MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	JOHNSON MATTHEY CHEMICALS INDIA PRIVATE LIMITED
Registered Office :	Plot No. 6A, MIDC Industrial Estate, Taloja, District Raigad – 410 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.09.2002
Com. Reg. No.:	11-137100
Capital Investment / Paid-up Capital :	Rs.420.000 Millions
CIN No.: [Company Identification No.]	U24110MH2002FTC137100
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ05603D
PAN No.: [Permanent Account No.]	AABCJ1620M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Nickel Catalyst.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 4108000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY

Name :	Mr. Sunil
Designation :	Assistant Manager
Contact No.:	91-7838829700
Date :	20.12.2011

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 6A, MIDC Industrial Estate, Taloja, District Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-27401710/ 27401434
Mobile No.:	91-7838829700 (Mr. Sunil)
Fax No.:	91-22-27401711/ 27401421
E-Mail:	partha.banerjee@matthey.com jmtaloja@matthey.com rajender@matthey.com
Website:	http://www.jmtalojapgmcat.com
Factory 2 :	Udyog Nagar, Kanpur – 208 022, Uttar Pradesh, India
Sales Office :	Located at: v China v Hong Kong v Tokyo, Japan v Korea v Taiwan

DIRECTORS

Name :	Mr. Dhananjay Tapasvi
Designation :	Director
Name :	Mr. Saumendra Tripathy
Designation :	Director
Address :	Flat No. C 1001, Petal Heritage, Plot No.15 and 17, Sector 7, Kharghar, Navi Mumbai - 410 201, Maharashtra, India
Date of Birth/Age :	25.05.1972
Qualification :	PGDM
Experience :	16 Years
Date of Appointment :	22.09.2009
DIN No.:	02695123

KEY EXECUTIVES

Name :	Mr. Sunil
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2009

Names of Shareholders	No. of Shares
Matthey Finance B.V., Netherlands	41999999
Johnson Matthey (Nominees)Limited, UK	1
Total	42000000

As on 22.09.2009

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Nickel Catalyst.

Products :

Item Code No. (ITC Code)	38151100
Product Description	Nickel Hydrogenated Catalyst
Item Code No. (ITC Code)	38151100
Product Description	Naptha Reforming Catalyst
Item Code No. (ITC Code)	38151100
Product Description	Gas Reforming Catalyst

Exports :

Products :

Nickel Catalyst

Countries :

v UK

v USA

v Malaysia

v Indonesia

Imports :

Products :

Raw Material

Countries :

v UK

v Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

(Quantity in tonnes)

Particulars	31.03.2010
Catalysts:
Licensed Capacity	Not applicable
Installed Capacity	4330
Actual Production	4137

Notes:

i) Production meant far sale includes production under Toll conversion and is after shortages, handling losses and excludes quantity internally consumed if any.

ii) Catalyst production is delicensed.

iii) Installed capacity disclosed is on an annual basis.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

250 (Approximately)

Bankers :

• HSBC Bank, Taloja Branch
• Dena Bank
• State Bank of India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Long Term:
Others:
- Finance Lease Obligations (Secured by Charge on the Vehicles)	1.884	3.005
Total	1.884	3.005

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Long Term:
Other Loans and Advances - From Others:
External Commercial Borrowing from Johnson Matthey Plc. UK*	87.874	93.800
Fully Convertible Debentures [114170000 (Previous year 114170000) debentures of Rs.10 each fully paid up, issued to Johnson Matthey Plc., UK mandatory convertible into equity shares of Rs.10 each within 15 years from the date of allotment]	1141.700	1141.700
Total	1229.574	1235.500

Note: * Amount repayable within one year Rs. Nil (Previous year Nil.)

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon - 122 002, Haryana, India.
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
Holding Company :	Johnson Matthey B.V., Netherlands
Ultimate Holding Company :	Johnson Matthey Plc., UK
Fellow Subsidiaries :	v Johnson Matthey Inc., USA v Johnson Matthey Royston, UK v Johnson Matthey Shanghai, China v Johnson Matthey Japan v Johnson Matthey GMBH, Germany v Johnson Matthey India Private Limited v Johnson Matthey Hong Kong, China v Johnson Matthey Ceramics India Limited v Johnson Matthey Catalog Company Inc., USA v Johnson Matthey Catalysts, USA v Avocado Research Chemicals Limited, UK v Tracerco Limited, UK

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs.10/- each	Rs.420.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs.10/- each	Rs.420.000 Millions

(Of the above 41999999 equity shares are held by Johnson Matthey B.V., Netherlands, the holding company. The ultimate holding company is Johnson Matthey Plc., UK)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		420.000	420.000	420.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		607.006	392.220	259.384
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1027.006	812.220	679.384
LOAN FUNDS
1] Secured Loans		1.884	3.005	1.668
2] Unsecured Loans		1229.574	1235.500	1349.569
TOTAL BORROWING		1231.458	1238.505	1351.237
DEFERRED TAX LIABILITIES		49.728	93.409	104.422
TOTAL		2308.192	2144.134	2135.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		913.109	1009.256	1133.745
Capital work-in-progress		344.304	167.017	100.756
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	559.552	607.097	707.394
	Sundry Debtors	446.169	370.247	411.687
	Cash & Bank Balances	212.304	67.857	161.749
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	633.460	454.545	404.060
Total Current Assets		1851.485	1499.746	1684.890
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.766	80.578	413.360
	Other Current Liabilities	61.393	60.129	60.006
	Provisions	591.547	391.178	310.982
Total Current Liabilities		800.706	531.885	784.348
Net Current Assets		1050.779	967.861	900.542
MISCELLANEOUS EXPENSES		0.00	0.000	0.000
TOTAL		2308.192	2144.134	2135.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2380.100	2676.600	2599.700
		Other Income
		TOTAL	2380.100	2676.600	2599.700
	EXPENSES
		Office Expenses	2053.300	2463.600	2264.600
		Administrative Expenses
		Advertising Expenses
		TOTAL	2053.300	2463.600	2264.600
	PROFIT BEFORE TAX		326.800	212.900	335.100
Less	TAX		112.000	80.100	119.500
	PROFIT AFTER TAX		214.800	132.800	215.600
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		392.200	259.400	43.800
	BALANCE CARRIED TO THE B/S		607.000	392.200	259.400
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (FOB Basis)	1563.271	1579.967	1092.966
		Reimbursement of expenses	17.342	10.708	0.000
	TOTAL EARNINGS		1580.613	1590.675	1092.966
	IMPORTS
		Raw Materials	797.986	1236.377	1568.434
		Spare Parts	4.503	3.207	1.261
		Capital Goods	25.004	16.836	16.818
	TOTAL IMPORTS		827.493	1256.420	1586.513
	Earnings Per Share (Rs.)
	- Basic		5.11	3.16	5.13
	- Diluted		1.98	1.46	3.29

Particulars	31.03.2011
Sales Turnover (Approximately)	2400.000

Expected Sales (2011-2012): Rs.2450.000 millions

The above information has been parted by Mr. Sunil (Assistant Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.02	4.96	8.29
Return on Total Assets (PBT/Total Assets}	(%)	11.82	8.49	11.89
Return on Investment (ROI) (PBT/Networth)		0.32	0.26	0.49
Debt Equity Ratio (Total Liability/Networth)		1.98	2.18	3.14
Current Ratio (Current Asset/Current Liability)		2.31	2.82	2.15

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
- Micro and Small Enterprises	1.937	4.533	2.780
- Others	145.829	76.045	410.580
Total	147.766	80.578	413.360

Note: The registered office of the company has been shifted from Taloja, Raigad – 410 208, Maharashtra to the present address w.e.f. 16.02.2009.

FIXED ASSETS

Tangible Assets

v Land – Leasehold

v Plant and Machinery

v Motor Vehicles – Leased

v Motor Vehicles – Owned

v Building

v Furniture, Fittings and Equipment

Intangible Assets

v Software

v Goodwill

v Trademarks

v Patents and Know-How

v Non Complete Fee

v Option

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.52.67
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--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		45

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.