MIRA INFORM REPORT

Report No. :	314202
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	AKER POWERGAS PRIVATE LIMITED (w.e.f. 07.05.2008)
Formerly Known As :	AKER KVAERNER POWERGAS PRIVATE LIMITED
Registered Office :	Powergas House I Think Techno Campus, Kanjur Village, Taluka Kurla Kanjurmarg (East), Mumbai – 400042, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	17.01.1973
Com. Reg. No.:	11-016253
Capital Investment / Paid-up Capital :	Rs. 2.350 Million
CIN No.: [Company Identification No.]	U74210MH1973TC016253
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA25994D
PAN No.: [Permanent Account No.]	AAACD1981E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing engineering consultancy services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Aker Group worldwide. It is a well established company having satisfactory track. Trade relation are reported as fair. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

LOCATIONS

Registered Office :	Powergas House I Think Techno Campus, Kanjur Village, Taluka Kurla Kanjurmarg (East), Mumbai – 400042, Maharashtra, India
Tel. No.:	91-22-66915901
Fax No.:	91-22-66915937 / 34
E-Mail :	contact.apg@akersolutions.com
Website :	http://www.akersolutions.com
Branch Office :	Powergas House, Baner Survey No.75/213, Baner Road, Taluka Haveli, Pune – 411 045, Maharashtra, India
Tel No :	91-20-27290226
Fax No.:	91-20-27290825

DIRECTORS

AS ON 24.06.2014

Name :

Mr. Sanjay Vithalrao Joshi

Designation :

Managing Director

Address :

405, Santoor, Lokpuram, Thane – 400610, Maharashtra, India

Date of Birth/Age :

20.04.1959

Date of Appointment :

05.04.2010

DIN No. :

01656787

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	U74210MH1973PTC016253	Aker Powergas Private Limited	Managing director	05/04/2010	01/09/2007	-	Active	NO
2	U74990MH2010PTC210736	AKER POWERGAS SUBSEA PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO

Name :

Mr. Valborg Lundegaard

Designation :

Director

Address :

Hestehagen 18, 1394 Nesbru, Norway

Date of Birth/Age :

08.05.1960

Date of Appointment :

19.12.2011

DIN No. :

02589211

Name :

Mr. Henning Ostvig

Designation :

Nominee Director

Address :

Seterhoyveien 18E, 1176 Oslo, Norway

Date of Birth/Age :

03.09.1961

Date of Appointment :

09.12.2009

DIN No. :

02845817

Name :

Mr. Siv Grethe Hansen

Designation :

Director

Address :

Per Spelemannsvei 3, 4019 Stavanger, Stavanger , Norway

Date of Birth/Age :

16.04.1963

Date of Appointment :

19.06.2012

DIN No. :

05183403

Name :

Mr. Tarje Steingrimsen

Designation :

Director

Address :

Nygardskogen 29, 3408, Tranby, Norway

Date of Birth/Age :

07.08.1957

Date of Appointment :

19.06.2012

DIN No. :

05203506

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	U74210MH1973PTC016253	Aker Powergas Private Limited	Director	19/06/2012	22/03/2012	-	Active	NO
2	U74990MH2010PTC210736	AKER POWERGAS SUBSEA PRIVATE LIMITED	Director	19/06/2013	19/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Smriti Rekha Vijay
Designation :	Company secretary
Address :	A – 1001, Lakeside, Raheja Vihar, Powai, Mumbai – 400072, Maharashtra India
Date of Birth/Age :	06.05.1959
Date of Appointment :	01.05.2010
PAN No.:	AABPS3383H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Aker Solutions (Mauritius) Limited, Mauritius	160066	68.11
Trustees – DGP Staff Education Benefit Trust, India	16466	7.01
Trustees – DGP Staff General Benefit Trust, India	16932	7.21
Trustees – DGP Staff Medical Benefit Trust, India	16470	7.01
Trustees – DGP Staff Recreation Benefit Trust, India	17066	7.26
Devi Menon	8000	3.40
Total	235000	100.00

As on 24.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	68.11
Other top fifty shareholders	31.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing engineering consultancy services.

Products / Services :

Item Code No. (ITC Code)	Product / Services Description
99833290	Engineering Services for other projects n.e.c.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	90, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excellus, 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Ultimate holding company	Aker Solutions ASA, Norway
Holding company :	Aker Solutions (Mauritius) Limited, Mauritius
Subsidiary company	Aker Powergas Subsea Private Limited, India
Fellow subsidiaries :	Aker Business Services AS, Norway Aker Engineering and Technology AS, Norway Aker Subsea AS, Norway Aker Business Services Limited, UK Aker Subsea Limited, UK Aker Solutions AS, Norway Aker Solutions Asia Pacific Sdn Bhd, Malaysia Aker Engineering International SDN BHD, Malaysia "Aker Solutions Drilling Technologies (India) Private Limited, India (Formerly known as Aker MH (India) Private Limited)" Aker Process Systems, AS, Norway Aker Process Systems, SAS, France Aker Process Systems, Norway Aker Process Systems PTY Limited, Australia Aker Solutions Do Brazil Ltda, Brazil Aker Egersund, AS, Norway Aker Solutions MMO, AS, Norway (Formerly known as Aker Offshore Partner AS, Norway) Aker Engineering Malaysia Sdn Bhd, Malaysia Aker Clean Carbon As, Norway Aker Process System, Canada Aker Installation FP AS, Norway Aker MH FZE, UAE
Associates :	Xytel India Private Limited

CAPITAL STRUCTURE

As on 24.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
235000	Equity Shares	Rs.10/- each	Rs. 2.350 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.350	2.350	2.350
(b) Reserves & Surplus	4839.001	4474.833	4325.955
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4841.351	4477.183	4328.305
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	141.506	140.537	201.144
(c) Other long term liabilities	10.000	10.000	10.000
(d) long-term provisions	122.116	150.178	196.166
Total Non-current Liabilities (3)	273.622	300.715	407.310
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	112.377	114.425	136.385
(c) Other current liabilities	583.368	764.164	906.879
(d) Short-term provisions	114.805	150.541	37.777
Total Current Liabilities (4)	810.550	1029.130	1081.041
TOTAL	5925.523	5807.028	5816.656
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2008.446	2081.510	2160.972
(ii) Intangible Assets	110.980	87.169	96.227
(iii) Capital work-in-progress	236.002	124.454	12.816
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.225	0.225	5.225
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	224.404	170.105	119.461
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2580.057	2463.463	2394.701
(2) Current assets
(a) Current investments	1475.622	1715.979	1694.332
(b) Inventories	0.000	0.000	66.331
(c) Trade receivables	753.873	648.593	879.423
(d) Cash and cash equivalents	499.540	263.695	149.780
(e) Short-term loans and advances	85.837	44.804	63.336
(f) Other current assets	530.594	670.494	568.753
Total Current Assets	3345.466	3343.565	3421.955
TOTAL	5925.523	5807.028	5816.656

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	2836.000	3196.000	3640.000
	Profit on Sale of Fixed Assets	0.000	56.000	1.000
	Other Income	300.000	205.000	311.000
	TOTAL	3136.000	3457.000	3952.000
Less	TOTAL EXPENSES	2736.000	3101.000	2599.000
	PROFIT/ (LOSS) BEFORE TAX	400.000	356.000	1353.000
Less	TAX	45.000	119.000	332.000
	PROFIT/ (LOSS) AFTER TAX	355.000	237.000	1021.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3893.000	3872.000	3336.000
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	24.000	102.000
	1st Interim Dividend	0.000	0.000	165.000
	Dividend	0.000	165.000	165.000
	Dividend Tax	0.000	27.000	53.000
	Total	0.000	216.000	485.000
	Balance Carried to the B/S	4248.000	3893.000	3872.000
	Earnings / (Loss) Per Share (Rs.)	1510.64	1008.51	4344.68

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT / Sales)	(%)	12.52	7.42	28.05
Operating Profit Margin (PBDIT/Sales)	(%)	14.10	11.14	37.17
Return on Total Assets (PBT/Total Assets}	(%)	7.03	6.27	23.33
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.31
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.13	3.25	3.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.350	2.350	2.350
Reserves & Surplus	4325.955	4474.833	4839.001
Net worth	4328.305	4477.183	4841.351
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3640.000	3196.000	2836.000
		(12.198)	(11.264)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3640.000	3196.000	2836.000
Profit	1021.000	237.000	355.000
	28.05%	7.42%	12.52%

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	No
10]	Designation of contact person	No
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	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	No
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	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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80012205	07/07/2010 *	660,000,000.00	Standard Chartered Bank	90, M G Road,, Fort, Mumbai, Maharashtra - 400001, INDIA	B14829279

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Residential building
• Office building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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 records 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. 62.63
UK Pound	1	Rs. 92.94
Euro	1	Rs. 68.06

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		51

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.