MIRA INFORM REPORT

Report No. :	309163
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	UMICORE ANANDEYA INDIA PRIVATE LIMITED [w.e.f.18.02.2009]
Formerly Known As :	ANANDEYA ZINC OXIDES PRIVATE LIMITED
Registered Office :	Plot #23-26, Phase IIIA, Goa-IDC Industrial Area, Sancoale, Zuarinagar – 403726, Goa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.09.2005
Com. Reg. No.:	24-006214
Capital Investment / Paid-up Capital :	Rs. 392.338 Millions
CIN No.: [Company Identification No.]	U24130GA2005PTC006214
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCA3835M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Zinc Oxide.
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 1879000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary company of “Umicore International”. It is an established company having moderate track record. The company has incurred loss from its operation in year 2013-2014. However, the company operates on its owned funds. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

LOCATIONS

Registered Office/ Factory :	Plot #23-26, Phase IIIA, Goa-IDC Industrial Area, Sancoale, Zuarinagar – 403726, Goa, India
Tel. No.:	91-832-6723999
Fax No.:	91-832-2555770
E-Mail :	ravindranath.KP@ap.umicore.com kamlesh.sharma@ap.umicore.com
Website :	http://www.zincchemicals.umicore.com

DIRECTORS

AS ON 15.12.2014

Name :

Mr. Marc Lucien E Desirant

Designation :

Director

Address :

Rue Les Oies, 79, Chaudfontaine 4052, Belgium

Date of Birth/Age :

24.07.1951

Date of Appointment :

12.08.2008

DIN No.:

02288779

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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. Daniel E.A. Kennis

Designation :

Director

Address :

Justicieplein 9 Bus 9, Dendermonde 9200, Belgium

Date of Birth/Age :

28.03.1957

Date of Appointment :

12.08.2008

DIN No.:

02298329

Name :

Mr. Ravindranath Kasargod Pattan Shetty

Designation :

Director

Address :

302, Aishwarya Bliss Apartments, 7th Cross, Sarakki Main Road, J. P. Nagar, 1st Phase, Bengalooru – 560078, Karnataka, India

Date of Birth/Age :

04.10.1970

Qualification :

MBA (Marketing and HR), BE (Mechanical)

Date of Appointment :

29.09.2011

PAN No.:

ACKPK6184B

DIN No.:

03471111

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34101MH2008PTC188480	UMICORE AUTOCAT INDIA PRIVATE LIMITED	Director	30/09/2011	31/03/2011	Active	NO
2	U28112MH2009PTC191646	UMICORE INDIA PRIVATE LIMITED	Director	30/09/2011	31/03/2011	Active	NO
3	U24130GA2005PTC006214	UMICORE ANANDEYA INDIA PRIVATE LIMITED	Director	29/09/2011	31/03/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.12.2014

Names of Shareholders	No. of Shares
Umicore International [Formerly known as Umicore Finance Luxembourg], Luxembourg	39233300
Umicore Long Term Finance, Belgium	500
Total	39233800

AS ON 15.12.2014

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 Zinc Oxide.

Products/ Services :

ITC Code No.	Product Descriptions
28170010	Zinc Oxide

Brand Names :

-

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· Dena Bank

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFP8828M
Fellow Subsidiary company :	· Umicore Australia Limited · Umicore India Private Limited [U28112MH2009PTC191646] · Umicore Marketing Services · Umicore Maxton NC · Umicore Nederland B.V.
Holding company :	Umicore International SA (Formerly "Umicore Finance"), Luxembourg
Ultimate Holding Company :	Umicore SA, Belgium

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
39,500,000	Equity Shares	Rs. 10/- each	Rs. 395.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39,233,800	Equity Shares	Rs. 10/- each	Rs. 392.338 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	392.338	279.032	214.952
(b) Reserves & Surplus	265.377	183.941	106.194
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	70.100	0.000
Total Shareholders’ Funds (1) + (2)	657.715	533.073	321.146
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.785	0.000	0.960
Total Non-current Liabilities (3)	0.785	0.000	0.960
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	9.876	6.959	6.108
(c) Other current liabilities	9.728	25.974	4.414
(d) Short-term provisions	3.835	5.373	1.299
Total Current Liabilities (4)	23.439	38.306	11.821
TOTAL	681.939	571.379	333.927
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	194.990	94.226	62.009
(ii) Intangible Assets	0.017	0.021	0.060
(iii) Capital work-in-progress	37.421	73.543	30.304
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.708	8.989	5.237
(e) Other Non-current assets	5.036	6.036	11.339
Total Non-Current Assets	250.172	182.815	108.949
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.016	61.737	22.150
(c) Trade receivables	193.214	117.551	92.683
(d) Cash and cash equivalents	39.016	116.720	85.991
(e) Short-term loans and advances	109.460	91.521	21.610
(f) Other current assets	0.061	1.035	2.544
Total Current Assets	431.767	388.564	224.978
TOTAL	681.939	571.379	333.927

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	913.329	633.839	543.884
Less	EXPENSES
		TOTAL	1001.852	652.212	551.710
	PROFIT/ (LOSS) BEFORE TAX		(88.523)	(18.373)	(7.826)
Less	TAX		0.000	0.000	0.084
	PROFIT/ (LOSS) AFTER TAX		(88.523)	(18.373)	(7.910)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(154.828)	(136.455)	(128.545)
	BALANCE CARRIED TO THE B/S		(243.351)	(154.828)	(136.455)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	213.131	243.371	269.490
	Earnings/ (Loss) Per Share (Rs.)		(2.59)	(0.78)	(0.37)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(13.73)	(3.69)	(2.58)
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.03)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		18.42	10.14	19.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	214.952	279.032	392.338
Reserves & Surplus	106.194	183.941	265.377
Share Application money pending allotment	0.000	70.100	0.000
Net worth	321.146	533.073	657.715
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	543.884	633.839	913.329
		16.539	44.095

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	543.884	633.839	913.329
Profit/ (Loss)	(7.910)	(18.373)	(88.523)
	(1.45%)	(2.90%)	(9.69%)

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10001814	08/11/2006 *	71,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 9TH FLOOR, MAKER TOWER E CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A00371674

* Date of charge modification

CHANGE OF ADDRESS

The Registered office of the company has been shifted from 58/59, Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f.07.09.2009.

COMPANY INFORMATION

Subject is a private limited company incorporated in India in September 2005. The Company is primarily engaged in the manufacture of Zinc oxide and has its manufacturing plant located at Sancoale in Goa.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
(a) Claims against the company not acknowledged as debts for Income Tax matters	5.543	5.543
(b) Claims against the company not acknowledged as debts for Indirect Tax matter (Excise duty)	9.999	0.000
Total	15.542	5.543
NOTE: It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the (a) above pending resolution of the respective proceedings.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

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. 62.26
UK Pound	1	Rs. 96.01
Euro	1	Rs. 70.72

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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	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		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.