MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	TOKAI RUBBER AUTO-PARTS INDIA PRIVATE LIMITED
Registered Office :	Plot No.337, Phase II, KIADB Harrohalli Industrial Area, Kanakapura Taluka, Ramnagar,– 561112, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.2008
Com. Reg. No.:	08-046147
Capital Investment / Paid-up Capital :	Rs. 1800.000 Millions
CIN No.: [Company Identification No.]	U25190KA2008PTC046147
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BLRT06263F
PAN No.: [Permanent Account No.]	AACCT9033B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Rubber Products.
No. of Employees :	120 (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 2700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company is under pressure. There are accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow. The company can be considered for business dealing 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pradeep
Designation :	Senior Account Manager
Contact No.:	91-80-39919900
Date :	04.08.2014

LOCATIONS

Registered/ Head Office :	Plot No.337, Phase II, KIADB Harrohalli Industrial Area, Kanakapura Taluk, Ramnagar – 561112, Karnataka, India
Tel. No.:	91-80-39919900
Mobile No.:	91-9686192235 (Mr. Madhukesh)
Fax No.:	91-80-39919901
E-Mail :	madhu@trin.co.in yonezawa@trin.co.in yyoneza@attglobal.net
Website :	http://www.tokai.co.jp
Area :	10 Acers
Factory :	Plot No. SP2-60 to 64, New Industrial Complex (Majrakath), Neemrana, District Alwar - 301705, Rajasthan, India
Area :	8 Acers

DIRECTORS

As on 25.07.2014

Name :	Yasue Yonezawa
Designation :	Director
Address :	Skystage 1609, 1-45, Shinooka, Komai – 4850815, Japan
Date of Birth/Age :	20.03.1951
Date of Appointment :	20.10.2009
DIN No.:	02142923
Name :	Naoki Hayashi
Designation :	Director
Address :	2-86, Johjoh-cho, Kasugai – 4860833, Japan
Date of Birth/Age :	03.04.1961
Date of Appointment :	20.10.2009
PAN No.:	AFGPH4664A
DIN No.:	02250752
Name :	Toshio Iida
Designation :	Director
Address :	No. C 1 704 Uniworld City, Sector 32 40 Gurgaon – 122001, Haryana, India
Date of Birth/Age :	03.04.1966
Date of Appointment :	20.09.2013
DIN No.:	06610919

KEY EXECUTIVES

Name :	Mr. Pradeep
Designation :	Senior Account Manager
Name :	Mr. Anand M.S.
Designation :	Secretary
Address :	Door No.57, 4^th Cross, 8^th A Main, R P C Layout, Vijayangara, 2^nd Stage, Bangalore - 560104, Karnataka, India
Date of Birth/Age :	24.07.1983
Date of Appointment :	03.03.2014
PAN No.:	AVIPA2447A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2014

Names of Shareholders	No. of Shares
Tokai Rubber Industries Limited, Japan	1300000
Tokai Eastern Rubber Thailand, Thailand	500000
Total	1800000

As on 25.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Rubber Products.

Products :

ITC Code No.	Product Descriptions
85122090	Anti Vabration Rubber Product

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Credit / LC

Purchasing :

Cash / Credit / LC

GENERAL INFORMATION

Suppliers :

Reference :	Fine Components and Tools Private Limited
Name of the Person :	Mr. Shiva Subharmaniam (Finance Manager)
Contact No.:	91-9880289198
Since How Long Known :	4 years
Experience :	1 years
Maximum Limit Dealt :	Good
Remark :	The company having good track record in term of payment behavior.

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Toyata Kiloskar Auto Parts Private Limited
Name of the Person :	Not Divulged
Contact No.:	91-80-27287141
Since How Long Known :	Operator denied to Transfer line without name of concern person
Experience :	--
Maximum Limit Dealt :	--

No. of Employees :

120 (Approximately)

Bankers :

Banker Name	Standard Charterd Bank,
Branch Address	M.G. Road, Bangalore, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	91-80-6631004
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Continuously Ringing

Banker Name	Bank of Tokyo
Branch Address	Bangalore, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Fund and Non Funds Rs.600.000 Millions (From Bank of Tokyo)

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
PAN No.:	AACFD3771D
Holding Company :	Tokai Rubber Industries Limited
Fellow Subsidiary Company :	· Tokai Rubber Compounding Thailand Limited · Tokai Eastern Rubber Thailand · PT Tokai Rubber Indonesia · Tokai Imperial Rubber India Private Limited

CAPITAL STRUCTURE

As on 25.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,800,000	Equity Shares	Rs. 1000/- each	Rs. 1800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,800,000	Equity Shares	Rs. 1000/- each	Rs. 1800.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1800.000	1800.000	700.000
(b) Reserves & Surplus	(833.453)	(497.462)	(237.582)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	150.000
Total Shareholders’ Funds (1) + (2)	966.547	1302.538	612.418
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.379	0.453	0.265
Total Non-current Liabilities (3)	1.379	0.453	0.265
(4) Current Liabilities
(a) Short term borrowings	480.000	0.000	0.000
(b) Trade payables	168.961	128.375	161.683
(c) Other current liabilities	88.862	169.293	184.567
(d) Short-term provisions	0.989	0.256	0.253
Total Current Liabilities (4)	738.812	297.924	346.503
TOTAL	1706.738	1600.915	959.186
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1056.026	867.874	534.247
(ii) Intangible Assets	7.418	10.031	12.597
(iii) Capital work-in-progress	41.915	123.499	64.777
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	61.007	46.726	3.749
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1166.366	1048.130	615.370
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	171.123	107.031	157.013
(c) Trade receivables	113.740	78.112	29.703
(d) Cash and cash equivalents	52.443	255.699	73.092
(e) Short-term loans and advances	203.066	111.080	83.870
(f) Other current assets	0.000	0.863	0.138
Total Current Assets	540.372	552.785	343.816
TOTAL	1706.738	1600.915	959.186

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(200.045)	(163.735)	(156.351)
Less	FINANCIAL EXPENSES (D)		18.096	2.729	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(218.141)	(166.464)	(156.351)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		117.850	93.415	36.659
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(335.991)	(259.879)	(193.010)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(335.991)	(259.879)	(193.010)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(497.461)	(237.582)	(44.572)
	BALANCE CARRIED TO THE B/S		(833.452)	(497.461)	(237.582)
	IMPORTS
		Raw Materials	15.017	53.431	9.858
		Components, stores and spare parts	6.136	4.023	4.845
		Capital Goods	100.932	115.985	155.302
		Traded goods	118.451	24.124	107.594
	TOTAL IMPORTS		240.536	197.563	277.599
	Earnings Per Share (Rs.)		(186.66)	(144.38)	(381.94)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(20.18)	(17.59)	(21.58)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.20)	(0.32)
Debt Equity Ratio (Total Debt /Networth)		0.50	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.73	1.86	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	700.000	1800.000	1800.000
Reserves & Surplus	(237.582)	(497.462)	(833.453)
Share Application money pending allotment	150.000	0.000	0.000
Net worth	462.418	1302.538	966.547
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	480.000
Total borrowings	0.000	0.000	480.000
Debt/Equity ratio	0.000	0.000	0.497

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Background of the Company

Subject was incorporated in April 22, 2008 under the Companies Act, 1956 to manufacture automotive components like Anti-vibration Rubber Products. The Company is a wholly owned subsidiary of Tokai Rubber Industries Limited, Japan.

UNSECURED LOAN

Rs, In Millions

Particular	As on 31.03.2014	As on 31.03.2013
Short - Term Borrowings
Working Capital Loans The above working capital loans carry an interest rate of 9.50% to 11% (Tokai Rubber Industries Limited Japan has provided Corporate Guarantee towards this loan)	480.000	0.000
Total	480.000	0.000

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer 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 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 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 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.61.92
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.