MIRA INFORM REPORT

Report Date :

08.06.2011

IDENTIFICATION DETAILS

Name :	ASB INTERNATIONAL PRIVATE LIMITED
Registered Office :	E-9, MIDC, Additional Ambernath Industrial Area, Anand Nagar, Thane – 421 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.02.1997
Com. Reg. No.:	11-134840
Capital Investment / Paid-up Capital :	Rs.620.000 millions
CIN No.: [Company Identification No.]	U25209MH1997PTC134840
IEC No.:	0302009353
TAN No.: [Tax Deduction & Collection Account No.]	PNEA05068A
PAN No.: [Permanent Account No.]	AAACA8424F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Mould Machines, PIT Containers.
No. of Employees :	695 (Approximately)

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 5020000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Financial position of the company appears to be improving. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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.

INFORMATION DECLINED BY

Name :	Mr. Nitin Surve
Designation :	Accounts Manager
Name :	Mr. M.V. Rao
Designation :	General Manager – Finance and Corporate Planning
Date :	19.03.2011

LOCATIONS

Registered Office/ Factory :	E-9, MIDC, Additional Ambernath Industrial Area, Anand Nagar, Thane – 421 506, Maharashtra, India
Tel. No.:	91-251-2625000/ 2621802/ 2621803/ 2621804
Fax No.:	91-251-2621815/ 2625035/ 2625055/ 2621805
E-Mail :	mail@asbi.co.in info@asbi.co.in sales@asbi.co.in career@asbi.co.in f_a@asbi.co.in
Website :	www.asbindia.com
Area :	10000 sq ft
Location :	Leased

DIRECTORS

As on 01.07.2010

Name :	Mr. Daiichi Katashi Aoki
Designation :	Chairman cum Managing Director
Address :	1-4-5, Chome Midorigaoka, Veda-shi, Nagano-ken, Japan
Date of Birth/Age :	27.09.1943
Date of Appointment :	28.05.1997
Name :	Mr. Ichiro Naota Mizuuchi
Designation :	Managing Director
Address :	376-2, Hirabayashi, Nagano-Shi, Nagano, Japan
Date of Birth/Age :	13.04.1956
Date of Appointment :	27.07.1998
Name :	Mr. Kota Daiichi Aoki
Designation :	Director
Address :	1-4-5, Midorigaoka, Veda-shi, Nagano-ken - 386, Japan
Date of Birth/Age :	15.11.1972
Date of Appointment :	04.08.1997
Name :	Mr. Masanao Harada
Designation :	Whole Time Director
Address :	3-88 Wakabadai, Kani City, Gifu Prefecture, Japan
Date of Birth/Age :	16.07.1944
Date of Appointment :	09.07.2009
Name :	Mr. Rajkumar Baghchand Jagyasi
Designation :	Whole Time Director
Address :	Barrack No.1532, Room No.3, Sector No. 29, Ulhas Nagar, Thane – 421004, Maharashtra, India
Date of Birth/Age :	11.12.1963
Date of Appointment :	09.06.2006
Name :	Mr. Koichi Shigekazu Kondo
Designation :	Director
Address :	973, Kurashina, Kosoyoku-shi, Nagano-ken, Japan
Date of Birth/Age :	17.10.1958
Date of Appointment :	01.04.2001

KEY EXECUTIVES

Name :	Mr. Nitin Surve
Designation :	Accounts Manager
Name :	Ms. Gargi Ranade
Designation :	Secretary
Address :	1-13 Parimal CHS Limited, Deendayal Road, Vishnu, Dombivali, Thane – 421 202, Maharashtra, India
Date of Birth/Age :	23.10.1982
Date of Appointment :	21.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.07.2010

Names of Shareholders (Equity Shares)	No. of Shares
Nissei ASB Machine Company Limited, Japan	35999998
Nissei ASB PTE Limited, Singapore	2
Total	36000000

Names of Shareholders (Preference Shares)	No. of Shares
Nissei ASB Machine Company Limited, Japan	26000000
Total	26000000

As on 01.07.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Mould Machines, PIT Containers.

Products :

Item Code No.	Product Description
8477.10/ 84773000	Single Stage Injection Stretch Blow Molding Machine
8477.90/ 84779000	Parts of Single Stage Stretch Blow Molding Machine
84807900	Molds of Single Stage Stretch Blow molding Machine

Exports :

Products :

Plastic Mould Machines

Countries :

Japan, Mexico, Australia, USA

Imports :

Products :

Raw Materials

Countries :

• Japan
• China
• England

Terms :

Selling :

L/C, Cash and Credit 30 days

Purchasing :

L/C, Cash and Credit 30 days

PRODUCTION STATUS (As on 31.03.2010)

Installed Capacity – Container Design, Mould Design, Mould, Injection Units, Blow Molding, Machine (Partly assembled and fully assembled) and components and parts thereof, Machine Design and any such related ancillary pieces – 1022

Particulars	Unit	Actual Production
Machines/ Semi finished machines	Nos.	358
Molds/ Mold Parts	Nos.	625

GENERAL INFORMATION

Customers :

End Users, OEM’s and Manufacturer

No. of Employees :

695 (Approximately)

Bankers :

· Bank of Tokyo-Mitsubishi Limited, Hoechst House, 15^th Floor, 193 Vinay K. Shah Marg, P. O. Box No. 11522, Nariman Point, Mumbai – 400021, Maharashtra, India

· HDFC Bank Limited, Ambernath

· Mizuho Corporate Bank Limited, Mumbai

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Long Terms Loans – Others
Nissei ASB Machines Company Limited, Japan (JPY 300 Million)	48.048	103.050
Nissei ASB Machine Company Limited, Japan (USD 2.36 Million)	52.982	79.799
Nissei ASB Machines Company Limited, Japan (USD 1.5 Million)	39.287	57.060
Nissei ASB Machines Company Limited, Japan (USD 7.5 Million)	33.675	0.000
Nissei ASB Machine Company Limited, Japan (USD 0.72 Million)	0.000	12.172
Short Term Loans – Others
Nissei ASB Machine Company Limited, Japan	24.744	70.242
Other Loans – Banks
Bank Overdraft as per Books	33.253	8.753
Total	231.989	331.076

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Holding Company :	Nissei ASB Machine Company Limited, Japan
Fellow Associates :	Nissei ASB Limited (UK) Nissei ASB Pte Limited, (Singapore) Nissei ASB GmbH (Germany) Nissei ASB Centro America, S.A.DE C.V. (Mexico) Nissei ASB Company (Atlanta) Shanghai Machine Company Limited (China) ASB (Shanghai) Global company limited (China) Nissei ASB South Africa (Pty) Limited, (South Africa) ASB Pte (Thailand) Company Limited (Thailand) Nissei ASB FZE (Dubai) Nissei ASB Mediterranea, SL (Spain)

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
36000000	Equity Shares	Rs.10/- each	Rs.360.000 millions
40000000	10% Non–Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.400.000 millions
	Total		Rs.760.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
* 36000000	Equity Shares	Rs.10/- each	Rs.360.000 millions
** 10000000	10% Non–Convertible Non–Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.100.000 millions
*** 16000000	10% Non–Convertible Non–Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.160.000 millions
	Total		Rs.620.000 millions

NOtes:-

* of the above 35999998 Shares being 99.99% of the total share capital are held by Nissei ASB Machine Company limited, Japan

** All the 10000000 Preference Shares are held by Nissei ASB Machines Company Limited; Japan (The earliest date of redemption being 31^st March, 2010. During the year, 10000000 shares were redeemed on 28^th February, 2010).

*** All the 16000000 shares are held any Nissei ASB Machine Company Limited, Japan) the earliest date of redemption being 31.01.2012.

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		620.000	720.000	760.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		634.909	443.329	163.128
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1254.909	1163.329	923.128
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		231.989	331.076	349.043
TOTAL BORROWING		231.989	331.076	349.043
DEFERRED TAX LIABILITIES		12.822	0.000	0.000
TOTAL		1499.720	1494.405	1272.171
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		550.332	621.907	721.831
Capital work-in-progress		5.835	5.516	1.278
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	694.792	758.151	736.047
	Sundry Debtors	163.629	290.575	180.890
	Cash & Bank Balances	616.124	208.034	40.150
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	105.232	81.614	79.107
Total Current Assets		1579.777	1338.374	1036.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	309.436	258.936	313.862
	Other Current Liabilities	144.525	143.251	110.164
	Provisions	182.266	69.208	63.185
Total Current Liabilities		636.227	471.395	487.211
Net Current Assets		943.550	866.979	548.983
MISCELLANEOUS EXPENSES		0.000	0.000	0.076
TOTAL		1499.720	1494.405	1272.171

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services (Net)	2500.464	2604.473	1721.218
		Other Income	48.892	13.353	6.975
		TOTAL (A)	2549.356	2617.826	1728.193
Less	EXPENSES
		Materials/ Bought Out Items Consumed	1155.381	1471.496	1037.596
		Manufacturing Expenses	292.514	324.421	206.576
		Personnel Cost	235.560	231.892	200.067
		Administration and Selling Expenses	131.194	130.453	108.805
		Other General Expenses	9.502	8.890	9.445
		Increase/Decrease in Stock	65.583	(53.816)	(10.944)
		TOTAL (B)	1889.734	2113.336	1551.545
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		659.622	504.490	176.648
Less	INTEREST & FINANCIAL EXPENSES (D)		11.127	14.259	10.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		648.495	490.231	166.536
Less/ Add	DEPRECIATION/ AMORTISATION (F)		123.647	119.796	113.672
	PROFIT BEFORE TAX (E-F) (G)		524.848	370.435	52.864
Less	TAX (H)		102.593	44.215	7.455
	PROFIT AFTER TAX (G-H) (I)		422.255	326.220	45.409
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		403.329	163.128	169.737
Less	APPROPRIATIONS
		Dividend on:
		- Preference Shares	35.167	39.334	40.000
		- Dividend Distribution Tax thereon	5.976	6.685	6.798
		Equity Shares:
		- Interim	54.000	0.000	0.000
		- Final Proposed	108.000	0.000	0.000
		- Dividend Distribution Tax thereon	27.532	0.000	0.000
		Transfer to General Reserve	42.226	0.000	0.000
		Transfer to capital Redemption Reserve	100.000	40.000	0.000
		Transitional provision on account of AS-15(R) for Compensated Absences	0.000	0.000	5.220
	BALANCE CARRIED TO THE B/S		452.683	403.329	163.128
	EARNINGS IN FOREIGN CURRENCY
		Product Exports (FOB Basis)	1021.586	1719.301	1177.532
		Service Income	0.000	0.385	0.359
	TOTAL EARNINGS		1021.586	1719.686	1177.891
	IMPORTS
		Raw Materials	658.497	723.550	629.737
		Capital Goods	45.688	2.683	20.092
		Stores, Spares and Consumables	23.334	31.431	11.192
	TOTAL IMPORTS		727.519	757.664	661.021
	Earnings Per Share (Rs.)		10.59	7.78	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	16.56	12.46	2.63
Net Profit Margin (PBT/Sales)	(%)	20.99	14.22	3.07
Return on Total Assets (PBT/Total Assets}	(%)	24.64	18.90	3.01
Return on Investment (ROI) (PBT/Networth)		0.42	0.32	0.06
Debt Equity Ratio (Total Liability/Networth)		0.69	0.69	0.91
Current Ratio (Current Asset/Current Liability)		2.48	2.84	2.13

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
- Due to micro and small enterprises	1.280	2.522	--
- Due to others	308.156	256.414	313.862
Total	309.436	258.936	313.862

PERFORMANCE:

The year is the Company’s Tenth full year of operation. The Year 2009-10 was undoubtedly one of the most challenging year in recent history. The global economy has only partially recovered from financial meltdown of 2008. The global economic environment continues to remain uncertain. The Company responded to these challenges in a timely manner and delivered record net profits. Profit after tax has shown 29% increase. The Company has made Net Profit of Rs.422.255 millions for the year.

The market response is reviving back and there is demand for double stage machines. Sales are expected to increase in the coming years. Keeping in view this growth prospective the Company is taking steps for some expansion plans and developing new series of machines.

REDEMPTION:

During the year, the Company had redeemed 10,000,000 10% Non-Convertible, Non- Cumulative Redeemable Preference shares of Rs. 10 each on February 28, 2010 along with redemption dividend Rs.9.167 millions due on the said shares for the period April 1, 2009 to February 28, 2010. The Company had paid Rs.1.558 millions as dividend distribution tax on said dividend.

FUTURE OUTLOOK:

The Company expects a healthy growth in coming years. To keep pace with the demand, the Company proposes to produce more series of machine and increase the production.

FORM 8

Name of the company	ASB INTERNATIONAL PRIVATE LIMITED
Presented By	Mr. Ichiro Naota Mizuuchi, (Managing Director)
1) Date and description of instrument creating the change	27^th June 2005- Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 70.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Pari-Passu Charge with Mizuho Corporate Bank Limited, (for the working capital facility of Rs.40.000 Millions taken from them) by way of hypothecation on stock in trade and book-debts of the company as per the schedule of hypothecation Agreement dated 27^th June, 2005.
4) Gist of the terms and conditions and extent and operation of the charge.	The following facilities : Demand Loan, Over draft Suppliers Credit, Buyers Credit and Letter of Credit total put together not exceeding Rs.70.000 Millions Interest : Benchmark PLR Linked
5) Name and Address and description of the person entitled to the charge.	Bank of Tokyo-Mitsubishi Limited Hoechst House, 15^th Floor, 193 Vinay K. Shah Marg, P. O. Box No. 11522, Nariman Point, Mumbai – 400021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (AS ON 31.03.2010)

• The Company had received a show cause cum demand of Rs.1.758 millions from the Additional Commissioner of Central Excise for payment of service tax, The Company has filed an appeal against the order which is pending with CESTAT. However a stay has been granted in favour of the company towards pre deposit of the sum demanded.

• Bills of Exchange discounted which are not yet due for an amount of Rs.17.581 millions. The Company has accepted a Demand Promissory Note as a counter guarantee in case of dishonor of the above bills of exchange. However the Company’s liability would be secondary as these bills of exchange are backed by the Letter of Credit of the same Bank viz. Shamrao Vithai Co-operative Bank Limited.

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Factory Equipment
• Electrical Installation
• Furniture and Fittings
• Computers
• Vehicles
• Patterns
• Technical Know How
• 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 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. 44.74
UK Pound	1	Rs. 73.25
Euro	1	Rs. 65.48

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	Yes
--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.