.). He is also a Senior Member of The Institute of Company Secretaries of India.
Expertise in specific functional area :	Corporate planning, strategy formulation, corporate laws and taxation, finance and other related areas
Date of Appointment :	26.05.1994
Name :	Mr. K. R. Bharat
Designation :	Independent and Non-Executive Director
Date of Birth/Age :	52 Years
Qualification :	MBA
Name :	Mr. Kapil Garg
Designation :	Non-Executive Director (upto May 29, 2014)
Date of Birth/Age :	23.06.1962
Qualification :	MBA from Indian Institute of Management
Expertise in specific functional area :	33 years vast experience in Capital Markets and various segments like Merchant Banking, Equities and Investment banking; Risk Management, research etc.
Date of Appointment :	30.07.2007
Name :	Mr. M. M. Agrawal
Designation :	Independent and Non-Executive Director
Date of Birth/Age :	04.08.1950
Qualification :	Bachelor of Engineering from Nagpur University
Expertise in specific functional area :	38 years of vast experience in Banking and Finance Industry
Date of Appointment :	12.08.2011
Name :	Mr. Gunender Kapur
Designation :	Director
Date of Birth/Age :	19.01.1961
Qualification :	Bachelor in Mechanical Engineering and MBA
Expertise in specific functional area :	Finance, Management and Administration
Date of Appointment :	13.08.2014
Name :	Mrs. Archana Mitta
Designation :	Director
Date of Appointment :	25.03.2015

KEY EXECUTIVES

Name :	Mr. Prasad Patwardhan
Designation :	Chief Financial Officer
Name :	Ms. Amruta Sant
Designation :	Company Secretary
Date of Appointment :	10.04.2015
Name :	Mr. Deepesh Joishar
Designation :	Company Secretary
Date of Appointment :	04.05.2015
Audit Committee
Name :	Mr. Manohar Bidaye
Designation :	Chairman
Name :	Mr. K. R. Bharat
Designation :	Member
Name :	Mr. Atul J. Agarwal
Designation :	Member (upto February 5, 2015)
Name :	Mr. H. K. Mittal
Designation :	Member (w.e.f. February 5, 2015)
Stakeholders’ Relationship Committee
Name :	Mr. Manohar Bidaye
Designation :	Chairman
Name :	Mr. K. R. Bharat
Designation :	Member
Name :	Mr. Atul J. Agarwal
Designation :	Member

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	80077816	32.70
Bodies Corporate	18406250	7.52
Sub Total	98484066	40.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	98484066	40.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	77181	0.03
Financial Institutions / Banks	2728601	1.11
Central Government / State Government(s)	2500	0.00
Foreign Institutional Investors	13289382	5.43
Any Others (Specify)	25386536	10.37
Others	25386536	10.37
Sub Total	41484200	16.94
(2) Non-Institutions
Bodies Corporate	14541838	5.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	71145015	29.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	12863246	5.25
Any Others (Specify)	6373708	2.60
Clearing Members	2767814	1.13
Employees	277600	0.11
Non-Resident Indians	3163257	1.29
Others	159501	0.07
Trusts	5536	0.00
Sub Total	104923807	42.84
Total Public shareholding (B)	146408007	59.78
Total (A)+(B)	244892073	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	244892073	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group:

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Harishkumar Mittal	4,66,54,200	19.05	17.32
2	Archana Mittal	2,63,27,400	10.75	9.77
3	AHM Investment Private Limited	1,84,06,250	7.52	6.83
4	Atul J Agarwal	31,25,000	1.28	1.16
5	Atul J Agarwal JT Manjuli Agarwal	23,35,966	0.95	0.87
6	Manjuli Agarwal	5,59,000	0.23	0.21
7	Shalabh Mittal	3,61,250	0.15	0.13
8	Aayush Agarwal	3,17,500	0.13	0.12
9	Arooshi Agarwal	3,17,500	0.13	0.12
10	Adip Mittal	80,000	0.03	0.03
	Total	9,84,84,066	40.22	36.56

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares:

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Lotus Global Investments Limited	14229669	5.81	5.28
2	Kotak Mahindra (International) Limited	8159363	3.33	3.03
3	Cresta Fund Limited	5650000	2.31	2.10
4	Albula Investment Fund Limited	5175644	2.11	1.92
5	Axis Bank Limited	2574620	1.05	0.96
	Total	35789296	14.61	13.29

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company:

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Lotus Global Investments Limited	14229669	5.81	5.28
	Total	14229669	5.81	5.28

BUSINESS DETAILS

Line of Business :	The Company has directly and/or through its subsidiaries diversified business verticals viz. Shipping (tankers, Gas Carriers and dry bulkers), Dredging, Oil and Gas (EPCIC and E and P), Coal (Mining, Procurement and Logistics.
Products :	Tankers, Gas Carriers Dry Bulkers Dredging Oil and Gas Coal Mining Procurement and Logistics
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 :

102 (Approximately)

Bankers :

· State Bank of India

· ICICI Bank Limited

· Axis Bank Limited

· HDFC Bank Limited

Banker Name	YES Bank Limited
Branch Address	Not Divulged
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWINGS
Debentures	1500.000	1500.000
External Commercial Borrowings	1353.526	616.023
Term loans from banks	3238.147	3578.444
SHORT TERM BORROWINGS	6091.673
Loans repayable on demand
Working capital facilities from scheduled banks	195.850	260.701
Total	6287.523	5955.168

Note:

LONG TERM BORROWINGS:

(i) Security details

a) Debentures referred in (A) above are secured by first paripasu charge on specified vessels and first paripassu charge on the specified immovable property of the company.

b) External Commercial Borrowings referred in (B) above are secured by exclusive/first paripassu charge on specified vessels of the company of which Rs.250.363 million (P.Y. Rs.270.449 million) additionally secured by charge on loan extended to subsidiary as well as charge on cash flows of specified vessels.

c) Term Loans referred in (C) above are secured by exclusive/first paripassu residual charge on specified vessels, and includes Rs.1080.000 million (P.Y. Rs.1215.000 million) additionally secured by charge on loan extended to subsidiary as well as charge on cash flows of specified vessels. It includes an amount of Rs.593.361 million additionally secured by paripassu charge on specified immovable property

(ii) FCCB referred in (D) are convertible upon exercise of option during the period May 27, 2014 till April 27, 2019 with initial conversion price of Rs.38.30 per share (at a fixed rate of exchange on conversion of Rs.58.5740 per 1 USD). The maturity date of FCCB is May 27, 2019

SHORT TERM BORROWINGS

Working capital facilities from Scheduled Banks are secured by first charge on all receivables and other current assets of the company on paripassu basis and second charge on specified vessels.

Debenture and Security Trustees:	Axis Trustee Services Limited, India
Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Address:	Narain Chambers, 5^th Floor, M. G. Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel No.:	91-22-64577600
Fax No.:	91-22-26128580
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries - Fellow/ Step down subsidiaries:	· Mercator International Private Limited (MIPL),Singapore · Mercator Oil and Gas Limited (MOGL), India · Mercator Petroleum Limited, India · Oorja Resources India Private Limited, India · Mercator FPSO Private Limited, India · Mercator Offshore Holdings Private Limited (MOHPL) , Singapore · Oorja Holdings Private Limited (OHL) , Singapore · Mercator Energy Private Limited, Singapore · Mercator Lines (Singapore) Limited (MLS), Singapore · Mercator Projects Private Limited, Singapore · Mercator Offshore Assets Holding Private Limited, Singapore · Mercator Okwok FPU Private Limited,Singapore · Mercator Okoro FPU Private Limited,Singapore · Mercator Offshore (P) Private Limited, Singapore · Ivorene Oil Services Nigeria Limited · Chitra Prem Private Limited, Singapore · Varsha Vidya Inc, Panama · Panther Resources Private Limited, Singapore · Oorja (Batua) Private Limited, Singapore · Oorja 1 Private Limited, Singapore · Oorja 2 Private Limited, Singapore · Oorja 3 Private Limited, Singapore · Oorja Mozambique Limited, Mozambique · MCS Holdings Private Limited, Singapore · PT Karya Putra Borneo, Indonesia · PT Indo Perkasa (IPK), Indonesia · Oorja Indo Petangis Four, Indonesia · Oorja Indo Petangis Three, Indonesia · Oorja Indo KGS, Indonesia · Broadtec Mozambique Minas Limitada, Mozambique · PT Mincon Indo Resources, Jakarta · Bima Gema Permata PT, Jakarta · Nuansa Sakti Kencana PT, Jakarta · MCS Fuel Trading Sdn. Bhd,Malaysia
Enterprises Over Which Key Management Personnel Exercise Significant Control:	· AAAM Properties Private Limited · Ankur Fertilizers Private Limited · AHM Investments Private Limited · MHL Healthcare Limited · Papeeta Resources Private Limited · Asmara Resources Private Limited ( India) · Prem Punita Foundation ( India)- Chartiable Trust
Enterprises over which Directors/Relative of Directors/Key Management Personnel/Relative of Key Management Personnel exercise significant influence:	· MLL Logistics Private Limited · Zicom Electronic Security Systems Limited · Vaitarna Marine Infrastructure Limited · Rishi Holding Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.1/- each	Rs.350.000 Million
20000000	Preference shares	Rs.100/- each	Rs.2000.000Million
	Total		Rs.2350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
244892073	Equity Shares	Rs.1/- each	Rs.244.892 Million

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Equity Shares	Number of Shares
Number of shares at the beginning of the year	244892073
Add: Shares issued during the	--
Number of shares at the end of the year	244892073

Terms/Rights attached to Equity shares

The company has two class of shares referred to as equity shares having a face value of Re.1/- and preference shares having a face value of Rs.100/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend whenever proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. 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 were issued.

(iii) No shares were bought back.

Details of shareholders holding more than 5 percent equity shares in the company:

Name of Shareholder	As at March 31, 2015
Equity shares of Re. 1 each fully paid	Number of Shares	% holding
H. K. Mittal	46654200	19.05%
Archana Mittal	26327400	10.75%
AHM Investments Private Limited	18406250	7.52%
Lotus Global Investments Limited	14229669	5.81%

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	244.892	244.892	244.892
(b) Reserves & Surplus	6765.013	6395.893	6454.309
(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)	7009.905	6640.785	6699.201
(3) Non-Current Liabilities
(a) long-term borrowings	7093.126	5694.467	6817.635
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	86.475	111.648	73.553
(d) long-term provisions	25.815	22.091	22.881
Total Non-current Liabilities (3)	7205.416	5828.206	6914.069
(4) Current Liabilities
(a) Short term borrowings	382.332	458.101	280.981
(b) Trade payables	1279.807	1060.363	790.655
(c) Other current liabilities	2089.652	2904.158	5931.850
(d) Short-term provisions	63.438	32.256	4.278
Total Current Liabilities (4)	3815.229	4454.878	7007.764
TOTAL	18030.550	16923.869	20621.034
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9721.074	9234.286	6988.668
Asset held for disposal			5346.245
(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	165.579	26.364	35.548
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2573.182	3258.424	2911.797
(e) Other Non-current assets	29.759	132.733	3.852
Total Non-Current Assets	12489.594	12651.807	15286.110
(2) Current assets
(a) Current investments	0.000	5.000	5.000
(b) Inventories	69.088	142.191	95.573
(c) Trade receivables	2397.780	1863.897	2086.607
(d) Cash and cash equivalents	616.281	502.435	1551.332
(e) Short-term loans and advances	2440.776	1750.314	1595.417
(f) Other current assets	17.031	8.225	0.995
Total Current Assets	5540.956	4272.062	5334.924
TOTAL	18030.550	16923.869	20621.034

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	6594.178	4970.436	5514.942
	Other Income	215.222	272.084	253.188
	TOTAL (A)	6809.400	5242.520	5768.130
Less	EXPENSES
	operating expenses	4000.842	3368.981	4039.674
	Impairment of assets	0.000	0.000	811.800
	Employees benefits expense	216.796	132.549	131.233
	Other expenses	443.639	227.870	526.397
	TOTAL (B)	4661.277	3729.400	5509.104
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2148.123	1513.120	259.026
Less	FINANCIAL EXPENSES (D)	708.866	730.822	1326.909
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1439.257	782.298	(1067.883)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	923.800	675.173	1091.555
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	515.457	107.125	(2159.438)
Less	TAX (H)	20.000	15.012	15.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	495.457	92.113	(2174.438)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	332.492	(3165.932)	(991.494)s
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	(3450.000)	0.000
	Transfer to Tonnage Tax Reserve	103.100	15.000	0.000
	Depreciation pf previous year	3.000	0.000	0.000
	Proposed Dividend	49.000	24.489	0.000
	Tax on Dividend	10.200	4.200	0.000
	Total (M)	165.300	(3406.311)	0.000
	Balance Carried to the B/S (J+K+L-M)	662.649	332.492	(3165.932)
	EARNINGS IN FOREIGN CURRENCY
	Shipping Income	755.077	781.712	717.013
	Interest Income	39.640	52.288	160.814
	Dividend Income	0.000	21.081	0.000
	Other Income	1029.067	13.100	1.932
	TOTAL EARNINGS	1823.784	868.181	877.827
	IMPORTS
	Raw Materials
	Components and Stores parts	78.906	128.548	153.915
	Capital Goods	2082.749	691.740	0.000
	TOTAL IMPORTS	2161.655	820.288	153.915
	Earnings / (Loss) Per Share (Rs.)	2.02	0.38	-8.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	2089.652	2904.158	5931.850
Cash generated from operations	NA	NA	NA
Net Cash from Operating Activities	1701.030	1400.942	1047.390

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)
	1^st Quarter
Net Sales	1370.770
Total Expenditure	923.460
PBIDT (Excl OI)	447.310
Other Income	19.880
Operating Profit	467.190
Interest	147.440
Exceptional Items	NA
PBDT	319.750
Depreciation	281.090
Profit Before Tax	38.660
Tax	2.500
Provisions and contingencies	NA
Profit After Tax	36.160
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	36.160

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.51	1.85	(39.43)
Operating Profit Margin (PBIDT/Sales)	(%)	32.58	30.44	4.70
Return on Total Assets (PBT/Total Assets}	(%)	2.89	0.63	(14.17)
Return on Investment (ROI) (PBT/Networth)		0.07	0.02	(0.32)
Debt Equity Ratio (Total Debt /Networth)		1.36	1.36	1.95
Current Ratio (Current Asset/Current Liability)		1.45	0.96	0.76

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.23.45/-

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	244.892	244.892	244.892
Reserves & Surplus	6454.309	6395.893	6765.013
Net worth	6699.201	6640.785	7009.905
long-term borrowings	6817.635	5694.467	7093.126
Short term borrowings	280.981	458.101	382.332
Current maturities of long-term debts	5931.850	2904.158	2089.652
Total borrowings	13030.466	9056.726	9565.110
Debt/Equity ratio	1.945	1.364	1.365

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	5514.942	4970.436	6594.178
		(9.873)	32.668

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	5514.942	4970.436	6594.178
Profit/ (Loss)	(2174.438)	92.113	495.457
	(39.43%)	1.85%	7.51%

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	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	No
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

CORPORATE INFORMATION:

Subject was incorporated on 24^th November 1983 as private limited company with name as Mercator Lines Private Limited. It was converted into limited company vide ROC approval dated 12th April 1984. The name was changed to Mercator Limited vide ROC approval dated 22^nd November 2011. The Company has directly and/or through its subsidiaries diversified business verticals viz. Shipping (tankers, Gas Carriers and dry bulkers),

Dredging, Oil and Gas (EPCIC and E and P), Coal (Mining, Procurement and Logistics).

FINANCIAL HIGHLIGHTS:

On a standalone basis, the Company has recorded improved performance. The income from operations for the year was Rs.6590.000 Million as against Rs.4970.000 Million in the previous year. After provision of tax of Rs. 20.000 Million (previous year Rs.15.000 Million) the Company has earned net profit of Rs.500.000 Million (previous year Rs.90.000 Million). The healthy order book of dredging division and full year deployment of Gas Carrier and other tankers on medium / long term time charter added substantially to top-line and bottom-line of standalone performance of the Company

OPERATIONS AND FINANCE:

Oil and Gas

During the year; Mercator Petroleum Limited, a subsidiary of the Company in consortium with Oil India Limited. And others; has entered into Product Sharing Contracts with Ministry of Energy; Republic of Myanmar; for two oil blocks allotted in the Offshore Block Bidding Round-2013.

The drilling operations in the Cambay Basin block awarded by the Government of India under NELP VII round of bidding are progressing well. During the year; one well was drilled in each oil block. Further testing and drilling is planned in the current year. The Floating Production Unit (FPU) contract in Nigeria is running smoothly. The Sagar Samrat conversion project is progressing as per schedule.

Coal

Globally, all commodities including Coal have witnessed falling prices and lower demand; Mercator continued its strategy of controlling mining costs and improving utilization of resources. This has helped in sustaining the margins.

Shipping

In Shipping, the Directors are pleased to report the Very Large Gas Carrier (VLGC) which was acquired at the end of previous financial year, was deployed gainfully on long term charter during the year. Further, the refurbishment of the Storage Tanker was completed ahead of its schedule by about one and half month, thus enabling the Company to start charter realizations early under the long term contract.

Dredging

The Dredging business has consolidated its presence in India, registering a higher volume of operations as compared to the previous year resulting from repeat orders from existing customers as well as some new orders. During the year, the Company was awarded a 2 year dredging contract by Kandla Port Trust, valued at Rs. 2750.000 Million approx. The Company acquired one dredger during the year and is in the process of acquiring two more dredgers, to augment the dredging capabilities.

REVIEW OF OPERATIONS

The Mercator Group has diversified operations with its own fleet of tankers, bulk carriers; dredgers and Floating Production Units (FPU). Mercator also has coal mine licence(s) in Indonesia and Mozambique. The Group is in a production-sharing contract with (i) the Government of India in respect of two oil blocks in the Cambay Basin in western India, awarded under NELP-VII; and (ii) Ministry of Energy, Republic of Myanmar in respect of two shallow water oil blocks awarded in the Offshore Block bidding Round 2013, in consortium. Mercator has also been awarded a contract by ONGC for conversion of the Mobile Offshore Drilling Unit (MODU) into the Mobile Offshore Production Unit (MOPU).

The consolidated income from the operations was Rs.30920.000 million for the year under review as compared to Rs.34580.000 million in the previous year. The operating profits were Rs.5280.000 million, as against Rs.6400.000 million in the previous year. Loss after Tax and minority interest was Rs.4500.000 million (previous year profit Rs.320.000 million).

In this segment, Mercator achieved a total turnover of Rs.5460.000 million compared to Rs.7140.000 million in the previous year. This has contributed about 18% of the total operating income (previous year 21%).

Oil Blocks

Mercator Petroleum Limited, a subsidiary of the Company (MPL) has Production Sharing Contracts with the Government of India for exploration of Petroleum in two blocks under the Seventh New Exploration Licensing Policy round (NELP-VII). The ‘S-Type’ blocks are situated onshore in the prolific Cambay Basin, Gujarat, India and cover 180.22 square kilometre. The exploration and production activities at these two blocks have progressed well. During the year one well was drilled in each oil block. The Company continues to move steadily ahead on its exploration schedule going forward

MPL in consortium with Oil India Ltd. and others, had been chosen as a selected candidate for two Moattama basin) and YEB (shallow water block in the Rakhine basin)] by the Ministry of Energy; Republic of Myanmar, in the Myanmar Offshore Block Bidding Round – 2013. During the year; the consortium has entered into Production Sharing Contract with Ministry of Energy, Myanmar.

SHIPPING

Tanker (Wet Bulk)

Mercator’s tanker fleet consists of a Very Large Gas Carrier (VLGC); a Very Large Crude Carrier (VLCC), Aframax and product tankers

At the beginning of the year; Mercator had six own tankers and a gas carrier of aggregate capacity of 626,791 DWT. There was no change in the tonnage during the year

Their clientele list include notable end users like IOC, BPCL, HPCL, British Gas and Trafigura.

The tanker business achieved a turnover of Rs.419.000 million as compared to Rs.2430.000 million in the previous year. The number of operating days were 2,247 days (previous year 2,243 days). The time charter equivalent (TCE) at USD 20,128 was higher by 25% as compared to USD 16,166 in the previous year. Overall contribution from the tanker division was 14% (previous year 7%) of the total operating income. The VLGC which was acquired at the end of last financial year; was gainfully deployed during the whole year consequently increasing the contribution from Tanker division to the total operating income.

Dry Bulk

Mercator’s bulk carrier fleet comprises Geared and Gearless Panamaxes and Kamsarmaxes. At the beginning of the year, there were 14 own bulk carriers with aggregate tonnage of 1,061,488 DWT and one chartered-in bulk carrier of 91,800 DWT with an no change in the composition of fleet during the year. Despite the challenging times in the dry bulk, our vessels have nearly 100% operations. Our clientele includes major international traders like Glencore, Vitol etc.

Mercator achieved a turnover of Rs.375.000 million (Rs.496.000 million previous year). Vessel operating days decreased to 5,183 days (previous year 5,331 days). Though TCE at USD 10,361 declined by about 8% against previous year’s USD 11,312 it outperformed industry index of USD 6,304. This segment contributed about 12% to the total operating income (previous year 14%).

DREDGING:

Dredging is the youngest of our businesses started in the year 2007. Over the years we have secured contracts in other major ports like New Mangalore Port, Mormugao Port and Indian Navy etc. competing with DCI and other International companies. During the year the utilization has increased as compared to the previous years, due to repeat orders from existing customers as well as new orders. During the year, Company was awarded a 2 year dredging contract by Kandla Port Trust, valued at Rs.275.000 million.

At the beginning of the year, Mercator had six dredgers with an aggregate capacity of 27,100 cubic meter and one Cutter Suction Dredger. The Company acquired one dredger of 850 cubic meter during the year. At the end of the year, there were 7 dredgers with an aggregate capacity of 27,950 cubic meter. With 1466 operating days, Mercator achieved a turnover of Rs.2160.000 million (Previous year Rs.1750.000 million). This segment contributed about 7% to the total operating income (previous year 5%)

Review of Operations of Subsidiaries:

Mercator International Private Limited. (MIPL)

MIPL incorporated in Singapore is a wholly-owned subsidiary and an apex Company for all overseas subsidiaries. It has further subsidiary companies - namely Mercator Lines (Singapore) Limited. Mercator Offshore Holding Private Limited. Oorja Holdings Private Limited, and Mercator Energy Private Limited. These subsidiaries have further step-down subsidiaries. On a standalone basis MIPL achieved income by way of dividend Rs.279.200 million equivalent of USD 4.56 million (as against Rs.743.200 million equivalent of USD 12.196 million in the previous year including dividend of R.614.200 million equivalent of USD 10.08 million). The net profit of Rs.1448.500 million, equivalent of USD 23.66 million (previous year net profit of Rs.530.000 million, equivalent of USD 8.62 million) includes profit on sale of investment amounting Rs.1261.700 million (equivalent of USD 20.71 million.

Oorja Holdings Pte. Ltd. (OHPL) and its

Subsidiaries:

OHPL is a 100% subsidiary of MIPL, based in Singapore. It was established with the objective of exploring business opportunities in commodity mining and trading. OHPL, through its subsidiaries in Singapore and Indonesia, owns and operates three mines in Indonesia and also has a mining license in Mozambique. Through its subsidiary, it also holds a Coal Trader License, and procures coal from various miners in South and East Kalimantan regions as well as Sumatra region in Indonesia. OHPL has established itself in the coal mining and procurement business and is a reliable coal supplier from Indonesia. It exported 5.82 million MT in FY 2015 (6.65 million MT in previous year). It exports coal to India, China, Thailand, Sri Lanka, Philippines and other Asian countries. During the year; OHPL achieved a consolidated turnover of Rs.14437.400 million, equivalent of USD 235.82 million (previous year Rs.17672.600 million equivalent of USD 290.02 million) and earned a profit of ` 8.04 crores, equivalent of USD 1.31 million (previous year profit of Rs.717.200 million equivalent of USD 11.77 million).

Mercator Offshore (P) Private Limited. (MOPPL): This subsidiary based in Singapore has a contract for chartering of Floating Production Unit (FPU) comprising a Mobile Offshore Production Unit (MOPU) and a Floating Storage Offshore Unit (FSO) in their EBOK oilfield in Nigeria for a period of nine years. MOPPL had done entire Engineering, Procurement; Construction, Installation and Commissioning of the FPU in Nigeria, which is operating well. MOPPL has now completed three successive years of continuous and stable operations. MOPPL has a subsidiary in Nigeria, IVORENE Oil Services Ltd, which provides local support in Nigeria. MOPPL has now completed four successful years of continuous and stable operations. MOPPL achieved a turnover of Rs.3280.800 million, equivalent of USD 53 million and earned a profit of Rs.704.100 million equivalent of USD 11.50 million (previous year turnover of Rs.3120.000 million equivalent of USD 51 million and profit of Rs. 477.200 million equivalent of USD 7.83 million). MOPPL has paid a dividend of Rs.293.900 million, equivalent of USD 4.80 million (previous year Rs.390.000 million equivalent of USD 6.40 million). During the year; MIPL sold its entire shareholding of MOPPL for a consideration of cash at fair value to its step down subsidiary Mercator Offshore Assets Holdings private limited. A subsidiary of MEPL.

Mercator Oil and Gas Limited (MOGL) this is an Indian unlisted subsidiary. MOGL, in consortium with MOPPL and an Abu Dhabi-based shipyard, has been awarded a contract by ONGC for conversion of its Mobile Offshore Drilling Unit (MODU) into a Mobile Offshore Production Unit (MOPU). The execution of the project is progressing as per schedule. MOGL achieved a turnover of Rs.2220.000 million (Rs.4010.000 million in previous year) and earned a profit of Rs.02.200 million (Rs.103.700 million in previous year). Pursuant to the provisions of the Companies Act 2013 and Rules and Regulations thereunder; MOGL has complied with requirements of appointment of independent directors (including woman director) and CSR.

Mercator Petroleum Limited (MPL) this is an Indian unlisted subsidiary. MPL has entered into a Production- Sharing Contract with the Government of India in respect of two blocks allotted to it under the Seventh New Exploration Licensing Policy round (NELP-VII).

Subsequent to the year end, the exploratory drilling has been initiated within the block area.

Mercator Petroleum Limited, a subsidiary of the Company in consortium with Oil India Ltd. and others, was chosen as a selected candidate for two offshore oil blocks by the Ministry of Energy, the Republic of Myanmar, in the Myanmar Offshore Block Bidding Round – 2013. During the year, the consortium has entered into Production Sharing Contract (PSC) with the Myanmar Ministry.

During the year; MPL issued 1, 49, 00,000 equity shares of Rs.10 /- for cash at par on a fair value basis. MPL further issued 1, 50, 00,000 equity shares of Rs.10/- each for cash at par Right basis. Both these issues were fully subscribed by the Company and its other stepdown subsidiary - Mercator Energy private limited. Singapore. The shareholdings of MPL was 51% by the Company and 49% by MEPL

Pursuant to the provisions of the Companies Act 2013 and Rules and Regulations thereunder; MPL has complied with requirements of appointment of independent directors and Key Managerial Personnel (KMP).

Mercator Offshore Holdings Pte. Ltd. (MOHPL)

MOHPL owns and operates one VLCC. For the year ended March 2015, MOHPL achieved a turnover of Rs.577.300 million (equivalent of USD 9.42 million) (Rs.263.300 million (equivalent of USD 4.32 million) in the previous year during the period November 2013 till March 2015) and recorded a loss of Rs.206.600 million (equivalent of USD 3.38 million) (Rs.13.400 million (equivalent of USD 0.22 million) during period ended March 2015.

Mercator Lines (Singapore) Ltd. (MLS)

This is a Singapore Stock Exchange-listed subsidiary wherein MIPL holds 67.14% stake.

The consolidated fleet, as at the beginning of the year, comprised 13 own vessels of aggregate capacity of 992,202 DWT and one in-chartered vessel with a capacity of 91,800 DWT. There was no change in the composition of the fleet during the year.

MLS achieved a consolidated turnover of Rs.3449.600 million, equivalent of USD 56.30 million (as against Rs.4590.000 million equivalent of USD 75.30 million in the previous year). MLS suffered a loss of Rs.7675.000 million, equivalent of USD 125.4 million against a loss of Rs.1400.000 million, equivalent to USD 22.8 million in the previous year. The loss for the year includes exceptional items of Rs.5577.200 million, equivalent of USD 91.1 mn and depreciation of Rs.2167.200 million, equivalent of USD 35.4 million. Exceptional items of Rs.5044.600 million, equivalent of USD 82.4 million relates to non-cash items comprising of ` 388.75 crores, equivalent of USD 63.5 million for allowance of impairment of vessels and Rs.1157.100 million, equivalent of USD 18.9 million for provision for onerous contract.

Mercator Energy Pte. Limited (MEPL)

MEPL is subsidiary of MIPL in Singapore with the object of carrying business activities of petroleum, mining and prospecting services and activities incidental to oil and gas extraction. MEPL further has a subsidiary/step down subsidiaries in Singapore. During the year through its subsidiary, MEPL acquired one second hand rig on behalf of the customer. MEPL issued shares of SGD 641,026 to MIPL and other professionals. Consequent to this issue, the Company’s holding in the said subsidiary reduced to 78%. MEPL also availed a term loan facility of USD 55 million of which USD 20 million has been disbursed. Another subsidiary of MEPL, Mercator Offshore Assets Holdings private limited, acquired the entire shareholding of MOPPL from MIPL for cash consideration at a fair value.

(For the purpose of financial performances conversion rate of per dollar has been taken as Rs.612.209 million for the Profit and Loss account (previous year Rs.600.940 million); and ` 62.5908 for Balance Sheet items (previous year Rs.601.000 million).

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Foreign Currency Convertible Bonds (FCCB)	1001.453	0.000
SHORT TERM BORROWING
Working capital facilities from scheduled banks	186.482	197.400
Total	1187.935	197.400

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1370.772
b) Other operating income	0.000
Total income from Operations(net)	7183.740
2.Expenditure
a) operating Expenses	488.482
b) Bunker Cost	163.680
c) Vessel Hire charges	88.480
d) Coal Operating expenses	0.000
e) Employees benefit expenses	37.561
f) Other expenditure	34.518
g) Dry-docking expenses	45.410
Total expenses	858.131
Operating Profit (PBIDT)	858.131
Depreciation and amortization expenses	512.642
3. Profit from operations before other income and financial costs	281.085
4. Other income	(45.460)
5. Profit from ordinary activities before finance costs	186.096
6. Finance costs	147.435
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	38.662
8. Exceptional item	--
9. Profit from ordinary activities before tax Expense:	38.662
10.Tax expenses	2.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	36.162
12.Minority Interest	--
13.Net Profit / (Loss) for the period (11 -12)	36.162
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	36.162
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	244.892
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	0.15
(b) Diluted	0.15

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	146408007
- Percentage of shareholding	59.78
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-
Percentage of shares (as a % of total share capital of the company)	-
b) Non Encumbered
Number of shares	9848406
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
Percentage of shares (as a % of total share capital of the company)	40.22%
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	0

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Segment Revenue (net sale/income from each segment should be discloses under this head)
a) Shipping	2067.400
b) Offshore	872.100
c) Coal (Mining, Procurement and Logistics)	3354.600
d) Other	889.600
Total	7183.700
Less : Inter Segment Revenue	--
Net Sales	4297.981
2. Segment Result (Profit before Interest and Tax)
e) Shipping	(364.200)
f) Offshore	230.600
g) Coal (Mining, Procurement and Logistics)	128.800
h) Other	38.100
Total	750.878
Less : Interest	601.100
Profit before Tax	(567.800)
3. Capital Employed (Segment assets - segment liabilities )
i) Shipping	40591.400
j) Offshore	8489.500
k) Coal (Mining, Procurement and Logistics)	8786.900
l) Other	(35632.900)
Total	22234.900
Notes: 1. These results reviewed by the Audit Committee were taken on record by the Board of Directors at its meeting held on August 05, 2015. 2. The Statutory Auditors have performed a Limited Review of Standalone financial results for the quarter ended June 30; 2015 and June 30, 2014. 3. The figures of quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto third quarter. 4. The Company has identified segments into Shipping (includes tanker, bulker and dredger). Offshore and Coal (includes mining, procurement and logistics). The ships are operating internationally. The performance of the segment is monitored on the basis of primary segment only. 5. The figures of the previous period/ year have been rearranged / regrouped wherever necessary.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10585672	22/07/2015	1,619,971,650.00	AXIS BANK LIMITED	2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUN, PANDURANG BUDHAKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	C61541314
2	10586431	22/07/2015	44,469,100.00	AXIS BANK LIMITED	2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUN, PANDURANG BUDHAKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	C61905857
3	10538456	22/12/2014	2,116,530,000.00	AXIS BANK LIMITED	2ND FLR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND,  PANDURANG BUDHAKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	C37912219
4	10490074	24/06/2014 *	1,525,600,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L  IMITED	UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA E  AST, MUMBAI- 400051, MAHARASHTRA, INDIA	C10570521
5	10430978	22/07/2013 *	508,750,000.00	AXIS BANK LIMITED	CBB BR. AXIS HOUSE, GR. FLOOR, WADIA INTL. CENTRE,  PANDURANG BUDHKAR MARG WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	B80748999
6	10333505	24/05/2012 *	1,235,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI- 400051,  MAHARASHTRA, INDIA	B39897673
7	10294934	29/11/2012 *	550,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI- 400051,  MAHARASHTRA, INDIA	B63069249
8	10263095	18/10/2012 *	800,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI,  MAHARASHTRA - 400051, INDIA	B61852380
9	10139086	07/10/2014 *	1,500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,  PANDURANG BUDHKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	C31836984
10	10131402	29/10/2009 *	1,125,000,000.00	BANK OF INDIA	138, ROBINSON ROAD,, #01-01, #02-01, # 03-00, THE CORPORATE OFFICE, SINGAPORE, - 068906,	A73466989

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Counter guarantees issued by the Company for guarantees obtained from bank (net of margin).	784.782	729.286
Counter guarantees issued by the Company for guarantees obtained from bank on behalf of subsidiaries.	15.260	43.650
Corporate guarantees issued by the company on behalf of subsidiaries.	10427.550	10581.395

FIXED ASSETS

· Land

· Office Premises

· Vessels

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer 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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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
s	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

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