MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	MC- BAUCHEMIE INDIA PRIVATE LIMITED
Registered Office :	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa-403703
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.01.1985
Capital Investment / Paid-up Capital :	Rs.19.800 Millions
Com. Reg. No.:	24-004763
CIN No.: [Company Identification No.]	U99999GA1985PTC004763
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Supplier of Construction Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the profits during 2012. However, 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

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 :	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa-403703, India
Tel No.:	91-832-2764893
Fax No.:	Not Available
E-Mail :	mcbndia_goa@rediffmail.com clients99@rediffmail.com
Website :	http://www.mc-bauchemie.com http://www.mc-bauchemie.in
Branch Office :	411 Arenja Corner, 4^th Floor, Sector-17, Vashi, Navi Mumbai-400703, Maharashtra, India
Tel. No.:	91-22-27892856
E-Mail :	91-22-27893870
Factory 1 :	A-1 1101, GIDC Industrial Estate, Panoli, Bharuch - 394116, Gujarat, India
Factory 2 :	D/3, Cuncolim Industrial Estate, Cuncolim, Salcete – 403703, Goa, India

DIRECTORS

As on 24.09.2012

Name :	Mr. Claus Michael Mueller
Designation :	Chairman cum Managing Director
Address :	D-45133 Essen Hackenberghang 18, Federal Republic of Germany
Date of Birth/Age :	12.11.1946
Date of Appointment :	24.01.1985
DIN No.:	00420324
Name :	Mr. Samir Manohar Surlaker
Designation :	Managing Director
Address :	207, Sreemangal Apartments, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India
Date of Birth/Age :	18.02.1953
Date of Appointment :	24.01.1985
DIN No.:	00419699
Name :	Mrs. Uma Samir Surlaker.
Designation :	Director
Address :	207, Sreemangal Apartments, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India
Date of Birth/Age :	31.07.1956
Date of Appointment :	02.09.1992
DIN No.:	00420136

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Samir Surlaker	12
MC Bauchemie Mueller GMBH Company, Germany	1275000
Samir Surlaker	289188
Uma Sorlaker	217800
Sunny Surlakar	99000
Sujay Surlakar	99000
Total	1980000

Equity Share Breakup (Percentage of Total Equity)

As on 24.09.2012

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	64.39
Directors or relatives of Directors	35.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Construction Chemicals.

Products :

Product Description	ITC Code
Concrete Floor Hardner	29.31
Waterproofing Products	29.31
Tile Adhesive / Marble Adhesive	29.10

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Ankleshwar Udyognagar Cooperative Bank Limited, Ravi Complex,, Vailia Char Rasta, GIDC, Ankleshwar - 393002, Gujarat, India

• Bicholim Urban Corporative Bank Limited, Patto Branch, Patto, Panji-403001, Goa, India

Facilities :

Secured Loans	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
Term Loan from a Bank:
Ankleshwar Udyognagar Bank- Indica Vista Car	0.166	0.210
Bicholm Urban Corporative Bank- Xylo/Tavera Car	0.480	0.137
Bicholm Urban Corporative Bank- WaganR Car (Repayment with in 3 years)	0.100	0.178
Bicholim Urban Corporative Bank- Chevrolet Cruze	0.511	0.603
Cash Credit Hypothecation: (Secured by hypothecation of stock in trade consisting of Raw Materials, Finished Goods and packing Materials and Moveable Property wherever situated)	(0.191)	(1.063)
Total	1.066	0.065

Banking Relations :	--
Financial Institute:	Gujarat State Financial Corporation, Jaldarshan Building, Ashram Roadl, Navrangpura, Ahmedabad-380009, Gujarat, India
Auditors :
Name :	J. M. Verlekar and Company Chartered Accountants
Address :	205, C.D. Blue Chip, Isidora Baptista Road, Pajifond, Margao-403601, Goa, India
Tel. No.:	91-832-2702609/ 2750598 (R)
Mobile No.:	91-9822385403
E-Mail :	bhushan_1983@rediffmail.com
PAN No.:	AAHFJ0871F
Enterprise having substantial interest in the reporting company :	MC – Bauchemie Mueller GmbH and Co., Germany

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs. 10/- each	Rs.19.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.800	9.900	9.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.319	41.220	30.058
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.119	51.120	39.958
LOAN FUNDS
1] Secured Loans		1.066	0.065	1.757
2] Unsecured Loans		2.000	2.133	2.258
TOTAL BORROWING		3.066	2.198	4.015
DEFERRED TAX LIABILITIES		0.263	0.399	0.479
TOTAL		57.448	53.717	44.452
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.509	16.728	17.591
Capital work-in-progress		17.224	6.145	1.903
INVESTMENT		0.021	0.021	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.884	6.239	5.971
	Sundry Debtors	19.408	21.296	12.457
	Cash & Bank Balances	19.144	20.437	18.744
	Other Current Assets	5.105	9.149	1.231
	Loans & Advances	0.674	1.061	3.701
Total Current Assets		50.215	58.182	42.104
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.212	8.085	4.094
	Other Current Liabilities	7.189	7.419	5.981
	Provisions	10.120	11.855	7.077
Total Current Liabilities		27.521	27.359	17.152
Net Current Assets		22.694	30.823	24.952
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		57.448	53.717	44.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.963	22.974	11.577
Less/ Add	DEPRECIATION/ AMORTISATION		1.486	1.348	1.308
	PROFIT BEFORE TAX		11.477	21.626	10.269
Less	TAX		3.876	7.577	3.970
	PROFIT AFTER TAX		7.601	14.049	6.299
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.489	7.731	4.379
Less	APPROPRIATIONS
		Transfer to General Reserve	0.761	1.405	0.630
		Proposed Dividend	3.960	2.475	1.980
		Proposed Tax on Dividend	0.642	0.411	0.337
	BALANCE CARRIED TO THE B/S		19.727	17.489	7.731
	Earnings Per Share (Rs.)		3.84	NA	6.36

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	16.95	28.87	17.20
Return on Investment (ROI) (PBT/Networth)		0.21	0.42	0.26
Debt Equity Ratio (Total Debt/Networth)		0.06	0.04	0.10
Current Ratio (Current Asset/Current Liability)		1.82	2.13	2.45

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	No
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]	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

DETAILS OF UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
For Purchase of Guest House CBD Belapur from MC- Building Chemicals Ireland	2.000	2.000
Credit Card Dues	0.000	0.133
Total	2.000	2.133

NOTE:

The Registered office of the company has been shifted from 201, Vardhman Chambers, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India to present address. 10.04.2006

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999GA1985PTC004763
Name of the company	MC- BAUCHEMIE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-3, Cuncolim Industrial Estate, Cuncolim, Salcette, Goa-403703, India E-mail Id : mcbindia_goa@rediffmail.com
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	Bicholim Urban Corporative Bank Limited, Patto Branch, Patto, Panji-403001, Goa, India E-mail id : bicholimurbancoopbank@sancharnet.in
Nature of instrument creating charge	Agreement dated 27.08.2012
Date of instrument Creating the charge	27.08.2012
Amount secured by the charge	Rs.0.900 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Agreement Terms of Repayment As per the Agreement Margin As per the Agreement Extent and Operation of the charge First charge on the new Toyota Innova 7 Seater Car, financed by the bank.
Short particulars of the property charged	new Toyota Innova 7 Seater Car bearing Registration No.MH-43 AL 4438

FIXED ASSETS:

· Office Flat At Goa

· Leasehold Land Kundaim

· Leasehold Land (Ank)

· Factory Building (Ank)

· Office Premises Vashi

· CBD Belapur Guest House

· Plant and Machinery

· Factory Equipments

· Electrical Installations

· Furniture and Fixtures

· Furniture at Guest House

· Office Equipments

· Computer

· AC at CBD Belapur

· AC at Office 302

· Motor Car

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.