MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	WEATHERFORD PRODUCTS GMBH

Registered Office :	Office No. 8, Building B, 2^nd Floor, Techno Park, Jebel Ali Free Zone, P O Box: 17803, Dubai

Country :	United Arab Emirates

Date of Incorporation :	13.09.2014

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Distributors of oil and gas field tools and machinery and well drilling equipment

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Company

Payment Behaviour :	Unknown

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Arab Emirates

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

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

Company Name : WEATHERFORD PRODUCTS GMBH

Country of Origin : Germany

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 13^th September 2014

Trade Licence Number : 144519

Total Workforce : 5

Activities : Distributors of oil and gas field tools and machinery and well drilling

equipment

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

WEATHERFORD PRODUCTS GMBH

ADDRESS

Registered & Physical Address

Building : Office No. 8, Building B, 2^nd Floor

Area : Techno Park, Jebel Ali Free Zone

PO Box : 17803

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3125000

Facsimile : (971-4) 3409944

Email : wotme@me.weatherford.com

Premises

Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

KEY PRINCIPALS

Name Position

· Mohamed Dadhiwali General Manager

LEGAL FORM & OWNERS

Date of Establishment : 13^th September 2014

Legal Form : Subject is the United Arab Emirates registered branch of Weatherford Products GmbH, a

Limited Liability Company incorporated in Germany.

Weatherford Products GmbH in the United Arab Emirates, operates as a Branch of a

Foreign Registered Corporation.

A Branch of a Foreign Registered Corporation is not a legal entity in its own

right. Responsibility for payments lays in the hands of the company where it is

originally registered.

Under these circumstances, we strongly advise that any international trade

credit should only be written under the name of the main company where the

subject holds its registered office, in this case Germany.

Trade Licence No. : 144519 (Expires 14/09/2015)

OPERATIONS

Activities: Engaged in the import and distribution of oil and gas field tools and machinery and well drilling equipment.

Import Countries: Europe and the Far East.

Subject has a workforce of 5 employees.

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

BANKERS

· Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.