MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	ARCIL CATALYST PRIVATE LIMITED
Registered Office :	On Coastal Highway, P.O. Mujpur, Taluka: Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2012
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 :	Manufacturer of Aluminium Fluoride.
No. of Employees :	250 (Approximately)

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 1060000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of ARCIL part of the Gulbrandsen Group, India (GGI). It is an established company having a satisfactory track record. Profit and loss account statement of 2012 is not available. However, networth of company appears to be 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

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

Rating Agency Name	CRISIL
Rating	Short term rating: “A2”
Rating Explanation	Strong degree of safety and 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’0020list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Deepak Sharma
Designation :	Accounts Department
Contact No.:	91-7366-245023
Date :	17.10.2013

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 28.09.2012

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

KEY EXECUTIVES

Name :	Mr. Deepak Sharma
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

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

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :	Manufacturer of Aluminium Fluoride.
Exports :
Products :	Finished Good
Countries :	· UK USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Customers :	End Users and Others
No. of Employees :	250 (Approximately)
Bankers :	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Mukund and Rohit Chartered Accountants
Address :	No 8, 2nd Floor, Tower E Avishkar, Old Padra Road, Vadodara – 390007, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFM4355J
Associates/Subsidiaries :	Gulbrandsen Chemicals Private Limited

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.586	24.586
(b) Reserves & Surplus	240.517	191.960
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	265.103	216.546
(3) Non-Current Liabilities
(a) long-term borrowings	38.367	34.314
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.750	0.750
(d) long-term provisions	13.011	12.997
Total Non-current Liabilities (3)	52.128	48.061
(4) Current Liabilities
(a) Short term borrowings	103.202	1.557
(b) Trade payables	23.205	21.953
(c) Other current liabilities	19.644	8.773
(d) Short-term provisions	13.612	11.392
Total Current Liabilities (4)	159.663	43.675
TOTAL	476.894	308.282
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.633	101.549
(ii) Intangible Assets	0.000	0.00
(iii) Capital work-in-progress	5.212	0.109
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.130	0.000
(d) Long-term Loan and Advances	0.731	0.608
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	107.706	102.266
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	46.006	48.150
(c) Trade receivables	211.803	88.135
(d) Cash and cash equivalents	76.139	44.840
(e) Short-term loans and advances	35.240	24.891
(f) Other current assets	0.000	0.000
Total Current Assets	369.188	206.016
TOTAL	476.894	308.282

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			24.586
2] Share Application Money			0.000
3] Reserves & Surplus			196.798
4] (Accumulated Losses)			(51.443)
NETWORTH			169.941
LOAN FUNDS
1] Secured Loans			0.000
2] Unsecured Loans			0.000
TOTAL BORROWING			0.000
DEFERRED TAX LIABILITIES			0.000
TOTAL			169.941
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			78.055
Capital work-in-progress			2.164
INVESTMENT			0.000
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		31.638
	Sundry Debtors		29.484
	Cash & Bank Balances		37.234
	Other Current Assets		0.000
	Loans & Advances		47.565
Total Current Assets			145.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities		42.026
	Provisions		14.173
Total Current Liabilities			56.199
Net Current Assets			89.722
MISCELLANEOUS EXPENSES			0.000
TOTAL			169.941

Particulars	31.03.2012
Sales Turnover (Approximately)	750.000

The above information has been parted by Mr. Deepak

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	0.53	0.17	0.00
Current Ratio (Current Asset/Current Liability)	2.31	4.72	2.60

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last three years	No
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	Yes
18]	Major customers	Yes
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	Yes

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 - 390015, GUJARAT, INDIA	B19271758
2	10303445	18/08/2011	145,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B19272566

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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	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		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.