MIRA INFORM REPORT

Report No. :	341643
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED
Registered Office :	ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra
Tel. No.:	91-22-26531414
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.10.2000
Com. Reg. No.:	11-129408
Capital Investment / Paid-up Capital :	Rs.4450.555 Million
IEC No.:	0307000150
CIN No.: [Company Identification No.]	U67200MH2000PLC129408
TAN No.: [Tax Deduction & Collection Account No.]	MUMI03974F
PAN No.: [Permanent Account No.]	AAACI7904G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Insurance Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (83)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a joint venture between ICICI Bank Limited, India and Fairfax Financial Holdings Limited, Canada. It is a well-established and reputed company having excellent track record. Financial position of the company is sound. The company is operating on its owned funds. Further, the rating also takes into consideration the operational and financial support that the company receives from its parents ICICI Bank Limited. Trade relations are trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. In view of good market standing as India’s largest private sector general insurer, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Claims paying ability= IAAA
Rating Explanation	Have the highest degree of safety and carry lowest credit risk.
Date	December, 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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (91-22-26531414)

LOCATIONS

Registered Office :	ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-26531414
Fax No.:	91-22-26531230
E-Mail :	vajesh.saxena@icicibank.com vikas.mehta@icicilombard.com customersupport@icicibank.com
Website :	http://www.icicilombard.com
Corporate Office :	Zenith House Keshav Rao, Khadye Marg, 2^nd Floor, Opposite Race Course, Mahalaxmi, Mumbai – 400 034, Maharashtra, India
Tel. No.:	91-22-24906999
E-Mail :	insuranceonline@icicilombard.com

DIRECTORS

AS ON 20.06.2014

Name :	Mr. Bhargav Dasgupta
Designation :	Managing Director and Chief Executive Officer
Address :	A-801, El-Dorado, Kashinath Dhuru Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Birth/Age :	20.06.1966
Date of Appointment :	01.05.2009
Qualification :	PGDM, IIM Bangalore, B.E. (Mechanical)
DIN No.:	00047728
Name :	Ms. Chanda Kochhar
Designation :	Chairperson
Address :	CCI Chambers, Flat No.45, Dinshaw Vachha Road, Churchgate, Mumbai - 400028, Maharashtra, India
Date of Birth/Age :	17.11.1961
Date of Appointment :	01.09.2008
Qualification :	B.A, MBA, ICWA, MMS (Finance)
DIN No.:	00043617
Name :	Mr. R. Athappan
Designation :	Director
Address :	96 Meyer Road, Nanak Mansions, Singapore, 437917, Singapore
Date of Birth/Age :	10.12.1945
Date of Appointment :	29.10.2002
Qualification :	B.E. (Electrical), A.I.I.I.
DIN No.:	00915847
Name :	Mr. Dileep Choksi
Designation :	Director
Address :	E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	26.12.1949
Date of Appointment :	29.10.2002
Qualification :	F.C.A, LL.B, ICWA
DIN No.:	00016322
Name :	Ms. Zarin Daruwala
Designation :	Director
Address :	Flat No 54A, Vikas Finlay Towers, Parel Tank Road, Mumbai - 400033, Maharashtra, India
Date of Birth/Age :	05.02.1965
Date of Appointment :	18.10.2010
Qualification :	A.C.A, A.C.S
DIN No.:	00034655
Name :	Mr. N.S. Kannan
Designation :	Director
Address :	Flat No.204, Tower - B, Kalpataru, Horizon, S.K. Ahire Marg, Worli, Mumbai - 400018, Maharashtra, India
Date of Birth/Age :	30.06.1965
Date of Appointment :	01.05.2009
Qualification :	B.E. (Hon), PGDM, IIM, Bangalore, CFA
DIN No.:	00066009
Name :	Mr. S. Mukherji
Designation :	Director
Address :	2402, Mahindra Heights, Tardeo, Mumbai - 400034, Maharashtra, India
Date of Birth/Age :	21.12.1952
Date of Appointment :	22.03.2002
Qualification :	B.A. (Eco.), M.Sc Economics (London School of Economics), MMS
DIN No.:	00057492
Name :	Mr. Chandran Ratnaswami
Designation :	Director
Address :	177 Mckee Avenue, Ontario, M2N4C6, Toronto, M2n4c6, Canada
Date of Birth/Age :	11.05.1949
Date of Appointment :	22.03.2002
Qualification :	B.E. (Civil), MBA.
DIN No.:	00109215
Name :	Mr. M.K. Sharma
Designation :	Director
Address :	192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala East, Mumbai - 400037, Maharashtra, India
Date of Birth/Age :	04.05.1947
Date of Appointment :	28.11.2007
Qualification :	B.A., LL.B, Diploma in Personnel Management
DIN No.:	00327684
Name :	Mr. Ashvin Dhirajlal Parekh
Designation :	Director
Address :	501, 5^th Floor, Raheja Princess, S K Bole Road, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Birth/Age :	13.05.1953
Date of Appointment :	18.04.2014
Date of Appointment :	18.04.2014
DIN No.:	06559989
Name :	Mr. Alok Kumar Agarwal
Designation :	Executive Director
Address :	Flat No. 301, ICICI Bank Apartments, Kirti College Lane, Dadar - West, Mumbai - 400028, Maharashtra, India
Date of Birth/Age :	10.05.1967
Date of Appointment :	19.01.2011
Qualification :	B.E. (Chemical) PGDM, (IIM Calcutta)
DIN No.:	03434304
Name :	Mr. Neelesh Garg
Designation :	Whole-time Director
Address :	Flat No. 907 / 908, Tower C, Ashok Towers, Dr. S S Rao Road, Parel (East), Mumbai – 400012, Maharashtra, India
Date of Birth/Age :	28.05.1972
Date of Appointment :	19.01.1911
Qualification :	PGDM, IIM Bangalore
DIN No.:	03435242
Name :	Mr. Sanjeev Radheyshyam Mantri
Designation :	Whole-Time Director
Address :	1602,B Wing,Vivarea,Saat Rasta, Near Jacob Circle, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Date of Appointment :	02.05.2015
DIN No.:	07192264

KEY EXECUTIVES

Name :	Mr. Vikas Ghanshyam Lal Mehra
Designation :	Secretary
Address :	F.No 602, Harmony CHS, Near HDFC Bank, Dindoshi, A Karmakar Marg, Goregaon (East), Mumbai - 400063, Maharashtra, India
Date of Birth/Age :	08.02.1970
Date of Appointment :	23.06.2010
PAN No.:	AAZPM3180C
Name :	Mr. Gopal Balachanran
Designation :	Chief Financial Officer
Address :	32, Swati Tarangan, Pokhran Road No.1, Near Cadbury Factory, Thane (West), Thane – 400606, Maharashtra, India
Date of Appointment :	17.07.2015
PAN No.:	ABQPB5092E
Board Governance Committee :	v M.K. Sharma (Chairman) v Chanda Kochhar v Chandran Ratnaswami v H. N. Sinor (Upto April 18, 2014) v Mr. Dileep Choksi
Investment Committee :	v Chandran Ratnaswami (Chairman) v N.S. Kannan (Director) v Bhargav Dasgupta v Manalur Sandilya v S. Gopalakrishnan v Gopal Balachandran
Audit Committee :	v Dileep Choksi (Chairman) v R. Athappan v S. Mukherji v H. N. Sinor (Upto April 18, 2014) v M. K. Sharma (w.e.f. April 18, 2014) v Ashvin Parekh (w.e.f. April 18, 2014)
Risk Management Committee :	v S. Mukherji (Chairman) v R. Athappan v H. N. Sinor (Upto April 18, 2014) v Ashvin Parekh (w.e.f. April 18, 2014) v Bhargav Dasgupta
Policyholder Protection Committee :	v M.K. Sharma (Chairman) v S. Mukherji v Chandran Ratnaswami v Bhargav Dasgupta

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.06.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 20.06.2014

Category	Percentage
Nationalized or other banks	73.20
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	25.72
Others	1.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Insurance Services.
Services :	General Insurance
Brand Names :	Not Available
Agencies Held :	Not Available
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 declined by the management

Bankers :

Bank Name	Central Bank of India
Branch	Main Branch, Gorakhpur, A.D. Tower, Bank Road, Gorakhpur – 273001, Uttar Pradesh, 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

• ICICI Bank Limited

Auditors :
Name 1 :	Khandelwal Jain and Company Chartered Accountants
Name 2:	Chaturvedi and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Holding Company :	· ICICI Bank Limited
Fellow Subsidiary :	· ICICI Bank UK PLC · ICICI Eco-net Internet and Technology Fund · ICICI Emerging Sectors Fund · ICICI Equity Fund · ICICI Strategic Investments Fund · ICICI Home Finance Company Limited · ICICI Prudential Asset Management Company Limited · ICICI Prudential Life Insurance Company Limited · ICICI Securities Limited · ICICI Securities Primary Dealership Limited · ICICI Strategic Investments Fund · ICICI Strategic Investments Fund
Venturer in Joint Venture :	· FAL Corporation (Affiliate of Fairfax Financial Holdings Limited)

CAPITAL STRUCTURE

AFTER 31.03.2014

Authorised Capital: Rs.4750.000 Million

Issued, Subscribed & Paid-up Capital: Rs.4471.208 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
475000000	Equity Shares	Rs.10/- each	Rs.4750.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
445055516	Equity Shares	Rs.10/- each	Rs.4450.555 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		4450.555	4370.152	4365.839
2] Share Application Money (Pending Allotment)		3.069	1004.353	1.882
3] Reserves & Surplus		19360.366	14216.414	14201.514
5] Fair value change account		1134.613	690.462	495.909
NETWORTH		24948.603	20281.381	19065.144
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		24948.603	20281.381	19065.144
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3894.946	4004.329	3995.973
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		93089.768	78125.187	60336.193
DEFERRED TAX ASSETS		413.896	502.710	261.721
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	1619.661	2696.152	4257.374
	Other Current Assets
	Loans & Advances	36430.522	33358.591	36400.293
Total Current Assets		38050.183	36054.743	40657.667
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2616.761	1922.238	1841.090
	Other Current Liabilities	84660.831	75537.712	68265.045
	Provisions	23222.598	21874.638	20067.028
Total Current Liabilities		110500.190	99334.588	90173.163
Net Current Assets		(72450.007)	(63279.845)	(49515.496)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
DEBIT BALANCE IN PROFIT & LOSS ACCOUNT		0.000	929.000	3986.753
TOTAL		24948.603	20281.381	19065.144

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
1. OPERATING PROFIT/(LOSS)
(a) Fire Insurance	485.376	(37.439)	(236.023)
(b) Marine Insurance	(417.207)	(207.858)	(209.368)
(c) Miscellaneous Insurance	4206.570	2966.385	(4223.486)
2. INCOME FROM INVESTMENTS
(a) Interest /Dividend & Rent – Gross	1129.758	1004.751	872.639
(b) Profit on sale/redemption of investments	340.515	150.991	179.494
Less : loss on sale/redemption of investments	(101.841)	(38.588)	(50.551)
3. OTHER INCOME
(a) Interest income on tax refund	49.799	9.159	32.381
(b) Profit on sale/discard of fixed assets	1.372	14.336	15.467
(c) Recovery of bad debts written off	23.419	--	--
TOTAL (A)	5717.761	3861.737	(3619.447)
4. PROVISIONS (OTHER THAN TAXATION)
(a) For diminution in the value of investments	85.291	21.090	0.000
(b) For doubtful debts	(161.042)	541.920	279.591
(c) For recoverable under reinsurance contracts	(122.412)	235.277	0.000
(d) Others	0.000	0.000	0.000
5. OTHER EXPENSES
a) Expenses other than those related to Insurance Business
(i) Employees’ remuneration and benefits	10.080	9.736	10.098
(ii) Managerial remuneration	41.324	16.073	9.206
(iii) Directors’ fees	0.600	0.692	0.660
(b) Bad debts written off	637.026	196.681	0.735
(c) Loss on sale/discard of fixed assets	24.021	23.504	32.405
(d) Penalty	0.500	0.000	0.500
TOTAL (B)	515.388	1044.973	333.195
PROFIT / (LOSS) BEFORE TAX	5202.373	2816.764	(3952.145)
PROVISION FOR TAXATION:
(a) Current tax /MAT payable	892.765	582.004	0.000
Tax for earlier year- MAT	(892.765)	(582.004)	0.000
Less : MAT credit entitlement	88.814	(240.989)	0.000
(b) Deferred tax (Income) / Expense	0.000	0.000	211.147
(c) Fringe benefit tax	0.000	0.000	0.000
PROFIT / (LOSS) AFTER TAX	5113.559	3057.753	(4163.292)
APPROPRIATIONS
(a) Interim dividends paid during the year	0.000	0.000	0.000
(b) Proposed final dividend	0.000	0.000	0.000
(c) Dividend distribution tax	0.000	0.000	0.000
(d) Transfer to General Reserves	0.000	0.000	0.000
BALANCE OF PROFIT / (LOSS) BROUGHT FORWARD FROM LAST YEAR	(929.000)	(3986.753)	176.539
BALANCE CARRIED FORWARD TO BALANCE SHEET	4184.574	(929.000)	(3986.753)
Earnings Per Share (Rs.)
- Basic	11.50	7.00	(9.56)
- Diluted	11.50	6.91	(9.56)

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 operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.40	7.03	(8.85)
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	(0.26)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.34	0.36	0.45

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	4365.839	4370.152	4450.555
Reserves & Surplus	1.882	1004.353	3.069
Share Application Money (Pending Allotment)	14201.514	14216.414	19360.366
Fair value change account	495.909	690.462	1134.613
Net worth	19065.144	20281.381	24948.603
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	No
8	Designation of contact person	No
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	Yes
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	Yes
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

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No.:- ITXAL/468/2013 Filing Date:- 18.03.2013 Reg. No.:- ITXA/878/213 Reg. Date:- 20.04.2013

Petitioner: COMMISSIONER OF INCOME TAX – 10 Respondent: ICICI LOMBARD GENERAL

INSURANCE COMPANY LIMITED

Petn. Adv : PADMA DIVAKAR (0)

District: MUMBAI

Bench: DIVISION

Status: Pre-Admission Category: TAX APPEAL

Last Date: 10.03.2014 Stage: FOR DIRECTION

Coram: ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

Act: Income Tax Act, 1961 UNDER SECTION: 260A

BACKGROUND

Subject was incorporated on October 30, 2000 and is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. The Company obtained Regulatory approval to undertake General Insurance business on August 3, 2001 from the Insurance Regulatory and Development Authority (‘IRDA’) and has also obtained its certificate of renewal of registration with validity until March 31, 2015.

APPROPRIATIONS

The profit after tax for the year ended March 31, 2014 is Rs.5.11 billion. The profit available for appropriation is Rs.4.18 billion after taking into account the balance of loss of Rs.0.93 billion brought forward from the previous year. The Directors have not recommended any dividend for the year.

INDEX OF CHARGES

NO CHARGES EXITS FOR THE COMPANY.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Partly-paid up investments	--	--
Claims, other than those under policies, not acknowledged as debt	--	--
Underwriting commitments outstanding	NA	NA
Guarantees given by or on behalf of the Company	--	--
Statutory demands/liabilities in dispute, not provided for	1103.216	548.338
Reinsurance obligations to the extent not provided for in accounts	--	--
Others	--	--

NOTE:

The Company has disputed the demand raised by Income Tax Authorities of Rs.1029.672 Million (previous year: Rs.474.794 Million) and Service Tax Authorities of Rs.73.544 Million (previous year: Rs.73.544 Million), the appeals of which are pending before the appropriate Authorities. This excludes Income Tax demand related to Assessment Year 2003-04 and 2004-05, in respect of which the Company has received favourable appellate order, which is pending for effect to be given by the assessing Authority.

FIXED ASSETS

· Goodwill

· Computer Software

· Land-Freehold

· Leasehold Property

· Buildings Furniture and Fittings

· Information Technology Equipment

· 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.65.92
UK Pound	1	Rs.102.75
Euro	1	Rs.75.12

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RAS
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	10
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		83

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.