MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	IMCD GROUP BV INDIA

Registered Office :	Trade Centre Regus, Level 1, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra

Country :	India

Year of Establishment :	Information declined by management

Capital Investment	Information declined by management

Legal Form :	Foreign Registered Company

Line of Business :	Providing Consultancy Services.

No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Not Registered in India

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a company headquartered in Netherlands having one of its offices in Mumbai, India. Mr. Rahul Chaudhary one of its lead sourcing denied to provide any information. Payment terms are not known. Subject can be considered for business dealings on a secured 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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 DECLINED BY

Name :	Mr. Rahul Chaudhari
Designation :	Head Source
Contact No.:	91-9820841335
Date :	20.02.2013

LOCATIONS

Registered Office :	Trade Centre Regus, Level 1, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-40700206
Mobile No.:	91-9820841335 (Mr. Rahul Chaudhari)
Fax No.:	91-22-40700684
E-Mail :	customercare@jmcd.in
Website :	http://www.imcd.in

Head Quarter :	THE NETHERLANDS Wilhelminaplein 32, 3072 DE Rotterdam, P.O.Box 5802, 3008 AV Rotterdam
Tel. No.:	31 10 290 86 84
Fax No.:	31 10 290 86 80

MANAGEMENT

Name :	Mr. Piet Van Der Slikke
Designation :	Chief Executive Officer

Name :	Mr. Hans Kooijmans
Designation :	Chief Executive Officer

KEY EXECUTIVES

Name :	Mr. Rahul Chaudhari
Designation :	Head Source

BUSINESS DETAILS

Line of Business :

Providing Consultancy Services.

GENERAL INFORMATION

No. of Employees :	Information declined by management

Bankers :	Not Available

Banking Relations :	--

Auditors :	Information declined by management

Group Companies :	HEADOFFICE – IMCD GROUP B.V. AUSTRALIA IMCD Australia Limited 1st Floor, 372 Wellington Road, Mulgrave, Victoria 3170, P.O. Box 689, Mulgrave, Victoria 3170 Phone : +61 3 8544 3100 Fax : +61 3 8544 3299 http://www.imcd.com.au AUSTRIA IMCD South East Europe GmbH Lemböckgasse 49, Stiege A/3.OG/TOP 1, 1230 Wien Phone : 43 1865 1202 Fax : 43 1865 1202 90 http://www.imcd.at BELGIUM IMCD Benelux N.V. Industrieterrein Noord A, Blarenberglaan 21, B-2800 Mechelen Phone : 32 15 29 49 50 Fax : 32 15 29 49 99 http://www.imcd.be BULGARIA IMCD South East Europe GmbH Representative Office Bulgaria, 15 Tsar Asen Street 15, Floor 4, Office 8, 1000 Sofia Phone : 43 1865 1202 Fax : 43 1865 1202 90 http://www.imcd.at CHINA IMCD Shanghai Trading Company Limited 2505, K Wah Centre, 1010 Huai Hai Road (M), Shanghai 200031 Phone : 86 21 5403 3300 Fax : 86 21 5835 5728 http://www.imcd.cn CZECH REPUBLIC IMCD Czech Republic A.S. P.O. Box 64, Jasenice 711,CZ - 75501 Vsetin Phone : 420 571 405 565 Fax : 420 571 405 576 http://www.imcd.at DENMARK IMCD Danmark A/S Fabriksvej 10, DK-3000 Helsingør Phone : 45 49 25 05 80 Fax : 45 49 25 05 89 http://www.imcd.dk FINLAND IMCD Finland OY Malminkatu 24 C 34, Fin- 00100 Helsinki Phone : 358 9251 51 60 Fax : 358 9251 51 699 http://www.imcd.fi FRANCE IMCD France SAS 19, Rue des Bretons, P.O. Box 43, 93212 Saint-Denis La Plaine Cedex Phone : 33 1 49 33 31 31 Fax : 33 1 42 43 82 23 http://www.imcd.fr GERMANY IMCD Deutschland GmbH and Company KG Wörthstraße 34,D-50668 Cologne, P.O. Box 101861,D-50458 Cologne Phone : 49 221 77 65 0 Fax : 49 221 77 65 200 http://www.imcd.de HUNGARY IMCD South East Europe GmbH Representative Office Hungary, Andrassy UT 121, 1062 Budapest Phone : 43 1865 1202 Fax : 43 1865 1202 90 http://www.imcd.at IRELAND IMCD Ireland Limited Office 109a - Unit 3013, Lake Drive, City West Business Campus, Dublin 24 Phone : 353 1469 3153 Fax : 353 1469 3156 http://www.imcd.ie ITALY IMCD Italia SpA Via XXV Aprile, 4, 20097 San Donato Milano Phone : 39 02 557 09 1 Fax : 39 02 557 09 210 http://www.imcd.it LITHUANIA IMCD Baltics UAB Zirmunu str. 139, 09120 Vilnius Phone : 370 5 236 36 60 Fax : 370 5 236 36 61 http://www.imcd.lt MALAYSIA IMCD Malaysia Sdn Bhd (GME Chemicals) 11, Jln Pelukis U1/46, Temasya Ind Park, Glenmarie, 40150 Sha Alam, Malaysia Phone : 603 5569 1988 Fax : 603 5569 2988 http://www.gmechemicals.com MOROCCO IMCD Maroc S.A.R.L. Lotissement n° 67, Zone Industrielle Sud-ouest, Mohammedia Phone : 212 23 31 62 67 Fax : 212 23 31 62 70 http://www.imcd.ma THE NETHERLANDS IMCD Benelux B.V. Wilhelminaplein 32, 3072 DE Rotterdam, P.O. Box 5802, 3008 AV Rotterdam Phone : 31 10 290 8600 Fax : +31 10 290 8611 http://www.imcd.nl NEW ZEALAND IMCD New Zealand Limited Ground Floor, 459 Great South Road, Penrose 1061, PO Box 27056, Mt Roskill 1041 Phone : 64 9 582 0250 Fax : 64 9 525 0030 http://www.imcd.co.nz NORWAY IMCD Norway AS Maridalsveien 161, P.O. Box 3473, Bjølsen, 0406 Oslo Phone : 47 23 00 52 00 Fax : 47 23 00 52 01 http://www.imcd.no POLAND IMCD Polska SP. Z.o.o. ul. Bukowinska 22B. 02-703 Warsaw Phone : 48 22 388 27 00 Fax : 48 22 388 27 10 http://www.imcd.pl PORTUGAL IMCD Portugal Produtos Quimicos, Lda Rua Vale Formoso, no. 114A, Pt19, 1950-285 Lisboa Phone : 351 21 86 13 000 Fax : 351 21 86 13 025 http://www.imcd.pt ROMANIA IMCD South East Europe GmbH Representative Office Romania, JW Marriott Grand Offices, Calea, 13 Septembrie Nr. 90 050726 Bucharest (Et IV) Phone : 431 865 12 02 Fax : 431 865 12 02 90 http://www.imcd.at RUSSIA IMCD Russia (Internatio Special Products LLC) 12, Tambovskaya Street, office C 32, 192007 St. Petersburg Phone : 7 812 438 16 80 Fax : 7 812 438 16 81 http://www.imcd.ru SERBIA IMCD South East Europe GmbH Representative Office Serbia, Osijecka 38, 11070 Belgrade Phone : 431 865 12 02 Fax : 431 865 12 02 90 http://www.imcd.at SLOVAKIA IMCD Slovakia s.r.o. Panská 14, 81 101 Bratislava Phone : 421 2 44 64 80 14 Fax : 421 2 44 64 80 16 http://www.imcd.at SLOVENIA IMCD Slovenia d.o.o. Vojkov Drevored 14, 6250 Llirska Bistrica Phone : 386 5711 0200 Fax : 386 5711 0210 http://www.imcd.at SOUTH AFRICA IMCD South Africa (Pty) Limited 3 Waterpass Street, Isando 1600, Johannesburg, P.O. Box 1412, Bassonia 2061 Johannesburg Phone : 27 11 570 4260 Fax : 27 11 974 0186 http://www.imcdsa.co.za SPAIN IMCD España Especialidades Quimicas, S.A. Avenida Diagonal 197, planta 16, 08018 Barcelona Phone : 34 93 24 13 858 Fax : 34 93 20 00 789 http://www.imcd.es SWEDEN IMCD Sweden AB Krossverksgatan 32, 216 16 Malmö Phone : 46 40 16 75 00 Fax : 46 40 16 75 70 http://www.imcd.se SWITZERLAND IMCD Switzerland AG Seefeldstrasse 7a, 8032 Zürich Phone : 41 43 244 8000 Fax : 41 43 244 8010 http://www.imcd.ch TUNISIA IMCD Tunisia S.A.R.L 24, Rue Khawarezmi Zone Industrielle, Saint Gobain, Megrine 2033 Phone : 216 71 433 611 Fax : 216 71 426 931 http://www.imcd.com.tn TURKEY IMCD Türkiye Acarlar Is Merkezi F Blok, Kat: 3 Daire: 9, Rüzgarlibahçe Mahallesi 34805 Kavacik, Beykoz/Istanbul Phone : 90 216 425 4800 Fax : 90 216 680 2939 http://www.imcd.com.tr UNITED KINGDOM IMCD UK Limited Times House, Throwley Way, Sutton, Surrey SM1 4AF Phone : 44 20 87 707 090 Fax : 44 20 87 707 295 http://www.imcd.co.uk

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not divulged
Borrowed :	Not divulged
Total :	Not divulged

FINANCIAL DATA

[all figures are in Rupees Millions]

Not divulged

The above information has been declined by Mr. Rahul (Head Source)

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	No
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--------
14]	Estimation for coming financial year	No
15]	Capital in the business	No
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

WEB DETAILS

PRESS RELEASE

IMCD ACQUIRES THE BUSINESS OF A LEADING PHARMACEUTICAL DISTRIBUTOR IN INDIA, INDCHEM INTERNATIONAL

ROTTERDAM, The Netherlands (19 February, 2013) – IMCD Group B.V. announces it has acquired the business of Indchem International, an established player in the pharmaceutical ingredients market in India. The business of Mumbai-based Indchem has already been fully integrated into IMCD India and all key personnel have transferred to IMCD.

IMCD's latest acquisition confirms that India is an important growth market for the Rotterdam based speciality chemicals and food ingredients distributor. IMCD Business Group Pharmaceuticals is one of the leading pharmaceutical excipients players in the world.

"The two companies share a culture of having a focus to grow as a company that offers an entire range of excipients, thus providing a single stop solution for all their clients' formulation needs," comments Mr Ashvin Patel, IMCD Business Director India. "With Indchem's excellent customer service and technical support on board, IMCD will be able to further strengthen our presence on the Indian market," adds Patel.

Mr Narayan Sainathan, former owner of Indchem and the new head of the Pharmaceutical Business Unit IMCD India, adds: "With strong partnerships with our existing principals on one hand, and our dedication to deliver best-in-class services and enhance our technical team on the other, we are excited about opportunities to bring innovative and complimentary products to our customers."

Mr Vijay Ranshinge, Managing Director IMCD India, adds: "Indchem is a reputable player in the pharmaceutical market and their portfolio perfectly complements ours in India. With our group network and technical expertise, we will be well positioned to better serve our customers throughout India. This pan-Indian approach will further enhance the service and products that we can offer to the customers in this market."

With a goal to provide Indian pharmaceutical industry with a wide range of excipients and reduce their clients' formulation complexities, Indchem has represented some of the world class excipient manufacturers over the last two decades.

About IMCD Group

With a passion for excellence, extensive industry knowledge and a commitment to creating value through expertise, IMCD is a market-leader in the sales, marketing and distribution of speciality chemicals and food ingredients.

Its dedicated local experts provide market-focused solutions across Europe, Africa and Asia-Pacific, with business units offering a range of comprehensive product portfolios, including innovative formulations that embrace industry trends.

Currently turning over €1.4 billion, IMCD has built a dedicated team of 1250 technical and commercial experts that work in close partnership to tailor best in class solutions for customers and producers across 39 countries.

ARIZONA CHEMICAL AND IMCD GROUP B.V. EXPAND TOGETHER TO THE AFRICAN CONTINENT

FEBRUARY 13, 2013

Rotterdam, The Netherlands – Arizona Chemical have reached an agreement with IMCD Group B.V. to further expand the distribution partnership for Arizona’s refinery product lines to the African continent.

This agreement follows on the January 2012 announcement whereby Arizona Chemical appointed IMCD Group as their distributor for the refinery product lines in Western Europe. Having demonstrated an improved service for customers, business simplification and greater market coverage in these regions, IMCD secured the newest territory expansion. As it is the case for the existing contract, IMCD will assume responsibility for the commercial relationship, technical support and logistics for the customers it serves, enabling Arizona to focus on gaining a clearer understanding of customer needs and developing improved solutions to serve them.

Didrik von Porat, Managing Director of IMCD Nordic, comments: “We are delighted that Arizona Chemical have taken the decision to extend their partnership with IMCD to Africa. Not only will this agreement strengthen our already successful and valuable partnership with Arizona, but it will also allow IMCD to progress in its commitment to develop sales and achieve a more visible presence in Africa.”

“Building on the successful distribution structure for our products in Western Europe, we are confident to add South Africa, Morocco, Algeria and Tunisia to the territories that IMCD currently cover for Arizona Chemical. IMCD’s order handling, technical support and attention to consumer needs will allow us to grow further in these markets, and provide enhanced value and support for our customers”, adds Juhani Tuovinen, Arizona Chemical’s Vice President Global Commercial.

OXEA GMBH APPOINTS IMCD GROUP BV AS EXCLUSIVE EUROPEAN DISTRIBUTOR FOR ALKYL AMINES

APR 18 12

OXEA GmbH has appointed the IMCD Group BV as its exclusive European distributor for its line of Alkyl Amines. These chemicals are essentials for a variety of uses in industries such as life sciences or pharmaceuticals. Among others, Alkyl Amines are required for the manufacturing of rubber additives, polymers, dyes, corrosion inhibitors or fuel additives. With IMCD as the new distributor Oxea can now better serve the broad customer base requesting smaller product quantities.

GELTECH SOLUTIONS, INC. SIGNS MASTER DISTRIBUTION AGREEMENT WITH IMCD GROUP BV

DEC 6 11

GelTech Solutions, Inc. has entered into a distribution agreement with IMCD Group BV. For the five-year term of the agreement, IMCD will be the exclusive distributor of FireIce in Australia and New Zealand, subject to meeting defined annual product purchase minimums.

IMCD GROUP BV OPENS REGIONAL HEADQUARTERS IN SINGAPORE; APPOINTS ALBERT STEVENS AS VICE PRESIDENT ASIA

NOV 9 11

IMCD Group BV announced that it has opened its regional headquarters in Singapore. The opening of the regional office in Singapore was the latest in a succession of steps that the group has taken over the recent years to build a stronghold in Asia. The company aiming to become a preferred distributor for the leading suppliers of specialty products in Asia. The regional office will oversee the corporate and business strategies in this region where IMCD is already active in five countries, generating an annual turnover of 150 million. The company has appointed Albert Stevens as vice president Asia.

IMCD GROUP B.V. NAMED DISTRIBUTOR FOR ARIZONA CHEMICAL IN AFRICA

FEBRUARY 15, 2013

Arizona Chemical have reached an agreement with IMCD Group B.V. to further expand the distribution partnership for Arizona’s refinery product lines to the African continent.

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	NYN

Report Prepared by :	MRI

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.