MIRA INFORM REPORT

Business information report

1. Summary Information

		Country	India
Company Name	INDORAMA INDUSTRIES LIMITED	Principal Name 1	Mr. Sanjeev Sitaram Parasrampuria
Status	Recently commenced business activity	Principal Name 2	Mr. Rajeev Kshetrapal
		Registration #	55-034354 (New) 55-224269 (Old)
Street Address	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101, India
Established Date	01.10.2008	SIC Code	--
Telephone#	91-11-45085035	Business Style 1	Manufacturing
Fax #	91-11-45085033	Business Style 2	--
Homepage	http://www.indorama.com	Product Name 1	Spandex Yarn
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.222,169,960/-	Product Name 3	--
Shareholders	Foreign holdings – 99.99969% Directors or relatives of directors- 0.00021% Other top fifty shareholders- 0.00010%	Banking	ICICI Bank Limited
Public Limited Corp.	NO	Business Period	5 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Singapore	Indorama Enterprises Pte Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	363,723,000	Current Liabilities	859,954,000
Inventories	115,065,000	Long-term Liabilities	2,544,378,000
Fixed Assets	3,346,370,000	Other Liabilities	2,127,000
Deferred Assets	0,000	Total Liabilities	3,406,459,000
Invest& other Assets	171,988,000	Retained Earnings	329,782,000
		Net Worth	590,687,000
Total Assets	3,997,146,000	Total Liab. & Equity	3,997,146,000
Total Assets (Previous Year)	580,039,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	680,000	Net Profit	(19,845,000)
Sales(Previous yr)	0,000	Net Profit(Prev.yr)	0,000

MIRA INFORM REPORT

Report Date :

15.05.2013

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 :	Recently commenced business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Indorama Enterprises Pte Limited’. Even though the company was incorporated during October 2008, it recently commenced its business activities during 25^th March 2012. There appear huge external borrowings recorded by the company which acts as a threat to the company’s liquidity. However, business is active. Payment terms are unknown. The company can be considered for business dealings with great 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.

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)
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

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
Term Loan From Bank (A)	920.817	0.000
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 :

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
23963596	Equity Shares	Rs.10/- each	Rs.239.636 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	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		222.170	187.778	20.901
2] Share Application Money		38.735	217.143	0.000
3] Reserves & Surplus		329.782	166.877	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		590.687	571.798	20.901
LOAN FUNDS
1] Secured Loans		958.527	0.000	0.000
2] Unsecured Loans		1585.851	0.000	0.000
TOTAL BORROWING		2544.378	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3135.065	571.798	20.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3346.370	141.315	0.303
Capital work-in-progress		171.988	100.432	15.686
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	115.065	0.000	0.000
	Sundry Debtors	0.347	0.000	0.000
	Cash & Bank Balances	217.674	24.484	4.669
	Other Current Assets	22.861	0.007	0.002
	Loans & Advances	122.841	313.570	0.027
Total Current Assets		478.788	338.061	4.698
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.606	7.766	0.017
	Other Current Liabilities	745.348	0.000	0.000
	Provisions	2.127	0.475	0.000
Total Current Liabilities		862.081	8.241	0.017
Net Current Assets		(383.293)	329.820	4.681
MISCELLANEOUS EXPENSES		0.000	0.231	0.231
TOTAL		3135.065	571.798	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)		0.55	41.02	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
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.

BANKER CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U17120DL2008PLC224269
Name of the company	INDORAMA INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Tower F, 3^rd Floor, DLF Park, Chandigarh – 160101, India E-mail: abhishek.sethiya@indorama.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10348756
Type of charge	· Immovable property · Others (Equitable Mortgage on Land and Building + Others)
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited, Birla Towers, 25, Barakhamba Road, New Delhi – 110001, India E-mail: roc@sdpa.in
Nature of instrument creating charge	Memorandum of Entry dated 05 October 2012.
Date of instrument Creating the charge	05.10.2012
Amount secured by the charge	Rs. 672.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Interest shall be payable by the company on the banking facilities as per banks tariff, subject however that the bank shall have the right to change the rate of interest after giving notice to the Company Term of Payment : In consideration of banking facilities sanctioned/to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the bank by way of First Pari Passu Charge over Stocks and Receivables and Second Pari Passu Charge over movable plant and machinery and other movable assets as a continuing security, the assets mentioned in the Agreement to secure the repayments of the advances together with interest cost and all other charges Margin : The Company shall maintain such margin as may be specified by the bank from time to time. Extent and operation of the charge : In case the Company fails to fulfill its obligation under the agreement, the bank shall be entitled to take possession of the hypothecated properties/assets and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims
Short particulars of the property charged (Including location of the property)	Second Pari passu charge by way of equitable mortgage on Land sit. in Plot No. 10, Industrial Area, Village Lodhi Marjra, Baddi Tehsil, District Solan, Himachal Pradesh, admeasuring about 100000 sq mtrs (more particularly described in Memorandum of Entry dated 05 October 2012), together with all the buildings and structures constructed or to be constructed thereon, fixed plant and machinery attached to the earth or permanently fastened to anything attached to the earth, fixtures and fittings erected/ installed or to be erected/installed thereon and every part thereof, both present and future Second pari passu charge over company's entire movable Fixed assets, Plant and Machinery, machinery spares, tools and accessories and other movable assets, both present and future, located in Baddi (Himachal Pradesh) First pari passu charge on all the company's stock-in-trade both present and future including stocks of raw materials, work-in-progress, spares and stores and finished goods and First pari passu charge on all the company's present and future book debts, outstanding monies, receivables, claims due and owing (assets more particularly described in the schedules forming part of the deed of hypothecation)
Date of last modification prior to the present modification	29.08.2012
Particulars of the present modification	By this modification, the credit facilities of USD 12 Million be additionally secured by Second Pari Passu charge on Plot No.10,Industrial Area, Village Lodhi Marjra, Baddi Tehsil, District Solan, Himachal Pradesh, adm. 100000 sq. mtrs. together with all the buildings and structures constructed or to be constructed thereon, fixed P and M attached to the earth or permanently fastened to anything attached to the earth, fixtures and fittings erected /installed or to be erected /installed thereon.

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

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.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

INFORMATION DETAILS

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.