MIRA INFORM REPORT

Report Date :

07.03.2011

IDENTIFICATION DETAILS

Name :	SHIV VANI OIL & GAS CO LLC
Registered Office :	Fahad Plaza, Suite No. 506 Ruwi 112PO Box 861 Muscat
Country :	Oman
Financials (as on) :	31.12.2010
Date of Incorporation :	16.02.2005
Com. Reg. No.:	1/77329/1
Legal Form :	Limited Liability Company – LLC
Line of Business :	Providers of gas and oil exploration services.

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 :	US$ 500,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Oman	A2	A2

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

SUMMARY

Company Name : SHIV VANI OIL & GAS CO LLC

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 16^th February 2005

Commercial Registration Number : 1/77329/1

Issued Capital : RO 500,000

Paid up Capital : RO 500,000

Total Workforce : 217

Activities : Providers of gas and oil exploration services.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 500,000

Person Interviewed : Parveen Kumar Gupta, General Manager

COMPANY NAME

SHIV VANI OIL & GAS CO LLC

ADDRESS

Physical Address

Location : Fahad Plaza, Suite No. 506

Area : Ruwi 112

PO Box : 861

Town : Muscat

Country : Oman

Telephone : (968) 24811578 / 24811416

Facsimile : (968) 24811287

Email : selvi@shiv-vani.co.om / mail@shiv-vani.co.om

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Muscat.

KEY PRINCIPALS

Name Position

· Prem Singhee Managing Director

· Gopal Mohta Director

· Retesh Chandak Director

· K K Nayak Director

· Lokesh Bogri Director

· Parveen Kumar Gupta General Manager

· Bhunivsal Parsad Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 16^th February 2005

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/77329/1

Issued Capital : RO 500,000

Paid up Capital : RO 500,000

Name of Shareholder (s) Percentage

· Shiv Vani Oil & Gas Exploration Services Ltd 99%

Tower 1, 5^th Floor

NBCC Plaza, Sector V

Pushp Vihar, Saket

New Delhi 110 017

India

· S V Oil & Natural Gas 1%

Mauritius

OPERATIONS

Activities: Engaged in the provision of gas and oil exploration services.

Operating Trend: Steady

Subject has a workforce of 217 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 4,150,000 RO 4,600,000

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

The above figures were provided by Mr Parveen Kumar Gupta, General Manager

BANKERS

· Bank of Muscat

Al Burj Street

Greater Muttrah

PO Box: 6326, Ruwi

Muscat

Tel: (968) 24701769

Fax: (968) 24796488

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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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