MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	Lighthall, B-Wing, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	Rs.868.540 millions
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
TIN No.:	24073404996
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
PAN No.: [Permanent Account No.]	AAACH9149J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Importer and Exporter of Specialty Chemicals and Other Chemical Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 15184000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of the Huntsman Corporation of USA. It is an established company having satisfactory track record. The management of the company has changed its financial year from (30^th September, 2012 to 31^st March, 2013) ranging from October 2012-March 2013 for 6 months. The company is performing well. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment. The company can be considered normal for 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: A-
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	January, 2014

Rating Agency Name	ICRA
Rating	Short term limits: A2+
Rating Explanation	Strong degree of safety it carry very low credit risk.
Date	January, 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

Name :	Ms. Aparna
Designation :	Accounts Department
Contact No.:	91-22-40506565

LOCATIONS

Registered Office :	Lighthall, B-Wing, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-40506565/ 40506556
Fax No.:	91-22-40506300
E-Mail :	arun.kumar@huntsman.com peter_huntssman@huntsman.com kurt_girod@huntsman.com pratik_shah@huntsman.com suresh_bagul@huntsman.com sunil_kukreja@huntsmen.com
Website :	http://www.huntsman.com
Location :	Owned
Head Office :	E Wing, Tax Center, Saki Village, Chadivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Polyurethanes Office :	Casa Modia, D28/7, TTC, MIDC Industrial Area, Turbhe, District Thane, Navi Mumbai – 400 705. Maharashtra, India
Tel. No.:	91-22-66678800 to 66678899
Fax No.:	91-22-66678804/ 8805
Huntsman Textile Effects :	S-113, 1^st Floor, Salcon Aurum Jasola, District Centre, Plot No.4, New Delhi – 110 025, India
Factory 1:	Plot No.1/1, TTC Industrial Area, Thane Belapur Road, P.O. Box 12, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Tel. No.:	91-22-27780000/ 83
Fax No.:	91-22-27780084/ 5
Area :	5000 sq. ft.
Location :	Owned
Factory 2:	Located at: · Pune

DIRECTORS

AS ON 10.07.2013

Name :

Mr. Stephen James Stilliard

Designation :

Director

Address :

10 Prinsep Link, #12-18, Singapore 187948

Date of Birth/Age :

18.03.1952

Date of Appointment :

27.11.2013

DIN No.:

03475786

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	U24100GJ2010PTC062014	HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED	Director	26-09-2011	29-03-2011	-	Amalgamated	NO
2	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	27-11-2013	30-01-2013	-	Active	NO

Name :

Ms. Vinita Sangappa Korti

Designation :

Director

Address :

701, C Wing, Palash Tower, Veera Desai Road, Near Country Club, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

03.12.1982

Date of Appointment :

10.07.2013

DIN No.:

06519967

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	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	10-07-2013	30-01-2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pranali Namdeo Dhumal
Designation :	Secretary
Address :	B/2, 601, Raunak Park CHS Limited, Kokani Pada Pokhran Road No.2, Thane – 400 602, Maharashtra, Indai
Date of Birth/Age :	29.08.1987
Date of Appointment :	08.07.2013
PAN No.:	AQJPD2700R
E-Mail :	pranali_n_dhumal@huntsman.com
Name :	Mr. Ajay Kanwar
Designation :	Commercial Director (SAME)
Date of Birth/Age :	42 Years
Qualification:	B. Sc. and B. Tech
Experience:	20 Years
Name :	Mr. Alok Biyani
Designation :	Performance Director, Global Marketing/ Planning and Finance Director, Asia-Pacific
Date of Birth/Age :	45 Years
Qualification:	B.Com, C.A.
Experience:	17 Years
Name :	Kurt Girod
Designation :	Director Projects
Date of Birth/Age :	65 Years
Qualification:	Master Degree - Textile Chemistry, Dyeing and Finishing, Diploma – Textile Laboratory
Experience:	40 Years
Name :	Mr. Umesh Sharma
Designation :	Director Planning
Date of Birth/Age :	48 Years
Qualification:	PGDM
Experience:	21 Years
Name :	Ms. Aparna
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.07.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Huntsman Investments (Netherlands) B.V., Netherlands	86844274	99.99
Huntsman Netherlands B.V., Netherlands	10000	0.01
Total	86854274	100.00

AS ON 10.12.2013

Names of Allottee	No. of Shares
Huntsman Investments (Netherlands) B.V., Netherlands	32219712
Total	32219712

AS ON 10.07.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Importer and Exporter of Specialty Chemicals and Other Chemical Products.
Products :	· Polyoi · Isocyan Ate · Chemicals
Exports :
Products :	· Finished goods
Countries :	· Japan · Germany · USA · Pakistan · Bangladesh, etc.
Imports :
Products :	· Raw Materials
Countries :	· Brazil · China · Singapore
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Installed Capacity	Actual Production
Polyol and Performance Chemicals	MT	21,936	15,134.88*
Dyes and Chemicals	MT	N.A	6034.04**

(*Note: excludes 163.04 MT quantity of polyol reprocessed.)

(** represents goods manufactured on job work basis by other parties)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

Name of customers : Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India (Tel. No.: 91-22-66553355)

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	30.09.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Fully convertible debentures inter-corporate	1470.000	1470.000
SHORT-TERM BORROWINGS
Working capital loans banks	210.270	168.180
Total	1680.270	1638.180

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th -32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AACFD4815A
Holding Company :	Huntsman Investments (Netherlands) B.V., Netherlands
Associates :	· Huntsman Polyurethanes Australia Pty. Limited · Huntsman (Germany) GmbH · Huntsman Holland BV · Huntsman Chemical Trading (Shanghai) Limited · Huntsman (Singapore) Pte Limited · Huntsman (Holdings) UK Unlimited · Huntsman (Europe) BVBA. · Huntsman (Taiwan) Limited · Huntsman (Thailand) Limited · Huntsman International Polyurethanes USA · Huntsman International (Hong Kong) Limited · Huntsman International LLC · Huntsman Corporation Australia Pty · Pt. Huntsman Indonesia, Indonesia · Huntsman Quimica Brazil Limited, Brazil · Huntsman Textile Effects France, France · Huntsman Advance Materials HK. Limited, Hong Kong · Huntsman Japan KK, Japan · Huntsman International Mexico, Mexico · Huntsman Tioxide (Europe) Limited · Huntsman Textile Effects (Guangdong) Co, Limited, China · Huntsman (Singapore) Pte Limited, Singapore · Huntsman Argentina SRL, Argentina · Huntsman Textiles Effects (Gautemala) S. De R.I. · Huntsman Tekstil Urunleri Kimya, Turkey · Huntsman Advance Materials (Switzerland) GmbH, Basle · Huntsman Effects Textiles (Chile) LTDA, Chile · Huntsman Colombia Ltda, Colombia · Huntsman Textile Effects (Panama) · Huntsman Advance Materials KK, Japan · Huntsman Textile Effects (Qingdao) Co. Limited, China · Huntsman Advanced Materials (India) Private Limited · Huntsman Italy SRL · Petro Araldite Private Limited · Huntsman Textile Effects (Landhi Karachi) · Huntsman Surface Sciences UK Limited, UK · Huntsman (Asia Pacific) Pte Limited

CAPITAL STRUCTURE

AFTER 10.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs.1670.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
119073986	Equity Shares	Rs.10/- each	Rs.1190.740 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs.1670.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86854274	Equity Shares	Rs.10/- each	Rs.868.540 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.10.2012 to 31.03.2013 (6 months)	01.04.2011 to 30.09.2012 (18 months)	01.04.2010 to 31.03.2011 (12 months)
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	868.540	868.540	756.850
(b) Reserves & Surplus	2927.350	2864.340	2400.570
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3795.890	3732.880	3157.420
(3) Non-Current Liabilities
(a) Long-term borrowings	1470.000	1470.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	44.100	0.000
(d) Long-term provisions	46.400	43.180	21.540
Total Non-current Liabilities (3)	1516.400	1557.280	21.540
(4) Current Liabilities
(a) Short term borrowings	410.270	368.180	686.040
(b) Trade payables	3490.660	2810.710	1448.740
(c) Other current liabilities	256.050	188.410	129.870
(d) Short-term provisions	8.620	14.760	2.560
Total Current Liabilities (4)	4165.600	3382.060	2267.210
TOTAL	9477.890	8672.220	5446.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	607.130	349.220	147.770
(ii) Intangible Assets	0.260	0.630	39.340
(iii) Capital work-in-progress	142.890	357.430	163.320
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1149.500	1149.500	542.480
(c) Deferred tax assets (net)	100.670	97.650	63.270
(d) Long-term Loan and Advances	444.080	460.100	211.190
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2444.530	2414.530	1167.370
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1987.770	1821.330	1291.350
(c) Trade receivables	2533.600	2317.900	1812.500
(d) Cash and cash equivalents	105.510	147.760	110.180
(e) Short-term loans and advances	2248.330	1872.670	1037.150
(f) Other current assets	158.150	98.030	27.620
Total Current Assets	7033.360	6257.690	4278.800
TOTAL	9477.890	8672.220	5446.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.10.2012 to 31.03.2013 (6 months)	01.04.2011 to 30.09.2012 (18 months)	01.04.2010 to 31.03.2011 (12 months)
	SALES
		Income	6057.220	14754.370	7232.270
		Other Income
		TOTAL	6057.220	14754.370	7232.270
Less	EXPENSES
		Office Expenses	5986.670	14820.310	6523.230
		Administrative Expenses
		Advertising Expenses
		TOTAL	5986.670 (including depreciaiton)	14820.310 (including depreciaiton)	6523.230
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				709.040
Less/ Add	DEPRECIATION/ AMORTISATION				200.980
	PROFIT / (LOSS) BEFORE TAX		70.550	(65.940)	508.060
Less	TAX		7.540	(34.380)	210.870
	PROFIT / (LOSS) AFTER TAX		63.010	(31.560)	297.190
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1388.150	1419.710	1122.520
	BALANCE CARRIED TO THE B/S		1451.160	1388.150	1419.710
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	418.160	1235.310	685.860
		Commission on indent Sales			50.987
		Other Earnings			41.933
	TOTAL EARNINGS		418.160	1235.310	778.780
	IMPORTS
		Raw Materials and Finished Goods	NA	NA	3805.313
		Capital Goods	NA	NA	7.138
	TOTAL IMPORTS		NA	NA	3812.451
	Earnings Per Share (Rs.)		0.73	(0.36)	4.30

KEY RATIOS

PARTICULARS		01.10.2012 to 31.03.2013 (6 months)	01.04.2011 to 30.09.2012 (18 months)	01.04.2010 to 31.03.2011 (12 months)
PAT / Total Income	(%)	1.04	(0.21)	4.11
Return on Total Assets (PBT/Total Assets}	(%)	0.87	(0.98)	10.86
Return on Investment (ROI) (PBT/Networth)		0.02	(0.02)	0.16
Debt Equity Ratio (Total Debt/Networth)		0.50	0.49	0.22
Current Ratio (Current Asset/Current Liability)		1.69	1.85	1.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	30.09.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	756.850	868.540	868.540
Reserves & Surplus	2400.570	2864.340	2927.350
Net worth	3157.420	3732.880	3795.890
Long-term borrowings	0.000	1470.000	1470.000
Short term borrowings	686.040	368.180	410.270
Total borrowings	686.040	1,838.180	1,880.270
Debt/Equity ratio	0.217	0.492	0.495

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	30.09.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	7232.270	14754.370	6057.220
		104.007	(58.946)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	30.09.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	7232.270	14754.370	6057.220
Profit	297.190	(31.560)	63.010
	4.11%	(0.21%)	1.04%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

Unsecured Loans	31.03.2013 (Rs. in Millions)	30.09.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans and advances from others	200.000	200.000
Total	200.000	200.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10281407	03/01/2013 *	550,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B66558842
2	10167867	25/06/2013 *	568,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B79769113
3	10164228	25/06/2013 *	568,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B79769808
4	10165456	24/01/2013 *	800,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B68707850
5	10162772	29/05/2009	270,000,000.00	AXIS BANK LIMITED	209, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A63779201

* Date of charge modification

Note:

The registered office of the company has been shifted from E-Wing, Tax Center, Saki Village, Chadivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.ef. 10.12.2013.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment

· Lease Hold Building

Intangible Assets

· Goodwill

· Computer Software

· Licenses and Franchise

· Commercial Contractual Rights

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.58.77
UK Pound	1	Rs.99.02
Euro	1	Rs.80.57

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.