MIRA INFORM REPORT

Report Date :

19.01.2012

IDENTIFICATION DETAILS

Name :	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED
Registered Office :	Ramon House, 169, H.T. Parekh Marg, Backbay Reclamation, Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.2000
Com. Reg. No.:	11-128245
Capital Investment / Paid-up Capital :	Rs.19948.801 Millions
CIN No.: [Company Identification No.]	U99999MH2000PLC128245
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05080F
PAN No.: [Permanent Account No.]	AAACH8755L
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Providing Legal and Financial Services and Insurance Services
No. of Employees :	13000 Approximately ( In Corporate Office – 200 and all over Branches)

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 89000000
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is one of India’s Leading Private Insurance Companies, which offers insurance solutions to individuals and group. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and a group company of Standard Life PLC, UK. It is a well established company having moderate track. Profitability of the company is under pressure. There appears huge accumulated losses. However trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong promoters, 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.

INFORMATION DECLINED BY

Management Non Co-Operative.

LOCATIONS

Registered Office :	Ramon House, 169, H.T. Parekh Marg, Backbay Reclamation, Backbay Reclamation, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-67516680/ 67516666
Fax No.:	91-22-67517680/ 67516333
E-Mail :	swami@hdfcinsurance.com prakashv@hdfcinsurance.com ajuvle@hdfclife.com vibha@hdfclife.com aktchari@idfc.com divid_nish@standardlife.com nathan_parnaby@standardlife.com
Website :	www.hdfcinsurance.com http://www.hdfclife.com
Location :	Owned
Corporate Office 1:	2^nd Floor, ‘A’ Wing, Trade Star Building, Junction of Kondivita and M.V. Road, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28220055/ 67516666
Fax No.:	91-22-28229998/ 26222414
E-Mail :	response@hdfcinsurance.com
Website :	www.hdfcinsurance.com
Location :	Owned
Corporate Office 2:	12^th and 13^th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel No.:	91-22-67516666
Fax No.:	91-22-67516333
E-Mail :	response@hdfclife.com
Website :	http://www.hdfclife.com
Branch Office :	Located at : · Delhi · Kolkata · Mumbai · Bangalore · Cochin · Trivandrum

DIRECTORS

(AS ON 09.08.2011)

Name :

Mr. Gautam Ramanlal Divan

Designation :

Director

Address :

95C, Kalewar Mansion, 22, Babulnatha Road, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

22.07.1940

Date of Appointment :

03.02.2004

DIN No.:

00001176

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	L26921GJ1985PLC008196	BELL CERAMICS LIMITED	Director	28/05/1992	28/05/1992	30/03/2008	Active	NO
2	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Director	17/02/1998	17/02/1998	14/01/2008	Active	NO
3	U67120MH1984PTC033147	BALTIC CONSULTANCY AND SERVICES PRIVATE LIMITED	Director	29/03/1999	29/03/1999	-	Active	NO
4	U67120MH1982PTC028713	SERENDIB INVESTMENTS PRIVATE LIMITED	Director	5/5/1999	5/5/1999	-	Active	NO
5	U74140GJ2000PTC038483	CHADABHOY AND JASSOOBHOY CONSULTANTS PRIVATE LIMITED	Director	4/8/2000	4/8/2000	-	Active	NO
6	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	3/2/2004	3/2/2004	-	Active	NO
7	U55101MH2005PTC154475	ASCENT HOTELS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	10/2/2009	Active	NO
8	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	17/10/2006	17/10/2006	22/07/2010	Active	NO
9	L29150MH1946PLC004729	BRADY AND MORRIS ENGINEERING COMPANY LIMITED	Director	28/07/2007	28/07/2007	-	Active	NO
10	L55101DL1980PLC011037	ASIAN HOTELS (NORTH) LIMITED	Director	19/03/2010	12/2/2010	-	Active	NO

Name :

Mr. Ranjan K. Pant

Designation :

Director

Address :

1Portion – B, 10-A, Kasturba Gandhi Marg, New Delhi – 110001, India

Date of Birth/Age :

29.06.1959

Date of Appointment :

03.05.2004

DIN No.:

00005410

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	U74140MH1996PTC099483	DSP BLACKROCK INVESTMENT MANAGERS PRIVATE LIMITED	Director	25/06/2002	25/06/2002	-	Active	NO
2	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	3/5/2004	3/5/2004	-	Active	NO
3	U74140DL2005PTC138210	I S R PROJECTS PRIVATE LIMITED	Director	1/7/2005	1/7/2005	-	Active	NO
4	U74140DL2005PTC139818	RKO CONSULTANTS PRIVATE LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
5	L52190DL2005PLC181536	STORE ONE RETAIL INDIA LIMITED	Director	11/8/2006	8/6/2006	23/12/2007	Active	NO
6	U65923DL2006PTC151431	PERSEUS INDIA ADVISORS PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Active	YES
7	U74140DL2005PTC139290	S P V PROJECT CONSULTANTS PRIVATE LIMITED	Director	12/6/2007	12/6/2007	-	Active	NO
8	L18101KA2004PLC033475	GOKALDAS EXPORTS LIMITED	Additional director	31/10/2008	31/10/2008	5/5/2009	Active	NO
9	U74990MH2010PTC207854	MAHINDRA EPC SERVICES PRIVATE LIMITED	Director	23/09/2011	5/10/2010	-	Active	NO
10	U31900GJ2011PLC064420	SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED	Additional director	16/12/2011	16/12/2011	-	Active	NO

Name :

Mrs. Renu Sud Karnad

Designation :

Director

Address :

BB 14, Greater Kailash Enclave II, New Delhi – 110 048, India

Date of Birth/Age :

03.09.1952

Date of Appointment :

25.01.2006

DIN No.:

00008064

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	U74899DL1990PTC040630	FEEDBACK INFRASTRUCTURE SERVICES PRIVATE LIMITED	Nominee director	30/03/1998	30/03/1998	-	Active	NO
2	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Managing director	1/1/2010	3/5/2000	-	Active	NO
3	U74140MH2000PLC124897	HDFC REALTY LIMITED	Nominee director	27/06/2000	27/06/2000	13/05/2009	Active	NO
4	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11/7/2000	11/7/2000	-	Active	NO
5	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
6	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Director	20/02/2001	20/02/2001	-	Active	NO
7	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	8/2/2002	8/2/2002	-	Active	NO
8	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	6/7/2011	17/07/2002	-	Active	NO
9	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	22/10/2002	22/10/2002	7/1/2010	Active	NO
10	L24292WB1954PLC021516	AKZO NOBEL INDIA LIMITED	Director	1/8/2003	1/8/2003	-	Active	NO
11	U99999MH2000PTC129112	INTELENET GLOBAL SERVICES PRIVATE LIMITED	Director	21/07/2004	21/07/2004	19/09/2007	Active	NO
12	U65920MH2004PTC144182	HDFC SALES PRIVATE LIMITED	Nominee director	8/9/2004	8/9/2004	-	Active	NO
13	U65991MH2004PLC149330	HDFC VENTURE CAPITAL LIMITED	Director	21/02/2005	21/02/2005	10/10/2011	Active	NO
14	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
15	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	25/01/2006	25/01/2006	-	Active	NO
16	U72900MH2005PLC157255	SPARSH BPO SERVICES LIMITED	Director	9/2/2006	9/2/2006	7/7/2011	Active	NO
17	U74140MH2006PLC165539	HDFC PROPERTY VENTURES LIMITED	Nominee director	14/11/2006	14/11/2006	-	Active	NO
18	L85110KA1951PLC000761	BOSCH LIMITED	Director	7/6/2007	1/4/2007	-	Active	NO
19	U67120DL1996PTC080556	G4S CORPORATE SERVICES (INDIA) PRIVATE LIMITED	Director	30/09/2009	13/11/2008	-	Active	NO
20	U45202KA2008PTC047156	VALUE AND BUDGET HOUSING CORPORATION PRIVATE LIMITED	Nominee director	17/09/2010	27/11/2009	-	Active	NO
21	U93090MH2010NPL208544	BHAVISHYA ALLIANCE CHILD NUTRITION INITIATIVES	Director	3/10/2010	3/10/2010	-	Active	NO
22	U65990MH2006PTC159411	CREDILA FINANCIAL SERVICES PRIVATE LIMITED.	Nominee director	20/10/2010	20/10/2010	-	Active	NO
23	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED.	Director	30/07/2011	18/04/2011	10/10/2011	Active	NO
24	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	17/08/2011	17/08/2011	-	Active	NO
25	L55101WB1949PLC017981	EIH LIMITED	Additional director	31/10/2011	31/10/2011	-	Active	NO
26	U80301MH2011PTC224035	HDFC EDUCATION AND DEVELOPMENT SERVICES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO

Name :

Mr. Keki Minoo Mistry

Designation :

Director

Address :

Flat No.0702/703, Hasmukh Mansion, 14 Road, Junction, Khar (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

07.11.1954

Date of Appointment :

20.12.2000

DIN No.:

00008886

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	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Managing director	14/11/2010	1/2/1993	-	Active	NO
2	U45200MH1981PLC023708	HDFC DEVELOPERS LIMITED	Director	14/03/1996	14/03/1996	15/07/2010	Active	NO
3	U65991MH1999PLC123026	HDFC TRUSTEE COMPANY LIMITED	Director	8/6/2000	8/6/2000	18/12/2007	Active	NO
4	U67190MH2000PTC123712	INDIA VALUE FUND ADVISORS PRIVATE LIMITED	Director	18/07/2000	18/07/2000	-	Active	NO
5	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
6	U99999MH2000PTC129112	INTELENET GLOBAL SERVICES PRIVATE LIMITED	Director	1/9/2009	11/10/2000	7/7/2011	Active	NO
7	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	12/12/2000	12/12/2000	-	Active	NO
8	U65990MH1988GAP047081	ASSOCIATION OF LEASING AND FINANCIAL SERVICES COMPANIES	Director	10/1/2001	10/1/2001	1/8/2011	Active	NO
9	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	14/02/2002	14/02/2002	-	Active	NO
10	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
11	L55101TN1996PLC036595	MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED	Director	7/2/2003	7/2/2003	26/03/2007	Active	NO
12	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	14/03/2003	14/03/2003	-	Active	NO
13	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	27/03/2003	27/03/2003	26/03/2011	Active	NO
14	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
15	U65990MH1987PLC044571	INFRASTRUCTURE LEASING AND FINANCIAL SERVICES LIMITED	Nominee director	23/11/2006	23/11/2006	-	Active	NO
16	U74140MH2006PTC164125	IVF ADVISORS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	27/02/2008	Active	NO
17	U63090MH2002PLC136326	GREATSHIP (INDIA) LIMITED	Director	25/06/2008	4/12/2007	-	Active	NO
18	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	2/7/2008	24/12/2007	-	Active	NO
19	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	8/9/2009	1/9/2008	-	Active	NO
20	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Director	31/07/2010	28/01/2010	-	Active	NO
21	U67120MH2005PLC155188	BSE LIMITED	Director	29/06/2011	22/06/2010	-	Active	NO

Name :

Mr. Deepak Shantilal Parekh

Designation :

Director

Address :

9/B Darbhanga Mansion, 12 Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

18.10.1944

Date of Appointment :

17.08.2000

DIN No.:

00009078

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	L24100MH1963PLC012706	BORAX MORARJI LIMITED	Alternate director	21/01/2010	29/08/1983	-	Active	NO
2	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	14/07/2010	1/3/1985	-	Active	NO
3	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	13/04/1990	13/04/1990	-	Active	NO
4	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Director	29/08/1990	29/08/1990	-	Active	NO
5	L24239MH1924PLC001151	GLAXOSMITHKLINE PHARMACEUTICALS LIMITED	Director	28/09/1994	28/09/1994	-	Active	NO
6	L31300MH1946PLC005017	BHARAT BIJLEE LIMITED	Alternate director	22/03/1995	22/03/1995	-	Active	NO
7	L11100GJ1996PLC029880	HINDUSTAN OIL EXPLORATION COMPANY LIMITED	Director	6/10/1996	6/10/1996	-	Active	NO
8	L65191TN1997PLC037415	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	Director	30/01/1997	30/01/1997	-	Active	NO
9	L23200MH1979PLC021359	CASTROL INDIA LIMITED	Director	1/4/1997	1/4/1997	20/12/2011	Active	NO
10	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Director	16/05/1997	16/05/1997	-	Active	NO
11	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	21/12/1998	21/12/1998	-	Active	NO
12	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	25/11/1999	25/11/1999	-	Active	NO
13	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	9/5/2000	9/5/2000	-	Active	NO
14	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	1/6/2000	1/6/2000	-	Active	NO
15	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	17/08/2000	17/08/2000	-	Active	NO
16	L31402WB1947PLC014919	EXIDE INDUSTRIES LIMITED	Alternate director	27/08/2009	20/01/2001	-	Active	NO
17	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	14/02/2002	14/02/2002	-	Active	NO
18	L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	Alternate director	28/01/2010	30/09/2003	-	Active	NO
19	L28920MH1957PLC010839	SIEMENS LIMITED	Director	7/11/2003	7/11/2003	-	Active	NO
20	L85110KA1951PLC000761	BOSCH LIMITED	Director	1/1/2004	1/1/2004	31/03/2007	Active	NO
21	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	1/7/2005	1/7/2005	18/08/2011	Active	NO
22	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	30/08/2006	30/08/2006	-	Active	NO
23	U74990MH2008NPL189117	INDIAN INSTITUTE FOR HUMAN SETTLEMENTS	Director	23/12/2008	23/12/2008	-	Active	NO
24	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LIMITED	Director	11/1/2009	11/1/2009	17/07/2009	Active	NO

Name :

Mr. Ravi Dharam Narain

Designation :

Director

Address :

602 Neat House, 766, College Galli, Dadar (West), Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

19.08.1955

Date of Appointment :

28.04.2005

DIN No.:

00062596

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	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LIMITED	Managing director	1/4/2010	15/04/1994	Active	NO
2	U67120MH1995PLC092283	NATIONAL SECURITIES CLEARING CORPORATION LIMITED	Managing director	14/11/2010	31/08/1995	Active	NO
3	U67120MH1995PLC095642	NATIONAL SECURITIES DEPOSITORY LIMITED	Director	27/12/1995	27/12/1995	Active	NO
4	U73100MH1998PLC114976	INDIA INDEX SERVICES AND PRODUCTS LIMITED	Director	18/05/1998	18/05/1998	Active	NO
5	U72200MH1999PLC122456	NSE IT LIMITED	Director	29/10/1999	29/10/1999	Active	NO
6	U72900MH2000PLC126952	DOTEX INTERNATIONAL LIMITED	Director	2/6/2000	2/6/2000	Active	NO
7	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	29/04/2003	29/04/2003	Active	NO
8	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	28/04/2005	28/04/2005	Active	NO
9	U72900MH2006PLC163468	NSE INFOTECH SERVICES LIMITED	Director	2/8/2006	2/8/2006	Active	NO
10	U74992MH2006PLC163550	NATIONAL COMMODITY CLEARING LIMITED	Director	4/8/2006	4/8/2006	Active	NO
11	U74900MH2008PLC179152	POWER EXCHANGE INDIA LIMITED	Director	20/02/2008	20/02/2008	Active	NO
12	U66020MH2007GOI176785	UTI RETIREMENT SOLUTIONS LIMITED	Director	8/6/2009	11/4/2008	Active	NO
13	U72400MH2004PLC147094	NSDL DATABASE MANAGEMENT LIMITED	Director	9/6/2009	12/2/2009	Active	NO

Name :

Mr. Norman Keith Skeoch

Designation :

Director

Address :

19 Lennox Street, Edinburgh, EH41PY, United Kingdom

Date of Birth/Age :

05.11.1956

Date of Appointment :

02.11.2005

DIN No.:

00165850

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	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	26/10/2005	26/10/2005	Active	NO
2	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	2/11/2005	2/11/2005	Active	NO

Name :

Mr. Amitabh Omsingh Chudhary

Designation :

Managing Director and Chief Executive Officer

Address :

Flat 4301 , 43^rd Floor, Tower III, Electra Planet Godrej, Near Jacob Circle, Saat Rasta, Mahalaxmi East, Mumbai- 400011, Maharashtra, India

Date of Birth/Age :

02.07.1964

Date of Appointment :

18.01.2010

DIN No.:

00531120

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	U72200KA2002PLC030310	INFOSYS BPO LIMITED	Managing director	2/3/2006	2/3/2006	16/01/2010	Active	NO
2	U74990TN2007PTC064176	PAN-FINANCIAL SHARED SERVICES INDIA PRIVATE LIMITED	Director	2/6/2008	1/3/2008	-	Amalgamated	NO
3	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Managing director	18/01/2010	4/12/2009	-	Active	NO
4	U66020MH2011PLC218824	HDFC LIFE PENSION FUND MANAGEMENT COMPANY LIMITED	Director	20/06/2011	20/06/2011	-	Active	NO
5	U74140KA2001PTC029678	MANIPAL GLOBAL EDUCATION SERVICES PRIVATE LIMITED	Director	22/08/2011	25/06/2011	-	Active	NO

Name :

Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari

Designation :

Director

Address :

181-A, Twin Towers, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

16.12.1936

Date of Appointment :

05.08.2010

DIN No.:

00746153

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	U45203KA2000PLC027382	INFRASTRUCTURE DEVELOPMENT CORPORATION (KARNATAKA) LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
2	U45201DL2000PLC105292	IDFC FINANCE LIMITED	Nominee director	17/08/2001	17/08/2001	21/07/2011	Active	NO
3	U65993UR2002SGC027065	UTTARAKHAND INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	18/11/2002	18/11/2002	29/11/2010	Active	NO
4	U74210DL2007PTC160401	ATHENA ENERGY VENTURES PRIVATE LIMITED	Director	23/06/2008	9/6/2008	-	Active	NO
5	U74899DL1990PTC040630	FEEDBACK INFRASTRUCTURE SERVICES PRIVATE LIMITED	Nominee director	24/07/2008	24/07/2008	-	Active	NO
6	U45203MH2007PLC176640	IDFC PROJECTS LIMITED	Director	6/7/2009	1/10/2008	21/07/2011	Active	NO
7	U60200MH2007PLC175335	JETPUR SOMNATH HIGHWAY LIMITED	Director	29/06/2009	21/04/2009	-	Strike off	NO
8	U40109AP2003PLC040899	DHEERU POWERGEN LIMITED	Nominee director	22/07/2010	5/2/2010	21/07/2011	Active	NO
9	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	5/8/2010	10/3/2010	-	Active	NO
10	U45400MH2007PTC174567	TRIL ROADS PRIVATE LIMITED	Director	11/7/2011	1/6/2011	-	Active	NO

Name :

Mr. Gerald Edgar Grimstone

Designation :

Alternate Director

Address :

34, Boscobel Place, London, UK - SWIW9PE

Date of Birth/Age :

27.08.1949

Date of Appointment :

10.02.2010

DIN No.:

01910890

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	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Alternate director	24/10/2011	8/11/2006	Active	NO

Name :

Mr. Michael Gerald Connarty

Designation :

Director

Address:

3 Joppa Road, Edinburgh- EH152HA, Unted Kingdom

Date of Birth/ Age:

18.11.1955

Date of Appointment:

12.08.2009

DIN No.:

01960618

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	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Alternate director	24/10/2011	7/11/2007	Active	NO

Name :

Mr. Paresh Shreesh Parasnis

Designation :

Executive Director and Chief Operating Officer

Address :

Plot No.166-B, Khareghat Road, Hindu Colony, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

11.10.1961

Date of Appointment :

14.11.2008

E-Mail :

pareshp@hdfcinsurance.com

DIN No.:

02412035

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	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Whole-time director	21/05/2009	14/11/2008	Active	NO
2	U66020MH2011PLC218824	HDFC LIFE PENSION FUND MANAGEMENT COMPANY LIMITED	Director	20/06/2011	20/06/2011	Active	NO

Name :

Mr. Nathan Richard Parnaby

Designation :

Director

Address :

2 Barton Loan, Edinburgh EH46JQ, United Kingdom

Date of Birth/Age :

21.09.1958

Date of Appointment :

04.12.2009

DIN No.:

02901942

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	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	5/8/2010	4/12/2009	Active	NO

Name :

Mr. David Thomas Nish

Designation :

Director

Address :

Kiloran, Houseton Road, Kilmalcolm PA134NY, United Kingdom

Date of Birth/Age :

05.05.1960

Date of Appointment :

05.08.2010

DIN No.:

02912150

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	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	5/8/2010	10/2/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. V. Prakash
Designation :	Account Manager
Name :	Mr. Atul Gopalkrishna Juvle
Designation :	Secretary
Address :	C-209, Omshradha CHS Limited, Jayaraj Nagar, Borivali West, Mumbai – 400091, Maharashtra, India
Date of Birth/Age :	24.09.1963
Date of Appointment :	11.12.2010
PAN No.:	AAJPJ5117A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2011)

Names of Shareholders	No. of Shares	% of Holding
Promoters
- Indian/Holding Company	1443733842	72.37%
- Foreign	518668824	26.00%
Others-Domestic	32477430	1.63%
Total	1994880096	100.00%

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign Holding (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or others)	26.00
Bodies Corporate	72.37
Directors or relatives of directors	0.13
Other top fifty (50) shareholders (other than listed above)	0.21
Others	1.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Legal and Financial Services and Insurance Services
Products :	Life Insurance

GENERAL INFORMATION

No. of Employees :	13000 Approximately ( In Corporate Office – 200 and all over Branches)
Bankers :	· HDFC Bank Limited · Bank of Baroda · Union Bank of India · State Bank of India · Indian Bank · The Saraswat Co-op Bank Limited · Federal Bank · State Bank of Travancore · Central Bank of India · Indian Overseas Bank · South Indian Bank

Banking Relations :	--
Auditors :
Name 1:	S B Billimoria and Company Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
PAN No.:	AAAFS7376P
Name 2:	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Pan No.:	AAAFK7554R
Holding Company :	Housing Development Finance Corporation Limited CIN No: L70100MH1977PLC019916
Investing Company:	· Standard Life Assurance Company · Standard Life (Mauritius Holdings) 2006 Limited
Fellow Subsidiaries :	· HDFC Assets Management Company Limited · HDFC Developers Limited · HDFC Holdings Limited · HDC Trustee Company Limited · HDFC Realty Limited · HDFC Investments Limited · HDFC ERGO General Insurance Company Limited · GRUH Finance Limited · HDFC Sales Private Limited · HDFC Venture Capital Limited · HDFC Venture Trustee Company Limited · HDFC Property Ventures Limited · HDFC IT Corridor Fund · HDFC Investment Trust · Credila Financial Services Private Limited · HDFC Asset Management Company (Singapore) Pte. Limited (Subsidiary of HDFC Asset Management Company Limited.) · Griha Investments (Subsidiary of HDFC Holdings Limited)

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- Each	Rs.30000.000 Millions

Issued, Subscribed & Called-up Capital :

No. of Shares	Type	Value	Amount
1994880096	Equity Shares	Rs.10/- Each	Rs.19948.801 Millions

NOTE:

Share Capital amounting to Rs.14437.338 Millions (Previous year Rs.14280.560 Millions) is held by Housing development Corporation Limited, the holding company.

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	19948.801	19680.000	17958.180
2] Share Application Money Received pending allotment of shares	--	--	--
3] Reserves & Surplus	2206.790	552.892	552.892
4] Credit /[Debit] Fair Value Change Account	(0.350)	184.435	(77.610)
Sub-Total	22155.241	20417.327	18433.462
BORROWINGS
POLICYHOLDERS’ FUNDS:
Credit /[Debit] Fair Value Change Account	(15.447)	205.087	(296.885)
Policy Liabilities	51233.325	37666.908	29092.419
Insurance Reserves	--	--	---
Provision for Linked Liabilities	183502.921	127701.636	84085.083
Add: fair value change	21728.415	27516.164	(15302.147)
Total Provision for Linked Liabilities	205231.336	155217.800	68782.936
Sub-Total	256449.214	193889.795	97578.470
Funds for Future Appropriations	1917.148	1490.013	586.395
Funds for future appropriation – Provision for lapsed policies unlikely to be revived	2555.106	1064.831	531.970
TOTAL	283076.709	216061.966	117130.297
APPLICATION OF FUNDS
INVESTMENTS	6999.708	6304.757	4291.597
Shareholders	53349.840	43415.382	30050.097
Policyholders	205231.336	155217.800	68782.936
Assets held to cover Linked Liabilities	331.239	40.366	30.248
LOANS	2395.729	1143.777	1447.706
FIXED ASSETS
Cash and Bank Balance	3837.312	3030.176	4108.660
Advances and Other Assets	6770.283	4917.758	5534.969
Sub-Total (A)	10607.595	7947.934	9643.629
SUNDRY CREDITORS	5163.157	4836.270	3894.536
OTHER CURRENT LIABILITIES	7874.393	7649.129	4925.689
PROVISIONS	150.102	187.617	208.813
Sub-Total (B)	13187.652	12673.016	9029.038
NET CURRENT ASSETS (C) = (A-B)	(2580.057)	(4725.082)	614.591
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT [Shareholders account]	15654.987	14664.966	11913.122
Deficit in the report	1693.927	--	--
TOTAL	283076.709	216061.966	117130.297

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Amounts Transferred from The Policyholders Account (Technical Account)	446.326	472.930	794.984
Income from Investments
a) Interest, Dividends and Rent – Gross	399.900	289.102	302.367
b) Profit on sale/ redemption of investments	183.531	49.152	13.924
c) (Loss on sale / redemption of investments)	(1.697)	(0.487)	(35.870)
d) Transfer/ Gain on revaluation/ change in fair value	--	--	51.887
e) Amortisation of (premium)/discount on investments	(3.042)	(2.634)	(2.965)
Sub Total	578.692	335.133	329.343
Other Income	0.029	3.522	0.300
TOTAL (A)	1025.047	811.585	1124.627
Expenses other than those directly related to the insurance business Bad debts written off	9.412	3.981	5.307
Contribution to the Policyholders Fund	2005.656	3559.448	6148.951
TOTAL (B)	2015.068	3563.429	6154.258
Profit/(Loss) Before Tax	(990.021)	(2751.844)	(5029.631)
Provision for Taxation	--	--	--
Profit/(Loss) After Tax	(990.021)	(2751.844)	(5029.631)
APPROPRIATIONS
Balance at the beginning of the year	(14664.966)	(11913.122)	(6883.491)
Interim Dividends Paid during the year	--	--	--
Proposed Final Dividend	--	--	--
Dividend Distribution Tax	--	--	--
Profit / Loss carried forward to the balance sheet	(15654.987)	(14664.966)	(11913.122)
Earning per share Basic/ Diluted	(0.50)	(1.51)	(3.28)

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	5163.157	4836.270	3894.536
Total	5163.157	4836.270	3894.536

BUSINESS PERFORMANCE HIGHLIGHTS

FY10-11 saw significant regulatory changes that impacted the availability of products, the economics of distribution channels and the customer disposition towards the insurance sector. These structural changes that were focused on long term customer interests would improve the health of the industry in future, the speed of the implementation of these changes, however, did impact the new business premium collections for the industry. The industry (including LIC) witnessed a degrowth of almost 20% on individual new business (weighted received premium) in the second half (Oct 10—Mar11) of this financial year.

Despite the dynamic external environment, the Company saw strong growth in new business premium and renewal premium during the FY 10-11.The first year premium income grew by 21% (over FY 09-10) to Rs.40590.000 Millions and renewal premium collected grew by 36% (over FY 09-10) to Rs.49450.000 Millions. The strong performance in the renewal collections helped the company improve its conservation ratio of individual business to 81% from 72% in the previous year. Total premium (including Group business) registered a 29% growth to Rs.90040.000 Millions during the current year. The sum assured in force for the overall business at the end of the current year stood at Rs.989170.000 as compared to Rs.726100.000 Millions for the previous year.

The Company was ranked #1 amongst private life insurers on individual new business (weighted received premium) during the second half of the year. On a full year basis, the company increased its market share (weighted received premium of individual business) in private life insurance space to 13% from 9% in the previous year. This was the largest market share gain among the top 10 private insurers (on new business premium) over the previous year.

The Company continued its focus on improving operational efficiencies and cost containment. Operating expense ratio (total expenses excluding service tax to total premium) reduced from 20% in 2009-10 to 16% in 2010-11. The company launched a raft of efficiency enhancement initiatives that included tightening span of control, automation, vendor consolidation and stronger alignment of performance with incentives.

The annual losses as per Indian GAAP reduced from Rs.2750.000 Millions in 2009-10 to Rs.990.000 Millions in 2010-11.

During the year the Company continued with its ongoing efforts on customer service and building awareness about insurance, There were industry leading initiatives that were carried out on providing multiple payment options to customers, offering a 30 day free look-in period instead of the mandated 15 day period, need based selling, coaching amongst the sales force and welcome calling to every new policy holder to ensure there are no expectations mismatch at the time of buying a policy. The Underwriting and Claims Management practices were rated best-in-class in a benchmarking survey done by Swiss Re during the year.

The Company undertook a revamp of its visual identity based on market research to make it more appealing and relevant to the target demographics. The new visual identity that positioned the company as ’HDFC Life’ was launched along with the 10th year anniversary celebration during the year. The new identity has been well received by all the key stakeholders.

The Company also received significant recognition and accolades during the year for its people practices, brand promise, quality and process maturity and enabling technology.

NEW BUSINESS

The Company issued over 8.3 lac policies (including policies sold in rural areas) amounting to Rs.40593.000 Millions of new business regular premium during the financial year. The Group business received Rs.5910.000 Millions of premiums during the year.

During the year, IRDA introduced new guidelines regarding ULIP products to be followed by all life insurers, effective September 1, 2010. These guidelines made the industry review and revamp existing products, distribution channels and cost models. The guidelines on Group ULIP led to almost 3 months of no group product being available for customers.

An entire range of new individual ULIP products had to be launched since September 1, 2010 that impacted the growth momentum of the life insurance industry. Pressures on channel cost, low commission payout to advisors and the absence of a viable regular premium pension product led to the private insurance industry showing a negative growth of4l % in weighted received premium (WRP) terms in the second half of FY11 and ended the year with a degrowth of 20% over the previous year.

The company was able to navigate through the change in business environment and emerged as the leader among private players in individual new business weighted received premium terms in H2’ FY11 .This was achieved through a well thought out product launch schedule, speed in embracing the new regime within operations, sales and training teams, focused efforts on strengthening new channels and delivering the right advice and service to the customers.

The long term story for life insurance in India stays strong. The industry is on track to adjust to the ‘new normal The company plans to build on its solid performance in FY 10-11 and outperform the industry growth in the next year.

INDIVIDUAL RENEWAL BUSINESS

The company’s efforts on persistency management helped it achieve a conservation ratio of 81% and a growth of 36% in renewal premium. This was achieved through a dedicated Persistency ‘vertical’ that analysed customer disposition, delivered timely communication to customer through different media and proactively supported the customers to move into self payment modes. The vertical plans to pioneer innovative practices in FY 11-12 on midterm benefit illustrations, advanced analytics to spot trends and last mile engagement of customers to maintain the high levels of conservation ratio.

DISTRIBUTION

Offices:

During the year, the Company focused on containing the operating costs of all its offices. As a part of this exercise the Company carried out a Lean Branch initiative that reduced the total rented area and the overhead costs associated with the branches. This lean branch model will be used for all relocation and future expansion. The Company has also reworked its branch closing and opening process and the new process will ensure the policyholders, financial consultants and employees attached to the respective branch are kept informed and that there is no impact on the continuity in customer service. The Company has ensured that all of the above is done within guidelines set by the regulator.

The Company currently has 498 offices across the country and through the network of these offices the company’s financial consultants, corporate agents and brokers are able to service customers in over approximately 700 cities and towns across the country.

Financial Consultants:

The Company’s distribution strategy continues to lay emphasis on the development of the tied agency channel. The Company is currently implementing a large scale transformation programme called Manthan to dramatically improve the productivity, customer focus and the effectiveness of the channel.

The Company had around 1,38,000 Financial Consultants as of March 31,2011. The Company provides extensive and thorough training to them to ensure they correctly assess the customer’s needs and offer the right advice relevant to them.

As an ongoing process, the front line sales and Financial Consultants of HDFC Life are being trained on a specialized ‘need based selling approach’ called EDGE. The focus of all communication to the distribution partners and customers is on maximizing long term value by staying invested in the contract. The company has also launched an online learning portal “GOAL” and conducts assessments through the same. This initiative has improved the conservation ratio of policy premiums.

The company has introduced an all round Sales Management Process, called “Sates Activity Manager (SAM)” to measure and monitor productivity of sales staff supporting channel sales. It helps to track prospects better, improves conversion rate and helps in monitoring and enhancing the productivity expectations from the field staff. SAM helps the sales force in aligning their daily activities with the achievement of organization objectives and brings a discipline and rigor in 5elling process that will help the channel.

Corporate Agent:

The Company continued its strong association with its banc assurance partners including HDFC Bank, Indian Bank, Saraswat Bank, HDFC Limited, HDB Financial Services Limited and HDFC Securities Limited. The banc assurance channel has contributed handsomely to the growth of the Company during 2010-11. The Company is in process of further expanding its reach in the banc assurance channel by exploring arrangements to bring in new partners.

The company has also started to forge relationships with leading insurance brokers. It has also invested in direct and loyalty channels during the course of the year.

The company would continue to focus on fortifying its existing relationships and diversify its channel mix by investing in new channels and relationships.

Rural and Social Sector Obligations

As against the regulatory requirement, they have met the 20% rural target. During the current financial year, the company has covered 99,335 lives under the social category.

Investments

Investments of insurance companies are regulated under the IRDA (Investment) Regulations, 2000 as amended from time to time. The total assets under management (AUM) as on March 31,2011 were Rs.271770.000 Millions. These include assets of Rs.203230.000 Millions under the unit linked products and Rs.61750.000 Millions under the conventional products and shareholder funds. The corresponding numbers for last year were Rs.156610.000 Millions and Rs.51060.000 Millions.

The total equity AUM being managed by the Company as of March 31, 2011 is Rs.143160.000 Millions. Under the unit linked products, the Company offers a series of funds ranging from pure equity to money market funds, thus providing policyholders the flexibility to choose the asset allocation as per their requirements.

Bonus

The Company declared the following reversionary (RB) and interim bonus (IB) rates for the with-profits policies.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Claims other than against policies, not acknowledged as debts by the company	4.838	6.370
Statutory demands and liabilities in dispute, not provided for	7001.010	2990.733

FIXED ASSETS:

· Land – Freehold

· Leasehold Improvement

· Building

· Furniture and Fittings

· Information Technology Equipment

· Vehicles

· Office Equipment

· Computer Software

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
TOTAL		38

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.