MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	E-Wing, Tex Centre, Saki Village, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	Rs.756.850 Millions
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Marketer of Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12630000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a fully owned subsidiary of Huntsman Investment, the Netherlands. It is a well established and reputed company having fine track record. Financial positions of the company appear to be sound. 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 normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LA (Bank Facility)
Rating Explanation	Adequate degree of safety and low credit risk
Date	May 2011

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 BY

Name :	Ms. Lily
Designation :	Purchase Department
Contact No.:	91-22-40506565
Date :	06.09.2012

LOCATIONS

Registered Office :	E-Wing, Tex Centre, Saki Village, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-40506565
Fax No.:	Not Available
E-Mail :	arun.kumar@huntsman.com peter_huntssman@huntsman.com kurt_girod@huntsman.com pratik_shah@huntsman.com suresh_bagul@huntsman.com
Website :	http://www.huntsman.com
Factory :	Plot No.1/1 TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Tel. No.:	91-22-27780000/ 83
Fax No.:	91-22-27780084/ 5/ 8
Area :	5000 sq. ft
Location :	Owned
Corporate Office :	A -10/ A, Sector 24, FDDI Complex, Noida-201301, Gautam Buddha Nagar, Uttar Pradesh, India
Tel. No.:	91-120-4255100
Fax No.:	91-120-4255105 / 4255106

DIRECTORS

AS ON 29.09.2010

Name :

Mr. Peter Hunstman John

Designation :

Director

Address :

10003, Woodloch Forest, Dr. The Woodlands Texas-77380, US

Date of Birth/Age :

13.03.1963

Date of Appointment :

01.03.2001

DIN No.:

01631703

Name :

Mr. Nicholas Andrew Webster

Designation :

Director

Address :

3040, Huldenberg, Hollestratt (Loo) 9, Huldenbera-9, GB

Date of Birth/Age :

31.08.1957

Date of Appointment :

29.09.2008

DIN No.:

01963565

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	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	29/09/2008	20/11/2007	-	Active	NO

Name :

Mr. Ajay Kanwar

Designation :

Director

Address :

Flat No. 201, Springleaf 7A, Lokhandwala Township, Akurli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

04.11.1970

Qualification :

BSC, B Tech

Experience :

16 Years

Date of Appointment :

22.09.2009

DIN No.:

02169721

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	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	22/09/2009	28/05/2008	-	Active	NO

Name :

Mr. Anand Gopaldesikan

Designation :

Director

Address :

C -3, RS Mansion, 7/4, Dinnur Road, R.T Nagar, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

10.08.1971

Date of Appointment :

22.09.2009

DIN No.:

02469962

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	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	22/09/2009	05/01/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pratik Shah
Designation :	Secretary
Address :	B-21, Triveni, Gilber Hill Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	17.04.1981
Date of Appointment :	17.04.2008
Name :	Ms. Lily
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Huntsman Investment Netherlands BV, Netherlands	65218791
Huntsman Netherlands BV, Netherlands	10000
TOTAL	65228791

AS ON 15.11.2010

Names of Allotee	No. of Shares
Huntsman Investment Netherlands BV, Netherlands	10456209
TOTAL	10456209

AS ON 07.10.2011

Names of Allottee	No. of Shares
Huntsman Investment Netherlands BV, Netherlands	768750
TOTAL	768750

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2010

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]	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Marketer of Chemicals.
Products :	v Polyoi v Isocyan Ate v Chemicals

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polyol and Performance Chemicals	MT	21,936	15,134.88*
Dyes and Chemicals	MT	N.A	6034.04**

(*Note: excludes 163.04 MT quantity of polyol reprocessed.)

(** represents goods manufactured on job work basis by other parties)

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans banks secured	380.000	41.098
TOTAL	380.000	41.098

Notes:

(A) The above is secured by way of i) first charge on all current assets excluding consumable stores and spares relating to plant and machineries, both present and future ii) first mortgage charge on office premises together with car parking spaces situated at Bangalore by deposit of title deeds iii) hypothecation of all plant and machineries, furniture, fixtures, computers and vehicles, both present and future iv) Corporate Guarantee given by Huntsman (Holdings) UK.

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other debt unsecured	200.000	200.000
TOTAL	200.000	200.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AACFD4815A
Holding Company:	Huntsman Investments (Netherlands) BV
Ultimate Holding Company:	Huntsman Corporation (US)
Subsidiary Company :	Baroda Textile Effects Private Limited CIN No.: U24100GJ2007PTC051201
Associate Company :	Swathi Organics and Specialities Private Limited CIN No.: U24294TN1994PTC027261
Fellow Subsidiaries :	v Huntsman Polyurethanes Australia Pty. Limited v Huntsman (Germany) GmbH v Huntsman Holland BV v Huntsman Chemical Trading (Shanghai) Limited v Huntsman (Singapore) Pte Limited v Huntsman (Holdings) UK Unlimited v Huntsman (Europe) BVBA. v Huntsman (Taiwan) Limited v Huntsman (Thailand) Limited v Huntsman International Polyurethanes USA v Huntsman International (Hong Kong) Limited v Huntsman International LLC. v Huntsman Corporation Australia Pty v Pt. Huntsman Indonesia , Indonesia v Huntsman Quimica Brazil Limited, Brazil v Huntsman Textile Effects France, France v Huntsman Advance Materials HK Limited, Hong Kong v Huntsman Japan KK , Japan v Huntsman International Mexico, Mexico v Huntsman Tekstil Urunleri Kimya, Turkey v Huntsman Advance Materials (Switzerland) GmbH, Basle v Huntsman Effects Textiles (Chile) LTDA, Chile v Huntsman Colombia Ltda, Colombia v Huntsman Textile Effects (Panama) v Huntsman Advance Materials KK, Japan v Huntsman Textile Effects (Qingdao) Company Limited, China v Huntsman Advance Materials India Private Limited v Huntsman Italy SRL v Petro Araldite Private Limited v Huntsman Surface Sciences UK Limited, UK

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital : Rs. 1670.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 868.543 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs. 1670.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75685000	Equity Shares	Rs.10/- each	Rs. 756.850 Millions

Note:

Of the above 75,675,000 Equity Shares of Rs.10/- each fully paid - up are held by Huntsman Investment (Netherlands) BV, the holding company. (Huntsman Investment (Netherlands) BV is a subsidiary of Huntsman Corporation (US), the ultimate holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		756.850	652.287	644.475
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2400.580	1887.887	1496.420
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3157.430	2540.174	2140.895
LOAN FUNDS
1] Secured Loans		380.000	41.098	0.000
2] Unsecured Loans		200.000	200.000	530.000
TOTAL BORROWING		580.000	241.098	530.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3737.430	2781.272	2670.895
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		187.098	372.588	599.892
Capital work-in-progress		215.823	0.750	0.000
INVESTMENT		542.475	542.500	5.500
DEFERRED TAX ASSETS		63.273	40.245	12.923
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1291.362	871.394	712.195
	Sundry Debtors	1840.117	1300.288	1172.487
	Cash & Bank Balances	110.176	111.142	553.377
	Other Current Assets	0.000	0.006	0.392
	Loans & Advances	1195.855	510.062	504.096
Total Current Assets		4437.510	2792.892	2942.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1474.156	890.192	820.813
	Other Current Liabilities	210.497	44.490	33.828
	Provisions	24.096	33.021	35.326
Total Current Liabilities		1708.749	967.703	889.967
Net Current Assets		2728.761	1825.189	2052.580
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3737.430	2781.272	2670.895

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7570.400	5922.850	5152.415
		Other Income		154.290	95.455
		TOTAL (A)	7570.400 (Including Increase/ Decrease in Stock)	6077.140	5247.870
Less	EXPENSES
		Purchase of Traded Goods	6861.360	3286.163	2683.807
		Manufacturing Expenses		1928.305	1880.297
		Increase/(Decrease) in Finished Goods		(39.485)	25.185
		TOTAL (B)	6861.360 (Including Financial Expenses)	5174.983	4589.289
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			902.157	658.581
Less	FINANCIAL EXPENSES (D)			52.880	34.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		709.040	849.277	624.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		200.980	239.320	216.825
	PROFIT BEFORE TAX (E-F) (G)		508.060	609.957	407.388
Less	TAX (H)		210.880	235.678	175.309
	PROFIT AFTER TAX (G-H) (I)		297.180	374.279	232.079
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1122.520	748.240	730.161
Less	APPROPRIATION
		Transferred to Capital Redemption Reserve	0.000	0.000	214.000
	BALANCE CARRIED TO THE B/S		1419.710	1122.519	748.240
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	685.860	606.516	520.939
		Commission on indent Sales	50.987	21.530	29.576
		Other Earnings	41.933	47.927	42.394
	TOTAL EARNINGS		778.780	675.973	592.909
	IMPORTS
		Raw Materials and Finished Goods	3805.313	2637.053	1577.413
		Capital Goods	7.138	6.542	18.443
	TOTAL IMPORTS		3812.451	2643.595	1595.856
	Earnings Per Share (Rs.)		4.30	5.76	3.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.93	6.15	4.42
Net Profit Margin (PBT/Sales)	(%)	NA	10.29	7.90
Return on Total Assets (PBT/Total Assets}	(%)	10.98	11.82	6.55
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.19
Debt Equity Ratio (Total Liability/Networth)		0.72	0.47	0.66
Current Ratio (Current Asset/Current Liability)		2.60	2.88	3.30

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	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	Yes

NOTE

The registered office of the company has been shifted from Plot No.1/1 TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra to the present address.

CONTINGENT LIABILITIES

Claims not acknowledged by the Company	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
A) Sales Tax demand in respect of earlier years under dispute in respect of issues of applicability and classification, pending in appeal before higher authorities. The Company is hopeful of favorable decision. Amount paid there against and included (Rs.8.807 millions) (Previous year Rs.3.144 millions)	38.898	25.552
B) Income Tax Demand in respect of earlier years under dispute relating to issues of deducibility and taxability, pending in appeal before higher authorities.	98.633	27.281

Bankers Charges Report as per Registry

Corporate identity number of the company	U24117MH2001PTC131020
Name of the company	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.1/1 TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India E-Mail : pratik_shah@huntsman.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10165456
Type of charge	v Immovable Property v Any Interest in immovable property
Particular of charge holder	IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail : ag.wanjari@idbi.co.in
Nature of instrument creating charge	No instrument was executed. A mortgage by deposit of title deed, by way of constructive delivery, created on April 18, 2011 by the company in favour of IDBI Bank Limited over its immovable properties for securing due repayment by the company to IDBI in terms of Supplemental Facility Agreement dated 06.01.2011, for its enhanced Working Capital facility (WCF) of Rs.100.000 millions (enhanced from Rs.500.000 millions to Rs.600.000 millions).
Date of instrument Creating the charge	18.04.2011
Amount secured by the charge	Rs. 600.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per the Supplemental facility agreement (SFA) Dated 06.01.2011 executed by the Company in favour of IDBI as amended from time to time. Terms of Repayment : As per the Supplemental facility agreement (SFA Dated 06.01.2011 executed by the Company in favour of IDBI as amended from time to time. Margin : As per the Supplemental facility agreement (SFA) Dated 06.01.2011 executed by the Company in favour of IDBI as amended from time to time. Extent and Operation of the charge : The charge operates as security inter alia on 1^st pari passu charge on all the fixed assets situated at company's office premises admeasuring 1500 sq.ft situated at 210 and 211, Raheja Chamber, Plot No.12, Museum Road, Bangalore with Buildings, plant and machinery both present and future to secure the enhanced WCF up to Rs.600.000 millions together with all costs, expenses and other monies whatever stipulated in the SFA Dated 06.01.2011 as amended from time to time.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All immovable properties of the company situated at company's office premises admeasuring 1500 sq. ft. situated at 210 and 211, Raheja Chambers, Plot No.12, Museum Road, Bangalore with all fittings and fixtures, amenities, rights, privileges and easements appurtenant thereon along with car parking spaces bearing Nos. B- 31 and 35 in the basement. Together with Buildings, Plants and Machinery both present and future.
Date of instrument modifying the charge	06.01.2011
Particulars of the present modification	IDBI's enhanced WCF of Rs.100.000 millions (enhanced from Rs.500.000 millions to Rs.600.000 millions) together with interest and all other monies which was originally secured by way of hypothecation Dated 06.01.2011 is now secured by way of mortgage by way of constructive delivery of Title Deeds created by the company on 18.04.2011 on 1^st charge basis.

FIXED ASSETS

v Building

v Lease Hold Building

v Plant and Machinery

v Improvement

v Furniture, Fixture and Equipment

v Computer

v Vehicle

v Goodwill

v Distribution Network

v Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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 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. 54.60
UK Pound	1	Rs. 87.31
Euro	1	Rs. 69.86

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.