MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	DEEP WATER SERVICES (INDIA) LIMITED
Registered Office :	Energy House, 81, D, N Road, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.08.2002
Com. Reg. No.:	11-136714
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U63032MH2002PLC136714
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Undertake offshore drilling activities like deep water drilling, development and production drilling, etc.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office :	Energy House, 81, D, N Road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66352222
Fax No.:	91-22-22673393/22673639/6635/2362/63
E-Mail :	urmil_shah@greatoffshore.com alen_ferns@greatoffshore.com suresh_savaliya@greatoffshore.com

DIRECTORS

As on 15.07.2011

Name :

Mr. Soli Cawasji Engineer

Designation :

Director

Address :

41, Mehrnaz G.D. Somani Marg, Cuffe Parade, Colaba, Mumbai-400 005, Maharashtra, India

Date of Birth/Age :

01.04.1949

Date of Appointment :

29.03.2006

Din No.:

00149510

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63032MH2002PLC136714	DEEP WATER SERVICES (INDIA) LIMITED	Director	15-12-06	29-03-06	-	Active	NO
2	U65910DL1997PLC089526	BHP MARITIME LIMITED	Director	03-04-07	03-04-07	09-10-09	Dormant	NO
3	U71120AP2002PLC027001	GREAT OFFSHORE SALVAGE SERVICES LIMITED	Director	30-07-09	05-11-08	-	Active	NO
4	U61100AP1999PLC032961	KEI-RSOS MARITIME LIMITED	Director	29-07-09	05-11-08	-	Active	NO
5	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Whole-time director	24-09-09	29-07-09	-	Active	NO
6	U91990MH1979GAP021664	INDIAN NATIONAL SHIPOWNERS ASSOCIATION	Director	29-09-09	29-09-09	-	Active	NO
7	U63033MH1998PTC113735	UNITED HELICHARTERS PRIVATE LIMITED	Director	30-11-10	25-02-10	-	Active	NO
8	U35100MH2010PLC204018	GREAT OFFSHORE SHIP REPAIRS LIMITED	Director	10-06-10	10-06-10	-	Active	NO
9	U40108MH2008PTC185453	VAYUPUTRA URJA PROJECTS PRIVATE LIMITED	Additional director	22-06-10	22-06-10	01-06-11	Active	NO
10	U40104MH2008PTC179746	VIKALP URJA PRIVATE LIMITED	Additional director	22-06-10	22-06-10	01-06-11	Active	NO

Name :

Mr. Chetan Rajaram Parulekar

Designation :

Director

Address :

101, Janak Vasant Valley, General A. K. Vaidya Marg, Malad (East), Mumbai-400 097, Maharashtra, India

Date of Birth/Age :

14.10.1962

Date of Appointment :

30.04.2009

Din No.:

02467231

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	U71120AP2002PLC027001	GREAT OFFSHORE SALVAGE SERVICES LIMITED	Director	30-07-09	25-03-09	Active	NO
2	U61100AP1999PLC032961	KEI-RSOS MARITIME LIMITED	Director	29-07-09	25-03-09	Active	NO
3	U63032MH2002PLC136714	DEEP WATER SERVICES (INDIA) LIMITED	Director	28-07-09	30-04-09	Active	NO
4	U35100MH2010PLC204018	GREAT OFFSHORE SHIP REPAIRS LIMITED	Director	10-06-10	10-06-10	Active	NO

Name :

Mr. Rajat Tusharkant Dutta

Designation :

Director

Address :

A- 501, Mayfair, Meridian, Building No.2, Amboli Ceasar Road, Andheri (West), Mumbai-400 058, Maharashtra, India

Date of Birth/Age :

07.03.1961

Date of Appointment :

04.09.2009

Din No.:

02747297

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	U63032MH2002PLC136714	DEEP WATER SERVICES (INDIA) LIMITED	Director	24-06-10	04-09-09	Active	NO
2	U61100AP1999PLC032961	KEI-RSOS MARITIME LIMITED	Director	31-07-10	04-09-09	Active	NO
3	U35100MH2010PLC204018	GREAT OFFSHORE SHIP REPAIRS LIMITED	Director	10-06-10	10-06-10	Active	NO
4	U71120AP2002PLC027001	GREAT OFFSHORE SALVAGE SERVICES LIMITED	Director	23-07-11	11-05-11	Active	NO

Name :

Mr. Praveen Kumar Shah

Designation :

Additional Director

Address :

41, Mehrnaz G.D. Somani Marg, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

15.09.1950

Date of Appointment :

23.08.2010

Din No.:

03186749

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Great Offshore Limited, India Jointly with Vijay Kantilal Sheth	20
Great Offshore Limited, India	49900
Great Offshore Limited, India Jointly with Soli Cawasji Engineer	15
Great Offshore Limited, India Jointly with Arun Sakharam Kadam	15
Great Offshore Limited, India Jointly with Prakash Ishwar Katyara	15
Great Offshore Limited, India Jointly with Chetan Parulekar	15
Great Offshore Limited, India Jointly with Sunny Francis	20
Total	50000

As on 15.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Undertake offshore drilling activities like deep water drilling, development and production drilling, etc.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	ABN Amro Bank, London

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
Pan No.:	AAAFK7554R
Holding Company :	Great Offshore Limited [L11200MH2005PLC154793]

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Note: The entire share capital is held by Great Offshore Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		842.157	409.773	0.000
4] (Accumulated Losses)		0.000	0.000	(60.261)
NETWORTH		842.657	410.273	(59.761)
LOAN FUNDS
1] Secured Loans		0.000	0.000	160.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	160.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		842.657	410.273	100.239
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	61.570
DEFERREX TAX ASSETS		1.031	8.007	9.420
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.698	21.927	12.011
	Sundry Debtors	121.994	127.641	177.782
	Cash & Bank Balances	77.344	272.841	42.163
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	804.733	113.823	81.098
Total Current Assets		1018.769	536.232	313.054
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.066	31.160	62.541
	Other Current Liabilities	32.514	100.509	221.264
	Provisions	108.563	2.297	0.000
Total Current Liabilities		177.143	133.966	283.805
Net Current Assets		841.626	402.266	29.249
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		842.657	410.273	100.239

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1363.192	1321.234	799.615
		Other Income	44.761	14.482	6.930
		TOTAL INCOME	1407.953	1335.716	806.545
Less	EXPENSES
		Operating Expenses	578.120	626.329	765.655
		Administrative and Other Expenses	0.843	6.477	19.442
		TOTAL	578.963	632.806	785.097
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		828.990	702.910	21.448
Less	FINANCIAL EXPENSES		0.068	11.463	28.555
	PROFIT / (LOSS) BEFORE TAX		828.922	691.447	(7.107)
Less	TAX		287.975	221.413	1.663
	PROFIT / (LOSS) AFTER TAX		540.947	470.034	(8.770)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		409.773	(60.261)	(51.491)
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	0.000	0.000
		Proposed Final Dividend on Equity Shares	93.100	0.000	0.000
		Tax on Dividend	15.463	0.000	0.000
	BALANCE CARRIED TO THE B/S		742.157	409.773	(60.261)
	Earnings / (Loss) Per Share (Rs.)		10819	9401	(175)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	38.42	35.19	(1.09)
Net Profit Margin (PBT/Sales)	(%)	60.81	52.33	(0.89)
Return on Total Assets (PBT/Total Assets}	(%)	81.37	87.65	(2.80)
Return on Investment (ROI) (PBT/Networth)		0.98	1.69	0.12
Debt Equity Ratio (Total Liability/Networth)		0.21	0.33	(7.43)
Current Ratio (Current Asset/Current Liability)		5.75	4.02	1.10

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Dues to other creditors	36.066	31.160	62.541

NOTE: Registered office of the company has been shifted from Ocean House, 134 / A, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f.14.12.2006

FINANCIAL PERFORMANCE:

During the year ended March 31, 2010, the Company earned a total income of Rs.1407.953 millions (Previous Year - Rs.1335.716 millions). The Company earned profit after tax of Rs.540.947 millions during the current year as compared to profit after tax of Rs.470.034 millions during the previous year.

OPERATION:

During the year, the rig 'Badrinath' was in operation and successfully drilled two wells namely, "D-18-G" and "D-18-1" in Mumbai High. Presently, the rig is operating at location "6-100-D" in Mumbai High.

CONTINGENT LIABILITIES: [AS ON 31.03.2010]

1. Guarantees given by banks Rs.99.139 Millions.

2. Corporate guarantee given by Great Offshore Limited, the holding company nil.

3. Showcause notice was issued by Custom Authority, Goa, as to why custom duty of Rs.316.500 Millions should not be levied. The company has filed a writ petition before Goa branch of Mumbai High Court. Writ Petition has been disposed off by order 22^nd, January, 2009. Department to adjudicate the show cause notice based on facts that have now arisen i.e. the re-export of the Rig is in accordance with Essentiality Certificate.

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		59

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.