MIRA INFORM REPORT

Report No. :	348875
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED

Registered Office :	11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 and 38, Sector: 30A of IIP, Vashi, Navi Mumbai – 400703, Maharashtra
Tel No.:	91-22-29546200

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.09.2007

Com. Reg. No.:	11-174472

Capital Investment / Paid-up Capital :	Rs.2500.000 Million

CIN No.: [Company Identification No.]	u66010MH2007PLC174472

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	mums58859d

PAN No.: [Permanent Account No.]	aalcs3949Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in Life insurance Business.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 6600000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a joint venture between Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company, Japan. It was established in the year 2007 and engaged in Life Insurance business. Bank of India and Union Bank are leading Indian public sector banks and have a robust nationwide network. Dai-ichi Life is the second largest life insurance company of Japan. Rating takes consideration on company's moderate financial risk profile marked by moderate scale of operation and continuous losses during the years. However, the rating weakness is partially offsets on strong financial and managerial support which company receives from its joint venture entities. Trade relations are reported as fair. Business is active. Payments are usually correct. In view of aforesaid, the company can be considered 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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Ms. Preeti
Designation :	Office Executive
Contact No.:	91-22-39546200
Date :	06.11.2015

LOCATIONS

Registered Office :

11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 and 38, Sector: 30A of IIP, Vashi, Navi Mumbai – 400703, Maharashtra, India

Tel. No.:

91-22-39546200 / 66684571 / 66684593

Fax No.:

91-22-66684591

E-Mail :

rakesh.kumar@sudlife.in

Website :

http://www.sudlife.in

Corporate Office :

11th Floor, Raghuleela Arcade, IT Park, Sector 30 A, Opposite Vashi Railway Station, Vashi, Navi Mumbai – 400703, Maharashtra, India

Tel. No.:

91-22-39546300

E-Mail :

customercare@sudlife.in

Regional Office :

Located At:

Ahmedabad	Pune
Bhopal	Varanasi
Chandigarh	Hyderabad
Ernakulam	Kolkata
Guwahati	Ludhiana
Jaipur	Nagpur
Lucknow	Bangalore
Mumbai	Bhubaneswar
New Delhi	Chennai
Patna	Ranchi

Branch Office :

Agra	Allahabad
Aurangabad	Belgaum
Bhagalpur	Chandrapur
Coimbatore	Darbhanga
Dhanbad	Ghazipur
Gaya	Durgapur
Gorakhpur	Hazaribagh
Howrah	Indore
Jabalpur	Jalandhar
Jamshedpur	Jaunpur
Jodhpur	Kanpur
Karnal	Kolhapur
Kozhikode	Madurai
Mangalore	Meerut
Muzaffarpur	Nashik

DIRECTORS

As on 31.03.2015

Name :	Mr. Girish Pandurang Kulkarni
Designation :	Managing Director
Address :	22, Dhanishta Apartment, Tarangam Complex, Behind Cadburrys, Thane West, Thane-400602, Maharashtra, India
Date of Birth/Age :	03.12.1963
Date of Appointment :	12.04.2012
Din No.:	01683332

Name :	Mr. Atul Kumar Shukla
Designation :	Director
Address :	2310, 12 Samarth Aangan, Indradarshan Sector, Off Walawalkkar Marg, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	20.04.1946
Date of Appointment :	27.04.2011
Din No.:	00121601

Name :	Mr. Chandran Thumparampil Nair
Designation :	Director
Address :	Flat 201, C Wing, Preeti CHS, Kanti Nagar, Off J.B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India
Date of Birth/Age :	15.01.1947
Date of Appointment :	27.04.2011
Din No.:	02689698

Name :	Mr. Shigeo Tsuyuki
Designation :	Director
Address :	208, Mia-Seifu Garden, 1-1-45, Mita Minto-Ku, Tokyo, Japan
Date of Birth/Age :	12.07.1954
Date of Appointment :	05.08.2014
Din No.:	06893960

Name :	Mr. Arun Tiwari
Designation :	Director
Address :	1002, Vivaria, B Wing, Anandrao Nair Road, Jacob Circle, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	01.07.1957
Date of Appointment :	05.08.2014
Din No.:	05345547

Name :	Mr. Ramesh Chandra Baliarsingh
Designation :	Director
Address :	B 102, 40, Diamond Court, Napean Sea Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.07.1956
Date of Appointment :	06.02.2013
Din No.:	06467717

Name :	Mr. Gopal
Designation :	Director
Address :	Flat No. 1001, Glen Eagle G D Ambedkar Marg, Parle Village, Mumbai-400013, Maharashtra, India
Date of Birth/Age :	05.07.1960
Date of Appointment :	20.06.2013
Din No.:	06588114

Name :	Shigeo Tsuyuki
Designation :	Director
Address :	208, Mita-Seifu Garden,, 1-11-45, Mita, Minato-Ku,Tokyo, Japan, 1080073, Japan
Date of Appointment :	05.08.2014
Din No.:	06893960

Name :	Satoru Takeshi Sato
Designation :	Additional director
Address :	7-24 Miyanomae Hiratsuka-Shi, Kanagawa, Japan, 2540035
Date of Appointment :	09.04.2015
Din No.:	07128998

Name :	Mr. Vivekanand Heroor Kamath
Designation :	Additional director
Address :	305 Blue Gem CH, 1st Cross, Nana Shankar Seth Road, Dombivli (West), Thane - 421202, Maharashtra, India
Date of Appointment :	13.08.2015
Din No.:	07260441

KEY EXECUTIVES

Name :	Mr. Rakesh Kumar
Designation :	Secretary
Address :	PH-7, 13^th Floor, B-Wing, Maruti Paradise, Sector 15, CBD Belapur, Navi Mumbai-400614, Maharashtra, India
Date of Birth/Age :	11.03.1973
Date of Appointment :	08.02.2012
Pan No.:	ANLPK8950H

Name :	Hitoshi Yamaguchi
Designation :	Chief Finance Officer
Address :	903, 9th Floor, Beau Monde A-Wing, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	01.04.2015
Pan No.:	AMUPY6205H

Name :	Ms. Preeti
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2014

Names of Shareholders		No. of Shares
Bank of India, India		119999998
Union Bank of India, India		64999999
Gopal		1
The Dai-Ichi Mutual Life Insurance Company, Japan		64999999
Pawan Kumar Bajaj		1
Vivek Jayawant Mhatre		1
Nakamura Masakazu		1
TOTAL		250000000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Nationalised or other banks	74.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Life insurance Business.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information denied by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	A. K. SABAT and Company Chartered Accountants
Address :	602/603, Subham Centre-2, Premises Co-Operative Society, Chakala Road, Andheri East, Mumbai – 400099, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA4921K

Memberships :	--

Collaborators :	--

Joint Venture:	Bank of India Union Bank of India Dai-ichi Mutual Life Insurance Company, Japan

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		2500.000	2500.000	2500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1700.000	1700.000	1700.000
4] Credit/ Debit Fair Value Charge Account		(0.899)	(7.253)	(8.850)
5] (Accumulated Losses)		(1888.844)	(1423.440)	(949.452)
NETWORTH		2310.257	2769.307	3241.698

LOAN FUNDS
1] Credit/ Debit Fair Value Change Account		(1.751)	(13.193)	2.279
2] Policy Liability		15314.754	11562.922	7006.733
3] Surrendered Policies Fund Liabilities		0.000	9.558	9.990
4] Provision for Linked Liabilities		28024.870	23786.427	18707.193
TOTAL BORROWING		43337.873	35345.714	25726.195
DEFERRED TAX LIABILITIES		64.239	0.000	0.000

TOTAL		45712.369	38115.021	28967.893

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		259.426	296.395	274.991
SHAREHOLDERS		1768.914	2215.576	2584.803

ASSETS HELD TO COVER INKED LIABILITIES		28024.949	23786.541	18707.271
POLICYHOLDERS		14086.633	10819.674	6521.643
LOANS		29.310	9.349	0.191

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	693.436	1090.559	1397.638
	Other Current Assets	4126.447	1642.611	915.284
	Loans & Advances	100.558	90.169	71.417
Total Current Assets		4920.441	2823.339	2384.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	106.252	149.211	238.502
	Other Current Liabilities	3265.560	1681.956	1551.071
	Provisions	5.492	4.686	3.755
Total Current Liabilities		3377.304	1835.853	1793.328
Net Current Assets		1543.137	987.486	591.011

MISCELLANEOUS EXPENSES		0.000	0.000	0.000
DEBIT BALANCE OF REVENUE ACCOUNT		0.000	0.000	287.983

TOTAL		45712.369	38115.021	28967.893

REVENUE ACCOUNT

POLICYHOLDERS ACCOUNT [TECHNICAL ACCOUNT]

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

Premium Earned Net
Premium	9487.508	10687.970	12719.464
Reinsurance Earned	(25.616)	(22.992)	(14.190)
Reinsurance Accepted	0.0000	0.000	0.000
Income From Investment
Interest, Dividend and Rent (Net of Amortization)	2167.221	1519.669	812.335
Profit on Sale / Redemption of Investment	1258.702	646.137	441.332
Loss on Sale / Redemption of Investment	(603.293)	(310.847)	(436.712)
Transfer / Gain on Revaluation / Charge in Fair Value	0.000	0.000	0.000
Unrealsed Gain / (Loss)	2360.164	804.303	(553.027)
Appropriation and Expropriation	0.000	0.000	0.000
Other Income	0.000	0.000	0.000
Contribution from Shareholders Account	954.390	681.647	0.000
Fees and Charges	0.000	0.000	0.000
Miscellaneous Income	125.538	44.023	31.435
Total	15724.614	14049.910	13000.637

Commission	735.377	583.394	513.688
Operating Expenses related to Insurance Business	2186.013	1709.925	1540.697
Provision for Doubtful Debts	0.000	0.000	0.000
Bad Debts Written Off	0.000	0.000	0.000
Provision for Tax (Fringe Benefit Tax)	0.000	0.000	0.000
Provision (Other than taxation)	0.000	0.000	0.000
For diminution in the value of Investment	0.000	0.000	0.000
Other	0.000	0.000	0.000
Total	2921.390	2293.319	2054.385

Benefit Paid (Net)	4409.343	1818.222	162.620
Interim Bonus Paid	0.286	0.000	0.000
Change in valuation of liability in respect of life policies
Gross	3880.959	4599.951	4514.195
Amount ceded in Reinsurance	(138.685)	(44.195)	(36.134)
Amount accepted in Reinsurance	0.000	0.000	0.000
Transfer to Linked Funds	4238.443	5079.233	6970.285
Total	7980.717	11453.211	11610.966
Surplus (Deficits)	348.639	303.380	(664.714)
Appropriation
Transfer to shareholders accounts	348.639	303.380	(403.719)
Transfer to balance sheet	0.000	0.000	(260.995)
Balance being funds for future appropriation	64.239	0.000	0.000
Total	412.878	303.380	(664.714)
Details of Total Surplus
Interim Bonus Paid	0.286	0.000	0.000
Allocation of Bonus to Policyholders	261.050	332.719	0.000
Surplus Shown in Revenue Account	412.878	303.380	(664.714)
Total Surplus	674.214	636.099	(664.714)

PROFIT & LOSS ACCOUNT

SHAREHOLDERS ACCOUNT [NON-TECHNICAL ACCOUNT]

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Interest, Dividend and Rent – Gross	158.609	197.907	246.365
		Amounts Transferred from the Policyholders Account	348.639	303.380	(403.719)
		Profit on Sales/redemption of Investments	18.559	32.228	20.173
		Loss on Sale/redemption of Investments	(11.692)	(6.001)	(11.605)
		Other Income	1.121	1.104	1.259
		TOTAL	515.236	528.618	(147.527)

Less	EXPENSES
		Expense Other than those directly related to the Insurance Business	19.201	17.635	106.177
		Contribution to the Policyholders Account – Participating	0.000	74.081	0.000
		Contribution to the Policyholders Account – Group Life	0.000	26.600	0.000
		Contribution to the Policyholders Account - Group Annuity	1.927	0.000	0.000
		Contribution to the Policyholders Account - Non Par Life	571.352	0.000	0.000
		Contribution to the Policyholders Account - Non Par Annuity	3.064	14.155	0.000
		Contribution to the Policyholders Account – Linked Life	378.047	566.811	0.000
		TOTAL	973.591	699.282	106.177

	PROFIT / (LOSS) BEFORE TAX		(458.355)	(170.664)	(253.704)

Less	TAX		7.049	15.341	2.269

	PROFIT / (LOSS) AFTER TAX		(465.404)	(186.005)	(255.973)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1423.440)	(949.452)	(693.479)
	BALANCE AT THE BEGINNING OF THE YEAR – PARTICIPATING POLICYHOLDERS		0.000	(287.983)	0.000

	BALANCE CARRIED TO THE B/S		(188.844)	(1423.440)	(949.452)

	Earnings / (Loss) Per Share (Rs.)		(1.86)	(0.74)	(1.02)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(8.85)	(5.47)	(9.54)

Return on Investment (ROI) (PBT/Networth)		(0.20)	(0.06)	(0.08)

Debt Equity Ratio (Total Debt/Networth)		18.76	12.76	7.94

Current Ratio (Current Asset/Current Liability)		1.46	1.54	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2500.000	2500.000	2500.000
Reserves & Surplus	1700.000	1700.000	1700.000
Net worth	4200.000	4200.000	4200.000

Total borrowings	25726.195	35345.714	43337.873
Total borrowings	25726.195	35345.714	43337.873
Debt/Equity ratio	6.125	8.416	10.319

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	(147.527)	528.618	515.236
		(458.319)	(2.532)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	(147.527)	528.618	515.236
Profit	(255.973)	(186.005)	(465.404)
	173.51%	(35.19%)	(90.33%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND:

Subject a joint venture between Bank of India (48%), Union Bank of India (26%) and The Dai-Ichi Life Insurance Company Limited, Japan (26%) was incorporated on 25^th September 2007 as a company under the Companies Act, 1956 ('the Act'). The Company is licensed by the Insurance Regulatory and Development Authority ('IRDA') on 26^th December 2008 for carrying on life insurance business in India.

The Company commenced Life Insurance Business w.e.f 9^th February 2009. The Company's life insurance business comprises individual life participating, non-participating Individual, Group business, Annuity and Unit Linked Individual Life and pension segments. Some of these policies have riders attached to them such as Accident and Disability Benefits, Critical Illness. These products are distributed through corporate agents. During the year the company has launched the Agency Channel on pilot basis for distribution of its products.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Claims, other than those under policies, not acknowledged as debts*	0.175	0.175
Statutory demand liabilities in dispute, not provided for *	860.504	0.170
Claims under policies not acknowledged as debts #	10.120	1.692
Other amount towards work done, pending crystallization of liability	0.000	7.209
TOTAL	870.799	9.246

FIXED ASSETS:

Land
Buildings
Furniture and Fixture
Vehicles
Office Equipment

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.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAS

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--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	NO
--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		44

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.

MIRA INFORM REPORT

693.436

1090.559

1397.638

4126.447

1642.611

915.284

100.558

90.169

71.417

4920.441

2823.339

2384.339

106.252

149.211

238.502

3265.560

1681.956

1551.071

5.492

4.686

3.755

3377.304

1835.853

1793.328

1543.137

987.486

591.011

(8.85)

(5.47)

(9.54)

(0.20)

(0.06)

(0.08)

18.76

12.76

7.94

1.46

1.54

1.33

Unit