MIRA INFORM REPORT

Report Date :

03.01.2011

IDENTIFICATION DETAILS

Name :	SWIBER OFFSHORE (INDIA) PRIVATE LIMITED
Registered Office :	B, 502, Delphi, Hiranandani Business Park, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	10.07.2007
Com. Reg. No.:	11-172214
CIN No.: [Company Identification No.]	U63012MH2007FTC172214
TAN No.: [Tax Deduction & Collection Account No.]	MUMS57130D
PAN No.: [Permanent Account No.]	AALCS0628Q
Legal Form :	Private Limited Liability Company
Line of Business :	Niche Service Provider to the Offshore Oil and Gas Industry

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Not Commenced Business till March 2010
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in 2007, it has not commenced any commercial business activity till 2009-10. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DENIED BY

Name :	Ms. Veena
Designation :	Accounts Department
Date :	31.12.2010

LOCATIONS

Registered Office :	B, 502, Delphi, Hiranandani Business Park, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-42434400/42434456
Fax No.:	91-22-42434401
E-Mail :	alok.gupta@swiber.com
Website :	www.swiber.com

DIRECTORS

As On 31.07.2009

Name :	Mr. Chee Neng Yeo
Designation :	Director
Address :	57 Cairnhill Road #10-03, Elizabeth Height, Singapore 229668
Date of Birth/Age :	17.02.1968
Date of Appointment :	10.07.2007
DIN No. :	00882147
Name :	Mr. Kim Teck Goh
Designation :	Director
Address :	19 Beechwood Grove, Singapore 738088
Date of Birth/Age :	12.12.1967
Date of Appointment :	10.07.2007
DIN No. :	00882169
Name :	Mr. Nitish Gupta
Designation :	Director
Address :	37 Pinewood Grove, Singapore 738262
Date of Appointment :	03.12.2007
DIN No. :	01865700
Name :	Mr. Ramesh G. W. Kanjirakadu
Designation :	Director
Address :	301, Diamond Apartment, II T Main Gate, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	13.01.1956
Date of Appointment :	10.07.2008
DIN No. :	02234299
Name :	Mr. Bijan Kumar Mahapatra
Designation :	Additional Director
Address :	701, Preetika C H S Saraswati Road, Santacruz (W), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	22.02.1961
Date of Appointment :	17.09.2007
Date of Cessation :	01.03.2008
DIN No. :	01374642

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 31.07.2009

Names of Shareholders	No. of Shares
Swiber Holding Limited – Singapore	9998
Goh Kim Teck	01
Yeo Chee Neng	01
Total	10000

List of Allottees	No. of Shares
Swiber Holding Limited – Singapore	1500000
Total	1500000

As On 31.07.2009

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Niche Service Provider to the Offshore Oil and Gas Industry

GENERAL INFORMATION

Bankers :

Not available

Facilities :

Unsecured Loans	31.03.2009 (Rs. In Millions)	30.09.2008 (Rs. In Millions)
Swiber Holdings Pte Limited	0.027	0.027
Total	0.027	0.027

Banking Relations :
Auditors :
Name :	Devesh K Shah and Company Chartered Accountant
Address :	106, Banaji House, 1^st Floor, 361, Dr D N Road, Flora Fountain, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22025871/22838954
TeleFax No.:	91-22-22027332
E-Mail :	dshsh@vsnl.com dshsh@mtnl.net.in
Pan No. :	AAZPS8659N
Holding Company :	Swiber Holding Limited Swiber Offshore Pte Limited

CAPITAL STRUCTURE

As On 31.03.2009

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
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

As On 31.07.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1510000	Equity Shares	Rs. 10/- each	Rs. 15.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009 (6 Months)	30.09.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.070)	(0.034)
NETWORTH		0.030	0.066
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.027	0.027
TOTAL BORROWING		0.027	0.027
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.057	0.093
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.100	0.100
	Other Current Assets	0.000	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		0.100	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.025	0.025
	Other Current Liabilities	0.006	0.003
	Provisions	0.028	0.000
Total Current Liabilities		0.059	0.028
Net Current Assets		0.041	0.072
MISCELLANEOUS EXPENSES		0.016	0.021
TOTAL		0.057	0.093

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009 (6 Months)	30.09.2008
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.033	0.033
	PROFIT BEFORE TAX		(0.033)	(0.033)
Less	TAX		0.000	0.000
	PROFIT AFTER TAX		(0.033)	(0.033)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.033)	0.000
	BALANCE CARRIED TO THE B/S		(0.066)	(0.033)

KEY RATIOS

PARTICULARS		31.03.2009 (6 Months)	30.09.2008
PAT / Total Income	(%)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(33.00)	(33.00)
Return on Investment (ROI) (PBT/Networth)		(1.10)	(0.50)
Debt Equity Ratio (Total Liability/Networth)		2.87	0.83
Current Ratio (Current Asset/Current Liability)		1.69	3.57

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs. In Millions

Sundry Creditors for expense	31.03.2009	30.09.2008
Due to i) Small scale industrial undertaking	-	-
ii) Others	0.025	0.025
Total	0.025	0.025

The Registered Office of the company has been shifted from 102, Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India to the present address w.e.f 25.05.2010.

Operations Review and Outlook:

Company was incorporated on 10.07.2007 as a private limited company under companies act, 1956. However, the company could not start with the business which it had planned to undertake.

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.44.81
UK Pound	1	Rs.69.28
Euro	1	Rs.59.81

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.