MIRA INFORM REPORT

Report No. :	325240
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	MAPEI CONSTRUCTION PRODUCTS INDIA PRIVATE LIMITED
Registered Office :	The Tudor Court, No.S-402, 3^rd Floor, Municipal No.40 (Old No.19C), Lavelle Road, Bangalore – 560 001, Karnataka
Tel. No.:	91-
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	04.03.2011
Com. Reg. No.:	08-057398
Capital Investment / Paid-up Capital :	Rs.200.000 million
CIN No.: [Company Identification No.]	U24290KA2011FTC057398
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCM0464A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and trading of products used in construction activities such as cement additives, ceramics related products and underground tunneling products.
No. of Employees :	Not Divulged

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 276000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Mapei SpA, Italy” and it is having moderate track record. Management failed to file the financials documents for the year ended 31.12.2013 to statutory authorities. And the documents are not been available from any sources. As per previous financial record of 2012, the company have incurred huge accumulated losses from its operations. Trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Marina Sarkar
Designation :	Personal Assistant of Mr. Abhijit Dutta (Managing Director)
Contact No.:	91-80-22221820
Date :	01.06.2015

LOCATIONS

Registered Office/ Head Office :	The Tudor Court, No.S-402, 3^rd Floor, Municipal No.40 (Old No.19C), Lavelle Road, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-22221820/ 1840
Fax No.:	91-80-22221810
E-Mail :	infoindia@mapei.co.in a.dutta@mapei.co.in
Website :	http://www.mapei.com
Location :	Owned
Locality :	Commercial
Factory :	KIADB Industrial Area, No.163 Bommasandra Jigani Link Road, Anekal Taluk Bangalore, Karnataka, India
Tel. No.:	91-80-27839689
Warehouse :	E-15A, Gala No.5, Harihar Compound, Dapode Village, Mankoli Naka, Bhiwandi – 421 302, Maharashtra, India
Tel. No.:	91-2522-655152

DIRECTORS

AS ON 27.06.2014

Name :

Mr. Abhijit Dutta

Designation :

Managing Director

Address :

28.07.1950

Date of Birth/Age :

IB-79, Sector–III, Salt Lake, Kolkata – 700 091, West Bengal, India

Date of Appointment :

04.03.2011

DIN No. :

01608273

PAN No.:

AETPD7439M

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	U24114WB1999PTC089219	SIKA BUILDING PRODUCTS PRIVATE LIMITED	Director	06/08/2005	06/08/2005	05/02/2010	Strike off	NO
2	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Managing director	06/08/2005	06/08/2005	05/02/2010	Active	NO
3	U24290KA2011FTC057398	MAPEI CONSTRUCTION PRODUCTS INDIA PRIVATE LIMITED	Managing director	04/03/2011	04/03/2011	-	Active	NO

Name :

Mr. Giorgio Squinzi

Designation :

Director

Address :

Birolli Renato, No.5, Milano-20125, Italy

Date of Birth/Age :

18.05.1943

Date of Appointment :

04.03.2011

DIN No. :

03345244

Name :

Mr. Veronica Squinzi

Designation :

Director

Address :

Birolli Renato, No.5, Milano-20125, Italy

Date of Birth/Age :

31.12.1972

Date of Appointment :

04.03.2011

DIN No. :

03345254

KEY EXECUTIVES

Name :	Ms. Marina Sarkar
Designation :	Personal Assistant of Mr. Abhijit Dutta (Managing Director)
Name :	Mr. S.R. Babu Shankar
Designation :	Secretary
Address :	No.1088, 16^th Cross, Banashankari II Stage, Bangalore – 560 070, Karnataka, India
Date of Birth/Age :	01.04.1956
Date of Appointment :	04.03.2011
PAN No. :	ACJPB0799G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2014

Names of Shareholders	No. of Shares
Mapei SpA, Italy	42999999
Veronica Squinzi, Italy	1
Total	43000000

AS ON 27.06.2014

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and trading of products used in construction activities such as cement additives, ceramics related products and underground tunneling products.

Products :

Item Code No.	Product Description
38245090	Construction Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

• Raw Materials

Countries :

• Italy
• Singapore
• Dubai

Terms :

Selling :

Credit and Cheque

Purchasing :

Credit and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Retailers and End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	The Hongkong and Shanghai Banking Corporation Limited
Branch Address	M.G. Road, Bangalore, Karnataka, India
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 :

Secured Loan	31.12.2012 [Rs. in Million]	31.12.2011 [Rs. in Million]
Long Term Borrowing
Rupee term loan from bank (Hypothecation of vehicles taken on lease)	1.501	2.684
Total	1.501	2.684

Banking Relations :	--
Auditors :
Name :	S R B C and Company Limited Chartered Accountant
Address :	12^th and 13^th Floor, UB City, Canberra Block, No. 24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.12.2012) :	Mapei SpA, Italy
Fellow Subsidiary Companies (As on 31.12.2012) :	Mapei Far East Pte Limited, Singapore Mapei Malaysia Bhd Sdn, Malaysia IBS, LLC, United Arab Emirates Polyglass Srl, Italy

CAPITAL STRUCTURE

AS ON 27.06.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
43000000	Equity Shares	Rs.10/- each	Rs.430.000 million

AS ON 31.12.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	200.000	99.862
(b) Reserves & Surplus	(103.314)	(47.393)
(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)	96.686	52.469
(3) Non-Current Liabilities
(a) Long-term borrowings	1.501	2.684
(b) Deferred tax liabilities (Net)	0.058	0.058
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.559	2.742
(4) Current Liabilities
(a) Short term borrowings	37.561	0.000
(b) Trade payables	29.321	14.088
(c) Other current liabilities	11.230	5.742
(d) Short-term provisions	1.450	0.873
Total Current Liabilities (4)	79.562	20.703
TOTAL	177.807	75.914
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.545	10.218
(ii) Intangible Assets	0.195	0.000
(iii) Capital work-in-progress	0.000	1.837
(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	6.429	7.936
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	103.169	19.991
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	36.784	16.780
(c) Trade receivables	32.050	4.890
(d) Cash and cash equivalents	0.000	33.617
(e) Short-term loans and advances	5.804	0.281
(f) Other current assets	0.000	0.355
Total Current Assets	74.638	55.923
TOTAL	177.807	75.914

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011
	SALES
		Income	151.977	16.577
		Other Income
		TOTAL	151.977	16.577
Less	EXPENSES
		TOTAL	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA
Less	TAX		NA	NA
	PROFIT/ (LOSS) AFTER TAX		(55.921)	(47.393)
	EARNINGS IN FOREIGN CURRENCY		Nil	1.209
	Earnings /(Loss) Per Share (Rs.)		(2.80)	(4.75)

Particulars	31.12.2014	31.12.2013
Sales Turnover	630.000	370.000

The above information has been parted by Ms. Marina Sarkar (Personal Assistant of Mr. Abhijit Dutta - Managing Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS	31.12.2012	31.12.2011
Debt Equity Ratio (Total Debt /Networth)	0.40	0.05
Current Ratio (Current Asset/Current Liability)	0.93	2.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	(Rs. In Million)	(Rs. In Million)
Share Capital	99.862	200.000
Reserves & Surplus	(47.393)	(103.314)
Net worth	52.469	96.686
Long-term borrowings	2.684	1.501
Short term borrowings	0.000	37.561
Total borrowings	2.684	39.062
Debt/Equity ratio	0.051	0.404

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012
	(Rs. In Million)	(Rs. In Million)
Total Income	16.577	151.977
		816.794

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012
	(Rs. In Million)	(Rs. In Million)
Total Income	16.577	151.977
Profit	(47.393)	(55.921)
	(285.90%)	(36.80%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

Particulars	31.12.2012 [Rs. in Million]	31.12.2011 [Rs. in Million]
Short Term Borrowing
Loans repayable on demand	37.561	0.000
Total	37.561	0.000

INDEX OF CHARGES:

No Charges Exist for the Company

FIXED ASSETS:

· Plant and Equipment

· Factory Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment

· Leasehold Improvements

· Computer Software

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

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