MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	L’OREAL INDIA PRIVATE LIMITED (w.e.f. 04.07.2000)
Formerly Known As :	LABORATORIES GARNIER (INDIA) PRIVATE LIMITED (w.e.f. 04.07.1996) INDELOR INDIA PRIVATE LIMITED
Registered Office :	2nd Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	19.02.1991
Com. Reg. No.:	11-060363
Capital Investment / Paid-up Capital :	Rs.2963.744 Millions
CIN No.: [Company Identification No.]	U85190MH1991PTC060363
TAN No.: [Tax Deduction & Collection Account No.]	MUML01908E
PAN No.: [Permanent Account No.]	AAACC0738K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, importing and exporting of cosmetics, toiletries, personal and healthcare products such as hair shampoos, hair dyes, face creams, etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 9000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company engaged in manufacturing and marketing of hair shampoos, hair dyes and face creams. The performance of the company is steadily improving. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. P L Mishra
Designation :	Company Secretary

LOCATIONS

Registered Office :	2^nd Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai- 400013, Maharashtra, India
Tel. No.:	91-22-24935398/ 24983000
Fax No.:	91-22-24933283/ 24953798
E-Mail :	plmishra@in.loreal.com info@loreal.co.in advisor@lorealindia.com plmishra@in.loreal.com
Website :	http://www.loreal.co.in http://www.loreal-finance.com
Area:	3500 sq. ft.
Location	Owned
Factory 1 :	Located at Umergaon, Gujarat, India
Factory 2 :	Gut No. 426, Chakan Talegaon Road, Mahalunge Ingle, Pune – 410501, Maharashtra, India

DIRECTORS

AS ON 25.04.2011

Name

Mr. Abhey Shree Bhagirathlal Yograj

Designation

Director

Address

N-94, Panchsheel Park, New Delhi – 110017, India

Date of Birth/ Age :

01.09.1943

Date of Appointment

17-03-1995

DIN No.:

00029998

Others Directorships :

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	U99999DL1988PLC032421	CORETEC HYGIENE PRODUCTS LIMITED	Director	12/7/1988	12/7/1988	-	Active	NO
2	U51101DL1989PTC035109	TECNOVA OVERSEAS PRIVATE LIMITED	Director	17/02/1989	17/02/1989	-	Active	NO
3	U74899DL1989PTC035583	IDEATEC TECHNOLOGIES PRIVATE LIMITED.	Director	27/03/1989	27/03/1989	-	Active	NO
4	U74899DL1992PLC048310	ZAFFIRO FASHION LIMITED	Director	10/4/1992	10/4/1992	1/10/2009	Active	NO
5	U51909HR1992PTC036116	PERFETTI VAN MELLE INDIA PRIVATE LIMITED	Director	26/06/1992	26/06/1992	-	Active	NO
6	U85190MH1991PTC060363	L'OREAL INDIA PRIVATE LIMITED	Director	17/03/1995	17/03/1995	-	Active	NO
7	U29299DL1984PTC018517	TECNOVA INDIA PRIVATE LIMITED	Managing director	22/03/2006	12/7/1998	-	Active	NO
8	U72200PN1988PLC015974	INDIACOM LIMITED	Director	5/5/2000	5/5/2000	-	Active	NO
9	U85195DL1998PTC094403	BIOMERIEUX INDIA PRIVATE LIMITED	Director	22/01/2001	22/01/2001	18/07/2011	Active	NO
10	U32109MH2005PTC192559	SICK INDIA PRIVATE LIMITED	Director	23/02/2005	23/02/2005	26/02/2010	Active	NO
11	U24246DL2003PTC120118	MOUNTAIN VALLEY SPRINGS INDIA PRIVATE LIMITED	Director	31/10/2005	31/10/2005	30/06/2007	Active	NO
12	U72900KA2006PTC049744	SEMCON INDIA PRIVATE LIMITED	Director	17/03/2006	17/03/2006	1/4/2007	Active	NO
13	U24111DL2006PTC148398	SURTEC CHEMICALS INDIA PRIVATE LIMITED	Director	9/5/2007	2/5/2006	30/08/2007	Active	NO
14	U35914JH2006PTC014951	JOST INDIA AUTO COMPONENT PRIVATE LIMITED	Director	15/10/2007	19/07/2006	1/10/2008	Active	NO
15	U27310TN2006PLC065084	ASHLEY ALTEAMS INDIA LIMITED	Director	9/10/2006	9/10/2006	20/09/2007	Active	NO
16	U24110AP1993PLC015470	SHANTHA BIOTECHNICS LIMITED	Director	26/09/2007	7/11/2006	31/08/2009	Active	NO
17	U36900MH2007PTC170839	ROQUETTE INDIA PRIVATE LIMITED	Director	15/05/2007	15/05/2007	-	Active	NO
18	U34300TN2008PTC069239	KOSTAL NTTF AUTOMOTIVE INDIA PRIVATE LIMITED	Director	11/9/2008	11/9/2008	18/09/2008	Active	NO
19	U32109DL2008PTC184570	ALIGNMENT SYSTEMS INDIA PRIVATE LIMITED	Director	31/10/2008	31/10/2008	-	Active	NO
20	U74900DL2009PTC192419	CAME INDIA AUTOMATION SOLUTIONS PRIVATE LIMITED	Director	21/07/2009	21/07/2009	22/09/2009	Active	NO
21	U25203DL2009PTC196673	HELVOET PHARMA INDIA OPERATIONS PRIVATE LIMITED	Director	5/12/2009	5/12/2009	7/1/2011	Active	NO
22	U74900DL2010PTC198415	AMAAYA RETAIL PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
23	U40107DL2010FTC203690	AHLSTROM CAPITAL SOLAR PRIVATE LIMITED	Director	5/6/2010	5/6/2010	30/08/2011	Active	NO
24	U52300DL2011PTC224211	CHRISTIAN LOUBOUTIN INDIA PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
25	U74999DL1985PTC022278	TECNOVA CONSULTING PRIVATE LIMITED	Director	4/10/2011	4/10/2011	-	Active	NO

Name

Mr. Dinesh Maheshwar Dayal

Designation

Director

Address

401 and 402, 4^th Floor, Sea Line Building, 16, Union Park, Pali Hill, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/ Age :

10.01.1960

Date of Appointment

11.01.2005

DIN No.:

0502650

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74130MH1996NPL100618	INSEAD ALUMNI ASSOCIATION INDIA	Director	30/10/2003	30/10/2003	Active	NO
2	U85190MH1991PTC060363	L'OREAL INDIA PRIVATE LIMITED	Director	11/1/2005	11/1/2005	Active	NO
3	U24240MH1974NPL017236	INDIAN SOAP AND TOILETRIES MAKERS ASSOCIATION	Director	24/09/2008	24/09/2008	Active	YES

Name

Mr. Padmalochan Mishra

Designation

Director

Address

EMP-71, Sector 1, Moon Building, Flat No. 403, Thakur Village, Kandivali East, Mumbai-400101, Maharashtra, India

Date of Birth/ Age :

13.06.1968

Date of Appointment:

01.02.2003

Name

Mr. Laurent Alain Maurice Lebras

Designation

Director

Address

38 Boulevard Maillot, Neuilly Sur Seine

Date of Birth/ Age :

12.04.1968

Date of Appointment:

07.03.2011

Name

Mr. Jacques Charles Paul Robert Challes

Designation

Managing Director

Address

28 Rue Magenta, Asnieres Sur Seine, France 92600

Date of Birth/ Age :

15.12.1959

Date of Appointment:

01.09.2008

DIN No.:

02324177

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85190MH1991PTC060363	L'OREAL INDIA PRIVATE LIMITED	Director	30/06/2009	1/7/2008	Active	NO

Name

Mr. Rudolf Jochen Zaumseil

Designation

Director

Address

Niederloericker Str. 18, Meerbusch-40667, Germany

Date of Birth/ Age :

29.07.1959

Date of Appointment:

01.04.2010

DIN No.:

03022992

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85190MH1991PTC060363	L'OREAL INDIA PRIVATE LIMITED	Director	25/06/2010	1/4/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. P L Mishra
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.04.2011

Names of Shareholders	No. of Shares
L’Oreal SA, France	296374395
Laboratories Garnieret ET CIE, France	50
Total	296374445

AS ON 25.04.2011

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, importing and exporting of cosmetics, toiletries, personal and healthcare products such as hair shampoos, hair dyes, face creams, etc.

Products :

Product Description:	Item Code No. (ITC Code)
Hair Shampoo	330510-90
Hair Dye	330590-40
Face Creams	330499-10

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

ICICI Bank, Lower Parel Branch

Facilities :

Unsecured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Bank Overdraft	0.025	0.000
Overdraft in Cash Credit Account	0.000	60.883
Deferred VAT Liability	39.661	39.661
Total	39.686	100.544

Banking Relations :	--
Auditors :
Name :	Delloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidhvapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India
Tel No.:	91-79-27582542/27582543
Fax No.:	91-79-27582551
Holding Company:	L’Oreal S.A
Fellow Subsidiary:	1. Beaute, Recherche and Industries 2. Beautycos International 3. Biotherm 4. Chimex 5. Cosmelor Limited 6. Cosmetique Active International 7. Faprogi 8. LancomeParf. and Beaute Cie 9. L’Oreal Australia Pty Limited 10. L’Oreal Ceska Republika SRO 11. L’Oreal Egypt Llc 12. L’Oreal Export 13. L’Oreal Golden Limited 14. L’Oreal Liban S.A.L. 15. L’Oreal H.K. Local 16. L’Oreal Korea 17. L’Oreal Malaysia Sdn Bhd. 18. L’Oreal Middle East 19. L’Oreal Philippines 20. L’Oreal Morocco 21. L’Oreal Produktion Deutschland 22. L’Oreal Nederland B.V 23. L’Oreal New Zealand 24. L’Oreal Osterieich GmbH 25. L’Oreal Prodults De Luxe Int 26. L’Oreal Saipo industrial 27. L’Oreal Singapore 28. L’Oreal Taiwan 29. L’Oreal Thailand 30. L’Oreal US / Kiehi’s 31. L’Oreal us I Matrix 32. L’Oreal US / Piscataway Mfg 33. L’Oreal South Africa (Pty) Limited 34. L’Oreal Turkiye Kozmetik 35. L’Oreal Unite Parfums 36. L’Oreal US Derrnablend 37. L’Oreal US Maybelllne US/D 38. L’Oreal US Ralph Lauren International 39. L’Oreal US Retail/Div 40. L’Oreal US/ R and D 41. L’Oreal UDS Products Inc 42. L’Oreal USA Inc 43. L’Oreal Vietnam Company Limited 44. L’Oreal China 45. Nihon L’Oreal KK 46. PT Yasulor 47. Perstige and Collections International 48. Proocosa 49. Productos Capilares L’Oreal 50. PT L’Oreal Indonesia 51. Regefi 52. Sicos EL Cie 53. Sofamo 54. Soproreal 55. Vichang Tranmel International

CAPITAL STRUCTURE

AS ON 25.04.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
296500000	Equity Shares	Rs.10/- each	Rs.2965.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
296374445	Equity Shares	Rs.10/- each	Rs.2963.744 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		2963.744	2963.744	2363.744
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(661.944)	(1100.866)	(1277.012)
NETWORTH		2301.800	1862.878	1086.732
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		39.686	100.544	1062.996
TOTAL BORROWING		39.686	100.544	1062.996
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2341.486	1963.422	2149.728
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1906.881	1862.500	1591.574
Capital work-in-progress		425.212	247.484	287.602
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		94.649	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1537.197	1021.580	1166.557
	Sundry Debtors	454.086	265.079	206.844
	Cash & Bank Balances	108.028	318.630	2.875
	Other Current Assets	0.000	6.963	0.000
	Loans & Advances	445.260	349.858	381.091
Total Current Assets		2544.571	1962.110	1757.367
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2221.223	1814.157	478.216
	Other Current Liabilities	242.754	170.602	943.599
	Provisions	165.850	123.913	65.000
Total Current Liabilities		2629.827	2108.672	1486.815
Net Current Assets		(85.256)	(146.562)	270.552
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2341.486	1963.422	2149.728

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	11274.953	8504.093	5727.324
		Other Income		17.051	103.868
		TOTAL (A)	11274.953	8521.144	5831.192
Less	EXPENSES
		Material Consume and Variation in Stock		2829.121	2011.973
		Employee’s Remuneration and Benefits		711.843	550.833
		Selling, Administration and Other Expenses	10482.987	4492.843	3280.423
		Increase/ Decrease in Excise duty on Closing Stock		(14.196)	16.661
		Prior Period Items		0.000	5.971
		TOTAL (B)	10482.987	8019.611	5865.861
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	501.533	(34.669)
Less	FINANCIAL EXPENSES (D)		NA	34.440	88.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		791.966	467.093	(122.669)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		309.790	263.869	200.391
	PROFIT BEFORE TAX (E-F) (G)		482.176	203.224	(323.060)
Less	TAX (H)		43.254	27.078	34.327
	PROFIT AFTER TAX (G-H) (I)		438.922	176.146	(357.387)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(1277.012)	(919.625)
	BALANCE CARRIED TO THE B/S		NA	(1100.866)	(1277.012)
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods on FOB Basis	1180.640	989.920	NA
		Reimbursement of Expenses	26.300	17.038	NA
	TOTAL EARNINGS		1206.940	1006.958	NA
	IMPORTS
		Raw Materials	509.219	618.727	430.165
		Stores & Spares	1.249	2.044	1.329
		Finished Goods	754.586	248.020	407.147
		Capital Goods	102.037	203.487	706.738
	TOTAL IMPORTS		1367.091	1072.278	1545.379
	Earnings Per Share (Rs.)		1.48	0.60	(1.57)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	3.89	2.07	(6.13)
Net Profit Margin (PBT/Sales)	(%)	NA	2.39	(5.64)
Return on Total Assets (PBT/Total Assets}	(%)	10.83	5.30	(9.65)
Return on Investment (ROI) (PBT/Networth)		0.21	0.11	(0.30)
Debt Equity Ratio (Total Liability/Networth)		1.16	1.19	2.35
Current Ratio (Current Asset/Current Liability)		0.97	0.93	1.18

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULTS:

The accounts of the company for the period showed a profit of Rs.438.922 millions after providing of Rs.309.790 millions for depreciation.

The performance of the company has been steadily improving. It has taken various steps to achieve higher volumes and to grow is income whilst controlling cost.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Furniture And Fixtures

· Vehicles

· Leasehold Improvements

· Intangible Assets – Computer Software and Goodwill

PRESS RELEASE:

BUSINESS DESCRIPTION:

Subject is a manufacturer and supplier of various personal care and cosmetic products. The company manufactures lipsticks, lip gels and gloss sticks. In addition, it supplies eyeliners, eye shadows and make-up removers. The company also manufactures astringents, shampoos, hair conditioners and serums, and face and glitter powders. Additionally, it supplies a range of perfumes and deodorants. The company also conducts research activities for the manufacture of moisturizing lotions, whitening creams, and face masks and peel offs.

PRODUCTION HOUSE TO DEPOSIT RS 1.500 MILLIONS IN COURT

HINDUSTAN TIMES (INDIA)

30 DECEMBER 2010

Mumbai, Dec. 30 -- Viacom 18 Media Private Limited has been ordered to deposit Rs 1.500 millions with the Bombay high court's registry following a suit filed by actor and script writer Divya Palat alleging the production house used her concept for a reality show, May Be It's Me, without paying her due royalty. A single judge bench of justice SJ Kathawalla has given the company time till December 31 to deposit the amount. Palat alleged that between April and November 2010, she had given a detailed presentation of her concept to Loreal India Private Limited , which sponsored the reality show. She alleged that after the presentations, the company representatives did not contact her after she sought a fee of Rs 2.500 millions. Her counsel, Feroze Andhyarujina, said the actress was surprised to see that the show being aired on MTV was based on her conceptualisation but with some modifications. He sought a stay on further episodes of the 10-episode show. The company's counsel, Vineet Naik, denied the allegations and sought time to submit the production house's reply. The court granted them time till January 5 to file replies, but with a condition to deposit Rs 1.500 millions with the court registry by December 31 in order to secure Palat's claim. The direction is, however, without prejudice to the rights and contentions of both the parties.

RESEARCH AND MARKETS: BABY CARE IN INDIA - FORECASTS TO 2014 -CHAINED RETAILERS CREATE OPPORTUNITIES FOR POINT-OF-SALE MARKETING

BUSINESS WIRE

27 AUGUST 2010

DUBLIN--(BUSINESS WIRE)-- RESEARCH AND MARKETS

(http://www.researchandmarkets.com/research/9397d5/baby_care_in_india) has announced the addition of the "Baby Care in India" report to their offering.

While the sales of baby care are dominated by purchases in urban areas, the contribution of rural areas to value sales increased robustly towards the later part of the review period to reach 16% in 2009. Rising incomes and improvements in rural distribution networks made basic baby care products such as bath soaps and massage oils widely available in rural areas.

The Baby Care Products in India report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data 2005-2009, allowing you to identify the sectors driving growth. Forecasts to 2014 illustrate how the market is set to change. Product coverage: Baby Hair Care, Baby Skin Care, Baby Sun Care, Baby Toiletries, Medicated Baby Care, Nappy (Diaper) Rash Treatments. Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

WHY BUY THIS REPORT?

• Get a detailed picture of the Beauty and Personal Care industry;
• Pinpoint growth sectors and identify factors driving change;
• Understand the competitive environment, the markets major players and leading brands;
• Use five-year forecasts to assess how the market is predicted to develop.

KEY TOPICS COVERED:

• Executive Summary
• Concerns About Hygiene and Personal Grooming Drive Sales
• Discounts Boost Growth in the Face of Economic Uncertainty
• Domestic Players Expand Their Presence
• Chained Retailers Create Opportunities for Point-of-sale Marketing
• Rising Affluence and Sophistication To Drive Future Growth
• Key Trends and Developments
• Promotional Offers Bolster Growth in Uncertain Economic Climate
• Sachets Remain Key for Rural Penetration
• Brands Benefit by Catering To Traditional/regional Tastes
• More International Brands Expand Their Presence
• Territory Key Trends and Developments
• East and Northeast India
• North India
• South India
• West India
• Rural Vs Urban Key Trends and Developments
• Market Data

LIST OF TABLES:

• Table 1 Sales of Beauty and Personal Care by Sector: Value 2004-2009
• Table 2 Sales of Beauty and Personal Care by Sector: % Value Growth 2004-2009
• Table 3 Sales of Premium Cosmetics by Sector: Value 2004-2009
• Table 4 Sales of Premium Cosmetics by Sector: % Value Growth 2004-2009
• Table 5 Sales of Beauty and Personal Care by Region: Value 2004-2009
• Table 6 Sales of Beauty and Personal Care by Region: % Value Growth 2004-2009
• Table 7 Sales of Beauty and Personal Care by Rural-Urban % Analysis 2009
• Table 8 Beauty and Personal Care Company Shares by NBO 2005-2009
• Table 9 Beauty and Personal Care Company Shares by GBO 2005-2009
• Table 10 Beauty and Personal Care Brand Shares by GBN 2006-2009
• Table 11 Sales of Beauty and Personal Care by Distribution Format: % Analysis 2004-2009
• Table 12 Sales of Beauty and Personal Care by Sector and by Distribution Format: % Analysis 2009
• Table 13 Forecast Sales of Beauty and Personal Care by Sector: Value 2009-2014
• Table 14 Forecast Sales of Beauty and Personal Care by Sector: % Value Growth 2009-2014
• Table 15 Forecast Sales of Premium Cosmetics by Sector: Value 2009-2014
• Table 16 Forecast Sales of Premium Cosmetics by Sector: % Value Growth 2009-2014
• Table 17 Forecast Sales of Beauty and Personal Care by Region: Value 2009-2014
• Table 18 Forecast Sales of Beauty and Personal Care by Region: % Value Growth 2009-2014
• Table 19 Sales of Baby Care by Subsector: Value 2004-2009
• Table 20 Sales of Baby Care by Subsector: % Value Growth 2004-2009
• Table 21 Baby Care Premium Vs Mass % Analysis 2004-2009
• Table 22 Baby Care Company Shares 2005-2009
• Table 23 Baby Care Brand Shares by GBN 2006-2009
• Table 24 Baby Care Premium Brand Shares by GBN 2006-2009
• Table 25 Baby Skin Care Brand Shares by GBN 2006-2009
• Table 26 Forecast Sales of Baby Care by Subsector: Value 2009-2014
• Table 27 Forecast Sales of Baby Care by Subsector: % Value Growth 2009-2014
• Table 28 Forecast Baby Care Premium Vs Mass % Analysis 2009-2014

COMPANIES MENTIONED:

• Cavinkare Private Limited
• Colgate-Palmolive India Limited
• Colorbar Cosmetics Private Limited
• Dabur India Limited
• Godrej Consumer Products Limited
• Hindustan Unilever Limited
• LOreal India Private Limited
• Marico Limited
• Three-n-products Private Limited
• Wipro Limited

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 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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.87

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--CREDIT LINES	1~10	5
--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
TOTAL		43

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.