MIRA INFORM REPORT

Report Date :

18.09.2008

IDENTIFICATION DETAILS

Name :	HINDUSTAN PLATINUM PRIVATE LIMITED
Registered Office :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra.
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	04.10.1961
Com. Reg. No.:	12143
CIN No.: [Company Identification No.]	U74999MH1961PTC012143
TAN No.: (Tax Deduction & Collection Account No.)	MUMH00234D
PAN No.: [Permanent Account No.]	AAACH1111J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of precious metals products having industrial applications across a broad spectrum of industries

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3234335
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine trade. Financial position is good. Payments are correct and as commitments. The company and director enjoy very favorable reputation in the market. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long run.

LOCATIONS

Registered Office :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27683006 Extn. 329
Fax No.:	91-22-27630413/ 27619398/99
E-Mail :	info@hpl.com
Website :	http://www.hp.co.in
Administrative Office / Factory :	Shanti Nagar, Vakola, Santacruz (East), Mumbai 400055, Maharashtra.
Tel. No.:	91-22-26105791
Fax No.:	91-22-26106737
E-Mail :	info@hp.co.in
Website :	http://www.hp.co.in
Factory :	C-122, TTC Industrial Area, Pawar Village, Navi Mumbai – 400703, Maharashtra.
Tel. No.:	91-22-27683006
Fax No.:	91-22-27619398/99
E-Mail :	info@hp.co.in

DIRECTORS

Name :	Mr. Bilpodiwala Kaikhusru Homi
Designation :	Director
Address :	6C, Crystal, Altamount Road, Mumbai – 400026
Date of Birth/Age :	05.11.1928
Date of Appointment :	06.10.1961
Name :	Mr. Choksi Sajanlal Shashikant
Designation :	Director
Address :	58 – Manglika, Presidency Society, 7^th N S Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049
Date of Birth/Age :	27.11.1938
Date of Appointment :	08.11.1971
Name :	Mr. Abhay Sajanlal Choksi
Designation :	Director
Address :	222-A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai – 400036
Date of Birth/Age :	1.12.1948
Date of Appointment :	17.07.1980
Name :	Mr. Vikram Sajanlal Choksi
Designation :	Director
Address :	20 Mangal President Society, 7^th N.S. Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049
Date of Birth/Age :	24.04.1953
Date of Appointment :	17.07.1980
Name :	Mr. Ashok Chandrakant Choksi
Designation :	Director
Address :	221- A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai - 400036
Date of Birth/Age :	24.05.1947
Date of Appointment :	17.07.1980
Name :	Mr. Chandrakant Sajanlal Choksi
Designation :	Director
Address :	H 1, Eden Hall, Dr. Anie Besant Road, Worli, Mumbai – 400018
Date of Birth/Age :	12.01.1940
Date of Appointment :	08.11.1971
Name :	Mr. Sajanlal Choksi
Designation :	Director
Address :	Annie Beasant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Appointment :	01.01.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2007

Names of Shareholders	No. of Shares
Mr. Choksi S Shashikant HUF	12006
Mr. Choksi Sajanlal Shashikant	25329
Mrs. Bharti Shashikant Choksi	31344
Mr. Ashish Chandrakant Choksi	12305
Mr. Suruchi Ashish Choksi	6856
Mr. Vishvas Shashikant Choksi	18824
Mrs. Ekta Shashikant Choksi	4
Mr. Chandrakant S. Choksi HUF	31339
Mr. Chandrakant Sajanlal Choksi	36245
Mrs. Indrani Chadrakant Choksi	39080
Mrs. Priti Chandrakant Choksi	5
Ashok S. Choksi HUF	11344
Ashok Sajanlal Choksi	16124
Gautam Ashok Choksi	41366
Mrs. Tanu Gautam Choksi	28006
Gautam A. Choksi HUF	10000
Abhay S. Choksi	9674
Mr. Abhay Sanjaylal Choksi	15324
Mrs. Madhulika Abhay Choksi	22710
Mr. Sidharth Abhay Choksi	29521
Mrs. Natasha Sidharth Choksi	50
Mr. Gaurav Abhay Choksi	29571
Vikram S. Choksi HUF	18148
Mr. Vikram Sajanlal Choksi	8895
Mrs. Pallavi Vikaram Choksi	18970
Mr. Vardhaman Vikaram Choksi	33728
Mr. Rushabh Vikram Choksi	27109
Choksi Investment Private Limited	363
GTR Power Private Limited	10
Total	534250

AS ON 29.09.2007

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of precious metals products having industrial applications across a broad spectrum of industries

PRODUCTION STATUS

AS ON 29.09.2007

Particulars	Unit	Installed Capacity	Actual Production
Platinum Wire, Sheet Foils Laboratory Apparatus Etc	Kgs	100	50
Contacts
Electrical Contacts	Kgs	30000	20802
Bimetal Contacts	Kgs	20000	13810
Contacts or Carriers	Kgs	35000	4271
Wire Gauzes Catalysts
Platinum/Rhodium Wire Gauzes	Kgs	550	10
Platinum/Rhodium Wire Gauzes (Knitted)	Kgs	1000	8
Precious Metal Compousnds and Catalysts	Kgs
Compounds and Catalysts	Kgs
Spinnerettes and Filters
Precious Metal Spinnerettes	Kgs	100	0.1
Tantaulum Spinnerettes	Nos	10000	250
Stainless Steel Spinnerettes	Nos	3000	--
Custer Holders And Plugs	Nos	2000	11
Targets
Gold Targets (Solid and Bimetalier)	Kgs	500	--
Silver Targets	Kgs	80000	584
Refining	Kgs	NA	--

GENERAL INFORMATION

No. of Employees :	300
Bankers :	Bank of Baroda Dena Bank State Bank of India HDFC Bank
Facilities :	Secured Loan from Bank of Baroda

Banking Relations :	Good
Auditors :
Name :	Mr. N Jayendran Charterd Accountant
Address :	Oricon House, 4^th Floor, 12 K Dubash Marg, Mumbai – 400023, Maharashtra
Subsidiaries :	Epsilon Limited , Mauritius
Associates/Subsidiaries :	Choksi Investments Private Limited Choksi Contacts Private Limited Choksi Plantinum Private Limited Panache Engineers Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- Each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5342500	Equity Shares	Rs. 10/- Each	Rs.53.425 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		53.425	53.425	53.425
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		593.442	351.971	271.613
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		646.867	405.396	325.038
LOAN FUNDS
1] Secured Loans		794.951	512.464	127.672
2] Unsecured Loans		196.148	354.768	358.587
TOTAL BORROWING		991.099	867.232	486.259
DEFERRED TAX LIABILITIES		175.777	154.702	101.467
TOTAL		1813.743	1427.330	912.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		790.290	811.454	638.016
Capital work-in-progress		18.134	7.358	39.678
INVESTMENT		17.394	23.208	23.208
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	815.526	553.868	452.341
	Sundry Debtors	221.742	163.009	102.940
	Cash & Bank Balances	9.166	4.107	18.380
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.533	312.403	64.074
Total Current Assets		1301.967	1033.387	637.735
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	311.729	393.028	383.698
	Provisions	2.313	55.049	42.175
Total Current Liabilities		314.042	448.077	425.873
Net Current Assets		987.925	585.310	211.862
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1813.743	1427.330	912.764

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Total Income		2296.165	1637.499
Profit/(Loss) Before Tax		301.573	155.256
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		301.573	155.256
Expenditures :
	Interest	40.924	73.318
	Depreciation & Amortization	60.444	52.562
	Other Expenditure	1893.224	1656.363
Total Expenditure		1994.592	1782.243

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	13.13	09.48	NA
Net Profit Margin (PBT/Sales)	(%)	13.13	09.48	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.17	08.27	NA
Return on Investment (ROI) (PBT/Networth)		46.62	38.29	NA
Debt Equity Ratio (Total Liability/Networth)		2.01	4.68	3.45
Current Ratio (Current Asset/Current Liability)		4.14	1.00	1.00

LOCAL AGENCY FURTHER INFORMATION

AS PER WEBSITE

Hindustan Platinum at a glance

Subject, established in 1961, is a manufacturer of precious metals products having industrial applications across a broad spectrum of industries. Armed with technical partnerships with world leaders in the field, such as Engelhard-CLAL, Corning Incorporated of USA, dmc² (formerly, Degussa-Huls), Germany and Chugai Electric Industrial Company, Japan, commitment to quality and customer-driven research enables us to constantly meet the customers' requirements and to constantly strive to exceed it.

In accepting responsibility as a manufacturer whose components are critical to the manufacturing processes of other industries, Hindustan Platinum ensures stringent quality control at all levels of manufacturing starting right with purity of raw material, for which we have state of the art in-house refining facilities.

A quest for perfection and precision has resulted in technologies that are continuously evolving.

With a customer base in USA, Europe, UK and Asia, the world is its market. Moreover, diminished entry and exit barriers due to our having custom-bonded manufacturing premises and a custom bonded warehouse ensures smooth movement of goods and timely delivery. It approach, therefore, is truly global.

Its outlook, positive. Its mission, your satisfaction. Your success, its triumph.

Facility

Home to Precious ‘Mettle’

Subject was set up in 1961 in the heart of Mumbai (formerly, Bombay), the commercial capital of India. The plant is still running, albeit the machinery and technology is constantly being upgraded.

The year 1999 saw the commissioning of its extremely modern plant designed specifically to meet its rapidly growing expansion needs. Set amidst the verdant hills of the Western Ghats in New Bombay, it employs the latest manufacturing and processing technologies and highly advanced systems pertaining to security and environmental protection.

Proximity to the Airports, both domestic and international, as well as the Port Authority are factors that are used to advantage.

As a responsible manufacturing company, our growth has not been at the cost of the environment. Its fully integrated, state-of-the-art Effluent Treatment Plant that ensures that the water released after treatment is potable, bears testimony to commitment. Another gesture towards the concern for the environment is the Root Zone System, which is the only one of its kind in the area.

Other conservation methods such as air quality control, waste liquid neutralization …are now an inherent part of our manufacturing process. We are also in the process of developing more eco-friendly ways of recoveries such as thermal processing.

To state simply, they contribute to the world economy, but not at the cost of world ecology!

Making History

1952	Founded
1961	Equity collaboration with Heraeus
1976	Equity collaboration with Heraeus ends. Becomes family held
1984	Collaboration with Chugai of Japan for Electrical Contacts
1985	Collaboration with Engelhard Corporation for Catchment Gauzes
1994	Collaboration with Chugai renewed
1994	Collaboration with Degussa for Knitted Gauzes.
1996	Collaboration with Engelhard - CLAL for Sputter Targets
1997	Collaboration with Corning Inc. for Stirrers and other Platinum Components
1998	Collaboration Engelhard-CLAL for Bushings and Feeder Systems
1999	Commissioning of our plant in New Bombay

Quality Research and Developments

It's the same language we speak precision, hard work and commitment making up the script for it.

It's the language spoken by our unflinching efforts in giving you zero-defect products. It's the language spoken by our high-end machines that have been sourced from all around the world. They are simply the best at what they were meant for. It is testified by our trained workforce. And, by us-a family owned company that has stood the test of time since over four decades.

Engineered Products
	Laboratory Apparatus
	Sputter Targets
	Precious Metal Spinnerettes
	Cluster Spinnerettes
	Tantalum Filters
	Platinum/Rhodium Alloy Stirrers
	Platinum/Rhodium Alloy Bushings
	Thermocouple Wires
	Thimbles, Orifice Rings, Liners etc.
Electrical Contacts
	Electrical Contacts and Contact Assemblies
	Brazing Alloys
	Wires, Foils, Sheets etc
Salts & Catalyst
	Platinum/Rhodium Catalyst Gauzes
	Palladium Alloy Catchment Gauzes
	Silver Catalyst Gauzes
	Precious Metals Salts and Solutions
	Supported and Unsupported Catalysts
Services
	Recovery & Refining
	Recycling
	Custom-made solutions
	Precious metal management

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 records 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 records 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.46.34
UK Pound	1	Rs.82.96
Euro	1	Rs.65.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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