MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	JOHNSON MATTHEY INDIA PRIVATE LIMITED
Registered Office :	103, Ashoka Estate, Barakhamba Road, New Delhi 110 001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.1998
Com. Reg. No.:	55-91736
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U31104DL1998PTC091736
TAN No.: [Tax Deduction & Collection Account No.]	DELJ02845D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Emission Control Catalyst.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4480000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	103, Ashoka Estate, Barakhamba Road, New Delhi 110 001, India
Tel. No.:	91-11-23350633
Fax No.:	91-11-23723909/2290240
E-Mail :	sbishts@netscape.net gambhs@mattheyasia.com
Website :	http://www.matthey.com
Factory :	Plot No. 12, Sector 3, IMT Manesar, Gurgaon 122 050, Haryana, India
Tel. No.:	91-124-2290234-37/ 2290546/ 2290553
Fax No.:	91-124-2290240/ 2290239

DIRECTORS

As on 30.09.2011

Name :

Mr. Christley Micheal Simon

Designation :

Director

Address :

52A, Plough Hill, Cuffley, Hartfordshire-EM6 4DS, U K

Date of Birth/Age :

20.09.1957

Date of Appointment :

28.06.2002

DIN No.:

02217726

Name :

Mr. John Vitas Zubrickas

Designation :

Director

Address :

B 1203, LOL Palm Garden, Condominiums, Putrajaya 65202, Malaysia, Australia

Date of Birth/Age :

03.05.1957

Date of Appointment :

25.05.2007

DIN No.:

02259613

Name :

Mr. Yue Huang

Designation :

Director

Address :

Room No. 2805, No. 1, Lane 163, Puhuitqng Road, Xuhui District, Shanghai, China, 200030

Date of Birth/Age :

25.01.1973

Date of Appointment :

08.09.2010

DIN No.:

03278219

Name :

Mr. Dhananjay Vishnu Tapasvi

Designation :

Managing Director

Address :

8 Earle Close, Yarm United Kingdom

Date of Birth/Age :

10.01.1967

Date of Appointment :

08.09.2010

DIN No.:

03309900

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31104DL1998PTC091736	Johnson Matthey India Private Limited	Managing director	28-10-10	08-09-10	-	Active	NO
2	U24110MH2002FTC137100	Johnson Matthey Chemicals India Private Limited	Managing director	04-11-10	04-11-10	-	Active	NO
3	U29120MH2005PTC151432	Intercat Equipment (Mumbai) Private Limited	Additional director	18-01-11	18-01-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Gambhir
Designation :	Company Secretary
Address :	J-140, Reserve Bank Enclave, Paschim Vihar, New Delhi 110 063, India
Date of Birth/Age :	12.09.1969
Date of Appointment :	13.08.2001
Pan No.:	ADRPG4130D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Matthey Finance B.V, The Netherlands	14999999
Johnson Matthey Nominees Limited, United Kingdom	1
TOTAL	15000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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 and Exporter of Automobile Emission Control Catalyst.

Products :

Product Description	Item Code No.
Automobile Exhaust Catalysts	8421900

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign Currency Loans Unsecured	354.336	0.000
Working Capital Demand Loan	0.000	530.000
Total	354.336	530.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Building No. 10, 8^th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN.:	AAASB9852S
Ultimate Holding Company:	Johnson Matthey Plc, United Kingdom
Holding Company:	Matthey Finance B.V, The Netherlands
Fellow Subsidiaries:	Johnson Matthey Sdn Bhd Johnson Matthey Japan Incorporated Johnson Matthey Hongkong Limited Johnson Matthey (Pty) Limited, South Africa Johnson Matthey SA/NV Johnson Matthey Chemical India Private Limited Cin No. U24110MH2002FTC137100 Johnson Matthey Inorganics Sdn Bhd Johnson Matthey (Shanghai) Chemical Limited Johnson Matthey Catalyst, USA Johnson Matthey Catalyst, Korea

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		150.000	150.000	150.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		970.586	827.612	700.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1120.586	977.612	850.300
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		354.336	530.000	459.592
TOTAL BORROWING		354.336	530.000	459.592
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1474.922	1507.612	1309.892
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		247.865	246.393	169.805
Capital work-in-progress		368.374	16.819	65.240
INVESTMENT		29.689	0.000	0.000
DEFERREX TAX ASSETS		0.000	27.001	16.998
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1045.046	580.994	386.859
	Sundry Debtors	733.997	491.417	618.049
	Cash & Bank Balances	1068.181	18.634	4.941
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	324.685	450.360	298.520
Total Current Assets		3171.909	1541.405	1308.369
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2073.379	186.303	142.984
	Other Current Liabilities	259.635	125.529	87.695
	Provisions	9.901	12.174	19.841
Total Current Liabilities		2342.915	324.006	250.520
Net Current Assets		828.994	1217.399	1057.849
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1474.922	1507.612	1309.892

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5218.000	3241.000	3860.000
		Other Income
		TOTAL (A)	5218.000	3241.000	3860.000
Less	EXPENSES
		Office Expenses	4937.000	2985.000	3578.000
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	4937.000	2985.000	3578.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		281.000	257.000	282.000
Less	FINANCIAL EXPENSES (D)		28.000	23.000	48.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		253.000	234.000	234.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.000	37.000	33.000
	PROFIT BEFORE TAX (E-F) (G)		216.000	197.000	201.000
Less	TAX (H)		74.000	70.000	85.000
	PROFIT AFTER TAX (G-H) (I)		142.000	127.000	116.000
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	742.412	438.577	399.090
		Commission Income		0.000	1.689
		Refinery Income		15.951	19.548
		Other Income		0.953	0.566
	TOTAL EARNINGS		742.412	455.481	420.893
	IMPORTS
		Raw Materials	NA	2580.953	2832.255
		Stores & Spares	NA	0.430	1.692
		Capital Goods	NA	19.377	6.838
	TOTAL IMPORTS		NA	2600.760	2840.785
	Earnings Per Share (Rs.)		9.47	8.47	7.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.72	3.92	3.00
Return on Total Assets (PBT/Total Assets}	(%)	6.32	11.01	13.60
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	0.23
Debt Equity Ratio (Total Liability/Networth)		2.41	0.87	0.84
Current Ratio (Current Asset/Current Liability)		1.35	4.76	5.22

LOCAL AGENCY FURTHER INFORMATION

OUTLOOK FOR THE YEAR 2011-2012

Despite reduced growth in 2011-12, the company still plans to meet the challenges in the coming years and grow in line with auto market recovery. With the new modern Line -2 becoming fully operational in 2011-12, the company has adequate capacity to capture new business. The company plans to add more 2 wheeler businesses in the coming year.

RESEARCH AND DEVELOPMENT

The company’s product support and new developments are supported by Johnson Matthey Research and Development facilities around the world.

OHSAS 18000/TS 16949/ISO 14001

The company has earned the distinction of being certified as OHSAS 18000, TS 16946, ISO 14001 and has maintained those certifications

Provisions and Contingencies

Particulars	31.03.2011
Disclosure of contingent liabilities
Details of disputed income tax	Contingent Liability in respect of Income Tax matters is Rs.55.001 Millions
Details of disputed service tax demands	Contingent Liability in respect of Service Tax matters is Rs.10.098 Millions

Fixed Assets

• Freehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Computer Equipments
• Office Equipments
• Software

WEBSITE DETAILS:

PROFILE

Subject is a speciality chemicals company focused on its core skills in catalysts, precious metals, fine chemicals and process technology. The group's principal activities are the manufacture of autocatalysts, heavy duty diesel catalysts and pollution control systems, catalysts and components for fuel cells, catalysts and technologies for chemical processes, fine chemicals, chemical catalysts and active pharmaceutical ingredients and the marketing, refining, and fabrication of precious metals. Subject has continued to develop its technology for almost 200 years, demonstrating the company's ability to maintain world leadership by adapting constantly to rapidly changing customer needs. Rigorous in its own environmental policies, many of Subject products have a major beneficial impact on the environment and enhance the quality of life for millions around the world. Subject has operations in over 34 countries and employs around 8,700 people. Its products are sold across the world to a wide range of advanced technology industries. In India, Subject has four manufacturing sites spread across Mumbai, Manesar and Kanpur and two sales offices in Gurgaon and Chennai with an employee strength of 300.

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.53.02
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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
TOTAL		48

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.