MIRA INFORM REPORT

Report Date :

26.12.2012

IDENTIFICATION DETAILS

Name :	PETROFAC ENGINEERING INDIA PRIVATE LIMITED
Registered Office :	7th Floor, Ventura, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.11.2002
Com. Reg. No.:	11-137818
Capital Investment / Paid-up Capital :	Rs. 1.910 Millions
CIN No.: [Company Identification No.]	U74140MH2002PTC137818
PAN No.: [Permanent Account No.]	AACCP7577L
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is principally engaged in computer aided design and engineering services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Latest financials i.e. 2011-12 are missing from the government department. From the available financial i.e. 2011 it seems that the company is progressing well. Financial position of the company appears sound. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Devidas
Designation :	Accounts Head
Contact No.:	91-22-3051300
Date :	24.12.2012

LOCATIONS

Registered Office :	7th Floor, Ventura, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-30513100
Fax No.:	91-22-25704705
E-Mail :	anil.borkar@petrofac.com
Website :	www.petrofac.com

DIRECTORS

As on: 27.09.2012

Name :	Mr. Rajesh Kumar Verma
Designation :	Director
Address :	Villa No. 26, Hattan 1, Emirates Lakes, Dubai, United Arab Emirates
Date of Birth/Age :	29.01.1950
Date of Appointment :	07.12.2002
DIN No.:	00459325
Name :	Mr. Vivek Prakash
Designation :	Director
Address :	Villa 8, Cluster 15, Jumeirah Islands, Dubai, United Arab Emirates
Date of Birth/Age :	02.10.1956
Date of Appointment :	24.07.2006
DIN No.:	00559925
Name :	Mr. Maroun Antanos Semaan
Designation :	Director
Address :	Villa No E61A, Yasmmen 2 Street, Emirates Hills, Dubai, United Arab Emirates
Date of Birth/Age :	30.12.1955
Date of Appointment :	07.01.2008
DIN No.:	01144885
Name :	Mr. Subramanian Sudarsanam Sarma
Designation :	Director
Address :	Apartment No. 505, Building No. 5, Marina Residence, Palm Jumeirah, Dubai, United Arab Emirates
Date of Birth/Age :	04.02.1958
Date of Appointment :	07.12.2002
DIN No.:	00554221

KEY EXECUTIVES

Name :	Mr. Devidas
Designation :	Accounts Head
Name :	Mr. Anil Borkar
Designation :	Vice President
Date of Birth/Age :	59 Years
Qualification :	B.E.(Mech), D.M.S
Experience :	37 Years
Date of Appointment :	01.01.2003
Name :	Mr. Sridhar Laxmanan
Designation :	Senior Manager-Projects
Date of Birth/Age :	43 Years
Qualification :	B.E.(Mech), D.C.A
Experience :	21 Years
Date of Appointment :	02.12.2002
Name :	Mr. Nitin Dighe
Designation :	Assistant General Manager-Instrumentation
Date of Birth/Age :	52 Years
Qualification :	B.E.(Electronics)
Experience :	21 Years
Date of Appointment :	02.01.2003
Name :	Mr. Pramod Borkar
Designation :	Senior Manager-Mechanical
Date of Birth/Age :	44 Years
Qualification :	B.E.(Chemical)
Experience :	22 Years
Date of Appointment :	13.01.2003
Name :	Mr. Sharad Karnad
Designation :	Senior Manager-Civil
Date of Birth/Age :	46 Years
Qualification :	B.E.(Civil)
Experience :	23 Years
Date of Appointment :	15.01.2003
Name :	Mr. Lakshmanan Eswaran
Designation :	Assistant General Manager
Date of Birth/Age :	50 Years
Qualification :	M.E.(Mech)
Experience :	260Years
Date of Appointment :	04.08.2003
Name :	Mr. Rajesh Narayanrao Bangde
Designation :	Manager
Date of Birth/Age :	44Years
Qualification :	B.E.(Instrumentation)
Experience :	23 Years
Date of Appointment :	04.02.2003
Name :	Ms. Lakshmi Venkatesh
Designation :	Assistant General Manager
Date of Birth/Age :	50 Years
Qualification :	B.E.(Chemical)
Experience :	26 Years
Date of Appointment :	02.05.2006
Name :	Mr. Girish Raghunath Kulkarni
Designation :	Manager
Date of Birth/Age :	42 Years
Qualification :	B.E.(Electrical)
Experience :	20 Years
Date of Appointment :	28.06.2004
Name :	Mr. Virendra Dinkar Bhavsar
Designation :	Deputy Manager
Date of Birth/Age :	43 Years
Qualification :	B.E.(Civil)
Experience :	21 Years
Date of Appointment :	05.07.2005
Name :	Mr. Krishna Vir Amar Singh
Designation :	Senior Manager
Date of Birth/Age :	50 Years
Qualification :	B.Tech.(Chemical)
Experience :	27 Years
Date of Appointment :	15.02.2008
Name :	Mr. Santosh Sopan Patil
Designation :	Manager
Date of Birth/Age :	44 Years
Qualification :	B.E.(Mechanical)
Experience :	23 Years
Date of Appointment :	02.06.2008
Name :	Mr. Kiritkumar Prabhudas Mehta
Designation :	Technical Specialist
Date of Birth/Age :	61 Years
Qualification :	B.Tech.(Electrical)
Experience :	37 Years
Date of Appointment :	02.01.2009
Name :	Mr. Amit Vasant Kulkarni
Designation :	Deputy Manager
Date of Birth/Age :	38 Years
Qualification :	BE (Instrumentation)
Experience :	15 Years
Date of Appointment :	01.12.2003
Name :	Mr. Arjun Avtar Rawat
Designation :	Principal Engineer
Date of Birth/Age :	39 Years
Qualification :	B.E.(Civil)
Experience :	15 Years
Date of Appointment :	13.02.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

Names of Shareholders	No. of Shares
Petrofac International Limited	190999
Petrofac E and C International Limited	1
Total	191000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is principally engaged in computer aided design and engineering services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other external commercial borrowings unsecured	0.000	45.085
Total	0.000	45.085

Banking Relations :	--
Auditors :
Name :	Sudit K Parekh and Company Chartered Accountants
Address :	Ballard House, 2nd Floor Adi Marzban Path Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66178000
Fax No.:	91-22-66178002
E-Mail :	admin@skparekh.com
PAN No.:	AAAFS4500P
Holding Company :	Petrofac International Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions
800000	Preference Shares	Rs.10/- each	Rs. 8.000 Millions
			Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
191000	Equity Shares	Rs.10/- each	Rs. 1.910 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.910	1.910	9.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		436.245	580.881	360.227
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		438.155	582.791	369.377
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	45.085	63.216
TOTAL BORROWING		0.000	45.085	63.216
DEFERRED TAX LIABILITIES		0.000	20.251	18.241
TOTAL		438.155	648.127	450.834
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		280.986	314.078	309.467
Capital work-in-progress		0.000	0.000	0.543
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		20.525	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	253.824	296.824	110.688
	Cash & Bank Balances	289.383	127.166	91.350
	Other Current Assets	159.868	104.545	0.000
	Loans & Advances	240.926	189.444	241.758
Total Current Assets		944.001	717.979	443.796
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.922	52.702	130.716
	Other Current Liabilities	167.020	186.654	11.948
	Provisions	606.415	144.574	160.308
Total Current Liabilities		807.357	383.930	302.972
Net Current Assets		136.644	334.049	140.824
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		438.155	648.127	450.834

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
INCOME FROM OPERATIONS		1473.690	1277.422	880.563
NET PROFIT FOR THE YEAR		291.198	220.654	136.963
EARNINGS IN FOREIGN CURRENCY
	Services Rendered	1473.690	1277.422	880.563
TOTAL EARNINGS		1473.690	1277.422	880.563
IMPORTS
	Capital Goods	38.890	38.688	58.022
TOTAL IMPORTS		38.890	38.688	58.022
Earnings Per Share (Rs.)		1524.60	1155.26	716.64

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.84	0.74	0.99
Current Ratio (Current Asset/Current Liability)	1.17	1.87	1.46

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditor	33.922	52.702	130.716
Total	33.922	52.702	130.716

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BACKGROUND

Petrofac Engineering India Private Limited (“the Company”) is incorporated in India as a limited liability company with its operating office in Mumbai. The Company is a Software Technology Park (STP) unit registered under the Ministry of Communications and Information of Government of India. The Company is a subsidiary of Petrofac International Limited, incorporated in Jersey, Channel Islands with its principal office in Sharjah, United Arab Emirates.

The Company is principally engaged in computer aided design and engineering services.

NOTE:

The registered office of the company has been shifted from B/501 and 503 Delphthiranandani Business Park

Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 16.03.2009

CONTINGENT LIABILITIES

Particular	31.03.2011	31.03.2010
Civil Contractor’s charges	NIL	0.938

FIXED ASSETS

· Office Equipments

· Computer

· Furniture and Fixtures

· Motor Vehicles

· Leasehold Properties

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.09
UK Pound	1	Rs. 89.10
Euro	1	Rs. 72.62

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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%)

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	-

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.