MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	BASF ASIA PACIFIC (INDIA) PRIVATE LIMITED (w.e.f. 18.06.2007)
Formerly Known As :	ENGELHARD ASIA PACIFIC (INDIA) PRIVATE LIMITED
Registered Office :	1^st Floor, Vibgyor Towers, Plot No.62, 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	17.07.1996
Com. Reg. No.:	11-101170
Capital Investment / Paid-up Capital :	Rs.4.000 millions
CIN No.: [Company Identification No.]	U67120MH1996PTC101170
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Chemicals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 644000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Vinayak
Designation :	Accounts Department
Date :	14.12.2011

LOCATIONS

Registered Office :	1^st Floor, Vibgyor Towers, Plot No.62, 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-66618000
Fax No.:	91-22-67582752
E-Mail :	pradeep.chandan@basf.com
Website :	www.basf-india.com
Head Office/ Factory :	Turbhe, Navi Mumbai – 400 705, Maharashtra, India

DIRECTORS

As on 29.06.2011

Name :

Chandran Prasad

Designation :

Chairman cum Managing Director

Address :

16-B, Darbhanga Mansion, Carmichael Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

20.04.1952

Date of Appointment :

16.01.2007

DIN No.:

00200379

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L33112MH1943FLC003972	BASF India Limited	Managing director	29-04-96	29-04-96	-	Active	NO
2	U00303KA1999PLC025473	BASF Coatings Limited	Director	23-06-00	23-06-00	-	Not Available for eFiling	NO
3	U25202MH2004FTC149830	Styrolution India Private Limited	Director	08-11-00	08-11-00	04-10-11	Active	NO
4	U99999MH2002FTC135177	BASF Coatings (India) Private Limited	Director	14-03-02	14-03-02	-	Amalgamated	NO
5	U24130MH2005PLC152467	BASF Polyurethanes India Limited	Managing director	23-01-09	06-04-05	-	Amalgamated	NO
6	U67120MH1996PTC101170	BASF Asia Pacific (India) Private Limited	Director	24-01-07	24-01-07	-	Active	NO
7	U26950MH1995FTC086988	BASF Construction Chemicals (India) Private Limited	Director	24-01-07	24-01-07	-	Amalgamated	NO
8	U27105MH1997PTC199824	BASF Catalysts India Private Limited	Director	13-02-07	13-02-07	-	Active	NO
9	U74999MH1924NPL001128	Bombay Chamber of Commerce and Industry	Director	01-06-07	01-06-07	25-06-09	Active	NO
10	U99999MH1956NPL009708	The Indo German Chamber of Commerce	Director	26-09-07	26-09-07	-	Active	NO
11	L85110KA1951PLC000761	Bosch Limited	Director	28-05-09	01-01-09	-	Active	NO
12	L24120MH1995PLC086986	CIBA India Limited	Director	14-08-09	14-08-09	-	Amalgamated	NO

Name :

Srinivasan Regunathan

Designation :

Director appointed in casual vacancy

Address :

B-1404, Florentine, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

22.05.1954

Date of Appointment :

25.06.2010

DIN No.:

01437534

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27105MH1997PTC199824	BASF Catalysts India Private Limited	Director	28-07-10	13-02-07	-	Active	NO
2	U67120MH1996PTC101170	BASF Asia Pacific (India) Private Limited	Director appointed in casual vacancy	25-06-10	25-06-10	-	Active	NO
3	U26950MH1995FTC086988	BASF Construction Chemicals (India) Private Limited	Director appointed in casual vacancy	25-06-10	25-06-10	-	Amalgamated	NO
4	U99999MH2002FTC135177	BASF Coatings (India) Private Limited	Director appointed in casual vacancy	25-06-10	25-06-10	-	Amalgamated	NO
5	U25202MH2004FTC149830	Styrolution India Private Limited	Director appointed in casual vacancy	25-06-10	25-06-10	04-10-11	Active	NO
6	U24130MH2005PLC152467	BASF Polyurethanes India Limited	Alternate director	13-08-10	16-07-10	-	Amalgamated	NO
7	L33112MH1943FLC003972	BASF India Limited	Alternate director	27-08-11	16-07-10	-	Active	NO
8	U51909MH2009PTC190283	Cognis Specialty Chemicals Private Limited	Additional director	19-04-11	19-04-11	-	Active	NO

Name :

Chris Wai

Designation :

Director

Address :

Flat A, 32/F, Block 20, Park Island, Ma Wan, New Territories

Date of Birth/Age :

10.02.1965

Date of Appointment :

25.06.2010

DIN No.:

03553003

KEY EXECUTIVES

Name :	Mr. Vinayak
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2011

Names of Shareholders	No. of Shares
Engelhard Asia Pacific LLC, USA	400000
BASF Corporation*, USA	20
Total	400020

* BASF Catalyst LLC, USA merged with BASF Corporation w.e.f. 1^st April, 2010.

As on 29.06.2011

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 :

Manufacturing of Chemicals.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Lodha Excelus, Ist Floor, Apollo Compound Mills, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding Company :	Engelhard Asia Pacific LLC Address: Corporation Trust Centre, 1029 Orange Street, Wilmington, Delaware USA
Subsidiaries :	BASF Catalysts India Private Limited CIN No.: U27105MH1997PTC199824

CAPITAL STRUCTURE

As on 29.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400020	Equity Shares	Rs.10/- each	Rs.4.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money pending allotment		95.004	95.004	95.004
3] Reserves & Surplus		191.000	191.000	191.000
4] (Accumulated Losses)		(128.886)	(129.218)	(129.136)
NETWORTH		161.118	160.786	160.868
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		161.118	160.786	160.868
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.298
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		55.063	55.063	55.063
DEFERREX TAX ASSETS		0.000	0.000	0.613
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	19.854	20.731	29.016
	Cash & Bank Balances	1.025	1.004	1.277
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.782	85.943	80.421
Total Current Assets		106.661	107.678	110.714
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.606	1.955	4.580
	Other Current Liabilities	0.000	0.000	0.360
	Provisions	0.000	0.000	0.880
Total Current Liabilities		0.606	1.955	5.820
Net Current Assets		106.055	105.723	104.894
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		161.118	160.786	160.868

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	NA	NA	12.965
		Other Income	5.203	6.966	10.569
		TOTAL (A)	NA	NA	23.534
Less	EXPENSES
		Office Expenses	NA	NA	19.110
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	19.110
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.032	2.898	4.424
Less	INTEREST (D)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.032	2.898	4.424
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.310
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.032	2.898	4.114
Less	TAX (H)		1.700	2.981	0.769
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.332	(0.083)	3.345
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(129.219)	(129.136)	(132.481)
	BALANCE CARRIED TO THE B/S		(128.887)	(129.219)	(129.136)
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	12.965
	Earnings/ (Loss) Per Share (Rs.)		0.83	(0.21)	8.00

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	NA	NA	14.21
Net Profit Margin (PBT/Sales)	(%)	NA	NA	31.73
Return on Total Assets (PBT/Total Assets}	(%)	1.91	2.69	3.72
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.03
Debt Equity Ratio (Total Liability/Networth)		0.00	0.01	0.04
Current Ratio (Current Asset/Current Liability)		176.01	55.08	19.02

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from RBC, Mahindra Towers, 1^st Floor, A-Wing, Dr. G.M Bhosale Marg, Worli, Mumbai – 400 018, Maharashtra to the present address w.e.f. 26.10.2009.

ACTIVITIES:

Interest Income for the year stood at Rs.5.203 millions. Profit after tax for the year stood at Rs.0.332 million.

FIXED ASSETS:

v Office Equipment

v Computers

v Furniture and Fixtures

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 records 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 records 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.53.57
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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
TOTAL		27

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.