MIRA INFORM REPORT

Report Date :

06.01.2011

IDENTIFICATION DETAILS

Name :	J. M. HUBER INDIA PRIVATE LIMITED
Formerly Known As :	HUber chemicals India Private Limited
Registered Office :	4014-4019 Oberoi estate or Chandivli Farms Road, Off Saki Vihar Road, Andheri (East), Mumbai – 400 610, Maharashtra , India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.08.1992
Com. Reg. No.:	11-68071
CIN No.: [Company Identification No.]	u24110mh1992ptc068071
TAN No.: [Tax Deduction & Collection Account No.]	mumh02986E
PAN No.: [Permanent Account No.]	aaach2824a
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Silicon Dioxide and Commercial Metal Silicon.

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Gopal Krishnan
Designation :	Director
Contact No.:	91-22-28470259
Date :	05.01.2011

LOCATIONS

Registered Office / Factory :	4014-4019 Oberoi estate or Chandivli Farms Road, Off Saki Vihar Road, Andheri (East), Mumbai – 400 610, Maharashtra , India
Tel. No.:	91-22-28474607/ 28470259
Fax No.:	91-22-28476066
E-Mail :	gopal.iyer@huber.com
Website:	http://www.huber.com
Area:	3500 sq.ft. (Owned)

DIRECTORS

As on 27.09.2010

Name :	Mr. Donald George Rubright
Designation :	Director
Address :	808 Drewry Street, NE Atlanta Georgia 30036, USA
Date of Birth/Age :	01.04.1953
Date of Appointment :	15.12.2004
Name :	Mr. Gopalakrishnan Anantharaman Iyer
Designation :	Director
Address :	104 Primrose Glendale Gladys Alvares Marg, Off Pokhran Road No. 2, Thane West, Maharashtra
Date of Birth/Age :	30.09.1960
Qualification:	B.Com, A.C.A, A.I.C.W.A, A.C.S, M.A.C.I.
Experience:	29 Years
Date of Appointment :	01.07.2006
Last Employment:	German Remedies Limited
Name :	Mr. Rajeev Bhalchandra Karpe
Designation :	Director
Address :	3771 Brookcroft Place, Boothwyn PA 19061, USa
Date of Birth/Age :	15.04.1959
Date of Appointment :	30.06.2006
Name :	Mr. Walter Andrew Trott
Designation :	Director
Address :	12 Brown Stone Drive Mooresville, North Carolina 28117, USA
Date of Birth/Age :	22.07.1957
Date of Appointment :	25.03.2009
Name :	Mr. David Charles Herak
Designation :	Director
Address :	3242, Peachtree Road, Unit 1203, Atlanta, Georgia -30305, USA
Date of Birth/Age :	08.06.1963
Date of Appointment :	10.12.2009
Name :	Mr. P M Mandal
Designation :	Asia Sales Director
Date of Birth/Age :	59 Years
Qualification :	B.Sc. (Chem, Hons), B.Tech (Chem), D.M.S
Experience :	33 Years
Other Directorship:	Pushpa Impex Private Limited
Name :	Mr. Vinayak B Randive
Designation :	Associate Director – Sales and Innovation
Date of Birth/Age :	47 Years
Qualification :	M.Sc. (Organic Chemistry), Ph.D.
Experience :	19 Years
Last Employment:	Technical Manager – Personal Care FMC Biopolymer Global Personal Care
Name :	Mr. Basab Gupta
Designation :	Associate Director – Sales
Date of Birth/Age :	41 Years
Qualification :	B.E. (Chemical Engineer) PGDM
Experience :	13 Years
Last Employment:	Sembawang Shriram Integrated Logistics (Private) Limited
Name :	Mr. Jorma Sulo Heikki Sakko
Designation :	Director
Address :	201 Seneca Way B , Havre De Grace, Maryland 21078, USA
Date of Birth/Age :	05.06.1951
Date of Appointment :	30.06.2006
Date of Ceasing:	10.12.2009
Name :	Mr. Michael Logan Marberry
Designation :	Director
Address :	161 Linden Drive Fair Haven, New Jersey 07704, USA
Date of Birth/Age :	05.04.1958
Date of Appointment :	24.09.2002
Date of ceasing :	25.03.2009

KEY EXECUTIVES

Name :	Mr. Girish Karve
Designation :	Finance Controller
Name :	Mr. V S Ravikumar
Designation :	Vice President- Production and Logistrics
Date of Birth/Age :	27 Years
Qualification :	B.Sc, AMIIE
Experience :	27 Years
Last Employment:	QMS, EMS System

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
J M Huber Corporation , USA	22499999
Gopalakrishnan A Iyer Jointly with J.M Huber Corporation, USA	1
Total	22500000

Equity Share Breakup (Percentage of Total Equity)

AS ON :30.09.2010

Category		Percentage of Holding
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 Silicon Dioxide and Commercial Metal Silicon.

Products :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
28112200	Silicon Dioxide – other inorganics Oxygen Compound of Non – Metals
28399009	Commercial Metal Silicates – others

Exports :

Products :

Silicon Dioxide

Countries :

· Australia

· South East Asia

· South Africa

Terms :

Selling :

L/C, Cash and Credit (30-60-90 Days)

Purchasing :

Cash and Credit ( 30-60-90 Days)

PRODUCTION STATUS

(As on : 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Spray Dried Silica	Metric tonnes	15000 Per annum	14178

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

Approximately 30

Bankers :

Citi Bank, Mumbai, Corporate Finance Branch

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions	31.03.2009 (Rs. In Millions)
Short term
Working capital loan from bank (includes interest accrued and due Rs. 0.120 million Previous year Rs. 0.601 million) (Due within one year Rs. 30.120 millions Previous year Rs. 80.601 millions)	0.000	30.120
Total	0.000	30.120

Banking Relations :

---

Auditors :

Name :

A F Ferguson and Company

Chartered Accountants

Address :

12, Dr. annie Besant Road, opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra

Holding Company :

J M Huber Corporation, USA

Fellow Subsidiaries :

· C P Kelco APS, Denmark

· J M Huber, Finland

· C P Kelco AB, Sweden

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs. 10/- each	Rs.225.000 millions

Notes:

(All above Equity Shares are held by J M Huber Corporation, USA, the holding company)

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		225.000	225.000	225.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		130.321	60.288	0.000
4] (Accumulated Losses)		0.000	0.000	(17.812)
NETWORTH		355.321	285.288	207.188
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	30.120	160.520
TOTAL BORROWING		0.000	30.120	160.520
DEFERRED TAX LIABILITIES		4.280	4.499	0.000
TOTAL		359.601	319.907	367.708
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		174.312	189.234	209.394
Capital work-in-progress		2.880	1.498	2.840
INVESTMENT		4.243	4.242	4.242
DEFERREX TAX ASSETS		0.000	0.000	0.123
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.974	39.747	75.657
	Sundry Debtors	101.979	109.604	84.880
	Cash & Bank Balances	41.475	0.648	0.509
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	54.490	44.358	54.340
Total Current Assets		246.918	194.357	215.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.945	46.913	33.420
	Other Current Liabilities	15.942	13.988	14.308
	Provisions	1.865	8.523	16.550
Total Current Liabilities		68.752	69.424	64.278
Net Current Assets		178.166	124.933	151.108
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		359.601	319.907	367.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	630.150	700.000	512.000
		Other Income		2.837	NA
		TOTAL (A)	630.150	702.837	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	503.750	547.937	NA
		Advertising Expenses
		TOTAL (B)	503.750	547.937	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.400	154.900	47.400
Less	FINANCIAL EXPENSES/ INTEREST (D)		0.400	12.600	8.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		126.000	142.300	39.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.900	26.200	27.600
	PROFIT BEFORE TAX (E-F) (G)		103.100	116.100	11.800
Less	TAX (I)		35.800	38.000	2.800
	PROFIT AFTER TAX (G-I) (J)		67.300	78.100	9.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.300	[17.800]	[27.800]
ADD	PRIOR YEAR ADJUSTMENT		2.700	--	1.000
	BALANCE CARRIED TO THE B/S		130.300	60.300	[17.800]
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	322.267	349.541	187.377
		Commission Earnings	6.459	3.464	3.889
	TOTAL EARNINGS		328.726	353.005	191.266
	IMPORTS
		Raw Materials	0.977	0.000	16.685
		Stores & Spares	4.358	1.610	4.013
		Finished Goods	0.000	5.349	16.606
		Capital Goods	0.000	0.000	1.476
	TOTAL IMPORTS		5.335	6.959	38.780
	Earnings Per Share (Rs.)		2.99	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.68	11.11	1.75
Net Profit Margin (PBT/Sales)	(%)	NA	16.58	NA
Return on Total Assets (PBT/Total Assets}	(%)	24.48	29.82	2.73
Return on Investment (ROI) (PBT/Networth)		0.29	0.41	0.06
Debt Equity Ratio (Total Liability/Networth)		0.19	0.34	1.08
Current Ratio (Current Asset/Current Liability)		3.59	2.79	3.35

LOCAL AGENCY FURTHER INFORMATION

sundry creditors details:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry creditors
Total outstanding due of Micro, Small and Medium Enterprises	--	--	--
Total outstanding dues of creditors others than Micro, small and Medium Enterprises	50.945	46.913	33.420
Total	50.945	46.913	33.420

operations:

During the year the company recorded sales of 13742 MT (previous year: 14044 MT) for Rs. 631.000 millions (Previous year Rs. 700.000 million).

operational efficiencies and tight control on discretionary spending during the year enabled the company to minimize the impact of steep increase in natural gas price and lower realization on exports consequent to Rupee appreciation by 13% against US Dollar. Gross Profit Before Interest, Depreciation and Tax was Rs. 126.400 Millions (Previous year : Rs. 154.900 Millions). Profit after tax was Rs. 67.300 Millions (Previous year Rs. 078.100 Millions.)

Considering future growth requirements of the business, the Directors do not recommend any dividend for the year.

fixed assets:

· Leasehold Land

· Buildings

· Plant and Machinery

· Office Equipment

· Vehicles

· Furniture and Fittings

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.45.20
UK Pound	1	Rs.70.27
Euro	1	Rs.59.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	yes
--AFFILIATION	YES/NO	yes
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yEs
TOTAL		29

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.