Vessels, Net (Predecessor)

12 Months Ended

4 Months Ended

Mar. 31, 2015

Jul. 28, 2013

6. Vessels, Net

	Cost		Accumulated depreciation		Net book Value
Balance, July 1, 2013	—		—		—
Vessel acquisitions through business combinations (Refer Note 4)	201,082,529		—		201,082,529
Other	307,606		—		307,606
Depreciation	—		(6,555,269	)	(6,555,269	)
Balance, March 31, 2014	201,390,135		(6,555,269	)	194,834,866
Additions	240,415,534		—		240,415,534
Impairment(1)	(2,625,000	)	1,193,182		(1,431,818	)
Depreciation	—		(13,842,529	)	(13,842,529	)
Balance, March 31, 2015	439,180,669		(19,204,616	)	419,976,053

(1)

We recognized a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 and no impairment losses for the period ended March 31, 2014. We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable.

The additions represent amounts transferred from Vessels under Construction relating to the cost of our newbuildings, the Comet, the Corsair and the Corvette, which were delivered to us on July 25, 2014, September 26, 2014 and January 2, 2015, respectively.

Vessels, with a total carrying value of $416.0 million as of March 31, 2015, are first-priority mortgaged as collateral for our loan facilities (refer Note 11).

Predecessor

Vessels, Net

Vessels, Net

4.Vessels, Net

	Vessel cost	Accumulated depreciation		Net book value
Balance, April 1, 2012	252,023,353	(53,743,681	)	198,279,672
Vessel improvements	469,929	—		469,929
Depreciation	—	(11,671,879	)	(11,671,879	)
Balance, March 31, 2013	252,493,282	(65,415,560	)	187,077,722
Vessel improvements	90,492	—		90,492
Depreciation	—	(3,839,271	)	(3,839,271	)
Balance, July 28, 2013	252,583,774	(69,254,831	)	183,328,943

All the Company’s vessels were first-priority mortgaged as collateral to secure the bank loans. No impairment loss was identified or recorded for the year ended March 31, 2013.

The vessel improvements relate to improvements to the vessels and include systems to improve the consumption of the main engines lubricating oil, fuel system modification (double fuel system), and modifications to increase the vessel cargo operation flexibility.