MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	MIMAKI KANPHOR INDIA PRIVATE LIMITED [w.e.f. 26.08.2009]
Formerly Known As :	KAMPHOR (INDIA) PRIVATE LIMITED
Registered Office :	C-8/8673, Vasant Kunj, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2008
Com. Reg. No.:	55-185364
Capital Investment / Paid-up Capital :	Rs.21.251 Millions
CIN No.: [Company Identification No.]	U51505DL2008PTC185364
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Textile Printing Machinery and Digital Textile Printing.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. 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 caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	C-8/8673, Vasant Kunj, New Delhi – 110070, India
Tel No.:	Not Available
Mobile No.:	91-9971781775 [Mr. Neeraj ]
Fax No.:	Not Available
E-Mail :	vinod@mimakitexsoco.com shweta@mimakitexsoco.com
Location :	Owned
Head Office :	Plot No. 232, Phase IV, Udyog Vihar, Gurgaon-122016, Haryana, India
Tel. No.:	91-124-4711001 / 2 / 3 / 4683300
Branch Office :	23/2 Yellukunte, Old Mangam Palaya Road, Main Hosur, Bangalore-560068, Karnataka, India

DIRECTORS

As on 30.07.2011

Name :

Mr. Vinod Krishnamurthy Iyer

Designation :

Managing Director

Address :

House No. A-502, Bhawani Co-operative Housing Society, Sector 54, Gurgaon-122001, Haryana, India

Date of Birth/Age :

22.01.1977

Date of Appointment :

01.01.2009

Din No.:

00351444

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	U72200DL2001PTC111657	TEXSOCO TECHNOLOGIES PRIVATE LIMITED	Director	12-07-01	12-07-01	Active	NO
2	U51505DL2008PTC185364	MIMAKI KANPHOR INDIA PRIVATE LIMITED	Managing director	24-07-09	01-01-09	Active	NO

Name :

Mr. Nikhil Vinod Kumar

Designation :

Whole Time Director

Address :

C-8673, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

01.12.1982

Date of Appointment :

01.08.2010

Din No.:

00707848

Other Directorship:

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	U72200DL2001PTC111657	TEXSOCO TECHNOLOGIES PRIVATE LIMITED	Director	15-11-06	15-11-06	01-10-07	Active	NO
2	U51505DL2008PTC185364	MIMAKI KANPHOR INDIA PRIVATE LIMITED	Whole-time director	01-08-10	01-08-10	-	Active	NO

Name :

Mikio Noguchi

Designation :

Director

Address :

317, Imai Kawanakaj, Ima Machi, Nagano, Pref, Nagano City, Pint Code 3812226, Nagano

Date of Birth/Age :

01.06.1954

Date of Appointment :

24.07.2009

Din No.:

02730145

Name :

Kazuaki Ikeda

Designation :

Director

Address :

1418, Kokubu, Nagano Pref, Ueda City, Pin Code 3860016, Ueda

Date of Birth/Age :

04.11.1976

Date of Appointment :

24.07.2009

Din No.:

02730464

KEY EXECUTIVES

Name :	Ms. Shweta Gupta
Designation :	Secretary
Address :	C-22, Street No. 5, Majlis Park, Adarsh Nagar, New Delhi-110033, India
Date of Birth/Age :	27.01.1986
Date of Appointment :	25.11.2009
Pan No.:	ALYPG6269L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2011

Names of Shareholders	No. of Shares
Vinod Krishnamurthy Iyer	468585
Vinod Kumar Garg	260325
Satish Kumar Garg	312390
Mimaki Engineering Company Limited, Japan	1083803
Total	2125103

As on 30.07.2011

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]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Textile Printing Machinery and Digital Textile Printing.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan Form Banks
Vehicles Loan* [Secured against hypothecation of the specific vehicle] [* Amount due within one year.]	1.947	2.354
Total	1.947	2.354
Unsecured Loan
Loan From Directors
Principal Amount	0.000	0.301
Total	0.000	0.301

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited, 36-38A, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, Maharashtra, India
Auditors :
Name :	KRA and Company Chartered Accountants
Address :	H-1/109, Garg Tower, Netaji Subhash Palace, Pitampura, New Delhi-110034, India
Tel. No.:	91-11-47082855
Fax No.:	91-11-47082855
Pan No.:	AAIFK1650J
Holding Company:	Mimaki Engineering Company Limited
Related Parties:	· Graffiti Technologies Private Limited · Graffiti Exports

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.10/- each	Rs.22.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2125103	Equity Shares	Rs.10/- each	Rs.21.251 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		21.251	21.251	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		84.446	84.446	0.000
4] (Accumulated Losses)		(43.437)	(24.220)	0.000
NETWORTH		62.260	81.477	0.100
LOAN FUNDS
1] Secured Loans		1.947	2.354	0.000
2] Unsecured Loans		0.000	0.301	0.000
TOTAL BORROWING		1.947	2.655	0.000
DEFERRED TAX LIABILITIES		1.130	0.613	0.000
TOTAL		65.337	84.745	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.894	37.327	0.000
Capital work-in-progress		0.000	9.444	0.000
INVESTMENT		0.096	0.096	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.242	16.506	0.000
	Sundry Debtors	73.084	24.742	0.000
	Cash & Bank Balances	16.492	23.174	0.100
	Other Current Assets	1.847	1.230	0.000
	Loans & Advances	4.354	6.076	0.000
Total Current Assets		206.019	71.728	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	181.521	26.447	0.000
	Other Current Liabilities	3.028	4.686	0.090
	Provisions	3.123	2.717	0.000
Total Current Liabilities		187.672	33.850	0.090
Net Current Assets		18.347	37.878	0.010
MISCELLANEOUS EXPENSES		0.000	0.000	0.090
TOTAL		65.337	84.745	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Sales (Machine including software, fabrics and consumables)	203.370	77.297
		Profit on sale of fixed assets	0.866	0.000
		Other income	18.790	4.490
		Foreign exchange gain	(0.160)	0.303
		TOTAL (A)	222.866	82.090
Less	EXPENSES
		Material Consumed	170.365	63.888
		Personnel Expenses	20.573	13.199
		Operating and Administrative Expenses	42.150	24.315
		TOTAL (B)	233.088	101.402
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(10.222)	(19.312)
Less	FINANCIAL EXPENSES (D)		0.491	0.730
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(10.713)	(20.042)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.772	3.543
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(18.485)	(23.585)
Less	TAX (H)		0.517	0.613
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(19.002)	(24.198)
Less	PRIOR PERIOD ITEMS		0.216	0.023
	BALANCE CARRIED TO THE B/S		(19.218)	(24.221)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.838	NA
		Commission Earnings	6.041
	TOTAL EARNINGS		7.879	NA
	IMPORTS
		Machinery	204.063	32.434
		Software	7.715	0.497
		Spare Parts	18.707	8.902
		Ink	5.288	1.410
		Consumables	0.874	1.734
		Fabric	0.009	0.000
	TOTAL IMPORTS		236.656	44.977
	Earnings / (Loss) Per Share (Rs.)		(9.04)	(11.40)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(8.53)	(29.48)	NA
Net Profit Margin (PBT/Sales)	(%)	(9.09)	(30.51)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(7.31)	(21.63)	NA
Return on Investment (ROI) (PBT/Networth)		(0.30)	(0.29)	NA
Debt Equity Ratio (Total Liability/Networth)		3.05	0.45	0.90
Current Ratio (Current Asset/Current Liability)		1.10	2.12	1.11

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE:

During the financial year, the company's revenue from operations is Rs. 222.800 Millions, and the loss registered is Rs. 19.200 Millions. The major cause for loss is the failure of Mimaki Tx400 ink which will be recovered in the coming financial years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51505DL2008PTC185364
Name of the company	MIMAKI KANPHOR INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A 84A/ 3, Rose Apartments, Paryavaran Complex, Ignou Road, New Delhi -110030, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India harish.shah@kotak.com
Nature of instrument creating charge	First and Exclusive charge on Skoda Superb 1.8
Date of instrument Creating the charge	28/11/2009
Amount secured by the charge	Rs. 1.222 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11.25% Terms of repayment 59 installments of Rs. 0.027 Million each. Margin Rs. 0.719 Million Extent and operation of the charge First and Exclusive Charge on Skoda Superb 1.8
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Skoda Superb 1.8 registered in the name of Mimaki Kanphor India Private Limited at 232, Udyog Vihar, Phase IV Gurgaon

FIXED ASSETS:

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

· Electrical Installations

· Plant and Machinery

· Air Conditioner

· Generator

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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.