MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Name :	MURASIT BAUCHEMIE (GOA) PRIVATE LIMITED
Registered Office :	D-3/6, Plot No.SA-58, Cuncolim Industrial Estate, Cuncolim, Goa – 403 703
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.08.2005
Com. Reg. No.:	24-004109
Capital Investment / Paid-up Capital :	Rs.2.000 millions
CIN No.: [Company Identification No.]	U29248GA2005PTC004109
TAN No.: [Tax Deduction & Collection Account No.]	BLRM10681G
PAN No.: [Permanent Account No.]	AAECM3851E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Construction Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 52000
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	A1	A1

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

LOCATIONS

Registered Office :	D-3/6, Plot No.SA-58, Cuncolim Industrial Estate, Cuncolim, Goa – 403 703, India
Tel. No.:	91-832-2764893/ 2764885
Fax No.:	91-832-2764885
E-Mail :	mcbindia_goa@rediffmail.com

DIRECTORS

As on 06.09.2011

Name :

Claus Michael Heinrich Mueller

Designation :

Director

Address :

Hackenberghang, 18, 45133, Essen, Germany 00490201

Date of Birth/Age :

12.11.1946

Date of Appointment :

08.08.2005

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	Company Status	Defaulting status
1	U99999GA1985PTC004763	MC-Bauchemie India Private Limited	Director	24-01-85	24-01-85	Active	NO
2	U29248GA2005PTC004109	Murasit Bauchemie (Goa) Private Limited	Director	08-08-05	08-08-05	Active	NO

Name :

Mr. Chandrakant Vaikunth Vaigancar

Designation :

Alternate Director

Address :

H.No.M/50, Near Tiger Sheet Metal Works, Corlim, Tiswadi-Goa – 403 110, India

Date of Birth/Age :

15.07.1957

Date of Appointment :

01.03.2012

DIN No.:

02140663

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29248GA2005PTC004109	Murasit Bauchemie (Goa) Private Limited	Alternate director	01-03-12	07-03-08	Active	NO

Name :

Christoph Hemming

Designation :

Director

Address :

39, Josepstr, Glad Beck, Germany 45966

Date of Birth/Age :

06.10.1960

Date of Appointment :

08.08.2005

DIN No.:

02794144

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2011

Names of Shareholders	No. of Shares
Murasit Bauchemie GmbH, Germany	12700
Samir Surlaker	1500
Uma Samir Surlaker	2200
Sunny Surlaker	1800
Sujay Surlaker	1800
Total	20000

As on 06.09.2011

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]	63.50
Other top fifty shareholders	36.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Construction Chemicals.

Products :

Item Code No. (ITC Code)	29.31
Product Description	Waterproofing Compound for Building Construction (Injection Systems)

GENERAL INFORMATION

Suppliers :

v Bauchemie Muller GmbH and Company

v Desai Packaging

v Huntsman Advanced Material Private Limited

v Pioneer Coats

v Reema Transport Private Limited

v My Communication

v Mahamadav Construction

Customers :

v 3R Application

v Sai Sundar Associates

v Sundaram Associates

v Sai Sundaram IRP System

v S.K. Venkatraju Engineering and Contractors

v BBR (India) Private Limited

v B.R. Joshi and Sons

v Hindustan Construction

v Mehta Construction

v Top A India

v Vasant Agencies

v Trifix Infrastructure

No. of Employees :

Not Available

Bankers :

v The Bicholim Urban Co-Operative Bank Limited, Patto Branch, Panaji – 403 001, Goa, India

v Corporation Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Long Term Borrowing
Bicholim Urban Co-Operative Bank Limited (Bolero Camper Loan)	0.503	0.000
Total	0.503	0.000

Banking Relations :	--
Auditors :
Name :	J.M. Verlekar and Company Chartered Accountants
Address :	205, C.D. Blue Chip, Isidora Baptista Road, Pajifond, Margao – 403 601, Goa, India
Income-tax PAN of auditor or auditor's firm :	ABAPV1340B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.019	6.345	0.965
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.019	8.345	2.965
LOAN FUNDS
1] Secured Loans		0.503	0.000	0.335
2] Unsecured Loans		0.000	0.000	0.151
TOTAL BORROWING		0.503	0.000	0.486
DEFERRED TAX LIABILITIES		0.028	0.000	0.000
TOTAL		13.550	8.345	3.451
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.571	1.001	0.879
Capital work-in-progress		4.656	0.000	0.000
INVESTMENT		0.012	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.009	0.015
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.474	2.142	2.836
	Sundry Debtors	6.800	3.868	3.082
	Cash & Bank Balances	1.187	3.131	0.129
	Other Current Assets	2.615	2.623	0.151
	Loans & Advances	0.834	0.766	0.032
Total Current Assets		17.910	12.530	6.230
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.239	2.304	3.431
	Other Current Liabilities & Provisions	2.471	3.024	0.397
Total Current Liabilities		10.710	5.328	3.828
Net Current Assets		7.167	7.169	2.402
MISCELLANEOUS EXPENSES		0.111	0.133	0.155
TOTAL		13.550	8.345	3.451

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	21.922	15.895	8.200
	TOTAL EXPENSES	21.009	12.885	7.892
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.874	7.987	(0.021)
Less/ Add	DEPRECIATION/ AMORTISATION	0.061	0.025	0.026
	PROFIT/ (LOSS) BEFORE TAX	6.813	7.962	(0.048)
Less	TAX	2.139	2.582	0.047
	PROFIT/ (LOSS) AFTER TAX	4.674	5.380	(0.095)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	6.345	0.965	1.061
	BALANCE CARRIED TO THE B/S	11.019	6.345	0.965
	EARNINGS IN FOREIGN CURRENCY	0.000	4.802	NA
	Earnings/ (Loss) Per Share (Rs.)	233.70	33.85	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	31.08	50.09	(0.59)
Return on Total Assets (PBT/Total Assets}	(%)	34.97	58.84	(0.68)
Return on Investment (ROI) (PBT/Networth)		0.52	0.95	(0.02)
Debt Equity Ratio (Total Liability/Networth)		0.86	0.64	1.45
Current Ratio (Current Asset/Current Liability)		1.67	2.35	1.63

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U29248GA2005PTC004109
Name of the company	MURASIT BAUCHEMIE (GOA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-3/6, Plot No.SA-58, Cuncolim Industrial Estate, Cuncolim, Goa – 403 703, India E-Mail: mcbindia_goa@rediffmail.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Bicholim Urban Co-Operative Bank Limited, Patto Branch, Panaji – 403 001, Goa, India E-Mail: bicholimurbancoopbank@sancharnet.in
Nature of description of the instrument creating or modifying the charge	1) Agreement for Loan 2) Promissory Note
Date of instrument Creating the charge	14.03.2011
Amount secured by the charge	Rs.0.500 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per agreement Terms of Repayment: As per agreement Margin: As per agreement Extent and Operation of the charge: First charge by way of hypothecation on the New Bolero Camper Gold Car Bearing Registration No. GA-05-T-1903.
Short particulars of the property charged	New Bolero Camper Gold Car Bearing Registration No. GA-05-T-1903.

FIXED ASSETS:

v Leasehold Land (Kundaim)

v Factory Equipments

v Office Equipments

v Computers

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.50.22
UK Pound	1	Rs.78.64
Euro	1	Rs.65.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.