MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED
Registered Office :	Darabshaw House, Level 1, Narottam Morarji Road, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.1997
Com. Reg. No.:	11-106790
Capital Investment / Paid-up Capital :	Rs.1781.559 Millions
CIN No.: [Company Identification No.]	U45203MH1997PTC106790
TAN No.: [Tax Deduction & Collection Account No.]	MUMN05939D
PAN No.: [Permanent Account No.]	AABCN0185H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of developing, operating, marketing and managing container handling and unit loading/ unloading facilities at Jawaharlal Nehru Port.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 17000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Darabshaw House, Level 1, Narottam Morarji Road, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-22610570
Fax No.:	91-22-22621405
E-Mail :	aparna.chablani@dpworld.com alpesh.sharma@dpworld.com

DIRECTORS

(AS ON 20.09.2011)

Name :

Mr. Anil Satdev Singh

Designation :

Chairman cum Managing Director

Address :

Flat No.6, 5^th Floor, Hill Park AG Bell Road, Malabar Hill, Mumbai – 400006, Maharashtra India

Date of Birth/Age :

12.12.1954

Date of Appointment :

15.12.2009

DIN No.:

02728638

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Managing director	15/12/2009	1/7/2009	Active	NO
2	U63010MH2008PTC177942	HINDUSTAN PORTS PRIVATE LIMITED	Director	14/07/2009	1/7/2009	Active	NO
3	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	14/07/2009	1/7/2009	Active	NO
4	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Managing director	24/09/2009	1/7/2009	Active	NO
5	U45203MH2004PTC147309	DUBAI PORTS AND FREE ZONES INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	24/09/2009	1/7/2009	Active	NO
6	U74999MH2003PTC139913	P AND O INFORMATION SYSTEMS PRIVATE LIMITED	Director	24/09/2009	1/7/2009	Strike off	NO
7	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	16/12/2009	1/7/2009	Active	NO
8	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	1/7/2009	Active	NO
9	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Nominee director	27/07/2009	27/07/2009	Active	NO
10	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	24/09/2009	13/08/2009	Active	NO
11	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Director	29/09/2009	2/9/2009	Active	NO
12	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Director	28/06/2010	2/9/2009	Active	NO

Name :

Mr. Kevin James D Souza

Designation :

Director

Address :

1/3, Chokshi Mansion, Dr. B. Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

21.08.1960

Date of Appointment :

30.04.2008

DIN No.:

00175176

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH2003PTC139913	P AND O INFORMATION SYSTEMS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	Strike off	NO
2	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/04/2005	28/04/2005	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/03/2006	28/03/2006	Active	NO
4	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Director	6/7/2006	6/7/2006	Active	NO
5	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Director	28/09/2006	28/09/2006	Active	NO
6	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Director	30/09/2006	30/09/2006	Active	NO
7	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	4/1/2007	4/1/2007	Active	NO
8	U63010MH2008PTC177942	HINDUSTAN PORTS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	Active	NO
9	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	4/8/2010	27/03/2008	Active	NO

Name :

Mr. Devang Bhupendra Mankodi

Designation :

Director

Address :

7 Darpan Bhagat Singh Road, Juhu Vileparle, Juhu Vileparle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

08.09.1967

Date of Appointment :

30.04.2008

DIN No.:

00139006

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
2	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	9/3/2006	9/3/2006	-	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
4	U45203MH2004PTC147309	DUBAI PORTS AND FREE ZONES INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
5	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Alternate director	21/06/2011	13/12/2007	29/09/2011	Active	NO
6	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	17/07/2009	18/09/2008	-	Active	NO
7	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Active	NO
8	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Alternate director	2/9/2009	2/9/2009	4/12/2009	Active	NO
9	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Alternate director	2/9/2009	2/9/2009	4/12/2009	Active	NO
10	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	4/8/2010	27/11/2009	-	Active	NO

Name :

Mr. Anil Rajan Wats

Designation :

Director

Address :

Villa # 76 Street # 25C UMM Suqeim 1, United Arab Emirates, Dubai 1

Date of Birth/Age :

13.04.1957

Date of Appointment :

30.04.2008

DIN No.:

00888308

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	29/09/2010	26/06/2006	-	Active	NO
2	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	16/12/2009	27/06/2006	-	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	28/06/2006	-	Active	NO
4	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	27/09/2006	-	Active	NO
5	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Alternate director	30/09/2006	30/09/2006	2/5/2011	Active	NO

Name :

Mr. Ennarasu Karunesan

Designation :

Director

Address :

Block 1, 88 Rani Meyyammai Towers, MRC Nagar RA Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

27.07.1966

Date of Appointment :

22.07.2009

DIN No.:

0020432

Name :

Mr. Alpesh Abhay Sharma

Designation :

Director

Address :

401, Kohinoor-1, Opposite Millat Nagar, Oshiwara, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

30.05.1969

Date of Appointment :

23.06.2011

DIN No.:

03573036

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	20/09/2011	23/06/2011	Active	NO
2	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	21/09/2011	23/06/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Aparna Nakul Chablani
Designation :	Company Secretary
Address :	Plot No.10, 18-A, Khar – Danda, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	31.03.1968
Date of Appointment :	14.10.1999
DIN No.:	AADPJ2412J
Name :	Mr. Alpesh Sharma
Designation :	Chief Executive Officer
Email :	alpesh.sharma@dpworld.com
Name :	Mr. Daraius Dadachanji
Designation :	General Manager - Engineering Services
Email :	daraius.dadachanji@dpworld.com
Name :	Mr. Nazban Mehta
Designation :	General Manager - Operations
Email :	Nazban.Mehta@dpworld.com
Name :	Mr. Abhay Srivastav
Designation :	Manager - Operations
Email :	Abhay.Srivastav@dpworld.com
Name :	Mr. Pramod Gurjar
Designation :	General Manager - Finance
Email :	Pramod.Gurjar@dpworld.com
Name :	Mr. Sanjay Chitale
Designation :	General Manager - Information technology
Email :	Sanjay.Chitale@dpworld.com
Name :	Mr. Penny Thatheus
Designation :	Head –  QHSE & T
Email :	Penny.thatheus@dpworld.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 20.09.2011)

Names of Shareholders	No. of Shares
South Asia Ports Limited, Mauritius	178155916
Anil Satdev Singh	8
Total	178155924

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of developing, operating, marketing and managing container handling and unit loading/ unloading facilities at Jawaharlal Nehru Port.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Financial Institutions Secured	1800.000	975.000
Total	1800.000	975.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Foreign Currency Loan Unsecured	0.000	589.303
Working Capital Loans Banks Unsecured	12.344	0.000
Total	12.344	589.303

Banking Relations :	--
Financial Institution :	· Infrastructure Development Finance Company Limited KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamil Nadu, India · Infrastructure Development Finance Company Limited ITC Centre, 3rd Floor, 760, Anna Salai, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, Maharashtra, India
PAN No.:	AAIFB0630K
Holding Company :	· South Asia Ports Limited, Mauritius

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Share	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
178155924	Equity Share	Rs.10/- each	Rs.1781.559 Millions

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		1781.559	2094.249	1395.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2586.503	3137.160	4051.599
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4368.062	5231.409	5446.724
LOAN FUNDS
1] Secured Loans		1800.000	975.000	0.000
2] Unsecured Loans		12.344	589.303	1418.976
TOTAL BORROWING		1812.344	1564.303	1418.976
DEFERRED TAX LIABILITIES		706.616	741.044	912.097
TOTAL		6887.022	7536.756	7777.797
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4151.380	4808.811	5509.275
Capital work-in-progress		0.000	20.922	0.748
INVESTMENT		55.221	1530.200	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.390	69.739	83.132
	Sundry Debtors	102.229	123.485	160.433
	Cash & Bank Balances	2.622	22.324	3.858
	Other Current Assets	66.768	59.221	55.587
	Loans & Advances	3726.427	2123.347	2980.306
Total Current Assets		3975.436	2398.116	3283.316
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	313.490	322.858	290.829
	Other Current Liabilities	815.381	745.672	587.934
	Provisions	166.144	152.763	136.779
Total Current Liabilities		1295.015	1221.293	1015.542
Net Current Assets		2680.421	1176.823	2267.774
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6887.022	7536.756	7777.797

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	567.662	5279.067	5638.568
		Other Income	NA	327.239	172.395
		TOTAL	NA	5606.306	5810.963
Less	EXPENSES
		TOTAL	NA	4882.530	4846.351
	PROFIT BEFORE TAX		NA	723.776	964.612
Less	TAX		NA	(171.027)	(371.041)
	PROFIT AFTER TAX		384.289	894.803	1335.653
	EARNINGS IN FOREIGN CURRENCY		4999.140	4736.934	NA
	IMPORTS
		Stores & Spares	27.111	17.879	21.911
		Capital Goods	31.332	0.000	2.346
	TOTAL IMPORTS		58.443	17.879	24.257
	Earnings Per Share (Rs.)		1.94	5.26	5.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	15.96	22.99
Net Profit Margin (PBT/Sales)	(%)	NA	13.71	17.11
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.04	25.43
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.18
Debt Equity Ratio (Total Liability/Networth)		0.71	0.53	0.45
Current Ratio (Current Asset/Current Liability)		3.07	1.96	3.23

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

Subject was incorporated on 21 March 1997 under the companies Act, 1956.

Effective 3 July 1997, the company entered into a 30 year license agreement with Jawaharlal Nehru Port Trust (‘JNPT’) to engaged in the business of developing, operating, marketing and managing container handling and unit loading/ unloading facilities at Jawaharlal Nehru Port.

PERFORMANCE

Company has recorded revenue from operations of Rs.567.662 Millions and a profit after tax of Rs.384.289 Millions for 12 months period ended 31st, March, 2011 as against revenue of Rs.5279.067 Millions and profit after tax of Rs.894.803 Millions the previous period ended 31st, March 2010. The Balance in the Profit and Loss account of Rs. 1841.191 Millions is being carried forward to the next year.

Company has implemented various measures to meet the ever challenging business environment by improving operational performance through new initiatives like Optimized Berthing Window, various cost reduction Initiatives, 2 new twin lift spreaders have been installed and commissioned etc.

SHARE CAPITAL:

Paid up equity share capital of the Company stands to 178,155,924 equity shares of Rs.10 each aggregating to Rs.1781.559 MIllions from 209,424,924 equity shares of Rs.10 each aggregating to Rs.2094.249 Millions during the previous year, on account of buy back of 31,269,000 equity shares .

In order to enhance the shareholder value, Company implemented buy back of shares in November 2010. Company bought back 31,269,000 equity shares of Rs.10 each fully paid aggregating Rs.312.690 Millions at Rs. 39.90 which constitutes 14.93% of the total existing paid-up equity share capital of the Company out of the internal accruals and the free reserves of the Company. The total value of the buyback of Equity Shares was Rs 1247.633 Millions.

FUTURE PERSPECTIVE

Company expects that the EXIM Trade will further improve and this will boost the business prospects. Company is gearing up to meet new challenges and is continuously striving to improve efficiencies. Company is confident that it shall meet the targets it has set for itself.

FINANCE

During the period Company raised a long term loan of Rs.1000.000 Millions from IDFC for working capital purpose and Company has created a mortgage on its movable amp; non movable assets. Company parked short term surpluses with liquid mutual funds to maximize the return on inflows from operations. Company continued with the arrangement of pooling of funds to give loan to group companies and effectively earn interest on the entire funds lying in its account.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	(Rs. In millions)
- claims against the Company not acknowledged as debts	171.474	162.261
- dues of service tax disputed in appeal	25.999	25.999
- dues of income tax disputed in appeal	37.336	0.000
- guarantees issued in favour of Custom authorities by the bank on behalf of the Company in the capacity of custodian of the cargo	101.700	101.700
- performance and financial guarantees issued in favour of JNPT by the bank on behalf of the Company	1416.640	1334.840

FORM 8:

Corporate identity number of the company	U45203MH1997PTC106790
Name of the company	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Darabshaw House, Level 1 Narottam Morarji Road, Ballard Estate, Mumbai – 400038, Maharashtra, India Aparna.Chablani@dpworld.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Infrastructure Development Finance Company Limited KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India selvaraj@idfc.com
Nature of instrument creating charge	Indenture of Mortgage dated December 8,2010 creating Mortgage on all the Assets as given in Schedule I thereto in favour of IDFC and shall be subject to prior charge of the Board of Trustees of Jawarlal Nehru Port Trust (JNPT).
Date of instrument Creating the charge	08.12.2010
Amount secured by the charge	Rs.1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: 2% p.a above the Benchmark Rate prevailing on the date of each disbursement. Terms of Repayment: Repayable as per the amortisation schedule 7 of the Term Loan Facility Agreement dated May 3, 2010 between IDFC and the Company. Margin: 1.75 times of the loan amount as set out in the Term Loan Facility Agreement dated May 3, 2010 between IDFC and the Company. Extent and operation of the charge: The fixed Charge subject to prior charge of the Board of Jawaharlal Nehru Port Trust (JNPT) operates as security for the due repayment of the IDFC's Loan of Rs.1000.000 Millions together with interest, additional interest, liquidated damages, premia on pre repayment, costs charges, expenses and all other monies payable by the Company to IDFC in terms of the Term Loan Facility Agreement dated May 3, 2010 between IDFC and the Company.
Particulars of the property charged	Property specified in Schedule 1 to Indenture of Mortgage dt 8/12/2010 at Nhava Sheva International Container Terminal Private Limited, Operations Centre, Sheva, Navi Mumbai - 7.

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipment

· Computers

· Vehicles

WEBSITE DETAILS:

Subject was set up in 1997 and is India's first private-public partnership in the ports sector. One can proudly say that the colossal change that company brought about to Indian shipping has been a strong propeller for the Container trade growth, India has experienced ever since. While company commenced operations long ago, it has never lost its importance to the shipping fraternity, and today still retains its position as India's preferred container gateway long after competition has set in.

Subject is managed under a 30 year Build-Operate-Transfer agreement set up with the Jawaharlal Nehru Port Trust (JNPT) of the Government of India. This Terminal which operates with state-of-the art infrastructure and provides world-class service is certified for ISO 9001, ISO 14001, OHSAS 18001 and ISO 27001 management systems. It's motto: “To give their Customers, the service they demand and deserve” is strictly undertaken so that every Customer-servicing initiative, results in 'Customer-Delight', which is manifested in the long association that company has had with its Customers. In December 2008, DP World Nhava Sheva became the first ISO 28000 security certified marine terminal in India, and again proved itself to be a truly world class container terminal setting the standard for all other terminals in India to follow.

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 records 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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.