MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	Baerlocher France
Registered Office :	19, Tssede La Buzine, St Menet, Marseille, 13011
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.1955
Com. Reg. No.:	055801849
Legal Form :	Private Subsidiary Company
Line of Business :	manufacturer of soap and detergents; and manufacture of cleaning and polishing preparations
No. of Employees :	38 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
France	A2	A2

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

France - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

Company name & address

Baerlocher France

19, Tssede La Buzine

St Menet

Marseille, 13011

France

Tel: +33 04 91 36 40 70

Fax: +33 04 91 36 40 88

Synthesis

Employees: 38

Company Type: Private Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: MRF Michael Rosenthal GmbH

Incorporation Date: 15-Jan-1955

Financials in: usd (millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 25.7

Total Assets: 12.8

Business Description

Baerlocher France is primarily engaged in manufacture of soap and detergents; and manufacture of cleaning and polishing preparations.

Industry

Industry Personal and Household Products

ANZSIC 2006: 1851 - Cleaning Compound Manufacturing

NACE 2002: 2451 - Manufacture of soap and detergents, cleaning and polishing preparations

NAICS 2002: 3256 - Soap, Cleaning Compound, and Toilet Preparation Manufacturing

UK SIC 2003: 2451 - Manufacture of soap and detergents, cleaning and polishing preparations

UK SIC 2007: 2041 - Manufacture of soap and detergents, cleaning and polishing preparations

US SIC 1987: 2841 - Soap and Other Detergents, Except Specialty Cleaners

Key Executives

Name	Title
Georges Desire	Deputy general manager
Bernard Gros Rosanvallon	Commercial director, Director
Philippe Zichert	Director
Michel Rosenthal	Member of the Board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

19, Tssede La Buzine

St Menet

Marseille, 13011

France

Tel: +33 04 91 36 40 70

Fax: +33 04 91 36 40 88

Sales EUR(mil): 18.5

Assets EUR(mil): 9.8

Employees: 38

Fiscal Year End: 31-Dec-2011

Industry: Personal and Household Products

Incorporation Date: 15-Jan-1955

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 055801849

Commercial director,

Director: Bernard Gros Rosanvallon

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1851 - Cleaning Compound Manufacturing

NACE 2002 Codes:

2451 - Manufacture of soap and detergents, cleaning and polishing preparations

NAICS 2002 Codes:

3256 - Soap, Cleaning Compound, and Toilet Preparation Manufacturing

US SIC 1987:

2841 - Soap and Other Detergents, Except Specialty Cleaners

UK SIC 2003:

2451 - Manufacture of soap and detergents, cleaning and polishing preparations

UK SIC 2007:

2041 - Manufacture of soap and detergents, cleaning and polishing preparations

Business Description

Baerlocher France is primarily engaged in manufacture of soap and detergents; and manufacture of cleaning and polishing preparations.

Financial Data

Financials in:	EUR(mil)
Revenue:	18.5
Assets:	9.8
Current Assets:	8.0
Total Liabilities:	9.8
Issued Capital:	1.6
Net Worth:	4.2
Date of Financial Data:	31-Dec-2011

1 Year Growth

8.4%

NA

Key Corporate Relationships

Bank:	Credit Commercial De France, Banque Nationale De Paris, Bonnasse Lyonnaise De Banque

Corporate Family	Corporate Structure News:
	MRF Michael Rosenthal GmbH Baerlocher France
Baerlocher France Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
MRF Michael Rosenthal GmbH	Parent	Unterschleißheim, Bayern	Germany	Commercial Banks	358.5	800
BAERLOCHER GmbH	Subsidiary	Unterschleißheim, Bayern	Germany	Chemical Manufacturing	191.3	1,200
Baerlocher (M) Sdn Bhd	Subsidiary	Seremban, Negeri Sembilan	Malaysia	Miscellaneous Capital Goods	34.8	350
Baerlocher Italia SpA	Subsidiary	Lodi, Lodi	Italy	Chemical Manufacturing	50.6	93
Baerlocher France	Subsidiary	Marseille	France	Personal and Household Products	25.7	74

Executive report

Board of Directors

Name	Title	Function
Michel Rosenthal	Member of the Board	Director/Board Member

Executives

Name	Title	Function
Georges Desire	Deputy general manager	Administration Executive
Bernard Gros Rosanvallon	Commercial director, Director	Administration Executive
Philippe Zichert	Director	Administration Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	25.9	23.2	21.6
Net sales	25.7	22.6	21.4
Change in stock	-0.1	-0.4	1.4
Unfinished work in progress	0.2	0.3	-
Own work capitalised	0.0	0.0	0.0
Supplementary operating income	0.1	0.3	0.1
Other operating income	0.0	0.0	0.0
Other external charges	2.7	2.7	2.7
Cost of goods sold	19.2	16.7	12.6
Taxes and social security costs	0.3	0.3	0.5
Social charges	1.0	0.8	1.2
Total payroll costs	2.0	2.0	2.5
Cost of stock depreciation and amortisation	0.0	0.0	0.0
Fixed asset depreciation and amortisation	0.4	0.3	0.3
Other operating costs	0.0	0.1	0.0
Total operating costs	25.4	22.6	21.1
Net operating income	0.5	0.7	0.5
Total financial income	0.0	0.0	0.0
Interest payable on loans	0.2	0.1	0.1
Other expenses	0.0	0.0	-
Total expenses	0.2	0.1	0.1
Profit before tax	0.3	0.5	0.3
Extraordinary income	0.0	0.0	0.0
Extraordinary expenses	0.0	0.2	0.5
Extraordinary result	0.0	-0.2	-0.5
Total taxation	0.0	0.0	-0.1
Net profit	0.3	0.3	-
Net loss	-	-	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Issued capital	2.1	2.1	2.3
Total reserves	3.1	2.9	3.1
Profits for the year	0.3	0.3	-0.1
Profit brought forward from previous year(s)	-	-0.1	-
Total stockholders equity	5.4	5.3	5.3
Trade creditors	4.0	3.7	2.1
Advances received	0.0	0.0	0.0
Bank loans and overdrafts	1.4	1.0	1.3
Current bank debts	0.8	0.4	0.4
Other loans	0.0	0.0	0.0
Other liabilities	1.1	0.0	0.0
Income stated in advance	0.0	0.0	-
Taxation and social security	0.8	0.8	1.3
Total current liabilities	6.9	5.2	4.1
Total debts	7.3	5.6	4.7
Total liabilities (including net worth)	12.8	10.9	10.0
Patents	0.2	0.3	-
Land	0.1	0.1	0.1
Buildings	0.9	0.9	1.1
Other fixed assets	1.2	1.2	1.6
Other financial assets	0.0	0.0	0.0
Total non-current assets	2.3	2.4	2.8
Net stocks and work in progress	3.7	3.6	3.0
Trade debtors	3.9	3.2	2.8
Discounted bills not yet due	0.1	0.3	0.4
Other receivables	0.5	0.6	0.3
Prepaid expenses	1.7	0.9	0.6
Cash and liquid assets	0.5	0.2	0.5
Total current assets	10.4	8.5	7.2
Total assets	12.8	10.9	10.0

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.50	1.60	1.80
Quick ratio	1.00	0.90	1.00
Total liabilities to net worth	1.41%	1.11%	0.88%
Net worth to total assets	0.41%	0.46%	0.53%
Collection period	50.10	46.60	44.60
Stock turnover rate	6.40	6.40	7.30
Asset turnover	1.88%	2.10%	2.21%
Profit margin	0.01%	0.02%	0.02%
Return on assets	0.02%	0.05%	0.03%
Shareholders' return	0.06%	0.11%	0.06%
Sales per employee	3,189.02	2,942.86	2,467.14
Profit per employee	40.65	68.53	36.07
Average wage per employee	253.42	262.52	286.63
Net worth	5.4	5.3	5.3
Number of employees	38	38	41

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.