MIRA INFORM REPORT

Report Date :

27.02.2013

IDENTIFICATION DETAILS

Name :	FIABILA INDIA LIMITED (w.e.f. 26.07.2005)
Formerly Known As :	ALPA RESINS AND PAINTS LIMITED
Registered Office :	17, MIDC, Taloja, Raigad – 410 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1995
Com. Reg. No.:	11-86610
Capital Investment / Paid-up Capital :	Rs.4.111 Millions
CIN No.: [Company Identification No.]	U24222MH1995PLC086610
TAN No.: [Tax Deduction & Collection Account No.]	MUMA09579D / MUMA14818G
PAN No.: [Permanent Account No.]	AAACA4213E
Legal Form :	A closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Cosmetics for Multinational Companies.
No. of Employees :	65 (Approximately)

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 267000
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 – 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

LOCATIONS

Registered Office :	17, MIDC, Taloja, Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-64571665
Fax No.:	Not Available
E-Mail :	yckorani@clarioncosmetics.com accounts@fiabilaindia.com
Website :	www.clarioncosmetics.com
Area :	2400 Sq. M.
Location :	Owned
Head Office/ Mumbai Office :	124, “Udyogkshetra” Mulund-Goregaon Link Road, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25690666 / 66906190 / 61541666
Fax No.:	91-22-25650018
E-Mail :	mumbai@clarioncosmetics.com
Chennai Office:	3, 4^th Floor, “Gokul Arcade”, No. 2, Sardar Patel Road, Adyar, Chennai-600020, Tamilnadu, India
Tel No.:	91-44-24401004
Fax No.:	91-44-24917948
Email:	chennai@clarioncosmetics.com
Manufacturing Facilities:	Locate At: · Chennai · Pondicherry · Mumbai · Hyderabad · Haridwar · Umbergaon

DIRECTORS

As on 30.09.2011

Name :

Mr. Yogesh Korani

Designation :

Managing Director

Address :

6 Madhav Kunj, Derasar Lane, Ghatkopar (East), Mumbai- 400 077, Maharashtra, India

Date of Birth/Age :

15.05.1952

Date of Appointment :

19.02.1999

DIN No.:

00041923

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	U74950MH1983PTC031305	NIKITAA PACKAGING PRIVATE LIMITED	Director	30-09-91	30-09-91	-	Active	NO
2	U24246MH1993PTC074285	CLARION COSMETICS PRIVATE LIMITED	Director	01-10-93	01-10-93	-	Active	NO
3	U24222MH1995PLC086610	FIABILA INDIA LIMITED	Director	19-02-99	19-02-99	-	Active	NO
4	U28129MH1993PTC071327	NIKITA CONTAINERS PRIVATE LIMITED	Director	19-02-99	19-02-99	-	Active	NO
5	U24246MH2003PTC143401	LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	05-12-03	05-12-03	-	Active	NO
6	U15400MH2008PTC188173	ROBINSON FOOD PROCESSING PRIVATE LIMITED	Director	14-11-08	14-11-08	-	Active	NO
7	U24110MH2010PTC201268	HSA CLARION HAIR COSMETICS PRIVATE LIMITED	Managing director	24-10-11	24-10-11	-	Active	NO

Name :

Mr. Lakshmanan Natraj Kalpathy

Designation :

Director

Address :

14, Ground Floor, Beach Home Avenue, Besant Nagar, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Date of Appointment :

19.02.1999

DIN No.:

00207231

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	U28129MH1993PTC071327	NIKITA CONTAINERS PRIVATE LIMITED	Director	29-04-93	29-04-93	-	Active	NO
2	U24246MH1993PTC074285	CLARION COSMETICS PRIVATE LIMITED	Director	01-10-93	01-10-93	-	Active	NO
3	U24222MH1995PLC086610	FIABILA INDIA LIMITED	Director	19-02-99	19-02-99	-	Active	NO
4	U24246TN1999PTC042634	CARESS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	11-06-99	11-06-99	-	Active	NO
5	U31904TN2002PTC048560	PEARLCITY ENTERPRISES PRIVATE LIMITED	Director	06-03-03	06-03-03	-	Active	NO
6	U24246MH2003PTC143401	LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	05-12-03	05-12-03	-	Active	NO
7	U80903MH2004PTC147741	LTA SCHOOL OF BEAUTY PRIVATE LIMITED	Director	30-09-08	14-10-07	-	Active	NO
8	U25200TN2010PTC074332	BIOTEC BAGS INDIA PRIVATE LIMITED	Director	22-01-10	22-01-10	-	Active	NO

Name :

Mr. Ankur Yogesh Korani

Designation :

Director

Address :

6 Madhav Kunj, Derasar Lane, Ghatkopar (E), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

20.02.1983

Date of Appointment :

04.03.2008

DIN No.:

00043529

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	U24246TN2002PTC048618	COOL COSMETICS PRIVATE LIMITED	Director	15-03-02	15-03-02	-	Active	NO
2	U80903MH2004PTC147741	LTA SCHOOL OF BEAUTY PRIVATE LIMITED	Director	28-07-04	28-07-04	-	Active	NO
3	U24222MH1995PLC086610	FIABILA INDIA LIMITED	Director	04-03-08	04-03-08	-	Active	NO
4	U15400MH2008PTC188173	ROBINSON FOOD PROCESSING PRIVATE LIMITED	Director	14-11-08	14-11-08	-	Active	NO

Name :

Mr. Miasnik Pierre

Designation :

Chairman

Address :

8, Bidde La Tour Maub, Dorg 75007 Paris France

Date of Birth/Age :

17.09.1943

Date of Appointment :

21.05.2003

KEY EXECUTIVES

Name :	Mr. Gopal Krishnan
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Fiabila SA, France	209667
Sanjay Bhandari	16444
Clarion Cosmetics Private Limited, India	184960
Clarion Cosmetics Private Limited, India	10
Clarion Cosmetics Private Limited, India	10
Clarion Cosmetics Private Limited, India	10
Clarion Cosmetics Private Limited, India	10
Total	411111

Equity Share Break up (Percentage of Total Equity)

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	51.00
Bodies corporate	45.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cosmetics for Multinational Companies.
Products :	· Nail Polish · Nail Enamel · Nail Colour · Nail Enamel Remover · Nail Color Remover · Nail Polish Remover · Nail Colour Remover · Thixotropoic Lacquer · Thixotropic Colour · Colour Solution

GENERAL INFORMATION

Customers :

• Amway Limited
• Astaberry Bioscience Private Limited
• G C Cosmetic
• Silver Oak Lab Private Limited
• Shailen Corporation
• Viva Cosmetics
• Supreme Exports
• Vivana Colours India Private Limited
• Weco Technoplast
• Bharat Cosmetic
• Avon Beauty
• Anchor Health and Beautycare Private Limited
• Pushpanjali Enterprise
• Faces Cosmetic Limited

No. of Employees :

65 (Approximately)

Bankers :

· Citi Bank N A, 2 Floor, Citi tower, Dr. S. S. Rao Road, Parel, Mumbai-400 012, Maharashtra, India

· Kotak Mahindra Bank

· Standard Chartered Bank

· IDBI Bank

· Dena Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Citi Bank Vehicle Loan	0.000	0.002
Citi Bank Cash Credit Account	10.755	3.182
Vehicle Loan	1.727	1.219
Total	12.482	4.403

Banking Relations :	--
Auditors :
Name :	Lata Ramesh and Associates Chartered Accountants
Address :	C-601, Panchvan Complex, Lm Road, Borivali (West), Mumbai 400 103, Maharashtra, India
Tel. No.:	91-22-28937760 / 28938035
PAN.:	AAIPR8007J
Group Company :	Clarion Cosmetics

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
411111	Equity Shares	Rs.10/- each	Rs.4.111 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		4.111	4.111	4.111
2] Share Application Money		0.000	0.000	0.769
3] Reserves & Surplus		62.655	51.470	43.777
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.766	55.581	48.657
LOAN FUNDS
1] Secured Loans		12.482	4.403	8.383
2] Unsecured Loans		4.400	4.400	4.400
TOTAL BORROWING		16.882	8.803	12.783
DEFERRED TAX LIABILITIES		0.798	0.805	1.038
SHARE PREMIUM A/C		0.768	0.769	0.000
TOTAL		85.214	65.958	62.478
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.337	41.167	42.471
Capital work-in-progress		13.947	10.161	2.167
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.277	16.278	27.801
	Sundry Debtors	13.555	17.573	14.677
	Cash & Bank Balances	4.581	1.325	0.701
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.181	17.359	20.612
Total Current Assets		61.594	52.535	63.791
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	21.262	22.655	30.229
	Provisions	13.402	15.250	15.732
Total Current Liabilities		34.664	37.905	45.961
Net Current Assets		26.930	14.630	17.830
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		85.214	65.958	62.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	206.765	142.863	123.579
		Other Income	3.327	4.310	2.097
		TOTAL (A)	210.092	147.173	125.676
Less	EXPENSES
		Cost of goods sold	119.891	89.110	80.536
		Direct Expenses	42.812	22.339	15.573
		Personal Expenses	11.507	10.071	7.822
		Selling and Distribution Expenses	1.452	1.106	0.871
		Administrative Expenses	12.811	7.950	9.586
		TOTAL (B)	188.473	130.576	114.388
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.619	16.597	11.288
Less	FINANCIAL EXPENSES (D)		0.707	1.135	1.357
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.912	15.462	9.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.162	3.863	2.960
	PROFIT BEFORE TAX (E-F) (G)		16.750	11.599	6.971
Less	TAX (H)		5.572	4.139	2.267
	PROFIT AFTER TAX (G-H) (I)		11.178	7.460	4.704
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.470	43.777	39.013
	DEFERRED TAX ASSETS		0.007	0.233	0.060
	BALANCE CARRIED TO THE B/S		62.655	51.470	43.777
	IMPORTS		NA	15.591	32.091
	Earnings Per Share (Rs.)		27.19	18.15	11.44

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.32	5.07	3.74
Net Profit Margin (PBT/Sales)	(%)	8.10	8.12	5.55
Return on Total Assets (PBT/Total Assets}	(%)	15.81	12.38	6.56
Return on Investment (ROI) (PBT/Networth)		0.99	0.21	0.14
Debt Equity Ratio (Total Liability/Networth)		0.77	0.84	1.21
Current Ratio (Current Asset/Current Liability)		1.78	1.39	1.39

LOCAL AGENCY FURTHER INFORMATION

BUSINESS:

The Company was able to achieve the targeted growth during the current year. The Directors are endeavoring to go in for better product mix and are confident of achieving much better results in the coming years.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Clarion Cosmetics Limited	4.400	4.400
Total	4.400	4.400

FIXED ASSETS:

· Land

· Factory Building

· Electrical Fittings

· Plant and Machinery

· Furniture and Fixtures

· Handling Equipments

· Office Equipments

· Vehicles

· Computer

· Printing Line

· Air Conditioner

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.54.06
UK Pound	1	Rs.82.15
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

NTH

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	YES
--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.