MIRA INFORM REPORT

Report No. :	343453
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	INDIAN SYNTHETIC RUBBER PRIVATE LIMITED (w.e.f. 31.03.2015)
Formerly Known As :	INDIAN SYNTHETIC RUBBER LIMITED
Registered Office :	10th Floor, Core-2, North Tower, Scope Minar,  Laxmi Nagar, District Centre, Delhi-110092
Tel. No.:	91-11-22043569/43130004
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.2010
Com. Reg. No.:	55-205324
Capital Investment / Paid-up Capital :	Rs. 3515.625 Million
CIN No.: [Company Identification No.]	U25190DL2010PTC205324
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELI08086B
PAN No.: [Permanent Account No.]	AACCI3980J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in a business of manufacturing of emulsion Styrene Butadiene Rubber (e-SBR).
No. of Employees :	199 (Approximately) (Permeant Basis)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 8841000
Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is a 50:30:20 joint venture (JV) between Indian Oil Corporation Limited, Trimurti Holding Corporation (THC), BVI (a 100% subsidiary of TSRC Corporation, Taiwan) and Marubeni Corporation, Japan, to set up an Emulsion Polymerized Styrene-Butadiene Rubber (e-SBR) plant. During FY14 (refers to the period April 1 to March 31) (operational for 2 months), ISRL reported net loss of Rs. 398.900 Million on total operating income of Rs. 64.600 Million. As company was in the project construction phase for maximum part of the financial year 2013-2014 and the commenced since 4^th February 2014. Further during the year company has acquired ISO 9001:2008 certificate. Rating on Indian Synthetic Rubber Limited (ISRL) derives strength from its strong promoter group with track record of similar project executions, synergies of the joint venture partners and high entry barrier with respect to raw material availability and technology. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong support from joint venture companies, 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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	CARE
Rating	Long Term Bank Facilities : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	May-2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	May-2015

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Sachin Sharma
Designation :	Deputy General Manager
Contact No.:	91-11-22043569
Date :	01.10.2015

LOCATIONS

Registered Office :	10th Floor, Core-2, North Tower, Scope Minar,  Laxmi Nagar, District Centre, Delhi - 110092, India
Tel. No.:	91-11-22043569/43130004
Mobile No.:	91-8527372288 (Mr. Bose)
Fax No.:	91-11-43140007
E-Mail :	info@isrpl.co.in
Website :	http://www.isrpl.co.in
Corporate Office :	1st Floor, Tower 3, IGL Complex, Plot No. 2B, Sector 126, Noida-201304, Uttar Pradesh, India
Tel. No.:	91-120-4871000
Fax No.:	91-120-4871030
Email:	info@isrl.co.in
Factory :	Opposite Naptha Cracker Polymer Terminal Gate, Panipat Refinery, Panipat-132140, Haryana, India
Tel. No.:	91-180-2529100
Fax No.:	Not Available

DIRECTORS

AS ON 29.08.2014

Name :

Mr. Satoshi Oyama

Designation :

Director

Address :

First Floor, E-10, Greater Kailash Enclave, Part-II, New Delhi - 110048, India

Date of Birth/Age :

01.02.1961

Date of Appointment :

18.09.2013

DIN No.:

02228394

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	U24100RJ2008FTC040400	Dainichi Color India Private Limited	Director	16/06/2009	23/07/2008	28/05/2013	Active	NO
2	U25190DL2010PTC205324	Indian Synthetic Rubber Private Limited	Director	18/09/2013	01/04/2013	-	Active	NO

Name :

Mr. Ching Yuan Chen

Designation :

Additional Director

Address :

9F NO. 157, Art Gallery Road., Gushan District Kaohsiung City, Taiwan Roc - 80460, Taiwan

Date of Appointment :

12.01.2015

DIN No.:

03104920

Name :

Mr. Siddhartha Mitra

Designation :

Director

Address :

G-1201,Prateek Laurel, Sector-120 Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

25.05.1956

Date of Appointment :

22.08.2012

DIN No.:

05278047

Name :

Mr. Debasish Roy

Designation :

Additional Director

Address :

A - 103, Indian Oil Apartments, Plot No. C - 58/23. Sector 62, Noida - 201307, Uttar Pradesh, India

Date of Appointment :

18.09.2014

DIN No.:

05302487

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	U74899DL1999PLC101853	INDIANOIL PANIPAT POWER CONSORTIUM LIMITED	Director	24/08/2012	31/07/2012	-	Active	NO
2	U25190DL2010PTC205324	Indian Synthetic Rubber Private Limited	Additional director	18/09/2014	18/09/2014	-	Active	NO
3	U23200TN2015PTC100731	IndianOil LNG Private Limited	Director	29/05/2015	29/05/2015	-	Active	NO

Name :

Tsu Ti Liu

Designation :

Director

Address :

6F. No.27, Lane 190, Sec 7, Zhongshan N. Road., Neighborhood 1, Tianmu Village, Shilin District, Taipei, Na, Taiwan

Date of Birth/Age :

02.11.1963

Date of Appointment :

18.09.2013

DIN No.:

06614297

Name :

Mr. Avinash Kumar Verma

Designation :

Additional Director

Address :

B2/406 Satyam Apartment, Vasundhara Enclave, New Delhi - 110096, India

Date of Appointment :

06.10.2014

DIN No.:

06990114

Name :

Mr. Shrikant Madhav Vaidya

Designation :

Additional Director

Address :

Qtr No 1003, Refinery Township, Panipat - 132140, Haryana, India

Date of Appointment :

13.10.2014

DIN No.:

06995642

Name :

Sanjaya Bhatnagar

Designation :

Managing Director

Address :

G-705, IOC Apartment, C-58/23, Sector-62, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

15.03.1963

PAN No.:

AAGPB0327F

Date of Appointment :

20.03.2015

DIN No.:

07084522

Name :

Norihiro Furukawa

Designation :

Additional Director

Address :

Famile City, Musashiseki II-301, 19-32, 5 Chome, Nerima-Ku, Tokyo - 1770051, Japan

Date of Appointment :

23.04.2015

DIN No.:

07167037

Name :

Chung Zung Kung

Designation :

Additional Director

Address :

4F., No. 40, Sector. 2, Heping E Road., Da'an District Taipei City 106, Taiwan

Date of Appointment :

04.09.2015

DIN No.:

07280520

KEY EXECUTIVES

Name :	Mr. Amit Vohra
Designation :	Secretary
Address :	A-11/2 (GF), Vasant Vihar, New Delhi - 110057, India
PAN No:	ADYPV0786F
Date of Appointment :	18.02.2011
Name :	Mr. Sachin Sharma
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS

AS ON 29.08.2014

Names of Shareholders	No. of Shares
Indian Oil Corporation Limited, India	175781246
Raju Ranganathan (for beneficiary - Indian Oil Corporation Limited, India)	1
Deepak Dhawan (for beneficiary - Indian Oil Corporation Limited, India)	1
Trimurti Holding Corporation, India	105468750
Marubeni Petrochemicals Investment B. V., Netherland	70312500
Siddhartha Mitra (for beneficiary - Indian Oil Corporation Limited, India)	1
Vijay Kumar Gupta (for beneficiary - Indian Oil Corporation Limited, India)	1
Total	351562500

AS ON 17.10.2014

Names of Allottees	No. of Allottees
Indian Oil Corporation Limited, India	2109375
Trimurti Holding Corporation, India	1265625
Marubeni Petrochemicals Investment B. V., Netherland	843750
Total	4218750

Equity Share Break up (Percentage of Total Equity)

AS ON 29.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies (s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Govt. Companies	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in a business of manufacturing of emulsion Styrene Butadiene Rubber (e-SBR).

Products :

Item Code No.	Product Description
40021920	Styrene Butadiene Rubber

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Pakistan
• Myanmar
• Sri Lanka

Imports :

Products :

Raw Material

Countries :

• European Countries

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :

Wholesalers, Retailers and Manufacturer

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 :

199 (Approximately) (Permeant Basis)

Bankers :

Bank Name	HDFC Bank Limited
Branch	K.G. Marg, Delhi, India
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

• Axis Bank Limited, 2^nd Floor, Red Fort Capital Parsvnath Tower, Bhai Veer Singh Marg, Near Gole Market, New Delhi – 110001, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	811.160	0.000
Total	811.160	0.000

Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon - 122002, Haryana, India
PAN. No.:	AACFS2450C
Memberships :	-----
Collaborators :	-----
Joint Controlled Entitles:	Indian Oil Corporation Limited (L23201MH1959GOI011388) Trimurti Holding Corporation Marubeni Corporation
Others related parties :	Marubeni India Private Limited (U74899DL1996PTC079036) TSRC Corporation Marubeni Asean Pte Limited

CAPITAL STRUCTURE

AFTER 29.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
656000000	Equity Shares	Rs.10/- each	Rs. 6560.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
355781250	Equity Shares	Rs.10/- each	Rs. 3557.812 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
356000000	Equity Shares	Rs.10/- each	Rs. 3560.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
351562500	Equity Shares	Rs.10/- each	Rs. 3515.625 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3515.625	3515.625	2812.500
(b) Reserves & Surplus	(421.045)	(22.130)	(6.729)
(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)	3094.580	3493.495	2805.771
(3) Non-Current Liabilities
(a) long-term borrowings	6744.261	6026.745	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	12.764
(c) Other long term liabilities	1.200	8.846	0.000
(d) long-term provisions	3.760	0.519	0.000
Total Non-current Liabilities (3)	6749.221	6036.110	12.764
(4) Current Liabilities
(a) Short term borrowings	811.160	0.000	0.000
(b) Trade payables	775.821	12.218	0.000
(c) Other current liabilities	1163.394	1142.229	653.409
(d) Short-term provisions	7.229	1.099	0.104
Total Current Liabilities (4)	2757.604	1155.546	653.513
TOTAL	12601.405	10685.151	3472.048
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8664.830	195.189	1.699
(ii) Intangible Assets	205.550	1.005	0.000
(iii) Capital work-in-progress	1.918	1627.920	455.814
(iv) Intangible assets under development	0.000	0.000	0.121
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	10.960	3.232
(d) Long-term Loan and Advances	93.498	5064.368	2140.301
(e) Other Non-current assets	53.846	52.476	0.000
Total Non-Current Assets	9019.642	6951.918	2601.167
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1349.768	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1401.805	3183.235	703.798
(e) Short-term loans and advances	822.354	514.053	166.554
(f) Other current assets	7.836	35.945	0.529
Total Current Assets	3581.763	3733.233	870.881
TOTAL	12601.405	10685.151	3472.048

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	64.627	0.000	0.000
	Other Income	25.615	0.086	0.000
	TOTAL	90.242	0.086	0.000
Less	EXPENSES
	Cost of Materials Consumed	470.944	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(496.795)	0.000	0.000
	Employees benefits expense	55.527	7.099	0.000
	Other expenses	323.026	16.115	0.000
	TOTAL	352.702	23.214	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(262.460)	(23.128)	0.000
Less	FINANCIAL EXPENSES	36.760	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(299.220)	(23.128)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	88.736	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	(387.956)	(23.128)	0.000
Less	TAX	10.960	(7.728)	0.000
	PROFIT/ (LOSS) AFTER TAX	(398.916)	(15.400)	0.000
	IMPORTS
	Raw Materials	719.947	0.000	0.000
	Capital Goods	0.000	626.192	0.000
	TOTAL IMPORTS	719.947	626.192	0.000
	Earnings / (Loss) Per Share (Rs.)	(1.13)	(0.05)	0.00

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 flow from (used in) operations	(1075.602)	(22.995)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(617.26)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	(406.12)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(3.08)	(0.26)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.01)	0.00
Debt Equity Ratio (Total Debt /Networth)		2.44	1.73	0.00
Current Ratio (Current Asset/Current Liability)		1.30	3.23	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	2812.500	3515.625	3515.625
Reserves & Surplus	(6.729)	(22.130)	(421.045)
Net worth	2805.771	3493.495	3094.580
long-term borrowings	0.000	6026.745	6744.261
Short term borrowings	0.000	0.000	811.160
Total borrowings	0.000	6026.745	7555.421
Debt/Equity ratio	0.000	1.725	2.442

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

SHIFTED NOTE:

Registered office of the company has been shifted form Room No. 702, Indian Oil Bhawan, Indian Oil Corporation Limited, No. 1, Sri Aurobindo Marg, Yusuf Sarai, New Delhi – 110016, India to the present address w.e.f. 06.01.2011.

FINANCIAL HIGHLIGHTS

As the Company was in Project Construction Phase for maximum part of the Financial Year 2013-14 and the commercial operations have commenced since 4^th February, 2014, a turnover of Rs. 64.600 Million has been recorded for the year ended 31st March, 2014. The Non-Operational Income (Interest on Short-term Deposits, Interest Received on Mobilization Advances and Other Receipts) of Rs.25.600 Million has been recorded and adjusted against the expenses of Rs. 478.200 Million for the year ended 31st March, 2014and the Net Loss before tax stands at Rs.388.000 Million. During the year under review, loss of Rs 398.900 Million after tax transferred to Reserves and Surplus and the Company capitalized the SBR project expense for Rs. 8758.700 Million for the Financial Year ended on 31^st March, 2014. The total assets (Gross Block) of the Company stood at Rs.895.91crore as on 31^st March, 2014.

BACKGROUND

Subject is a joint venture company promoted by Indian Oil Corporation Limited (IOCL), Trimurti Holding Corporation (THC), BVI (a 100% subsidiary of TSRC Corporation, Taiwan) and Marubeni Corporation, Japan with equity contribution in the ratio of 5:3:2. The Company was incorporated on July 6^th 2010 under the Companies Act, 1956 and was granted the Certificate of Commencement of Business on November 2^nd 2010 by the office of the Registrar of Companies, Delhi and Haryana.

ISRL is engaged in a business of manufacturing of emulsion Styrene Butadiene Rubber (e-SBR). The Company has set up plant at Panipat, Haryana, for manufacture of e-SBR, which has commenced commercial production on February 4^th 2014.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWING
Foreign currency term loans from banks	2685.756	2410.698
Term loans from others	4028.634	3616.047
Other loans and advances	29.871	0.000
Total	6744.261	6026.745

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10584929	20/07/2015	1,000,000,000.00	AXIS BANK LIMITED	2ND FLOOR, RED FORT CAPITAL PARSVNATH TOWER, BHAI VEEER SINGH MARG, NEAR GOLE MARKET, NEW DELHI - 110001, INDIA	C61196333
2	10433541	12/09/2013 *	4,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B85500866

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• 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. 65.55
UK Pound	1	Rs. 99.17
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	--
--CREDIT LINES	1~10	6
--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		42

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 unfavorable 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.