MIRA INFORM REPORT

Report No. :	308219
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	GULBRANDSEN CHEMICALS PRIVATE LIMITED
Registered Office :	On Coastal Highway, Village Mujpur, Taluka Padra, Vadodara – 391440, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.12.1998
Com. Reg. No.:	04-041319
Capital Investment / Paid-up Capital :	Rs. 43.695 Millions
CIN No.: [Company Identification No.]	U24119GJ1998PTC041319
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00260B
PAN No.: [Permanent Account No.]	AABCG0812A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Not Available

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 3100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is strong. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BBB+
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	26.02.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	26.02.2014

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.

LOCATIONS

Registered Office :	On Coastal Highway, Village Mujpur, Taluka Padra, Vadodara – 391440, Gujarat, India
Tel. No.:	91-2662-306000/ 221199
Fax No.:	91-2662-306210/ 225096
Mobile No.:	91-9428879255 (Mr. Nilesh)
E-Mail :	ssingh@gulbrandsen.com nrakhalia@gulbrandsen.com
Website :	www.gulbrandsen.com
Location :	Owned
Corporate Office / Factory :	405, Synergy Square, Krishna Industrial Estate, Vadodara – 390016, Gujarat, India
Tel. No.:	91-265-3927737
Division :	Located at : · Orangeburg, South Carolina · Zwijndrecth, Belgium · Hamburg, Germany · TBD, Thailand · Shangai, China · Seoul, Korea · Nagda, India · Majpur, India

DIRECTORS

As on 06.08.2014

Name :

Mr. Jacob George

Designation :

Managing Director

Address :

104 Covered BRDG CVRD BRDG FRMS, Newark, De 197110000, Newark, USA

Date of Birth/Age :

13.09.1950

Date of Appointment :

02.10.2009

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 :

Mr. Donald Edward Gulbrandsen

Designation :

Director

Address :

P O Box 1008, 40, Holand Road, Bedminster, NJ 08809, USA

Date of Birth/Age :

06.08.1961

Date of Appointment :

19.11.1999

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 :

Mr. Eric Dean Carl Smith

Designation :

Director

Address :

728, Milledge Road, Augusta, GA – 30904, USA

Date of Birth/Age :

02.08.1961

Date of Appointment :

01.03.2004

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 06.08.2014

Names of Shareholders	No. of Shares
EW Limited C/O International Management (Mauritius) Limited, Mauritius	4369515
Donald Gulbrandsen Eric Dean Carl Smith Jacob George	1
Total	4369516

Equity Share Break up (Percentage of Total Equity)

As on 06.08.2014

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 :	Manufacturer of Chemicals.
Products :	· Aluminum Chloride Anhydrous · Boron Trifluoride (BF3) · Stannous Octoate · Stannic Chloride · Stannous Chloride · Tin Tetrachloride · Monobutyl Tin Chloride · Dibutyl Tin Chloride · Tetrabutyl Tin · Dibutyl Tin Oxide · Dibutyl Tin Dilaurate · Glass Coating · Triethylaluminum (TEAL) Product Services · Friedal-Crafts Reaction · Organic Chemical Tolling
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

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

· State Bank of India (Industrial Finance Branch), Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· Global Trust Bank Limited, 303-48-3, Sardar Patel Road, Secunderabad - 500003, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	426.118	444.838
Total	426.118	444.838

Banking Relations :	--
Auditors :
Name :	Bharat Parikh And Associates Chartered Accountants
Address :	509, Shriram Chambers, R.C. Dutt Road, Alkapuri, Vadoadra – 390007, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFB7439H
Memberships :	--
Collaborators :	--
Holding Company :	· EW Limited, Mauritius
Associates :	· Gulbrandsen Technologies (India) Private Limited CIN No.: U72200GJ2003PTC042402 Arcil Catalyst Private Limited CIN No.: U99999GJ1999PTC059384 Gulbrandsen Chemicals Inc. Gulbrandsen EC Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/-each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4369516	Equity Shares	Rs.10/-each	Rs.43.695 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	43.695	43.695	43.695
(b) Reserves & Surplus	1030.359	814.754	790.795
(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)	1074.054	858.449	834.490
(3) Non-Current Liabilities
(a) long-term borrowings	341.367	360.057	356.049
(b) Deferred tax liabilities (Net)	53.965	27.019	20.690
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.225	19.444	15.808
Total Non-current Liabilities (3)	420.557	406.520	392.547
(4) Current Liabilities
(a) Short term borrowings	426.118	444.838	485.225
(b) Trade payables	137.305	106.970	199.559
(c) Other current liabilities	347.333	43.325	39.242
(d) Short-term provisions	98.903	279.297	87.692
Total Current Liabilities (4)	1009.659	874.430	811.718
TOTAL	2504.270	2139.399	2038.755
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1023.872	620.198	520.114
(ii) Intangible Assets	20.899	24.485	0.248
(iii) Capital work-in-progress	216.753	337.516	255.580
(iv) Intangible assets under development		0.000	12.966
(b) Non-current Investments	4.500	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.393	13.493	9.809
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1284.417	995.692	798.717
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	544.536	407.073	445.135
(c) Trade receivables	241.210	398.781	420.077
(d) Cash and cash equivalents	105.788	92.116	110.758
(e) Short-term loans and advances	328.319	245.737	264.068
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1219.853	1143.707	1240.038
TOTAL	2504.270	2139.399	2038.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	2512.600	2247.380	2140.650
Less	EXPENSES TOTAL		2060.290	1844.760	1816.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		452.310	402.620	323.950
Less	FINANCIAL EXPENSES		25.120	27.580	27.280
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		427.190	375.040	296.670
Less/ Add	DEPRECIATION/ AMORTISATION		101.460	82.360	73.250
	PROFIT BEFORE TAX		325.730	292.680	223.420
Less	TAX		108.950	90.980	75.290
	PROFIT AFTER TAX		216.780	201.700	148.130
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		508.940	505.150	357.020
Less	APPROPRIATIONS
		Transfer to General Reserve	1.180	20.170	0.000
		Proposed Equity	0.000	152.930	0.000
		Dividend Distribution Tax on Proposed Dividend	0.000	24.810	0.000
	BALANCE CARRIED TO THE B/S		724.540	508.940	505.150
	EARNINGS IN FOREIGN CURRENCY		2032.320	1793.930	1673.410
	IMPORTS
		Raw Materials	1185.980	1045.980	1058.580
		Packing Materials	7.580	5.200	4.230
		Components and Spare parts	1.380	2.290	0.820
		Capital Goods	17.750	6.570	1.300
	TOTAL IMPORTS		1212.69	1060.040	1064.930
	Earnings Per Share (Rs.)		49.61	46.16	33.90

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	14.27	16.24	12.62
Return on Investment (ROI) (PBT/Networth)		0.30	0.34	0.27
Debt Equity Ratio (Total Debt /Networth)		0.71	0.94	1.01
Current Ratio (Current Asset/Current Liability)		1.21	1.31	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	43.695	43.695	43.695
Reserves & Surplus	790.795	814.754	1030.359
Net worth	834.490	858.449	1074.054
long-term borrowings	356.049	360.057	341.367
Short term borrowings	485.225	444.838	426.118
Total borrowings	841.274	804.895	767.485
Debt/Equity ratio	1.008	0.938	0.715

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2140.650	2247.380	2512.600
		4.986	11.801

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2140.650	2247.380	2512.600
Profit	148.130	201.700	216.780
	6.92%	8.97%	8.63%

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	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

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from others	341.367	360.057
Total	341.367	360.057

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10305607	12/09/2011	20,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B20236303
2	10291012	12/07/2011 *	600,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B16730780
3	10274850	11/07/2011 *	580,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B16732448

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Intangible Assets

· Computer Software

Brands and Trade Marks

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	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		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.