MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	BORAL GYPSUM INDIA PRIVATE LIMITED (w.e.f. 12.12.2011)
Formerly Known As :	LAFARGE BORAL GYPSUM INDIA PRIVATE LIMITED
Registered Office :	Plot No. 225, First Floor, Okhla Phase – III, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.07.2006
Com. Reg. No.:	55-150597
Capital Investment / Paid-up Capital :	Rs.478.020 Millions
CIN No.: [Company Identification No.]	U28939DL2006PTC150597
TAN No.: [Tax Deduction & Collection Account No.]	DELL03286D
PAN No.: [Permanent Account No.]	AABCL1984A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Gypsum Boards, Metal Studs, etc.
No. of Employees :	Not Available

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 360000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. 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. The company can be considered for business dealings with some cautions.

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

LOCATIONS

Registered Office :	Plot No. 225, First Floor, Okhla Phase – III, New Delhi – 110020, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sadhna.bahri@in.lafarge.com
Head Office :	Crecenzo Building, B – Wing, 10^th Floor, C – 38 and C – 39, G Blcok, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-66306511
Fax No.:	91-22-66306510
Regional Operations Office – East :	Block D, 4^th Floor, 22, Camac Street, Kolkata – 700016, West Bengal, India
Tel No.:	91-33-39832100
Fax No.:	91-33-39832133
Regional Sales Office :	Located at : · West Bengal · Chhattisgarh · Jharkhand · Bihar · Orissa
Factory :	SP – 73 to 75 and 76 (Part), RIICO Industrial Area, Khushkhera, District Alwar -301707, Rajasthan, India
Tel. No.:	91-1493-250529/ 250560
Fax No.:	91-1493-250528

DIRECTORS

As on 30.09.2010

Name :

Mr. Richard Charles Ogden

Designation :

Director

Address :

17, Violet Country, Villa 258, Gao Jing Road, Shanghai – 201700, China

Date of Birth/Age :

15.08.1965

Date of Appointment :

04.05.2009

DIN No.:

02587298

Name :

Olivier Pascal Patrick Chaudet

Designation :

Director

Address :

D – 21, Pushpanjali Farms, Bijwasan – 110062, New Delhi, India

Date of Birth/Age :

07.02.1970

Date of Appointment :

20.10.2006

Date of Ceasing :

25.03.2011

DIN No.:

02592361

Other Directorship :

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
U28939DL2006PTC150597	Boral Gypsum India Private Limited	Director	20/10/2006	20/10/2006	25/03/2011	Active	NO

Name :

Mr. Frederic De Rougemont

Designation :

Director

Address :

95 – 20 Yonhee – Domg Se Odaemun – GU Seoul, Korea

Date of Birth/Age :

18.10.1958

Date of Appointment :

07.09.2009

DIN No.:

02752356

Name :

Kieran Hehir

Designation :

Director

Address :

90-18 Soi Sawaddee, Sukhumvit 31 Road, Klongton Nua Wattana, Bangkok

Date of Birth/Age :

16.12.1955

Date of Appointment :

07.09.2009

Date of Ceasing :

16.11.2011

DIN No.:

02762376

Other Directorship :

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
U28939DL2006PTC150597	Boral Gypsum India Private Limited	Director	7/09/2009	7/09/2009	16/11/2011	Active	NO

Name :

Ivan Lewis Kovarik

Designation :

Director

Address :

10, Sukhumvit Soi 8, Sukhumvit Road, Klong, Thailand

Date of Birth/Age :

24.11.1956

Date of Appointment :

07.09.2009

Date of Ceasing :

16.11.2011

DIN No.:

02762829

Other Directorship :

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
U28939DL2006PTC150597	Boral Gypsum India Private Limited	Director	7/09/2009	7/09/2009	16/11/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Sadhna Bahri
Designation :	Secretary
Address :	624 E, Third Floor, Street No. 6, Govind Puri Kalka Ji, New Delhi – 110019, India
Date of Birth/Age :	12.08.1986
Date of Appointment :	02.08.2010
PAN No.:	AKHPB5454A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Paul Tharail Thomas	10000
Lafarge Boral Gypsum in N.A, Malaysia	47792000
Total	47802000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	99.98
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Gypsum Boards, Metal Studs, etc.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Standard Board	Nos.	3587444	3587444	1539670
Metal Studs	Nos.	N. A	2891803	390723
Ceiling Tiles	Nos.	N. A	Nil	59460

Note:

Licensed and Installed capacity, being a technical matter, has been certified by management and accepted by the auditors.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loans from Banks	538.740	727.683
Working Capital Loans from Banks	85.000	131.178
Total	623.740	858.861

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase – II, Gurgaon – 122002, Haryana, India
PAN.:	AABFD2095B
Holding Company :	Lafarge Boral Gypsum In Asia
Fellow Subsidiaries :	· Lafarge Gypsum Korea Company Limited · Lafarge Platres · P T. Petrojaya Boral Plasterboard · The Siam Gypsum Industry (Saraburi) · Lafarge Gypsum (Shanghai) Company · SVPI · Boral Plasterboard (Malaysia) SDN BHD · AZP Industries · Lafarge Aggregates and Concrete · Lafarge India Private Limited · Lafarge Plasterboard, Bristol · The Siam Gypsum Industry (Sonkhla)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47802000	Equity Shares	Rs.10/- each	Rs.478.020 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		478.020	181.344	181.344
2] Share Application Money		0.000	48.900	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(387.996)	(293.811)	(94.685)
NETWORTH		90.024	(63.567)	86.659
LOAN FUNDS
1] Secured Loans		623.740	858.861	479.640
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		623.740	858.861	479.640
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		713.764	795.294	566.299
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		583.031	618.210	66.668
Capital work-in-progress		3.945	0.264	480.104
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.207	107.604	31.562
	Sundry Debtors	10.630	0.692	0.144
	Cash & Bank Balances	25.012	0.456	24.445
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	100.465	163.050	58.729
Total Current Assets		262.314	271.802	114.880
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.402	91.658	41.317
	Other Current Liabilities	65.456	52.067	53.293
	Provisions	1.902	2.020	0.743
Total Current Liabilities		165.760	145.745	95.353
Net Current Assets		96.554	126.057	19.527
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
CASH FLOW HEDGE RESERVE		30.234	50.763	0.000
TOTAL		713.764	795.294	566.299

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales (Net Turnover)	600.689	224.228	16.426
		Other Income	NA	NA
		TOTAL (A)	NA	NA	16.426
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	110.048
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.001	(111.146)
Less	FINANCIAL EXPENSES (D)		67.722	57.343
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(58.721)	(168.489)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.464	28.930
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(94.185)	(197.419)	(93.622)
Less	TAX (H)		0.000	1.706	1.063
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(94.185)	(199.125)	(94.685)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(293.810)	(94.684)	NA
	BALANCE CARRIED TO THE B/S		(387.995)	(293.810)	NA
	IMPORTS
		Raw Materials	40.669	47.686	170
		Finished Goods	131.853	66.817	16.462
		Capital Goods	1.238	19.021	163.897
		Spare Parts	0.232	0.000	0.000
	TOTAL IMPORTS		173.992	133.524	350.359
	Earnings/ (Loss) Per Share (Rs.)		(2.81)	(10.98)	(5.22)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	576.43
Net Profit Margin (PBT/Sales)	(%)	(15.68)	(88.04)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(11.14)	(22.18)	(51.57)
Return on Investment (ROI) (PBT/Networth)		1.04	3.10	1.080
Debt Equity Ratio (Total Liability/Networth)		8.76	15.80	6.63
Current Ratio (Current Asset/Current Liability)		1.58	1.86	1.20

LOCAL AGENCY FURTHER INFORMATION

Note: The registered address of the company Farm House No. D 21, Pushpanjali Farms, Bijwasan – 110061, New Delhi, India has been shifted to the present address w.e.f. 01.06.2011

BACKGROUND

Lafarge Boral Gypsum India Private Limited (LBGIPL) was incorporated on 6 July, 2006. The Company commenced commercial production of Gypsum Boards with effect from 1 June, 2005 and metal studs with effect from 1 January, 2009 at its manufacturing facilities in Rajasthan. The Company's revenues arise from sales of manufactured products (manufactured at the Company's plant in Rajasthan). The company also deals in mainly products imported mainly from Group Companies. The Company products are sold mainly in North, Central and East India.

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Software

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.52.72
UK Pound	1	Rs.82.71
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	2
--CREDIT LINES	1~10	2
--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	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.