MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	MORIROKU UT INDIA PRIVATE LIMITED
Registered Office :	411, Meghdoot Building, 94 Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.09.1996
Com. Reg. No.:	55-82080
Paid up Capital :	Rs.70.932 millions
CIN No.: [Company Identification No.]	U34100DL1996PTC082080
TAN No.: [Tax Deduction & Collection Account No.]	DELM08240B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Importer of Plastic Automobile Parts.
No. of Employees :	2000 (approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 474196
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	411, Meghdoot Building, 94 Nehru Place, New Delhi – 110019, India
Email :	moriroku@vsnl.com
Website :	www.moriroku.co.
Corporate/Factory Warehouse Office :	B/6-11, Sector –81, Phase – II, Noida, District Gautam Budh Nagar, Uttar Pradesh – 201 305, India
Tel. No.:	91-120-2568573 to 75
Fax No.:	91-120-2568581
Location :	Industrial

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Hideo Tsuskai
Designation :	Director
Address :	LM – 412-1-10-18 Arajuku – CHO, Kawagoe – 3214345, Japan
Date of Birth/Age :	14.01.1959
Date of Appointment :	04.07.2005
Name :	Mr. Ryuichi Akatani
Address :	A-101, New friends Colony, New Delhi – 110065, India.
Designation :	Director
Date of Appointment :	07.07.2008
Name :	Mr. Mori Shigeru
Designation :	Director
Address :	4-24-10, Fujimi – Cho Chofu City, Tokyo
Date of Appointment :	19.09.1996
Date of Cessation :	04.07.2005
Name :	Mr. Tetsuya Nitta
Designation :	Alternate Director
Address :	24, Ishwar Nagar East, New Delhi – 110065, India.
Date of Appointment :	19.09.2007

Name :	Ms. Vandana Khaitan
Designation :	Chairman
Address :	28A, Ashutosh Choudhary Road, Kolkata – 700 019, West Bengal
Date of Birth/Age :	06.03.1958
Date of Appointment :	06.06.2002

Other Directorship

Name:

VANDANA KHAITAN

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L29120WB1965PLC026533	UT LTD	Managing director	01/05/2008	19/12/1984	-	Active	NO
2	U02001WB1959PTC024225	Andaman Plantations & Development Corporation Private Limited	Director	06/12/1995	06/12/1995	26/04/2007	Active	NO
3	L65993WB1979PLC032443	S.G.S. Investments Limited	Director	12/04/1997	12/04/1997	-	Active	NO
4	U34100DL1996PTC082080	Moriroku Ut India Private Limited	Director	06/06/2002	06/06/2002	-	Active	NO
5	U29120WB2007PTC113442	Ut Bondioli And Pavesi Hydraulics Private Limited	Director	15/02/2007	15/02/2007	-	Strike off	NO

Name :	Mr. Miwa Shigeno Bu
Designation :	Director
Address :	3003-21, Ooyamachj Tatebayshi, Japan
Date of Appointment :	30.09.2002
Name :	Mr. Takeo Togawa
Designation :	Managing Director
Address:	A-101, New Friends Colony, New Delhi -110065
Date of Appointment :	01.04.2005
Name :	Mr. Yukio Uehara
Designation :	Director
Address:	874-4, Komiyokota, Utsunomiya City, Japan
Date of Appointment :	01.09.2004
Name :	Mr. Hidekazu Haruta
Designation :	Director
Address:	2-64-10, Toyosatodai Utsunomiya City Tochigi.Pre.Japan
Date of Appointment :	18.09.2006
Name :	Mr. Shigeru Mori
Designation :	Director
Address :	4-24-10,Cho City Tokyo, Japan
Date of Appointment :	26.06.2009

KEY EXECUTIVES

Name :	Mr. Ashok Garg
Designation :	Senior Vice President
Name :	Mr. Salabh Sangal
Designation :	Senior Manager Productions
Name :	Mr. V B Khan Delwal
Designation :	Company Secretary cum Financial Controller
Date of Appointment :	26.08.1997
Date of Cessation :	31.12.2005
Name :	Mr. Alok Gupta
Designation :	Company Secretary and Manager
Address :	A – 32, South Ganesh Nagar, Delhi – 110092, India
Date of Birth :	10.10.1971
Date of Appointment :	15.05.2006
Name :	Mr. Masao Kita
Designation :	Vice president
Date of Birth :	55 years
Experience :	Graduate
Date of Appointment :	33 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders		No. of Shares
UT Limited, Kolkata		473190
Moriroku, Technology Company Limited, Japan		6620000
Mr. Shyam Sunder Singhania		1
Mr. Ashok Garg		1
	Total	7093192

As on 30.09.2010

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	93.30
Others	6.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Importer of Plastic Automobile Parts.

Products :

Generic name of principle product of the company

Product Description	Item Code (ITC Code No.)
Plastic Automobile parts	87089900

Agencies Held :

Honda Siel Cars India Limited

PRODUCTION STATUS (As on 31.03.2010):-

Particulars	Production Quantity Nos.	Sales
		Quantity	Value
Plastic Automobile Parts	2814248	2815549	527,535,145

Note:

The company is not subject to industrial licensing. The installed capacity is 25000000 plastic automobile parts per annum (previous years – 25000000 parts).

GENERAL INFORMATION

No. of Employees :

2000 (approximately)

Bankers :

· The Sumitomo Mitsui Banking Corporation

· The Bank of Tokyo-Mitsubishi Limited

· Mizuho Corporate Bank Limited

· The Sakura Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, India

Facilities :

UNSECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Working capital Demand loans
From Mizuho Corporate Bank Limited	--	42.000
Bank of Tokyo - Mitsubishi Limited	--	10.000
Cash Credit limits
From the Bank of Tokyo – Mitsubishi Limited	--	0.455
From Mizuho Corporate Bank Limited	9.624	5.588
Short Term Loan
From Mizuho Corporate bank Limited	12.000	61.500
From the Bank of Tokyo – Mitsubishi Limited	27.500	--
Term Loan
From Mizuho Corporate bank Limited	281.250	331.250
Total	330.374	450.793

Notes :-

Working capital demand loan and Short term Loan of Rs. 39.500 millions (previous years Rs. 113.500 millions) are repayable during the next 12 months.

Bank of Tokyo – Mitsubishi Limited, New Delhi have granted cash credit facilities aggregating to Rs. 30 millions (Previous year Rs. 30 millions)

Mizuho Corporate Bank Limited have granted cash credit facilities aggregating to Rs. 80.000 millions (Previous year Rs. 80.000 millions) and Short Term Loan aggregating to Rs. 70.000 millions (Previous year 70.000 Millions)

The above loans are secured by a corporate guarantee of Moriroku Holdings Company limited, Japan

Banking Relations :

----

Auditors :

Name :

D. D. Bansal and Associates

Chartered Accountants

Address :

M- 304, Dharma Apartments, @, I.P. Extension, New Delhi – 110 092, India

Tel. No.:

91-11-22723062/22732791

Fax No.:

91-11-43108110

E-Mail :

ca.ddba@gmail.com

Website :

www.ddbaica.com

PAN No. :

AACFD2943B

Associates :

· Moriroku Technology Company Limited

· Moriroku Phillipines. Inc

· Moriroku (Thailand) Company Limited

Holding Company :

Moriroku Company Limited, Japan

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs.100.000 millions
662,000	Redeemable Preference Shares	Rs. 100/- each	Rs. 66.200 millions
		Total	Rs.166.200 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,093,192	Equity Shares	Rs. 10/- each	Rs.70.932millions

Notes:-

· of the above 6620000 are subscribed by Moriroku Company Limited, Japan

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		70.931	70.931	70.931
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.372	32.372	112.543
4] (Accumulated Losses)		(24.754)	(19.519)	0.000
NETWORTH		118.549	83.784	183.474
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		330.374	450.793	126.455
TOTAL BORROWING		0.000	450.793	126.455
DEFERRED TAX LIABILITIES		330.374	13.276	7.192
TOTAL		448.923	587.853	317.121
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		356.632	399.037	222.049
Capital work-in-progress		0.000	0.000	2.042
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		8.808	2.254	1.649
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.347	43.913	9.240
	Sundry Debtors	56.694	79.538	73.595
	Cash & Bank Balances	0.121	0.305	0.844
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	90.741	154.885	114.037
Total Current Assets		169.903	278.641	227.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.691	46.958	45.095
	Other Liabilities	28.483	38.682	45.357
	Provisions	7.246	6.439	45.883
Total Current Liabilities		86.420	92.079	136.335
Net Current Assets		83.483	186.562	91.381
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		448.923	587.853	317.121

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	479.222	359.747	510.773
		Other Income	2.275	3.819	2.780
		TOTAL (A)	481.497	363.613	513.553
Less	EXPENSES
		Raw Material Consumed		203.161	273.025
		Increase/(Decrease) in Finished Goods	506.562	1.946	(1.610)
		Manufacturing Expenses		116.250	118.721
		TOTAL (B)	506.562	321.357	390.136
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	42.256	123.417
Less	FINANCIAL EXPENSES (D)		NA	25.816	6.018
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	16.440	117.399
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	69.846	35.985
	PROFIT BEFORE TAX (E-F) (G)		(25.065)	(53.406)	81.412
Less	TAX (H)		--	(6.283)	29.538
	PROFIT AFTER TAX (G-H) (I)		(25.065)	(59.689)	51.874
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	2.625
		Dividend	NA	NA	10.639
		Tax on Dividend	NA	NA	1.808
		Deferred Tax	NA	NA	0.639
	BALANCE CARRIED TO THE B/S		NA	(59.689)	37.441
	IMPORTS
		Raw Materials	23.302	23.939	41.574
		Stores & Spares	34.230	38.460	41.918
		Capital Goods	2.261	194.625	0.000
	TOTAL IMPORTS		59.793	257.024	83.492
	Earnings Per Share (Rs.)		---	--	7.31

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(5.20)	(16.41)	10.10
Net Profit Margin (PBT/Sales)	(%)	(5.23)	(14.84)	15.93
Return on Total Assets (PBT/Total Assets}	(%)	(4.76)	(7.88)	17.95
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.63)	0.44
Debt Equity Ratio (Total Liability/Networth)		0.72	6.47	1.43
Current Ratio (Current Asset/Current Liability)		1.96	3.02	1.67

LOCAL AGENCY FURTHER INFORMATION

Note – The registered office address of the company has been shifted from C-20, New Friends Colony East, New Delhi – 110 065, India to present address w.e.f. 01.12.2001

Operations

During the year under report, the gross sales of the company were Rs. 527.500 millions as compared to previous year's figures of Rs. 410.000 millions. The Losses for the year were Rs.5.200 millions as compared to the profit of Rs. 59.700 millions in the previous year. After the recession started during 2008, the company has made a growth of 22 % in turnover.

Government of India is considering various measures to improve the economy but timing and implementation of such measures will determine their full impact. However, the directors of the company are confident that the glimmers of hope emerging in global economy should lead the Indian economy to new heights. The management of the company is very much conscious the cost control measures, implemented during the year by further cutting down inventory levels to reduce the financial costs and to maximize the overall productivity to protect its profitability and also to record growth commensurate with the national economy revival.

Form 8:-

Name of the company	MORIROKU UT INDIA PRIVATE LIMITED
Presented By	Mr. V. B. Khandelwal, Company Secretary
1) Date and description of instrument creating the change	Letter of credit agreement dated 07.10.1997 and sanction letter of bank dated15.10.1997 security to be created from 15.10.1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 11.500 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	Current Assets and All Receivables
4) Gist of the terms and conditions and extent and operation of the charge.	As per Xerox Copies of Letter of Credit Agreement Dated 07.10.1997 and sanction Letter of Bank dt. 15.10.1997 enclosed
5) Name and Address and description of the person entitled to the charge.	The Sakura Bank Limited Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi

Fixed Assets:-

· Land

· Building

· Plant and machinery

· Office equipment

· Furniture and fixtures

· Motor vehicles

· Data processing equipments.

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] 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.49.03
UK Pound	1	Rs.76.59
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	33
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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
TOTAL		28

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.