MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	UMICORE ANANDEYA INDIA PRIVATE LIMITED (18.02.2009)
Formerly Known As :	ANANDEYA ZINC OXIDES PRIVATE LIMITED
Registered Office :	Plot 23-26, Phase III A, Goa IDC Inndustrieal Area, Sancoale, Zuarinagar, Goa 403726
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.09.2005
Com. Reg. No.:	006214
Capital Investment / Paid-up Capital :	Rs.214.952 millions
CIN No.: [Company Identification No.]	U24130GA2005PTC006214
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1340308
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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/Factory :	Plot 23-26, Phase III A, Goa IDC Inndustrieal Area, Sancoale, Zuarinagar, Goa 403726, India
Tel. No.:	91-832-6723999
Fax No.:	91-832-2555521
E-Mail :	Kapil.bhargava@ap.umicore.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kapil D Bhargava
Designation :	Director
Date of Birth/Age :	08.12.1962
Date of Appointment :	12.08.2008
DIN No.:	00944948

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	U91120MH2001NPL132596	Indo-Belgian Luxembourg Chamber Of Commerce And Industry	Director	01/10/2008	16/09/2005	-	Active	NO
2	U24130GA2005PTC006214	Umicore Anandeya India Private Limited	Director	12/08/2008	12/08/2008	-	Active	NO
3	U34101MH2008PTC188480	Umicore Autocat India Private Limited	Director	26/11/2008	26/11/2008	-	Active	NO
4	U28112MH2009PTC191646	Umicore India Private Limited	Director	13/04/2009	13/04/2009	-	Active	NO

Name :	Mr. Ravindranath K Pattanshetty
Designation :	Director
Date of Birth/Age :	04.10.1970
Date of Appointment :	31.03.2011
DIN No.:	03471111

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	U24130GA2005PTC006214	Umicore Anandeya India Private Limited	Additional director	31/03/2011	31/03/2011	-	Active	NO
2	U34101MH2008PTC188480	Umicore Autocat India Private Limited	Additional director	31/03/2011	31/03/2011	-	Active	NO
3	U28112MH2009PTC191646	Umicore India Private Limited	Additional director	31/03/2011	31/03/2011	-	Active	NO

Name :	Mr. Marc L Desirant
Designation :	Director
Date of Birth/Age :	24.07.1951
Date of Appointment :	12.08.2008
DIN No.:	02288779

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	U24130GA2005PTC006214	Umicore Anandeya India Private Limited	Director	12/08/2008	12/08/2008	-	Active	NO
2	U34101MH2008PTC188480	Umicore Autocat India Private Limited	Director	26/11/2008	26/11/2008	09/03/2009	Active	NO

Name :	Mr. Guy Willy J Beke
Designation :	Director
Date of Birth/Age :	18.12.1955
Date of Appointment :	12.08.2008
DIN No.:	02297738

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	U24130GA2005PTC006214	Umicore Anandeya India Private Limited	Director	12/08/2008	12/08/2008	-	Active	NO

Name :	Mr. Daniel E A Kennis
Designation :	Director
Date of Birth/Age :	28.03.1957
Date of Appointment :	12.08.2008
DIN No.:	02298329

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	U24130GA2005PTC006214	Umicore Anandeya India Private Limited	Director	12/08/2008	12/08/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Umicore Finance, Belgium	500
Umicore Finance Luxembourg, Luxembourg	21494700
Total	21495200

AS ON 30.09.2010

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 of Chemicals
Products :	ITC Code: 2817 00 10 Products: Zinc Oxide
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
From Banks (secured by hypothecation of raw material, semi finished goods, finished goods, stores and spares and packing materials, further secured by equitable mortgage of land and building and all fixed assets (including plant and machinery))	0.000	13.987
Total	0.000	13.987

Banking Relations :	--
Auditors :
Name :	Vasant Gujarathi for Lovelock and Lewes Chartered Accountant
Address :	252 Swatantryaveer Savarkar, Rashtriya Samarak Veer, Sarvaskar Marg, Shivaji Park, Dadar, Mumbai 400028, Maharashtra, India
Ultimate Holding Company :	Umicore S A , Belgium
Holding Company :	Umicore Finance Luxembourg, Luxembourg
Fellow Subsidiaries :	· Umicore Marketing Service – India, Branch of Umicore Marketing Service SA/NV, Belgium · Umicore Japan KK

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs. 10 each	Rs.220.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21495200	Equity Shares	Rs. 10 each	Rs.214.952 millions

Of the above:

50000 shares are allotted as fully paid up to the partners of erstwhile firm M/s Anandeya, without payments being received in cash.

150000 shares are allotted by converting unsecured loans into Equity Shares.

21494700 shares are held by Umicore Finance, Luxembourg, 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		214.952	214.952	15.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		242.648	242.648	0.000
4] (Accumulated Losses)		(122.523)	(143.746)	(24.802)
NETWORTH		335.077	313.854	(9.302)
LOAN FUNDS
1] Secured Loans		0.000	13.987	48.233
2] Unsecured Loans		0.000	0.000	76.721
TOTAL BORROWING		0.000	13.987	124.954
DEFERRED TAX LIABILITIES		3.917	0.000	0.000
TOTAL		338.994	327.841	115.652
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.123	34.678	63.257
Capital work-in-progress		0.000	7.983	0.000
INVESTMENT		0.000	0.000	0.009
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.609	58.016	6.927
	Sundry Debtors	68.243	0.000	0.000
	Cash & Bank Balances	121.512	228.114	4.678
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.390	3.795	51.345
Total Current Assets		281.754	289.925	62.950
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.479	3.229	1.231
	Other Current Liabilities	0.654	0.416	9.282
	Provisions	0.750	1.100	0.059
Total Current Liabilities		4.883	4.745	10.572
Net Current Assets		276.871	285.180	52.378
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		338.994	327.841	115.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	193.863	85.387	241.602
		TOTAL (A)	193.863	85.387	241.602
Less	EXPENSES
		Office Expenses
		Administrative Expenses	168.740	203.980	241.706
		Advertising Expenses
		TOTAL (B)	168.740	203.980	241.706
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.123	(118.593)	(0.104)
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.123	(118.593)	(0.104)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		25.123	(118.593)	(0.104)
Less	TAX (H)		3.901	0.351	11.483
	PROFIT AFTER TAX (G-H) (I)		21.222	(118.944)	(11.587)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	122.954	69.725	216.659
		Commission Earnings	2.219	2.577	0.000
	TOTAL EARNINGS		125.173	72.302	216.659
	IMPORTS
		Raw Materials	46.458	106.977	44.034
		Capital Goods	0.000	1.427	0.000
	TOTAL IMPORTS		46.458	108.404	44.034
	Earnings Per Share (Rs.)		0.99	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.94	(139.29)	(4.79)
Net Profit Margin (PBT/Sales)	(%)	12.95	(138.88)	(0.04)
Return on Total Assets (PBT/Total Assets}	(%)	7.30	(36.53)	(0.08)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.37)	0.01
Debt Equity Ratio (Total Liability/Networth)		0.02	0.06	(14.56)
Current Ratio (Current Asset/Current Liability)		57.70	61.10	5.95

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Computer Software

· Leasehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Computer Hardware

· Office Equipment

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.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		30

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.