MIRA INFORM REPORT

Report Date :

04.01.2011

IDENTIFICATION DETAILS

Name :	KOCKEN SISTEM AS DE ENERGIA INC

Registered Office :	305 Highway 10, PO Box 60, Bridgewater, NS Canada B4V 2W6

Country :	Canada

Date of Incorporation :	25.05.2001

Com. Reg. No.:	AB0209360346

Legal Form :	Corporation for Profit

Line of Business :	Oil and gas processing equipment

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	100 000 EUR

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Canada

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

GEOPOLITICS - CANADA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Parliamentary system

Economic Risk: Nil

Currency: CAD

Branch Situation:Stable

IDENTIFICATION

Ordered as:	Kocken Sistemas De Energia Inc
Address in the order:	3700, 400-3rd Avenue SW Calgary AB Canada T2P 4H2
Comments on data supplied:	The address provided is not valid anymore. The company is located at the address below.
Legal Name:	Kocken Sistem As De Energia Inc

Legal Address	305 Highway 10, PO Box 60 Bridgewater, NS Canada B4V 2W6

Telephone:	902 527 2000	Registration Number :	AB0209360346
Fax:	902 543 3500	Legal Form:	Corporation for Profit
Email:	info@kockenenergia.com	Registered in:	Alberta
Website:	http://kockenenergy.com	Date Created:	2001
Manager:	Arthur Sager	Date Incorporated:	May 25, 2001
Staff:	20	Stock:	N.A.
		Value:	N.A.
Activity:	Oil and gas processing equipment

BANKS

Name of the Bank

BANK OF AMERICA

BUSINESS

PRINCIPAL ACTIVITY
	The company designs and builds oil and gas processing equipment.
Products/Services description:
	Separation, Filtration, Fired Heaters, Gas Dehydration, H2S & CO2 Removal, Hydrocarbon Dewpoint Control & Recovery, NGL & LPG Stabilization, Crude Oil Treatment
Clients:
	Oil and gas exploration and production companies (MARI GAS COMPANY LIMITED in Pakistan and PEMEX in Mexico for example).
Operations area:
	National, International
The company does not import
The company export to Pakistan, India, Ecuador, Mexico, Oman...
Competitors:
	Halliburton, Schlumberger, and Baker Hughes.
The subject employs 20 employee(s)
PAYMENTS
	made on a 38 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at the above address.
Business Overview:
	Despite recent consolidation, the industry is still fragmented and characterized by small specialty firms; over half of companies have fewer than five employees. Offshore drilling requires specialized equipment such as drillships, semisubmersible rigs, "jack-up" rigs, equipment barges, and helicopter services. Directional drilling uses special "downhole" motors or directional sleeves to drill wells at an angle. "Workover" of the 900,000 producing wells in the US typically involves pumping steam and chemicals into a well to remove obstacles and enhance flow. "Well servicing" involves repairing or replacing down-hole equipment and plugging wells at the end of their productive life. Exploration services use sophisticated seismic equipment to identify underground geological formations that might hold oil or gas.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	Arthur Sager is the main shareholder.
Management:
	President & Board Member Arthur Sager Vice President & Board Member William Famulak Director Morley Kocken
Related Companies:
	In Mexico: Blvd. Adolfo Ruiz Cortines # 444 Planta Alta. Entre Calle 5 y 7, Fracc. Costa Verde, Boca del Río, Veracruz CP 94294 MEXICO In Pakistan: Office No. 18, 2nd Floor, VIP Square, I-8 Markaz, Islamabad, Pakistan.

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data (estimates):

Currency	DATE
USD	2007
Turnover	2 600 000
Net Income	210 000
Bank liabilities	300 000
The cash flow is	good

Comments on the financial data: We have contacted Mr. Sager who refused to provide any financial data but said the turnover for 2009 was around 5 000 000 USD.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

The company has 9 years in the business.

It is a small sized company.

Profitability is correct, indebtedness is controlled, cash is good and payments are regular.

A credit line may be considered.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	GOOD

ADVISED CREDIT

100 000 EUR

APPENDIX

Person Interviewed
	Arthur Sager
Position
	President
Comments
	He confirmed us some information but refused to provide any financial data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.69.45
Euro	1	Rs.59.37

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	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.