MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	TEXSA INDIA LIMITED
Registered Office :	345, Ground Floor, Udyog Vihar, Phase-II, Gurgaon – 122016, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.2000
Com. Reg. No.:	05-34907
Capital Investment / Paid-up Capital :	Rs.10.545 Millions
CIN No.: [Company Identification No.]	U51432hr2000plc034907
TAN No.: [Tax Deduction & Collection Account No.]	Rtks07017d
PAN No.: [Permanent Account No.]	Aaecs3408b
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Waterproofing Materials, Thermal Insulation and Acoustic Insulation Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Texas S.A’. It is an established company having a moderate track record. The latest financials of the company are not available. As per previous year’s record, there appear huge external borrowings recorded by the company. The profitability also appeared low. However, trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealings with some caution.

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 :	345, Ground Floor, Udyog Vihar, Phase-II, Gurgaon – 122016, Haryana, India
Tel. No.:	91-124-4052078/ 79
Fax No.:	91-124-4052080
E-Mail :	daksh@texsa.in texsaindia@texsa.in SAMRAT@TEXSA.CO.IN
Website :	www.texsa.in

DIRECTORS

As on: 29.09.2012

Name :	Mr. Fransisco Paula Valls Albert
Designation :	Managing director
Address :	Josep Visens Foix 1H, Vilassar De Delt Barcelona 08339, Spain
Date of Birth/Age :	01.07.1942
Date of Appointment :	21.10.2000
DIN No.:	00381808
Name :	Mr. Joao Paulo Marques Gonsalves
Designation :	Director
Address :	Rua Padre Cruz 13 Casais De Mem Martins Mem Martins 2725
Date of Birth/Age :	09.07.1988
Date of Appointment :	09.09.2004
DIN No.:	00381619
Name :	Mr. Subramanian Bhanusekar
Designation :	Whole-time director
Address :	22, Chokkalingam Nagar, Mahadev Flats, Chennai – 600086, Tamilnadu, India
Date of Birth/Age :	02.10.1949
Date of Appointment :	21.06.2011
DIN No.:	03369832

KEY EXECUTIVES

Name :	Mr. Daksh Wadhwa
Designation :	Secretary
Address :	C -7/118 A, Keshav Puram New Delhi – 110035, India
Date of Birth/Age :	21.05.1979
PAN No.:	AANPW6293J
Date of Appointment :	01.09.2006

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Wadhwa Daksh	20
Singh Charan Vishnu	20
Mahay Shalini	20
Suri Priti	20
Texsa Synthetics	20
Bahadur Surya	20
Texswa S A	1054363
Total	1054483

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

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	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Waterproofing Materials, Thermal Insulation and Acoustic Insulation Products.  

Products :

· Waterproofing Membranes

· Polystyrene and Polyethlene Sheets for drainage

· PVC Joint

· Thermal Insulating Boards

· Acoustic Insulation Membranes

· Auxiliary Products

· Geo-Textile Products

· Roofing (Shingles)

Product Description	Item Code
Water proofing Materials	6807
Thermal Insulation	6807
Accoustic Insulation	6807

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of Bikaner and Jaipur, S.M.S Highway Branch, Chaura Rasta, Jaipur - 302003, Rajasthan, India

Banking Relations :	--
Auditors :
Name :	T.R Chadha and Company Chartered Accountants
Address :	B-30, Connaugt Place, Kuthiala Building, New Delhi - New Delhi, India
PAN.:	AAAFT1655Q
Holding Company :	Texsa SA
Fellow Subsidiary :	Texsa Synthetics

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1054483	Equity Shares	Rs.10/- each	Rs.10.545 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		10.545	10.545	10.545
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.577	19.300	0.115
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.122	29.845	10.660
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		94.860	12.112	13.571
TOTAL BORROWING		94.860	12.112	13.571
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		124.982	41.957	24.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.033	18.701	2.078
Capital work-in-progress		72.651	0.138	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.445	3.124	2.343
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.480	28.704	34.560
	Sundry Debtors	52.712	43.226	39.492
	Cash & Bank Balances	29.544	23.296	15.146
	Other Current Assets	0.036	0.031	0.048
	Loans & Advances	23.103	12.212	13.326
Total Current Assets		158.875	107.469	102.572
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.278	82.181	79.129
	Other Current Liabilities
	Provisions	4.744	5.294	3.633
Total Current Liabilities		132.022	87.475	82.762
Net Current Assets		26.853	19.993	19.810
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		124.982	41.957	24.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	229.060	207.103	196.450
		Other Income	1.946	13.011	3.636
		TOTAL (A)	231.006	220.114	200.086
Less	EXPENSES
		Cost of goods sold	159.056	144.777	139.807
		Operating Expenses	9.265	8.285	8.664
		Employee Remuneration and Benefits	22.875	16.791	14.477
		Administrative and other Expenses	30.432	15.180	20.452
		Selling and Distribution Expenses	4.151	3.736	3.655
		TOTAL (B)	225.779	188.769	187.055
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.227	31.345	13.031
Less	FINANCIAL EXPENSES (D)		2.833	1.140	0.789
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.404	30.205	12.242
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.477	0.541	0.524
	PROFIT BEFORE TAX (E-F) (G)		1.916	29.664	11.718
Less	TAX (H)		1.640	10.479	4.088
	PROFIT AFTER TAX (G-H) (I)		0.277	19.185	7.630
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.300	0.115	(7.514)
	BALANCE CARRIED TO THE B/S		19.577	19.300	0.115
	EARNINGS IN FOREIGN CURRENCY
		Reimbursement of Expenses	0.000	0.418	6.199
		Commission Income	0.770	0.000
	TOTAL EARNINGS		0.770	0.418	6.199
	IMPORTS
		Finished Goods	141.498	108.832	NA
	TOTAL IMPORTS		141.498	108.832	NA
	Earnings Per Share (Rs.)		0.26	18.19	7.24

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.12	8.72	3.81
Net Profit Margin (PBT/Sales)	(%)	0.84	14.32	5.96
Return on Total Assets (PBT/Total Assets}	(%)	1.08	23.51	11.20
Return on Investment (ROI) (PBT/Networth)		0.06	0.99	1.10
Debt Equity Ratio (Total Debt/Networth)		3.15	0.41	1.27
Current Ratio (Current Asset/Current Liability)		1.20	1.23	1.24

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	No
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

NOTE:

The registered office of the company has been shifted from A-4/8, 1^st Floor, Dlf City Ph-I Gurgaon - 122002, Haryana, India to present address w.e.f. 09.01.2009.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2011	As on 31.03.2010
ECB Loan from Texsa S A	94.860	12.112
Total	94.860	12.112

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51432HR2000PLC034907
Name of the company	TEXSA INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	345, Ground Floor, Udyog Vihar, Phase-Ii, Gurgaon – 122016, Haryana, India daksh@texsa.in
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank Of Bikaner and Jaipur, S.M.S Highway Branch, Chaura Rasta, Jaipur - 302003, Rajasthan, India bbardhan@sbbj.co.in
Nature of instrument creating charge	Sanction letter dated 03-01-2013 Letter regarding the grant of individual limit within overall limit Agreement of loan for overall limit Agreement of hypothecation of goods and assets Board resolution dated 8 jan., 2013 Declaration of mortgage
Date of instrument Creating the charge	19.01.2013
Amount secured by the charge	Rs.101.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.75% above base rate Terms of Repayment On demand Margin Raw Material - 25% Stock In Process - 25% Finished Goods - 25% Store - 25% Book Debts - 40% Extent and Operation of the charge First charge by way of hypothecation of entire assets of company including stocks and book debts. Equitable mortgage of leasehold land and building thereon in the name of the comapny situated at a-127, riico ind. Area, manda, chomu, jaipur admeasuring 15000.00 sq. Mtrs.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation of entire assets of the company including stocks and book debts Equitable mortgage of leasehold land building thereon in the name of the company situated at a-127, riico ind. Area, manda, chomu, jaipur admeasuring 15000.00 sq. Mtrs.

FIXED ASSETS:

· Furniture and Fixtures

· Computers

· Office equipments

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.54.28
UK Pound	1	Rs.82.06
Euro	1	Rs.70.23

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		30

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.