MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	REICHHOLD INDIA PRIVATE LIMITED
Registered Office :	201, Block – A, Trade Centre, North Main Road, Koregaon Park, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.02.2007
Com. Reg. No.:	25-132410
Capital Investment / Paid-up Capital :	Rs.184.060 Millions
CIN No.: [Company Identification No.]	U24132PN2007PTC132410
TAN No.: [Tax Deduction & Collection Account No.]	PNER09447E
PAN No.: [Permanent Account No.]	AADCR7123F
Legal Form :	Private Limited Liability Company
Line of Business :	The Company undertake the business to Manufacture Market and Sell Specialty Resins for the Composites and Coatings Market in India
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Reichhold Group, worldwide. It is an established company having moderate track. Profitability of the company is under pressure. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nitin Daangal
Designation :	HR

LOCATIONS

Registered Office :	201, Block – A, Trade Centre, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26150073/ 74 / 66440013
Fax No.:	91-20-26150072
E-Mail :	ramaswami.ta@reichhold.com (Accounts Officer) tarswami@rediffmail.com(Accounts Officer) abhijit.biswas@reichhold.com (Finance Manager)
Website :	http://www.reichhold.com
Factory :	F -38, MIDC Industrial Area, Ranjangaon, Shirur, Pune, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Roger Willis London
Designation :	Manager Director
Address :	2600, London Drive, Raleigh, North Carolina, 276081118, United States of America
Date of Appointment :	22.05.2007

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	27/06/2011	22/05/2007	-	Active	NO

Name :	Mr. Alok Gupta
Designation :	Director
Address :	104, Saisyleka Apartment, Mount Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	07.09.1957
Date of Appointment :	27.06.2011

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	U21098MH1962PLC012488	CABOT INDIA LIMITED	Managing director	04/10/2008	01/10/1995	17/06/2011	Active	NO
2	U72200MH2010PTC205170	LATERAL PRAXIS (INDIA) PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
3	U24132PN2007PTC132410	Reichhold India Private limited	Managing director	27/06/2011	27/06/2011	-	Active	NO

Top of Form

Bottom of Form

Name :	Mr. Trevor Alan Stevens
Designation :	Director
Address :	22 Park Road, Smallfiled, Horley, Surrey, RH69RZ, UK
Date of Birth / Age :	12.05.1955
Date of Appointment :	06.10.2007

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	07/08/2008	06/10/2007	15/04/2011	Active	NO

Name :	Mr. Alberto Piccinotti
Designation :	Director
Address :	Bisuschio (VA), Bisuschio, 21050, Italy
Date of Birth/Age :	11.10.1959
Date of Appointment :	07.08.2008

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	07/08/2008	06/10/2007	-	Active	NO

Name :	Mr. Aman Kohli
Designation :	Director
Address :	Building L 12, Flat No. 21, Sakal Nagar, Baner Road, Pune, Maharashtra, India
Date of Birth/Age :	16.12.1971
Date of Appointment :	20.03.2009

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	31/08/2009	20/03/2009	-	Active	NO

Name :	Ms. Mitzi Ashida Van Leeuwen
Designation :	Director
Address :	214 Beringer PL, Chappel Hill NC 27516, State of Nortg California, 8732, USA
Date of Birth/Age :	01.09.1963
Date of Appointment :	20.03.2009

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	31/08/2009	20/03/2009	-	Active	NO

Name :	Mr. Elzabeth Cassidy
Designation :	Director
Address :	2514, NA ADR Dr. Hillsbrough NC 27278-8404 NC 9404 United States of America
Date of Birth/Age :	12.07.1963
Date of Appointment :	11.05.2011

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	U24132PN2007PTC132410	Reichhold India Private limited	Director	30/09/2011	11/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Daangal
Designation :	HR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Reichhold Mauritius Limited, Mauritius	18405990
Reichhol Holdings International BV, Netherlands	10
Total	18406000

AS ON 30.09.2011

Equity Share Break up Category	Percentage
Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCB or Others)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company undertake the business to Manufacture Market and Sell Specialty Resins for the Composites and Coatings Market in India

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. in Millions
Other external commercial borrowings unsecured	620.750	0.000
Working capital loans banks unsecured	120.000	0.000
Working capital loans unsecured	120.000	0.000
Total	860.750	0.000

Banking Relations :

-

Auditors :

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

706-B wing, 7^th Floor, ICC Trade Tower, International Converntion Centre Senapati Bapat Road, Pune – 411016, Maharashtra, India

Tel No.:

91-20-66244600

Fax No.:

91-20-66244605

Holding Company :

Reichhold Mauritius Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18406000	Equity Shares	Rs.10/- each	Rs.184.060 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		184.060	184.060	148.345
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(197.344)	0.000	0.000
NETWORTH		(13.284)	184.060	148.345
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		740.750	0.000	313.046
TOTAL BORROWING		740.750	0.000	313.046
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		727.466	184.060	461.391
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		631.657	0.000	27.276
Capital work-in-progress		2.428	0.000	463.182
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.886	0.000	0.000
	Sundry Debtors	171.011	0.000	0.000
	Cash & Bank Balances	6.401	0.000	41.504
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.618	0.000	26.593
Total Current Assets		317.916	0.000	68.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.076	0.000	96.713
	Other Current Liabilities	18.829	0.000
	Provisions	0.630	0.000	0.451
Total Current Liabilities		224.535	0.000	97.164
Net Current Assets		93.381	0.000	(29.067)
MISCELLANEOUS EXPENSES		0.000	184.060	0.000
TOTAL		727.466	184.060	461.391

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Liability/Networth)		(72.66)	NA	2.77
Current Ratio (Current Asset/Current Liability)		1.42	NA	0.70

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

• Lease Hold Land
• Furniture and Fixtures
• Office Equipments
• Data Processing Equipments
• Vehicles

CHANGE OF ADDRESS:

The Registered Address of the Company has been shifted from Regus Business Centre, Level No. 2, Office No. 227, Connaught Place, Bund Garden Road, Pune – 411001, Maharashtra, India  to the present address i.e. 201, Block – A, Trade Centre, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India with from 01.07.2008.

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.49.84
UK Pound	1	Rs.77.96
Euro	1	Rs.68.61

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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		27

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.