MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	ELOF HANSSON (INDIA) PRIVATE LIMITED
Registered Office :	5F, Court Chambers, 35 New Marine Lines, Mumbai-400020, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	05.04.1977
Com. Reg. No.:	11-19593
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29100MH1977PTC019593
TAN No.: [Tax Deduction & Collection Account No.]	CHEE03394G
PAN No.: [Permanent Account No.]	AAACE2664H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals Indenting Agent for Pulp Paper, Chemicals Machinery Components of Instruments Required by Paper Mills.
No. of Employees :	22 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 950000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. 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.

INFORMATION DECLINED BY

Name :	Mr. M P Joshi
Designation :	Accounts Manager
Date :	05.10.2011

LOCATIONS

Registered Office :	5F, Court Chambers, 35 New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22002588/ 89/ 1023
Fax No.:	91-22-22062460
E-Mail :	elofbom@vsnl.com
Corporate Office :	New No. 149, Chamioers Road, R.A, Puram, Chennai-600028, Tamilnadu, India
Tel. No.:	91-44-24315110
Fax No.:	91-44-24315116
E-Mail :	office.chennai@in-elofhansson.com
Branches :	Located At: · Delhi · Hyderabad · Kolkatta

DIRECTORS

As on 26.05.2011

Name :

Mr. Hemraj Chaturbhu Asher

Designation :

Director

Address :

# 32, Modi Street, Mumbai-400001, Maharashtra, India

Date of Birth/Age :

02.01.1934

Date of Appointment :

05.04.1977

Din No.:

00024863

Other Directorship:

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	L29261PN1955PLC009579	THE INDIAN CARD CLOTHING COMPANY LIMITED	Director	30-04-73	30-04-73	-	Active	NO
2	L74999MH1949PLC007912	MONSANTO INDIA LIMITED	Director	09-08-73	09-08-73	-	Active	NO
3	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	25-03-74	25-03-74	04-09-08	Active	NO
4	U29100MH1977PTC019593	ELOF HANSSON (INDIA) PRIVATE LIMITED	Director	06-04-77	06-04-77	-	Active	YES
5	U29100MH1984PTC033494	BIMAG MACHINES PRIVATE LIMITED	Director	20-07-84	20-07-84	19-01-09	Under liquidation	NO
6	U29197MH1973PLC016973	HIND FILTERS LIMITED	Director	11-02-87	11-02-87	-	Active	NO
7	U99999MH1977PLC019836	KELTECH ENERGIES LIMITED	Director	16-12-87	16-12-87	-	Not Available for eFiling	NO
8	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Director	19-01-94	19-01-94	-	Active	NO
9	U74140MH1995PTC094339	PRS TECHNOLOGIES PRIVATE LIMITED	Director	09-11-95	09-11-95	-	Active	NO
10	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	21-08-98	21-08-98	-	Active	NO
11	U63000MH1998PTC117292	ALLIED PICKFORDS INDIA PRIVATE LIMITED	Director	01-12-98	01-12-98	-	Active	NO
12	U51900MH1999PTC122481	DIAMANT BOART MARKETING PRIVATE LIMITED	Director	01-11-99	01-11-99	-	Active	NO
13	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	19-08-02	19-08-02	-	Active	NO
14	L30007KA1977PLC031660	KELTECH ENERGIES LIMITED	Director	04-03-03	04-03-03	-	Active	NO
15	L05190KA1921PLC036321	INGERSOLL-RAND (INDIA) LIMITED	Director	20-07-05	20-07-05	-	Active	NO
16	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	23-09-06	22-12-05	-	Active	NO
17	U74999MH1992PTC068790	BIJUR DELIMON INDIA PRIVATE LIMITED	Alternate director	16-10-08	20-02-06	16-10-08	Active	NO
18	U60231TN2006PTC061597	C.H. ROBINSON WORLDWIDE FREIGHT INDIA PRIVATE LIMITED	Director	27-11-06	27-11-06	01-12-06	Active	NO
19	U74140MH2008PTC183020	WACHOVIA ADVISORY SERVICES PRIVATE LIMITED	Director	02-06-08	02-06-08	05-11-08	Active	NO
20	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Additional director	23-06-10	23-06-10	18-02-11	Active	NO
21	U28132AP2010PLC070529	IDL EXPLOSIVES LIMITED	Additional director	29-03-11	29-03-11	-	Active	NO

Name :

Mr. Thomas Gustaf Pettersson

Designation :

Director

Address :

Elof Hansson AB, SE 41380, Goteborg, Sweden

Date of Birth/Age :

15.05.1953

Date of Appointment :

06.12.1993

Din No.:

00422091

Name :

Mr. Prashant Khatau Asher

Designation :

Director

Address :

# 32, Modi Street, Mumbai-400001, Maharashtra, India

Date of Birth/Age :

17.12.1965

Date of Appointment :

21.09.1995

Din No.:

00274409

Other Directorship:

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	U65920MH1994PTC080585	SEENOL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	27-01-95	27-01-95	-	Active	NO
2	U29100MH1977PTC019593	ELOF HANSSON (INDIA) PRIVATE LIMITED	Director	21-09-95	21-09-95	-	Active	YES
3	U99999MH1995PLC095231	ICC INTERNATIONAL AGENCIES LIMITED	Director	09-08-01	09-08-01	-	Active	NO
4	U72100MH1988PTC046380	COMPUMATRIX SERVICES PRIVATE LIMITED	Director	15-03-05	15-03-05	21-12-07	Strike off	NO
5	U61100MH1982PTC026147	LLOYD'S REGISTER INDUSTRIAL SERVICES (INDIA) PRIVATE LIMITED	Alternate director	01-08-10	01-08-10	-	Active	NO

Name :

Mr. Peter Hentz

Designation :

Director

Address :

Elof Hansson AB, SE 41380, Goteborg, Sweden

Date of Birth/Age :

04.10.1945

Date of Appointment :

12.04.2005

Din No.:

00421956

KEY EXECUTIVES

Name :	Mr. M P Joshi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.05.2011

Names of Shareholders	No. of Shares
Elof Hansson Pulp Paper Limited, London	999
Elof Hansson AB, Sweden	1
Total	1000

As on 26.05.2011

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 Chemicals Indenting Agent for Pulp Paper, Chemicals Machinery Components of Instruments Required by Paper Mills.

Products :

Product Description	Item Code
Organic Surface Active Agents	34029000

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity *	Actual Production
Chemicals	Kgs	300000	198202

Note: * As certified by the management on which the auditors have placed reliance as this is a technical matter. The company’s products are exempt form licensing requirements.

GENERAL INFORMATION

No. of Employees :	22 [Approximately]
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
Holding Company:	Elof Hansson Pulp Paper Limited, London
Ultimate Holding Company:	Elof Hansson AB, Sweden
Fellow Subsidiaries:	Moberg and Company, Sweden Troedsson Torgun Corporation, USA Elof Hansson, New York Elof Hansson, Brazil Elof Hansson, Singapore

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		237.723	215.157	190.831
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		237.823	215.257	190.931
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		237.823	215.257	190.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.263	7.741	6.802
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.671	1.481	1.288
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.803	3.230	4.064
	Sundry Debtors	27.567	23.623	37.838
	Cash & Bank Balances	181.497	173.910	146.380
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.760	21.808	21.408
Total Current Assets		245.627	222.571	209.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.705	14.688	17.386
	Other Current Liabilities	2.600	0.592	8.428
	Provisions	1.433	1.256	1.035
Total Current Liabilities		17.738	16.536	26.849
Net Current Assets		227.889	206.035	182.841
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		237.823	215.257	190.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
		Gross Income	152.200	154.290	171.194
Less	EXPENSES
		Office Expenses
		Administrative Expenses	118.330	117.620	126.051
		Advertising Expenses
		TOTAL	118.330	117.620	126.051
	PROFIT BEFORE TAX		33.870	36.670	45.143
Less	TAX		12.500	12.600	16.847
	PROFIT AFTER TAX		21.370	24.070	28.296
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.649	6.708	40.752
		Commission Earnings	33.950	34.000	47.971
	TOTAL EARNINGS		43.599	40.708	88.723
	IMPORTS
		Traded Goods	29.669	20.347	17.138
		Raw Material	0.000	0.000	1.708
	TOTAL IMPORTS		29.669	20.347	18.846
	Earnings Per Share (Rs.)		21370	24326	28296

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.04	15.60	16.53
Return on Total Assets (PBT/Total Assets}	(%)	13.39	15.92	20.85
Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.23
Debt Equity Ratio (Total Liability/Networth)		0.07	0.08	0.14
Current Ratio (Current Asset/Current Liability)		13.85	13.46	7.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Total outstanding dues to others	13.705	14.688	17.386

FINANCIAL RESULTS:

The gross income for the year was marginally lower at Rs.152.200 millions compared to Rs.154.290 millions for the previous year. The profit before tax during the year was Rs.33.870 millions as against Rs.36.670 millions for the previous year. The provision for taxation for the year was Rs.12.500 millions as against Rs.12.600 millions for the previous years.

OPERATIONS:

The company continued to maintain the contribution from the sale of water treatment chemicals form the blending unit in Chennai. The Machinery and Engineering Division successfully executed White Liquor Oxidation Systems and NCG Systems registering. The division earnings form commission income as well as engineering services registered positive growth.

CONTINGENT LIABILITIES (AS ON 31.03.2010)

Claims by third parties Rs.7.113 millions (Previous year Rs.7.113 millions)

FIXED ASSETS:

• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Computers
• Leasehold Improvements

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.49.23
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		52

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.