MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	OFFSHORE INTERNATIONAL MANAGEMENT PRIVATE LIMITED [w.e.f.01.08.2006]
Formerly Known As :	OCEAN OIL DRILLING SERVICE PRIVATE LIMITED
Registered Office :	105, VIP Plaza, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.12.2005
Com. Reg. No.:	11-158452
Capital Investment / Paid-up Capital :	Rs.0.153 Million
CIN No.: [Company Identification No.]	U11200MH2005PTC158452
TAN No.: [Tax Deduction & Collection Account No.]	MUMO04158A
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Sea Offshore Drilling Services.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	105, VIP Plaza, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-66488000/1/2/3
Fax No.:	91-22-66488007/9
E-Mail :	oim@oimindia.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Vaibhav Hari Kanade

Designation :

Director

Address :

701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

26.02.1960

Date of Appointment :

01.08.2006

Din No.:

00582538

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U11200MH2005PTC158452	OFFSHORE INTERNATIONAL MANAGEMENT PRIVATE LIMITED	Director	30-12-06	01-08-06	Active	NO
2	U45209MH2007PTC174582	OXALIS PROPERTIES PRIVATE LIMITED	Director	28-09-07	28-09-07	Active	NO

Name :

Mrs. Bina Vaibhav Kanade

Designation :

Director

Address :

701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

26.02.1962

Date of Appointment :

01.08.2006

Din No.:

00409588

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U11200MH2005PTC158452	OFFSHORE INTERNATIONAL MANAGEMENT PRIVATE LIMITED	Director	30-12-06	01-08-06	Active	NO
2	U45209MH2007PTC174582	OXALIS PROPERTIES PRIVATE LIMITED	Director	28-09-07	28-09-07	Active	NO

Name :

Mrs. Manjiri Hari Kanade

Designation :

Director

Address :

2B, Garden Rose, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

04.09.1932

Date of Appointment :

30.08.2008

Din No.:

02289791

Name :

Ms. Devika Vaibhav Kanade

Designation :

Director

Address :

701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

30.01.1990

Date of Appointment :

06.05.2010

Din No.:

03040393

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U11200MH2005PTC158452	OFFSHORE INTERNATIONAL MANAGEMENT PRIVATE LIMITED	Director	30-09-10	06-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	Address of Shareholders	No. of Shares
Bina Vaibhav Kanade	701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India	1238
Vaibhav Hari Kanade	701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India	13300
Kaustubh Hari Kanade	2B, Garden Rose, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India	200
Manjiri Hari Kanade	2B, Garden Rose, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India	200
Shantaben Durlabhji Sagar	A 203, 28 Manish Villa, Manish Nagar, Andheri (West), Mumbai-400053, Maharashtra, India	225
Devika Vaibhav Kanade	701, Natasha Gardens, 4 Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India	100
Total		15263

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Providing Sea Offshore Drilling Services.

GENERAL INFORMATION

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan Funds
Vehicles Loan from Bank [Secured against hypothecation of vehicles]	0.301	0.510
Total	0.301	0.510
Unsecured Loan
Loans from Directors	3.190	0.000
Total	3.190	0.000

Banking Relations :	--
Auditors :
Name :	Agarwal Vijay and Associates Chartered Accountant
Address :	503, Jolly Bhavan No. 1, New Marine Lines, Mumbai-400020, Maharashtra, India
Pan No.:	AABFA7732N
Group Companies and Associates:	· OCB Oilfield Services FZCO, Dubai · OCB International Services, Qatar · Maktab Fareq Haqul Al-Naft Al, Saudi Arabia · PT. OCB Oilfield Services, Indonesia · Offshore Labor Supply and Management Company Limited, Vietnam · OCB Oilfield Services Limited, Thailand

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15263	Equity Shares	Rs.10/- each	Rs.0.153 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.153	0.153	0.153
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.073	58.947	45.089
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.226	59.100	45.242
LOAN FUNDS
1] Secured Loans		0.301	0.510	0.871
2] Unsecured Loans		3.190	0.000	8.494
TOTAL BORROWING		3.491	0.510	9.365
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.717	59.610	54.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.509	5.841	4.286
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.032	0.239	0.039
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	45.063	74.465	51.111
	Cash & Bank Balances	31.048	19.711	17.983
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.013	88.200	57.130
Total Current Assets		114.124	182.376	126.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.005	3.662	3.437
	Other Current Liabilities	22.908	48.602	21.369
	Provisions	33.035	76.582	51.182
Total Current Liabilities		58.948	128.846	75.988
Net Current Assets		55.176	53.530	50.236
MISCELLANEOUS EXPENSES		0.000	0.000	0.046
TOTAL		59.717	59.610	54.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	229.146	306.569	294.877
Less	EXPENSES
		Office Expenses
		Administrative Expenses	195.498	244.509	228.399
		Advertising Expenses
		TOTAL	195.498 [Including depreciation and financial expenses]	244.509	228.399
	PROFIT BEFORE TAX		33.648	62.060	66.478
Less	TAX		11.707	21.301	23.626
	PROFIT AFTER TAX		21.941	40.759	42.852
	EARNINGS IN FOREIGN CURRENCY
		Crew Management Services Billed During the Year	13.496	32.337	26.630
	TOTAL EARNINGS		13.496	32.337	26.630
	Earnings Per Share (Rs.)		1438	2670	2808

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.57	13.30	14.53
Return on Total Assets (PBT/Total Assets}	(%)	28.36	32.97	50.94
Return on Investment (ROI) (PBT/Networth)		0.65	1.05	1.47
Debt Equity Ratio (Total Liability/Networth)		1.11	2.19	1.89
Current Ratio (Current Asset/Current Liability)		1.94	1.42	1.66

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from Pallavnear Lallubhai Park, Andheri (West), Mumbai-400058, Maharashtra, India to the present address w.e.f. 01.08.2006.

FINANCIAL RESULTS:

The company has earned an income of Rs.229.146 millions for the year ended 31^st March, 2011 and earned net profit of Rs.21.941 millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U11200MH2005PTC158452
Name of the company	OFFSHORE INTERNATIONAL MANAGEMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, VIP Plaza, Veera Industrial Estate, Off Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Email	rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transaction of Creation of Mortgage By Deposit of Title Deeds.
Date of instrument Creating the charge	10.07.2008
Amount secured by the charge	Rs.15.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No. 14 as security for the due repayment of Rs.15.000 Millions by Offshore International Management Private Limited, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Immovable property bearing Unit No.105, 1st floor, Veena Industrial Estate, Bldg. known as VIP Plaza, Andheri (W), Mumbai.

FIXED ASSETS:

· Motor Car

· Computers

· Furniture and Fixtures

· Office Equipments

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 records 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.51.35
UK Pound	1	Rs.80.50
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

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