MIRA INFORM REPORT

Report No. :	332642
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	INDIA CREDIT HOLDINGS CAYMAN LTD.
Registered Office :	190 Elgin Avenue, George Town, Grand Cayman KY1-9005
Country :	Cayman Islands
Date of Incorporation :	16.08.2013
Com. Reg. No.:	280307
Legal Form :	Private Company
Line of Business :	International Business Company
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	International business company
Payment Behaviour :	Unknown
Litigation :	Clear

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Cayman Islands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CAYMAN ISLANDS - ECONOMIC OVERVIEW

With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 1.9 million in 2008, with about half from the US. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.

Source : CIA

STATUTORY INFORMATION
Legal Name:	INDIA CREDIT HOLDINGS CAYMAN LTD.
Registration Number	280307
Date Created:	2013
Date Incorporated:	16-Aug-13
Legal Address:	190 Elgin Avenue, George Town,
	Grand Cayman KY1-9005,
	Cayman Islands
Operative Address:	190 Elgin Avenue, George Town,
	Grand Cayman KY1-9005,
	Cayman Islands
Telephone:	1 345 943 3100
Fax:	1 345 945 4757
Legal Form:	Private Company
Email:	cayman@intertrustgroup.com
Registry Office:	Cayman Islands
Website:	www.intertrustgroup.com
Manager:	Intertrust Cayman Islands
Staff:	0
Activity:	IBC
BANKS
Name	RBC Royal Bank
HISTORY
We could not find experience data on the subject
PRINCIPAL ACTIVITY
India Credit Holdings Cayman Ltd is an International Business Company incorporated in Cayman Islandsfor tax purposes.
Products/Services description:	NA
It employs	The company does not have any employee in Cayman Islands.
Sales are:	NA
Clients:	NA
Competitors:	NA
Suppliers:	NA
The company imports from	NA
The company exports to	NA
Payments:	NA
LOCATION
Headquarters :	190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands
Size:	NA
Property:	NA
Branches:	NA
Business Overview:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders	This is a company located in the Island for tax purposes with foreign shareholders.
	The company may be related to:
Management:
Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue,
George Town Grand
Cayman KY1-9005
Cayman Islands
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public.
The following information has been provided by private sources and could not be confirmed with the company.
FINANCIAL FIGURES
USD 2013
Revenue	3 800 000
Net Income	2 400 000
Net Worth	100 000
Liabilities	0
Cash Flow	Normal
LEGAL FILINGS
There are no legal/criminal filings found
FINAL REVIEW
This is an International Business Company which does not belong to a company located in Cayman Islands.
It is registered in the island for tax purposes and does not operate within the country. It is managed by a resident registration agent.
RISK INFORMATION
Indebtedness	Controlled
Payments	Unknown
Cash	Good
CALL
Interviewee	NA
Position	Cayman Islands Registry of Companies
Comments	We confirmed incorporation of the company at the Registry. They refused to provide more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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	--

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%)

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