1. Summary Information

		Country	India
Company Name	ARKEMA CHEMICALS INDIA PRIVATE LIMITED	Principal Name 1	Mr. Tirukalikundram Ramamurthy
Status	Moderate	Principal Name 2	Mr. Mambakkam Vishwanathan Ganeshan
		Registration #	11-105589
Street Address	Plot No. D – 43 (1), Trans Thane Creek, MIDC Industrial Area, Shirvane Village, Navi Mumbai-400076, Maharashtra
Established Date	31.01.1997	SIC Code	--
Telephone#	91-22-55907103	Business Style 1	Manufacturer
Fax #	91-22-55907102	Business Style 2	--
Homepage	www.crayvalley.com	Product Name 1	Synthetic Resins
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.299,400,000/-	Product Name 3	--
Shareholders	Foreign holdings 100.00%	Banking	Not Available
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (34)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	449,207,000	Current Liabilities	283,449,000
Inventories	242,250,000	Long-term Liabilities	280,000,000
Fixed Assets	186,328,000	Other Liabilities	9,388,000
Deferred Assets	000	Total Liabilities	572,837,000
Invest& other Assets	21,195,000	Retained Earnings	26,743,000
		Net Worth	326,143,000
Total Assets	898,980,000	Total Liab. & Equity	898,980,000
Total Assets (Previous Year)	822,464,000
P/L Statement as of	31.12.2010		(Unit: Indian Rs.)
Sales	1,641,090,000 [Total Income]	Net Profit	23,420,000
Sales(Previous yr)	1,476,130,000	Net Profit(Prev.yr)	43,648,000

MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	ARKEMA CHEMICALS INDIA PRIVATE LIMITED [w.e.f.20.10.2011]
Formerly Known As :	CRAY VALLEY RESINS INDIA PRIVATE LIMITED
Registered Office :	Plot No. D – 43 (1), Trans Thane Creek, MIDC Industrial Area, Shirvane Village, Navi Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	31.01.1997
Com. Reg. No.:	11-105589
Capital Investment / Paid-up Capital :	Rs.299.400 Millions
CIN No.: [Company Identification No.]	U24132MH1997PTC105589
TAN No.: [Tax Deduction & Collection Account No.]	MUMC06693B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of a Wide Range of Synthetic Resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealings with slight 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

LOCATIONS

Registered Office/ Factory :	Plot No. D – 43 (1), Trans Thane Creek, MIDC Industrial Area, Shirvane Village, Navi Mumbai – 400 076, Maharashtra, India
Tel. No.:	91-22-55907103/27907101/08/56137108 / 65173101 / 65137101 – 8
Fax No.:	91-22-55907102/27610653/27687998 / 27670901
E-Mail :	crayvalley@crayvalley.com tr.raghuraman@crayvalley.com
Website :	www.crayvalley.com
Area :	Leased
Factory:	C/O Noble Synthetics Ltd, 310, T V Industrial Estate, S K Mumbai, Maharashtra, India

DIRECTORS

As on 16.05.2011

Name :

Mr. Tirukalikundram Ramamurthy

Designation :

Managing Director

Address :

Om Vill Row House No. 8, Plot No. 57 61, Sector 21, Nerul, Navi Mumbai-400706, Maharashtra, India

Date of Birth/Age :

09.05.1956

Date of Appointment :

29.11.2002

Din No.:

00777714

Other Directorship:

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	U24132MH1997PTC105589	ARKEMA CHEMICALS INDIA PRIVATE LIMITED	Managing director	29-11-02	29-11-02	Active	NO
2	U91110MH1996NPL099079	INDIAN RESING MANUFACTURERS ASSOCIATION	Director	24-09-05	24-09-05	Active	NO
3	U24241KA2001PTC029520	BOSTIK INDIA PRIVATE LIMITED	Director	11-11-05	11-11-05	Active	NO

Name :

Mr. Mambakkam Vishwanathan Ganeshan

Designation :

Director

Address :

No. 1264, 32^nd ‘G’ Cross, 28^th Main, 4^th T Block, Jayanagar, Bangalore – 560 041, India.

Date of Birth/Age :

29.09.1957

Date of Appointment :

24.02.2006

Din No.:

00468641

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.05.2011

Names of Shareholders	No. of Shares
Total Chimie SA, France	170
Cray Valley SA, France	29939829
Total	29939999

As on 16.05.2011

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 :

Manufacturer of a Wide Range of Synthetic Resins.

Products :

Product Description	Item Code
Acrylics	39069010
Polyamides	39081090
Alkyds and Hard Resins	39075000
UPR	39079120

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Synthetic Resins (Solids)	MT	12148	*11522
Synthetic Resins (With Solvents)	MT	12148	**13652

Note:

· * Includes production from sub-processors (solid output) 3965 MT (31^st December 2009: 4216 MT)

· ** Includes production from sub-processors 6099 MT (31^st December 2009: 6346 MT) and excludes semi finished goods.

· As per prevailing industrial licensing polity, no industrial license is required.

· Installed capacity is as certified by the management and has not been verified by auditors, as it is a technical matter.

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.12.2010 [Rs. in Millions]	As on 31.12.2009 [Rs. in Millions]
Working Capital Demand Loans from Banks (Repayable within a year)	280.000	190.000
Total	280.000	190.000

NOTE:

Working capital demand loans are secured by way of hypothecation of debtors and inventory.

Financial Institution:	Societe Generale, Makr Chambers 4, 13^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamla Mills Compounds, 448, Sena Pati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-30440800
Fax No.:	91-22-30440900
Pan No.:	AAPFB9852F
Holding Company:	Cray Valley S.A., France
Ultimate Holding Company:	Total S.A.
Subsidiary :	Noble Synthetics Limited (U21200MH1980PLC022545)
Fellow Subsidiaries:	Cray Valley Resins (Malaysia) SDN, BHD Cray Valley Korea Company Limited Cray Valley Limited, UK Sartomer Asia Limited Atotech Deustschland GMBH Total Oil Asia Pacific Pte Limited Bostik India Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29939999	Equity Shares	Rs.10/- each	Rs.299.400 Millions

Note: Of the above 29939829 (31 December 2009: 29939829) equity shares are held by Cray Vlley S.A., the holding company and 170 (31 December 2009: 170) equity shares are held by Total Chimie S.A.

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		299.400	299.400	299.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.743	3.317	0.000
4] (Accumulated Losses)		0.000	0.000	(40.773)
NETWORTH		326.143	302.717	258.627
LOAN FUNDS
1] Secured Loans		280.000	190.000	240.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		280.000	190.000	240.000
DEFERRED TAX LIABILITIES		3.200	4.800	0.442
TOTAL		609.343	497.517	499.069
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		186.328	193.898	203.419
Capital work-in-progress		7.688	0.874	0.828
INVESTMENT		13.507	7.229	7.229
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	242.250	215.117	236.441
	Sundry Debtors	355.366	335.202	247.259
	Cash & Bank Balances	5.343	11.381	9.119
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	88.498	58.763	48.700
Total Current Assets		691.457	620.463	541.519
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	268.404	301.171	221.950
	Other Current Liabilities	15.045	14.847	25.477
	Provisions	6.188	8.929	6.499
Total Current Liabilities		289.637	324.947	253.926
Net Current Assets		401.820	295.516	287.593
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		609.343	497.517	499.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Manufacturing Sales		1414.148	1230.690
		Trading Sales	1641.090	61.982	60.926
		Other Income		11.369	7.632
		TOTAL (A)	1641.090	1487.499	1299.248
Less	EXPENSES
		Cost of goods sold		1247.464	1107.754
		Manufacturing expenses	1572.510	60.409	59.594
		Personnel expenses		32.466	30.317
		Administrative and selling expenses		46.877	58.315
		TOTAL (B)	1572.510	1387.216	1255.980
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.580	100.283	43.268
Less	FINANCIAL EXPENSES (D)		21.220	20.554	23.515
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.360	79.729	19.753
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.930	18.015	14.945
	PROFIT BEFORE TAX (E-F) (G)		28.430	61.714	4.808
Less	TAX (H)		5.010	18.066	1.627
	PROFIT AFTER TAX (G-H) (I)		23.420	43.648	3.181
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(40.773)	(43.954)
	BALANCE CARRIED TO THE B/S		NA	2.875	(40.773)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	136.236	65.613	76.638
	TOTAL EARNINGS		136.236	65.613	76.638
	IMPORTS
		Raw Materials	567.486	416.174	388.780
	TOTAL IMPORTS		567.486	416.174	388.780
	Earnings Per Share (Rs.)		0.78	1.46	0.11

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	1.43	2.93	0.24
Net Profit Margin (PBT/Sales)	(%)	NA	4.36	0.39
Return on Total Assets (PBT/Total Assets}	(%)	3.23	7.57	0.65
Return on Investment (ROI) (PBT/Networth)		0.09	0.20	0.02
Debt Equity Ratio (Total Liability/Networth)		1.75	1.70	1.91
Current Ratio (Current Asset/Current Liability)		2.39	1.90	2.13

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject (‘CVRIPL’ or ‘the company’) was incorporated on 31 January 1997. Pursuant to amendment to section 43 A by virtue of companies (Amendment) Act, 2000, the company has converted itself into a private limited company effective October 2001. The company is in the business of manufacture and sale of a wide range of synthetic resins. The company is a subsidiary of Cray Valley SA France, which is in turn a wholly owned subsidiary of total S.A. France being the ultimate holding company.

FINANCIAL PERFORMANCE

During the year, Sales at Rs. 1641.090 Millions was higher by about 10.33% over the previous year sates amounting to Rs. 1487.500 Millions owing to continued strong performance by the polyester segment besides impressive performance of Alkyds segment.

Despite favourable market conditions, the export turnover of the Company was at Rs. 136.240 Millions, higher by about 107.66% over previous year export amounting to Rs. 65.610 Millions.

The margin on alt the manufactured products in 2010 was lower at 9.6% over 12.7% in 2009 owing to drop in margins in all products ranging between 3% to 7% except in the case of Alkyds where the margins improved by 3% over 2009. The drop in the margin is attributable to increase in the input costs by about 12.6% while the average selling prices could improve only by about 8.7% in the current year over the previous year owing to intense resistance by the market to absorb the increase in input costs. Although the margin for Unsaturated Polyester Resins improved by 9.7% in 2010 over 2009, the sales volumes were insignificant to cause any impact on overall margins. In terms of products, the Speciality Alkyds, Acrylics polyesters and hard resins suffered erosion in margins and while polyamide margins were maintained at previous year levels. Alkyds margins improved by 2.9% The product mix also contributed to decreased margins as the share of Acrylics increased by over 5% while the margins decreased by 6.2% in 2010 over previous year.

The personnel and manufacturing costs recorded nominal increase in line with increase in activities. The administration and selling costs recorded 63% increase over the previous year. Expressed in absolute terms, these costs increased by Rs 29.600 Millions mainly contributed by increase of Rs 15.200 Millions pertaining to management cost sharing expenses charged by the Corporate Head office and significant increase in Insurance costs, Selling commissions, Bank charges, software maintenance, foreign exchange losses besides others.

The borrowing costs were higher on account of increase in average cost of borrowings by about 31.21% in the year 2010 over the previous year.

Due to these reasons, during the year, the profit of the Company declined to Rs. 23.420 Millions from Rs. 43.650 Millions (previous year).

Due to unfavourable market conditions and stiff competition in the market, the Company was not able to achieve better results as was estimated. Similarly, the Company could not meet the expansion programme due to slow down of economy in India. The directors are confident of better results in the forthcoming year.

In view of decline in profit during the year and to strengthen reserves of the Company, the directors express their inability to recommend payment of any dividends in the year.

FINANCE

At the balance sheet date (31.12.2010) working capital demand loans stood at Rs. 280.000 Millions as against Rs.190.000 Millions as on 31.12.2009. There was an increase in Secured Loan by 90 M due to meet the Working Capital Requirements.

FUTURE PROSPECTS

With the economic trend and projected satisfactory monsoon during the current year, and on this basis of the continuing support of the parent company, the director look forward to a year of further improvement and consolidation. The company has prepared an ambitious 10 year plan to increase capacity and invest on a new site. The proposal is under discussion and the directors are hopeful of an approval by 2011.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90146746
Corporate identity number of the company	U24132MH1997PTC105589
Name of the company	CRAY VALLEY RESINS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. D – 43 (1), Trans Thane Creek, MIDC Industrial Area, Shirvane Village, Navi Mumbai – 400 076, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Other
Particular of charge holder	Societe Generale, Makr Chambers 4, 13^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Email	milind.kulkarni@socgen.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Hypothecation
Date of instrument Creating the charge	23.09.2011
Amount secured by the charge	Rs.160.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC / WCDL / LC / BG - To be on the mutually agrreable basis Terms of Repayment On demand or on maturity, subject to periodic review by the bank Margin Raw Material , WIP, Finished Goods - 10% Book Debts upto 120 days - 15% Extent and Operation of the charge By way of First Pari Passu Charge on the entire Current Assets including Stock, Book Debts and Moveable Assets of the Company
Short particulars of the property charged	First Pari Passu Charge on the entire Current Assets including Stock, Book Debts and Moveable Assets of the Company
Particulars of the present modification	Modification in the hypothecation charge, being enhanced from Rs.100.000 Millions To Rs.160.000 Millions.

Fixed Assets:

v Goodwill

v Leasehold Land

v Building

v Plant and Machinery

v Effluent Treatment Plant

v Electrical Installations

v Computers

v Furniture and Fittings

v Vehicles

v 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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		34

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.