MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	RIYAM ENGINEERING AND SERVICES LLC

Registered Office :	Tameer Street Ghala Industrial Area PO Box 1931, Ruwi 112 Muscat

Country :	Sultanate of Oman

Financials (as on) :	31.12.2010

Date of Incorporation :	26.10.1986

Com. Reg. No.:	1/25506/1

Legal Form :	Limited Liability Company – LLC

Line of Business :	Subject operates several divisions (see below for details) Agency Division, Supply Division, Steel Division, Parker Division, Oil & Gas Division

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 :	US$ 1,300,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Oman

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

SUMMARY

Company Name : RIYAM ENGINEERING AND SERVICES LLC

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 26^th October 1986

Commercial Registration Number : 1/25506/1

Chamber Membership Number : 1127

Issued Capital : RO 1,500,000

Paid up Capital : RO 1,500,000

Total Workforce : 49

Activities : Subject operates several divisions (see below for details)

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,300,000

Person Interviewed : Jay Ghopal, Public Relations Manager

COMPANY NAME

RIYAM ENGINEERING AND SERVICES LLC

ADDRESS

Registered & Physical Address

Street : Tameer Street

Area : Ghala Industrial Area

PO Box : 1931, Ruwi 112

Town : Muscat

Country : Sultanate of Oman

Telephone : (968) 24594960

Facsimile : (968) 24595536

Email : res@omzest.com / sasi@riyamengg.com / riyam@omantel.net.om

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Muscat.

KEY PRINCIPALS

Name Position

· Dr Omar Abdul Moniem Al Zawawi Managing Director

· Walid Omar Abdul Moniem Al Zawawi Director

· Reem Omar Abdul Moniem Al Zawawi Director

· Shashi Shanker General Manager

· Parvez Motafarm Commercial Manager

· Saif Al Harthy Administration Manager

· Jasper Singh Technology Manager

· Jay Ghopal Public Relations Manager

· K Hari Accountant

LEGAL FORM & OWNERS

Date of Establishment : 26^th October 1986

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/25506/1

Chamber Member No. : 1127

Issued Capital : RO 1,500,000

Paid up Capital : RO 1,500,000

Name of Shareholder (s)

· Dr Omar Abdul Moniem Al Zawawi

· Walid Omar Abdul Moniem Al Zawawi

· Omar Zawai Est

PO Box: 879

Muscat 113

Oman

Tel: (968) 24713311

Fax: (968) 24715488

AFFILIATED COMPANIES

Subject belongs to the Omzest Group of Companies, which contains the following concerns:

· Al Khuwair Development & Services Co SAOG

· Modern Exchange LLC

· Muscat Finance Co Ltd (SAOG)

· Muscat Insurance Company SAOC

· Muscat Life Assurance Company SAOC

· Muscat National Holding Company SAOG

· Oman International Bank SAOG

· Oman Securities' Portfolio Co SAOG

· Omzest Investment Division

· Personal Investments

· Personal Real Estate Department

· United Business & Investment Co

· Wilayat Holding Co

· Wipro Holding Co

· Mideast Integrated Drilling & Well Services

· National Telephone Services Co LLC

· Qurum Contractors LLC

· Al Amal Industries Co (SAOG)

· Al Wardha Footwear & Leather Products Company

· Amiantit Oman SAOC

· Areej Vegetable Oils & Derivatives SAOG

· Bausher Chemicals SAOG

· Decorative Glass Manufacturing LLC

· Jyoti Sohar Switchgear LLC

· Keemya Oman SAOG

· Modern Poultry Farms Company SAOG

· National Heaters Industries Co LLC

· Oman Agriculture Development Company SAOG

· Oman Fiber Optic Co SAOG

· Oman Textile Mills Co SAOG

· Oman Water Pumps Mfg Co SAOG

· Oman Water Treatment

· Omani Marble Company LLC

· Protein Products International LLC

· Waleed Associates LLC

· Riyam Investment & Trading Est LLC

· Reem Batteries & Power Appliances Co SAOC

· The National Detergent Company SAOG

· Advertising International Company SAOC

· Al-Rimah Medical Centre LLC

· Circle Freight International (Oman)

· Gulf of Oman Services

· Gulf Seagull Co

· Impact Films LLC

· Maersk Shipping Services & Co LLC

· Mezoon Travel LLC

· Muscat Contract Cleaning & Maintenance LLC

· Riyam Computer Services LLC

· Waleed Catering & Services Co LLC (WACASCO)

· YBA Kanoo (Oman)

· Areej Business Systems Co LLC

· Bishara Establishment LLC

· General Electronics & Trading Co

· Medical & Scientific Supplies LLC

· Muscat Cold Stores LLC

· National Oilfield Supply Co LLC

· Office Supplies Co LLC

· Oman Mechanical Services Co Ltd LLC (OMSC)

· Oman Services & Supply Organisation

· Omzest Beijing

· Omzest Business Division

· Reem Scientific & Energy Technologies & Trade LLC

· Riyam Marketing & Services Co LLC

· Waleed Communications Co (WACOM) Ltd

· Waleed Pharmacy LLC

· Waljat Modern Technology

· Zawawi Business Machines LLC

· Sadolin Paints (Oman) Ltd (Spol)

OPERATIONS

Activities: Subject’s operations are performed through the following divisions:

· Agency Division

This division represents major oilfield equipment and services suppliers.

· Supply Division

Represents some of the leading piping material manufacturers. The division supplies valves, fittings, flanges, studbolts, gaskets, pipes, etc. to PDO and other oil companies.

· Steel Division

This division markets and keeps stock of steel plates and structural steel.

· Parker Division

This division deals in Hydraulic and Pneumatic Hose Pipes and Fittings. It also operates a fully equipped workshop supported by a mobile van to provide maintenance services.

· Oil & Gas Division

A division created for obtaining new principals for service contracts like operations of well services, cementation and stimulation, wireline and well testing, pipeline maintenance and corrosion control and monitoring services

Import Countries: United States of America, Canada, India, Spain, United Kingdom and Germany

Operating Trend: Steady

Subject has a workforce of 49 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Riyal Omani (RO)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales RO 5,880,000 RO 6,075,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Bank Muscat SAOG

Ruwi Main Branch

PO Box: 6326

Muscat

Tel: (968) 24561399 / 24708543

Fax: (968) 24561036

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

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%)

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.