MIRA INFORM REPORT

Report Date :

24.06.2014

IDENTIFICATION DETAILS

Name :	PARADIGM GEOPHYSICAL (INDIA) PRIVATE LIMITED
Registered Office :	Rupa Solitaire, Office No. 614, 6th Floor, B-Wing, Sector-1, Millenium Business Park, Mahape, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.2002
Com. Reg. No.:	11-138240
Capital Investment / Paid-up Capital :	Rs.0.400 Million
CIN No.: [Company Identification No.]	U72200MH2002PTC138240
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16277C
PAN No.: [Permanent Account No.]	AACCP8903C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a provider of enterprise software solutions to the global oil and natural gas exploration and production industry. The services rendered by the Company include Seismic data processing and imaging, visualization, interpretation, modeling, reservoir Characterization, petrophysical analysis, well planning and drilling.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has filed to file its financial record with government department for the year 2013. As per registrar of companies the date of balance sheet (i.e. financial files) shown as 31.03.2012 but the documents related to financial are not available from any source. As per previous financial record of 2011, the company has incurred huge accumulated losses which have eroded net worth of the company. Business is active. Payment terms are unknown. The company can be considered for business dealings on safe and secured trade terms and conditions.

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)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Manju Nath
Designation :	Accountant
Contact No.:	91-22-61940400
Date :	23.06.2014

LOCATIONS

Registered Office :	Rupa Solitaire, Office No. 614, 6th Floor, B-Wing, Sector-1, Millenium Business Park, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-61940400 / 66919300
Fax No.:	91-22-66910740
E-Mail :	mcanewco@gmail.com hemant.singh@pdgm.com khushboo.shah@nangia.com

DIRECTORS

As on 25.09.2013

Name :

Mr. Jonathan Lewis Keller

Designation :

Director

Address :

24 Greenberg Uri Street, Raanana, Israel, 43201

Date of Birth/Age :

09.08.1951

Date of Appointment :

26.05.2010

DIN No.:

03016155

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200MH2002PTC138240	PARADIGM GEOPHYSICAL (INDIA) PRIVATE LIMITED	Director	26/05/2010	15/04/2010	-	Active	NO

Name :

Cherieke Suzette Zunder Doek

Designation :

Director

Address :

1930 Hollys Way, Sugarland, Texas, United States 77479

Date of Birth/Age :

20.02.1957

Date of Appointment :

25.09.2013

DIN No.:

06559470

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200MH2002PTC138240	PARADIGM GEOPHYSICAL (INDIA) PRIVATE LIMITED	Director	25/09/2013	23/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manju Nath
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Paradigm B.V., Netherland	39999
Paradigm Geophysical Limited, Israel	1
Total	40000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a provider of enterprise software solutions to the global oil and natural gas exploration and production industry. The services rendered by the Company include Seismic data processing and imaging, visualization, interpretation, modeling, reservoir Characterization, petrophysical analysis, well planning and drilling.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
From financial institution (Secured against fixed assets)	0.000	3.054
Total	0.000	3.054

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66262600
Mobile No.:
Fax No.:	91-22-66262601
E-Mail :
PAN No.:	AAAFW4298E
Holding Company :	Paradigm B.V., Netherlands
Related Parties :	Paradigrn Limited, Cayman Islands Paradigm Geophysical Limited, Israel AGI Mexicans, S.A. de C.V, Mexico Paradigm France S.A., France Paradigm Geophysical (UK) Limited, United Kingdom Paradigm Geophysical Pty Limited, Australia Paradigm Geophysical Sdn Bhd, Malaysia Paradigm Geophysical S.A., Argentina Paradigm Geophysical Corp. Delaware , USA

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs.0.400 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(157.706)	(137.769)	(127.136)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		(157.306)	(137.369)	(126.736)
LOAN FUNDS
1] Secured Loans		0.000	3.054	9.419
2] Unsecured Loans		51.910	49.683	0.000
TOTAL BORROWING		51.910	52.737	9.419
DEFERRED TAX LIABILITIES		0.000	0.000	2.454
TOTAL		(105.396)	(84.632)	(114.863)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.263	0.000	58.314
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	21.712	0.000
	Sundry Debtors	0.830	9.046	2.509
	Cash & Bank Balances	13.963	16.030	13.145
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.662	26.116	25.358
Total Current Assets		42.455	72.904	41.012
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.560	18.965
	Other Current Liabilities	146.720	135.600	193.282
	Provisions	1.834	2.971	20.907
Total Current Liabilities		163.114	157.536	214.189
Net Current Assets		(120.659)	(84.632)	(173.177)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(105.396)	(84.632)	(114.863)

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
PROFIT/(LOSS) AFTER TAX	(19.937)	(137.769)	NA
Earnings Per Share (Rs.)	(499.33)	NA	NA

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Debt /Networth)	(0.33)	(0.38)	(0.07)
Current Ratio (Current Asset/Current Liability)	0.26	0.46	0.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.400	0.400	0.400
Reserves & Surplus	(127.136)	(137.769)	(157.706)
Net worth	(126.736)	(137.369)	(157.306)
long-term borrowings	9.419	3.054	0.000
Short term borrowings	0.000	49.683	51.910
Total borrowings	9.419	52.737	51.910
Debt/Equity ratio	(0.074)	(0.384)	(0.330)

LOCAL AGENCY FURTHER INFORMATION

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 two years	No
12]	Profitability for last two 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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Unsecured loans	51.910	49.683
Total

BACKGROUND

The Company, which is the subsidiary of Paradigm B.V. ('the Holding Company') is a provider of enterprise software solutions to the global oil and natural gas exploration and production industry. The services rendered by the Company include Seismic data processing and imaging, visualization, interpretation, modeling, reservoir

Characterization, petrophysical analysis, well planning and drilling.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.19
UK Pound	1	Rs.102.56
Euro	1	Rs.81.91

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.