MIRA INFORM REPORT

Report Date :

18.07.2007

IDENTIFICATION DETAILS

Name :	HALLIBURTON OFFSHORE SERVICES INC (INDIA)
Registered Office :	Sanghi Oxygen Compound, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	15.02.1984
Country of Incorporation :	CAYMAN ISLANDS
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07266A
PAN No.: [Permanent Account No.]	AAACH5154M
FCRN :	F01098
Legal Form :	Foreign Company
Line of Business :	Drilling and Formation Evaluation, Fluid Systems, Production Optimisation, Digital and Consulting Solutions.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :
Status :	Incorporated outside India
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a liaison office in India. No detailed business and financial details are available for the Indian operations. It’s consolidated financial details are given herewith. It can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

India Office :	Sanghi Oxygen Compound, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-26870176 / 26870131
Fax No.:	91-22-26874352 / 26870178
E-Mail :	Dhanesh.shikhare@halliburton.com
Website :	http://www.halliburton.com
Head Office :	B-57, Soami Nagar, New Delhi-110017
Tel. No.:	91-11-2608600 (Multiple Lines)
Fax No.:	91-11-26018300
E-Mail :	nangia@nangia.co.net, nangia@vsnl.com
Branch 1 :	109, Aurobindo Place, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-26968194 / 26569441
Fax No.:	91-11-26968195
Branch 2 :	84, Jolly Maker Chamber II, Nariman Point, Mumbai-400021, Maharashtra, India
Branch 3 :	75/7, Rajpur Road, District Dun,-248001
Tel. No.:	91-135-2743283/ 2747084/ 2742026
Fax No.:	91-135-2740186

DIRECTORS

Name :	Mr. Robert L. Crandall
Designation :	Director
Name :	Mr. Kenneth T. Derr
Designation :	Director
Name :	Mr. S. Malcolm Gillis
Designation :	Director
Name :	Mr. W. R. Howell
Designation :	Director
Name :	Mr. Ray L. Hunt
Designation :	Director
Name :	Mr. J. Landis Martin
Designation :	Director
Name :	Mr. Jay A. Precourt
Designation :	Director
Name :	Mr. Debra L. Reed
Designation :	Director
Name :	Mr. Margaret E. Carriere
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Steve Watson
Designation :	Country Manager
Name :	Mr. Hemant Shah
Designation :	Business Development Manager
Name :	Mr. David J. Lesar
Designation :	Chairman, President, Chief Executive Officer and Director
Name :	Mr. C. Christopher Gaut
Designation :	Executive Vice President and Chief Financial Officer
Name :	Mr. Mark A. McCollum
Designation :	Senior Vice President and Chief Accounting Officer
Name :	Mr. Robert L. Crandall
Designation :	Chairman Emeritus
Name :	Mr. Mr. S. Malcolm Gills
Designation :	University Professor
Name :	Mr. W. R. Howell
Designation :	Chairman Emeritus
Name :	Mr. Ray L. Hunt
Designation :	Director and Chief Executive Officer
Name :	Mr. David J. Lesar
Designation :	Director, President and Chief Executive Officer
Name :	Mr. J. Landis Martin
Designation :	Founder and Managing Director
Name :	Mr. Jay A. Precourt
Designation :	Chairman
Name :	Mr. Debra L. Reed
Designation :	President and Chief Operating Officer
Name :	Mr. Albert O. Cornelison
Designation :	Executive Vice President and General Counsel
Name :	Mr. C. Christopher Gaut
Designation :	Executive Vice President and Chief Financial Officer
Name :	Mr. Andrew R. Lane
Designation :	Executive Vice President and Chief Operation Officer
Name :	Mr. Margaret E. Carriere
Designation :	Senior Vice President and Corporate Secretary
Name :	Mr. Evelyn M. Angelle
Designation :	Vice President, Government Affairs
Name :	Mr. Donald A. Deline
Designation :	Vice President – Government Affairs
Name :	Mr. Graig W. Nunez
Designation :	Vice President and Treasurer
Name :	Me. Lawrence J. Pope
Designation :	Vice President, Human Resources and Administration
Name :	Mr. David R. Smith
Designation :	Vice President, Tax
Name :	Mr. Peter C. Bernard
Designation :	Senior Vice President – Digital and Consulting Solutions
Name :	Mr. Whylen G. Cooper
Designation :	Senior Vice President – Supply Chain
Name :	Mr. Arthur D. Huffman
Designation :	Senior Vice President and Chief Information Officer
Name :	Mr. David S. King
Designation :	Senior Vice President – Global Operations
Name :	Mr. Gary L. Moore
Designation :	Senior Vice President, Fluid Systems
Name :	Mr. Susan M. Ponce
Designation :	Senior Vice President, Commercial Law
Name :	Tim Probert
Designation :	Senior Vice President, Drilling and Formation Evaluation
Name :	Mr. James B. Renfore
Designation :	Senior Vice President, Production Optimisation
Name :	Mr. Michele L. Mastrean
Designation :	Vice President, Human Resources
Name :	Mr. James K. Meneely III
Designation :	Vice President, Corporate Development
Name :	Mr. M. Vikram Rao
Designation :	Vice President, Technology
Name :	Mr. Christian A. Garcia
Designation :	Assistant Controller
Name :	Mr. William P. Utt
Designation :	President and Chief Executive Officer
Name :	Mr. Bruce A. Stanski
Designation :	Executive Vice President, Government and Infrastructure
Name :	Mr. Cedric W. Burgher
Designation :	Senior Vice President, and Chief Financial Officer
Name :	Mr. James H. Lehmann
Designation :	Senior Vice President and Chief Executive Officer
Name :	Mr. Louis J. Pucher
Designation :	Senior Vice President – Energy and Chemicals
Name :	Mr. John W. Gann Jr.
Designation :	Vice President and Chief Accounting Officer
Name :	Mr. Van A. Welch
Designation :	Vice President, Finance

BUSINESS DETAILS

Line of Business :	Drilling and Formation Evaluation, Fluid Systems, Production Optimisation, Digital and Consulting Solutions.
Terms :
Selling :	Contractor
Purchasing :	Contractor

GENERAL INFORMATION

Bankers :

Ø American Express Bank Limited, Mumbai Ø Citi Bank, N. A., Mumbai

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital
2] Share Application Money
3] Reserves & Surplus
4] (Accumulated Losses)
NETWORTH
LOAN FUNDS		2.270	14.260
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING
DEFERRED TAX LIABILITIES
TOTAL		2.270	14.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.058	6.795
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	10.099	11.032
	Other Current Assets	0.000	0.000
	Loans & Advances	8.896	15.251
Total Current Assets		18.995	26.283
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	23.783	18.818
	Provisions	0.000	0.000
Total Current Liabilities		23.783	18.818
Net Current Assets		(4.788)	7.465
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2.270	14.260

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005	31.03.2004
Total Income		NA	NA
Expenditures :
	Payment to Auditors	0.089	0.065
	Insurance Expenses	0.113	0.097
	Depreciation & Amortization	2.295	1.609
	Other Expenditure	189.683	145.925
Total Expenditure		192.180	147.696

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA
Debt Equity Ratio (Total Liability/Networth)		NA	NA
Current Ratio (Current Asset/Current Liability)		0.80	1.40

LOCAL AGENCY FURTHER INFORMATION

Business :

To acquire, own, lease, rent, prospect for, open, explore, survey, develop, work, improve, maintain, and manage, either for the company’s own account or for third parties, mines, oil and natural gas wells, permits, concessions, reservations, lands, and properties, territorial rights whether on land or at sea believed to contain or to be capable of containing and producing minerals, oil, natural gas, coal or other hydrocarbons, either for the company’s own account or for third parties and to drill for search for, win, get, pump, assay, refine, distil, analyse, manufacture, blend, mix, treat and prepare for market, alter any form or fashion, store, transport, pipe or otherwise convey or transmit, buy, sell, trade, exchange and otherwise deal and participate in minerals, crude oil, petroleum, or petrochemical products and natural gas and the components, derivatives and by products thereof either for the company’s account or for third parties.

Company’s fixed assets include Office equipments and Computers.

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the oil and gas industries. The Company adds value through the entire lifecycle of oil and gas reservoirs and provides and integrates products and services, starting with exploration and development, moving through production, operations, maintenance, conversion and refining, to infrastructure and abandonment. Halliburton employs more than 100,000 people in over 120 countries working in five major operating groups:

Halliburton’s Energy Services Group consists of four business segments:

v Drilling and Formation Evaluation

v Fluid Systems

v Production Optimisation

v Digital and Consulting Solutions

These segments offer a broad array of products and services to upstream oil and gas customers worldwide, ranging from the manufacturing of drill bits and other downhole and completion tools to pressure pumping services.

KBR Halliburton’s engineering and construction subsidiary, employs more than 60,000 people in 43 countries. Its strength is in engineering and project management, with a strong historical position in LNG and oil and gas projects. The company is a leading government services contractor as well.

This global technology and services company is composed of two distinct divisions: the Energy & Chemicals Division and the Government & Infrastructure Division. The Energy & Chemicals Division provides state-of-the-art engineering, procurement, construction and technology capabilities focused on upstream and downstream markets. The Government & Infrastructure Division, with its premier civil infrastructure capabilities, is one of the largest government logistics and services contractors in the world.

Whether designing an LNG facility, serving as a defence industry contractor or providing capital construction, KBR delivers world-class service and performance.

Halliburton Vision Statement

Leading the world in integrated energy services, energy equipment, engineering, construction, and maintenance, Supported by four key goals:

Ø Technological Leadership

Ø Operational Excellence

Ø Innovative Business Relationships

Ø Dynamic Workforce

Notes to Consolidated Financial Statements

Description of Company and Significant Accounting Policies

Description of Company.

Halliburton Company's predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. They are one of the world's largest oilfield services companies and a leading provider of engineering and construction services. They have six business segments that are organized around how they manage their business: Production Optimization, Fluid Systems, Drilling and Formation Evaluation, and Digital and Consulting Solutions (formerly Landmark and Other Energy Services), collectively, the Energy Services Group; and Government and Infrastructure and Energy and Chemicals, collectively known as KBR. Through their Energy Services Group, they provide a comprehensive range of discrete and integrated products and services for the exploration, development, and production of oil and gas. They serve major national and independent oil and gas companies throughout the world. KBR provides a wide range of services to energy and industrial customers and governmental entities worldwide.

Use of estimates.

Their financial statements are prepared in conformity with accounting principles generally accepted in the United States, requiring us to make estimates and assumptions that affect:

- The reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and

- The reported amounts of revenue and expenses during the reporting period.

Ultimate results could differ from those estimates.

Basis of presentation.

The consolidated financial statements include the accounts of their company and all of their subsidiaries which they control or variable interest entities for which they have determined that they are the primary

beneficiary (see Note 20). All material inter company accounts and transactions are eliminated. Investments in companies in which they have a significant influence are accounted for using the equity method, and if they do not have significant influence they use the cost method.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Revenue recognition.

Overall. Their service and products are generally sold based upon purchase orders or contracts with their customers that do not include right of return provision or other significant post-delivery obligations. Their products are produced in standard manufacturing operations, even if produced to their customer’s specifications. They recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, and collectibles is reasonably assured. Service revenues, including training and consulting services, are recognized when the services are rendered and collectibles is reasonably assured. Rates for services are typically priced on a per day, per meter, per man bour, or similar basis.

Software sales. Software sales of perpetual software licenses, net of deferred maintenance fees, are recorded as revenue upon shipment. Sales of use licenses are recognized as revenue over the license period. Post-contract customer support agreements are recorded as deferred revenue and recognized as revenue ratably over the contract period, generally a one-year duration.

Percentage-of-completion method of accounting. Progress is generally based upon physical progress, man-hours, or costs incurred, depending on the type of job. All known or anticipated losses on contracts are provided for when they become evident. Claims and change orders that are in the process of being negotiated with customers for extra work or changes in the scope of work are included in

revenue when collection is deemed probable.

Accounting for government contracts. Most of the services provided to the United States government are governed by cost-reimbursable contracts. Generally, these contracts contain both a base fee (a fixed profit percentage applied to their actual costs to complete the work) and an award fee (a variable profit

percentage, subject to their customer’s discretion and tied to the

Result of Operations in 2005 Compared to 2004

Revenue: (Millions of dollars)	2005	2004	Increase (Decrease)	Percentage Change
Production Optimization	$ 4284	$ 3303	$ 981	30 %
Fluid Systems	2838	2324	514	22
Drilling and Formation Evaluation	2258	1782	476	27
Digital and Consulting Solutions	720	589	131	22
Total Energy Services Group	10100	7998	2102	26
Government and Infrastructure	8148	9393	(1245)	(13)
Energy and Chemicals	2746	3075	(329)	(11)
Total KBR	10894	12468	(1574)	(13)
Total revenue	$ 20994	$ 20466	$ 528	3 %

Geographic – Energy Services Group segments only :

Production Optimization :
North America	$ 2380	$ 1694	$ 686	40 %
Latin America	384	335	49	15
Europe/Africa/CIS	924	802	122	15
Middle East/Asia	596	472	124	26
Subtotal	4284	3303	981	30
Fluid Systems :
North America	1424	1104	320	29
Latin America	374	338	36	11
Europe/Africa/CIS	659	568	91	16
Middle East/Asia	381	314	67	21
Subtotal	2838	2324	514	22
Drilling and Formation Evaluation :
North America	805	610	195	32
Latin America	365	281	84	30
Europe/Africa/CIS	497	412	85	21
Middle East/Asia	591	479	112	23
Subtotal	2258	1782	476	27
Digital and Consulting Solutions :
North America	210	201	9	4
Latin America	221	128	93	73
Europe/Africa/CIS	168	142	26	18
Middle East/Asia	121	118	3	3
Subtotal	720	589	131	22
Total Energy Services Group revenue by region :
North America	4819	3609	1210	34
Latin America	1344	1082	262	24
Europe/Africa/CIS	2248	1924	324	17
Middle East/Asia	1689	1383	306	22
Total Energy Services Group revenue	$ 10100	$ 7998	$ 2102	26 %

Result of Operations in 2005 Compared to 2004

Operating Income (Loss) : Millions of Dollars	2005	2004	Increase (Decrease)	Percentage Change
Production Optimization	$ 1106	$ 633	$ 473	75 %
Fluid Systems	544	348	196	56
Drilling and Formation Evaluation	483	225	258	115
Digital and Consulting Solutions	146	60	86	143
Total Energy Services Group	2276	1266	1013	80
Government and Infrastructure	330	84	246	293
Energy and Chemicals	168	(426)	594	NM
Total KBR	498	(342)	840	NM
General corporate	(115)	(87)	(28)	(32)
Total operating income	$ 2662	$ 837	$ 1825	218 %

Geographic – Energy Services Group segments only :

Production Optimization :
North America	$ 765	$ 376	$ 389	103 %
Latin America	63	56	7	13
Europe/Africa/CIS	150	110	40	36
Middle East/Asia	128	91	37	41
Subtotal	1106	633	473	75
Fluid Systems :
North America	332	186	146	78
Latin America	58	55	3	5
Europe/Africa/CIS	103	70	33	47
Middle East/Asia	51	37	14	38
Subtotal	544	348	196	56
Drilling and Formation Evaluation :
North America	217	102	115	113
Latin America	54	24	30	125
Europe/Africa/CIS	88	39	49	126
Middle East/Asia	124	60	64	107
Subtotal	483	225	258	115
Digital and Consulting Solutions :
North America	62	58	4	7
Latin America	17	(5)	22	NM
Europe/Africa/CIS	46	(5)	51	NM
Middle East/Asia	21	12	9	75
Subtotal	146	60	86	143
Total Energy Services Group revenue by region :
North America	1376	722	654	91
Latin America	192	130	62	48
Europe/Africa/CIS	387	214	173	81
Middle East/Asia	324	200	124	62
Total Energy Services Group revenue	$ 2279	$ 1266	$ 1013	80 %

Consolidated Balance Sheets

Millions of dollars and shares except per share data

Assets	31.12.2005	31.12.2004
Current assets:
Cash and equivalents	$ 2391	$ 1917
Investments in marketable securities	--	891
Receivables
Notes and accounts receivable (less allowance for bad dents of $ 90 and $ 27)	3152	2873
Unbilled work on uncompleted contracts	1456	1812
Insurance for asbestos – and silica – related liabilities	193	1066
Total receivables	4801	5751
Inventories	953	791
Current deferred income taxes	592	301
Other current assets	590	379
Total current assets	9327	10030
Property, plant, and equipment, net of accumulated depreciation of $ 3838 and $ 3674	2648	2553
Noncurrent deferred income taxes	838	780
Goodwill	765	795
Equity in and advance to related companies	382	541
Insurance for asbestos – and silica – related liabilities	203	350
Other assets	847	815
Total assets	$ 15010	$ 15864

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$ 1967	$ 2339
Advanced billings on uncompleted contracts	661	553
Accrued maturities of long-term dent	648	473
Current maturities of long term debt	361	347
Short – term notes payable	22	15
Asbestos – and silica – related liabilities	--	2408
Other current liabilities	778	997
Total current liabilities	4437	7132
Long-term debt	2813	3593
Employee compensation and benefits	718	635
Other liabilities	525	464
Total liabilities	8493	11824
Minority interest in consolidated subsidiaries	145	108
Shareholders’ equity
Common shares par value $ 2.50 per shares – authorized 1000 shares, issued 527 and 458 shares	1317	1146
Paid in capital in excess of par value	2818	277
Common shares to be contributed to asbestos trust – 59.5 shares	--	1335
Deferred compensation	(98)	(74)
Accumulated other comprehensive income	(266)	(146)
Retained earnings	2975	871
	6746	4409
Less 13 and 16 shares of treasury stock at cost	374	477
Total Shareholders’ equity	6372	3932
Total liabilities and shareholders’ equity	$ 15010	$ 15864

Comparative Highlights

Millions of dollars and shares, except per share data	2006	2005
Revenue	$22,576	$20,240
Operating income	3,484	2,617
Income from continuing operations	2,272	2,327
Net income (loss)	2,348	2,358
Diluted income per share from continuing operations	2.16	2.24
Diluted net income (loss) per share	2.23	2.27
Cash dividends per share	0.30	0.25
Diluted weighted average common shares outstanding	1,054	1,038
Working capital	6,456	4,959
Long-term debt (including current maturities)	2,831	3,174
Debt to total capitalization^2	28%	33%
Capital expenditures	891	651
Depreciation, depletion, and amortization	527	504

The tables below present information of business segments.

Operations by business segments

(Millions of dollars)	31.12.2005	31.12.2004	31.12.2003
Revenue:
Production Optimization	$ 4284	$ 3303	$ 2758
Fluid Systems	2838	2324	2039
Drilling and Formation Evaluation	2258	1782	1643
Digital and Consulting Solutions	720	589	555
Total Energy Services Group	10100	7998	6995
Government and Infrastructure	8148	9393	5417
Energy and Chemicals	2746	3075	3859
Total KBR	10894	12468	9276
Total revenue	$ 20994	$ 20466	16271
Operating Income (Loss) : Millions of Dollars
Production Optimization	$ 1106	$ 633	$ 413
Fluid Systems	544	348	251
Drilling and Formation Evaluation	483	225	177
Digital and Consulting Solutions	146	60	(15)
Total Energy Services Group	2276	1266	926
Government and Infrastructure	330	84	194
Energy and Chemicals	168	(426)	(225)
Shares KBR	--	--	(5)
Total KBR	498	(342)	(36)
General corporate	(115)	(87)	(70)
Total operating income	$ 2662	$ 837	$ 720
Capital Expenditures
Production Optimization	$ 254	$ 220	$ 161
Fluid Systems	94	74	96
Drilling and Formation Evaluation	201	172	169
Digital and Consulting Solutions	26	32	27
Total Energy Services Group	575	498	453
Government and Infrastructure	33	41	45
Energy and Chemicals	4	9	5
Shares KBR	39	27	12
Total KBR	76	77	62
	$ 651	$ 575	$ 515

Website Details :

2007 Press Releases

March 20, 2007

HALLIBURTON ANNOUNCES UPDATE ON FIRST QUARTER EARNINGS

HOUSTON, Texas – Halliburton (NYSE: HAL) announced today it expects first quarter earnings to be below analyst consensus estimates.

During the first quarter, the Production Optimization and Fluid Systems Divisions of Halliburton’s Energy Services Group have experienced reduced activity in North America. A significant portion of these lower than anticipated results is attributable to decreased drilling and completion activity in Canada and the northern United States.

Halliburton expects its earnings per share for the first quarter of 2007 to be approximately 49 to 54 cents (excluding any potential impact from possible additional losses related to KBR’s 50-percent owned gas-to-liquids project in Escravos, Nigeria, and any possible impairment charges related to KBR’s Brown & Root-Condor Spa joint venture in Algeria as disclosed in the recent amendment to KBR’s Form S-4 registration statement).  

As referenced below, Halliburton is conducting an exchange offer for shares of KBR owned by Halliburton.  For information regarding recent developments relating to KBR's Escravos project and KBR's Brown & Root-Condor Spa joint venture, please read Amendment No.1 to KBR's Form S-4 registration statement filed with the Securities and Exchange Commission today.

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and KBR.

2007 Press Releases

March 19, 2007

HALLIBURTON OPENS MANUFACTURING CENTER IN MEXICO

HOUSTON, Texas – Halliburton’s (NYSE: HAL) Energy Services Group (ESG) is opening a new manufacturing center in Monterrey, Mexico, to meet its customers’ increasing demands for energy services products. The grand opening of the facility is expected to take place in May 2007. When operations at the center reach full capacity, the 9,290-square-meter facility will initially create 50 new direct jobs and additional associated supplier jobs.

“Halliburton chose the state of Nuevo Leon for its economic leadership,” said Tony Wham, vice president of Manufacturing, Halliburton. “We have been operating in Mexico for more than 60 years, and Monterrey is a leading industrial area with an experienced workforce, excellent infrastructure and mature supply base. Expanding our operations here demonstrates our desire to continue our longstanding relationship with Mexico.”

The facility will manufacture oilfield equipment for upstream energy customers. It is estimated that more than 300,000 annual productive hours will be provided by Mexican suppliers.

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and KBR.

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.40.36
UK Pound	1	Rs.82.23
Euro	1	Rs.55.65

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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