MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	FORMICA LAMINATES (INDIA) PRIVATE LIMITED
Registered Office :	Office No. 105, 106 and 108, Winners Window Apartments., FP No.583/2, Wrangler Paranjape Road, Shivajinagar, Pune – 411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.2011
Com. Reg. No.:	11-140908
Capital Investment / Paid-up Capital :	Rs. 0.750 Million
CIN No.: [Company Identification No.]	U20219PN2011PTC140908
TAN No.: [Tax Deduction & Collection Account No.]	PNEF01510F
PAN No.: [Permanent Account No.]	AABCF8143R
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Manufacturing decorative and industrial laminates and other surfacing and associated product.
No. of Employees :	Information declined by the management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary for Formica (Singapore) Pte Limited It is an established company having moderate track record. The rating is constrained on account of continuous losses incurred by the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON - COOPERATIVE (91-20-30246013)

LOCATIONS

Registered Office :	Office No. 105, 106 and 108, Winners Window Apartments., FP No.583/2, Wrangler Paranjape Road, Shivajinagar, Pune – 411005, Maharashtra, India
Tel. No.:	91-20-30246000/04
Mobile No.:	91-9099972466 (Mr. Satish)
Fax No.:	91-20-30246005
E-Mail :	satish.gedala@formica.com sanjay.badri@formica.com
Website :	http://formica.com
Location :	Owned
Factory :	591-592, 6^th K.M. Stone, Kalol, Gandhinagar – 382721, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :	Mr. Mark Duncan Adamson
Designation :	Director
Address :	5345 Miami Road, Cincinnati, Ohio 45243, USA
Date of Birth/Age :	123.11.1965
Date of Appointment :	28.09.2011
DIN No.:	03590146
Name :	Mr. Leigh Jeffery Box
Designation :	Director
Address :	224 E 8^th Street, Apartment 610, Cincinnati, Ohio 45243, USA
Date of Birth/Age :	22.09.1955
Date of Appointment :	28.09.2011
DIN No.:	03590156
Name :	Mr. Richard Simon Pollington
Designation :	Director
Address :	Cedarwood Grange, Bainbridge Lane, Eshott Morpeth NE659FD, UK
Date of Birth/Age :	27.06.1961
Date of Appointment :	28.09.2011
DIN No.:	03592224
Name :	Mr. Neil Laurence Mason
Designation :	Director
Address :	27 Wilow Way ponteland Newcastle Upon Tyne NE209RF, UK
Date of Birth/Age :	21.01.1970
Date of Appointment :	28.09.2011
DIN No.:	03594304
Name :	Mr. Sanjay Gopal Badri
Designation :	Director
Address :	Flat No. 30, Neelkanth Apartment, Near Rajawada Hotel, Baner Pashan Road, Pune - 411008, Maharashtra, India
Date of Birth/Age :	03.04.1956
Date of Appointment :	28.09.2011
DIN No.:	03082485

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Formica (Singapore) Pte. Limited, Singapore	74999
Formica Holdings Limited, United Kingdom	1
Total	75000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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 :	Trading and Manufacturing decorative and industrial laminates and other surfacing and associated product.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Banking Relations :
Auditors :
Name :	A R Asaikar and Company Chartered Accountants
Address :	65/20, Krutanjali, 1st Floor, Law College Road, Erandwane, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25420093/25437977
E-Mail :	Info@arasaikar.com
Website:	www.arasaikar.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAQFA7164B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Formica (Singapore) Pte. Limited, Singapore
Companies under common control	Formica Corp, USA Formica SA Spain and Formica Limited, UK

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1.500 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs. 0.750 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.750	0.500
(b) Reserves & Surplus	206.937	(0.404)
(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)	207.687	0.096
(3) Non-Current Liabilities
(a) long-term borrowings	314.010	83.255
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.720	0.000
Total Non-current Liabilities (3)	314.730	83.255
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	70.088	21.076
(c) Other current liabilities	3.557	0.867
(d) Short-term provisions	7.228	0.000
Total Current Liabilities (4)	80.873	21.943
TOTAL	603.290	105.294
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	292.688	0.000
(ii) Intangible Assets	110.262	0.000
(iii) Capital work-in-progress	7.985	14.323
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.907	0.853
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	411.842	15.176
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	100.229	46.446
(c) Trade receivables	59.136	11.106
(d) Cash and cash equivalents	25.539	23.262
(e) Short-term loans and advances	5.594	6.902
(f) Other current assets	0.950	2.402
Total Current Assets	191.448	90.118
TOTAL	603.290	105.294

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	132.685	10.310
	Other Income		0.000
	TOTAL (A)	132.685	10.310
Less	EXPENSES
	Purchases of stock-in-trade	157.854	7.125
	Employee Benefit Expense		0.004
	Other Expenses		3.585
	TOTAL (B)	157.854	10.714
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(25.169)	(0.404)
Less	FINANCIAL EXPENSES (D)	4.682	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(29.851)	(0.404)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12.557	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(42.408)	(0.404)
Less	TAX (I)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(42.408)	(0.404)
	IMPORTS
	Raw Materials	1.977	0.000
	Finished Goods	4.842	0.000
	Capital Goods	7.822	0.000
	TOTAL IMPORTS	14.641	0.000
	Earnings / (Loss) Per Share (Rs.)
	Basic	(241.00)	(1480.00)
	Diluted	--	(555.00)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin PAT/ Sales	(%)	NA	(3.92)
PBIDT / Sales	(%)	NA	(3.92)
Return on Total Assets (PBT/Total Assets}	(%)	(7.12)	(0.44)
Return on Investment (ROI) (PBT/Networth)		(0.20)	(4.21)
Debt Equity Ratio (Total Debt /Networth)		1.51	867.24
Current Ratio (Current Asset/Current Liability)		2.37	4.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.750
Reserves & Surplus	(0.404)	206.937
Net worth	0.096	207.687
long-term borrowings	83.255	314.010
Short term borrowings	0.000	0.000
Total borrowings	83.255	314.010
Debt/Equity ratio	867.240	1.512

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	10.310	132.685
		1,186.954

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	10.310	132.685
Profit	(0.404)	(42.408)
	(3.92%)	(31.96%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
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

NOTE: NO CHARGES EXIST FOR COMPANY

NOTE: Registered office of the company has been shifted from 203 Plot No. 161A, Sham Shakuntal Heights, Ganeshkhind Road, Modi Baug Shivaji Nagar, Pune – 411016, India to the present address w.e.f. 14.08.2013

CORPORATE INFORMATION

Subject was incorporated on 28th September 2011, with its registered office at Pune. Company is engaged in business of Trading and Manufacturing decorative and industrial laminates and other surfacing and associated product. Company is a group company of the Fletcher Building, New Zealand which is engaged in manufacturing and distribution of building materials. During FY 2012-13 Company has acquired existing Manufacturing Plant of Wellpack Papers and containers Limited. Situated at Taluka - Kalol, Gandhinagar, Gujarat

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term Loan (with HSBC) The term loan taken from HSBC Bank is repayable starting April 2015 in four equal annual installments. The applicable interest rate currently is 11.10 %. Loan is secured against Corporate Guarantee issued by Fletcher Buildings New Zealand, a group company	115.000	0.000
Bonds Debentures 7% Compulsorily convertible debentures (Compulsorily convertible debentures of face value of Rs. 10/- of Rs.0.199 Million (previous year Rs.0.083 Millions, convertible 15 years from date of allotment or as decided by board of directors whichever is earlier issued at a premium of Rs.990 Million - included in value of debenture disclosed here)	199.010	83.255
Total	314.010	83.255

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Office Equipment
• Leasehold Improvement
• Goodwill
• Computer Software
• Trademarks

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.62.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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
DEFAULTER
--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.