MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	STANDARD CHARTERED BANK LIMITED
Branch Office :	Crescenzo 7th Floor, C 38/39, G Block, Bandra Kurla Complex (East), Mumbai - 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.01.1900
Capital Investment / Paid-up Capital :	Rs.6757.992 Millions
CIN No.: [Company Identification No.]	F00489
Legal Form :	It is a commercialized bank.
Line of Business :	Banking Activities.
No. of Employees :	20000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 520000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed foreign Bank. Financially bank performing good. Fundamental seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The bank can be considered for good 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 :	Located at United Kingdom
Branch Office :	Crescenzo 7th Floor, C 38/39, G Block, Bandra Kurla Complex (East), Mumbai - 400051, Maharashtra, India
Tel. No.:	91-22-26757019 / 26757023
Fax No.:	Not Available
Website :	http://www.standardchartered.co.in
Branch Office :	Located at WEST BRANCHES · Ahmedabad · Bhopal · Indore · Jalgaon · Thane · Nagpur · Pune · Rajkot · Surat · Vadodara EAST BRANCHES · Bhubaneshwar · Guwahati · Kolkata · Howrah · Patna · Siliguri NORTH BRANCHES · Amritsar · Allahabad · Chandigarh · Jaipur · Jalandhar · Kanpur · Lucknow · Ludhiana · New Delhi · Gurgaon · Janakpuri · Noida · Dehradun · Mathura · Saharanpur SOUTH BRANCHES · Bangalore · Chennai · Coimbatore (Temporarily Closed) · Cochin · Hyderabad (Temporarily Closed) · Secunderabad · Proddatur

SENIOR MANAGEMENT TEAM – INDIA

As on 31.03.2011

Name :	Mr. Neeraj Swaroop
Designation :	Regional Chief Executive, India and South Asia
Name :	Sreeram Iyer
Designation :	Regional Chief Operating Officer, India and South Asia
Name :	Mr. Anurag Adlakha,
Designation :	Chief Financial Officer, India and South Asia
Name :	Mr. Venkataramanan Anantharaman
Designation :	Head Origination and Client Coverage, India and South Asia, Wholesale Banking
Name :	Mr. Sanjeeb Chaudhuri
Designation :	Regional Head for South Asia and Group Chief Marketing Officer, Consumer Banking
Name :	Mr. Harinder Singh
Designation :	Regional Head of Global Markets and Co-Head of Wholesale Banking, South Asia
Name :	Mr. Srinivasan Iyengar
Designation :	Managing Director and Head of Strategy, India
Name :	Mr. Matthew Norris
Designation :	Chief Information Officer, India and South Asia
Name :	Ms. Madhavi Lall
Designation :	Regional Head Human Resources, India and South Asia
Name :	Mr. Pradeep Rana
Designation :	Country Chief Risk Officer, India
Name :	Mr. Ravi Duvvuru,
Designation :	Head of Compliance and Assurance, India and South Asia
Name :	Mr. Sushen Jhingan
Designation :	Director, Public Affairs
Name :	Mr. Sumeet Singla
Designation :	Regional Head, Corporate Affairs, India and South Asia

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Not Available

BUSINESS DETAILS

Line of Business :

Banking Activities.

GENERAL INFORMATION

No. of Employees :

20000 (Approximately)

Bankers :

Reserve Bank of India

Facilities :

Borrowings	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Including subordinated debt
I. Borrowings in India from
- Reserve Bank of India	23000.000	--
- Other banks	--	9300.000
- Other institutions and agencies	20989.250	29949.500
II. Borrowings outside India	64447.354	47965.444
Total Borrowings	108436.604	87214.944
Secured Borrowings included in I. and II. Above	37300.000	16500.000

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Ultimate Parent Company:	· Standard Chartered Plc
Parent Company:	· Standard Chartered Holding Limited
Head Office:	· Standard Chartered Bank, UK
100% Subsidiary:	· St Helen’s Nominees India Private Limited
Branches of Head Office:	· Standard Chartered Bank China · Standard Chartered Bank USA · Standard Chartered Bank UK · Standard Chartered Bank Jersey · Standard Chartered Bank (Germany) (w.e.f. June 2009) · Standard Chartered Bank Sri Lanka · Standard Chartered Bank Bahrain · Standard Chartered Bank Qatar · Standard Chartered Bank United Arab Emirates · Standard Chartered Bank Dubai International Financial Centre · Standard Chartered Bank Oman · Standard Chartered Bank Singapore · Standard Chartered Bank Brunei · Standard Chartered Bank Indonesia · Standard Chartered Bank Thailand · Standard Chartered Bank Vietnam · Standard Chartered Bank Korea · Standard Chartered Bank Japan · Standard Chartered Bank Australia · Standard Chartered Bank South Africa · Standard Chartered Bank Philippines · Standard Chartered Bank Bangladesh · Standard Chartered Bank Jordan · Standard Chartered Bank Jakarta
Subsidiaries of Head Office (Standard Chartered Bank UK):	· Scope International Private Limited · Standard Chartered (India) Wealth Advisory Services Private Limited · Standard Chartered Bank (China) Limited · Standard Chartered Bank (Germany) GmbH (till June 2009) · Standard Chartered Bank (Hong Kong) Limited · Standard Chartered Bank (Mauritius) Limited · Standard Chartered Bank (Pakistan) Limited · Standard Chartered Bank (Taiwan) Limited · Standard Chartered Bank (Thai) Public Company Limited · Standard Chartered Bank Nepal Limited · Standard Chartered Finance Limited · Standard Chartered Grindlays Pty Limited · Standard Chartered Investments and Loans (India) Limited · Standard Chartered Private Equity (Mauritius) Limited · Standard Chartered Bank Botswana Limited · Standard Chartered Bank Ghana Limited · Standard Chartered Bank Kenya Limited · Standard Chartered Bank Tanzania Limited · Standard Chartered Bank Uganda Limited · Standard Chartered Bank Zambia Plc · Standard Chartered Private Equity Advisory (India) Private Limited · Standard Chartered (Jersey) Limited · Standard Chartered Securities (India) Limited · Standard Chartered Bank Malaysia - Berhad · Standard Chartered First Bank Korea Limited · Standard Chartered Strategic Brand Management Limited · Standard Chartered Bank Sierra Leone Limited · Standard Chartered Bank Nigeria Limited · Standard Chartered Bank Cote D’lvoire

CAPITAL STRUCTURE

As on 31.03.2011

	Capital	Amount
	Deposit kept with Reserve Bank of India under Section 11(2)(b) of the Banking Regulation Act, 1949	32250.000
a.	Head office Reserves - Balance, beginning of the year	21.960
	Balance, end of the year	21.960
b.	Head Office Capital - Balance, beginning of the year	6736.032
	Balance, end of the year	6736.032
	Total capital (a+b)	6757.992

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Capital and Liabilities
Capital	6757.992	6757.992	6757.992
Reserves and Surplus	123865.558	109299.499	96010.097
Deposits	584191.102	481923.855	418017.661
Borrowings	108436.604	87214.944	95535.931
Other Liabilities and Provisions	243582.083	202553.360	358331.046
Total Capital and Liabilities	1066833.339	887749.650	974652.727
Assets
Cash and Balances with Reserve Bank of India	45462.112	38016.330	25183.085
Balances with banks and money at call and short notice	22570.155	9790.003	17011.991
Investments	230881.648	184774.223	155515.611
Advances	492007.928	415521.514	374891.281
Fixed Assets	25932.846	24862.855	23475.480
Other Assets	249978.650	214784.725	378575.279
Total Assets	1066833.339	887749.650	974652.727

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Income
Interest Earned	63524.253	56748.901	56494.089
Other Income	24714.760	28376.176	30970.502
Total Income	88239.013	85125.077	87464.591
Expenditure
Interest Expended	23506.005	17837.816	24896.206
Operating Expenses	25969.066	24189.745	24997.009
Provisions and Contingencies	18171.073	21827.131	18503.661
Total Expenditure	67646.144	63854.692	68396.876
Net Profit	20592.869	21270.385	19067.715
Profit available for appropriation	20592.869	21270.385	19067.715
Appropriations
Transfer to Statutory Reserve	5148.217	5317.596	4766.929
Transfer to Capital Reserve – Surplus on sale of immovable properties	284.767	0.029	--
Transfer to Investment Reserve	401.499	--	9300.786
Balance carried over to Balance Sheet	14758.386	15952.760	5000.000
Total appropriations	20592.869	21270.385	19067.715

LOCAL AGENCY FURTHER INFORMATION

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	No
8) No. of employees	Yes
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

Background:

The accompanying financial statements for the year ended 31 March 2011 comprise the accounts of India branches of Standard Chartered Bank (‘SCB’ or ‘the Bank’), which is incorporated with limited liability in the United Kingdom. The Bank’s ultimate holding company is Standard Chartered Plc (‘SCPLC’), which is incorporated in the United Kingdom.

Operational Review:

· They have recorded a 20% growth in balance sheet size with robust growth in advances of 18% and deposits of 21%. Their TD book has grown by Rs.82 billion (32%) to Rs.335 billion as on 31 March 2011. Whereas given the upward bias in interest rate trends, CA and SA growth moderated to 11% and 5% respectively. As a result CASA ratio declined from 47% to 43% on YoY basis.

· Both income and profit levels are marginally lower than last year at Rs.88.24 billion and Rs.20.59 billion, respectively. There is pressure on margins and volatility in financial markets has affected corporate activity.

· Cost - Operating expenses have increased by 7% to Rs.25.97 billion. Cost Income ratio has increased to 40% compared to 36% in the previous year. They have continued to invest in their infrastructure and people.

· Debt charge increased to Rs.7.51 billion up by 19% on back of higher provisions made to achieve PCR.

· Gross NPA to Advances ratio declined from 2.6% in the previous year to 2.3% as growth in Credit (18%) outpaced the growth of NPAs (5%). Net NPA to advances ratio declined from 1.4% of previous year to 0.3% as additional provisions were created to achieve PCR, which increased from 47% to 89%.

· CAR has decreased marginally by 53 bps from 12.41% to 11.88% on the back of 18.6% increase in the overall risk weighted assets and contingents. They are well capitalised and CAR remains above the 9% minimum prescribed by RBI.

Financial performance - key highlights

· Profit after tax at Rs.20.59 billion marginally down by 3 percent

· Total income at Rs.88.24 billion up by 4 percent

· Total assets at Rs.1,066.83 billion up by 20 percent

· Deposits at Rs.584.19 billion up by 21 percent

· Advances at Rs.492.01 billion by 18 percent.

The year 2010-11 was a landmark year for Standard Chartered Bank in India. Already one of India's largest, oldest and most important international banks, this was the year when Standard Chartered Plc, the London-listed parent company, took the step to become the first foreign company to list in India through issue of India Depositary Receipts.

2010 was also the year when they verbalised their brand promise 'Here for good', which, though new in terms of its vocalisation, has always been embedded in the way they have done business. Being Here for good underpins the commitment inherent in their brand promise, their commitment to their markets, customers, people, regulators, and the community.

The external environment continues to remain challenging and volatile with continuous interest rate increases to curb inflationary pressures, along with an increase in competitive pressures. But their business remains fundamentally strong, well-placed to withstand market swings and well-poised for sustainable long-term growth.

They continue to invest in the franchise, whether it is setting up of a new state-of-the art Corporate Head Office in Mumbai, launching new businesses such as Equity Capital Markets, strengthening the existing propositions in Consumer or Wholesale Banking, or building the brand. Their close partnership with India Inc coupled with their strong focus on human talent, risk management, capital and technology will ensure that they continue to remain relevant to their customers.

They have won the Finance Asia Best Foreign Bank in India Award for the second year in a row for the strong performances of their key businesses, Consumer and Wholesale Banking.

The IDR Issue

Standard Chartered PLC listed in India in June 2010 through the issue of India Depository Receipts which was the first such listing in the Indian capital market, offering Indian investors the opportunity to invest in an overseas company through domestic bourses.

The intent was not as much to raise capital as it was to enhance the visibility of their brand and provide us with a strong platform to differentiate ourselves vis-a-vis their peers in this market and internationally. The listing has clearly demonstrated their commitment to India and earned us goodwill among staff, customers, regulators and the government.

Financial Performance

Their financial performance during fiscal 2010-11 has been relatively stable despite a challenging environment and volatile financial markets which have slowed corporate activity. While margins have been under pressure, the balance sheet has grown by a healthy 20%. They have however, ensured prudence with an Advances-to-Deposits ratio of 84.2% and Provision Coverage Ratio of 88.5%. They continue to invest in infrastructure and people with a view to capture the long term growth that the Indian market offers. One of the best examples of this is their new head office in Bandra Kurla complex in Mumbai.

· Profit after tax at Rs.20.59 billion was down 3%

· Total income at Rs.88.24 billion was up 4%

· Total assets at Rs.1.07 trillion was up 20%

· Deposits at Rs.584.19 billion was up 21%

· Advances at Rs.492.01 billion was up 18%

Consumer Banking

The Consumer Banking business has strategically reshaped itself by adopting a customer-centric model that focuses on building deep, long standing, multi-product relationships with customers.

Their differentiated propositions around Private Banking, Priority Banking, Preferred Banking and SME Banking among others cater to the needs of affluent and emerging affluent customers through differentiated service, unique benefits and customized financial products. With 94 branches spread across the country and backed by their global footprint and expertise, they are well poised to deliver an enhanced customer experience and be the partner of choice to their customers.

Over the year they have invested in the franchise by setting up over 80 Express Banking Centers, hiring and training relationship managers and enhancing remote banking channels, thus building a base for strong future growth. Having positioned the business in line with their customers' needs, they are seeing strong momentum for future growth particularly in focus areas such as Private Banking, Wealth Management and SME Banking.

Industry recognition has come in the form of the 'Structured Products India Award 2010' from the Structured Products magazine that they have won for the second time in a row, the Asiamoney Private Banking Poll ranking that placed their Private Banking arm amongst the top 3 in India and the 'Best New Credit Card' award from MasterCard for the Preferred World Credit Card.

Their priority is to continue implementing a customer focused transformation process by taking a holistic view of customers' evolving needs and through customized services, establishing ourselves as their right partner. They will also continue to invest in the franchise whilst maintaining discipline on risk and expenses in order to drive future growth and superior financial performance.

Wholesale Banking

Wholesale Banking in India continues to remain the Standard Chartered Group's single largest business unit. A consistent client-led strategy has helped Wholesale Banking achieve superior financial performance over a period of time. It remains well positioned to benefit from the India growth story with a product suite now covering the full spectrum of client needs.

Over the past year, Wholesale Banking's Corporate Advisory services were highly sought after by Indian Inc. Standard Chartered partnered leading companies in high profile transactions including Bharti's acquisition of Zain's African assets, iGate-Apax Partner's acquisition of Patni Computer Systems and Aircel's tower business sale, catapulting us to the top of the MandA league tables. In the Debt Capital Markets too, the Bank's involvement in key high-yield bond transactions for their clients like Rural Electrification Corporation Limited and Vedanta placed us at the top of the tables.

Wholesale Banking won many awards during the year including Global Finance World's Best Foreign Exchange Provider 2011 (India), Global Finance Best Foreign Exchange Bank 2010 (India), Asia Risk Corporate Rankings 2010 Number 1 in Vanilla Hedging in Currency Derivatives (rupee).

Outlook

The monetary policy actions to engineer a calibrated slowdown in growth in order to curb inflationary pressures have come at a time when policy uncertainties have anyway cast a shadow over the near term growth outlook. While some improvement is likely in investment and industrial activity, especially in the second half of the year, these near-term headwinds are likely to weigh on economic activity in the first half. They are confident however, that India's growth potential continues to be promising, primarily because of its strong fundamentals.

Margin pressure and near-term headwinds are expected to have a moderating effect on the Bank's performance in India. Their close partnership with India Inc. coupled with their strong focus on human talent, risk management, capital and technology will ensure that they continue to remain relevant to their customers.

They continue to be well-aligned to the country's priorities, especially in improving their capability and reach to service under-banked areas. The opportunity in the Indian market is huge and they are confident that the Regulator's proposals to offer new private bank licenses and increase the freedom given to foreign banks will surely benefit customers and help the Industry grow in the medium to long term.

In conclusion, as I had observed earlier in this note, the business environment is throwing up fresh challenges. The cycle of interest rate hikes by the Reserve Bank of India will sooner or later take a toll on corporate India and one has to be prepared for slower growth. This will impact performance not just for us but the industry as a whole.

But they have built a solid robust business, they have strong relationships and franchise and they expect to withstand competitive pressures as they come. They are confident of holding their position as one of the leading banks in this country and a key partner to their customers, the market and the community.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Claims against the Bank not acknowledged as debts	2572.000	2225.305
Liability for partly paid investments in shares	--	--
Liability on account of outstanding foreign exchange contracts	3955653.988	3013892.212
Liability on account of derivative contracts	12890482.498	9151272.543
Guarantees given on behalf of constituents - in India - outside India	107904.161 75247.264	103582.339 47751.614
Acceptances, endorsements and other obligations	151583.799	134251.574
Other items for which the Bank is contingently liable	1853.209	66934.225

FIXED ASSETS:

· Computers

· Plant

· Furniture and Fixtures

· Motor Vehicles

· Electrical Installations

· Improvements to property

PRESS RELEASES:

Standard Chartered Bank goes Digital Launches India’s first instant online Credit Card approval solution

June 25, 2012

Standard Chartered Bank, India's largest international bank has gone digital, launching India’s first instant online Credit Card approval solution, which will enable a customer to apply for a card online and receive an ‘Approval In Principle’ (AIP) almost instantly.

Standard Chartered will extend this process to several other Consumer Banking products over the next few months, making the more convenient for millions of customers.

“The online Credit Card AIP is poised to revolutionise customer experience with its instant feedback feature,” said Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking. “Digital solutions are the future of banking and Standard Chartered is leading the way in making digital channels an important and integral part of the way customers bank.”

With the digital application process, the customer can apply for a credit card online at his or her convenience. From a customer-friendly dedicated internet page accessible directly or through our website https://apply.standardchartered.co.in/credit-card, the customer can browse through various options available and apply for his or her preferred card.

The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria.

The AIP will be followed by a final approval after completion of ‘Know Your Customer’ and credit approval processes.

Standard Chartered has always been at the forefront in launching technology solutions to provide convenience and improve customer experience using channels of the future such as the Internet and the mobile phone. Standard Chartered’s mobile banking application, Breeze Mobile, is one of the leading mobile banking applications in the industry in India and in several other Asian countries.

The proposed solution also has a robust Customer Relationship Management feature which will enable us to support the customer in a more holistic way.

Standard Chartered will soon launch digital options for more of its popular Consumer Banking Products

Standard Chartered Bank research report warns of further slip in deposit growth

22nd April, 2012

An industry report has said the concerns about the falling deposit growth persist, and if the uptick falls below 16 per cent, it is likely to put pressure on bank spreads in a falling rate environment.

Despite the recent one-off rise in deposits towards the last fortnight of the past fiscal, there are concerns about the deposit growth, says a Standard Chartered Bank research report.

"If deposit growth is below 16 per cent, it is likely to put pressure on bank spreads in a falling rate environment because banks will not be able to bring down deposit rates sharply while weak corporate demand coupled with likely government pressure will drive lending rates to come down faster," says the report.

Deposit growth decelerated from February and fell to as low as 13.4 per cent on the week ending March 23, but picked up substantially to 17 per cent year on year by March 30, largely due to a pickup in one-off, short-term corporate deposits, notes the report.

But what is worrying is the latest data for the week ending April 6, which show that deposit growth has retraced back to 14.3 per cent y-o-y, says the report.

It can be noted that going by the poor advances and deposit growth, the Reserve Bank in its annual policy statement for the current fiscal has pegged a deposit growth at 16 per cent and an advances uptick at 17 per cent.

However, loan growth remains strong at 18.7 per cent y-o-y as of April 6 against 17 per cent y-o-y.

The report further notes that apart from the 30th March aberration, data for the last few fortnights also show that deposit growth has been decelerating and moving lower to 13-14 per cent against the trend rate of 16 per cent and the RBI's target of 16 per cent for FY13.

"This, we believe is largely due to slower growth in household savings at the expense of higher consumption, and lower corporate surpluses. M3 (money supply) growth as of March 30 was 13 per cent y-o-y against 13.7 per cent y-o-y as of April 6."

Standard Chartered Appoints Sunil Kaushal Regional Chief Executive for India & South Asia

Mumbai, February 2, 2012

Standard Chartered announced the appointment of Sunil Kaushal as Regional Chief Executive, India & South Asia. He moves from Taiwan, where he was President & CEO of Standard Chartered Bank Taiwan. Mr. Kaushal will take over from Neeraj Swaroop who will relocate to Singapore as Regional Chief Executive for South East Asia (excluding Singapore).

Mr. Kaushal joined Standard Chartered in Dubai in 1998 and has since held several senior roles across Consumer and Wholesale Banking. Most recently, in his role as head of Standard Chartered Taiwan, he has led three integrations, double-hatted as head of Consumer Banking for nearly two years making it the third most profitable business for the Bank globally.

Jaspal Bindra, Group Executive Director & CEO, Asia, Standard Chartered, said, “India and South Asia will bring an exciting opportunity for Sunil. I am confident this will be one of the most rewarding period for him personally and for the Bank as he builds on the strong foundations that Neeraj has put in place.”

Before Taiwan, Sunil was Global Head of SME Banking in Singapore, leading the emergence of SME Banking as one of the core engines of growth for Consumer Banking. Sunil has also been head Origination & Client Coverage (OCC) in Singapore and in UAE, where he oversaw the integration of Grindlays corporate banking business and growing it into a significant business for the Group.

Under Mr. Swaroop the South Asia region has seen remarkable growth and India is now amongst the largest and most profitable markets for the Group, and he has led landmark developments for the market like integration of American Express Bank, acquisition of Standard Chartered Securities and introduction of the first ever Indian Depository Receipts

In his new role, Mr. Swaroop will have governance oversight for Australia, Brunei, Indonesia, Malaysia, Mauritius, Philippines, Thailand and Vietnam, and will focus on building opportunities in these fast growing economies.

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. 55.42
UK Pound	1	Rs.86.04
Euro	1	Rs.68.61

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		78

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.