MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	INDORAMA INDUSTRIES LIMITED
Registered Office :	401, Vikrant Tower, 4^th Floor, Rajendra Place, New Delhi – 110 008
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.10.2008
Com. Reg. No.:	55-224269
Capital Investment / Paid-up Capital :	Rs.187.778 Millions
CIN No.: [Company Identification No.]	U17120DL2008PLC224269
PAN No.: [Permanent Account No.]	AABCI9690N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Spandex and Synthetic Yarns, Polyester, Polymers and Resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was in the year 2008. The company is yet to commenced its commercial operations. Payment terms are not known. The company can be considered for business dealings on a secured 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 :	401, Vikrant Tower, 4^th Floor, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-45085035/ 43085037
Fax No.:	91-11-45085033
E-Mail :	ghanshyam@sprotec.net sanjay@indorama.co.in abhishek.sethiya@indorama.in Customer and channel partners – shalendra.vasudeva@indorama.in Raw material and consumable suppliers - olnarayana@indorama.in
Website :	http://www.indorama.com
Head Office :	Tower F, 3^rd Floor, DLF IT Park, Chandigarh – 160 101, Union Territory, India
Tel. No.:	91-172-2740252
Fax No.:	91-172-5009342
Factory :	Village Lodha Majra Nalagarh Road, Baddi – 173 205, Himachal Pradesh, India
Office :	B-202, Suncity, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-650753/ 658/ 659

DIRECTORS

As on 26.09.2011

Name :

Mr. Amit Sri Prakash Lohia

Designation :

Director

Address :

J L Bukit Golf Uthamano Pondak Pinang, Jakarta Selatan – 12310, Indonesia

Date of Birth/Age :

20.10.1974

Date of Appointment :

15.09.2010

DIN No.:

00288862

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	U26940MH1996PLC102555	Indorama Cement Limited	Director	20-09-96	20-09-96	20-03-08	Amalgamated	NO
2	U45201DL1996PTC191777	Irama Estates Private Limited	Director	26-09-96	26-09-96	16-08-07	Amalgamated	NO
3	U74200MH2000PLC127214	Indorama Software Solutions Limited	Director	16-06-00	16-06-00	02-07-10	Active	NO
4	U17120DL2008PLC224269	Indorama Industries Limited	Director	15-09-10	01-10-08	-	Active	NO
5	U51909DL2009PTC194269	Indorama International Private Limited	Director	14-09-09	14-09-09	-	Active	NO
6	U66030MH2009PTC195794	UIB Insurance Brokers (India) Private Limited	Director	19-09-09	19-09-09	-	Active	NO

Name :

Mr. Sanjeev Sitaram Parasrampuria

Designation :

Director

Address :

501, Resort View, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

08.12.1960

Date of Appointment :

01.10.2008

DIN No.:

00007092

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	U74999MH1992PTC065938	Aplus Enterprises Private Limited	Director	17-03-92	17-03-92	-	Active	NO
2	U74200MH2000PLC127214	Indorama Software Solutions Limited	Whole-time director	01-04-08	16-06-00	-	Active	NO
3	U26940MH1996PLC102555	Indorama Cement Limited	Whole-time director	01-06-06	01-04-01	20-03-08	Amalgamated	NO
4	U17120DL2008PLC224269	Indorama Industries Limited	Director	01-10-08	01-10-08	-	Active	NO

Name :

Mr. Hemant Kumar

Designation :

Director

Address :

1001 and 1101, Sai Kripa Regency Tower, Plot -96, Sector – 15, CBD, Belapur, Navi Mumbai – 400 614, Maharashtra, India

Date of Birth/Age :

21.07.1951

Date of Appointment :

08.10.2008

DIN No.:

01975051

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	U65921DL1997PTC086297	Garden Projects and Development Private Limited	Director	31-03-97	31-03-97	Active	NO
2	L99999MH1995PLC092971	MCS Limited	Director	31-07-02	31-07-02	Active	NO
3	U17120DL2008PLC224269	Indorama Industries Limited	Director	30-09-09	08-10-08	Active	NO
4	U74200MH2000PLC127214	Indorama Software Solutions Limited	Director	30-09-09	24-04-09	Active	NO

Name :

Mr. Rajeev Amar Nath Kshetrapal

Designation :

Director

Address :

8A, Poorvi Marg, Vasant, Vihar, New Delhi – 110 057, India

Date of Birth/Age :

20.12.1953

Date of Appointment :

15.09.2010

DIN No.:

00754862

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	U45201DL1996PTC191777	Irama Estates Private Limited	Director	29-09-06	02-09-06	16-08-07	Amalgamated	NO
2	U70101DL1996PTC076530	Strategic Projects and Technical Services Private Limited	Director	29-09-07	01-09-07	-	Active	NO
3	U51909DL2009PTC194269	Indorama International Private Limited	Director	14-09-09	14-09-09	-	Active	NO
4	U17120DL2008PLC224269	Indorama Industries Limited	Director	15-09-10	16-06-10	-	Active	NO
5	U74200MH2000PLC127214	Indorama Software Solutions Limited	Director	29-09-10	25-06-10	-	Active	NO
6	U74899DL1993PTC053574	Worthy Trading Private Limited	Director	25-09-10	30-08-10	-	Active	NO
7	U85190CH2011PTC032694	Satyam Yog Foundation Private Limited	Director	19-01-11	19-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Sanjeev S. Parasruampuria	50010
Anupama Sanjeev Parasruampuria	10
Yuvraj S. Parasruampuria	10
Saurabh Rateria	10
Ghanshyam Goyal	10
Rajeev Kshetrapal	10
Kapil Gupta	9
Vishal	1
Indorama Enterprises PTE Limited, Singapore	22166926
Total	22216996

As on 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.77
Directors or relatives of directors	0.225
Other top fifty shareholders	0.005
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Spandex and Synthetic Yarns, Polyester, Polymers and Resins.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Banking Relations :	---
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerld House, 4^th Floor, IB Old Post Office Street, Kolkata - 700 001, West Bengal, India
PAN No.:	AASFS9578D
Holding Company :	Indorama Enterprises Pte Limited, Singapore (w.e.f. 27^th March, 2009)
Fellow Subsidiary Company :	Indorama Software Solutions Limited, India CIN No.: U74200MH2000PLC127214

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22216996	Equity Shares	Rs.10/- each	Rs.222.170 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18777770	Equity Shares	Rs.10/- each	Rs.187.778 Millions

Of the above:

18727700 Equity Shares of Rs.10 each, fully paid up, are held by the Holding Company Indorama Enterprises Pte Limited, Singapore

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		187.778	20.901	19.501
2] Share Application Money (Pending Allotment)		217.143	0.000	0.000
3] Reserves & Surplus		166.877	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		571.798	20.901	19.501
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		571.798	20.901	19.501
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.315	0.303	3.797
Capital work-in-progress		100.432	15.686	10.999
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	24.484	4.669	1.826
	Other Current Assets	0.007	0.002	0.000
	Loans & Advances	313.570	0.027	5.025
Total Current Assets		338.061	4.698	6.851
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.766	0.017	2.295
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.475	0.000	0.082
Total Current Liabilities		8.241	0.017	2.377
Net Current Assets		329.820	4.681	4.474
MISCELLANEOUS EXPENSES		0.231	0.231	0.231
TOTAL		571.798	20.901	19.501

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES		0.000	0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.01	0.00	0.12
Current Ratio (Current Asset/Current Liability)		41.02	276.35	2.88

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office address of the company has been shifted from Resort View, 302, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India at present address w.e.f. 09.03.2011.

INCORPORATION AND COMMENCEMENT OF BUSINESS OPERATIONS:

Subject has been incorporated on 1^st October, 2008 to set up a green field project pertaining to manufacture of Spandex and Synthetic Yarns, Polyester, Polymers and Resins with a manufacturing capacity of 4500 MT per annum at Baddi (HP). The project is under implementation.

PROJECT STATUS

The project is on its way in full progress and is running as per schedule. The construction has completed more than 50% and all the major order for machinery has been placed and first 2 lots of ZZSET shipment arrived at site. The Commercial Production is expected to start by March, 2012.

Project Progress is depicted below from the Bhumi Pujan on 9^th October, 2010 till date.

FINANCIAL RESULTS:

Subject has been incorporated on 01.10.2008 and this is third financial year of the company. Also the company has not commenced any of its commercial operations and hence no profit and loss account is prepared. The company has received Rs.550.300 millions through equity share capital during 2010-11 and ECB of Rs.887.800 millions after 31^st March, 2011 till date. The Company has made expenses of Rs.929.600 millions till 24^th August, 2011.

In addition to above Rs.302.432 millions has been given as advance to capital vendors for capital expenditure on the project.

It is expected that Company will capitalize the project by 31^st January, 2012 and trial run will start in February, 2012. Commercial production will start in the month of March, 2012.

CHANGES IN CAPITAL STRUCTURE:

Authorised Share Capital

During the year, the authorized share capital of the company was increased from Rs.2,50,00,000 divided into 25,00,000 equity shares of Rs. 10/- each to Rs. 50,00,00,000 divided into 5,00,00,000 equity shares of Rs. 10/-each.

Issued and Paid-up Capital

On 29^th October 2010, the company allotted 16687700 equity shares of Rs.10/- each at a premium of Rs.10/- per share on the basis of preferential allotment to Indorama Enterprises Pte. Limited, Singapore. Accordingly, after the said allotment, the issued and paid up share capital of the company stood at Rs.187.778 millions, comprising of 18777700 Equity Shares of Rs.10 each.

HOLDING COMPANY:

Indorama Enterprises Pte Limited, Singapore is the holding company of this company w.e.f. 27^th March, 2009.

FIXED ASSETS:

v Leasehold Land

v Computers

v Office Equipments and Accessories

v Furniture and Fixtures

v Vehicles

v Computer Software

WEBSITE DETAILS:

PROFILE:

Subject, a company of Indorama Corporation, is currently setting up a green field project to produce Spandex Filament Yarns at Baddi, Himachal Pradesh in India. The state-of -the-art plant is equipped with the latest technology to produce 5,000 MT of yarns per annum in the range of 20 Denier to 1,120 Denier.

This is the first investment in the field of spandex filament manufacturing business in India and is expected to generate a positive impetus to the Indian clothing and textile industry. Various segments of the Indian textile industry will gain access to domestic supply of spandex yarns and knowhow, and raise their value addition substantially.

Subject believes in strong emphasis on new product development and technical services to satisfy the working and functional requirements of various end users. The company aims to provide marketing support to create global demand for fabrics produced using its branded spandex and also provide hand-tag support to retailers.

This project has already created a lot of enthusiasm among the clothing fraternity in the Indian subcontinent.

Commercial production is scheduled to start by the end of the first quarter of 2012.

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.50.31
UK Pound	1	Rs.79.04
Euro	1	Rs.65.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		13

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.