MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Name :	CHT (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. T – 26, MIDC Taloja Industrial Area, Taloja Panvel, Navi Mumbai – 410208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.05.1996
Com. Reg. No.:	149192
CIN No.: [Company Identification No.]	U24297MH1996PTC149192
TAN No.: [Tax Deduction & Collection Account No.]	MUMC058986C/MUMC12515G
PAN No.: [Permanent Account No.]	AAACC3596Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pretreatment, Dyeing, Finishing, Textile printing, Flocking of Surfaces as well as Textile Coating

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1752800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DENIED BY

Designation :	Operator
Date :	12.01.2011

LOCATIONS

Registered Office :	Plot No. T – 26, MIDC Taloja Industrial Area, Taloja Panvel, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91-22-64576688/61538313
Fax No.:	91-22-27412935/61538313
E-Mail :	nreniwal@chtindia.com
Website :	http://www.chtindia.com
Head Office :	352, Solitaire Corporate Park, 151, M.V. Road, Chakala, Andheri (East), Mumbai – 400093
Tel. No.:	91-22-6153838
Fax No.:	91-22-6158313
E-Mail :	chtindia@chtindia.com

DIRECTORS

AS ON 01.06.2010

Name :	Dr. Bernhard Hettich
Designation :	Director
Address :	72135, Dettenhausen, Im Brennofen 10
Date of Birth/Age :	15.06.1958
Date of Appointment :	30.07.2002
Name :	Mr. Mahendra Nanji Tanna
Designation :	Director
Address :	B / 308, Royal Towers, IC Colony, Borivli (West), Mumbai – 400103
Date of Birth/Age :	05.09.1956
Date of Appointment :	05.07.2001
Name :	Mr. UWE Halder
Designation :	Director
Address :	Friedrichstr 131, 72800 Enningen – 72800, Germany
Date of Birth/Age :	02.09.1960
Date of Appointment :	06.02.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.06.2010

Names of Shareholders	No. of Shares
R B Beitlich Industries Beteilguneen	1493107
Tanna N Mahendra	10
TOTAL	1493117

AS ON 01.06.2010

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 :	Manufacturer of Pretreatment, Dyeing, Finishing, Textile printing, Flocking of Surfaces as well as Textile Coating
Products :	Coating Dyeing Dyestuff Printing Fibre Auxiliaries Finishing Garment Pigment printing Pretreatment Screen printing / Flock

PRODUCTION STATUS AS ON (31.03.2009)

Particulars	Unit	Installed Capacity	Actual Production
Speciality Chemical	Mt	3600*	5875092.45

NOTE: * On single shift basis, as certified by management and accepted by the Auditors

GENERAL INFORMATION

No. of Employees :

Information Denied by the Management

Bankers :

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

SECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Vehicle Loan from ICICC Bank Limited (Secured fully by way of hypothecation of Specific Vehicles)	0.841	1.602
Vehicle Loan from HDFC Bank (Secured fully by way of hypothecation of Specific Vehicles) (Amount repayable within one year Rs.0.882 millions, Previous Year Rs,0.789 millions)	0.975	0.153
Cash Credit A/c – IDBI Bank (Secured fully by way of hypothecation of Stocks and Book Debts)	35.598	0.000
TOTAL	37.414	1.755

UNSECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Deposit from Distributors	0.000	1.934
Foreign Currency Loan – Cash Credit	0.000	84.642
Interest Accrued on Cash Loan	0.000	0.888
TOTAL	0.000	87.464

Banking Relations :	--
Auditors :
Name :	Shailesh A Hemani Chartered Accountant
Address :	503, Vastu Shubh, Rajmata Jijabai Road, Pump House, Andheri (East), Mumbai – 400093, Maharashtra, India
Holding Company :	RB Beitlich Industriebeiteligungen GMBH
Fellow Subsidiaries :	CHT R Beitlich GMBH BEZEMA AG CHT Italia S.R.L

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10 each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1493117	Equity Shares	Rs. 10 each	Rs.14.931 millions

NOTE:

• 493117 Have been issued at premium of Rs.115 per share. All Equity shares are held by the Holding Company. M/s RB Beitlich Industriebetligungen GMBH

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		14.931	14.931	14.931
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		423.292	331.108	286.671
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		438.223	346.039	301.602
LOAN FUNDS
1] Secured Loans		37.414	1.755	15.574
2] Unsecured Loans		0.000	87.465	84.593
TOTAL BORROWING		37.414	89.220	100.167
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		475.637	435.259	401.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.913	116.655	118.775
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.021	0.020	0.019
DEFERREX TAX ASSETS		13.755	12.196	1.087
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.131	80.764	78.812
	Sundry Debtors	358.167	319.445	291.028
	Cash & Bank Balances	65.346	29.893	18.262
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.978	22.208	23.885
Total Current Assets		553.622	452.310	411.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.714	107.746	101.152
	Other Current Liabilities	45.960	38.176	28.947
	Provisions	0.000	0.000	0.000
Total Current Liabilities		202.674	145.922	130.099
Net Current Assets		350.948	306.388	281.888
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		475.637	435.259	401.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	783.376	607.732	532.985
		Other Income
		TOTAL (A)	783.376	607.732	532.985
Less	EXPENSES
		Office Expenses
		Administrative Expenses	627.528	515.880	423.766
		Advertising Expenses
		TOTAL (B)	627.528	515.880	423.766
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		155.848	91.852	109.219
Less	FINANCIAL EXPENSES (D)		2.437	11.375	11.471
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		153.411	80.477	97.748
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.228	12.521	16.072
	PROFIT BEFORE TAX (E-F) (G)		142.183	67.956	81.676
Less	TAX (H)		50.000	23.519	29.548
	PROFIT AFTER TAX (G-H) (I)		92.183	44.436	52.128
	BALANCE CARRIED TO THE B/S		92.183	44.436	52.128
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.374	2.170
	TOTAL EARNINGS		NA	0.374	2.170
	IMPORTS
		Raw Materials	NA	135.713	107.623
		Trading Goods	NA	17.808	4.350
	TOTAL IMPORTS		NA	153.521	111.973
	Earnings Per Share (Rs.)		61.74	29.76	44.36

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.76	7.31	9.78
Return on Total Assets (PBT/Total Assets}	(%)	21.39	11.94	15.38
Return on Investment (ROI) (PBT/Networth)		0.32	0.19	0.27
Debt Equity Ratio (Total Liability/Networth)		0.54	0.67	0.76
Current Ratio (Current Asset/Current Liability)		2.73	3.09	3.16

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS AVAILABLE FOR

(Rs. In millions)

PARTICULARS	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)	AS ON 31.03.2008 (Rs. In millions)
Sundry Creditors
Due to Parties other than MSED	156.714	107.746	101.152

REVIEW OF OPERATIONS

During, the year the Company has achieved a total turnover of Rs. 777.900 millions (Previous year Rs 603.400 millions). The aggregate turnover during the year has shown an upward swine by 29 % over previous year. The Taloja manufacturing has worked quite to satisfaction during the year. The production of finished goods has also increased by 13 % as compared to previous year. The improvement in the performance was due to increase in the turnover and higher level of production. Net Profit After Tax is Rs.92.200 millions as compared to previous year PAT of Rs. 44.400 millions. In percentage terms the PAT has gone up by 108% as compared to previous year. The Earning Per Share (BPS) is more than doubled as compared from Rs. 29.76 to Rs. 61.74. The company successfully developed new business opportunities and at the same time controlled the overhead cost. The Favorable exchange rate conditions and lowering of finance cost with last year in relevant terms have improved the profitability. Due to improved liquidity position and reduction in the average credit period extended to the debtors, the company could repay the ECB loan before its maturity. The company could achieve better performance. even in the recessionary trend in the international market particularly in European market and local Indian market, due to aggressive marketing policy to increase market share within India.

PROSPECTS

The in - house manufacturing facility has pot the company into better maneuvering capability. The company has decided to expand their manufacturing base by new investment to its production. This will look for increase in production, new technology product line and other infrastructure. These facilities will help the company to encompass large share in the domestic markets. The company has also taken the initiatives for improving its services for better customer support and for enhancing its sates.

Even though raw material prices has gone up due to inflationary trend in the economy, the company has adopted the aggressive policy control the cost and increase the business volume to achieve better results and this policy will be continued in ensuing to improve the profitability and achievement of better market share.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	80046452
Corporate identity number of the company	U24297MH1996PTC149192
Name of the company	CHT (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. T – 26, MIDC Taloja Industrial Area, Taloja Panvel, Navi Mumbai – 410208, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit. 2. Loan/Facility Agreement. [Both The Instruments Modifying A Single Charge].
Date of instrument Creating the charge	05.05.2008
Amount secured by the charge	Rs.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter as amended from time to time Terms of Repayment As per sanction letter as amended from time to time Margin As per sanction letter as amended from time to time Extent and Operation of the charge The First Exclusive Charge on current assets & book debts both present and future to secure the Working Capital facility of Rs.50.000 millions together with all interest, costs, expenses and other monies.
Short particulars of the property charged	The First Exclusive Charge on current assets & book debts both present and future to secure the Working Capital facility of Rs.50.000 millions together with all interest, costs, expenses and other monies.
Date of latest modification prior to the present modification	31.10.2005
Particulars of the present modification	The charge is increased from Rs.40.000 millions to Rs.50.000 millions to cover enhanced Working Capital Facility.

FIXED ASSETS

• Lease Hold Land
• Plant and Machinery
• Factory Building
• Administrative Building
• Electrical Installations
• Air Conditioner
• Computer
• Vehicles
• Weighing Machines
• Office Equipments
• Laboratory Equipments
• Furniture and Fixture

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.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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

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.