MIRA INFORM REPORT

Report Date :

07.01.2011

IDENTIFICATION DETAILS

Name :	FANUC INDIA PRIVATE LIMITED
Registered Office :	41A, Electronics City, Bangalore-561229, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.03.1994
Com. Reg. No.:	08-15413
CIN No.: [Company Identification No.]	U29221KA1994PTC015413
TAN No.: [Tax Deduction & Collection Account No.]	BLRF00127B
t
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Industrial Robots.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 7700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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

INFORMATION DECLINED BY

Name :	Mr. Kishore
Designation :	Account Manager
Contact No.:	91-80-28520057/ 28520463
Date :	05.01.2011

LOCATIONS

Registered Office :	41A, Electronics City, Bangalore-561229, Karnataka, India
Tel. No.:	91-80-28520057
Fax No.:	91-80-28520051
E-Mail :	filhq@fanucindia.com

DIRECTORS

As on 01.09.2010

Name :	Mr. Seiuemon Inaba
Designation :	Director
Address :	1038-61, Sengokubara, Hakone Machi, Ashigarashimo Gun, Kanagawa Prefecture 401, Japan
Date of Birth/Age :	05.03.1925
Date of Appointment :	20.09.2000
DIN No.:	00627289
Name :	Mrs. Sonali Gajanan Kulkarni
Designation :	Whole Time Director
Address :	A-303, CASA Ansal, Bannerghatta Road, Bangalore-560076, Karntaka, India
Date of Birth/Age :	16.11.1964
Date of Appointment :	20.09.2000
DIN No.:	00203701
Name :	Mr. Jagannath Varadaraja Iyengar
Designation :	Whole Time Director
Address :	T1, Canopy Castle, 28^th Main, BTM, 2^nd Stage, Bangalore-560076, Karnataka, India
Date of Birth/Age :	11.04.1967
Date of Appointment :	22.12.2005
DIN No.:	00203538
Name :	Mr. Nandakumar Nagarajan Bodicelly
Designation :	Whole- Time Director
Address :	178, 4^th Main, 2^nd Avenue, Teachers Colony, Venkatapur, Bangalore-560034, Karnataka, India
Date of Birth/Age :	28.03.1967
Date of Appointment :	22.12.2005
DIN No.:	00221760
Name :	Mr. Yoshiharu Inaba
Designation :	Director
Address :	8-17-22, Ikuta, Tama Ku, Kawasakishi, Kanagawa Prefecture 401, Japan
Date of Birth/Age :	23.07.1948
Date of Appointment :	07.07.1997
DIN No.:	00650332
Name :	Mr. Katsuo Kohari
Designation :	Director
Address :	705, Kosumo Tachikawa, Sangureisu, 6-38-B, Fujimi CHO, Tachikawashi, Tokyo 401, Japan
Date of Birth/Age :	12.08.1942
Date of Appointment :	04.10.2004
DIN No.:	00650412
Name :	Mr. Hideo Jojima
Designation :	Director
Address :	Mezonfuji C304, Funatsu 3110, Fujikawaguchiko- Machi, Minamitsurui- Gun, Yamanashi, Prefecture-401, Japan
Date of Birth/Age :	21.02.1958
Date of Appointment :	01.09.2006
DIN No.:	00791347
Name :	Mr. Takayaki Ito
Designation :	Director
Address :	5125-4, Kaisuyama, Fujikawaguchikomachi, Minamitsuru, Yananashi Pref-401, Japan
Date of Birth/Age :	25.05.1958
Date of Appointment :	01.09.2010
DIN No.:	03280339
Name :	Mr. Isao Inoue
Designation :	Whole Time Director
Address :	B-402, Adarsh Palace, 47^th Cross, 5^th Block, Jayanagar, Bangalore-560041, Karnataka, India
Date of Birth/Age :	19.08.1952
Date of Appointment :	20.09.2000
Date of Ceasing:	31.10.2010
DIN No.:	00222075
Name :	Mr. Rajesh Nath
Designation :	Whole Time Director
Address :	# 8, 5^th A CRS, 23^rd Main, Manjunatha Colony, J.P. Nagar, 2^nd PHS, Bangalore-560078, Karnataka, India
Date of Birth/Age :	09.10.1964
Date of Appointment :	27.06.2006
Date of Ceasing:	31.10.2010
DIN No:	00384776
Name :	Mr. Mohan Panduranga Shenoy
Designation :	Whole Time Director
Address :	Nanda Golur No. 86, 3^rd Cross, Silver Oak, Colony, Puttenhalli East, 7^th Phase, JP Nagar, Bangalore-560078, Karnataka, India
Date of Birth/Age :	20.02.1963
Date of Appointment :	15.04.2008
Date of Ceasing:	31.10.2010
DIN No.:	02179936
Name :	Mr. Hidetoshi Satomura
Designation :	Director
Address :	B 206, St. John’s Wood, Koramangala, Bangalore-560034, Karantaka, India
Date of Birth/Age :	14.10.1963
Date of Appointment :	01.09.2010
Date of Ceasing:	31.10.2010
DIN No.:	03264894
Name :	Mr. Kunia Kojima
Designation :	Director
Address :	1378, Shibokuss Oshino- Mura, Yamanashi Ken -401, Japan
Date of Birth/Age :	28.10.1963
Date of Appointment :	01.09.2010
Date of Ceasing:	31.10.2010
DIN No.:	03264905

KEY EXECUTIVES

Name :	Mr. Srinivasan Vijayaraghvalu
Designation :	Secretary
Address :	No. 2, Plot No. 9, G-13, Stret Jogpalya, Ulsoor, Bangalore-560006, Karnataka, India
Date of Birth/Age :	28.11.1939
Date of Appointment :	14.04.2008
DIN No.:	ADOPS7691A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.09.2010

Names of Shareholders	No. of Shares
Fanuc Limited, Japan	28600000
Engr Inaba Seiuemon	400000
Total	29000000

Equity Share Breakup (Percentage of Total Equity)

As on 04.09.2010

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 Industrial Robots.

Products :

Product Description	ITC Code
CNC Systems Packages	8537
System Engineering Package for Industrial Robots	8479

GENERAL INFORMATION

No. of Employees :	Not Divulged by the Management
Bankers :	The Bank of Tokyod Mitsubishi Limited, Chennai Branch, Chennai-600018, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	S Billimoria and Company Chartered Accountant
Address :	Deloitte Centre, Anchorage II, 100/2m Richmond Road, Bangalore-560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276013
Holding Company :	Fanuc Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs. 10/- each	Rs. 290.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs. 10/- each	Rs. 290.000 Millions

Note:

1. Paid up capital includes 568865 share of Rs. 10 each issued to the foreign technical collaborators for consideration of supply of Plant and Machinery in accordance with Government approval. (Previous year 568865 shares of Rs. 10 each.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (15 Months)	31.12.2008 (12 Months)	31.12.2007 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		290.000	290.000	290.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1656.085	1413.492	1209.495
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1946.085	1703.492	1499.495
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1946.085	1703.492	1499.495
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		161.541	180.376	172.570
Capital work-in-progress		0.096	1.603	6.067
INVESTMENT		0.000	3.000	3.000
DEFERREX TAX ASSETS		23.100	21.200	21.500
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	621.273	797.588	540.574
	Sundry Debtors	773.862	405.424	472.735
	Cash & Bank Balances	678.603	896.285	871.529
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	849.366	785.805	646.207
Total Current Assets		2923.104	2885.102	2531.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.349	374.284	298.028
	Other Current Liabilities	132.395	121.074	104.490
	Provisions	956.012	892.431	832.169
Total Current Liabilities		1161.756	1387.789	1234.687
Net Current Assets		1761.348	1497.313	1296.358
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1946.085	1703.492	1499.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (15 Months)	31.12.2008 (12 Months)	31.12.2007 (12 Months)
	SALES
		Sales and Services	2705.124	2233.442	2422.602
		Other Income	109.187	87.962	68.059
		TOTAL	2814.311	2321.404	2490.661
Less	EXPENSES
		Cost of Sales and Services	1900.838	1442.604	1513.318
		Operating Expenses	304.706	380.821	262.605
		TOTAL	2205.544
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		608.767	497.980	714.738
Less/ Add	DEPRECIATION/ AMORTISATION		32.168	17.962	26.257
	PROFIT BEFORE TAX		576.599	480.018	688.481
Less	TAX		203.478	165.700	231.981
	PROFIT AFTER TAX		373.121	314.318	456.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	1079.620	832.451
Less	APPROPRIATIONS
		Transfer to General Reserve	37.312	31.432	136.950
		Dividend Recommended	111.936	94.296	45.650
		Tax on Dividend	18.591	16.026	26.731
	BALANCE CARRIED TO THE B/S		205.282	1252.184	1079.620
	Earnings Per Share (Rs.)		12.87	10.84	15.74

KEY RATIOS

PARTICULARS		31.03.2010 (15 Months)	31.12.2008 (12 Months)	31.12.2007 (12 Months)
PAT / Total Income	(%)	13.26	13.54	18.33
Net Profit Margin (PBT/Sales)	(%)	21.32	21.49	28.42
Return on Total Assets (PBT/Total Assets}	(%)	18.69	15.66	25.47
Return on Investment (ROI) (PBT/Networth)		0.30	0.28	0.46
Debt Equity Ratio (Total Liability/Networth)		0.60	0.81	0.82
Current Ratio (Current Asset/Current Liability)		2.52	2.08	2.05

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010 (15 Months)	31.12.2008 (12 Months)	31.12.2007 (12 Months)
Sundry Creditors
Dues to Micro and Small Enterprises	0.120	0.000	0.000
Others	73.229	374.284	298.028
Total	73.349	374.284	298.028

Financial results:

During the period, sales revenue was Rs. 2705.124 Millions as against Rs. 2233.441 Millions during the corresponding previous year (21.12% higher). Profit after tax was Rs. 373.121 Millions against Rs. 314.317 Millions in previous year, which is higher by 18.71%.

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

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.45.31
UK Pound	1	Rs.70.26
Euro	1	Rs.59.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.