MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	PETROMAC

Registered Office :	Abed Mohamed Al Ketbi Building, Electra Street, P O Box 48040, Dhabi

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Date of Incorporation :	24.10.2004

Legal Form :	Sole Proprietorship

Line of Business :	Providers of offshore and onshore oil and gas services, electricity generation equipment and companies representation

No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

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

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates

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

SUMMARY

Company Name : PETROMAC

Country of Origin : Abu Dhabi, United Arab Emirates

Legal Form : Sole Proprietorship

Registration Date : 24^th October 2004

Trade Licence Number : 1007633

Chamber Membership Number : 106157

Invested Capital : UAE Dh 500,000

Total Workforce : 8

Activities : Providers of offshore and onshore oil and gas services, electricity

generation equipment and companies representation.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

PETROMAC

company ADDRESS

Registered & Physical Address

Building : Abed Mohamed Al Ketbi Building

Street : Electra Street

PO Box : 48040

Town : Abu Dhabi

Country : United Arab Emirates

Telephone : (971-2) 6436001 / 6448443

Facsimile : (971-2) 6436002 / 6449443

Email : info@petromac.ae / samer@petromac.ae

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

KEY PRINCIPALS

Name Nationality Position

· Mohamed Mubarak Banees Emirati Proprietor

· Samer Naim - General Manager

· Anish Pilla - Technical Manager

LEGAL FORM & OWNERS

Date of Establishment : 24^th October 2004

Legal Form : Sole Proprietorship

Trade Licence No. : 1007633 (Expires 25/04/2013)

Chamber Member No. : 106157

Invested Capital : UAE Dh 500,000

Mr Mohamed Mubarak Banees is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the provision of offshore and onshore oil and gas services, electricity generation equipment and companies representation.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 8 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 10,650,000 UAE Dh 11,400,000

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

The above financial figures are based on estimations by our local sources.

BANKERS

· National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

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.54.29
UK Pound	1	Rs.86.61
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.