MIRA INFORM REPORT

Report No. :	334529
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	COOKSON INDIA PRIVATE LIMITED

Registered Office :	C/O., S. P. Chatterjee and Company, 10, Old Post Office Street, Room No. - 15A, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22102380

Country :	India

Financials (as on) :	31.12.2013

Date of Incorporation :	18.03.1931

Com. Reg. No.:	21-007055

Capital Investment / Paid-up Capital :	Rs. 83.916 Million

CIN No.: [Company Identification No.]	U51909WB1931PTC007055

TAN No.: [Tax Deduction & Collection Account No.]	CALC06185E

PAN No.: [Permanent Account No.]	AABCC1679B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Seller of Consumable Electronics Assembly Materials and Plating Chemistries to the Electronics Industry and for Industrial and Automotive Applications and also engaged in Providing Research and Development Services to Group Company under 100% Export Oriented Undertaking ('EOU') Scheme.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3140000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Alent Investment Limited, United Kingdom. It is an established company incorporated during the year 1931 having a good track record. Management of the company has not filed its financial with the government department for the year December 2014. As per available financial of December 2013, General financial position of the company seems to be sound and healthy. Balance sheet of the company is totally debt free. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION DECLINED

Management Non – Cooperative (91-33-22102380)

LOCATIONS

Registered Office :	C/O., S. P. Chatterjee and Company, 10, Old Post Office Street, Room No. - 15A, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22102380
Fax No. :	91-33-22485125
E-Mail :	skumar@alent.com skumar@cooksonelectronics.com cooksonindiafinance@cooksonelectronics.com

Head Office/ Factory :	Plot No.16, North Phase, SIDCO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu, India
Tel. No. :	91-44-26252666
Fax No. :	91-44-26258627

DIRECTORS

As on 30.06.2014

Name :

Mr. Raji Koshy

Designation :

Managing Director

Address :

11-1, Burdwan Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

27.10.1956

Qualification :

B. Tech (BHU-IT) Chemical Engineer, M.S. Chemical Engineer Texas A & M University and MBA Marketing and Finance The University of Chicago Booth School of Business

Experience :

32 Years

Date of Appointment :

01.12.1995

DIN No.:

00467267

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	U51909WB1931PTC007055	COOKSON INDIA PRIVATE LIMITED	Managing director	01-12-1995	01-12-1995	-	Active	NO
2	U74900KA2011PTC059644	A R KOSHY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	19-07-2011	19-07-2011	31-03-2012	Active	NO

Name :

Dr. Siuli Sarkar

Designation :

Director

Address :

Flat – A308, Road Anandnagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

08.06.1956

Qualification :

Ph. D Chemistry - University of Calcutta Post-Graduate Diploma in Statistical Quality Control

Experience :

25 Years

Date of Appointment :

24.03.1998

Voter ID No.:

WB11911311507230

DIN No.:

00388199

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	U51909WB1931PTC007055	COOKSON INDIA PRIVATE LIMITED	Director	24-03-1998	24-03-1998	-	Active	NO
2	U74900KA2011PTC059644	A R KOSHY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	19-07-2011	19-07-2011	31-03-2012	Active	NO

Name :

Mr. Steven James Corbett

Designation :

Director

Address :

9, Lower Ledge Road, Killing Worth, Connecticut – 06419, United States of America

Date of Birth/Age :

19.12.1957

Date of Appointment :

05.06.2006

DIN No.:

02770989

Name :

Valentijn Van Velthoven

Designation :

Additional Director

Address :

No. 1, Watten Close, Singapore, 287724

Date of Birth/Age :

04.06.1971

Date of Appointment :

12.11.2013

DIN No.:

06695778

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares
Alpha Fry Limited, UK	126
Alent Investments Limited, UK	8391474
Total	8391600

As on 30.06.2014

Equity Share Break up (Percentage of Total Equity)

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 Seller of Consumable Electronics Assembly Materials and Plating Chemistries to the Electronics Industry and for Industrial and Automotive Applications and also engaged in Providing Research and Development Services to Group Company under 100% Export Oriented Undertaking ('EOU') Scheme.

Products :

Item Code No. (ITC Code)	Product Description
38101000	Fluxes, Non-ferrous Alloys-solders and White Metal
78019919	Lead Base
80012000	Tin Base

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

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


Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Kpmg House, No.10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAIFB7355D

Holding Company :	Alent Investments Limited, UK ( from 30 November 2012)

Fellow Subsidiaries :	· Alpha Metals (Taiwan) Inc. Cookson Electronics Limited - Alpha Metals Hong Kong Frys Metals, Inc Cookson Singapore Pte. Limited Alpha Metals Korea Alpha Fry Technologies B.V.,(Netheriands) Cookson Electronics Co., Japan Cookson Alpha Metals (Shanghai) Trading Co. Alpha Fry Limited, UK Enthone Chemistry Enthone GMBH, Germany Enthone BV, Netherlands Enthone OMI De Mexico Cookson Electronics Limited - Fry Technology, Mexico

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

18,000,000	Equity Shares	Rs.10/- each	Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8,391,600	Equity Shares	Rs.10/- each	Rs. 83.916 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	83.916	83.916	83.916
(b) Reserves & Surplus	1016.888	905.949	816.376
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1100.804	989.865	900.292

(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	1.850	2.614	2.080
Total Non-current Liabilities (3)	1.850	2.614	2.080

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	62.219	92.476	88.928
(c) Other current liabilities	70.465	35.606	39.455
(d) Short-term provisions	1.780	1.541	1.181
Total Current Liabilities (4)	134.464	129.623	129.564

TOTAL	1237.118	1122.102	1031.936

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	317.146	284.111	231.412
(ii) Intangible Assets	2.418	0.000	0.000
(iii) Capital work-in-progress	96.631	1.175	0.000
(iv) Intangible assets under development	0.000	3.312	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.664	4.255	3.240
(d) Long-term Loan and Advances	88.092	70.617	32.023
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	506.951	363.470	266.675

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.473	78.347	73.039
(c) Trade receivables	334.766	302.514	287.734
(d) Cash and cash equivalents	120.653	81.076	158.933
(e) Short-term loans and advances	103.462	69.868	48.153
(f) Other current assets	84.813	226.827	197.402
Total Current Assets	730.167	758.632	765.261

TOTAL	1237.118	1122.102	1031.936

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	1659.860	1485.500	1645.400
		Service Income	259.600	224.400	190.800
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX		166.800	144.000	180.700

Less	TAX		55.900	54.400	52.600

	PROFIT / (LOSS) AFTER TAX		110.900	89.600	128.100

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		905.300	815.700	687.600

	BALANCE CARRIED TO THE B/S		1016.200	905.300	815.700

	EARNINGS IN FOREIGN CURRENCY		403.204	0.000	0.000

	Earnings Per Share (Rs.)		13.22	10.67	15.27

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	291.208	110.899	104.236

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	6.68	6.03	7.79

Return on Total Assets (PBT/Total Assets}	(%)	14.66	12.93	17.57

Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.20

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

Current Ratio (Current Asset/Current Liability)		5.43	5.85	5.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	83.916	83.916	83.916
Reserves & Surplus	816.376	905.949	1016.888
Net worth	900.292	989.865	1100.804

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	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1645.400	1485.500	1659.860
		(9.718)	11.737

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1645.400	1485.500	1659.860
Profit	128.100	89.600	110.900
	7.79%	6.03%	6.68%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW

The Company is a wholly owned subsidiary of Alent Investments Limited headquartered in London. The Company is engaged in the business of manufacture and sale of consumable electronics assembly materials and plating chemistries to the electronics industry and for industrial and automotive applications. The Company is also engaged in providing research and development services to Group company under 100% Export Oriented Undertaking ('EOU') Scheme at Bangalore, by obtaining permission from the Development Commissioner, Cochin Special Economic Zone ('CSEZ'), Ministry of Commerce and Industry, Government of India. The registered office of the Company is in Kolkata.

REVIEW OF OPERATION:

During the full year 2013 period (January to December), the Company’s sales were Rs. 1659.860 Million as against Rs. 1485.500 Million for full year 2012 period. The Service income from R&D Centre was Rs. 259.600 Million for full year 2013 as against Rs. 224.400 Million for full year 2012 period. There is increase in Profit by 15.83% over Previous Year .The Company achieved a Profit before Taxation of Rs 166.800 Million compared to Rs 144.000 Million last year. The increased Cash Flow is invested in Capital Equipment in R&D Centre and New Facility project and hence the Board has not recommended any dividend for the year 2013.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other Equipments

Leasehold Improvements

Intangible Assets

· 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 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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	DIV

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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.