MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	STANDARD CHARTERED BANK LIMITED
Registered Office :	Crescenzo, 7^th Floor, C 38/39, G Block, Bandra Kurla Complex (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013 (Consolidated)
Date of Incorporation :	01.01.1900
Capital Investment / Paid-up Capital :	Rs. 1,214 $ Millions
FCRN:	F00489
Legal Form :	It is a Commercialized Bank.
Line of Business :	Providing Financial Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a branch of “Standard Chartered Bank, UK”. Standard Chartered Bank, India has been in operation for more than 150 Years and offers a broad range of financial services through more than 95 branches. It is an established bank having fine track record. Financially the bank seems to be strong and healthy. Banking relations are fair. Business is active. Payment terms are reported as regular and as per commitments. The bank can be considered normal for 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.

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Bonds Issue: “AAA”
Rating Explanation	Have the highest degree of safety and carry lowest credit risk.
Date	13.03.2014
Rating Agency Name	CRISIL
Rating	Certificates of deposit: “A1+”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	13.03.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non-cooperative. (Tel. No.: 91-22-66014444)

LOCATIONS

Registered Office/ Global headquarters :	1 Basinghall Avenue, London, EC2V 5DD, United Kingdom
Tel. No.:	44 (0)20 7885 8888
Fax No.:	44 (0)20 7885 9999
E-Mail :	sunil.kaushal@sc.com
Website :	http://www.standardchartered.com
India Branch Offices :	Crescenzo, 7^th Floor, C 38/39, G Block, Bandra Kurla Complex (East), Mumbai – 400051, Maharashtra, India
Overseas Offices :	Located at: ASIA Australia Bangladesh Brunei Darussalam Cambodia China Hong Kong Indonesia Japan Laos Macau Malaysia Mongolia Myanmar Nepal Pakistan Philippines Singapore South Korea Sri Lanka Taiwan Thailand Vietnam AFRICA Angola Botswana Cameroon Cote d'Ivoire Egypt Ghana Kenya Mauritius Nigeria Sierra Leone South Africa Tanzania The Gambia Uganda Zambia Zimbabwe MIDDLE EAST Bahrain Jordan Lebanon Oman Qatar Saudi Arabia United Arab Emirates EUROPE Austria France Germany Guernsey Ireland Italy Jersey Russia Sweden Switzerland Turkey United Kingdom AMERICA Argentina Brazil Canada Cayman Islands Chile Colombia Falkland Islands Mexico Peru USA

DIRECTORS

As on: 31.03.2013

Name :	Sir John Peace
Designation :	Chairman
Date of Birth/Age :	64 Years
Name :	Peter Sands
Designation :	Group Chief Executive
Date of Birth/Age :	51 Years
Name :	Ruth Markland
Designation :	Senior Independent Non-Executive Director
Name :	Christine Hodgson
Designation :	Non-Executive Director
Name :	Om Bhatt
Designation :	Non-Executive Director
Name :	Dr Kurt Campbell
Designation :	Non-Executive Director
Name :	Simon Lowth
Designation :	Non-Executive Director
Name :	Naguib Kheraj
Designation :	Non-Executive Director
Date of Birth/Age :	49 Years
Name :	Jaspal Bindra
Designation :	Group Executive Director
Name :	Dr Louis Cheung
Designation :	Non-Executive Director
Date of Birth/Age :	62 Years
Name :	John Paynter
Designation :	Non-Executive Director
Name :	Dr Han Seung-soo, KBE
Designation :	Non-Executive Director
Name :	V. Shankar
Designation :	Group Executive Director
Name :	Dr Lars Thunell
Designation :	Non-Executive Director
Name :	Richard Meddings
Designation :	Group Finance Director
Name :	Mike Rees
Designation :	Group Executive Director
Name :	Oliver Stocken, CBE
Designation :	Non-Executive Director
Name :	Steve Bertamini
Designation :	Group Executive Director
Name :	Rudy Markham
Designation :	Non-Executive Director
Name :	Paul Skinner, CBE
Designation :	Non-Executive Director
Name :	Annemarie Durbin
Designation :	Group Company Secretary
Name :	Jamie Dundas
Designation :	Non-Executive Director

KEY EXECUTIVES

Senior Management :

Ø Tracy Clarke Ø Tim Miller Ø Richard Goulding Ø Jan Verplancke

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Providing Financial Services.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	KPMG Chartered Accountants

CAPITAL STRUCTURE

As on: 31.03.2013

Share Capital: 1,214 $ Millions

FINANCIAL DATA

[all figures are in $ Millions]

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. ASSETS
Cash and balances at central banks	54,534	60,537
Financial assets held at fair value through profit or loss	29,335	27,076
Derivative financial instruments	61,802	49,495
Loans and advances to banks	83,702	67,797
Loans and advances to customers	290,708	279,638
Investment securities	102,716	99,225
Other assets	33,570	28,548
Current tax assets	234	215
Prepayments and accrued income	2,510	2,552
Interests in associates and joint ventures	1,767	1,684
Goodwill and intangible assets	6,070	7,145
Property, plant and equipment	6,903	6,620
Deferred tax assets	529	676
TOTAL	674,380	631,208
II. LIABILITIES
Deposits by banks	43,517	36,427
Customer accounts	381,066	372,874
Financial liabilities held at fair value through profit or loss	23,030	23,064
Derivative financial instruments	61,236	47,192
Debt securities in issue	64,589	55,979
Other liabilities	27,338	24,285
Current tax liabilities	1,050	1,066
Accruals and deferred income	4,668	4,811
Subordinated liabilities and other borrowed funds	20,397	18,588
Deferred tax liabilities	176	161
Provisions for liabilities and charges	107	215
Retirement benefit obligations	365	491
TOTAL	627,538	585,153
Equity
Share capital	1,214	1,207
Reserves	45,032	44,155
Total parent company shareholders’ equity	46,246	45,362
Non-controlling interests	595	693
Total equity	46,841	46,055
Total equity and liabilities	674,380	631,208

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

PARTICULARS	31.03.2013	31.03.2012
Interest income	17,593	17,827
Interest expense	(6,437)	(7,046)
Net interest income	11,156	10,781
Fees and commission income	4,581	4,575
Fees and commission expense	(480)	(496)
Net trading income	2,514	2,739
Other operating income	1,006	1,184
Non-interest income	7,621	8,002
Operating income	18,777	18,783
Staff costs	(6,570)	(6,492)
Premises costs	(877)	(863)
General administrative expenses	(2,032)	(2,707)
Depreciation and amortisation	(714)	(660)
Operating expenses	(10,193)	(10,722)
Operating profit before impairment losses and taxation	8,584	8,061
Impairment losses on loans and advances and other credit risk provisions	(1,617)	(1,196)
Other impairment
Goodwill impairment	(1,000)	--
Other	(129)	(196)
Profit from associates and joint ventures	226	182
Profit before taxation	6,064	6,851
Taxation	(1,864)	(1,866)
Profit for the year	4,200	4,985
Profit attributable to:
Non-controlling interests	110	98
Parent company shareholders	4,090	4,887
Profit for the year	4,200	4,985
Earnings per share:
Basic earnings per ordinary share	164.4	199.7
Diluted earnings per ordinary share	163.0	197.7

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
23]	Banking Details	No
24]	Banking facility details	No
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	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Presentation Date:- 27/01/2014
Lodging No:-	SL/59/2014	Filing Date:-	27/01/2014	Reg. No.:-	S/152/2014	Reg. Date:-	13/02/2014
Petitioner:-	M/S HANUNG TOYS AND TEXTILES LIMITED		Respondent:-	STANDARD CHARTERED BANK
Petn. Adv.:	SHARATH PAI (0)		Resp. Adv.:	HIREN MEHTA (0)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	MONETARY SUITS
Act:-	Code of civil procedure 1908

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. 59.72
UK Pound	1	Rs. 102.36
Euro	1	Rs. 81.38

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		69

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.