MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED [w.e.f. 21.03.2002]
Formerly Known As :	BARLOCHER INDIA ADDITIVES PRIVATE LIMITED
Registered Office :	1^st Floor, Thirumalai House, Plot No. 101-102, Road No. 29, Sion (East), Mumbai-400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1997
Com. Reg. No.:	11-112261
Capital Investment / Paid-up Capital :	Rs.284.886 Millions
CIN No.: [Company Identification No.]	U74999MH1997PTC112261
TAN No.: [Tax Deduction & Collection Account No.]	MUMB07662E
PAN No.: [Permanent Account No.]	AAACB6493M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Compound Stabilizers for Plastic.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financially company performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	1^st Floor, Thirumalai House, Plot No. 101-102, Road No. 29, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	admin@baerlocherindia.com trivedi@baerlocherindia.com office@baerlocheindia.com
Website :	http://www.baerlocher.com
Head Office :	3^rd Floor, 301, Sai Heritage, Tilak Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-67974151 / 52 / 61523200
Fax No.:	91-22-67974150 / 61523209 / 25188703
Factory :	Plot No. 2, Industrial Area No. 3, A B Road, Dewas-455001, Madhya Pradesh, India
Tel. No.:	91-7272-409700 / 1 / 2 / 3
Fax No.:	91-7272-409727

DIRECTORS

AS ON 28.09.2012

Name :

Jayen Jaikishan Modi

Designation :

Managing Director

Address :

3-B/15, Krishna Nagar, Chandavarkar Road, Borivali (West), Mumbai-400092, Maharashtra, India

Date of Birth/Age :

27.02.1965

Date of Appointment :

25.08.2011

Din No.:

03418671

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC112261	BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED	Managing director	25/08/2011	14/02/2011	Active	NO

Name :

Rainer Christoph Alfred Grasmueck

Designation :

Director

Address :

Viale Piacenza 50, Lodi, 026900, Italy

Date of Birth/Age :

05.05.1957

Date of Appointment :

10.12.1997

Din No.:

00089911

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC112261	BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED	Director	10/12/1997	10/12/1997	Active	NO
2	U51900MH1999PTC121410	BAERLOCHER INDIA RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	23/05/2000	23/05/2000	Amalgamated	NO

Name :

Frank Siegfried Ernst Schmalbach

Designation :

Director

Address :

Krankenhausstrasse 12, Dachau, 85221, Germany

Date of Birth/Age :

11.01.1967

Date of Appointment :

16.08.2010

Din No.:

03132397

Name :

Mr. Prashant Trimbakrao Badhe

Designation :

Whole Time Director

Address :

202, Almas Manur 5, Sanghi Colony, Old Palasia, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

19.03.1954

Date of Appointment :

25.08.2011

Din No.:

03401665

Other Directorship:

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	Company/ LLP Status	Defaulting status
1	U74999MH1997PTC112261	BAERLOCHER INDIA ADDITIVES PRIVATE LIMITED	Whole-time director	25/08/2011	14/02/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh Sunil Pardeshi
Designation :	Secretary
Address :	301, Ambarnath Sagar CHSH, Ambarnath (East), Thane, Maharashtra, India
Date of Birth/Age :	08.12.1983
Date of Appointment :	21.11.2011
Pan No.:	ANFPP3905K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Baerlocher Italia S.P.A., Italy	28488645
Baerlocher GmbH, Germany	2
TOTAL	28488647

AS ON 28.09.2012

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]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Compound Stabilizers for Plastic.

Products :

Item Code No. (ITC Code)	3812.00
Product Description	Compound Stabilizers for Resins and Plastics

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Actual Production
Compound stabilizers for plastic	M.T.	12820

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Ghatkopar (West) Branch, Mumbai – 400086, Maharashtra, India

• Axis Bank Limited, Ghatkopar Branch, Sai Heritage, Tilak Road, Near Balaji Temple, Ghatkopar (East), Mumbai 400077, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans repayable on demand from banks	62.747	85.565
TOTAL	62.747	85.565

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12 Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
PAN No:	AAHPR6634C
Holding Company :	Baerlocher Italia S.P.A., Italy
Fellow Subsidiaries :	· Baerlocher GMBH, Germany · Baerlocher Malaysia Sdn Bhd., Malaysia

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28488647	Equity Shares	Rs.10/- each	Rs.284.886 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds	284.886	284.886
(a) Share Capital	191.358	126.520
(b) Reserves & Surplus	0.000	0.000
(c) Money received against share warrants
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.919	1.660
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	8.320	6.795
(4) Current liabilities
(a) Short term borrowings	62.747	85.565
(b) Trade payables	106.611	134.369
(c) Other current liabilities	9.100	10.942
(d) Short-term provisions	8.499	3.659
TOTAL	673.440	654.396
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.788	115.861
(ii) Intangible Assets	0.574	0.041
(iii) Capital work-in-progress	5.680	1.391
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.473	8.745
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	190.665	203.586
(c) Trade receivables	326.170	282.555
(d) Cash and cash equivalents	1.883	0.187
(e) Short-term loans and advances	27.196	42.028
(f) Other current assets	0.011	0.002
TOTAL	673.440	654.396

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		284.886
2] Share Application Money		0.000
3] Reserves & Surplus		54.748
4] (Accumulated Losses)		0.000
NETWORTH		339.634
LOAN FUNDS
1] Secured Loans		65.787
2] Unsecured Loans		0.000
TOTAL BORROWING		65.787
DEFERRED TAX LIABILITIES		0.299
TOTAL		405.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.666
Capital work-in-progress		2.378
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	157.725
	Sundry Debtors	210.790
	Cash & Bank Balances	0.413
	Other Current Assets	0.000
	Loans & Advances	28.708
Total Current Assets		397.636
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.656
	Other Current Liabilities	11.383
	Provisions	9.921
Total Current Liabilities		61.960
Net Current Assets		335.676
MISCELLANEOUS EXPENSES		0.000
TOTAL		405.720

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	1420.827	1297.386	1029.008
Less	EXPENSES
		TOTAL (B)	1302.135	1175.389	906.954
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		118.692	121.997	122.054
Less	FINANCIAL EXPENSES (D)		7.049	4.674	8.455
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		111.643	117.323	113.599
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.212	10.077	16.274
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		98.431	107.246	97.325
Less	TAX (H)		33.593	35.474	33.204
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		64.838	71.772	64.121
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		126.520	54.749	(9.372)
	BALANCE CARRIED TO THE B/S		191.358	126.521	54.749
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.394	0.890	NA
	Earnings / (Loss) Per Share (Rs.)		2.27	2.52	2.25

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.56	5.53	6.23
Return on Total Assets (PBT/Total Assets}	(%)	14.74	16.42	20.91
Return on Investment (ROI) (PBT/Networth)		0.21	0.26	0.28
Debt Equity Ratio (Total Debt/Networth)		0.13	0.21	0.19
Current Ratio (Current Asset/Current Liability)		2.92	2.25	6.41

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 3^rd Floor, 301, Sai Heritage, Tilak Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India to the present address w.e.f.20.05.2013.

FIXED ASSETS:

· Computer Software

· Leasehold Land

· Factory Building

· Plant and Machinery

· Office Equipment

· Computers

· Furniture and Fixture

· Motor 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 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.58.27
UK Pound	1	Rs.91.15
Euro	1	Rs.77.50

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.