MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	ASHLAND INDIA PRIVATE LIMITED
Registered Office :	601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.07.2007
Com. Reg. No.:	11-172506
Capital Investment / Paid-up Capital :	Rs.465.000 Millions
CIN No.: [Company Identification No.]	U24100MH2007FTC172506
TAN No.: [Tax Deduction & Collection Account No.]	MUMA30926A
PAN No.: [Permanent Account No.]	AAGCA5023J
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Chemicals, Chemical Compounds, Plastics etc.
No. of Employees :	57 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Deepak Saxena
Designation :	Finance Manager
Contact No.:	91-22-61489655

LOCATIONS

Registered / Corporate Office / Head Office :	601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-61489655 / 61489696 / 61489650 / 61489613
Fax No.:	91-22-67214055 / 61712514 / 61712547
E-Mail :	dsaxena@ashland.com ayush_goyal@ashland.com gayush@ashland.com fjumelet@ashland.com vspatil@ashland.com tramakrishna@ashland.com
Website :	www.ashland.com
Area :	8222 Sq. ft
Location :	Leased
Factory :	Kandla – 370210, Gujarat, India
Area :	5000 Sq. ft
Location :	Rented

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Frank Jacob Adriaan Jumelet

Designation :

Director

Address :

T VRI JE 53, 4301 JX Zierikzee, 4301

Date of Birth/Age :

14.02.1960

Date of Appointment :

19.07.2007

DIN No.:

01126173

Name :

Mr. Vivek Kumar Singh

Designation :

Managing Director

Address :

Flat no. 62, First Floor. Block 111, Erose Garden. Faridabad – 121001, Haryana, India

Date of Birth/Age :

04.08.1970

Date of Appointment :

30.09.2009

DIN No.:

01317510

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74120HR2007PTC036703	KANCHAN BEVERAGES AND FOOD PRIVATE LIMITED	Director	26-03-07	26-03-07	20-03-09	Active	NO
2	U24100MH2007FTC172506	ASHLAND INDIA PRIVATE LIMITED	Managing director	30-09-09	30-06-09	-	Active	NO
3	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	10-12-09	16-07-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Saxena
Designation :	Finance Manager
Name :	Mr. Ayush Goyal
Designation :	Secretary
Address :	E-124, Sector 41, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	30.01.1986
Date of Appointment :	01.07.2009
Pan No.:	AKHNPG8318E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ashland Canada Holding B.V., Netherland	1
Ashland Holding B.V. N.A., Netherland	49999999
Total	50000000

AS ON 30.09.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Chemicals, Chemical Compounds, Plastics etc.

GENERAL INFORMATION

No. of Employees :

57 (Approximately)

Bankers :

· Citi Bank, Fort Branch

· HDFC Bank, Tulsian Chambers

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks unsecured	40.000	0.000
Other debt unsecured	180.250	75.200
Total	220.250	75.200

Banking Relations :

--

Auditors :

Name :

Price Waterhouse

Chartered Accountants

Address :

Building No.8, Tower B, 7^th Floor, DLF Cyber City, Gurgaon – 122002, Haryana, India

Pan No.:

AAEFP5579P

Holding Company :

Ashland Holding B.V. , Nether land

Sister Concern :

· Vallvolin Cumin Limited

Address: 601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400 705, Maharashtra, India

Line of Business: Manufacturer and Exporter of Chemicals, Chemical Compounds, Plastics etc.

· Ashland Chembond Private limited

Address: 601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400 705, Maharashtra, India

Line of Business: Manufacturer and Exporter of Chemicals, Chemical Compounds, Plastics etc.

Companies under the same management :

• Hercules Industrial Chemicals Private Limited
• Ashland Services B.V.
• Ashland Changzhou Advance Chemical
• Iberia Ashland Chemical S.A.
• Ashland Industries Europe GMBH
• Ashland Chemical Company
• Ashland UK Limited
• Ashland Performance Material
• Hercules Chemical Taiwan Company
• Hercules Inc

CAPITAL STRUCTURE

An on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46500000	Equity Shares	Rs.10/- each	Rs.465.000 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		465.000	340.000	290.000
2] Share Application Money		35.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(196.489)	(149.465)	(101.444)
NETWORTH		303.511	190.535	188.556
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		220.250	75.200	0.000
TOTAL BORROWING		220.250	75.200	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		523.761	265.735	188.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.367	65.763	69.660
Capital work-in-progress		124.911	79.164	4.381
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.547	60.388	67.372
	Sundry Debtors	338.233	193.351	69.710
	Cash & Bank Balances	30.571	33.426	38.300
	Other Current Assets	0.145	0.063	0.033
	Loans & Advances	70.666	25.990	31.795
Total Current Assets		591.162	313.218	207.210
Less:CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	251.827	187.801	85.705
	Current Liabilities	7.420	77.938	5.790
	Provisions	2.432	1.870	1.200
Total Current Liabilities		261.679	192.410	92.695
Net Current Assets		329.483	120.808	114.515
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		523.761	265.735	188.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Sales	1124.617	720.932	191.989
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(41.706)	(43.895)	(66.220)
Less/ Add	DEPRECIATION/ AMORTISATION		5.318	4.126	3.951
	PROFIT / (LOSS) BEFORE TAX		(47.024)	(48.021)	(70.218)
Less	TAX		0.000	0.000	0.981
	PROFIT / (LOSS) AFTER TAX		(47.024)	(48.021)	(71.199)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	50.000	244.000
	TOTAL EARNINGS		NA	50.000	244.000
	IMPORTS
		Trading goods	216.191	163.200	NA
		Raw Material	241.461	103.680	NA
	TOTAL IMPORTS		457.652	266.880	NA
	Earnings Per Share (Rs.)		(1.01)	(1.41)	(3.56)

Particulars	31.03.2012
Sales Turnover (Approximately)	1570.000

Expected Sales (2012-13) : Rs.2200.000 Millions

The above information has been parted by Mr. Deepak Saxena

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(7.12)	(12.67)	(25.36)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.25)	(0.37)
Debt Equity Ratio (Total Liability/Networth)		1.59	1.40	0.49
Current Ratio (Current Asset/Current Liability)		2.26	1.17	2.24

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
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	Yes
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

Company Performance:-

For the period ended 31st March, 2011, the company has achieved a net turnover of Rs.1.014 Billion as compared to Rs.720.930 Millions previous year.

FIXED ASSETS:

• Land
• Leasehold Improvement
• Plant and Machinery
• Office Equipment
• Computers
• Furniture and Fittings
• Vehicles

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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.