MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	IDBI BANK LIMITED
Registered Office :	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.09.2004
Com. Reg. No.:	11-148838
Capital Investment / Paid-up Capital :	Rs.16039.393 Millions
CIN No.: [Company Identification No.]	L65190MH2004GOI148838
Legal Form :	It is a Public Limited Liability Bank. The Bank's shares are listed on the Stock Exchanges.
Line of Business :	Providing Banking Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (65)

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

Maximum Credit Limit :	Large
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed bank having fine track record. Financial position of the company is strong. Over all fundamentals of the company is sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The Company can be considered good for normal 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

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	AA+ [Omni Bonds]
Rating Explanation	High degree of safety and very low credit risk.
Date	21.05.2014

Rating Agency Name	CRISIL
Rating	A1+ [Certificates of Deposits]
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	21.05.2014

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 PARTED BY

Management non co-operative [91-22-66553355]

LOCATIONS

Registered Office / Head Office :	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400 005, Maharashtra, India
Tel. No.:	91-22-22189111/ 66553355
Fax No.:	91-22-22181294 / 5179/8137
E-Mail :	pro@idbi.co.in sn.baheti@idbi.co.in corporate_office@idbi-bank.com pawan.agarwal@idbi.co.in
Website :	http://www.idbi.com
Zonal Offices :	Located At: Delhi West Bengal Tamilnadu Gujarat Maharashtra

DIRECTORS

AS ON 31.03.2014

Name :	Mr. M.S. Raghavan
Designation :	Chairman and Managing Director
Name :	Mr. B.K. Batra
Designation :	Deputy Managing Director
Name :	Mrs. Snehlata Shrivastava
Designation :	Govt. Director
Name :	Mr. Subhash Tuli
Designation :	Independent Director
Name :	Mr. P.S. Shenoy
Designation :	Independent Director
Name :	Mr. S. Ravi
Designation :	Independent Director
Name :	Mr. Ninad Karpe
Designation :	Independent Director
Name :	Mr. B. Ravindranath
Designation :	Executive Director
Name :	Mr. R.K. Bansal
Designation :	Executive Director
Name :	Mr. Viney Kumar
Designation :	Executive Director
Name :	Mr. K.C. Jani
Designation :	Executive Director
Name :	Mr. Melwyn Rego
Designation :	Executive Director
Name :	Mr. S.K.V. Srinivasan
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Pawan Agrawal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1227018622	76.50
Sub Total	1227018622	76.50
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1227018622	76.50
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	665441	0.04
Financial Institutions / Banks	17679196	1.10
Insurance Companies	160920678	10.03
Foreign Institutional Investors	46302677	2.89
Any Others (Specify)	35680	0.00
State Finance Corporation	35680	0.00
Sub Total	225603672	14.07
(2) Non-Institutions
Bodies Corporate	18812090	1.17
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	103598073	6.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	21101513	1.32
Any Others (Specify)	7805290	0.49
Trusts	623989	0.04
Non Resident Indians	5376348	0.34
Societies	28960	0.00
NSDL Transit	1775993	0.11
Sub Total	151316966	9.43
Total Public shareholding (B)	376920638	23.50
Total (A)+(B)	1603939260	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1603939260	0.00

BUSINESS DETAILS

Line of Business :

Providing Banking Services.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Reserve Bank of India

Facilities :

Particular	As on 31.03.2014 [Rs. in Millions]	As on 31.03.2013 [Rs. in Millions]
I Borrowings In India
Other banks	9767.000	8141.000
Other Institutions and Agencies
Tier l (Innovative Perpetual Debt Instrument)	17088.000	25588.000
Upper Tier II Bonds	42862.000	42862.000
Unsecured, Redeemable Bonds (Subordinated for Tier II Capital)	102798.000	102957.000
Others	191671.072	254365.723
II Borrowings Outside India
Borrowings outside India	237276.832	224174.987
TOTAL	601462.904	658088.710

Banking Relations :	--
Auditors :
Name 1 :	Khimji Kunverji and Company Chartered Accountants
Name 2 :	G. D. Apte and Company Chartered Accountants
Subsidiaries :	IDBI Capital Market Services Limited IDBI Intech Limited IDBI MF Trustee Company Limited IDBI Asset Management Company Limited IDBI Trusteeship Services Limited
Jointly Controlled Entity :	IDBI Federal Life Insurance Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- each	Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1603939260	Equity Shares	Rs.10/- each	Rs.16039.393 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars	31.03.2014	31.03.2013	31.03.2012
Capital	16039.393	13327.483	12783.817
Reserve and Surplus	220349.189	199025.062	181486.812
Employees’ Stock Options (Grants) Outstanding	4.467	7.689	8.536
Deposits	2357736.325	2271164.745	2104925.606
Borrowings	601462.904	658088.710	534776.413
Other Liabilities and Provisions	94374.016	86071.417	69182.160
TOTAL	3289966.294	3227685.106	2903163.344
ASSETS
Cash and Bank Balances with Reserve Bank of India	127111.134	105439.499	150902.113
Balances with Banks and money at call and short notice	41067.960	73805.736	29674.405
Investments	1037735.035	988009.268	831753.635
Advances	1976860.036	1963064.479	1805722.972
Fixed Assets	29832.055	29252.877	30188.081
Other Assets	77360.074	68113.247	54922.138
TOTAL	3289966.294	3227685.106	2903163.344
Contingent Liabilities	1882027.237	1806619.557	1489200.932
Bills for collection	83379.521	71570.503	52773.347

PROFIT & LOSS ACCOUNT

Particulars	31.03.2014	31.03.2013	31.03.2012
INCOME
Interest earned	265975.137	250643.004	233699.299
Other Income	29787.543	32195.058	21121.840
TOTAL	295762.680	282838.062	254821.139
EXPENDITURE
Interest expended	205760.381	196911.888	188250.823
Operating Expenses	33188.368	31343.639	26074.532
Provision and contingencies	45599.904	35761.698	20179.672
TOTAL	284548.653	264017.225	234505.027
Net profit for the year	11214.027	18820.837	20316.112
Profit brought forward	9038.608	6726.450	6150.179
TOTAL	20252.635	25547.287	26466.291
APPROPRIATIONS
Less:
Transfer to statutory reserve	2810.000	4708.293	5079.028
Transfer to Capital Reserve	93.179	1918.186	170.472
Transfer to General Reserve	4000.000	1500.000	750.000
Transfer to Special Reserve under section 36(1)(viii) of the Income Tax Act, 1961	2500.000	3000.000	250.000
Proposed dividend	441.083	4664.619	1917.572
Tax on proposed dividend	1162.901	0.000	0.000
Interim Dividend paid	0.000	0.000	1969.241
Tax on Interim dividend	0.000	0.000	0.000
Dividend on ESOPs	0.115	0.064	0.189
Dividend distribution tax	277.671	717.517	603.339
Balance carried over to balance sheet	8967.686	9038.608	6726.450
TOTAL	20252.635	25547.287	17466.291
Earnings per share
- Basic	8.00	14.70	20.58
- Diluted	8.00	14.70	20.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	233699.299	250643.004	265975.137
		7.250	6.117

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	233699.299	250643.004	265975.137
Profit	20316.112	18820.837	11214.027
	8.69%	7.51%	4.22%

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	Yes
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

CASE DETAILS

BENCH: BOMBAY

LODGING NO.: WPL/1153/2014 FILING DATE: 25/04/2014

PETITIONER : SBEC BIOENERGY LIMITED	RESPONDENT : IDBI BANK LIMITED
PENT. ADV.: KHAITAN SUD (I2092)
DISTRICT: OUTSIDE MAHARASHTRA
BENCH: DIVISION
STATUS: PRE-ADMISSION	CATEGORY: WRIT PETITION (OTHERS)
LAST DATE: 26/06/2014	STAGE: FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS]
LAST CORAM: HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE A.K. MENON
ACT: INDIAN CONTRACT ACT 1872

MANAGEMENT DISCUSSION & ANALYSIS:

BUSINESS ENVIRONMENT:

GLOBAL ECONOMIC SCENARIO

The pace of global economic activity and world trade gathered steam in the second half of 2013, with deterministic impetus from the advanced economies, although their recoveries remain uneven. While export growth improved, domestic demand growth remained mostly unchanged. The stronger-than-expected acceleration in global activity in the latter part of 2013 was partly driven by increases in inventory accumulation that is likely to be reversed; latest incoming data also suggest a slight moderation in economic growth in the first half of 2014. According to the World Economic Outlook (WEO) Report published by International Monetary Fund (IMF) in April 2014, global economy grew by 3.0% in 2013, supported by healthy growth in the US but weighed down by muted performance in the Euro-Zone and Japan as also slowdown in the Emerging Market and Developing Economies (EMDEs), especially China. Another important seismic movement in the origin of the growth momentum, from IMF’s perspective, is that the recovery is finally becoming a bit more balanced in an overall economic landscape that has changed significantly. For the past five years, the EMDEs had been shouldering the burden of recovery, accounting for 75% of increase in global growth since 2009. The ‘rich world’, led by US, now contributes towards 20% of global growth but is dangerously reliant on China.

IMF put the growth in the advanced economies at 1.3% in 2013 – marginally below 1.4% in 2012. Although GDP growth in the US remained subdued at 1.9% for the entire 2013, there was a smart spurt in growth of 3.3% in the second half of 2013 due to strong export growth and temporary increase in inventory demand. The economy is nearing its goal of maximum employment and is expected to reap the upside of stable prices and moderate long term interest rates. Other indicators like rising propensity of household and business spending suggest that GDP growth will remain resilient in the first half of 2014. The Euro area contracted by 0.5% in 2013, marking only a slight improvement on contraction by 0.7% in the previous year, but far below growth of around 2.0% seen in the US and the UK. Contributions from net exports have helped the turnaround outside the core Euro area, as has the stabilisation of domestic demand. Despite the extensive monetary and fiscal stimulus, economic recovery in the Japanese economy lost pace in the second half of 2013, resulting in a full year growth of 1.5%, just nominally above 1.4% in the previous year.

Despite a slight pick-up in growth in the second half of 2013, the EMDEs grew at a slower pace of 4.7% in 2013 compared to 5.0% in 2012. The weaker cyclical momentum, relative to advanced economies, reflects opposite effects of two forces on growth, which are expected to play through much of 2014. While their export growth benefitted from stronger activity in advanced countries and from currency depreciation, investment weakness persisted and domestic financial conditions increasingly tightened, impacting demand/growth in some economies like China, Korea, Malaysia among others. China, the fastest growing economy, has embarked on a phase of tight monetary policy in order to strike a balance between cyclical economic concerns and structural weaknesses. Consequently, for 2013, the growth rate was maintained at 7.7%. Overall, however, EMDEs continued to contribute more than two-thirds of global growth.

DOMESTIC ECONOMIC ENVIRONMENT

Growth momentum in Indian economy stayed subdued for the second successive year, in 2013-14, reflecting global developments and domestic supply constraints. Led by falling infrastructure and corporate investment, the slowdown has generalised to other sectors of the economy. Core inflation remained stubbornly high, despite some moderation in headline inflation from December 2013 through February 2014, helped in part by transient factors. The financial position of corporate sector deteriorated, with adverse implications for asset quality, which, in turn, also impacted banks’ profitability. However, there are recent indications that growth may have bottomed out, although industrial activity continues to be a drag on the economy. Both trade deficit and more importantly, Current Account Deficit (CAD) narrowed significantly in the second half of 2013-14 from a year ago levels, aided by improved external conditions, among others. Policy measures to bolster capital flows have further helped reduce external vulnerabilities. More reassuringly, policy action in India has rebuilt buffers, which effectively bulwarked the Indian economy and, in particular, undue exchange rate volatility from recent external headwinds. With the anticipated narrowing of the twin deficits – both current account and fiscal – as well as the replenishment of foreign exchange reserves through capital inflows in the last quarter 2013-14, appreciation in the Rupee exchange rate, and more importantly, setting in motion of disinflationary impulses, the risks of near-term macro instability have diminished.

FUTURE OUTLOOK:

Based on latest trend analysis, the pace of growth of the global economy softened during the first quarter of 2014 due to temporary factors that impacted activity in different directions. These temporary blips are likely to pull down world growth in first half of 2014 from hitherto projected levels. However, there are robust indications that, notwithstanding certain inimical geopolitical factors, which have added to downside risks, the underlying acceleration in global economy, which surfaced in the second half of 2013, led by mature economies, remain intact and have the potential to upscale growth in the second half of 2014 from first half levels as well as through 2015.

IMF, in its recent World Economic Outlook (WEO) Update released in April 2014, has also forecast world growth to strengthen, albeit unevenly across nations, from 3.0% in 2013 to 3.6% in 2014, with US providing the major impetus. Advanced economies as a whole and EMDEs are projected to grow by 2.2% and by 4.9%, respectively, in 2014. The stronger recovery in advanced economies is facilitated by the easing of various headwinds: the drag from fiscal consolidation is diminishing, the financial system is slowly healing while uncertainty is decreasing. The Euro nations are likely to post positive but fragile and varied growth, stronger in the core but weaker in countries with high debt, tight credit, ongoing fiscal headwinds, high unemployment, disinflation and slow financial healing, which will weigh on domestic demand. EMDEs are expected to grow at a slower than expected pace but the print numbers would be reasonably high. Growth will be conditioned by enablers such as stronger external demand from advanced countries while being reined in somewhat by tighter financial conditions, which would act as a dampener to domestic demand growth. China will leverage the policy space to advance reforms while continuing efforts to gradually slow credit growth to keep growth around its pruned 7.5% target in 2014, pursuant to ensuring a gradual transition to a more balanced and sustainable growth path. Emerging and developing Asian economies are poised to post passive but resilient recovery, benefitting from higher growth in stronger demand from advanced economies, weaker currencies and/or robust domestic demand. Along with this, emerging economies are in a better position now to handle the volatility in markets likely to be caused by calibrated withdrawal of QE3 as borne out when the US Federal Reserve reduced asset purchase limits further recently. However, despite improved prospects, global recovery is somewhat fragile and there are still formidable bumps in the road to global economic recovery, which pose downside risks to the projected growth numbers, including new geopolitical risks, which have the potential to graduate beyond localised impact, if allowed to escalate. The IMF WEO asserts that although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies, there is increased financial volatility in emerging market economies, and increases in the cost of capital will likely dampen investment and weigh on growth. IMF expects EMDEs’ policymakers to adopt measures to allow calibration of exchange rates to changing fundamentals, facilitate external adjustment, further monetary policy tightening as dictated by evolving inflationary pressures and expectations, fiscal stability and a fresh round of structural reforms to stimulate growth in their respective economies.

The fortunes of a globally integrated Indian economy in 2014-15 would tautologically be conditioned, in part, by emerging trends in the global economy but would also reflect the outcome of a slew of events of purely domestic origin. GDP growth for 2013-14 appears likely to fall short of the CSO’s revised advance estimates of 4.9%, with manufacturing and overall industrial growth, in terms of IIP, poised to turn negative, dragging down the macroeconomic print numbers. The outlook for the Indian economy, however, appears to have somewhat improved during the first three months of 2014. The improved prospects for global growth, particularly in the second half of 2014 and its beneficial impact on external demand, notwithstanding some recent loss in export growth momentum, a business and consumer confidence uptick accruing from recent policy actions centred around easing of domestic supply bottlenecks and part-resolution of stalled projects, apart from beneficial statistical pull exerted by base effects, has the potency to deliver a rebound in growth, centred around a median forecast of 5.5%, during 2014-15. IMF has also opined that overall growth is expected to firm up to 5.4% in 2014-15 on policies supporting investment and a confidence boost from recent policy actions, but will remain below trend. Several headwinds could, however, slow the recovery, be it probable events with inflationary overtones although they could ultimately move onto a downward trajectory, undue delay in sustained revival of industry and services, various uncertainties including the El Nino factor, which could impede a normal monsoon and prune agricultural production, geopolitical developments abroad or extra economic factors within. Tighter global financial and monetary conditions in addition to continued fiscal adjustment in some countries could also impede recovery. These, inter alia, could lead to a tighter monetary stance impacting the momentum of investment activity, upon which recovery remains contingent to a large extent.

There are persistent underlying risks and much more efforts in terms of removing structural impediments, building business confidence and creating fiscal space to support investments will be needed to secure growth. But, on balance, there is cautious optimism of a rebound in the macro-fundamentals during 2014-15.

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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.