MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	NIVEA INDIA PRIVATE LIMITED
Registered Office :	Hyde Park, 3^rd Floor, Saki-Vihar Road, Andheri (East), Mumbai-400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.05.2005
Com. Reg. No.:	11-153536
Capital Investment / Paid-up Capital :	Rs. 1602.150 Millions
CIN No.: [Company Identification No.]	U24240MH2005FTC153536
TAN No.: [Tax Deduction & Collection Account No.]	MUMN13137F
PAN No.: [Permanent Account No.]	AACCN1990P
Legal Form :	Private Limited Liability Company.
Line of Business :	The company deals in body Care, Bath care and other cosmetic products.
No. of Employees :	Not Divulged by the Management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1502640
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Beiersdorf AG, Germany. It is an established company having moderate track. The company has huge accumulated losses. Profitability of the company is under server pressure. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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. Pradeep
Designation :	Accountant
Date :	14.10.2011

LOCATIONS

Registered Office :	Hyde Park, 3^rd Floor, Saki-Vihar Road, Andheri (East), Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-66459911/ 66459900
Fax No.:	91-22-66459999
E-Mail :	Kal-Boris.Bendix@Beiersdorf.com Yogesh.Shroff@Beiersdorf.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kai Boris Egon Bendix
Designation :	Managing Director
Address :	Nikita Enclave, Sherley Village, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	09.08.1969
Date of Appointment :	01.11.2005
DIN No.:	00393046

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	U24240MH2005FTC153536	Nivea India Private Limited	Managing director	01/11/2005	01/11/2005	31/01/2011	Active	NO

Name :	Dr. Malanie Bruno Schrewe
Designation :	Director
Address :	Appener Weg 11, Hamburg-20251, Germany
Date of Birth/Age :	11.09.1967
Date of Appointment :	31.10.2006
DIN No.:	01128592

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	U24240MH2005FTC153536	Nivea India Private Limited	Director	31/10/2006	31/10/2006	-	Active	NO
2	U24236GA1965PTC000055	Beiersdorf (India) Private Limited	Additional director	14/09/2007	30/11/2006	-	Active	NO

Name :	Mr. James Wang Hang Wel
Designation :	Director
Address :	Suite 1117, Hong Kong Parkview, 88 Tai Tam Reservoir Road. R.O.C. Hong Kong
Date of Birth/Age :	17.07.1957
Date of Appointment :	01.04.2010
DIN No.:	03029725

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	U24240MH2005FTC153536	Nivea India Private Limited	Director	01/04/2010	01/04/2010	31/03/2011	Active	NO
2	U24236GA1965PTC000055	Beiersdorf (India) Private Limited	Additional director	27/04/2010	27/04/2010	13/04/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Rameshkumar Shroff
Designation :	Secretary
Address :	A-701, Poonam Residency- I, Holy X Road Extension, I.C. Colony, Borivali (West), Mumbai-400103, Maharashtra, India
Date of Birth/Age :	05.03.1975
Date of Appointment :	27.03.2006
PAN No.:	ABAPS8946E
Name :	Mr. Pradeep
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Beiersdorf AG, Germany	158612850
Phanex Handelsgesellsc.haft mbH, Germany	1602150
Total	160215000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company deals in body Care, Bath care and other cosmetic products.

Products:

ITC Code	Product Description
33070909	Nivea Deodorant
33049990	Nivea Soft / Skin Milk / Body Lotion

GENERAL INFORMATION

No. of Employees :	Not Divulged by the Management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountant
Address :	Jalan Mill Compund, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013, Maharashtra, India
Name :	S R Batliboi and Associates Chartered Accountant
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai 400021, Maharashtra, India
Holding Company :	Beiersdorf AG, Germany
Fellow Subsidiaries:	· Beiersdorf (Thailand) Company Limited · Beiersdorf Shared Services GmbH · Florena Cosmetic GmbH · BDF Mexico, S.A. de C.V. · Beiersdorf Singapore Private Limited · BDF Nivea, S.A., Spain · Nivea Polska Sp. z o.o. · Beiersdorf UK Limited · Beiersdorf SA, Chile · Beiersdorf Customer Supply GmbH · Beiersdorf s.a.s, France · Juvena Produits de Beaute GmbH · Nivea (Shanghai) Company Limited · Phanex HmbH (Germany) · BDF Mfg, Poznan

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs. 10/- each	Rs. 1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160215000	Equity Shares	Rs. 10/- each	Rs. 1602.150 Millions

Note:

Of the above 158612850 shares are held by Beiersdorf AG, Germany the holding company and 1602150 shares are held by Phanex Handelsgellschaft MBH (Subsidiary of Beiersdorf AG, Germany)

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		1602.150	1262.800	932.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1226.490)	(995.125)	(383.318)
NETWORTH		375.660	267.675	549.282
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		375.660	267.675	549.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.151	52.547	46.464
Capital work-in-progress		0.000	0.000	2.763
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	271.073	425.613	518.994
	Sundry Debtors	65.196	78.465	44.271
	Cash & Bank Balances	97.461	54.971	107.856
	Other Current Assets	5.233	16.957	0.000
	Loans & Advances	76.102	55.684	40.017
Total Current Assets		515.065	631.690	711.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.035	189.161	82.412
	Other Current Liabilities	95.663	224.089	127.519
	Provisions	3.858	3.312	1.152
Total Current Liabilities		175.556	416.562	211.083
Net Current Assets		339.509	215.128	500.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		375.660	267.675	549.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1034.060	1197.978	701.353
		Other Income	14.941	7.453	16.110
		TOTAL	1049.001	1205.431	717.463
Less	EXPENSES
		Material Costs	0.000	1.076	82.204
		Employee Costs	92.624	105.026	72.421
		Packing Material Consumed	0.798	1.870	73.333
		Purchase of Trading Goods	535.112	698.060	526.000
		Decrease in Inventories	154.896	90.668	(331.921)
		Administrative Expenses	107.934	135.275	445.905
		Selling and Distribution Expenses	362.545	767.697	0.000
		Impairment Provision	13.326	0.000	0.000
		Manufacturing Expenses	0.000	0.000	113.368
		TOTAL	1267.235	1799.672	981.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(218.234)	(594.241)	(263.847)
Less	FINANCIAL EXPENSES (D)		0.202	0.362	0.337
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(218.436)	(594.603)	(264.184)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.929	13.808	7.604
	PROFIT BEFORE TAX (E-F) (G)		(231.365)	(608.411)	(271.788)
Less	TAX (H)		0.000	3.396	1.774
	PROFIT AFTER TAX (G-H) (I)		(231.365)	(611.807)	(273.562)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(995.126)	(383.319)	(109.757)
	BALANCE CARRIED TO THE B/S		(1226.491)	(995.126)	(383.319)
	IMPORTS
		Raw Materials	0.000	0.000	47.726
		Semi-Finished Goods	0.000	0.000	23.475
		Finished Goods	371.819	401.837	211.835
		Capital Goods	0.000	1.652	11.153
		Others	1.821	5.780	9.565
	TOTAL IMPORTS		373.640	409.269	303.754
	Earnings Per Share (Rs.)		(1.64)	(5.40)	(3.58)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(22.05)	(50.75)	(38.12)
Net Profit Margin (PBT/Sales)	(%)	(22.37)	(50.78)	(38.75)
Return on Total Assets (PBT/Total Assets}	(%)	(41.97)	(88.91)	(35.87)
Return on Investment (ROI) (PBT/Networth)		(0.61)	(2.27)	(0.49)
Debt Equity Ratio (Total Liability/Networth)		0.46	1.55	0.38
Current Ratio (Current Asset/Current Liability)		2.93	1.51	3.36

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	76.035	189.161	82.412

Note:

The Registered office of the company has been shifted from Hyde Park, 3^rd Floor, Saki-Vihar Road, Andheri (East), Mumbai-400072, Maharashtra to present address w.e.f. 12.04.2011.

Fixed Assets:

· Leasehold Improvements

· Plant and Machinery

· Computers

· Office Equipments

· Electrical Installations

· Furniture and Fixtures

· Vehicles

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.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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		26

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.