MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	ASHLAND INDIA PRIVATE LIMITED
Registered Office :	601, 606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.07.2007
Com. Reg. No.:	11-172506
Capital Investment / Paid-up Capital :	Rs. 500.000 Millions
CIN No.: [Company Identification No.]	U24100MH2007FTC172506
TAN No.: [Tax Deduction & Collection Account No.]	MUMA30926A
PAN No.: [Permanent Account No.]	AAGCA5023J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Chemical and Chemical Compounds, Plastics, Technical Equipment and Technical Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1090000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred loss from its operations during 2012. There appear huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great 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

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 / Corporate / Head Office :	601-606-608, Platinum Technopark, Plot No. 17-18, Sector – 30 A, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-61489655/ 61489696/ 61489650/ 61489613
Fax No.:	91-22-67214055/ 61712514/ 61712547
E-Mail :	dsaxena@ashland.com vsingh@ashland.com ayush_goyal@ashland.com gayush@ashland.com fjumelet@ashland.com vspatil@ashland.com tramakrishna@ashland.com
Website :	www.ashland.com
Factory :	Kandla – 370210, Gujarat, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Vivek Kumar Singh
Designation :	Managing director
Address :	Flat No. 62, 1st Floor. Block 111, Erose Garden. Faridabad – 121001, Haryana, India
Date of Birth/Age :	04.08.1970
Qualification :	Chartered Accountant
Experience :	18 Years
Date of Appointment :	30.09.2009
DIN No.:	01317510
Name :	Frank Jacob Adriaan Jumelet
Designation :	Director
Address :	T VRIJE 53, JX Zierikzee, 4301
Date of Birth/Age :	14.02.1960
Date of Appointment :	19.07.2007
DIN No.:	01126173
Name :	Lynn Pannell Freeman
Designation :	Director
Address :	2321 Summerwoods, Drive, Herbron, Kentucky USA 40148
Date of Birth/Age :	14.05.1962
Date of Appointment :	29.03.2012
DIN No.:	05252005

KEY EXECUTIVES

Name :	Mr. Ayush Goyal
Designation :	Secretary
Date of Appointment :	01.07.2009
PAN No.:	AKNPG8318E
Name :	Mr. Nandkumar Dhekne
Designation :	Vice President-Asia Pacific

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ashland Canada Holding B.V., Netherland	1
Ashland Holding B.V. N.A., Netherland	49999999
Total	50000000

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Chemical and Chemical Compounds, Plastics, Technical Equipment and Technical Components.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Ø Citi Bank, Fort Branch Ø HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Price Waterhouse Building, 7th and 8th Floor, Tower - Board, DLF Cyber City, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAEFP5579P
Ultimate Holding company :	Ø Ashland Inc
Fellow Subsidiary company :	Ø Aqualon Company Ø Hercules Inc Ø Ashland (China) Holdings Company Limited Ø Ashland Performance Material Ø Iberia Ashland Chemicals S.A. Ø Hercules Chemicals Taiwan Company Limited Ø Ashland Industries Europe Gmbh Ø Ashland Chemical Company Ø Ashland UK Limited Ø Ashland Poland SP ZOO Ø Ashland (Changzhou) Advanced Chemicals Company Limited Ø Ashland France SAS Ø Hercules Industrial Chemicals Private Limited Ø Ashland Chemical Hispania SL Ø Valvoline Cummins Limited [U74899DL1994PLC062425]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 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		500.000	465.000	340.000
2] Share Application Money		0.000	35.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(226.861)	(196.489)	(149.465)
NETWORTH		273.139	303.511	190.535
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		258.149	40.000	75.200
TOTAL BORROWING		258.149	40.000	75.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		531.288	343.511	265.735
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		154.570	69.367	65.763
Capital work-in-progress		346.707	26.606	79.164
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.600	151.547	60.388
	Sundry Debtors	542.052	325.397	193.351
	Cash & Bank Balances	28.210	30.571	33.426
	Other Current Assets	13.071	12.981	0.063
	Loans & Advances	168.093	168.972	25.989
Total Current Assets		923.026	689.468	313.217
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	398.047	249.280	187.801
	Other Current Liabilities	491.030	190.217	2.738
	Provisions	3.938	2.433	1.870
Total Current Liabilities		893.015	441.930	192.409
Net Current Assets		30.011	247.538	120.808
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		531.288	343.511	265.735

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	GROSS SALES		1752.354	1098.722	788.972
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE/ (LOSS) TAX, DEPRECIATION AND AMORTISATION		(23.480)	(41.705)	(43.895)
Less/ Add	DEPRECIATION/ AMORTISATION		6.892	5.318	4.126
	PROFIT/ (LOSS) BEFORE TAX		(30.372)	(47.023)	(48.021)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(30.372)	(47.023)	(48.021)
	EARNINGS IN FOREIGN CURRENCY
		Reimbursement of Expense from Ashland UK Limited	0.000	0.037	0.000
	IMPORTS
		Traded Goods		216.191	163.200
		Raw Materials		241.461	103.680
	TOTAL IMPORTS		N.A.	457.652	266.880
	Earnings/ (Loss) Per Share (Rs.)		(0.61)	(1.21)	(1.57)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(2.82)	(6.20)	(12.67)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.15)	(0.25)
Debt Equity Ratio (Total Debt/Networth)		0.95	0.13	0.39
Current Ratio (Current Asset/Current Liability)		1.03	1.56	1.63

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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	108.149	0.000
Working capital loans from banks	130.000	40.000
Loans repayable on demand	20.000	0.000
Total	258.149	40.000

Note:

The registered office of the company has been shifted from 306, Devavrata Building, 83, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra, India to the present w.e.f.07.12.2009

GENERAL INFORMATION

The Company was incorporated on July 19, 2007 and is owned by Ashland Holdings BV Netherlands. The Company has been established to carry on the business of manufacturing, processing, packing, distributing, supplying, selling, importing, exporting and trading of chemicals, chemical compounds, oil and oil derivatives, plastics, technical equipment and technical components, as well as the rendering of technical services and business support services. The ultimate holding company is Ashland Inc. which is a technology leader in metal casting consumables and design services of unsaturated polyester, vinyl ester resins, gel coats high-performance adhesives and specialty resins.

COMPANY PERFORMANCE

For the period ended 31st March, 2012, the company has achieved a net turnover of INR 1.634 Billion as compared to INR 1.027 Billion previous year.

The company started local manufacturing this year and is poised for growth in coming year.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Bank Guarantees	25.199	1.427

FIXED ASSETS

Ø Land

Ø Plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Office equipment

Ø Leasehold improvements

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. 54.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.58

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.