MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	ASIAN OILFIELD SERVICES LIMITED
Registered Office :	7^th Floor, B Wing, 29 Payal Complex, Manubhai Tower, Opposite Vakal Seva Kendra, Sayajigunj, Station Road, Vadodara – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.03.1992
Com. Reg. No.:	017254
Capital Investment / Paid-up Capital :	Rs. 153.245 Millions
CIN No.: [Company Identification No.]	L23200GJ1992PLC017254
Legal Form :	A Public Limited Liability Company. The Company’s Share are Listed on the Stock Exchange.
Line of Business :	The Company is engaged in providing geophysical, drilling and well services to its customer.
No. of Employees :	Information Denied By Management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 3000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear continuous losses recorded by the company. The reserve of the company is deteriorating. However, trade relations are reported to be 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4+
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation. It carry very high credit risk.
Date	August, 2012

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. Kapil Garg
Designation :	Manager
Contact No.:	91-124-4256145
Date :	08.05.2013

LOCATIONS

Registered Office :	7^th Floor, B Wing, 29 Payal Complex, Manubhai Tower, Opposite Vakal Seva Kendra, Sayajigunj, Station Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2362292/ 2226216
Fax No.:	91-265-2226216
E-Mail :	secretarial@asianoilfield.com vadodara@linkintime.co.in mail@asianoilfield.com
Website :	www.asianoilfield.com
Corporate Office:	506 IRIS Tech Park, Tower-A, 5th Floor, Sector 48, Sohna Road, Gurgaon – 122018, Haryana, India
Tel. No.:	91-124-4256145
Fax No.:	91-124-4256146

DIRECTORS

As on: 31.03.2012

Name :	Mr. Naresh Chandra Sharma
Designation :	Chairman – Non-Executive Independent Director
Qualification :	Postgraduate
Name :	Mr. Avinash Chandra Manchanda
Designation :	Managing Director
Qualification :	Bachelor’s degree in Technology and D.I.I.T from Indian Institution of Technology
Name :	Mr. Rahul Talwar
Designation :	Whole-time Director and CEO
Qualification :	B.E
Name :	Mr. Dali. E. Ilavia
Designation :	Non-Executive Independent Director
Qualification :	B.Com
Name :	Mr. Sumeet Narang
Designation :	Promoter Director
Name :	Mr. Gautam Gode
Designation :	Promoter Director
Qualification :	Graduate
Name :	Mr. Sanjay Bhargava
Designation :	Promoter Director
Qualification :	B.Tech
Name :	Mr. Ajit Kapadia
Designation :	Non-Executive Independent Director
Qualification :	B.Sc., M. Chem. Engineering, P.G. Business Management

KEY EXECUTIVES

Name :	Mr. Kapil Garg
Designation :	Manager
Name :	Mr. Mukesh Khanna
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	% of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	109846	0.72
Bodies Corporate	295390	1.93
Sub Total	405236	2.64
(2) Foreign
Bodies Corporate	5566700	36.33
Sub Total	5566700	36.33
Total shareholding of Promoter and Promoter Group (A)	5971936	38.97
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	956509	6.24
Sub Total	956509	6.24
(2) Non-Institutions
Bodies Corporate	1526738	9.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4043764	26.39
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2540011	16.57
Any Others (Specify)	285486	1.86
Clearing Members	123112	0.80
Non Resident Indians	162374	1.06
Sub Total	8395999	54.79
Total Public shareholding (B)	9352508	61.03
Total (A)+(B)	15324444	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	15324444	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

		Details of Shares held
Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
	Total	5971936	38.97

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

l. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Religare Finvest Limited	577635	3.77
2	Manju Gupta	528000	3.45
3	Narinderpal Gupta	520000	3.39
4	Albula Investment Fund Limited	350000	2.28
5	Yogesh Shashikumar Savadekar	282161	1.84
6	Elara India Opportunities Fund Limited	280000	1.83
7	Geomatrix (HK) Limited A/C Malabar India Fund Limited	326509	2.13
8	Alchemist Capital Limited	200000	1.31
9	Shaktiman Steel Castings Private Limited	183948	1.20
10	Ajay Upadhyaya	160000	1.04
	Total	3408253	22.24

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate
Directors or relatives of Directors
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in providing geophysical, drilling and well services to its customer.

GENERAL INFORMATION

Customers :

• ONGC
• Oil India Limited
• Jubilant Enpro
• Rites
• Premier OIL
• JTI

No. of Employees :

Information Denied By Management

Bankers :

• State Bank of India
• HDFC Bank Limited
• Ratnakar Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans
From banks	26.000	68.000
Loans repayable on demand from banks	132.348	0.000
Total	158.348	68.000
Note: Term Loan from State Bank of India was taken during the financial year 2010 -11 and carries interest 5% above State Bank of India base rate (effective interest rate 12.5% p.a.) maturing on 30th September, 2013. The loan is repayable in 30 monthly installments of Rs. 3.500 Millions for the first 25 installments and balance 5 installments of Rs. 4.500 Millions along with interest, from the date of loan. Term loans are secured by way of hypothecation of all fixed assets acquired out of the loan. The said loans are futher secured by way of equitable mortgage of office premise and shop situated at Baroda. Further, the loan has been guaranteed by the personal guarantee of the Managing Director of the Company. Cash Credit from Banks is secured by hypothecation of all chargeable current assets of the Company and pledge of TDR. Further, the loan has been guaranteed by the personal guarantee of the Managing Director of the Company. Cash Credit is repayable on demand and carries rate of interest of 12.5% p.a. Overdraft facility is secured against fixed deposits. Overdraft facility is repayable on demand and carries rate of interest of 11.5% p.a.

Banking Relations :	--
Auditors :
Name :	M/s.. Deloitte Haskins and Sells Chartered Accountant
Address :	Vadodara, Gujarat, India
Associates :	Nimit Finance Private Limited
Subsidiaries :	AOSL Petroleum Pte Limited Asian Offshore Private Limited

CAPITAL STRUCTURE

As on: 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15324444	Equity Shares	Rs.10/- each	Rs. 153.245 Millions

Movement of Share during the year

Particular	Number	Rs.
Shares outstanding at the beginning of the year	15,324,444	10.00
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	15,324,444	10.00

Shareholder holding more than 5% shares in the Company

Name of Shareholder	No. of Shares Held	% of Holding
Equity Share
Samara Capital Partners Fund I Limited	5566700	36%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		153.245	153.245	153.245
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		678.680	769.121	837.348
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		831.925	922.366	990.593
LOAN FUNDS
1] Secured Loans		158.348	68.000	0.066
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		158.348	68.000	0.066
DEFERRED TAX LIABILITIES		1.006	43.378	41.813
TOTAL		991.279	1033.744	1032.472
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		391.054	416.114	397.819
Capital work-in-progress		0.650	41.842	8.518
INVESTMENT		107.997	40.047	171.995
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.865	23.199	0.000
	Sundry Debtors	185.853	253.249	98.389
	Cash & Bank Balances	269.427	319.416	79.348
	Other Current Assets	74.572	41.456	30.668
	Loans & Advances	73.888	89.943	357.103
Total Current Assets		638.605	727.263	565.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.631	91.743	56.369
	Other Current Liabilities	68.282	94.448	53.392
	Provisions	3.114	5.331	1.607
Total Current Liabilities		147.027	191.522	111.368
Net Current Assets		491.578	535.741	454.140
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		991.279	1033.744	1032.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	414.328	641.328	185.575
		Other Income	43.725	30.674	8.703
		TOTAL (A)	458.053	672.002	194.278
Less	EXPENSES
		Employee benefits expense	110.773	106.507
		Other expenses	364.031	466.128	160.378
		Exceptional items	7.395	69.808
		TOTAL (B)	482.199	642.443	160.378
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(24.146)	29.559	33.900
Less	FINANCIAL EXPENSES (D)		23.435	9.968	3.156
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(47.581)	19.591	30.744
Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.149	86.267	35.658
	PROFIT BEFORE TAX (E-F) (G)		(132.730)	(66.676)	(4.914)
Less	TAX (H)		(42.289)	1.551
	PROFIT AFTER TAX (G-H) (I)		(90.441)	(68.227)	(8.681)
	EARNINGS IN FOREIGN CURRENCY
		Rental Income	2.982	0.000	0.000
	TOTAL EARNINGS		2.982	0.000	0.000
	IMPORTS
		Stores & Spares	5.886	11.408	0.799
		Capital Goods	37.988	78.771	155.142
	TOTAL IMPORTS		43.874	90.179	155.941
	Earnings Per Share (Rs.)		(5.90)	(4.45)	(0.72)

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	134.500	33.000	107.200
Total Expenditure	146.600	81.700	107.400
PBIDT (Excl OI)	(12.100)	(48.700)	(0.300)
Other Income	26.300	12.100	9.400
Operating Profit	14.200	(36.600)	9.100
Interest	7.200	5.600	8.700
Exceptional Items	000	000	000
PBDT	7.100	(42.200)	0.400
Depreciation	21.800	22.100	22.100
Profit Before Tax	(14.800)	(64.300)	(21.700)
Tax	000	(1.000)	0.100
Provisions and contingencies	000	000	000
Profit After Tax	(14.800)	(63.300)	(21.800)
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	(14.800)	(63.300)	(21.800)

\

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(19.75)	(10.15)	(4.47)
Net Profit Margin (PBT/Sales)	(%)	(32.04)	(10.39)	(2.65)
Return on Total Assets (PBT/Total Assets}	(%)	(12.89)	(5.83)	(0.51)
Return on Investment (ROI) (PBT/Networth)		0.16	0.07	0.01
Debt Equity Ratio (Total Debt /Networth)		0.19	0.07	0.00
Current Ratio (Current Asset/Current Liability)		4.34	3.79	5.08

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2020
Others	75.631	91.743	56.369
Total	75.631	91.743	56.369

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	Yes
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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

OUTLOOK

According to Business Monitor International (BMI)'s India Oil and Gas Report, India’s average oil and liquids production for 2012 is assumed by BMI to be 1.03 mn barrels per day (b/d). They are predicting 1.11mn b/d of peak production in 2015, which they expect will decline to 1.04 mn b/d by 2021. Given a forecast consumption of 4.95mn b/d, implied 2021 oil imports are put at 3.96 mn b/d. BMI’s demand outlook suggests consumption of an estimated 3.28 mn b/d in 2011 will rise steadily to 4.09 mn b/d by 2016.

MANAGEMENT DISCUSSION AND ANALYSIS

Global economy

The global environment turned adverse in September 2011, following the turmoil in the euro zone and doubts about the US economy provoked by rating agencies. Capital flows to developing countries declined by almost half in 2011. Europe appeared to have entered a recession, while growth in several major developing countries (Brazil, India, South Africa, Turkey and to a lesser extent Russia) slowed partly due to domestic policy tightening. Despite relatively strong activity in the US and Japan, global economic trade declined. Global GDP grew

3.9% in 2011 compared with 5.3% in 2010.

As per World Economic Outlook, global economic growth is expected to slow to 3.3% in 2012, largely because the euro area economy is expected to enter into a mild recession in 2012, owing to a rise in sovereign yields, bank de-leveraging and additional fiscal consolidation.

FUTURE OUTLOOK:

Over the past five years India’s economy has continued to grow at a moderate pace despite slowdown in major global economies. The Indian economy grew at a rate of 8.2% in the Eleventh Five Year

Plan fuelled by strong domestic demand, increased investment in infrastructure and strong capital inflows. However, in the past year the growth rate has tapered off. In FY 2011-12, the GDP grew at

6.9% as against 8.4% in FY 2010-11. High oil prices shaved off much of the nation’s GDP growth rate.More than half of India’s total export earnings went into buying petroleum, particularly, crude imports in 2011-12, thereby seriously impacting the country’s overall economy. For the past five years, the petroleum imports have been equivalent to almost 40 per cent of the total exports made by India in the past six years. For the year, 2011-12, the figure is at an astonishing high of 51.2 per cent. The crude oil imports have not increased only because of price increase in the last several years. In quantitative terms also, these imports have shown a rising trend. The quantity of petroleum imports has increased from 82 million tonnes in 2002-03 to 164 million tons in 2010-11. Simultaneously, the average price of crude oil has also been rising over the years barring 2009-10.

However, with the crude prices falling in the international market, the equation is expected to change in the on-going financial year of 2012-13.

In the long term, the growth story remains intact with India entering a phase of significant demographic divide, rising urbanization, growing consumerism and increasing infrastructure investment. Under the current scenario, the Twelfth Five Year Plan (2012-17) is being developed to support a growth of 8%. Assuming normal monsoons, robust industrial growth and resilient performance of the service sector, GDP in FY 2012-13 is expected to grow about 7%.

The growing demand for oil is expected to fuel investment by oil exploration companies resulting in business opportunities for companies in the seismic data acquisition processing and interpretation space.

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Outstanding balance on Bank Guarantees	182.786	143.033
Demand for Income Tax contested by the Company	16.289	14.871

FIXED ASSETS

• Freehold Land
• Building
• Oilfield Equipment
• Furniture and Fixture
• Office Equipments
• Vehicles
• Computer
• Vessels

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2012

(Rs in Millions)

	Quarter Ended		Year to date
Particular	31.12.2012	30.09.2012	31.12.2012
	(Unaudited)	(Unaudited)	(Unaudited)
Income from operation
a. Net Sales / Income from Operations	107.148	32.998'	274.651
Total Income from Operation	107.148	32.998	274.651
Expenses
Consumption of Raw Material/ Operational Expenditure	39.207	21.326	146.205
b. Employee benefits expense	35.119	27.568	93.403
c. Depreciation and amortization expense	22.062	22.087	65.983
d. Other expenditure	33.104	32.809	96.124
Total Expenses	129.491	103.790	401.714
Profit/(Loss) from Operations before Other Income, Finance costs and Exceptional Items	(22.343)	(70.792)	(127.063)
Other Income	9.370	12.141	47.839
Profit/(Loss) from ordinary activities before finance cost and Exceptional Items	(12.973)	(58.651)	(79.224)
Finance Costs	8.722	5.643	21.519
Profit/(Loss) from ordinary activities after finance costs but before exceptional items	(21.695)	(64.294)	(100.743)
Exceptional items	-	-	-
Profit/(Loss) from ordinary activity before tax	(21.695)	(64.294)	(100.743)
Tax Expense	0.084	(1.006)	(0.922)
Profit/(Loss) for the period	(21.779)	(63.288)	(99.821)
Paid-up Equity Share Capital (Face Value of Rs. 10/- each)	153.244	153.244	153.244
Reserves excluding Revaluation reserves as per balance sheet of the previous accounting year.
Earning/(Loss) Per Share (before extraordinary items)[not annualised] a) Basic EPS b) Diluted EPS	(1.42) (1.42)	(4.13) (4.13)	(6.51) (6.51)
Earning/(Loss) Per Share (after extraordinary items)[not annualised] a) Basic EPS b) Diluted EPS	(1.42) (1.42)	(4.13) (4.13)	(6.51) (6.51)

A PARTICULARS OF SHAREHOLDING	Quarter Ended		Year to date
	31.12.2012	30.09.2012	31.12.2012
1 Public Shareholding
No of Shares	9347898	9347898	9347898
Percentage of Share holding	61%	61%	61%
2 Promoters and promoter group Shareholding
a) Pledged/encumbered
- Number of share
- As a % of the total shareholding of promoter and promoter group
- As a % of the total share capital of the company
b) Non encumbered
- Number of share	5976546	5976546	5976546
- As a % of the total shareholding of promoter and ^ promoter group	100%	100%	100%
- As a % of the total share capital of the company/	39%	39%	39%

		3 months ended
B	INVESTORS COMPLAINTS	31.12.2012
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the enrj of quarter	Nil

Note:

• The above results for the period ended December 31, 2012, as reviewed by the Audit Committee, were considered and approved by the Board of Directors at their meeting held on February 7, 2013 and were subjected to "Limited Review" by Statutory Auditors
• As per clause 41 of the Listing Agreement, the Company has opted to publish quarterly unaudited standalone financial results and to publish consolidated results at the end of the year.
• The Company has only one reportable segment of providing oilfield related services.
• Previous quarters'/half year/year figures have been regrouped / reclassified wherever necessary to conform to current year presentation

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. 54.16
UK Pound	1	Rs. 83.88
Euro	1	Rs. 71.00

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.