MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	INDORAMA INDUSTRIES LIMITED
Registered Office :	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.10.2008
Com. Reg. No.:	55-034354 (New) 55-224269 (Old)
Capital Investment / Paid-up Capital :	Rs.222.170 Millions
CIN No.: [Company Identification No.]	U17120CH2008PLC034354 (New) U17120DL2008PLC224269 (Old)
PAN No.: [Permanent Account No.]	AABCI9690N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Subject is engaged in the Manufacturing of Spandex Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2362000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Indorama Enterprises Pte Limited’. Even though the company was incorporated in 2008. It started its activity from March 2012. As per the financial of 2012, the external borrowing seems to be huge. However, business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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

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 DENIED BY

Name :	Mr. Pradeep
Designation :	Finance Manager
Contact No.:	91-9816217784
Date :	23.07.2013

LOCATIONS

Registered/ Head Office :	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101, India
Tel. No.:	91-172-6619400
Mobile No. :	91-8968382288 (Mr. Vasudeo) 91-9816217784 (Mr. Pradeep)
Fax No.:	91-172-5009342
E-Mail :	info@indorama.in 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
Factory :	Village Lodha Majra Nalagarh Road, Baddi – 173205, Himachal Pradesh, India
Branch 1 :	No.65, Bhaiversingh Marg, Gole Market, New Delhi – 110001, India
Branch 2 :	Located at : · Mumbai

DIRECTORS

As on 28.09.2012

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

Qualification :

MS USA

Date of Appointment :

01.10.2008

DIN No.:

00007092

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	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	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	01/10/08	01/10/08	-	Active	NO

Name :

Mr. Rajeev Kshetrapal

Designation :

Director

Address :

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

Date of Birth/Age :

20.12.1953

Qualification :

BA, LLB

Date of Appointment :

15.09.2010

DIN No.:

00754862

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	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	U17120CH2008PLC034354	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

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

Qualification :

B.Com, Dilloma in IRPM

Date of Birth/Age :

21.07.1951

Date of Appointment :

30.09.2009

DIN No.:

01975051

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	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	04/08/12	Active	NO
3	U17120CH2008PLC034354	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. Krishan Kumar Aggarwal

Designation :

Director

Address :

3, Rhu Cross No. 8 – 15, Costa Rhu, Singapore – 437433

Date of Birth/Age :

28.02.1959

Date of Appointment :

28.09.2012

DIN No.:

05295351

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	U17120CH2008PLC034354	INDORAMA INDUSTRIES LIMITED	Director	28/09/12	01/06/12	-	Active	NO
2	U51909DL2009PTC194269	INDORAMA INTERNATIONAL PRIVATE LIMITED	Director	31/08/12	01/06/12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Sethiya
Designation :	Secretary
Address :	House No. 836, Sector – 11, Panchkula – 134109, Haryana, India
Date of Birth/Age :	13.08.1982
Date of Appointment :	16.11.2011
PAN No. :	BGAPS7696M
Name :	Mr. Vasudeo
Designation :	Sales Manager
Name :	Mr. Pradeep
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Sanjeev S. Parasruampuria	10
Anupama Sanjeev Parasruampuria	10
Yuvraj S. Parasruampuria	10
Saurabh Rateria	10
Ghanshyam Goyal	10
Rajeev Kshetrapal	19
Vishal	1
Indorama Enterprises Pte Limited, Singapore	22851926
Total	22851996

As on 12.10.2012

Names of Allottee	No. of Shares
Indorama Enterprises Pte Limited, Singapore	1111600
Total	1111600

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99969
Directors or relatives of directors	0.00021
Other top fifty shareholders	0.00010
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the Manufacturing of Spandex Yarn.

Products :

ITC NO.	PRODUCT DESCRIPTION
54024400	Elastomeric

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

· ICICI Bank, Singapore

· The Hongkong and Shanghai Banking Corporation Limited, Birla Towers, 25, Barakhamba Road, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan From Bank (A)	920.817	0.000
Short Term Borrowings
Loans Repayable on Demand From Banks (B)	37.710	0.000
Total	958.527	0.000

NOTE :

(A) ICICI Bank, Singapore

(A) Cash credit from HSBC bank secured by first pari passu Charge on current asset of the company, second pari passu chage over entire fixed assets including equitable mortage (EQM) over land and building, including hypothecation of plant and machinery and other movable fixed assets, both present and future located at Baddi. Cash credit from ICICI bank secured by first Charge by way of hypothecation of the company's entire stocks of raw materials, semi finished and finised goods, consumable stores and spares and such other movables including book-debts, bills whether documentry or clean, outstanding monies, receivables, both present and future. Further, above borrowings will be secured by unconditional and irrevocable corporate guarantee of the Ultimate holding company Indorama Corporation Pte, Limited Singapore.

Banking Relations :	--
Auditors :
Name :	S S Kothari Mehta and Company Chartered Accountant
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
PAN.:	AABFS6730L
Holding Company :	Indorama Enterprises Pte Limited, Singapore

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.307.634 Millions

As on 28.09.2012

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
22851996	Equity Shares	Rs.10/- each	Rs.228.520 Millions

As on 31.03.2012

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	222.170	187.778
(b) Reserves & Surplus	329.782	166.877
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	38.735	217.143
Total Shareholders’ Funds (1) + (2)	590.687	571.798
(3) Non-Current Liabilities
(a) long-term borrowings	2506.668	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	1.607	0.586
(d) long-term provisions	1.829	0.364
Total Non-current Liabilities (3)	2510.104	0.950
(4) Current Liabilities
(a) Short term borrowings	37.710	0.000
(b) Trade payables	114.606	0.563
(c) Other current liabilities	743.741	6.731
(d) Short-term provisions	0.299	0.111
Total Current Liabilities (4)	896.356	7.405
TOTAL	3997.147	580.153
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3304.816	140.785
(ii) Intangible Assets	41.554	0.530
(iii) Capital work-in-progress	171.988	100.432
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	32.882	309.694
(e) Other Non-current assets	15.609	0.431
Total Non-Current Assets	3566.849	551.872
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	115.066	0.000
(c) Trade receivables	0.347	0.000
(d) Cash and cash equivalents	217.674	24.284
(e) Short-term loans and advances	89.958	3.990
(f) Other current assets	7.253	0.007
Total Current Assets	430.298	28.281
TOTAL	3997.147	580.153

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.901
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		20.901
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		20.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.303
Capital work-in-progress		15.686
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	4.669
	Other Current Assets	0.002
	Loans & Advances	0.027
Total Current Assets		4.698
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.017
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.017
Net Current Assets		4.681
MISCELLANEOUS EXPENSES		0.231
TOTAL		20.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.680
		Other Income	0.394
		TOTAL (A)	1.074	0.000	0.000
Less	EXPENSES
		Cost of material consumed	17.510
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(11.191)
		Employee benefit	2.886
		Other expenses	7.193
		TOTAL (B)	16.398	0.000	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(15.324)	0.000	0.000
Less	FINANCIAL EXPENSES (D)		1.644	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(16.968)	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.877	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(19.845)	0.000	0.000
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(19.845)	0.000	0.000
	IMPORTS
		Raw Materials	101.332
		Stores & Spares	0.362
		Capital Goods	1836.122
	TOTAL IMPORTS		1937.816	0.000	0.000
	Earnings/ (Loss) Per Share (Rs.)		(0.10)	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1847.77)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	(2918.38)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.52)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		4.31	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.48	3.82	276.35

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	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 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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10348756	05/10/2012 *	672,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Birla Towers, 25,Barakhamba Road, New Delhi, Delhi - 110001, INDIA	B60432747
2	10332504	23/01/2012	1,380,000,000.00	ICICI BANK LIMITED	Land Mark Race Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B30799548

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan From Others (A)	1585.851	0.000
Total	1585.851	0.000

Notes:

(A) Indorama Enterprise pte Limited, Singapore

BUSINESS PROSPECTS

The Company has started commercial production with effect from 25th March, 2012. The process of linking the customers and channel partner is on the way. It is assumed that market shall be captured soon.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Emission Reduction Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· Computer Software

· Know-how

AS PER WEBSITE DETAILS

Press Release

INDORAMA INDUSTRIES TO RAMP UP CAPACITY

April 13, 2013

Indorama Industries Limited - subsidiary of Indorama Corporation Singapore - has planned to double its production capacity from 5000 tons to 10000 tons.

In a statement issued, the Group Managing Director of Indorama Corporation, Amit Lohia, who was at Chandigarh to discuss the company’s plans, said that we have decided to kick start phase II of our original business plan to double its capacity which would be completed by the end of 2014.

“With production running at capacity of 5000 tons per year, demand for INVIYA products (stretchable threads) has accelerated rapidly in various fields across India. Backed up by a pan Indian sales and technical support team, our yarns offer a wonderful combination of comfort, stretch, and recovery for modern day textiles,” said Lohia.

According to him the industry was upbeat over being accepted in the Indian textile market. “Customers are pleased with our quality and customer-centric approach. Our plant in Baddi already has infrastructure to support 15000 tons of spandex production, so we have decided to double our capacity to 10000 tons by next year, and then add 5000 tons later. I would like to in earnest thank all our customers for their overwhelming support,” he elaborated about the extension plans.

He apprised that Indorama Industries is in the process of setting up a Spandex Application Development Center to spearhead greater product development activities.

NEWS

INDORAMA TO SET UP $1.2 BN FERTILIZER PLANT IN NIGERIA

24 February 2013

By JaideepSarin, Reporter IANS India Private Limited

Chandigarh, Feb 24; A subsidiary of Indian-owned Indorama Corporation, the world’s largest producer of polyester and PET resin, will set up a $1.2 billion fertilizer plant in Nigeria – which will also be the single largest urea manufacturing complex in the world.

Indorama Eleme Fertilizer and Chemicals Limited, Nigeria (IEFCL), has signed long term financing agreements of $800 million with 16 global developmental financial institutions and commercial banks to construct the greenfield plant in Port Harcourt company officials said here.

“The state-of-the-art manufacturing complex will produce 1.4 million tonnes per annum of granulated urea using natural gas as feedstock, from early 2016” Indorama group managing director Amit Lohia told IANS.

“This project envisages setting up the single largest urea manufacturing train in the world, making this one of the lowest cost producers in the world, which will also enable it to export urea to North American and Latin American markets”, he added.

Singapore-headquartered Indorama Corporation, the holding company of the Indorama Group, has 45 manufacturing sites across 20 countries around the world. It is also the second largest producers of nitrile rubber gloves. The $10 billion Indorama Corporation is owned by an Indian family, with industrialist S.P. Lohia as its chairman.

IEFCL, which is west Africa’s largest polyolefins producers, is providing equity of $400 million for the project.

Leaders for the $800 million funding include the International Financial Corporation (IFC), a part of the World Bank group, which has raised parallel loans from investment companies in Britain, Belgium, Germany and the Netherlands. This includes a syndicated loan of $75 million from the Bank of India.

“The IEFCL project will play a large role in addressing critical Nigerian and West African requirements for economically priced fertilizer. IEFCL will substitute fertilizer imports to address Nigeria and West Africa’s growing demand for fertilizer by utilizing Nigeria’s vast hydrocarbon reserves,”Indorama group chairman S.P.Lohia said.

“We continue to see significant growth prospects in Africa and the Middle East. After investing more than $500 million over the past several years in Nigeria, Indorama is setting the foundation to create Africa’s largest petrochemical hub in the country. IEFCL, through this project, will play a key role in boosting Nigeria’scrop yields. In addition, Indorama has a rich pipeline of petrochemicals projects globally to further build on its global petrochemicals presence.” Amit Lohia added.

Group CFO V.S. Baldwa said that besides IFC, other financial institutions in the project include Stanbic Bank, Nigeria, Standard Chartered Bank, African Development Bank, African Export-Import Bank, DEG (Germany), European Financing Partners, CDC Group (Britain), FMO (the Netherlands), Belgian Investment Company for Developing Countries, Emerging Africa InfrastructureFund and Nigeria commercial banks.

Indorama Corporation, which has over 20,000 employees, started with the establishment of a spun yarn manufacturing plant in Indonesia by S.P. Lohia in 1976. The Group is a global manufacturer of polyethylene, polypropylene, polyester fiber, filament and spun yarns, fabrics, and medical gloves. Its products are shipped to over 90 countries across four continents.

WORLD BANK'S IFC FUNDS INDORAMA'S NIGERIAN FERTILISER PLANT

22 February 2013

Chemicals-technology.com

The World Bank's investment arm, International Finance Corporation (IFC), has invested $375m in the Nigeria-based Indorama Eleme Fertilizer Company, in order to support the expansion of the country's largest fertiliser production plant.

"The $1.2bn project will involve the construction and operation of a nitrogenous fertiliser facility."

The backing, which also supports South-South investment into Africa, is expected to improve farm yields and agricultural productivity that is critical to the West African country's long-term food security.

The $1.2bn project will involve the construction and operation of a nitrogenous fertiliser facility at Eleme's existing petrochemicals site in Port Harcourt, Nigeria, as well as the development of an 84km pipeline from the gas supplier's plants.

Eleme chief executive officer Manish Mundra said IFC's support for the project has helped to provide direct financing and mobilise significantly more to commence the company's fertiliser operations.

"With a growing population and limited available arable land, fertilisers are increasingly important to improving crop yield and food supply in Nigeria," Mundra added.

The finance corporation, which signed a loan for $150m, has mobilised another $75m through a syndicated B loan with the Bank of India and an additional $150m in parallel loans from other development finance institutions.

IFC Manufacturing, Agribusiness and Services senior manager Carsten Mueller said: "IFC's investment in Indorama Eleme Fertilizer adds value and makes use of existing natural resources, helping Nigeria expand its manufacturing base while improving food security."

In 2007, IFC supported Indonesia-based Indorama in its premier investment in Nigeria through its subsidiary, Indorama Eleme Petrochemicals Company.

INDORAMA ELEME FERTILIZER AND CHEMICALS LIMITED SIGNS PROJECT FINANCING PACKAGE FOR US$ 1.2 BLN GREENFIELD UREA FERTILIZER PLANT

18 February 2013

PRNewswire, DUBAI, UAE

Indorama Eleme Fertilizer and Chemicals Limited (IEFCL) has signed a financing package to construct a green field US$ 1.2 billion urea fertilizer project in Port Harcourt, Nigeria. The IEFCL project will play a large role in addressing critical Nigerian and West African requirement for economically priced fertilizers.

Developed by Indorama Corporation Pte Limited. (Indorama - a leading global producer of petrochemicals) and Indorama Eleme Petrochemicals Limited (Eleme - the second largest polyolefins producer in Africa), IEFCL will substitute fertilizer imports to address Nigeria and West Africa's growing demand for fertilizer by utilizing Nigeria's vast hydrocarbon reserves. Given its highly competitive cost and logistical position, IEFCL will also export urea to North American and Latin American markets.

The state-of-the-art facility will produce over 4000 metric tonnes per day of high-quality, granulated urea, an amount capable of meeting the entire domestic Nigerian demand.

"We continue to see significant growth prospects in Africa and Middle East. After investing more than $500 million over the past several years, Indorama is now setting up the world's largest Urea plant at its petrochemical complex in Nigeria. The investment of more than $1.2 billion includes a port and gas pipeline. With a rich pipeline of projects, Indorama is aiming to create Africa's largest petrochemical hub in Nigeria", said Group Managing Director for Indorama Corp., Amit Lohia, adding, "IEFCL will play a key role in boosting Nigeria's crop yields going forward."

"We would like to thank everyone who has made this project possible, from the Government of Nigeria to the authorities of Port Harcourt, with special appreciation to the lead lenders IFC, Stanbic, and Standard Chartered," Lohia added.

Financing for the project includes US$ 800 million in debt and US$ 400 million in equity.

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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.