MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	WACKER CHEMIE INDIA PRIVATE LIMITED
Registered Office :	CTS No. 521, Sonawala Cross Road, Off I.B. Patel Road, Opposite Mistry Industrial Estate, Village Pahadi, Goregaon (East), Mumbai-400063, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	19.10.2007
Com. Reg. No.:	11-175211
Capital Investment / Paid-up Capital :	Rs.210.000 Millions
CIN No.: [Company Identification No.]	U24117MH2007PTC175211
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Providing Marketing, Technical and Ancillary Support Services
No. of Employees :	Information denied by the management.

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 892000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Wacker Chemicals Finance B.V., Netherlands”. It is an established company having a satisfactory track record. The company has change its date of filing annul return. In its nine month of business operation the company has performed well and wip out its accumulated losses. The company gets strong managerial and financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of experience promoters 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A [Long Term]
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	31.01.2013

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. Sandip Daw
Designation :	Finance Department
Contact No.:	91-22-42365500/531/540
Date :	18.06.2013

LOCATIONS

Registered Office :	CTS No. 521, Sonawala Cross Road, Off I.B. Patel Road, Opposite Mistry Industrial Estate, Village Pahadi, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-42365500/501
Fax No.:	91-22-42365570
E-Mail :	info.india@wacker.com sandip.daw@wacker.com

DIRECTORS

AS ON 15.06.2012

Name :

Mr. Raman I. Trikala

Designation :

Managing Director

Address :

16655, Sagebrush ST, Chino Hills, CA, California, USA

Date of Birth/Age :

10.08.1965

Date of Appointment :

05.11.2009

Din No.:

02839216

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24117MH2007PTC175211	WACKER CHEMIE INDIA PRIVATE LIMITED	Managing director	14/09/2010	05/11/2009	-	Active	NO
2	U24119WB1998PTC087722	WACKER METROARK CHEMICALS PRIVATE LIMITED	Nominee director	28/12/2009	28/12/2009	03/04/2013	Active	NO

Name :

Soumitra Ranjan Mukherjee

Designation :

Director

Address :

368/3, Parnasree Pally, Kolkata-700060, West Bengal, India

Date of Birth/Age :

29.01.1955

Date of Appointment :

19.10.2007

Din No.:

01113738

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	U45201WB1947PTC016028	METROARK PRIVATE LIMITED	Director	29/09/1978	29/09/1978	Active	NO
2	U24119WB1998PTC087722	WACKER METROARK CHEMICALS PRIVATE LIMITED	Managing Director	13/08/1998	13/08/1998	Active	NO
3	U24117MH2007PTC175211	WACKER CHEMIE INDIA PRIVATE LIMITED	Director	19/10/2007	19/10/2007	Active	NO

Name :

Arno Von Der Eltz

Designation :

Director

Address :

Rabenkopfstr 50, 81545, Muenchen-81545, Germany

Date of Birth/Age :

12.12.1950

Date of Appointment :

19.12.2008

Din No.:

02333662

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	U24117MH2007PTC175211	WACKER CHEMIE INDIA PRIVATE LIMITED	Director	11/08/2009	19/12/2008	Active	NO

KEY EXECUTIVES

Name :	Ms. Hetal Vinod Shah
Designation :	Company Secretary
Address :	A/101, Ritu Raj, Om Sai Complex, Poddar High School Road, Bhayander (West), Thane-401101, Maharashtra, India
Date of Birth/Age :	22.10.1981
Date of Appointment :	24.04.2012
Pan No.:	BGCPS9465A
Name :	Mr. Sandip Daw
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.06.2012

Names of Shareholders	No. of Shares
Wacker Chemicals Finance B.V. Netherlands	20999999
Wacker Chemie AG, Munich	1
TOTAL	21000000

AS ON 15.06.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Providing Marketing, Technical and Ancillary Support Services

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.12.2011 [9 Months]	As on 31.03.2011 [12 Months]
	Rs. in Millions
Short Term Borrowings
Working capital loans from banks	108.721	0.000
TOTAL	108.721	0.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India
PAN No:	AAIFB4734C
Holding Company :	Wacker Chemicals Finance B.V
Ultimate Holding Company :	Wacker Chemie AG
Fellow Subsidiaries :	Wacker Metroark Chemicals Private Limited Wacker Chemicals South Asia Pte Ltd. Wacker Chemical Corporation Wacker Chemicals Korea Inc Wacker Polymer Systems (upto 30th June 2009)

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2011 [9 Months]	31.03.2011 [12 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	210.000	210.000
(b) Reserves & Surplus	13.028	7.379
(c) Money received against share warrants	0.000	0.000
(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)	0.000	0.000
(c) Other long term liabilities	1.452	12.238
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	108.721	0.000
(b) Trade payables	21.419	6.851
(c) Other current liabilities	12.286	157.123
(d) Short-term provisions	3.931	9.210
TOTAL	370.837	402.801
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	320.610	324.034
(ii) Intangible Assets	0.043	0.004
(iii) Capital work-in-progress	0.622	0.563
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	(0.044)	0.463
(d) Long-term Loan and Advances	15.599	10.122
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	20.442	12.235
(d) Cash and cash equivalents	10.561	48.709
(e) Short-term loans and advances	3.004	6.609
(f) Other current assets	0.000	0.062
TOTAL	370.837	402.801

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		210.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.032)
NETWORTH		208.968
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		155.000
TOTAL BORROWING		155.000
DEFERRED TAX LIABILITIES		1.064
TOTAL		365.032
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		334.279
Capital work-in-progress		0.827
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	13.495
	Cash & Bank Balances	42.644
	Other Current Assets	0.087
	Loans & Advances	7.292
Total Current Assets		63.518
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.380
	Other Current Liabilities	16.044
	Provisions	2.168
Total Current Liabilities		33.592
Net Current Assets		29.926
MISCELLANEOUS EXPENSES		0.000
TOTAL		365.032

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011 [9 Months]	31.03.2011 [12 Months]	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	107.780	134.280	105.494
Less	EXPENSES
		TOTAL	96.623	122.147	88.761
	PROFIT / (LOSS) BEFORE TAX		11.157	12.133	16.733
Less	TAX		5.508	3.723	9.328
	PROFIT / (LOSS) AFTER TAX		5.649	8.410	7.405
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.378	(1.032)	(8.437)
	BALANCE CARRIED TO THE B/S		13.027	7.378	(1.032)
	EARNINGS IN FOREIGN CURRENCY
		Service Income	66.849	82.981	96.835
		Commission Income	32.643	38.865
	TOTAL EARNINGS		99.492	121.846	96.835
	IMPORTS
		Consumables and Spares	0.000	0.345	NA
	Earnings / (Loss) Per Share (Rs.)		0.27	0.40	0.35

KEY RATIOS

PARTICULARS		31.12.2011 [9 Months]	31.03.2011 [12 Months]	31.03.2010
PAT / Total Income	(%)	5.24	6.26	7.02
Return on Total Assets (PBT/Total Assets}	(%)	3.01	3.10	4.20
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.08
Debt Equity Ratio (Total Debt/Networth)		0.49	0.00	0.74
Current Ratio (Current Asset/Current Liability)		0.23	0.39	1.89

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	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	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	No
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	No
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	Yes

NOTE:

The registered office of the company has been shifted from 101-102, Shreya House, Pereira Hill Road, Andheri (East) Mumbai-400099, Maharashtra, India to CTS No.521, I. B. Patel Road, Opposite Mistry Industrial Estate, Village Pahadi, Goregaon (East) Mumbai-400063 Maharashtra India w.e.f. 01.06.2009.

The registered office has again shifted from CTS No.521, I. B. Patel Road, Opposite Mistry Industrial Estate, Village Pahadi, Goregaon (East) Mumbai-400063 Maharashtra India to the present address w.e.f. 01.06.2009.

OPERATIONS:

There was increase the income of the Company by 7.02%. The Company has shown the satisfactory performance. The Board foresees the good opportunity in the ensuing year.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Computers
• 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.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Information Gathered by :	PDT
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	5
--CREDIT LINES	1~10	4
--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.