Acquisition of Business (Tables)

12 Months Ended

Mar. 31, 2015

Acquisition of Business

Schedule of fair value of the consideration paid and assets/liabilities acquired

	Acquisition from Dorian Holdings		Grendon  acquisition	Total
Cash	9,732,911		6,672,485	16,405,396
Equity instruments (4,667,135 common shares of the Company at NOK 75.00 per share)	59,092,499		—	59,092,499
Total consideration	68,825,410		6,672,485	75,497,895
Fair value of identifiable assets and liabilities acquired:
Cash	2,672,500		—	2,672,500
Vessels	194,457,529		6,625,000	201,082,529
Inventories on board the vessels	1,407,622		47,485	1,455,107
Newbuilding vessels contracted for construction	17,593,130		—	17,593,130
Other assets—Vessel purchase options	4,605,000		—	4,605,000
Long term bank debt	(135,224,500	)	—	(135,224,500	)
Interest rate swaps	(16,685,871	)	—	(16,685,871	)
Net assets acquired—fair value	68,825,410		6,672,485	75,497,895

Summary of total net revenues and net income

$ in 000’s	For the year ended  March 31, 2014
Net revenues	$	45,017
Net income	$	6,613