MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	MC-BAUCHEMIE INDIA PRIVATE LIMITED

Registered Office :	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa – 403703

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	24.01.1985

Com. Reg. No.:	24-004763

Capital Investment / Paid-up Capital :	Rs.9.900 Millions

CIN No.: [Company Identification No.]	U99999GA1985PTC004763

Legal Form :	Private Limited Liability Company

Line of Business :	Supplier of Construction Materials, Roofing Materials, Floor or Flooring Materials, Flooring or Grating or Walkways, Plasticisers and Waterproof Materials.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa – 403703, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mcbndia_goa@rediffmail.com clients99@rediffmail.com
Website :	http://www.mc-bauchemie.com http://www.mc-bauchemie.in

Branch Office :	411 Arenja Corner, 4^th Floor, Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India
Tel. No.:	91-22-27892856
Fax No.:	91-22-27893870

DIRECTORS

As on 06.09.2011

Name :

Mr. Samir Manohar Surlaker

Designation :

Managing Director

Address :

207, Sreemangal Apartments, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India

Date of Birth/Age :

18.02.1953

Date of Appointment :

24.01.1985

DIN No.:

00419699

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	U99999GA1985PTC004763	MC-BAUCHEMIE INDIA PRIVATE LIMITED	Managing director	24/01/1985	24/01/1985	-	Active	NO
2	U51909GA1994PTC006208	ASSESS BUILD CHEM PRIVATE LIMITED	Managing director	20/06/1994	20/06/1994	-	Active	NO

Name :

Mrs. Uma Samir Surlaker

Designation :

Director

Address :

207, Sreemangal Apartments, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India

Date of Birth/Age :

31.07.1956

Date of Appointment :

02.09.1992

DIN No.:

00420136

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	U99999GA1985PTC004763	MC-BAUCHEMIE INDIA PRIVATE LIMITED	Director	2/09/1992	2/09/1992	-	Active	NO
2	U51909GA1994PTC006208	ASSESS BUILD CHEM PRIVATE LIMITED	Director	20/06/1994	20/06/1994	-	Active	NO

Name :

Mr. Michael Claus Mueller

Designation :

Chairman cum Managing Director

Address :

D-45133 Essen Hackenberghang 18, Federal Republic of Germany

Date of Birth/Age :

12.11.1946

Date of Appointment :

24.01.1985

DIN No.:

00420324

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	U99999GA1985PTC004763	MC-BAUCHEMIE INDIA PRIVATE LIMITED	Director	24/01/1985	24/01/1985	-	Active	NO
2	U29248GA2005PTC004109	MURASIT BAUCHEMIE (GOA) PRIVATE LIMITED	Director	8/08/2005	8/08/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2011

Names of Shareholders		No. of Shares
Uma Surlaker		108900
Sunny Surlakar		49500
Sujay Surlakar		49500
MC Bauchemie Mueller GMBH Company, Germany		637500
Samir Surlaker		144600
Total		990000

Equity Share Break up (Percentage of Total Equity)

As on 06.09.2011

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	64.39
Directors or relatives of Directors	35.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of Construction Materials, Roofing Materials, Floor or Flooring Materials, Flooring or Grating or Walkways, Plasticisers and Waterproof Materials.

Products :

Product Description	ITC Code
Concrete Floor Hardner	29.31
Waterproofing Products	29.31
Tile Adhesive / Marble Adhesive	29.10

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Bicholim Urban Co-operative Bank Limited, Patto Plaza Branch, Panaji – 403001, Goa, India

· Ankleshwar Udyognagar Bank

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from a Bank:
Ankleshwar Udyognagar Bank- Indica Vista Car	0.210	0.252
Bicholm Urban Corporative Bank- Tavera Car	0.137	0.270
Bicholm Urban Corporative Bank- WaganR Car (Repayment with in 3 years)	0.178	0.249
Bicholim Urban Corporative Bank-Ceverlat Cruze	0.603	0.986
Total	1.128	1.757

Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
a) Short Term Loans and Advances	2.133	2.084
b) Working Capital Loans from Banks:
i) Cash Credit Hypothecation: Secured by hypothecation of stock in trade considering of Raw Materials, Finished Goods and Packing Materials and Moveable property wherever situated	(1.063)	0.174
Total	1.070	2.258


Banking Relations :	--

Auditors :
Name :	J. M. Verlekar and Company Chartered Accountants
Address :	205, C.D. Blue Chip, Isidora Baptista Road, Pajifond, Margao-403601, Goa, India
Tel. No.:	91-832-2702609/ 2750598 (R)
Mobile No.:	91-9822385403
Fax No.:	91-832-2702609
E-Mail :	bhushan_1983@rediffmail.com
PAN.:	ABAPV1340B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.10/- each	Rs.9.900 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		9.900	9.900	9.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.220	30.058	26.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		51.120	39.958	35.975
LOAN FUNDS
1] Secured Loans		1.128	1.757	1.632
2] Unsecured Loans		1.070	2.258	3.255
TOTAL BORROWING		2.198	4.015	4.887
DEFERRED TAX LIABILITIES		0.399	0.479	0.182

TOTAL		53.717	44.452	41.044

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		16.728	17.591	17.517
Capital work-in-progress		6.145	1.903	1.903

INVESTMENT		0.021	0.006	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.239	5.971	7.479
	Sundry Debtors	21.296	12.457	13.974
	Cash & Bank Balances	20.437	18.744	16.146
	Other Current Assets	9.149	4.616	1.980
	Loans & Advances	1.061	0.316	0.834
Total Current Assets		58.182	42.104	40.413
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.085	4.094	9.257
	Other Current Liabilities	7.419	5.981	5.549
	Provisions	11.855	7.077	4.035
Total Current Liabilities		27.359	17.152	18.841
Net Current Assets		30.823	24.952	21.572

MISCELLANEOUS EXPENSES		0.000	0.000	0.052

TOTAL		53.717	44.452	41.044

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	90.043
		Other Income	NA	NA	13.867
		TOTAL	NA	NA	103.910

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	93.753
		Advertising Expenses
		TOTAL	NA	NA	93.753

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.974	11.577	10.157

Less/ Add	DEPRECIATION/ AMORTISATION		1.348	1.308	1.470

	PROFIT BEFORE TAX		21.626	10.269	8.687

Less	TAX		7.577	3.970	3.200

	PROFIT AFTER TAX		14.049	6.299	5.487

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.731	4.379	0.195

Less	APPROPRIATIONS
		Transfer to General Reserve	1.405	0.630	1.303
		Proposed Dividend	2.475	1.980	0.000
		Proposed Tax on Dividend	0.411	0.337	0.000
	BALANCE CARRIED TO THE B/S		17.489	7.731	4.379

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.019	4.570	NA
	TOTAL EARNINGS		13.019	4.570	NA

	Earnings Per Share (Rs.)		14.19	6.36	5.54

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	5.28

Net Profit Margin (PBT/Sales)	(%)	NA	NA	9.65

Return on Total Assets (PBT/Total Assets}	(%)	28.87	17.20	14.99

Return on Investment (ROI) (PBT/Networth)		0.42	0.26	0.24

Debt Equity Ratio (Total Liability/Networth)		0.58	0.53	0.66

Current Ratio (Current Asset/Current Liability)		2.13	2.45	2.14

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from 201, Vardhman Chambers, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India to present address. 10.04.2006

Bankers Charges Report as per Registry

Corporate identity number of the company	U99999GA1985PTC004763
Name of the company	MC- BAUCHEMIE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa-403703, India Email : mcbindia_goa@rediffmail.com
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	The Bicholim Urban Corporative Bank Limited, Patto Plaza Branch, Panji-403001, Goa, India
Nature of instrument creating charge	1. Agreement for Loan 2. Demand Promissory Note
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.0.500 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Agreement Terms of Repayment As per the Agreement Margin As per the Agreement Extent and Operation of the charge First charge on Mahindra Xylo jeep bearing Regn. No. GA05B 7239, purchased by the borrower
Short particulars of the property charged	Mahindra Xylo jeep bearing Regn. No. GA05B 7239

Fixed Assets:

· Office Flat At Goa

· Leasehold Land Kundaim

· Leasehold Land (Ank)

· Factory Building (Ank)

· Office Premises Vashi

· CBD Belapur Guest House

· Plant and Machinery

· Research Capital Equipments

· Laboratory Equipments

· Factory Equipments

· Electrical Installations

· Furniture and Fixtures

· Furniture at Guest House

· Office Equipments

· Computer

· AC at CBD Belapur

· AC at Office 302

· Motor Car

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.

MIRA INFORM REPORT

6.239

5.971

21.296

12.457

20.437

18.744

9.149

4.616

1.061

0.316

58.182

42.104

8.085

4.094

7.419

5.981

11.855

7.077

27.359

17.152

30.823

24.952

NA

NA

NA

NA

28.87

17.20

0.42

0.26

0.58

0.53

2.13

2.45

Unit