MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	NATIONAL OILWELL VARCO PTE. LTD.
Formerly Known As :	Varco International Pte. Ltd.
Registered Office :	1 Marina Boulevard #28-00 One Marina Boulevard Singapore 018989
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	12.05.1977
Com. Reg. No.:	197700997z
Legal Form :	Limited Private Company
Line of Business :	Manufacture and Repair of other Oilfield and Gasfield Machinery and Equipment (Eg Derricks, Tool Joints)

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 :	S$1,000,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exists

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Singapore	a1	a1

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

Executive Summary

Company Name	:	NATIONAL OILWELL VARCO PTE. LTD.
Registration No	:	197700997Z
Date of Registration	:	12/05/1977
Former Name	:	1.TUBOSCOPE FAR EAST PTE LTD Eff. date : 26/11/1987 Eff. date : 26/11/1987 2.TUBOSCOPE VETCO (FAR EAST) PTE LTD Eff. date : 30/05/1992 Eff. date : 30/05/1992 3.TUBOSCOPE (FAR EAST) PTE LTD Eff. date : 28/08/1998 Eff. date : 28/08/1998 4.VARCO INTERNATIONAL PTE. LTD. Eff. date : 01/01/2005 Eff. date : 01/01/2005
Date of Change of Name	:	01/07/2008
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989
Trading address	:	29, Tuas Bay Drive, Singapore 637429, Singapore
Date of Change of Address	:	19/04/2004
Amalgamated With	:	NATIONAL OILWELL VARCO PTE. LTD. 197700997Z NATIONAL OILWELL VARCO PTE. LTD. 197700997Z
Amalgamated To Form	:	NATIONAL OILWELL VARCO 197700997Z
Amalgamation Eff Date	:	01/01/2011
Contact No.	:	65941000
Fax No.	:	67952578
Website	:	www.nov.com
Registered Activities	:	MANUFACTURE AND REPAIR OF OTHER OILFIELD AND GASFIELD MACHINERY AND EQUIPMENT (EG DERRICKS, TOOL JOINTS) INSPECTION,COATING OF DRILL PIPES,SERVICING,RENTING OF OILFIELD EQUIPMENT.
Issued Ordinary Capital*	:	$21,886,798.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 21,886,798
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$21,886,798.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	13
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 445,941,514.00 (FY2009)
Net Worth	:	SGD - SIN 184,390,088.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	3
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	35.26% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	TUBOSCOPE VETCO CANADA ULC
SHAREHOLDER ID	:	S77UF0095C
NATIONALITY	:	NA
ADDRESS	:	FIRST EDMONTON PLACE, 15TH FLOOR 10665-JASPER AVENUE, EDMONTON, ALBERTA T5J 3S9, CANADA
NO. OF ORD SHARES	:	21,886,798
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JOHN HENRY WALLING
ADDRESS	:	23 CLAYMORE ROAD #12-03 TATE RESIDENCES, THE SINGAPORE 229546
POSITION	:	DIRECTOR
DATE OF APPT	:	30/03/2007
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	G5847288W
NAME	:	PAUL AMAR SINGH
ADDRESS	:	34 WEST COAST AVENUE HONG LEONG GARDEN SINGAPORE 128088
POSITION	:	DIRECTOR
DATE OF APPT	:	30/03/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1108498B
NAME	:	KEITH DUNCAN HARLAND
ADDRESS	:	93 CASHEW ROAD #02-02 CASHEW HEIGHTS CONDOMINIUM SINGAPORE 679664
POSITION	:	DIRECTOR
DATE OF APPT	:	08/03/2004
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2608342G
NAME	:	KAMILLE TEO WEI WEI (ZHANG WEIWEI)
ADDRESS	:	10 LAKEPOINT DRIVE #04-59 LAKEPOINT CONDOMINIUM SINGAPORE 648927
POSITION	:	SECRETARY
DATE OF APPT	:	19/04/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7628908E
NAME	:	PEK LAY PHENG (BAI LIPING)
ADDRESS	:	318D ANCHORVALE LINK #06-229 SINGAPORE 544318
POSITION	:	SECRETARY
DATE OF APPT	:	21/12/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7704449C

KEY PERSONNEL PROFILE

Name:	KEITH DUNCAN HARLAND
NRIC Number:	S2608342G
Available Address:	93 CASHEW ROAD #02-02 CASHEW HEIGHTS CONDOMINIUM SINGAPORE 679664

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ADVANCED PRODUCTION AND LOADING PTE. LTD.	DIRECTOR	08/12/2010	-	-
2	APL MANAGEMENT PTE. LTD.	DIRECTOR	08/12/2010	-	-
3	BARRACUDA VENTURES PTE LTD	DIRECTOR	04/07/2011	-	-
4	BLUE STAR COATING PTE. LTD.	DIRECTOR	04/07/2011	-	-
5	EURO OFFSHORE PTE. LTD.	DIRECTOR	04/07/2011	-	-
6	GRANT PRIDECO (SINGAPORE) PTE LTD	DIRECTOR	20/06/2008	-	-
7	GRANT PRIDECO ASIA (SINGAPORE) PTE. LTD.	DIRECTOR	02/03/2009	-	-
8	LSI ASIA PACIFIC PTE. LTD.	DIRECTOR	30/03/2007	-	-
9	NATIONAL OILWELL VARCO PTE. LTD.	DIRECTOR	08/03/2004	-	-
10	NATIONAL-OILWELL PTE. LTD.	DIRECTOR	30/03/2007	-	-
11	NOV ASEP ELMAR PTE. LTD.	DIRECTOR	06/04/2009	-	-
12	QBOP PTE. LTD.	DIRECTOR	04/07/2011	-	-
13	REED HYCALOG SINGAPORE	MANAGER	02/03/2009	-	-
14	STSA PTE. LTD.	DIRECTOR	04/07/2011	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ANSON OILFIELD EQUIPMENT PTE LIMITED	AMALGAMATED	DIRECTOR	05/05/2010	-
2	ASEP (FAR EAST) PTE. LTD.	AMALGAMATED	DIRECTOR	06/04/2009	-
3	BAKER HUGHES SINGAPORE PTE	LIVE COMPANY	SECRETARY	15/07/1996	08/11/2011
4	ELMAR FAR EAST PTE LTD	STRUCK OFF	DIRECTOR	26/08/2004	-
5	HUGHES TOOL COMPANY (FAR EAST) PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	30/08/1990	05/06/2006

KEY PERSONNEL PROFILE

6	PESA HOLDING PTE. LTD.	AMALGAMATED	DIRECTOR	06/04/2009	-
7	PETROLITE PACIFIC PTE. LTD.	STRUCK OFF	DIRECTOR	03/07/1998	18/08/2001
8	REED HYCALOG INVESTMENT PTE. LTD.	STRUCK OFF	DIRECTOR	02/03/2009	-
9	SOUTH SEAS INSPECTION (S) PTE LTD	AMALGAMATED	DIRECTOR	04/11/2009	-
10	VARCO INTERNATIONAL INC PTE LTD	STRUCK OFF	DIRECTOR	01/09/2007	-

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NOV ASEP ELMAR PTE. LTD.	100
SOUTH SEAS INSPECTION (S) PTE LTD	100
BARRACUDA VENTURES PTE LTD	100
ASEP (FAR EAST) PTE. LTD.	100
PESA HOLDING PTE. LTD.	100
RUCKER PRODUCTS	NA (SOLE-PROPRIETOR)
RUCKER SHAFFER	NA (SOLE-PROPRIETOR)
SHAFFER A VARCO COMPANY	NA (SOLE-PROPRIETOR)
MARTIN-DECKER	NA (SOLE-PROPRIETOR)
MARTIN-DECKER TOTCO	NA (SOLE-PROPRIETOR)
BRANDT OILFIELD SERVICES	NA (SOLE-PROPRIETOR)
EASTERN OIL TOOLS	NA (SOLE-PROPRIETOR)
FIBER GLASS SYSTEMS	NA (SOLE-PROPRIETOR)

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

To date, there have been 3 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years W.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	0
High (>$250,000)	1	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	572
	Date of Filing	:	17/08/2011
	Amount	:	500,000.00
	Cause	:	Tort - Negligence (Industrial accidents)
	Case Status	:	PENDING
	Plaintiff	:	ZHANG CHEN
	Last Update Date	:	18/08/2011
2)	Court	:	Magistrate Court
	Case No.	:	4808
	Date of Filing	:	26/02/1999
	Amount	:	4,532.00
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	DEEMED DISCONTINUED
	Plaintiff	:	SCORPIUS SECURITY & INVESTIGATION SERVICES PTE LTD
	Last Update Date	:	28/07/2009
3)	Court	:	Magistrate Court
	Case No.	:	10127
	Date of Filing	:	28/04/1999
	Amount	:	0.00
	Cause	:	NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)
	Case Status	:	NA
	Plaintiff	:	UNIQUE TOURIST SERVICE (PTE) LTD
	Last Update Date	:	29/04/1999

COMPLIANCE RECORDS

Date of Last AGM	:	15/03/2011
Date of Last AR	:	19/04/2011
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	445,941,514	24.67	357,687,806	193,971,326	165,263,647	133,246,342
Profit/(Loss) Before Tax	54,256,089	-17.52	65,782,476	17,654,247	23,973,249	19,222,789
Profit After Tax attributable to Shareholders	49,903,786	-10.13	55,531,743	13,791,019	18,160,544	14,413,342
Balance Sheet Key Figures
Total Assets	389,859,234	10.09	354,142,027	234,140,786	204,499,802	165,797,600
Current Assets	277,847,461	-8.94	305,130,399	181,150,997	128,402,320	103,041,485
Non Current Assets	112,011,773	128.54	49,011,628	52,989,789	76,097,482	62,756,115
Total Liabilities	205,469,145	-7.36	221,801,036	152,342,824	132,797,099	109,477,409
Current Liabilities	205,469,145	-6.08	218,764,618	148,643,381	74,315,172	48,527,752
Non Current Liabilities	0	-100.00	3,036,418	3,699,443	58,481,927	60,949,657
Shareholders' Funds	184,390,088	39.33	132,340,989	81,797,962	71,702,702	56,320,189
Share Capital	22,368,304	3.13	21,689,508	23,098,229	24,353,475	25,617,054
Total Reserves	162,021,784	46.43	110,651,481	58,699,733	47,349,227	30,703,135

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	24.67	84.40	17.37	24.03	NA
Profitability
Profit Margin (%)	11.19	15.53	7.11	10.99	10.82
Return on Equity (%)	27.06	41.96	16.86	25.33	25.59
Return on Assets (%)	12.80	15.68	5.89	8.88	8.69
Leverage
Total Debt/Equity (Times)	1.11	1.68	1.86	1.85	1.94
Current Debt/Equity (Times)	1.11	1.65	1.82	1.04	0.86
Long Term Debt To Equity (Times)	0.00	0.02	0.05	0.82	1.08
Total Asset To Total Equity (Times)	2.11	2.68	2.86	2.85	2.94
Asset Management
Total Assets Turnover (Times)	1.14	1.01	0.83	0.81	0.80
Fixed Assets Turnover (Times)	3.98	7.30	3.66	2.17	2.12
Liquidity
Current Ratio (Times)	1.35	1.39	1.22	1.73	2.12

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 35.26% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 11.19 per cent in FY09 (FY08: 15.53 per cent). The company is now able to book in SGD - SIN 0.11 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.16 a year ago.

Liquidity

Current ratio stood at 1.35 times in FY09 (FY08: 1.39 times). This means that the company has SGD - SIN 1.35 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 1.11 times in FY09, compared with 1.68 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.11 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 27.06 per cent for Subject in the current financial period, as compared to 41.96 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 12.80 per cent (FY08: 15.68 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.14 times in FY09 (FY08: 1.01 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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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