MIRA INFORM REPORT

Report No. :	339136
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	SELANDIA SHIP MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 04.11.2010)
Formerly Known As :	EMS SHIP MANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f. 18.12.2007) TESMA INDIA PRIVATE LIMITED (w.e.f. 08.09.2003) TSCHUDI AND EITZEN SHIPMANAGEMENT (INDIA) PRIVATE LIMITED [C/N]
Registered Office :	301, Supreme Chambers, Off Veera Desai Road, Andheri West, Mumbai – 400053, Maharashtra
Tel. No.:	91-22-67041000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.11.1999
Com. Reg. No.:	11-122534
Capital Investment / Paid-up Capital :	Rs.8.059 million
CIN No.: [Company Identification No.]	U61200MH1999PTC122534
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09235C
PAN No.: [Permanent Account No.]	AABCT1113F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Ship Management Services.
No. of Employees :	Information declined by the management

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 is a subsidiary of “Selaindia Holdings Pte. Limited. It is an established company having satisfactory track. The company has reported a sound financial profile marked by modest net worth base, adequate liquidity and comfortable capital structure. The rating also take into consideration the improving scale of business operations and profitability of the company during FY-14. However, trade relations seems to be fair. Business is active. Payment terms are reported as usually correct. 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

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Dharmesh
Designation :	Not Divulged
Contact No.:	91-22-65041000
Date :	28.08.2015

LOCATIONS

Registered Office :	301, Supreme Chambers, Off Veera Desai Road, Andheri West, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-65041000/ 67041000
Fax No.:	91-22-67041011
E-Mail :	devendracs@gmail.com shipmanagement.in@selandia-group.com
Website :	http://www.selandia-group.com
Location :	Owned
Locality :	Commercial
Overseas Office :	Located at: · Singapore · Oslo – Norway

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Umesh Rajnikant Thakore
Designation :	Director
Address :	307 Horizon View II B, 7 Bunglows Andheri (West), Mumbai - 400061, Maharashtra, India
Date of Birth/Age :	30.09.1956
Date of Appointment :	06.09.2001
DIN No.:	00939215
Name :	Mr. Naren Chandrakant Bhatt
Designation :	Director
Address :	B/1505, Raj Classic, Near Binaca Apartments, Off. Yari Road, Versova,Andheri (West), Mumbai - 400061, Maharashtra, India
Date of Birth/Age :	08.07.1957
Date of Appointment :	06.09.2001
DIN No.:	00714948
Name :	Mervyn Anthony Patrick Martyres
Designation :	Director
Address :	501, Coronet, 21 Rebello Road, Bandra West, Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	14.10.1957
Date of Appointment :	01.09.2007
DIN No.:	01669315

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Selandia Holdings Pte. Limited, Singapore	805945
Morgen Worre Sorensen, Denmark (Nominee of Selandia Holdings Pte. Limited)	1
Total	805946

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Ship Management Services.
Products/ Services :	Ship Management Services
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 :

Information declined by the management

Bankers :

Banker Name	Not Divulged
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

Auditors :
Name :	Alladi Krishnan and Kumar Chartered Accountant
Address :	4, Marshal, Mogal Lane, Mahim, Mumbai – 400016, Maharashtra
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA9641L
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Selandia Holdings Pte. Limited
Associate Company:	Supna Holdings Private Limited Selandia Ship Management Pte. Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs. 9.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
805946	Equity Shares	Rs.10/- each	Rs. 8.059 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	8.059	8.059	8.059
(b) Reserves & Surplus	12.601	9.003	7.263
(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)	20.660	17.062	15.322
(3) Non-Current Liabilities
(a) long-term borrowings	7.577	8.442	2.141
(b) Deferred tax liabilities (Net)	2.311	2.234	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)	9.888	10.676	2.141
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3.394	1.070	1.051
(c) Other current liabilities	9.497	5.766	4.663
(d) Short-term provisions	0.760	0.114	0.324
Total Current Liabilities (4)	13.651	6.950	6.038
TOTAL	44.199	34.688	23.501
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.722	22.642	14.882
(ii) Intangible Assets	2.623	2.325	2.694
(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	2.954	1.037	1.042
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.299	26.004	18.618
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2.731	2.618	2.843
(d) Cash and cash equivalents	5.975	4.188	0.832
(e) Short-term loans and advances	6.049	1.878	1.208
(f) Other current assets	1.145	0.000	0.000
Total Current Assets	15.900	8.684	4.883
TOTAL	44.199	34.688	23.501

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	170.690	116.561	101.624
	Other Income
	TOTAL	170.690	116.561	101.624
Less	EXPENSES	167.129	114.729	100.578
	PROFIT/ (LOSS) BEFORE TAX	3.561	1.832	1.046
Less	TAX	(0.037)	0.092	0.650
	PROFIT/ (LOSS) AFTER TAX	3.598	1.740	0.396
	Earnings / (Loss) Per Share (Rs.)	4.46	NA	NA

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
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	8.06	5.28	4.45
Return on Investment (ROI) (PBT/Networth)		0.17	0.11	0.07
Debt Equity Ratio (Total Debt /Networth)		0.37	0.49	0.14
Current Ratio (Current Asset/Current Liability)		1.16	1.25	0.81

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	8.059	8.059	8.059
Reserves & Surplus	7.263	9.003	12.601
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	15.322	17.062	20.660
long-term borrowings	2.141	8.442	7.577
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.141	8.442	7.577
Debt/Equity ratio	0.140	0.495	0.367

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)
Total Income	101.624	116.561	170.690
		14.698	46.438

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	101.624	116.561	170.690
Profit	0.396	1.740	3.598
	0.39%	1.49%	2.11%

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	No
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	No
21	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FINANCIAL RESULTS:

According to the financial results, it can be observed that there is a substantial increase in total revenue from operations and the Company has earned profit during the current financial year. The Board of Directors of the Company are looking forward for prosperous opportunities and hopeful for higher profit in the coming years.

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 records 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.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--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.