MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	UNILEVER INDIA EXPORTS LIMITED
Formerly Known As :	Indexport LIMItEd
Registered Office :	Unilever House, B.D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.1963
Com. Reg. No.:	11-012667
Capital Investment / Paid-up Capital :	Rs.25.100 millions
CIN No.: [Company Identification No.]	U51900MH1963PLC012667
PAN No.: [Permanent Account No.]	AAACI0991D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of FMCG products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Hindustan Unilever Limited. Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(91-283-6253348)

LOCATIONS

Registered Office :	Unilever House, B.D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-39830000 / 39832567 / 39832557 / 39832532
Fax No.:	91-22-22855686/ 22026712/ 28249457
E-Mail :	comsec.hul@unilever.com ashok.gupta@unilever.com arnaz.bhesania@unilever.com santosh.singh@unilever.com santosh.sinhh@unilever.com
Website :	www.unilever.com
Factory :	Shed Nos. 177 & 178, Sector - 1, Plot Nos 253-257, Sector IV,  Kandla Special Economic Zone, Kandla – 370230, Gujarat, India

DIRECTORS

As on 23.07.2012

Name :

Mrs. Leena Kumar Nair

Designation :

Director

Address :

29 B, Belvedere Court, Sane Guruji Marg, Mumbai Central, Mumbai – 400 011, Maharashtra, India

Date of Birth/Age :

11.06.1969

Date of Appointment :

28.03.2008

DIN No.:

01517891

Other Directorship

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	U74999MH1946PLC005403	LEVERS ASSOCIATED TRUST LIMITED	Director	30-04-07	20-04-07	-	Active	NO
2	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	28-03-08	09-07-07	-	Active	NO
3	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	28-03-08	09-07-07	-	Active	NO
4	U24110MH1994PTC081672	UNILEVER INDUSTRIES PRIVATE LIMITED	Director	16-09-09	01-08-08	-	Active	NO
5	U51900MH2007PTC176788	HINDUSTAN FIELD SERVICES PRIVATE LIMITED	Director	13-02-12	13-02-12	-	Active	NO

Name :

Mr. Sridhar Ramamurthy

Designation :

Director

Address :

601, 6^th Floor, Anand Apartments, Plot No.424, Chitrakar, Dhurandar Marg, Khar (West), Mumbai – 400 052, Maharashtra

Date of Birth/Age :

21.07.1964

Date of Appointment :

22.06.2009

DIN No.:

02557168

Other Directorship

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	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	22-06-09	03-03-09	-	Active	NO
2	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Whole-time director	03-07-09	03-07-09	-	Active	NO
3	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	22-07-10	13-07-09	-	Active	NO
4	U15491MH1927PLC136604	CAPGEMINI BUSINESS SERVICES (INDIA) LIMITED	Additional director	04-08-09	04-08-09	31-03-10	Active	NO
5	U93090MH2010NPL201468	HINDUSTAN UNILEVER VITALITY FOUNDATION	Director	30-03-10	30-03-10	-	Active	NO

Name :

Mr. Hemant Sudarshan Bakshi

Designation :

Director

Address :

1, Alhambra, 3, Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

23.03.1964

Date of Appointment :

19.07.2010

DIN No.:

02362738

Other Directorship

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	U51900MH2007PTC176788	HINDUSTAN FIELD SERVICES PRIVATE LIMITED	Director	24-06-09	01-09-08	13-02-12	Active	NO
2	U24110MH1994PTC081672	UNILEVER INDUSTRIES PRIVATE LIMITED	Director	16-09-09	13-07-09	-	Active	NO
3	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	19-07-10	13-07-09	-	Active	NO
4	U24240MH1974NPL017236	INDIAN BEAUTY AND HYGIENE ASSOCIATION	Additional director	01-03-12	01-03-12	-	Active	NO
5	U74999PN1994PTC081290	KIMBERLY-CLARK LEVER PRIVATE LIMITED	Nominee director	06-03-12	06-03-12	-	Active	NO
6	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	26-03-12	26-03-12	-	Active	NO
7	U91200MH1985GAP037820	THE ADVERTISING STANDARDS COUNCIL OF INDIA	Director	10-04-12	10-04-12	-	Active	NO

Name :

Mr. Pradeep Jyoti Banerjee

Designation :

Director

Address :

507, 5^th Floor, As Koka Tower Dr. Ds Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

19.10.1958

Date of Appointment :

23.07.2012

DIN No.:

02985965

Other Directorship

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	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Whole-time director	27-07-10	01-03-10	-	Active	NO
2	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	23-07-12	04-10-11	-	Active	NO

Name :

Mr. Devopam Narendra Bajpai

Designation :

Director

Address :

Heghdoot Tower, A Lokhandwala Back Road, Lokhandwala, Andheri (West) , Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

14.11.1965

Date of Appointment :

23.07.2012

DIN No.:

00050516

Other Directorship

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	U65910MH1977PLC019873	TIFCO HOLDINGS LIMITED	Director	10-03-06	10-03-06	14-12-07	Active	NO
2	U55101GA1986PLC001980	ASIA PACIFIC HOTELS LIMITED	Director	16-03-06	16-03-06	-	Amalgamated	NO
3	U55101MH1979PLC021967	TAJ LANDS END LIMITED	Director	24-03-06	24-03-06	-	Amalgamated	NO
4	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	23-05-06	23-05-06	14-11-07	Active	NO
5	U51909KL1989PLC005465	INNOVATIVE FOODS LIMITED	Additional director	29-01-07	29-01-07	21-01-08	Active	NO
6	U85110KA1995PLC017192	TAJ KARNATAKA HOTELS AND RESORTS LIMITED	Nominee director	27-09-07	12-06-07	20-12-07	Active	NO
7	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	16-07-08	16-07-08	25-06-10	Active	NO
8	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Additional director	25-03-09	25-03-09	27-05-10	Active	NO
9	U45400AP2007PTC053720	TELLAPUR TECHNOCITY PRIVATE LIMITED	Director	23-11-09	27-08-09	03-05-10	Active	NO
10	U24247MH2008PTC188539	LAKME LEVER PRIVATE LIMITED	Director	27-07-11	30-03-11	-	Active	NO
11	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	20-07-12	27-07-11	-	Active	NO
12	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	20-07-12	27-07-11	-	Active	NO
13	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	29-09-11	27-07-11	-	Active	NO
14	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	23-07-12	22-08-11	-	Active	NO
15	U74999MH1946PLC005403	LEVERS ASSOCIATED TRUST LIMITED	Director	20-07-12	22-08-11	-	Active	NO
16	U24110MH1994PTC081672	UNILEVER INDUSTRIES PRIVATE LIMITED	Director	28-09-12	30-09-11	-	Active	NO
17	U74120MH2012FTC228937	UNILEVER VENTURES INDIA ADVISORY PRIVATE LIMITED	Director	29-03-12	29-03-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.07.2012

Names of Shareholders	No. of Shares
Hindustan Unilever Limited, India	2974994
Levers Associated Trust Limited, India	1
A Lalvani Joint With Hindustan Unilever Limited, India	1
Leena Nair Joint With Hindustan Unilever Limited, India	1
Vivek Subramanian Joint With Hindustan Unilever Limited, India	1
R. Sridhar Joint With Hindustan Unilever Limited, India	1
Shaweta Pandey Joint With Hindustan Unilever Limited, India	1
Total	2975000

As on 23.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of FMCG products.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Licensed Capacity plus permitted Liberalisation
Marine Products including cultured prawns, pomfret, etc.	Tonnes	2000	--	2500

Note:

v The capacity mentioned is annual capacity based on maximum utilisation of plant and machinery.

v The installed capacity and permitted liberalisation of licensed capacity are as per Certificate given by a Director on which the auditors have relied.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Swatantryaveer Savarkar Rashtriya Smarak, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra – 400 028, Maharashtra, India
PAN.:	AABFL5878L
Holding Company :	Hindustan Unilever Limited CIN No.: L15140MH1933PLC002030
Ultimate Holding Company :	Unilever PLC
Associates :	Hindustan Unilever Vitality Foundation CIN No.: U93090MH2010NPL201468

CAPITAL STRUCTURE

After 23.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2975000	Equity Shares	Rs.10/- each	Rs.29.750 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2510000	Equity Shares	Rs.10/- each	Rs.25.100 millions

Note:

· All shares are held by Hindustan Unilever Limited, the Holding Company and its nominees

· Ultimate Holding Company-Unilever Plc.

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		25.100	25.100	25.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		517.470	321.814	253.119
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		542.570	346.914	278.219
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		23.655	20.437	22.643
TOTAL		566.225	367.351	300.862
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.012	152.758	162.858
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.024	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	602.793	341.228	263.573
	Other Current Assets	5.852	3.914	1.561
	Loans & Advances	76.088	80.884	80.990
Total Current Assets		684.733	426.026	346.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.144	43.033	39.720
	Other Current Liabilities	168.400	168.400	168.400
	Provisions	0.000	0.000	0.000
Total Current Liabilities		204.544	211.433	208.120
Net Current Assets		480.189	214.593	138.004
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		566.225	367.351	300.862

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	0.000	0.000	0.000
		Other Income	36.562	12.728	25.682
		TOTAL (A)	36.562	12.728	25.682
Less	EXPENSES
		Manufacturing service costs	0.030	0.045	9.601
		Administrative selling other expenses	1.770	7.093
		Exceptional income expense, net	(173.411)	(64.772)	(57.134)
		TOTAL (B)	(171.611)	(57.634)	(47.533)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		208.173	70.362	73.215
Less	INTEREST FINANCIAL CHARGES (D)		0.000	0.000	8.293
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		208.173	70.362	64.922
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.486	3.136	4.106
	PROFIT BEFORE TAX (E-F) (G)		205.687	67.226	60.816
Less	TAX (H)		10.031	(1.469)	26.742
	PROFIT AFTER TAX (G-H) (I)		195.656	68.695	34.074
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.142	(42.553)	(76.627)
	BALANCE CARRIED TO THE B/S		221.798	26.142	(42.553)
	Earnings Per Share (Rs.)		77.95	27.37	13.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	535.13	539.72	132.68
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	26.69	11.62	11.95
Return on Investment (ROI) (PBT/Networth)		0.38	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		0.38	0.61	0.75
Current Ratio (Current Asset/Current Liability)		3.35	2.01	1.66

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from Hindustan Lever House, 165/166, Backbay Reclamation, Mumbai – 400 020, Maharashtra, India to the present address w.e.f. 01.01.2012.

OPERATIONAL REVIEW:

With a view to fully exploit the opportunity in export markets and to provide necessary focus, flexibility and speed to the business, the Company proposes to enter into a Scheme of Arrangement with Hindustan Unilever Limited (HUL), the Holding Company, by virtue of which the Company will acquire certain assets, liabilities and properties of FMCG Exports Business Division of HUL. The Company will get continued support from the Holding Company to drive the growth of exports business. The proposed Scheme of Arrangement shall be subject to necessary approvals of Statutory Authorities and the Hon’ble High Court of Judicature at Bombay.

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010
Claims made against the Company not acknowledged as debts Sales tax matters - gross Rs.21.291 millions (2009-10: Rs.41.964 Millions)	14.219	27.701

Note:

Future cash outflows in respect of above are determinable only on receipt of judgements/ decisions pending with various forums/ authorities.

FIXED ASSETS:

v Land (Freehold)

v Land (Leasehold)

v Buildings

v Furniture, Fittings and Office Equipments

AS PER WEBSITE DETAILS

PRESS RELEASE:

HINDUSTAN UNILEVER DECLARES A 'SPECIAL DIVIDEND'

SPECIAL DIVIDEND OF RS. 8 PER SHARE IN ADDITION TO INTERIM DIVIDEND OF RS 4.5 PER SHARE

26-10-2012

The Board of Directors of Hindustan Unilever Limited today declared a Special Dividend of Rs 8 per share (Face Value of Re. 1 each) to be paid to its shareholders on record date as of 2-Nov-2012. The dividend will be paid to shareholders on or after 16-Nov-2012. The payment of Special Dividend will be made in addition to the Interim Dividend of Rs 4.5 per share for the year ending 31stMarch 2013, declared by the Board at the same meeting.

The payout for the Special Dividend will be made out of the accumulated Profit & Loss Account balance and the exceptional income generated primarily through the sale of properties in the first half of FY 2012-13 and will be funded from the cash balances of the company.

The last time that the company announced a Special Dividend was 5 years ago in October 2007, when a Special Platinum Jubilee Dividend of Rs 3 per share was paid out to commemorate 75 years of HUL’s existence in India.

Harish Manwani, Chairman commented: “HUL has a robust Balance Sheet and a track record of strong profit and cash generation. The payment of the Special Dividend provides a cash return to our shareholders from accumulated profits built up from the company’s consistent performance over the last few years and the exceptional income generated from the sale of properties in the first half of this year.”

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.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.