MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	KOSO INDIA PRIVATE LIMITED (w.e.f. 01.11.2010)
Formerly Known As :	KENT INTROL PRIVATE LIMITED
Registered Office :	H-33 and 34, MIDC, Ambad, Nashik – 422 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.06.2004
Com. Reg. No.:	11-146735
Capital Investment / Paid-up Capital :	Rs.98.536 Millions
CIN No.: [Company Identification No.]	U31200MH2004PTC146735
TAN No.: [Tax Deduction & Collection Account No.]	NSKK01471B
PAN No.: [Permanent Account No.]	AACCK3621N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter of Neumatic Controllers Walls.
No. of Employees :	150 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 for normal business dealings at usual trade terms and conditions. The profit and loss of the company is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Sashikant
Designation :	Accounts Department
Contact No.:	91-253-2408811
Date :	30.09.2011

LOCATIONS

Registered Office :	H-33 and 34, MIDC, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-2408811
Fax No.:	91-253-2384413
E-Mail :	gaurav.gupta@kentintrol.in shashikant.badhan@kentintrol.in
Website :	http://www.kentintrol.in
Area :	8000 sq. ft. mtr.
Location :	Owned
Ware House :	D-65, Trident Complex, Race Course Circle, Vadodara, Gujarat, India
E-Mail :	sunil.singh@kentintrol.in
Area :	Rented

DIRECTORS

As on 19.08.2011

Name :	Mr. Gaurav Vinod Gupta
Designation :	Whole Time Director
Address :	Flat No. 3, Space Mercury Building, F-Lane, Mahatma Nagar, Nashik – 422 007, Maharashtra, India
Date of Birth/Age :	12.10.1979
Date of Appointment :	27.07.2007
DIN No.:	00012400

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31200MH2004PTC146735	Koso India Private Limited	Whole-time director	27-07-07	03-06-04	Active	NO

Name :	Mr. Takashi Ichiji Ikegaya
Designation :	Director
Address :	3-29-18, Kamikitazawa, Setagaya-Ku, Tokyo, Japan
Date of Birth/Age :	05.01.1930
Date of Appointment :	28.06.2005
DIN No.:	00297426

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120KL2001PTC014780	Koso Fluid Controls Private Limited	Director	28-08-01	28-08-01	Active	NO
2	U31200MH2004PTC146735	Koso India Private Limited	Director	28-06-05	28-06-05	Active	NO

Name :	Mr. Yuichi Takashi Ikegaya
Designation :	Director
Address :	4-14-2-3502, Sotokanda, Chiyoda-Ku, Tokyo, Japan
Date of Birth/Age :	31.08.1973
Date of Appointment :	28.06.2005
DIN No.:	00296808
Name :	Mr. Keiko Takashi Ikegaya
Designation :	Director
Address :	5-4-1-518, Shiba, Minato-Ku, Tokyo, Japan
Date of Birth/Age :	14.12.1964
Date of Appointment :	28.06.2005
DIN No.:	00296749

KEY EXECUTIVES

Name :	Mr. Sashikant
Designation :	Accounts Department
Name :	Mr. Rajender Kumar
Designation :	Sales and Marketing Director
Name :	Mr. Unmesh Wankhade
Designation :	Operations Director
Name :	Mr. Ramakant Gosavi
Designation :	Technical Director
Name :	Mr. Rajan Bhandare
Designation :	HR Manager
Name :	Mr. Uday Kale
Designation :	Finance Manager
Name :	Mr. Chandrashekhar Deshmukh
Designation :	Procurement Manager
Name :	Mr. Sanjay Patil
Designation :	QC Manager
Name :	Mr. Vijay Kulkarni
Designation :	QA Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.08.2011

Names of Shareholders	No. of Shares
Nihon Koso Company Limited, Japan	12779830
Nihon Koso Company Limited, (Beneficial Holder Takashi Ikegaya), Japan	15000
Total	12794830

As on 19.08.2011

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, Exporter of Neumatic Controllers Walls.
Exports :
Products :	Neumatic Controllers Walls
Countries :	· UK · China
Imports :
Products :	Raw Material
Countries :	· UK · Japan
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Suppliers :

U. S. Foundris

Customers :

· End Users

· Union Bright Technology

No. of Employees :

150 Approximately

Bankers :

Axis Bank Limited

Mazda Towers, Trambak Naka, Survey No. 620/9, GPO Road, Nashik – 422 001, Maharashtra, India

Facilities :

Fund Base Rs.80.000 Millions

Non Fund Base Rs.60.000 Millions

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit Facility (Secured by hypothecation of current assets and collateral security by way of first charge on fixed assets)	15.151	49.908
Total	15.151	49.908

Banking Relations :	--
Auditors :
Name :	Deloitte Haskin and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Holding Company :	Nihon Koso Company Limited Address : 1-16-7, Nihombashi, Chuo-ku, Tokyo – 103-0027, Japan

CAPITAL STRUCTURE

As on 19.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12794830	Equity Shares	Rs.10/- each	Rs.127.948 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9853654	Equity Shares	Rs.10/- each	Rs.98.536 Millions

(Above 9853654 equity shares (Previous Year 8186988 Nos) are held by Nihon Koso Company Limited, Japan – the holding company along with its nominee.)

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		98.536	81.870	81.870
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		176.541	96.040	60.643
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		275.077	177.910	142.513
LOAN FUNDS
1] Secured Loans		15.151	49.908	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		15.151	49.908	0.000
DEFERRED TAX LIABILITIES		2.031	1.498	0.000
TOTAL		292.259	229.316	142.513
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.165	108.691	33.553
Capital work-in-progress		32.374	4.107	1.864
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.495
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.215	80.350	30.502
	Sundry Debtors	91.491	48.998	83.239
	Cash & Bank Balances	39.080	50.033	39.462
	Other Current Assets	0.230	0.933	0.902
	Loans & Advances	47.882	41.864	23.273
Total Current Assets		245.898	222.178	177.378
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.516	60.943	32.435
	Other Current Liabilities	14.182	9.426	9.291
	Provisions	47.480	35.291	29.051
Total Current Liabilities		106.178	105.660	70.777
Net Current Assets		139.720	116.518	106.601
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		292.259	229.316	142.513

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
The Foreign Exchange Earned	384.768	281.095	171.983

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	459.100	500.000	370.000

The above information has been parted by Mr. Shashikant

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.44	0.87	0.50
Current Ratio (Current Asset/Current Liability)	2.32	2.10	2.51

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
Total outstanding dues of micro, small and medium enterprise	9.453	8.398	4.370
Total outstanding dues other than micro, small and medium enterprises	35.063	52.545	28.065
Total	44.516	60.943	32.435

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
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	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	NO
16.	Details of sister concerns	--
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation 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	--
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FINANCIAL RESULTS

This being the sixth year, the company has performed business as per expectations. The company has sound financial position to accommodate and meet its current, contingent liabilities. The paid up capital of the company is Rs.98.536 millions.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10174515
Corporate identity number of the company	U31200MH2004PTC146735
Name of the company	KOSO INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H 34, MIDC, Ambad, Nashik-422010, Maharashtra, India
Type of charge	Any Interest in Immovable Property
Particular of charge holder	Axis Bank Limited, Mazda Towers, Trambak Naka, Survey No. 620/9, GPO Road, Nashik-422001, Maharashtra, India
Email	arvind.paratey@axisbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry executed on 13th November 2010 constituting charge of Rs. 140.000 Millions
Date of instrument Creating the charge	13.11.2010
Amount secured by the charge	Rs.140.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For A] Cash Credit: Base rate + 3.75% p.a. i.e. 11.50% p. a, B] EPC: Upto 90 days @ base rate + 2.25 % p.a. i.e. 10% p, a. and above 90 days @ base rate + 4.25 % p.a. i.e. 12% p. a. all payable monthly Terms of Repayment A) Cash Credit to be payable on demand. B) Export Packing Credit (EPC)will be allowed upto maximum 90 days or expiry of contract or export letters of credit for shipment whichever is earlier. C) Post shipment Facility (sub limit of Cash Credit) payable on due dates; in case of non payment, the bills will be crystallized as per RBI regulations and interest on crystalised bills @ BR + 2% will be recovered on monthly basis. Margin A) Cash Credit of Rs.80.000 Millions s:- Inventory/stock: 25% and book (Cover period max 90 days): 25% B) EPC:- Drawings permitted on against confirmed export orders , actually upto 90% of FOB of confirmed export order C) Bank Guarantee: - pledge for cash /fixed deposit 15%, while 100% cash margin in case of disputed liabilities. Extent and Operation of the charge By this Mortgage deed "Memorandum of Entry" company hereby mortgages its immovable properties stated therein in favour of bank for due repayment on demand to the bank of all monies including principal sums, interest, costs, charges, expenses, and other monies payable by company concerning with enhanced credit facility of Rs. 140.000 Millions . Others Rate of Interest continuing from Clause (a) of point No. 13 above: PCFC: Upto 90 days @ LIBOR + 200 bps + out of pocket expenses, if any 91 to 180 days @ LIBOR + 200 bps + out of pocket expenses, if any above 181 days @ LIBOR + 400 bps + out of pocket expenses, if any C] PSC: Upto 90 days @ base rate + 2.25 % p.a. i.e. 10% p.a. monthly payable, PSCFC: Upto 90 days @ LIBOR + 200 bps + out of pocket expenses, if any D] FCDL: 6m LIBOR+ 500 bps+ 100 bps
Short particulars of the property charged	I) Equitable mortgage of immovable properties viz; Plot No. H-33 and Plot No. H-34 each measuring 4050 Sq. Mtrs. situated at MIDC, Ambad, Nashik, Maharashtra, along with building and structures thereon and II) all present and future Plant and machinery attached to the earth or permanently fastened to anything to the earth.
Date of latest modification prior to the present modification	14.10.2010
Particulars of the present modification	By this 5th Modification company has duly extended mortgage of its leasehold Immovable properties situated at Plot No. H-33 and Plot No. H-34 MIDC, Ambad, Nashik, Maharashtra, along with building, structures, Plant and machinery, towards the total charge amount of Rs. 140.000 Millions. Keeping all other terms and conditions of earlier modified charge dated 14/10/2010 as unchanged.

TRADE REFERENCES

· Union Bright Technology

· U.S. Foundris

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Dies and Moulds

· Office Equipments

· Data Processing Equipments

· 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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.85

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.