MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	WEATHERFORD INTERNATIONAL, INC.
Registered Office :	C/O The Corporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington New Castle De 19801
Country :	United States
Financials (as on) :	31.12.2010
Date of Incorporation :	17.07.1980
Legal Form :	Corporation for Profit
Line of Business :	Equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	500,000 USD
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation:Stable

IDENTIFICATION
Comments on data supplied:	The address provided in the order is one of the address of the related company: Weatherford U.S., L.P.
Legal Name:	WEATHERFORD INTERNATIONAL, INC.
Legal Address	C/O THE CORPORATION TRUST COMPANY CORPORATION TRUST CENTER 1209 ORANGE STREET WILMINGTON NEW CASTLE DE 19801 (registered agent\'s address)
Operative Address	515 POST OAK BLVD STE 600 HOUSTON, TX 77027
Telephone:	713-693-4000	Registration Number :	0895927
Fax:	-	Legal Form:	Corporation for Profit
Email:	-	Registered in:	Delaware
Website:	www.weatherford.com	Date Created:	-
Manager:	Bernard J. Duroc-Danner - CEO	Date Incorporated:	July 17, 1980
Staff:	13,955	Stock:	N.A.
		Value:	N.A.
Activity:	Equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells

BANKS
Name of the Bank	JP MORGAN CHASE BANK
Name of the Bank	THE BANK OF NEW YORK
Name of the Bank	WELLS FARGO BANK

BUSINESS
HISTORY
	The subject was incorporated in 1980. On June 26, 2002, the shareholders and Board of Directors of Weatherford International, Inc. ("Weatherford Delaware") approved the corporate reorganization, and Weatherford International Ltd. ("Weatherford Bermuda"), a newly formed Bermuda company, became the parent holding company of Weatherford International, Inc. During the first quarter of 2009, the sgroupcompleted a transaction in which Weatherford Bermuda became a wholly-owned subsidiary of Weatherford International Ltd., a Swiss joint-stock company ("Weatherford Switzerland"). This operation was called the redomestication. In connection with the redomestication, the group relocated their principal executive offices from Houston, Texas to Geneva, Switzerland.
PRINCIPAL ACTIVITY
	The subject provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells to independent oil and natural gas producing companies.
Products/Services description:
	It primarily offers artificial lift systems, which include progressing cavity pumps, reciprocating rod lift systems, gas lift systems, hydraulic lift systems, plunger lift systems, and hybrid lift systems, as well as wellhead systems and production optimization. The company also designs and manufactures drilling jars, rotating control devices, and other pressure-control equipment used in drilling oil and natural gas wells; and provides a selection of in-house or third-party manufactured equipment for the drilling, completion, and work over of oil and natural gas wells for operators and drilling contractors. In addition, Weatherford International offers a line of completion tools and sand screens; wireline and evaluation services; re-entry, fishing, and thru-tubing services; pipeline and specialty services; and drilling and well construction services. Further, it provides chemical technology and services, including fracturing technologies, coiled tubing technologies, cement services, chemical systems, and drilling fluids; and operates land drilling rigs.
Sales are:
	Wholesale
Clients:
	Independent oil and natural gas producing companies
The subject employs 13,955 employee(s)
LOCATION
Headquarters
	515 POST OAK BLVD STE 600 HOUSTON, TX 77027
Comments on location:
	The company is incorporated in Delaware for tax purposes. However, it is headquartered and operates in Texas.
Branches:
	It has several branches in the USA.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The subject is a subsidiary of: Weatherford International Ltd. 4-6 Rue Jean-Fran Geneva, 1204 United States Weatherford International Ltd. is publicly traded at the NYSE: WFT.
Management:
	Bernard J. Duroc-Danner - CEO
Related Companies:
	The group is composed of several companies in North America and Europe.

Financials - COMMERCIAL TRENDS AND FORECAST

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

We enclose the financial statements of the parent company for your information.

Legal Fillings

There are several UCC** files listed with the Secretary of State of Texas.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The subject is a well established, large size company. It is part of a larger international group with head office in Switzerland. No adverse record has been found. However, the group recorded net losses for the year 2010. A credit line may be considered, and we suggest monitoring the evolution.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

ADVISED CREDIT

500,000 USD

APPENDIX
Comments
	The receptionist informed us that per company policy they do not disclose any information.

ANNUAL INCOME STATEMENT

All numbers in thousands

Period Ending		Dec 31, 2010	Dec 31, 2009
Total Revenue		10,220,797	8,833,005
Cost of Revenue		7,583,281	6,462,642
Gross Profit		2,637,516	2,370,363
	Operating Expenses
	Research Development	214,481	194,650
	Selling General and Administrative	1,641,582	1,487,849
	Non Recurring	-	-
	Others	-	-
	Total Operating Expenses	-	-
Operating Income or Loss		781,453	687,864
	Income from Continuing Operations
	Total Other Income/Expenses Net	(171,079)	(37,633)
	Earnings Before Interest And Taxes	204,589	283,483
	Interest Expense	-	-
	Income Before Tax	204,589	283,483
	Income Tax Expense	297,721	87,183
	Minority Interest	(14,793)	(26,159)
	Net Income From Continuing Ops	(93,132)	196,300
	Non-recurring Events
	Discontinued Operations	-	-
	Extraordinary Items	-	-
	Effect Of Accounting Changes	-	-
	Other Items	-	-
Net Income		(107,925)	170,141
Preferred Stock And Other Adjustments		-	-
Net Income Applicable To Common Shares		(107,925)	170,141

Currency in USD.

QUARTERLY INCOME STATEMENT

All numbers in thousands

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Total Revenue		2,856,186	2,922,815	2,529,752	2,437,163
Cost of Revenue		2,125,669	2,128,214	1,895,856	1,806,751
Gross Profit		730,517	794,601	633,896	630,412
	Operating Expenses
	Research Development	64,547	57,637	54,457	53,530
	Selling General and Administrative	454,082	443,585	304,015	471,793
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		211,888	293,379	275,424	105,089
	Income from Continuing Operations
	Total Other Income/Expenses Net	(18,566)	(60,808)	(23,008)	(14,186)
	Earnings Before Interest And Taxes	80,816	117,162	153,098	(4,816)
	Interest Expense	-	-	-	-
	Income Before Tax	80,816	117,162	153,098	(4,816)
	Income Tax Expense	19,277	200,337	54,159	39,758
	Minority Interest	(2,338)	(3,156)	(4,286)	(3,316)
	Net Income From Continuing Ops	59,201	(71,538)	94,653	(47,890)
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		59,201	(86,331)	94,653	(47,890)
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		59,201	(86,331)	94,653	(47,890)

Currency in USD.

BALANCE SHEET

All numbers in thousands

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Assets
Current Assets
	Cash And Cash Equivalents	249,317	415,772	951,382	222,783
	Short Term Investments	-	-	-	-
	Net Receivables	3,191,876	2,884,879	2,789,131	2,727,397
	Inventory	2,759,569	2,590,008	2,492,751	2,369,008
	Other Current Assets	695,105	601,408	655,005	715,573
Total Current Assets		6,895,867	6,492,067	6,888,269	6,034,761
Long Term Investments		551,686	539,580	537,505	539,817
Property Plant and Equipment		7,117,261	6,939,754	6,931,216	6,772,300
Goodwill		4,260,025	4,185,477	4,141,972	4,128,966
Intangible Assets		735,494	730,429	733,132	741,878
Accumulated Amortization		-	-	-	-
Other Assets		261,588	244,347	353,155	308,566
Deferred Long Term Asset Charges		-	-	-	-
Total Assets		19,821,921	19,131,654	19,585,249	18,526,288
Liabilities
Current Liabilities
	Accounts Payable	1,433,259	1,707,154	1,355,067	1,249,075
	Short/Current Long Term Debt	619,490	235,392	582,628	628,108
	Other Current Liabilities	939,560	640,433	994,755	1,005,797
Total Current Liabilities		2,992,309	2,582,979	2,932,450	2,882,980
Long Term Debt		6,526,464	6,529,998	6,694,963	6,005,472
Other Liabilities		590,765	553,830	431,509	373,197
Deferred Long Term Liability Charges		-	-	-	-
Minority Interest		61,399	63,916	69,588	70,864
Negative Goodwill		-	-	-	-
Total Liabilities		10,170,937	9,730,723	10,128,510	9,332,513
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		763,163	761,077	761,077	761,077
Retained Earnings		4,408,046	4,348,845	4,435,176	4,340,523
Treasury Stock		(561,292)	(562,906)	(565,464)	(566,501)
Capital Surplus		4,710,429	4,701,797	4,682,827	4,659,471
Other Stockholder Equity		330,638	152,118	143,123	(795)
Total Stockholder Equity		9,650,984	9,400,931	9,456,739	9,193,775
Net Tangible Assets		4,655,465	4,485,025	4,581,635	4,322,931

Currency in USD.

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.