MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED (w.e.f. 03.12.2001)
Formerly Known As :	CHENNAI CONTAINER TERMINAL LIMITED
Registered Office :	Darabshaw House, Level I, Narottam Morarji Marg, Ballard Estate, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.2000
Com. Reg. No.:	11-128675
Capital Investment / Paid-up Capital :	Rs.802.485 Millions
CIN No.: [Company Identification No.]	U28120MH2000PTC128675
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in the business of managing, developing and maintaining the Container Terminal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 10500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘DP World Limited’. It is a well established company having satisfactory track. DP World is the world’s third largest container terminal operator by capacity and throughput. The latest financial of the company are not made available. As per previous year’s, the company is found to be performing well. Financial positions of the company appear to be sound. Trade relations are reported as decent. Business is active. Payments are 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A (Term Loan)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 2012

Rating Agency Name	ICRA
Rating	A1 (Non Fund Based Limits )
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	April 2012

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.

LOCATIONS

Registered Office :	Darabshaw House, Level I, Narottam Morarji Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-44-25909797/ 22610566
Fax No.:	91-44-25900485/ 22621405
E-Mail :	nagalakshmi.singaraju@dpworld.com aju@dpworld.com
Website :	http://www.dpworld.com/chennai

DIRECTORS

As on: 06.07.2012

Name :

Mr. Devang Mankodi Bhupendrakumar

Designation :

Director

Address :

7, Darpan, Bhagat, Singh Road, Vile Parle, (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

08.09.1968

Date of Appointment :

09.03.2006

DIN No.:

00139006

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	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
2	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	09/03/2006	09/03/2006	-	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
4	U45203MH2004PTC147309	DUBAI PORTS AND FREE ZONES INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
5	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	31/07/2012	13/12/2007	-	Active	NO
6	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	17/07/2009	18/09/2008	-	Active	NO
7	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Active	NO
8	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Alternate director	02/09/2009	02/09/2009	04/12/2009	Active	NO
9	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Alternate director	02/09/2009	02/09/2009	04/12/2009	Active	NO
10	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	04/08/2010	27/11/2009	-	Active	NO
11	U63010MH2008PTC177942	HINDUSTAN PORTS PRIVATE LIMITED	Director	09/08/2012	09/08/2012	-	Active	NO

Name :

Mr. Kevin James D Souza

Designation :

Director

Address :

1/3, Choksi Mansion, Dr G Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

21.08.1960

Date of Appointment :

04.08.2010

DIN No.:

00175176

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	U74999MH2003PTC139913	P AND O INFORMATION SYSTEMS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Strike off	NO
2	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/04/2005	28/04/2005	-	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	28/03/2006	28/03/2006	-	Active	NO
4	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Director	06/07/2006	06/07/2006	-	Active	NO
5	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
6	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
7	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
8	U63010MH2008PTC177942	HINDUSTAN PORTS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	-	Active	NO
9	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	04/08/2010	27/03/2008	-	Active	NO

Name :

Mr. Ennarasu Karunesan

Designation :

Whole Time director

Address :

Block 1, 8 B, Rani, Meyyammai Towers, MRC Nagar, Rajah, Annamalaipuram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

27.07.1966

Date of Appointment :

09.03.2006

DIN No.:

00200432

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	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Whole-time director	09/03/2006	09/03/2006	-	Active	NO
2	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	22/07/2009	20/03/2009	-	Active	NO

Name :

Mr. Krishnadas Kumaran Kodalil

Designation :

Director

Address :

E, MICT Township, Mundra-Kutch, 370421, Gujarat, India

Date of Birth/Age :

13.04.1963

Date of Appointment :

20.07.2009

DIN No.:

00202948

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	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	26/05/2006	26/05/2006	23/06/2011	Active	NO
2	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	22/07/2009	20/03/2009	-	Active	NO
3	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	31/07/2012	14/09/2010	-	Active	NO

Name :

Mr. Anil Wats

Designation :

Director

Address :

Villa 76, Street 25 C, UMM Suqeim 1, PO Box 17000, Dubai, United Arab Emirates

Date of Birth/Age :

13.04.1957

Date of Appointment :

15.12.2009

DIN No.:

00888308

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	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	16/03/2012	26/06/2006	-	Active	NO
2	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	16/12/2009	27/06/2006	-	Active	NO
3	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	28/06/2006	-	Active	NO
4	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	27/09/2006	-	Active	NO
5	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Alternate director	30/09/2006	30/09/2006	02/05/2011	Active	NO

Name :

Mr. Anil Singh

Designation :

Managing Director

Address :

A-42-II, Narian Vihar, New Delhi – 110 028, India

Date of Birth/Age :

12.12.1954

Date of Appointment :

15.12.2009

DIN No.:

02728638

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	U63010MH2008PTC177942	HINDUSTAN PORTS PRIVATE LIMITED	Director	14/07/2009	01/07/2009	-	Active	NO
2	U45203MH1997PTC106790	NHAVA SHEVA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	15/12/2009	01/07/2009	-	Active	NO
3	U35112GJ2000PTC039015	MUNDRA INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	16/12/2009	01/07/2009	-	Active	NO
4	U74999MH2003PTC139913	P AND O INFORMATION SYSTEMS PRIVATE LIMITED	Director	24/09/2009	01/07/2009	-	Strike off	NO
5	U45203MH2004PTC147309	DUBAI PORTS AND FREE ZONES INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	24/09/2009	01/07/2009	-	Active	NO
6	U74120MH2007PTC166718	CONTAINER RAIL ROAD SERVICES PRIVATE LIMITED	Director	14/07/2009	01/07/2009	-	Active	NO
7	U28120MH2000PTC128675	CHENNAI CONTAINER TERMINAL PRIVATE LIMITED	Managing director	15/12/2009	01/07/2009	-	Active	NO
8	U61200MH1997PTC109065	DP WORLD PRIVATE LIMITED	Managing director	24/09/2009	01/07/2009	-	Active	NO
9	U74999MH2002PTC135508	VISAKHA CONTAINER TERMINAL PRIVATE LIMITED	Nominee director	27/07/2009	27/07/2009	-	Active	NO
10	U74999KL2004PTC017443	INDIA GATEWAY TERMINAL PRIVATE LIMITED	Director	24/09/2009	13/08/2009	-	Active	NO
11	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Director	28/06/2010	02/09/2009	-	Active	NO
12	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Director	29/09/2009	02/09/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagalakshmi Singaraju
Designation :	Secretary
Address :	82, 9^th Street, 2nd Sector, K K Nagar, Chennai – 600 078, India
Date of Birth/Age :	11.06.1971
Date of Appointment :	27.05.2008
PAN No:	AEIPN0966Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 06.07.2012

Names of Shareholders	No. of Shares
P and O Ports Chennai Limited, India	69742904
Anil Singh (Nominee of P and O Ports Chennai Limited), India	1
Total	69742905

Equity Share Break up (Percentage of Total Equity)

As on: 06.07.2012

Category	Percentage
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 :

The Subject is engaged in the business of managing, developing and maintaining the Container Terminal.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	2350.000	1200.000
Total	2350.000	1200.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	0.000	2404.100
Rupee term loans others unsecured	490.609	602.174
Working capital loans banks unsecured	0.290	0.000
Total	490.899	3006.274

Banking Relations :	--
Financial Institution:	Infrastructure Development Finance Company Limited, KRM Tower, 8^th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, Maharashtra, India
PAN No.:	AAIFB0630K

CAPITAL STRUCTURE

As on: 06.07.2012

Authorised Capital :

Nzo. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69742905	Equity Shares	Rs.10/- each	Rs.697.429 millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80248505	Equity Shares	Rs.10/- each	Rs.802.485 Millions

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		802.485	993.245	1212.245
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1825.685	2119.961	1371.890
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2628.170	3113.206	2584.135
LOAN FUNDS
1] Secured Loans		2350.000	1200.000	0.000
2] Unsecured Loans		490.899	3006.274	4149.417
TOTAL BORROWING		2840.899	4206.274	4149.417
DEFERRED TAX LIABILITIES		65.581	67.041	337.354
TOTAL		5534.650	7386.521	7070.906
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3833.461	4310.627	3627.639
Capital work-in-progress		2.383	1.618	190.285
INVESTMENT		20.034	1100.144	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.583	79.664	94.221
	Sundry Debtors	46.369	33.221	10.930
	Cash & Bank Balances	56.811	48.226	27.628
	Other Current Assets	22.166	15.572	15.761
	Loans & Advances	3067.551	3068.391	3967.978
Total Current Assets		3280.480	3245.074	4116.518
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1456.324	1178.426	759.017
	Other Current Liabilities	137.559	87.973	98.563
	Provisions	7.825	4.543	5.956
Total Current Liabilities		1601.708	1270.942	863.536
Net Current Assets		1678.772	1974.132	3252.982
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5534.650	7386.521	7070.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	NET PROFIT		284.665	1256.156	862.000
	BALANCE CARRIED TO THE B/S		1415.930	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Revenue from loading and discharge of container from / to the vessels.	1381.659	1277.739	1393.006
	TOTAL EARNINGS		1381.659	1277.739	1393.006
	IMPORTS
		Capital Goods	348.000	914.359	449.876
		Stores & Spares	15.520	16.485	45.043
	TOTAL IMPORTS		363.520	930.844	494.919
	Earnings Per Share (Rs.)		3.06	11.47	NA

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.69	1.76	1.94
Current Ratio (Current Asset/Current Liability)	2.05	2.55	4.77

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	No
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	Yes

BACKGROUND

Chennai Container Terminal Private Limited (“CCTL” or “the Company”) is engaged in the business of managing, developing and maintaining the Container Terminal at Bharathi dock at Chennai Port Trust (“ChPT”) pursuant to a License Agreement with ChPT. CCTL is wholly owned subsidiary of Pamp;O Ports (Chennai) Limited, Mauritius, which is a fully owned subsidiary of DP World Limited.

OPERATIONAL HIGHLIGHTS

During the year, two mainline services operated by Maersk Line have been incorporated in the Company’s window connecting the Far East and North Europe respectively.

The Company faces stiff competition from the second container terminal and with the new terminals in the anvil, viz., Kattupalli in Tamil Nadu and Krishnapatnam, in Andhra Pradesh and is fully geared up to tackle the same.

FUTURE OUTLOOK

In order to meet the various challenges, the Company has signed long term Terminal Service Agreements with most of the existing services and commercial volume rebate agreements with the major container operators in order to retain them at the company’s terminal.

Steps are being taken to attract additional services and to provide greater ease of operating with the company by way of increased use of Information Technology, understanding and meeting the needs of individual customers and operational excellence.

The Company continuously strives to excel its performance and provide superior customer service.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
dues of income tax disputed in appeal	13.946	0.000

FIXED ASSETS

Tangible Assets

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Computer Hardware

· Motor Vehicles

Intangible Assets

· License Fees

· Computer Software

AS PER WEBSITE DETAILS:

Press Release

CHENNAI CONTAINER TERMINALS GETS NEW CRANES

CHENNAI, APRIL 6: 

Chennai International Terminals Private Limited has received four new ship-to-shore quay cranes and eight new rubber tyre gantry cranes (RTGCs).

The private container terminal inside the Chennai port is owned and managed by PSA International, Singapore.

The four post-Panamax quay cranes are capable of lifting two 20-foot containers per move. All the new cranes will undergo commissioning tests and will be progressively deployed for operations from May 2012, says a company press release.

Mr. V. Sivarajan, Managing Director of PSA India, said that the terminal will now have a total of seven quay cranes and 18 RTGCs. This would more than double its existing terminal handling capacity.

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.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.