MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	UMICORE INDIA PRIVATE LIMITED

Registered Office :	102, 1^st Floor, C-31 and 32, Naman Centre, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	13.04.2009

Com. Reg. No.:	11-191646

Capital Investment / Paid-up Capital :	Rs. 0.447 Million

CIN No.: [Company Identification No.]	U28112MH2009PTC191646

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Rolled Zinc and Pre-formed.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 440000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of ‘Umicore Finance, Luxembourg’. It is a well-established company having a fine track record. The financial position of the company is sound and healthy. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Mr. Vinay
Designation :	Administrative
Contact No.:	91-22-66275656
Date :	31.07.2013

LOCATIONS

Registered Office / Factory :	102, 1^st Floor, C-31 and 32, Naman Centre, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-2-66275656
Fax No.:	91-22-881297
E-Mail :	India@unicore.com Bhavik.trivedi@ap.umicore.com Kapil.bhargava@ap.umicore.com
Website :	http://www.unicore.com
Location :	Rented

DIRECTORS

As on : 29.09.2012

Name :	Mr. Kapil Dinanath Bhargava
Designation :	Director
Address :	Flat No. 22. Lotus Court. 169, Jameshedji Tata Road, Churchgate, Mumbai 400020, Maharashtra, India
Date of Birth/Age :	08.12.1960
Date of Appointment :	13.04.2009
DIN No.:	00944948

Name :	Mr. Pascal Reymondet
Designation :	Director
Address :	26 Rue Oes Ecoles, Paris, 75005. France
Date of Birth/Age :	10.01.1959
Date of Appointment :	17.11.2009
DIN No.:	02833646

Name :	Mr. Ravindranath Kasargod Pattanshetty
Designation :	Director
Address :	K. P. 302, Aishwarya Bliss Apts., ^Cross, Sarakki Main Road., J. P. Nagar. 1^K Phase. Bengalore, 560078, Karnataka, India
Date of Birth/Age :	04.10.1970
Date of Appointment :	31.03.2011
DIN No.:	03471111

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Umicore International (formerly known Unicore finance Luxembourg)	44571
Umicore finance	100
Total	44671

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

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 of Rolled Zinc and Pre-formed.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users

No. of Employees :	100 (Approximately)

Bankers :	Not Available

Facilities :	--


Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252 Swatantryaveer Savarkar, Rashtriya Smarak Veer, Sarvaskar Marg, Shivaji Park Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAEFP5579P

Ultimate Holding Company :	N.V. Umicore S.A., Belgium

Holding Company :	Umicore Finance, Luxembourg

Fellow Subsidiaries :	v Umicore AG and company KG., Germany v Umicore Jubo Thin Film Products (Beijinq) Company Limited, China v Umicore Thin Film Products AG. Liechtenstein v Umicore Marketing Services - India, Branch of Umicore Marketinq Service SA/NV, Belqium v Umicore Autocat India Private Limited, India v Umicore Anandeya India Private Limited, India v Umicore Indium Products, U.S.A. v Umicore Technical Materials Suzhou Company Limited., China v Umicore Technical Materials North America Inc., U.S.A. v Umicore Technical Material (Yanqzhoq) Company Limited, China v Umicore Marketinq Services (Shanqhai) Company Limited., China v Umicore Arqentina S.A, Arqentina v Umicore Korea Limited, Korea v Umicore Marketinq Services (Honq Konq) Limited., Honq Konq v Umicore Building Products France S.A.S,, France Umicore Finance, Belqium

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Share	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

44671	Equity Share	Rs. 10/- each	Rs. 0.447 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.447	0.447
(b) Reserves & Surplus	110.132	96.028
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	110.579	96.475

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.669	3.920
Total Non-current Liabilities (3)	4.669	3.920

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	47.692	20.317
(c) Other current liabilities	8.904	5.482
(d) Short-term provisions	2.555	3.913
Total Current Liabilities (4)	59.151	29.712

TOTAL	174.399	130.107

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.639	10.350
(ii) Intangible Assets	0.087	0.170
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	4.547	2.885
(d) Long-term Loan and Advances	10.539	8.679
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	25.812	22.084

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	46.040	7.356
(c) Trade receivables	53.688	41.081
(d) Cash and cash equivalents	45.233	46.785
(e) Short-term loans and advances	2.459	12.416
(f) Other current assets	1.167	0.385
Total Current Assets	148.587	108.023

TOTAL	174.399	130.107

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.300
2] Share Application Money		48.555
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.380)
NETWORTH		47.475
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		47.475

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		6.694
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.317
	Sundry Debtors	10.864
	Cash & Bank Balances	17.389
	Other Current Assets	0.000
	Loans & Advances	14.757
Total Current Assets		43.327
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.760
	Other Current Liabilities	0.786
	Provisions	0.000
Total Current Liabilities		2.546
Net Current Assets		40.781

MISCELLANEOUS EXPENSES		0.000

TOTAL		47.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	187.150
		Other Income	NA
		TOTAL	NA	121.429	18.562

Less	EXPENSES
		TOTAL	NA	106.586	19.942

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		11.392	14.843

Less/ Add	DEPRECIATION/ AMORTISATION		6.288	4.308	(Including depreciation)

	PROFIT / LOSS BEFORE TAX		5.104	10.535	(1.380)

Less	TAX		9.000	5.530	0.000

	PROFIT / LOSS AFTER TAX		14.104	5.005	(1.380)

	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	51.504	43.336	18.223
		Support Service Fees	68.953	37.126	0.000
	TOTAL EARNINGS		120.457	80.462	18.223

	IMPORTS
		Traded Goods	78.104	31.852	0.255
	TOTAL IMPORTS

	Earnings Per Share (Rs.)		315.73	147.27	(64.60)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.73	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	3.21	9.03	(3.19)

Return on Investment (ROI) (PBT/Networth)		0.05	0.11	(0.03)

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		2.69	3.93	17.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	------
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE :

The registered office of the company has been shifted from 58/59, 5^th Floor, Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address. w.e.f. 01.11.2010.

FINANCIAL RESULTS:

During the financial year, the Company has earned gross income of Rs. 187.150 Millions. The Company has earned after tax profit of Rs. 14.104 Millions after providing provision for depreciation of Rs. 6.288 Millions and current years taxation of Rs. 9.000 Millions.

NOTE :

NO CHARGE EXIST FOR COMPANY.

FIXED ASSETS :

v Furniture and Fittings

v Office Equipments

v Vehicles

v Computers

v Plant and Machinery

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 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 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. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.37

INFORMATION DETAILS

Information Gathered by :	PLV

Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.

MIRA INFORM REPORT

2.73

3.21

0.05

0.00

2.69

Unit