MIRA INFORM REPORT

Report Date :

17.07.2012

IDENTIFICATION DETAILS

Name :	CHEMOIL ADANI PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.2008
Com. Reg. No.:	05045
Capital Investment / Paid-up Capital :	Rs.16.879 Millions
CIN No.: [Company Identification No.]	U40200GJ2008PTC054045
TAN No.: [Tax Deduction & Collection Account No.]	AHMC02747D
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and Trader, Lube Oil
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3028916
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Chemoil Adani Pte Limited, Singapore. It is an established company having good track. The company has recorded a better growth in its turnover and profitability during the year 2011. But profit margin appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
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 :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25556171
Fax No.:	91-79-25555611
E-Mail :	indmarketing@chemoiladani.com
Website :	www.chemoiladani.com

DIRECTORS

AS ON 08.08.2011

Name :	Mr. Pranav V adani
Designation :	Director
Address :	100/1, Prem Shanti Bunglow, Bodakdev, Ahmedabad, Gujarat, India
Date of Birth/Age :	09.08.1978
Date of Appointment :	03.12.2008

Other Directorship:

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S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06/10/2001	06/10/2001	31/03/2008	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	10/09/2003	10/09/2003	25/09/2008	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22/03/2004	22/03/2004	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/06/2004	25/06/2004	19/08/2008	Active	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Managing director	15/06/2010	15/06/2005	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13/02/2007	13/02/2007	27/12/2007	Active	NO
7	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29/09/2007	26/03/2007	29/07/2008	Strike off	NO
8	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	13/09/2010	Active	NO
9	U45201GJ2007PTC051837	Adani Landscapes Private Limited	Director	27/09/2007	27/09/2007	22/09/2008	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2007	17/10/2007	22/09/2008	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28/07/2008	24/01/2008	23/08/2008	Active	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04/03/2008	04/03/2008	29/07/2008	Active	NO
13	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	27/06/2008	04/03/2008	-	Active	NO
14	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04/03/2008	04/03/2008	13/09/2010	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01/04/2008	01/04/2008	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25/08/2009	29/09/2008	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20/06/2009	27/10/2008	01/03/2011	Active	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25/08/2009	03/12/2008	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	13/09/2010	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	03/04/2009	-	Active	NO
22	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31/08/2009	31/05/2009	-	Active	NO
23	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Active	NO
24	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Amalgamated	NO
25	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14/09/2009	31/05/2009	-	Active	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20/08/2010	08/08/2009	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21/12/2009	21/12/2009	-	Strike off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20/02/2010	20/02/2010	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Amalgamated	NO
30	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
31	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Amalgamated	NO
33	U40100GJ2005PLC046554	Adani Welspun Exploration Limited	Director	09/08/2011	22/11/2010	-	Active	NO

Name :	Mr. Frederick D Bendle
Designation :	Director
Address :	31 West Coastprark # 0126, Botannia – 127649, Singapore
Date of Birth/Age :	06.04.1956
Date of Appointment :	01.09.2010

Other Directorship:

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S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	08/08/2011	01/09/2010	-	Active	NO
2	U72200KA2003PTC031831	INATECH INFOSOLUTIONS PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
3	U72900KA2002PTC030927	ASPIRE PERIPHERALS PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
4	U64201KA2001PTC029221	ASPIRE COMMUNICATIONS PRIVATE LIMITED	Additional director	13/02/2012	13/02/2012	-	Active	NO
5	L72300TN1992PLC022135	CALIFORNIA SOFTWARE COMPANY LIMITED	Managing director	13/02/2012	13/02/2012	-	Active	NO

Name :	Mr. Juvenil A Jani
Designation :	Director
Address :	A-203, Sanskar Apartment, A Block Opposite Karnavati Club Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	19.07.1970
Date of Appointment :	01.01.2010

Other Directorship:

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Bottom of Form

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51100GJ2005PTC045757	VYOM TRADELINK PRIVATE LIMITED	Additional director	01/09/2006	01/09/2006	01/11/2008	Active	NO
2	U51219MH2006PTC163007	ROHIT AGRI-TRADE PRIVATE LIMITED	Director	24/08/2009	01/12/2008	13/09/2010	Active	NO
3	U51219MH2006PTC163006	SUNANDA AGRI- TRADE PRIVATE LIMITED	Director	24/08/2009	01/12/2008	25/02/2010	Active	NO
4	U51219MH2006PTC163005	RAJENDRA AGRI- TRADE PRIVATE LIMITED	Director	24/08/2009	01/12/2008	13/09/2010	Active	NO
5	U74999GJ2008PTC055618	SHANTIGRAM UTILITY SERVICES PRIVATE LIMITED	Director	26/08/2009	05/12/2008	13/09/2010	Active	NO
6	U92412GJ2008PTC055617	BELVEDERE GOLF AND COUNTRY CLUB PRIVATE LIMITED	Director	26/08/2009	05/12/2008	31/08/2011	Active	NO
7	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	13/09/2010	Active	NO
8	U01119GJ1994PTC022802	PANCHDHARA AGRO FARMS PVT LTD	Director	26/08/2009	29/01/2009	13/09/2010	Active	NO
9	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	26/08/2009	31/05/2009	17/08/2010	Active	NO
10	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	25/08/2009	31/05/2009	13/09/2010	Active	NO
11	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	26/08/2009	31/05/2009	31/08/2011	Active	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	25/08/2009	31/05/2009	13/09/2010	Active	NO
13	U45201GJ2007PTC051837	Adani Landscapes Private Limited	Director	07/08/2010	19/11/2009	13/09/2010	Active	NO
14	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	07/08/2010	19/11/2009	13/09/2010	Active	NO
15	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	10/08/2010	01/01/2010	16/05/2012	Active	NO
16	U51909MH2004PLC148441	SWAYAM REALTORS AND TRADERS LIMITED	Additional director	13/09/2010	13/09/2010	13/09/2010	Active	NO
17	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	08/08/2011	13/09/2010	31/08/2011	Active	NO
18	U29110MH1995PTC086069	COLUMBIA CHROME (INDIA) PRIVATE LIMITED	Director	06/08/2011	13/09/2010	31/08/2011	Active	NO
19	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	09/08/2011	13/09/2010	31/08/2011	Active	NO
20	U45200GJ2005PTC046759	ADANI DEVELOPERS PRIVATE LIMITED	Director	08/08/2011	13/09/2010	31/08/2011	Active	NO
21	U70102MH2007PTC166819	MAH-HILL PROPERTIES PRIVATE LIMITED	Director	02/09/2011	07/06/2011	05/09/2011	Active	NO

Name :	Mr. Vijaygopal A Nair
Designation :	Director
Address :	6-Geyland East Avenue – 2, #-13-01, Singapore
Date of Birth/Age :	29.09.1962
Date of Ceasing:	01.09.2010

Other Directorship:

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S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200TN1999PTC041799	CHEMOIL ADVANCED MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/08/2008	07/01/2008	01/12/2010	Active	NO
2	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Alternate director	01/09/2010	13/04/2010	-	Active	NO

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Name :	Mr. Sanjay Anand
Designation :	Director
Address :	25-Leonie Hill Road, #10-04, Singapore
Date of Birth/Age :	06.10.1955
Date of Appointment :	13.04.2010

Other Directorship:

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S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	10/08/2010	13/04/2010	-	Active	NO
2	U72200TN1999PTC041799	CHEMOIL ADVANCED MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2011	15/11/2010	-	Active	NO

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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.08.2011

Names of Shareholders	No. of Shares
Chemoil-Adani Pte Ltd, Singapore	1687962
Samir S Vora Nominee of Chemoil-Adani Pte Ltd, Singapore	1
Devang S Desai Nominee of Chemoil-Adani Pte Ltd, Singapore	1
Total	1687964

AS ON 08.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and Trader, Lube Oil

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Axis Bank Limited, Maker Towers "F", 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans others secured	686.583	24.171
Foreign currency loans others secured	254.564	700.802
TOTAL	941.147	724.973

Footnotes

(A) Cash Credit (Secured against hypothecation of all current assets)

(B) Packing Credit in foreign Currency from Banks (Secured against first pari passu charge on entire current assets of the company).

UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans others unsecured	0.000	1311.922
TOTAL	0.000	1311.922

Footnotes

(A) Buyer's credit

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Holding Company:	Chemoil Adani Pte. Limited, Singapore
Joint Venture:	· Adani Global Limited, Mauritius · Chemoil Energy Limited, Hongkong
Ultimate Holding Company:	Adani Enterprises Limited
Associates:	· Adani Power Limited · Chemoil Corporation · Chemoil International Pte Limited · Chemoil Middle East DMCC · Faith iv Pte Limited · Link Marine Pte Limited · Mundra Port And Special Economic Zone Limited · Rahi Shipping Pte Limited · Vanshi Shipping Pte Limited · Glencore Singapore Pte Limited · Chemoil Europe BV · Adani Energy Limited · George Sea Shipping Corp. Limited · Pine Valley Inc. · Chemoil Advanced Management Services Private Limited · Helios Terminal Corporation Limited · Adani Properties Private Limited · Adani Wilmar Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1687964	Equity Shares	Rs.10/- each	Rs.16.879 Millions

Footnotes

(A) Note: All the above 1,687,964 Shares are held by Chemoil Adani Pte. Ltd., Singapore which is Joint Venture between Chemoil Energy Ltd, HongKong, and Adani Global Ltd, Mauritius.

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		16.879	16.879	16.879
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		740.350	325.435	234.915
4] (Accumulated Losses)		0.000	0.000	(11.311)
NETWORTH		757.229	342.314	240.483
LOAN FUNDS
1] Secured Loans		941.147	724.973	371.935
2] Unsecured Loans		0.000	1311.922	0.000
TOTAL BORROWING		941.147	2036.895	371.935
DEFERRED TAX LIABILITIES		0.609	(0.180)	0.000
TOTAL		1698.985	2379.029	612.418
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.158	4.669	2.086
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3152.496	1556.621	552.325
	Sundry Debtors	2730.720	1992.213	643.854
	Cash & Bank Balances	561.097	511.265	1260.373
	Other Current Assets	0.652	6.501	1.285
	Loans & Advances	95.339	182.235	9.399
Total Current Assets		6540.304	4248.835	2467.236
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2990.885	1244.505	1848.870
	Other Current Liabilities	1866.258	610.221	7.994
	Provisions	(9.655)	19.759	0.050
Total Current Liabilities		4847.488	1874.485	1856.914
Net Current Assets		1692.816	2374.350	610.322
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1698.985	2379.029	612.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	18479.600	18057.600	2501.700
Less	EXPENSES
		TOTAL	NA	NA	NA
	NET PROFIT FOR THE YEAR		414.900	101.800	11.311

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Liability/Networth)		7.64	11.43	9.27
Current Ratio (Current Asset/Current Liability)		1.35	2.27	1.33

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	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	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	Yes

FORM 8:

Corporate identity number of the company	U40200GJ2008PTC054045
Name of the company	CHEMOIL ADANI PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	'Adani House", Nr. Mithakhali Circle Navrangpura, Ahmedabad – 380009, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Axis Bank Ltd.
Nature of instrument creating charge	Deed of Rectification to Supplemental Joint Deed of Hypothecation dated 14th September, 2011.
Date of instrument Creating the charge	14/09/2011
Amount secured by the charge	Rs.6000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge First Hypothecation charge on pari passu basis on all the current assets and also second charge on entire fixed assets of the Company.
Short particulars of the property charged	First pari-passu charge on entire current assets of the company Second pari-passu charge on fixed assets of the company
Date of instrument modifying the charge	27/04/2011
Particulars of the present modification	The charge is now modified to ratify sub-limit of overall credit facilities and security structure as per the Deed of Rectification to supplemental joint deed of Hypothecation dated 14th September, 2011 attached. The overall charge for Rs. 6000.000 Millions and other terms and conditions remain the same.

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.54.92
UK Pound	1	Rs.85.47
Euro	1	Rs.67.15

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		51

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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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.