MIRA INFORM REPORT

Report No. :	500715
Report Date :	30.03.2018

IDENTIFICATION DETAILS

Name :	ENERGY II LIMITED
Registered Office :	Clarendon House #2, Church Street Hamilton HM 11
Country :	Bermuda
Financials (as on) :	31.03.2016
Date of Incorporation :	September 2004
Legal Form :	Limited Company
Line of Business :	Subject is an International Business Company incorporated in Bermuda for tax purposes.
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	International Business Company
Payment Behaviour :	Unknown
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Bermuda	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BERMUDA - ECONOMIC OVERVIEW

International business, which consists primarily of insurance and other financial services, is the real bedrock of Bermuda's economy, consistently accounting for about 85% of the island's GDP. Tourism is the country’s second largest industry, accounting for about 5% of Bermuda's GDP but a much larger share of employment. Over 80% of visitors come from the US and the sector struggled in the wake of the global recession of 2008-09. Even the financial sector has lost roughly 5,000 high-paying expatriate jobs since 2008, weighing heavily on household consumption and retail sales. Bermuda must import almost everything. Agriculture and industry are limited due to the small size of the island.

Bermuda's economy returned to negative growth in 2016, reporting a contraction of 0.1% GDP, after growing by 0.6% in 2015. Unemployment reached 6% in 2016, public debt is growing and exceeds $2.4 billion, and the government continues to work on attracting foreign investment. Still, Bermuda enjoys one of the highest per capita income in the world.

Source : CIA

STATUTORY INFORMATION

Legal Name:

ENERGY II LIMITED

Trade Name:

ENERGY II LIMITED

ID:

NA

Date Created:

2004

Date Incorporated:

September 2004

Legal Address:

Clarendon House #2, Church Street Hamilton HM 11

Bermuda

Operative Address:

Clarendon House #2, Church Street Hamilton HM 11

Bermuda

Telephone:

1 441 295 1422

Fax:

1 441 292 4720

Legal Form:

Limited Company

Email:

bermuda@conyersdill.com

Registered in:

Bermuda

Website:

www.conyersdill.com

Contact:

Conyers Dill & Pearman

Staff:

0

Activity:

This is an International Business Company (IBC)

BANKS

Central Bank of Bermuda

The company does not make its banking data public.

HISTORY

Founded in 2004, Energy II Limited was formerly a subsidiary of Essar International Ltd.

PRINCIPAL ACTIVITY

ENERGY II LIMITED is an International Business Company incorporated in Bermuda for tax purposes.

The company uses the registrant address but does not carry any operation in the country.

It is not registered in Bermuda as being a local business company.

It is not listed with the Bermuda commercial pages.

Products/Services description:

Charter Operator

Brands:

NA

Sales are:

NA

Clients:

NA

Suppliers:

NA

Operations area:

NA

The company imports from

NA

The company exports to

NA

The subject employs

0

Payments:

Unknown

LOCATION

Headquarters :

The company uses this address to operate within the country. However, it is not its real operative address.

Branches:

NA

Industry:

NA

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

NA

Shareholders %:

This is a private company. We could not confirm major holders.

Management:

Essar Shipping Ltd.

Bombay, India

Related Companies:

Essar Oilfields Services Limited, Mauritius;

Arkay Logistics Limited, India (Formerly known as Essar Logistics Limited);

Energy Transportation International Limited, Bermuda;

Essar Shipping DMCC (incorporated/ registered on August 5, 2015)

Essar Oilfield Services India Limited

Cosmic Drilling Services Limited (Incorporated / Registered on March 15, 2016)

Essar Oilfields Middle East DMCC

Agent:

Conyers Dill & Pearman

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

Susie Tindall, Corporate Manager

FINANCIAL INFORMATION

This is a private company which does not make its financial statements public.

Parent Company: Essar Shipping Ltd.

FINANCIAL RESULTS:

The Company''s financial performance, for the year ended March 31, 2016 is summarized below:

Rs.in Crore

Particulars	Consolidated		Standalone
	For the year ended 31-03-2016	For the year ended 31-03-2015	For the year ended 31-03-2016	For the year ended 31-03-2015
Total Income	1985.56	2153.29	877.32	998.90
Total Expenditure	1479.11	1683.60	558.11	647.12
EBITDA	506.45	469.69	319.21	351.78
Less: Interest & Finance charges	479.32	477.13	280.37	286.32
Less: Provision for Depreciation	458.25	424.06	149.07	143.96
Less: Exceptional Item	-	-	-	-
Profit / (Loss) before Tax	(431.12)	(431.50)	(110.23)	(78.50)
Less: Tax	(21.94)	(27.38)	(3.39)	(4.50)
Profit/(Loss)for the year before share of profit of associate	(453.06)	(458.88)	(113.62)	(83.00)
Add: Share in Loss of associate	(0.03)	(0.07)
Profit/(Loss)for the year	(453.09)	(458.95)	(113.62)	(83.00)

LEGAL FILINGS

There are no financial records available for the company

SUMMARY

This is an International Business Company which does not belong to a company located in Bermuda.

It is registered in the island for tax purposes and does not operate within the country.

It is managed by a resident registration agent.

RISK INFORMATION

DEBTS

ControIIed

PAYMENTS

Unknown

CASH FLOW

Normal

STATUS

Active

INTERVIEW

NAME

Susie Tindall

POSITION

Agent in charge of corporation

COMMENTS

We called agent several times but she was not available to take the call.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
BMD	1	INR 65.10

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.