MIRA INFORM REPORT

Report Date :

25.07.2011

IDENTIFICATION DETAILS

Name :	ANABOND REVOCOAT INDIA PRIVATE LIMITED
Registered Office :	Cadastre No. 82, RE Survey No: 26/2, Thirubuva, Nnai Village, Mannadipet Commune, Pondicherry-605107
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.03.1997
Com. Reg. No.:	59-001304
Capital Investment / Paid-up Capital :	Rs.18.671 Millions
CIN No.: [Company Identification No.]	U24299PY1997PTC001304
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing Paints Shop, Body Shop, Trim Shop and Direct Glazing Sealants for Automobile Manufacturing Companies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 240000
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 usually correct 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

LOCATIONS

Registered Office/ Factory :	Cadastre No. 82, RE Survey No: 26/2, Thirubuva, Nnai Village, Mannadipet Commune, Pondicherry-605107, India
Tel. No.:	91-413-2640774
Fax No.:	91-413-2640775
E-Mail :	taxation@anabond.com

DIRECTORS

As on 29.09.2010

Name :	Mr. J. Vijaya Kumar
Designation :	Managing Director
Address :	41/2D, Athreya Apartments, II Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	07.09.1951
Date of Appointment :	17.03.1997
Name :	Mr. A.V. Ramanujam
Designation :	Director
Address :	41/C2, Prakruthi Apartments, I Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	14.04.1951
Date of Appointment :	03.01.2000
Name :	Mr. V. Lakshminarayanan
Designation :	Director
Address :	No. 7, Narayan Kripa Ga, Jeevarthinam Nagar, Shastri Nagar, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	18.06.1956
Date of Appointment :	28.09.2001
Name :	Mr. Charles Jean Ange Churet
Designation :	Director
Address :	Hoh, Rohnenweg, Wilen B, Wollereau-148832
Date of Birth/Age :	14.07.1952
Date of Appointment :	02.02.2009
Name :	Mr. Gilles Paul Jerome Marie Pichou
Designation :	Director
Address :	34, BIS Avenue, Philippe Solari, Aix Enprovence-13090
Date of Birth/Age :	18.06.1957
Date of Appointment :	02.02.2009
Name :	Mr. Pierre Yves Raymond Divet
Designation :	Director
Address :	73, BIS Rue De Villliers, Neuilly Sur Seine-92200
Date of Birth/Age :	23.12.1945
Date of Appointment :	30.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Revocoat SAS, France	933578
Anabond Limited, India	502422
Darien Electric Private Limited, India	431156
Total	1867156

As on 29.09.2010

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]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Paints Shop, Body Shop, Trim Shop and Direct Glazing Sealants for Automobile Manufacturing Companies.

Products :

Product Description	Item Code
PVC Based Sealants and Coatings	3214
PU Based Sealants and Coatings	3214
Epoxy Based Sealants and Coatings	3214

GENERAL INFORMATION

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loans and advances from banks
Cash credit form HDFC Bank (Secured by hypothecation of all raw material and packing material both imported and indigenous goods in process, finished goods and such other goods.)	34.905	29.483
Term loan form HDFC Bank (Secured by first charges on fixed assets and current assets)	3.333	6.151
Hire purchase	1.571	0.416
Total	39.809	36.050

Banking Relations :	--
Auditors :
Name :	S Kannan and Associates Chartered Accountant
Address :	Skyline Castle, New No. 27, First Floor, Abdul Razack Street, Saidpet, Chennai-600015, Tamilnadu, India
Tel. No.:	91-44-24363813/24360531
E-Mail :	kannanassociates@dataone.in skannanassociates@gmail.com

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1867156	Equity Shares	Rs.10/- each	Rs.18.671 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		18.671	18.671	18.671
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.478	32.034	31.162
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.149	50.705	49.833
LOAN FUNDS
1] Secured Loans		39.809	36.050	32.145
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		39.809	36.050	32.145
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		99.958	86.755	81.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.371	25.332	24.545
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.250	0.000	0.000
DEFERREX TAX ASSETS		0.393	0.268	0.167
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.747	21.256	19.675
	Sundry Debtors	75.057	48.850	62.300
	Cash & Bank Balances	2.155	1.471	0.368
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.131	10.540	15.489
Total Current Assets		122.090	82.117	97.832
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.672	12.567	17.112
	Other Current Liabilities	0.000	0.00	0.000
	Provisions	13.474	8.395	23.454
Total Current Liabilities		47.146	20.962	40.566
Net Current Assets		74.944	61.155	57.266
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		99.958	86.755	81.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Gross Turnover	252.300	209.000	283.200
		Other Income	1.500	0.200	0.200
		TOTAL (A)	253.800	209.200	283.400
Less	EXPENSES
		Office Expenses
		Administrative Expenses	228.900	197.700	244.800
		Advertising Expenses
		TOTAL (B)	228.900	197.700	244.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.900	11.500	38.600
Less	FINANCIAL EXPENSES (D)		3.800	4.400	3.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.100	7.100	35.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.700	3.900	4.000
	PROFIT BEFORE TAX (E-F) (G)		17.400	3.200	31.600
Less	TAX (H)		5.800	1.200	8.100
	PROFIT AFTER TAX (G-H) (I)		11.600	2.000	23.500
	IMPORTS
		Raw Materials	51.538	42.689	63.597
	Earnings Per Share (Rs.)		6.22	1.05	12.62

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.57	0.96	8.29
Net Profit Margin (PBT/Sales)	(%)	6.90	1.53	11.16
Return on Total Assets (PBT/Total Assets}	(%)	11.88	2.98	25.82
Return on Investment (ROI) (PBT/Networth)		0.29	0.06	0.63
Debt Equity Ratio (Total Liability/Networth)		1.45	1.12	1.46
Current Ratio (Current Asset/Current Liability)		2.59	3.92	2.41

LOCAL AGENCY FURTHER INFORMATION

Financial Analysis:

During they year the turnover of the company increased to Rs.252.300 millions from Rs.209.000 millions thereby registering a growth of 20% in gross sales. The increase in profit after tax from Rs.2.000 millions previous year to Rs.11.600 millions current year reflects the revival of growth.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U24299PY1997PTC001304
Name of the company	ANABOND REVOCOAT INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Cadastre No. 82, RE Survey No: 26/2, Thirubuva, Nnai Village, Mannadipet Commune, Pondicherry-605107, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India
Email	srinivasan.venkataraman@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	i) Letter of Hypothecation of Stocks and Book Debts dated 28th April, 2010; and ii) Memorandum relating to Hypothecation of Machinery dated 28th April, 2010.
Date of instrument Creating the charge	28.04.2010
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment Repayable on Demand. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge Hypothecation by way of Exclusive First Charge in favour of HDFC Bank Ltd on all the Stock-in-trade, Book Debts and movable Plant & Machinery of the Company both present and future.
Short particulars of the property charged	Hypothecation by way of Exclusive First Charge in favour of HDFC Bank Ltd. on all the Stock-in-trade, Book Debts and movable Plant & Machinery of the Company both present and future.

Fixed Assets:

• Land
• Building
• Electrical Equipments
• Plant and Machinery
• Lab Equipment
• Vehicles
• Computer
• Furniture and Fixtures
• 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 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.44.38
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.