MIRA
INFORM REPORT

Report Date :

22.12.2012

Tel. No.:

(0832) 2407103/04/05

IDENTIFICATION DETAILS

Name :

BERGER BECKER COATINGS PRIVATE LIMITED (w.e.f.07.12.1999)

Formerly Known
As :

RAJDOOT BECKER COATINGS PRIVATE LIMITED

Registered
Office :

19,
D. D. A. Commercial Complex, Kailash Colony Extension, Zamrudpur, New Delhi -
110048

Country :

India

Financials (as
on) :

31.03.2011

Date of
Incorporation :

30.09.1996

Com. Reg. No.:

55-082343

Capital
Investment / Paid-up Capital :

Rs. 55.294
Millions

CIN No.:

[Company Identification
No.]

U74899DL1996PTC082343

PAN No.:

[Permanent Account No.]

AABCB8159K

Legal Form :

Private Limited Liability Company

Line of Business
:

Manufacturer and Supplier of Coil Coatings and Specialty Paints.

No. of Employees
:

Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal
commitments.

Satisfactory

Maximum Credit Limit :

USD 1400000

Status :

Satisfactory

Payment Behaviour :

Usually correct

Litigation :

Clear

Comments :

Subject is an established company having a satisfactory track record.
The company performance seems to be good. Trade relations are reported to be
fair. Business is active. Payments are reported to be usually correct and as
per commitments.

The company can be considered for normal business dealings at usual
trade terms and conditions.

NOTES :

Any query related to this report can be made
on e-mail : [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

Risk Category

ECGC
Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

D

INDIAN ECONOMIC OVERVIEW

India
is developing into an open-market economy, yet traces of its past autarkic
policies remain. Economic liberalization, including industrial deregulation,
privatization of state-owned enterprises, and reduced controls on foreign trade
and investment, began in the early 1990s and has served to accelerate the
country's growth, which has averaged more than 7% per year since 1997. India's diverse
economy encompasses traditional village farming, modern agriculture,
handicrafts, a wide range of modern industries, and a multitude of services.
Slightly more than half of the work force is in agriculture, but services are
the major source of economic growth, accounting for more than half of India's output,
with only one-third of its labor force. India has capitalized on its large
educated English-speaking population to become a major exporter of information
technology services and software workers. In 2010, the Indian economy rebounded
robustly from the global financial crisis - in large part because of strong
domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's
economic growth in 2011 slowed because of persistently high inflation and
interest rates and little progress on economic reforms. High international
crude prices have exacerbated the government's fuel subsidy expenditures
contributing to a higher fiscal deficit, and a worsening current account
deficit. Little economic reform took place in 2011 largely due to corruption
scandals that have slowed legislative work. India's medium-term growth outlook
is positive due to a young population and corresponding low dependency ratio,
healthy savings and investment rates, and increasing integration into the
global economy. India
has many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.

Source
: CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a
defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund)
Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Head Office :

19,
D. D. A. Commercial Complex, Kailash Colony Extension, Zamrudpur, New Delhi
– 110048, India

Tel. No.:

91-11-26480394 to 96 / 26431573 / 7449 / 26419969 /
29240394/ 32573295

Fax No.:

91-11-26447864 / 29247864

E-Mail :

[email-masked]

[email-masked]

[email-masked]

[email-masked]

Location :

Owned

Factory / Warehouse  :

114 Pilerne Industrial
Estate, Post Saligao, Bardez - 403511, Goa, India

Tel No : 91-832-2407103 / 2407104 / 2407107

Fax No : 91-832-2407106

E-mail : [email-masked]

Plot No. 316-317, Kundiam Industrial Estate, Kundiam,
Ponda, Goa, India

Tel No. 91-832-2395664 / 663

Fax No. 91-832-2395663

E-mail : [email-masked]

Location :

Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Kuldip Singh Dhingra

Designation :

Director

Address :

555, Sukhsarwar Village, Gadaipur P.O, Mehrauli, New Delhi - 110030,
India

Date of Birth/Age :

02.09.1947

Date of Appointment :

12.08.1997

DIN No.:

00048406

Name :

Mr. Gurbachan Singh Dhingra

Designation :

Director

Address :

Rahen Basera, 6 Sultanpur Farms, Mehrauli, New Delhi - 110030, India

Date of Birth/Age :

09.04.1950

Date of Appointment :

30.09.1996

DIN No.:

00048465

Name :

Mr. Sunil Sharma

Designation :

Director

Address :

3/2, Shanti Niketan, New Delhi - 110021, India

Date of Birth/Age :

15.11.1951

Date of Appointment :

30.09.1996

DIN No.:

00097157

Name :

Olivier Laune

Designation :

Director

Address :

14, Bis Avenue, De Grange, Blanche 69160 Tassinla-Demi-Lune, France

Date of Birth/Age :

04.04.1967

Date of Appointment :

22.03.2005

DIN No.:

00107807

Name :

Bengt Olof Ingman

Designation :

Director

Address :

Tetorpsnagen 20 Se 194 39 Uppl Vasby, Sweden

Date of Birth/Age :

16.01.1950

Date of Appointment :

15.06.1999

DIN No.:

00117429

KEY EXECUTIVES

Name :

Mr. Niranjan Daga

Designation :

Secretary

Address :

Sanchav Apartments, Flat No. S3, St. Mary’s Colony, Miramar -
403001, Goa, India

Date of Birth/Age :

07.10.1971

Date of Appointment :

27.03.2008

PAN No.:

ADHPD3822D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders

No. of Shares

Gurbachan Dhingra

90

Berger Paints India Limited, India

270850

Becker Industrial Coatings Holding AB, Sweden

281999

Total

552939

AS ON 30.09.2011

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]

51.00

Bodies
corporate

48.98

Directors
or relatives of directors

0.02

Total

100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Coil Coatings and Specialty Paints.

Products :

ITC Code

Product
Descriptions

3208.00.00

Paints and Varnish

3212.00.00

Thinners

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars

Unit

Licensed
Capacity

Installed
Capacity

Actual
Production

Paints

Qty.

(Ltrs.)

N.A.

13600 MT

50,789,609

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, 2nd Floor, Statesman House,
148, Barakhamba Road, New Delhi – 110001, India

Facilities :

Secured Loans

31.03.2011

31.03.2010

(Rs. In Millions)

Rupee term loans banks secured

169.040

148.358

Total

169.040

148.358

Note:

(A) From
Bank*1 -Cash Credit 164,693,050 -Term Loan*2 4,346,890 * 1 Secured by first
charge on the entire current assets of the company and a second charge on
the entire fixed assets (movable and immovable) of the company. *2 Due
within one year Rs. 4.290 Millions (P Yr. Rs.10.408 Millions).

Banking
Relations :

--

Auditors :

Name :

J.C. Bhalla and Company

Chartered Accountants

Address :

B-5 ,Sector -06, Noida – 201301, Uttar Pradesh, India

Income-tax
PAN of auditor or auditor's firm :

AAAFJ3258M

Holding Company :

Becker Industrial Coatings AB

Fellow Subsidiary
company :

Ø
Becker Industrial Coatings (Guangzhou) Limited

Ø
Becker Industrial Coatings Limited

Ø
Becker Industrie SA

Ø
Becker Industrial Coatings (M) Sdn Bhd

Ø
Becker Industrial Coatings

Ø
Becker Acroma Group AB

Ø
Becker Industrial Coatings Inc

Ø
Becker Industrielack GmbH

Ø
Becker High Performance Coatings (TianJin) Limited

Ø
U K Paints (India) Private Limited
[U24222DL1979PTC009659]

Others :

Berger Paints India Limited [L51434WB1923PLC004793]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares

Type

Value

Amount

560,000

Equity Shares

Rs. 100/- each

Rs. 56.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

552,939

Equity Shares

Rs. 100/- each

Rs. 55.294
Millions

FINANCIAL DATA

[all figures are
in Rupees Millions]

ABRIDGED BALANCE
SHEET

SOURCES OF FUNDS

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

1] Share Capital

55.294

55.294

55.294

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

295.453

256.227

229.854

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

350.747

311.521

285.148

LOAN FUNDS

1] Secured Loans

169.040

148.358

194.462

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

169.040

148.358

194.462

DEFERRED TAX LIABILITIES

9.684

11.625

10.853

TOTAL

529.471

471.504

490.463

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]

177.545

183.969

202.834

Capital work-in-progress

7.330

6.193

5.634

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

CURRENT ASSETS, LOANS & ADVANCES

Inventories

291.330

224.659

192.830

Sundry Debtors

240.876

192.792

185.429

Cash & Bank Balances

2.432

1.942

12.903

Other Current Assets

0.000

0.000

0.000

Loans & Advances

61.773

52.756

32.415

Total
Current Assets

596.411

472.149

423.577

Less : CURRENT LIABILITIES & PROVISIONS

Sundry Creditors

187.801

121.086

97.220

Other Current Liabilities

50.012

57.572

31.515

Provisions

14.002

12.149

12.847

Total
Current Liabilities

251.815

190.807

141.582

Net Current Assets

344.596

281.342

281.995

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

TOTAL

529.471

471.504

490.463

PROFIT & LOSS
ACCOUNT

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

SALES

Income

932.048

712.735

Other Income

15.724

8.970

TOTAL
(A)

N.A.

947.772

721.705

Less

EXPENSES

Material Consumed

803.330

570.607

Personnel Expenses

29.550

31.887

Manufacturing, Administrative and Selling Expenses

89.987

82.880

(Increase)/ Decrease in Finished Goods/ Work-in-progress

(40.621)

3.858

TOTAL
(B)

N.A.

882.246

689.232

Less

PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

65.526

32.473

Less

FINANCIAL
EXPENSES                                    (D)

19.773

26.780

PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

71.303

45.753

5.693

Less/ Add

DEPRECIATION/
AMORTISATION                     (F)

13.635

12.944

13.147

PROFIT BEFORE
TAX (E-F)
(G)

57.668

32.809

(7.454)

Less

TAX                                                                  (H)

18.442

6.220

4.482

PROFIT AFTER TAX
(G-H)                                (I)

39.226

26.589

(11.936)

Add

PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD

256.227

--

207.406

BALANCE CARRIED
TO THE B/S

295.453

26.589

195.470

EARNINGS IN
FOREIGN CURRENCY

Export of Finished Goods (FOB)

52.096

47.669

23.625

Export of Raw Material (FOB)

0.000

7.264

0.000

Discount Received

7.123

1.018

3.098

TOTAL EARNINGS

59.219

55.951

26.723

IMPORTS

Raw Materials

389.840

363.927

224.655

Stores & Spares

0.175

0.289

1.538

Capital Goods

0.376

0.375

0.000

TOTAL IMPORTS

390.391

364.591

226.193

Earnings Per
Share (Rs.)

70.55

48.09

(21.59)

KEY RATIOS

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

PAT / Total
Income

(%)

N.A.

2.81

(1.65)

Net Profit Margin

(PBT/Sales)

(%)

N.A.

3.52

(1.05)

Return on Total Assets

(PBT/Total Assets}

(%)

7.45

5.00

(1.19)

Return on Investment (ROI)

(PBT/Networth)

0.16

0.11

(0.03)

Debt Equity Ratio

(Total Liability/Networth)

1.20

1.09

1.18

Current Ratio

(Current Asset/Current Liability)

2.37

2.47

2.99

LOCAL AGENCY FURTHER INFORMATION

Sr. No.

Check List by Info Agents

Available in
Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last
two years

Yes

12]

Profitability for last
three years

Yes

13]

Reasons for variation
<> 20%

--

14]

Estimation for coming
financial year

No

15]

Capital in the business

Yes

16]

Details of sister
concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details
(if applicable)

No

21]

Market information

--

22]

Litigations that the firm
/ promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking
account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if
applicable

Yes

29]

Last accounts filed at
ROC

No

30]

Major Shareholders, if
available

Yes

31]

Date of Birth of
Proprietor/Partner/Director, if available

Yes

32]

PAN of
Proprietor/Partner/Director, if available

No

33]

Voter ID No of
Proprietor/Partner/Director, if available

No

34]

External Agency Rating,
if available

No

BANKERS CHARGES
REPORT AS PER REGISTRY

Corporate identity
number of the company

U74899DL1996PTC082343

Name of the
company

BERGER BECKER
COATINGS PRIVATE LIMITED

Address of the
registered office or of the principal place of  business in India of the company

19,
D. D. A. Commercial Complex, Kailash Colony Extension, Zamrudpur, New Delhi
– 110048, India

Email:
[email-masked]

This form is for

Modification of
Charge

Charge
identification number of the modified

90037492

Type of charge

Immovable property

Book debts

Movable property (not being pledge)

Particular of
charge holder

Axis Bank Limited, 2nd Floor, Statesman House,
148, Barakhamba Road, New Delhi – 110001, India

Email: [email-masked]

Nature of
description of the instrument creating or modifying the charge

Composite
hypothecation deed (current assets, movables, plant and machinery)

Memorandum of
entry  evidencing extension of
equitable mortgage

Date of
instrument Creating the charge

23.07.2012

Amount secured by
the charge

Rs. 280.000
Millions

Brief particulars
of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per sanction
letter No. Axis B/MC/VM/11-12/354 dated 23.12.2011 to be amended from time to
time.

Terms of Repayment

As per sanction
letter No. Axis B/MC/VM/11-12/354 dated 23.12.2011 to be amended from time to
time.

Margin

As per sanction
letter No. Axis B/MC/VM/11-12/354 dated 23.12.2011 to be amended from time to
time.

Extent and Operation of the charge

First charge over
current assets.

Second charge
over fixed assets

Others

The above is to
secure the following :-

(Rs. in Millions)

Cash Credit (CC)                              -
240.000

(WCDL) Sublimit
of CC
-
(200.000)

Letter Of Credit (LC)                           -
40.000

(Bank Guarantee)
Sublimit of LC    - (5.000)

Buyers Credit/SBLC)
Sublimit of LC
- (40.000)

(LER) sublimit of
LC                              -
(5.000)

One way
interchangeability from FB to NFB limits.

Short particulars
of the property charged

The whole of the
Bo's stocks whether raw, in process of manufacture or in finished form and
other C/assets, being movable machinery, equip., tools, stores and spares
and/or consumer articles and accessories and all F/assets and all the Bo's
p/f B/Debts outstanding money(s) receivables, investment, rights and assets
shall be hypothecation to the Bank and its assigns by way of 1st charge as
security.

Date of
Modification

24.01.2011

Particulars of
the present modification

Bank's first
charge over all present and future current assets and second charge over Co's
land and building situated at Plot No.114, Pilerne Industrial Estate, Goa,
admeas.19032 sq. Mtrs. Together with all buildings and structures thereon or
to be thereon and all plant and machinery and other movable fixed assets
therein or to be therein, already regd. For Rs. 240.000 Millions shall stand
enhanced to Rs. 280.000 Millions.

FIXED ASSETS:

Ø     Leasehold Land

Ø     Building

Ø     Plant and
Machinery

Ø     Office Equipments

Ø     Furniture and
Fixture

Ø     Vehicles

Ø     Computer Software

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 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. 55.09

UK Pound

1

Rs. 89.54

Euro

1

Rs. 72.77

INFORMATION DETAILS

Report Prepared
by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS

RANGE

POINTS

HISTORY

1~10

5

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

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

48

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

-