MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	G&T OIL STATES INDUSTRIES PRIVATE LIMITED
Registered Office :	F-4 and 5, Triveni Commercial Complex, Sheikh Sarai, Phase-I, New Delhi – 110 017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.08.2010
Com. Reg. No.:	55-206549
Capital Investment / Paid-up Capital :	Rs.166.841 millions
CIN No.: [Company Identification No.]	U74140DL2010PTC206549
PAN No.: [Permanent Account No.]	AADCG8994R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Full Service Provider of Marine Cranes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 506000
Status :	New Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between G&T Oilfield and Offshore Services Private Limited, India and Oils States Industries (Asia) Pte Limited, Singapore. It is a relatively new company establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Head Office/ Corporate Office :	F-4 and 5, Triveni Commercial Complex, Sheikh Sarai, Phase-I, New Delhi – 110 017, India
Tel. No.:	91-11-26014949, 26015252
Fax No.:	91-11-26014545/ 6841
E-Mail :	delhi.office@gtrw.com
Website :	http://www.gtrw.com
Mumbai Office :	201 and 202, Lavlesh Court, F/1412, W.P. Varde Road, Bandra (West), Mumbai - 400 050, Maharashtra, India
Tel. No.:	91-22-26552741, 26552742, 26552796
Fax No.:	91-22-26552795
E-Mail :	mumbai.office@gtrw.com
Factory :	Plot No.G-13/9, MIDC Taloja, Taluka - Panvel, District Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-27412612
Fax No.:	91-22-27402613

DIRECTORS

As on 12.10.2011

Name :

Mr. Rajiv Raj Kumar Savara

Designation :

Chairman

Address :

11, Padmini Enclave, New Delhi – 110 016, India

Date of Birth/Age :

29.06.1959

Date of Appointment :

04.11.2010

DIN No.:

00248268

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1993PLC051578	Proec Energy Limited	Director	05-01-93	05-01-93	21-07-09	Active	NO
2	U74899DL1995PTC066120	G and T Becfield Drilling Services Private Limited	Director	08-03-95	08-03-95	-	Active	NO
3	U74899DL1995PTC073130	G and T Yugo-Tech Private Limited	Director	12-10-95	12-10-95	-	Active	NO
4	U74899DL1995PTC073983	G&T Tisdale India Private Limited	Director	20-11-95	20-11-95	-	Active	NO
5	U35999DL1998PTC097487	G & T Oilfield and Offshore Services Private Limited	Director	16-12-98	16-12-98	-	Active	NO
6	U74210DL1990PTC040018	Sitac Services Engineering Industries Private Limited	Director	20-03-99	20-03-99	-	Strike off	NO
7	U70010DL2002PTC114791	Sitac Estates Private Limited	Director	02-04-02	02-04-02	-	Active	NO
8	U51909DL1996PTC078841	G&T Total Energy Services Private Limited	Director	10-05-06	10-05-06	-	Active	NO
9	U51900MH1992PTC065995	Capital Art Advisory Private Limited	Director	19-10-07	19-10-07	-	Active	NO
10	U74120DL2008PTC186123	Pegasus Oil and Gas Services Private Limited	Director	23-08-11	24-12-08	-	Active	NO
11	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Managing director	04-11-10	02-08-10	-	Active	NO

Name :

Mr. Pawan Jand

Designation :

Alternate Director

Address :

29/17, West Patel Nagar, New Delhi – 110 008, India

Date of Birth/Age :

02.07.1954

Date of Appointment :

29.07.2011

DIN No.:

00261728

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC061845	Vani Agencies Private Limited	Director	29-09-94	29-09-94	Active	NO
2	U74140DL2007PTC165224	Pan India Corporate Services Private Limited	Director	26-06-07	26-06-07	Active	NO
3	U74140DL2011PTC220385	I Konnect Auto Services Private Limited	Director	06-06-11	06-06-11	Active	NO
4	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Alternate director	29-07-11	29-07-11	Active	NO

Name :

Mr. Jag Mohan Lachmi Charan Seth

Designation :

Director

Address :

82-UB, Jawahar Nagar, Delhi – 110 007, India

Date of Birth/Age :

03.03.1943

Date of Appointment :

12.10.2011

DIN No.:

00916818

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140DL2003PTC123569	A F Ferguson Associates Private Limited	Director	17-12-03	17-12-03	05-06-08	Strike off	NO
2	U35999DL1998PTC097487	G & T Oilfield and Offshore Services Private Limited	Additional director	09-07-08	09-07-08	-	Active	NO
3	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Director	12-10-11	04-11-10	-	Active	NO

Name :

Mr. Rajendra Nath Dina Nath Gadi

Designation :

Director

Address :

501/7, Lane W -21 Western Avenue, Sanik Farm, New Delhi – 110 062, India

Date of Birth/Age :

07.08.1945

Date of Appointment :

12.10.2011

DIN No.:

01637459

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1993PLC051578	Proec Energy Limited	Director	30-09-03	30-09-03	09-05-08	Active	NO
2	U35999DL1998PTC097487	G & T Oilfield and Offshore Services Private Limited	Director	18-03-04	18-03-04	-	Active	NO
3	U74120DL2008PTC186123	Pegasus Oil and Gas Services Private Limited	Director	24-12-08	24-12-08	-	Active	NO
4	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Director	12-10-11	02-08-10	-	Active	NO

Name :

Mr. Rahul Raj Kumar Savara

Designation :

Director

Address :

D-11, Ground Floor, Maharani Bagh, New Delhi – 110 065, India

Date of Birth/Age :

03.10.1960

Date of Appointment :

12.10.2011

DIN No.:

02943042

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U35999DL1998PTC097487	G & T Oilfield and Offshore Services Private Limited	Director	17-11-09	17-11-09	Active	NO
2	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Director	12-10-11	04-11-10	Active	NO

Name :

Mr. Walter Joseph Billiot III

Designation :

Director

Address :

260, Lake Merchant CT, Houma USA 70360

Date of Birth/Age :

20.07.1976

Date of Appointment :

27.09.2010

DIN No.:

03110506

Name :

Mr. Robert Samuel Nelson

Designation :

Director

Address :

109, Krumbhaar Circle, Houma 70360

Date of Birth/Age :

25.04.1953

Date of Appointment :

12.10.2011

DIN No.:

03123608

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Director	12-10-11	04-11-10	Active	NO

Name :

Mr. William Earl Maxwell Jr

Designation :

Director

Address :

1736, Libbey, Houston, Texas 77018

Date of Birth/Age :

04.04.1965

Date of Appointment :

12.10.2011

DIN No.:

03176558

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140DL2010PTC206549	G&T Oil States Industries Private Limited	Director	12-10-11	04-11-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishwanath Venkatraghavan
Designation :	Secretary
Address :	Plot No.100, Rambaug Marg, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	14.08.1965
Date of Appointment :	11.06.2011
PAN No.:	AABPV1238Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.07.2010

Names of Shareholders	No. of Shares
Rajiv Savara	5000
Rajendra Nath Gadi	5000
Total	10000

As on 25.01.2011

Names of Allottees	No. of Shares
Oil States Industries Asia (Pte) Limited, Singapore	5338834
Total	5338834

As on 19.10.2010

Names of Allottees	No. of Shares
Oil States Industries Asia (Pte) Limited, Singapore	1456360
Total	1456360

As on 05.10.2010

Names of Allottees	No. of Shares
G&T Oilfield and Offshore Services Private Limited, India	8498873
Oil States Industries Asia (Pte) Limited, Singapore	1380000
Total	9878873

As on 12.10.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Full Service Provider of Marine Cranes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011 Rs. In Millions
Rupee term loans banks secured	0.928
Total	0.928

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon – 122 002, Haryana, India
PAN No.:	AAIFB4634C
Holding Company :	G&T Oilfield and Offshore Services Private Limited, India CIN No.: U35999DL1998PTC097487
Joint Venture :	Oil States Industries Asia (Pte) Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16684067	Equity Shares	Rs.10/- each	Rs.166.841 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		166.841
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(40.396)
NETWORTH		126.445
LOAN FUNDS
1] Secured Loans		0.928
2] Unsecured Loans		0.000
TOTAL BORROWING		0.928
DEFERRED TAX LIABILITIES		0.000
TOTAL		127.373
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.386
Capital work-in-progress		0.000
Expenditure pending allocation, net		18.053
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.549
	Sundry Debtors	4.918
	Cash & Bank Balances	24.323
	Other Current Assets	6.008
	Loans & Advances	10.828
Total Current Assets		56.626
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.029
	Other Current Liabilities	2.370
	Provisions	3.293
Total Current Liabilities		16.692
Net Current Assets		39.934
MISCELLANEOUS EXPENSES		0.000
TOTAL		127.373

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011
	SALES & OPERATING INCOME	31.800
	TOTAL EXPENDITURE	71.520
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(39.720)
Less	FINANCIAL EXPENSES	0.220
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(39.940)
Less/ Add	DEPRECIATION/ AMORTISATION	0.460
	PROFIT/ (LOSS) BEFORE TAX	(40.400)
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	(40.400)
	Earnings/ (Loss) Per Share (Rs.)	(6.27)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	(127.04)
Return on Total Assets (PBT/Total Assets}	(%)	(32.06)
Return on Investment (ROI) (PBT/Networth)		(0.32)
Debt Equity Ratio (Total Liability/Networth)		0.14
Current Ratio (Current Asset/Current Liability)		3.39

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

The Company was incorporated as a Private Limited Company under the Companies Act, 1956 on 2 August 2010. The Company is formed out of a Joint Venture between G&T Oilfields and Offshore Services Private Limited, a private company registered under the Companies Act, 1956 holding 51% of the shareholding and Oil States Industries (Asia) PTE Limited, a company registered under the Laws of Singapore holding the balance 49% of the companies shareholding. By an arrangement between the promoters, the existing business of G&T Oilfields and Offshore Services Private Limited, shareholder who was pursuing a similar business was transferred to the company as a “going concern” and the same was used as a contribution to part meet the equity share contribution of the promoter. The main business of the company is to carry on engineering, designing, manufacturing, developing, commissioning , decommissioning and other allied services including dealing in various equipment and all kinds of cranes and line tensioning machine and other equipment used in the oil and gas industry.

FORM 8:

Corporate identity number of the company	U74140DL2010PTC206549
Name of the company	G&T OIL STATES INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-4 and 5, Triveni Commercial Complex, Sheikh Sarai, Phase-I, New Delhi – 110 017, India E-Mail: delhi.office@gtrw.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	Oil States Industries (Asia) Pte. Limited, 13A, Pandan Crescent, SG, Singapore 128478 E-Mail: walter.billiot@oilstates.com
Nature of description of the instrument creating or modifying the charge	1) Memorandum of Deposit of Title Deeds dated April 2, 2011 2) Deed of Hypothecation dated April 2, 2011
Date of instrument Creating the charge	02.04.2011
Amount secured by the charge	Rs.127.688 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: At a rate of 6 month LIBOR on the drawdown date plus 300 basis points. Terms of Repayment: Three years after the date of last drawdown as per the Loan Agreement dated September 2, 2010. Margin: As per Loan Agreement dated September 2, 2010. Extent and Operation of the charge: First charge by way of hypothecation on all of movable machinery, machinery spares, tools and accessories, both present and future and on the terms and conditions of Loan Agreement dated September 2, 2010; and First charge on all of the immovable property of the Mortgagor, both present and future and on the terms and conditions of Loan Agreement dated September 2, 2010; to secure the repayment of Loan amount.
Short particulars of the property charged	All the piece or parcel of property (Property A) being land situated at Survey/ Gat No. 11, Hissa No. 3-B, Taluka Panvel, District-Raigad 410 209, Maharashtra, admeasuring 7,342 sq. meters or thereabouts. All the piece or parcel of property (Property B) at Survey / Gat No. 22, Hissa No. 1, Taluka Panvel, District-Raigad, 410 209, Maharashtra, admeasuring 929 sq. meters or thereabouts. All of movable machinery, machinery spares, tools and accessories, both present and future.

FIXED ASSETS:

v Freehold Land

v Plant and Machinery

v Office Equipments

v Computer Equipments

v Furniture and Fixtures

v Vehicles

v Leasehold Properties

v Computer Software

WEBSITE DETAILS:

PROFILE:

Oil States Industries (Asia) Pte. Limited- Singapore (a wholly owned subsidiary of Oil States Industries, Inc.-USA) has in a joint venture with G&T Oilfield And Offshore Services Private Limited, set-up Subject, with the mandate to:

v Design, manufacture, supply and provide after-sales support for all models of Nautilus make Offshore Cranes;

v All models of Patriot make Offshore Cranes covered under the Patriot Technology License Agreement (all models of Patriot Cranes installed and / or in service with ONGC and others in the Indian waters), and

v Modular Offshore Cranes including rental contracts on turnkey basis.

v Other equipment and / or assembly(ies).

v Manufacture and supply of spares and / or sub-assemblies, including the carrying out of repairs, refurbishment, replacement and the entering into Operation and Maintenance Contracts, for all Makes and Models of Offshore Cranes.

v Entering into Offshore Crane Rental Contracts.

THEIR OBJECTIVES:

Subject seeks to become the premier Offshore Crane Manufacturer in the Indian Sub-Continent, through the providing of high quality Product Offerings of both, the Pedestal / Slew Bearing Type Offshore Cranes as well as the King Post Type Offshore Cranes on-time and at competitive prices.

It will strive to maintain it’s position of being the market leader as the premier Service Provider for all Makes and Models of Offshore Cranes by providing prompt and innovative service solutions and comprehensive maintenance management contracts.

It seeks to rapidly acquire market share by exploiting it’s in-country capabilities, be it in design and engineering, manufacturing, providing of services or holding of inventories of equipment and spares.

It seeks to develop and offer it’s valued customers, innovative, fit-for-purpose product and service solutions.

NEWS RELEASE:

OIL STATES ANNOUNCES JOINT VENTURE IN INDIA

September 22, 2010

Oil States International, Inc. Oil States Announces Joint Venture in IndiaVenture Will Offer Newly Manufactured Cranes and Aftermarket Services in India

HOUSTON and MUMBAI, India, September 22, 2010 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its subsidiary, Oil States Industries (OSI), has entered into a joint venture agreement with G&T Oilfield and Offshore Services Private Limited (GTO), a privately-held Indian company. The new venture, G&T Oil States Industries Private Limited, will be headquartered in New Delhi, with operations including state-of-the-art facilities based in Navi Mumbai, to provide comprehensive design, manufacturing, sales and service for Nautilus Marine Offshore Pedestal Cranes and King Post Cranes (under a Licensing Agreement with Patriot Cranes LLC).  

The new venture will initially operate out of the current GTO facilities in Navi Mumbai until a newly designed 10,914 square meter complex can be completed in Navi Mumbai. The complex, expected to be operational in mid 2011, will include a three-story office building equipped with a 50-seat training auditorium to facilitate training for Crane Operators and Crane Maintenance. A 75-tonne crane test stand will also be installed for function testing, and full load testing capacity on-site.

"This new venture represents an opportunity to combine our talents and resources to successfully satisfy the crane needs of the Indian marketplace," stated Cindy B. Taylor, Oil States International's President and CEO. "G&T Oil States Industries Private Limited will combine GTO's experience in providing crane refurbishments and service along with their knowledge of labor and resources in the area with Oil States' designs, brand and worldwide reputation for quality."

"We see continuing growth for our market along with a greater need for customer responsiveness in the offshore construction arena in support of the existing offshore infrastructure. The Indian Waters have one of the largest installed bases of offshore platforms in the world" says Rajiv Savara, Managing Director of GTO. "This new joint venture will enable us to produce and deliver complete crane solutions with shorter lead times, greater cost efficiency, higher quality and safety standards that our customers have come to expect."

About Oil States International

Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. Oil States is publicly traded on the New York Stock Exchange under the symbol OIS. 

About Oil States Industries

Oil States Industries is a subsidiary of Oil States International. Oil States Industries is a diverse provider of products and services to the oil and gas, defense and general industries. These markets are served by the company's locations in Texas, Louisiana, Oklahoma, the United Kingdom, and Brazil, Singapore and Thailand and a presence in France, Azerbaijan, Nigeria, Vietnam and UAE.

About G&T Oilfield and Offshore Services

G&T Oilfield and Offshore Services Private Limited is a privately held company in India and an associate of G&T Total Energy Services Private Limited and G&T Resources (Europe) Limited, recognized distributors and in-country representatives of globally renowned manufacturers and suppliers of equipment and services to the Oil and Natural Gas and the Marine Industries in India. G&T Oilfield and Offshore Services and G&T Total Energy Services are headquartered in New Delhi, with offices and workshop facilities in Mumbai and Navi Mumbai, respectively.

The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included therein will be based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" and "Risk Factor" sections of the Form 10-K for the year ended December 31, 2009 filed by Oil States with the SEC on February 22, 2010 and the "Risk Factor" section of the Form 10-Q for the three months ended June 30, 2010 filed by Oil States with the SEC on August 5, 2010.

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 records 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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.