MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	ARCIL CATALYST PRIVATE LIMITED
Formerly Known As :	ARKEMA CATALYST INDIA PRIVATE LIMITED
Registered Office :	On Coastal Highway, P.O. Mujpur, Taluka: Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.01.1999
Com. Reg. No.:	04-059384
Capital Investment / Paid-up Capital :	Rs. 24.586 Millions
CIN No.: [Company Identification No.]	U99999GJ1999PTC059384
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of aluminium chloride.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Gulbrandsen Group, India (GGI). It is an established company having a satisfactory track record. Financial position of the company is good. The ratings takes into consideration the Group experience in the global speciality chemical industry, financial and marketing support derived by GGI from Gulbrandsen Group, USA. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB+”
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	02.01.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A2”
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	02.01.2013

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.

LOCATIONS

Registered Office :	On Coastal Highway, P.O. Mujpur, Taluka: Padra, Vadodara – 391440, Gujarat, India
Tel. No. :	91-2662-221199 / 306000 / 306100
Fax No. :	91-2662-225096
E-Mail :	ssingh@gulbrandsen.com arcil@gulbrandsen.com ssingh@gulbrandsen.com
Website :	www.gulbrandsen.com
Location :	Owned
Factory:	Near Lancesn India Limited, Chemical Division Road, Post Office Birlagram, District Nagda, Nagda – 456331, Madhya Pradesh, India
Tel. No.:	91-7366-245023 / 248475

DIRECTORS

As on: 28.09.2013

Name :

Mr. Jacob George

Designation :

Managing Director

Address :

104 Covered Brdg Cvrd Brdg Frms Newark, De 197110000 U.S.A.

Date of Birth/Age :

13.09.1950

Date of Appointment :

01.07. 2009

DIN No. :

02354200

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	U24119GJ1998PTC041319	GULBRANDSEN CHEMICALS PRIVATE LIMITED	Managing director	02/10/2009	25/09/2008	-	Active	NO
2	U99999GJ1999PTC059384	ARCIL CATALYST PRIVATE LIMITED	Managing director	01/10/2009	01/07/2009	-	Active	NO

Name :

Donald Edward Gulbrandsen

Designation :

Additional Director

Address :

Po Box. 1008, 40, Holland Road, Bedminster, NJ 08809. USA

Date of Birth/Age :

06.08.1961

Date of Appointment :

01.07.2009

DIN No. :

00096928

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	U24119GJ1998PTC041319	GULBRANDSEN CHEMICALS PRIVATE LIMITED	Director	19/11/1999	19/11/1999	-	Active	NO
2	U72200GJ2003PTC042402	GULBRANDSEN TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	21/05/2003	21/05/2003	-	Active	NO
3	U99999GJ1999PTC059384	ARCIL CATALYST PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	-	Active	NO

Name :

Eric Dean Carl Smith

Designation :

Additional Director

Address :

728, Milledge Road, Augusta, Ga 30904 U.S.A.

Date of Birth/Age :

02.08.1961

Date of Appointment :

01.07.2009

DIN No. :

00030699

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	U24119GJ1998PTC041319	GULBRANDSEN CHEMICALS PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
2	U99999GJ1999PTC059384	ARCIL CATALYST PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of Shareholders	No. of Shares
EW Limited, Mauritius	2458614
Donald Gulbrandsen	1
Total	2458615

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of aluminium chloride.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Buyers Credit Account (Secured against land and Building plant and machinery inventory and debtors )	70.819	103.202
Total	70.819	103.202

Banking Relations :	--
Auditors :
Name :	Mukund and Rohit Chartered Accountants
Address :	No 8, 2nd Floor, Tower E Avishkar, Old Padra Road, Vadodara – 390007, Gujarat, India
Tel No.:	91-265-2357845/ 2310448/ 2313515
Fax No.:	91-265-2320166
E-Mail :	office@mukundrohit.com
PAN No.:	AACFM4355J
Ultimate Holding Company :	Gulbrandsen Chemicals, INC, USA
Fellow Subsidiary :	Gulbrandsen Chemicals Private Limited

CAPITAL STRUCTURE

As on: 28.09.2013

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
2458615	Equity Shares	Rs.10/- each	Rs. 24.586 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.586	24.586	24.586
(b) Reserves & Surplus	327.212	240.517	191.960
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	351.798	265.103	216.546
(3) Non-Current Liabilities
(a) long-term borrowings	40.792	38.367	34.314
(b) Deferred tax liabilities (Net)	12.301	12.101	0.000
(c) Other long term liabilities	8.920	1.659	0.750
(d) long-term provisions	0.558	(0.129)	12.997
Total Non-current Liabilities (3)	62.571	51.998	48.061
(4) Current Liabilities
(a) Short term borrowings	70.819	103.202	1.557
(b) Trade payables	17.230	23.205	21.953
(c) Other current liabilities	13.126	19.644	8.773
(d) Short-term provisions	14.698	13.612	11.392
Total Current Liabilities (4)	115.873	159.663	43.675
TOTAL	530.242	476.764	308.282
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.877	101.633	101.549
(ii) Intangible Assets	0.000	0.000	0.00
(iii) Capital work-in-progress	5.181	5.212	0.109
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.159	0.731	0.608
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.217	107.576	102.266
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.350	46.006	48.150
(c) Trade receivables	216.529	211.803	88.135
(d) Cash and cash equivalents	90.118	76.139	44.840
(e) Short-term loans and advances	12.028	35.240	24.891
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	389.025	369.188	206.016
TOTAL	530.242	476.764	308.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	939.171	768.642	NA
		Other Income	10.435	7.788
		TOTAL (A)	949.606	776.430
Less	EXPENSES
		Cost of materials consumed	612.689	557.177
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	11.386	(6.029)
		Employee benefits expense	32.555	27.175
		Other expenses	148.698	106.074
		TOTAL (B)	805.328	684.397
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		144.278	92.033
Less	FINANCIAL EXPENSES (D)		8.233	7.917
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		136.045	84.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.387	9.812
	PROFIT BEFORE TAX (E-F) (G)		125.658	74.304
Less	TAX (H)		38.963	25.747
	PROFIT AFTER TAX (G-H) (I)		86.695	48.557
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.719	(4.837)
	BALANCE CARRIED TO THE B/S		130.415	43.720
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	451.310	327.738
	TOTAL EARNINGS		451.310	327.738
	Earnings Per Share (Rs.)		35.26	19.75	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.13	6.25	NA
Net Profit Margin (PBT/Sales)	(%)	13.38	9.67	NA
Return on Total Assets (PBT/Total Assets}	(%)	23.93	15.76	NA
Return on Investment (ROI) (PBT/Networth)		0.36	0.28	NA
Debt Equity Ratio (Total Debt /Networth)		0.32	0.53	0.17
Current Ratio (Current Asset/Current Liability)		3.36	2.31	4.72

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 two years	Yes
12]	Profitability for last two 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	Yes

NOTE:

The registered office of the company has been shifted from 6, Rruby House,"B" Wing, 2nd Floor, J.K Sawant Marg, Dadar (West) Mumbai – 400028, Maharashtra, India to present address w.e.f. 04.01.2010.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and Advances from related parties	40.792	38.367
Total	40.792	38.367

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10303443	25/08/2011	145,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B19271758
2	10303445	18/08/2011	145,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B19272566

* Date of charge modification

FIXED ASSETS:

· Land Buildings

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· 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.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.