MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	SCHIFFER AND MENEZES INDIA PRIVATE LIMITED (w.e.f. 28.09.2006)
Formerly Known As :	MSJ BRUSHES PRIVATE LIMITED COSME COSMETICS PRIVATE LIMITED
Registered Office :	CMM Building, Rua De Ourem, Panaji – 403 001, Goa, Inida
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.1997
Com. Reg. No.:	24-002433
Capital Investment / Paid-up Capital :	Rs. 87.053 Millions
CIN No.: [Company Identification No.]	U2822GA1997PTC002433
TAN No.: [Tax Deduction & Collection Account No.]	BLRM06046F
PAN No.: [Permanent Account No.]	AACCM0106E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Tooth Brushes.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1430000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture with Schiffer Group Germany. It is an established company having a satisfactory track record. The performance capability of the company appears to be good. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitment. 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

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 PARTED BY

Name :	Mr. Sachin
Designation :	Account Department
Contact No.:	91-8326680196
Date :	04.05.2013

LOCATIONS

Registered Office :	L-27, Phase II A, Verna Industrial Estate, Verna, Goa - 403 722, India
Tel. No.:	91-832-6694141 91-832-6680193/94/95/96
Mobile No.:	91-8326680196 (Mr. Sachin) 91-9822142671 (Mr. Nilesh Subhedar)
Fax No.:	91-832-6694114
E-Mail :	schiffer@schiffer_menezes.com sadashivshet@gmail.com neelesh@schiffer-menezes.com
Website :	http://www.schiffer-menezes.com
Area :	15000 sq. ft.
Location :	Owned
Factory :	Plot L-27, Verna Industrial Estate, Phase II A, Verna – 403 722, Goa, India
Tel. No.:	91-832-6694141-142 / 6680193 / 94 / 95 / 96
Fax No.:	91-832-6694114
Area :	10000 Sq. ft.
Location :	Owned

DIRECTORS

As on 31.03.2012

Name :	Mr. Cedric Maria Menezes
Designation :	Managing Director
Address :	House No. 43, Almirante Reis Road, Atinho Panaji – 403001, Goa, India
Date of Birth/Age :	13.05.1957
Date of Appointment :	07.03.2006
DIN No.:	00351060
Name :	Ms. Maria Genevieve Menezes
Designation :	Director
Address :	House No. 43, Almirante Reis Road, Atinho Panaji – 403001, Goa, India
Date of Birth/Age :	14.08.1968
Date of Appointment :	01.06.2008
DIN No.:	00296758
Name :	Mr. Dirk Danne
Designation :	Director
Address :	Grentweg 8, Northine Westphalia, Pulheim, Germany – 50259
Date of Birth/Age :	13.05.1971
Date of Appointment :	07.05.2012

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Account Department
Name :	Mr. Nilesh Subhedar
Designation :	Deputy General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares
Nathan Menezes	37500
Brandon Menezes	37500
Schiffer Ind. Beteilungs, Germany	400728
Genevieve Maria Menezes	194680
Cedric Maria Menezes	200118
Total	870526

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2012

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	46.03
Directors or relatives of Directors	53.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Tooth Brushes.

Products :

Products Description	Item Code No.
Toothbrushes	303811005

Exports :

Products :

Tooth Brushes

Countries :

· USA

· Europe

· Hongkong

· Asian Country

· Dubai

· Sri Lanka

· Singapore Philippians

Imports :

Products :

Raw Material

Countries :

· Malaysia

· Germany

· Taiwan

· China

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Quantity Units
Class of Goods	Toothbrushes
Licensed Capacity	Not Applicable as SSI Unit
Installed Capacity	27000000
Actual Production	66316230

NOTE : Installed capacity is disclosed on per annum basis on single shift basis, as certified by the production Manager and not verified by auditors being a technical matter.

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End users

No. of Employees :

350 (Approximately)

Bankers :

• HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (west), Mumbai – 400 013, Maharashtra, India

• Bank of Baroda

Panaji Branch, opp. Azad Maidan, Post Box no.236,Panaji, Goa –

403 001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Rupee term loans others secured	28.009	25.435
Total	28.009	25.435

Banking Relations :	--
Auditors :
Name :	P. V. Bhandare and Company Chartered Accountants
Address :	SF/1, Sukerkar Mansion, Near Government Printing Press, Panaji – 403 001, Goa, India
Tel. No.:	91-832-2426689/ 2424120
Fax No.:	91-832-2426689
E-Mail :	pvb@sancharnet.in pvbhandare@dataone.in bhandare13@rediffmail.com
PAN No.:	ACJPB1246L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
870526	Equity Shares	Rs. 100/- each	Rs. 87.052 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		87.053	87.053	87.053
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		269.584	199.086	162.466
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		356.637	286.139	249.519
LOAN FUNDS
1] Secured Loans		28.009	25.435	35.235
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		28.009	25.435	35.235
DEFERRED TAX LIABILITIES		11.258	9.870	9.564
TOTAL		395.904	321.444	294.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		254.160	210.314	194.801
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.102	10.844	56.019
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.227	47.445	66.012
	Sundry Debtors	131.483	67.939	108.155
	Cash & Bank Balances	29.429	47.098	22.071
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	63.666	12.295	40.441
Total Current Assets		325.805	236.679	174.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.134	45.040	58.931
	Other Current Liabilities	4.968	25.185	12.752
	Provisions	102.061	61.196	64.710
Total Current Liabilities		184.163	136.393	131.421
Net Current Assets		141.642	100.286	43.356
MISCELLANEOUS EXPENSES		0.000	0.000	0.142
TOTAL		395.904	321.444	294.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	715.907	445.102	361.861
		Other Income	14.381	12.097	2.114
		TOTAL	730.288	457.199	363.975
Less:	TOTAL EXPENDITURE		592.873	383.086	286.440
	PROFIT BEFORE TAX		137.415	74.113	77.535
Less:	TAX		22.398	16.114	(1.901)
	PROFIT AFTER TAX		115.017	57.999	79.436
Add:	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		134.265	97.645	53.487
Less:	APPROPRIATIONS
		Proposed Dividend	38.303	20.022	30.468
		Tax on Dividend	6.214	3.325	5.178
	BALANCE CARRIED TO THE B/S		204.764	134.265	97.645
	EXPORT VALUE		549.634	384.921	332.717
	IMPORT VALUE		11.599	6.863	3.088
	Earnings Per Share (Rs.)		134.82	66.62	91.25

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.75	12.69	21.82
Net Profit Margin (PBT/Sales)	(%)	18.82	16.21	21.30
Return on Total Assets (PBT/Total Assets}	(%)	23.69	16.58	20.98
Return on Investment (ROI) (PBT/Networth)		0.38	0.26	0.31
Debt Equity Ratio (Total Debt /Networth)		0.08	0.09	0.14
Current Ratio (Current Asset/Current Liability)		1.77	1.74	1.33

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28122GA1997PTC002433
Name of the company	SCHIFFER AND MENEZES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	L-27, Phase II A, Verna Industrial Estate, Verna, Goa - 403 722, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda Panaji Branch, opp. Azad Maidan, Post Box no.236, Panaji, Goa – 403 001, Maharashtra, India
Email ID	panaji@bankofbaroda.com
Nature of instrument creating charge	1) Composite hypothecation agreement 2) Memorandum of entry (mortgage by release and re-deposit of title deeds.
Date of instrument Creating the charge	05.02.2013
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Rate of interest is 2.50% over base rate 10.50% that is 13% at present. Terms of repayment : As per bank terms and conditions Margin : As per bank terms and conditions Extent and operation of the charge : To the extent of Rs. 90.000 Millions against hypothecation of moveable property and mortgage by release and re-deposit (extension) of equitable mortgage of immovable property.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of 1) Whole of the borrower's stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials, work-in- process, semi-finished goods and finished goods packing materials and stores etc whatsoever and whosesoever situate and/or in transit whether now belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the order and disposition of the borrower. 2) All the present and future book-debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities which are now due and owing or which may at anytime hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the govt. of India or any state govt. or Indian railways or any govt. dept. or office or any municipal or local or public or semi- government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis. 3) All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrower together with spares, tools and accessories and other movables, both present and future, and the furniture, fixtures and fittings and office equipments, whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower's premises and godowns. 4) Mortgage by release and re-deposit of eq. mortgage of all that piece or parcel of plot no. l-27 admg.10640 sq. mtrs. in the property known as Verna industrial estate, plan ii a, bearing sry. no. 66 of Guelossim Village,Verna Goa, situated within the village Panchayat limits of Guelossim village, taluka Salcete, dis. South Goa, bounded as.E:- by 20 mtr wide IDC Road,Ww:- by plot no. l-25,N: by plot no. l-26, S: by plot no.l-28
Date of instrument modifying the charge	28.01.2013

FIXED ASSETS :

• Land
• Building
• Factory Building
• Plant and equipment
• Factory Equipment
• Furniture and fixture
• Vehicles
• Office equipment

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. 53.951
UK Pound	1	Rs. 83.807
Euro	1	Rs. 70.499

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.