MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	CAL DIVE INTERNATIONAL PTE. LIMITED
Formerly Known as :	CAL DIVE FAR EAST PTE. LIMITED
Registered Office :	80 Raffles Place, 26-01 Uob Plaza, 048624
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	27.06.2006
Com. Reg. No.:	200609392-G
Legal Form :	Private Limited Company
Line of Business :	engaged as a business support services activities & marine construction.  (We tried to confirm / obtain the detailed activity but the same is not available from any sources.)
No of Employees :	30 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ba

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 :	Exists

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200609392-G
COMPANY NAME	:	CAL DIVE INTERNATIONAL PTE. LIMITED
FORMER NAME	:	CAL DIVE FAR EAST PTE. LIMITED (06/11/2006)
INCORPORATION DATE	:	27/06/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80 RAFFLES PLACE, 26-01 UOB PLAZA, 048624, SINGAPORE.
BUSINESS ADDRESS	:	80 RAFFLES PLACE, #26-01 UOB PLAZA, 048624, SINGAPORE.
TEL.NO.	:	65-65325746
FAX.NO.	:	65-65327680
CONTACT PERSON	:	JONATHAN DAVID MINSHALL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	BUSINESS SUPPORT SERVICES ACTIVITIES & MARINE CONSTRUCTION
ISSUED AND PAID UP CAPITAL	:	100.00 ORDINARY SHARE, OF A VALUE OF SGD 100.00
SALES	:	USD 32,378,887 [2012]
NET WORTH	:	USD 33,626,387 [2012]
STAFF STRENGTH	:	30 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) business support services activities & marine construction.

The immediate holding company of the Subject is CAL DIVE OFFSHORE CONTRACTORS, INC., a company incorporated in UNITED STATES.

The ultimate holding company of the Subject is CAL DIVE INTERNATIONAL, INC., a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
07/07/2014	SGD 100.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CAL DIVE OFFSHORE CONTRACTORS, INC.	2500 CITYWEST BOULEVARD SUITE 2200, HOUSTON, TEXAS 77042, UNITED STATES.	T03UF0577	100.00	100.00
			---------------	------
			100.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	AUSTRALIA	CAL DIVE INTERNATIONAL AUSTRALIA PTY LTD	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JONATHAN DAVID MINSHALL
Address	:	26211 KINGSGATE LANE KATY, TEXAS 77494, UNITED STATES.
IC / PP No	:	761309924
Nationality	:	BRITISH
Date of Appointment	:	01/10/2012

DIRECTOR 2

Name Of Subject	:	SHANKER IYER
Address	:	20A, QUEEN ASTRID PARK, 26682, SINGAPORE.
IC / PP No	:	S2569873H
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/08/2013

DIRECTOR 3

Name Of Subject	:	JOHN ROGER ABADIE JR
Address	:	15715 KNAUFF RANCH, CYPRESS TX 77429, UNITED STATES.
IC / PP No	:	209827820
Nationality	:	AMERICAN
Date of Appointment	:	09/09/2011

DIRECTOR 4

Name Of Subject	:	LISA MANGET BUCHANAN
Address	:	14, GOLDEN THRUSH PLACE, THE WOODLANDS, TEXAS, 77381, UNITED STATES.
IC / PP No	:	220058918
Nationality	:	AMERICAN
Date of Appointment	:	25/03/2008

DIRECTOR 5

Name Of Subject	:	QUINN JOSEPH HEBERT
Address	:	4112 SWARTHMORE STREET, HOUSTON TEXAS, 77089, UNITED STATES.
IC / PP No	:	134331946
Nationality	:	AMERICAN
Date of Appointment	:	27/06/2006

MANAGEMENT

1)	Name of Subject	:	JONATHAN DAVID MINSHALL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHENG LIAN SIANG
	IC / PP No	:	S1519832Z
	Address	:	7, SIN MING WALK, 20-17, THE GARDENS AT BISHAN, 575577, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation. 

LEGAL ACTION
Code No	:	99	Case No	:	665
Year	:	2012	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	08/08/2012
Solicitor Ref	:	JP/2010103147/NA
Solicitor Firm	:	ASIALEGAL LLC
Plaintiff	:	GOVINDEN ARRON
Defendants	:	CAL DIVE INTERNATIONAL PTE. LIMITED (200609392)
Amount Claimed	:	495433.88
Remark	:	EMPLOYMENT

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's suppliers. 

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele. 

OPERATIONS

Services

:

BUSINESS SUPPORT SERVICES ACTIVITIES & MARINE CONSTRUCTION

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	30

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) business support services activities & marine construction. 

The staff from the registered office refused to disclose the Subject's operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65325746
Match	:	N/A
Address Provided by Client	:	C/O BLK 302, TOPS AVENUE, 3 01-01, 25 LOYANG CRESCENT MAIL BOX 5099 SINGAPORE 508988
Current Address	:	80 RAFFLES PLACE, #26-01 UOB PLAZA, 048624, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to verify the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	26.42%	]
Profit/(Loss) Before Tax	:	Decreased	[	73.57%	]
Return on Shareholder Funds	:	Unfavourable	[	4.60%	]
Return on Net Assets	:	Unfavourable	[	4.60%	]
The lower turnover could be due to the intense market competition.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	346 Days	]
Creditors Ratio	:	Favourable	[	53 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	3.77 Times	]
Current Ratio	:	Favourable	[	3.77 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2006, the Subject is a Private Limited company, focusing on business support services activities & marine construction. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Being a small company, the Subject's business operation is supported by 30 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject however is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 33,626,387, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

CAL DIVE INTERNATIONAL PTE. LIMITED

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	32,378,887	44,003,813
	----------------	----------------
Total Turnover	32,378,887	44,003,813
Costs of Goods Sold	(30,117,724)	(29,635,759)
	----------------	----------------
Gross Profit	2,261,163	14,368,054
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,545,646	5,847,441
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,545,646	5,847,441
Taxation	203	(1,200,000)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,545,849	4,647,441
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,769,376	(1,878,065)
	----------------	----------------
As restated	2,769,376	(1,878,065)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	4,315,225	2,769,376
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	4,315,225	2,769,376
	=============	=============

BALANCE SHEET

CAL DIVE INTERNATIONAL PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	2,736,893	10,609,091
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	2,416,915	2,416,915
Investments	66,667	-
Deposits	70,821	463,292
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,554,403	2,880,207
	----------------	----------------
TOTAL LONG TERM ASSETS	5,291,296	13,489,298
Trade debtors	30,650,121	18,023,143
Other debtors, deposits & prepayments	7,746,022	5,998,908
Cash & bank balances	164,437	112,178
Others	-	4,771,201
	----------------	----------------
TOTAL CURRENT ASSETS	38,560,580	28,905,430
	----------------	----------------
TOTAL ASSET	43,851,876	42,394,728
	=============	=============
CURRENT LIABILITIES
Trade creditors	4,383,368	2,149,799
Other creditors & accruals	1,838,578	4,548,544
Amounts owing to holding company	171,022	200,882
Amounts owing to subsidiary companies	999,147	583,178
Amounts owing to related companies	1,355,577	1,015,098
Provision for taxation	1,477,797	1,816,689
	----------------	----------------
TOTAL CURRENT LIABILITIES	10,225,489	10,314,190
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	28,335,091	18,591,240
	----------------	----------------
TOTAL NET ASSETS	33,626,387	32,080,538
	=============	=============
SHARE CAPITAL
Ordinary share capital	63	63
	----------------	----------------
TOTAL SHARE CAPITAL	63	63
Retained profit/(loss) carried forward	4,315,225	2,769,376
Others	29,311,099	29,311,099
	----------------	----------------
TOTAL RESERVES	33,626,324	32,080,475
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	33,626,387	32,080,538
	----------------	----------------
	33,626,387	32,080,538
	=============	=============

FINANCIAL RATIO

CAL DIVE INTERNATIONAL PTE. LIMITED

TYPES OF FUNDS
Cash	164,437	112,178
Net Liquid Funds	164,437	112,178
Net Liquid Assets	28,335,091	18,591,240
Net Current Assets/(Liabilities)	28,335,091	18,591,240
Net Tangible Assets	33,626,387	32,080,538
Net Monetary Assets	28,335,091	18,591,240
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	10,225,489	10,314,190
Total Assets	43,851,876	42,394,728
Net Assets	33,626,387	32,080,538
Net Assets Backing	33,626,387	32,080,538
Shareholders' Funds	33,626,387	32,080,538
Total Share Capital	63	63
Total Reserves	33,626,324	32,080,475
LIQUIDITY (Times)
Cash Ratio	0.02	0.01
Liquid Ratio	3.77	2.80
Current Ratio	3.77	2.80
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	346	149
Creditors Ratio	53	26
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.30	0.32
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	533,752.17	509,214.89
PERFORMANCE RATIO (%)
Operating Profit Margin	4.77	13.29
Net Profit Margin	4.77	10.56
Return On Net Assets	4.60	18.23
Return On Capital Employed	4.60	18.23
Return On Shareholders' Funds/Equity	4.60	14.49
Dividend Pay Out Ratio (Times)	0.00	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.