MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	MANSEL LTD
Registered Office :	Clarendon House 2 Church Street PO Box HM 666 Hamilton HM CX
Country :	Bermuda
Date of Incorporation :	02.05.1995
Com. Reg. No.:	20752
Legal Form :	International Business Company
Line of Business :	Offshore company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Offshore Company
Payment Behaviour :	Unknown
Litigation :	Clear

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Bermuda	A1	A1

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

BERMUDA - ECONOMIC OVERVIEW

Bermuda enjoys the fourth highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is largely focused on construction and agriculture is limited, with only 20% of the land being arable.

Source : CIA

GEOPOLITICS – BERMUDA
POLITICAL DATA	ECONOMIC DATA
Form of Government: British overseas territory - Parliamentary system Economic Risk: Nil	Currency: 100 BMD = 100.00 USD Branch Situation: Stable

IDENTIFICATION
Legal Name:	Mansel Ltd
Legal Address	Clarendon House 2 Church Street PO Box HM 666 Hamilton HM CX Bermuda (Registered Agent)
Telephone:	(441)295-1422 (Registered Agent)	Registration Number :	20752
Fax:	(441)292-4720 (Registered Agent)	Legal Form:	International Business Company
Email:	N.A.	Registered in:	Bermuda
Website:	N.A.	Date Created:	1995
Manager:	N.A.	Date Incorporated:	May 2, 1995
Staff:	0	Stock:	N.A.
		Value:	N.A.
Activity:	Offshore company

BANKS
Name of the Bank	HSBC
Account Number	Confidential
Comments	This information was not verified by the company.
BUSINESS
PRINCIPAL ACTIVITY
	MANSEL LTD is an International Business Company / Offshore Company incorporated in Bermuda for tax purposes. However the company does not carry any operation in Bermuda It is not registered with the Bermuda Chamber of Commerce as being an active business. It is not listed with the Bermuda yellow pages. It is not listed with the major local credit bureaus.
Trade References:
	In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.
The subject employs 0 employee(s)
Comments on staff:
	The company does not have any employee in Bermuda. It uses the registered agent staff.
PAYMENTS
	made on a 20 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The address mentioned above is that of the registered agent: Conyers Dill & Pearman Clarendon House 2 Church Street PO Box HM 666 Hamilton HM CX Bermuda Tel: +1 (441) 295 1422 Fax: +1 (441) 292 4720 Email: bermuda@conyersdill.com

Shareholders - Manager - Related Companies
Shareholders Parent Company(ies):
	The company is owned by foreign shareholders.
Management:
	It is locally managed by the registered agent mentioned above. The agent declined to give any information on the subject, who is protected by the law of non disclosure.
Related Companies:
	Through outside sources we could learn that the subject would be related to: MANSEL OIL LTD Import-export: oil Address : C/O Vitol Sa Rue Des Bains 33-35 1205 Geneve Country : SWITZERLAND Tel: +41-22322-11-11 Fax: +41-22781-66-11 However, the subject being an offshore company, the link could not be verified.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2011
Turnover	0
Operating Income	154,000,000
Net Income	154,000,000
Net worth	1,150,000,000
Bank liabilities	0
The cash flow is	large

Currency	DATE
USD	2009
Turnover	0
Operating Income	56,700,000
Net Income	56,700,000
Net worth	1,000,000,000
Bank liabilities	0
The cash flow is	very large

Comments on the financial data: The company being an offshore, it was not possible to verify the financial figures with the registered agent.

Legal Filings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau did not rate this company.
Final Opinion
	We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in Bermuda, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	GOOD	Public	NO
Indebtedness	NIL	Payments	UNKNOWN
Cash	VERY GOOD

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

PRL

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	--

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%)

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.