MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	JOHNSON MATTHEY INDIA PRIVATE LIMITED
Registered Office :	103, Ashoka Estate, Barakhamba Road, New Delhi 110 001
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.01.1998
Com. Reg. No.:	55-91736
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.

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 3900000
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 – 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

LOCATIONS

Registered Office :	103, Ashoka Estate, Barakhamba Road, New Delhi 110 001, India
Tel. No.:	91-11-23350633
Fax No.:	91-11-23723909
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 15.09.2010

Name :	Mr. Prakash Sarva Arora
Designation :	Director
Address :	166, Netaji Subhash Chandra Bose Road, Kolkata 700 040, West Bengal, India
Date of Birth/Age :	15.03.1939
Date of Appointment :	16.01.1998
Date of Ceasing:	04.12.2004
Name :	Mr. Vijay Anand Prakash Arora
Designation :	Director
Address :	E-29, Okhla Industrial Area, Phase II, New Delhi 110 020, India
Date of Birth/Age :	19.10.1942
Date of Appointment :	16.01.1998
Date of Ceasing:	04.12.2004
Name :	Mr. Rajiv Luthra
Designation :	Director
Address :	3/15, Shanti Niketan, New Delhi, India
Date of Birth/Age :	01.08.1957
Date of Appointment :	23.01.1998
Date of Ceasing:	16.09.2005
Name :	Mr. Colin Jaffery
Designation :	Director
Address :	23, Chishill Road, Heydon, Royston, Hertfordshire, England, U K
Date of Birth/Age :	26.12.1956
Date of Appointment :	16.01.1998
Date of Ceasing:	10.09.2002
Name :	Mr. David Maurice Bell
Designation :	Director
Address :	S Gardiners Lane, Ashwell, Hertfordshire, England, UK SG75NZ
Date of Birth/Age :	09.09.1961
Date of Appointment :	16.01.1998
Date of Ceasing:	10.09.2002
Name :	Mr. Geogrey Peter Emmel
Designation :	Director
Address :	Rickyard Chottange Malton Lane, Orwell, Cambridgeshire, England, U K SG85QR
Date of Birth/Age :	08.01.1949
Date of Appointment :	23.01.1998
Date of Ceasing:	30.04.2002
Name :	Mr. John Francis Walker
Designation :	Director
Address :	GFP 2, Jalan Cinta Tennis 43000 Kajang, Selangor, West Malaysia
Date of Birth/Age :	08.02.1960
Date of Appointment :	28.06.2002
Date of Ceasing:	01.11.2007
Name :	Mr. John Christopher Pearsall
Designation :	Director
Address :	Humat Duke 103, 2-21-2 Uehara. Shibuyaku, Tokyo, Japan
Date of Birth/Age :	20.12.1956
Date of Appointment :	28.06.2002
Date of Ceasing:	27.08.2004
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
Name :	Mr. Dhayalan Visuvanathan
Designation :	Director
Address :	15, Belimbiong Heights, 70300, Seremban, Negeri, Sembilan, Malaysia
Date of Birth/Age :	31.10.1968
Date of Appointment :	29.10.2004
Name :	Mr. Carlos Rafael Silva Hernandez
Designation :	Managing Director
Address :	1/21, shanty Niketan, New Delhi, India
Date of Birth/Age :	18.04.1954
Date of Appointment :	04.12.2004
Date of Ceasing:	10.10.2005
Name :	Mr. Alok Khetan
Designation :	Director
Address :	421-A, Hamitton Court, DLF Phase IV, Gurgaon, Haryana, India
Date of Birth/Age :	17.06.1964
Date of Appointment :	11.10.2005
Name :	Mr. John Vitas Zubrickas
Designation :	Director
Address :	Room NB, Floor 19, No. 168, Zhen Ning Road, Jingan 200050
Date of Birth/Age :	03.05.1957
Date of Appointment :	25.05.2007
Name :	Mr. Dhananjay Vishnu Tapasvi
Designation :	Director
Address :	8 Earle Close, Yarm United Kingdom
Date of Birth/Age :	10.01.1967
Date of Appointment :	08.09.2010
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

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
Name :	Mr. Manvinder Ajmani Singh
Designation :	Company Secretary
Address :	B-290, Sector 26, Noida, Uttar Pradesh, India
Date of Birth/Age :	27.05.1965
Date of Appointment :	14.06.1998
Date of Ceasing:	16.05.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2010

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

AS ON 15.09.2010

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 Automobile Emission Control Catalyst.

Products :

Product Description	Item Code No.
Automobile Exhaust Catalysts	8421900

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity	Actual Production
Automobile Exhaust Catalysts	4000000 Units	1777107 Units

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Short Term
From Banks
Working Capital Demand Loan	530.000	410.000
Overdraft	0.000	49.592
Total	530.000	459.592

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
Holding Company:	Matthey Finance B.V, The Netherlands
Ultimate Holding Company:	Johnson Matthey Plc, United Kingdom
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 Johnson Matthey Inorganics Sdn Bhd Johnson Matthey (Shanghai) Chemical Limited Johnson Matthey Catalyst, USA Johnson Matthey Catalyst, Korea

CAPITAL STRUCTURE

AS ON 15.09.2010

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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		150.000	150.000	150.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		827.612	700.300	584.023
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		977.612	850.300	734.023
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		530.000	459.592	468.254
TOTAL BORROWING		530.000	459.592	468.254
DEFERRED TAX LIABILITIES		0.000	0.000	5.742
TOTAL		1507.612	1309.892	1208.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		246.394	169.805	182.446
Capital work-in-progress		16.819	65.240	27.158
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		27.001	16.998	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	573.825	386.859	706.537
	Sundry Debtors	491.417	618.049	409.124
	Cash & Bank Balances	18.634	4.941	1.255
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	448.379	298.520	477.132
Total Current Assets		1532.255	1308.369	1594.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.268	142.984	265.082
	Other Current Liabilities	131.584	87.695	24.077
	Provisions	5.005	19.841	306.474
Total Current Liabilities		314.857	250.520	595.633
Net Current Assets		1217.398	1057.849	998.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1507.612	1309.892	1208.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	3241.000	3860.000	3221.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2984.000	3578.000	2983.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		257.000	282.000	238.000
Less	FINANCIAL EXPENSES (D)		23.000	48.000	14.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		234.000	234.000	224.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.000	33.000	32.000
	PROFIT BEFORE TAX (E-F) (G)		197.000	201.000	192.000
Less	TAX (H)		70.000	85.000	67.000
	PROFIT AFTER TAX (G-H) (I)		127.000	116.000	125.000
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	438.577	399.090	522.676
		Commission Income	0.000	1.689	0.000
		Refinery Income	15.951	19.548	0.000
		Other Income	0.953	0.566	0.000
	TOTAL EARNINGS		455.481	420.893	522.676
	IMPORTS
		Raw Materials	2580.953	2832.255	3061.349
		Stores & Spares	0.430	1.692	0.631
		Capital Goods	19.377	6.838	7.195
	TOTAL IMPORTS		2600.760	2840.785	3069.175
	Earnings Per Share (Rs.)		8.47	7.73	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.92	3.00	3.88
Return on Total Assets (PBT/Total Assets}	(%)	11.07	13.60	10.81
Return on Investment (ROI) (PBT/Networth)		0.20	0.23	0.26
Debt Equity Ratio (Total Liability/Networth)		0.86	0.84	1.45
Current Ratio (Current Asset/Current Liability)		4.87	5.22	2.68

LOCAL AGENCY FURTHER INFORMATION

OUTLOOK FOR YEAR 2010-2011:

During the year 2010-11, the company plans to focus on the introduction of BSIV technologies in the commercial vehicle segment due to the new emission regulations notified. In the two wheeler industry, the company is once again working with potential customers for the ensuing new legislations.

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.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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.