MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	TATSUNO INDIA PRIVATE LIMITED
Registered Office :	B-31 and B-32, MIDC Industrial Area, Taloja, District Raigad – 410 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.12.2006
Com. Reg. No.:	11-166485
Capital Investment / Paid-up Capital :	Rs.106.200 millions
CIN No.: [Company Identification No.]	U29120MH2006FTC166485
PAN No.: [Permanent Account No.]	AACCT5929J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of general equipment for gasoline stations including gasoline dispensing pumps/ dispensers, fluid related equipment, flow meters, pumps, valves and hydraulic equipments etc.
No. of Employees :	Information declined by the Management.

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 211000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financial for the year 2013 are not available from any sources. As per available financial of 2012, the company seems to have recorded some accumulated losses. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-27403700)

LOCATIONS

Registered Office/ Factory :	B-31 and B-32, MIDC Industrial Area, Taloja, District Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-24043385/ 24017578/ 24032460/ 43322500/ 27403700
Fax No.:	91-22-43322555/ 27403777
E-Mail :	info@tatsuno.co.in support@tatsuno.co.in arup.chatterjee@tatsuno.co.in monali.wakalkar@tatsuno.co.in
Website :	http://www.tatsuno.co.in http://www.tatsuno.co.jp
Worldwide Network :	Located at: · Japan · China · Czech · Korea · Russia · Thailand

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Arup Chatterjee

Designation :

Managing Director

Address :

Flat No.23, 7^th Floor, Shivtirth No.1, 4/6, B. Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

22.06.1966

Date of Appointment :

01.10.2010

DIN No.:

00021018

PAN No.:

AAJPC7133M

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1999PLC121514	OILCO SERVICES (INDIA) LIMITED	Director	15-09-1999	15-09-1999	14-07-2010	Active	NO
2	U29300MH1949PLC007872	MIDCO LIMITED	Managing director	01-10-2006	01-08-2001	01-04-2009	Active	NO
3	U74999MH2004PTC145391	HEXAGON-MIDCO INDIA PRIVATE LIMITED	Director	08-12-2009	29-03-2004	28-06-2010	Active	NO
4	U29120MH2006FTC166485	TATSUNO INDIA PRIVATE LIMITED	Managing director	01-10-2010	01-04-2009	-	Active	NO
5	U72900MH2009PTC195091	MAC SERVITECH PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

Name :

Mr. Takashi Ando

Designation :

Director

Address :

10-1-2116, Shibaura 4-Chome, Minato-Ku, Tokyo, Japan 108-0023

Date of Birth/Age :

23.10.1958

Date of Appointment :

28.09.2012

DIN No.:

05299017

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29120MH2006FTC166485	TATSUNO INDIA PRIVATE LIMITED	Director	28-09-2012	15-06-2012	-	Active	NO

Name :

Mr. Katsuhiro Mori

Designation :

Director

Address :

1411-57, Kashio-Cho, Totsuka-Ku, Yokohama, Japan

Date of Birth/Age :

25.07.1956

Date of Appointment :

28.09.2012

DIN No.:

05299074

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29120MH2006FTC166485	TATSUNO INDIA PRIVATE LIMITED	Director	28-09-2012	15-06-2012	-	Active	NO

KEY EXECUTIVES

Name :	Monali Sharad Wakalkar
Designation :	Secretary
Address :	B-9, Nilkanth Chhaya CHS, M. Phule Road, Vishnu Nagar, Dombivli (West), Thane – 421 202, Maharashtra, India
Date of Birth/Age :	14.04.1985
Date of Appointment :	14.04.2012
PAN No.:	ABJPW9358D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Tatsuno Corporation, Japan	10619999
Arup Chatterjee (Nominee of Tatsuno Corporation, Japan)	1
Total	10620000

AS ON 19.03.2014

Names of Allottee	No. of Shares
Tatsuno Corporation, Japan	6084000
Total	6084000

AS ON 28.09.2012

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 general equipment for gasoline stations including gasoline dispensing pumps/ dispensers, fluid related equipment, flow meters, pumps, valves and hydraulic equipments etc.

GENERAL INFORMATION

No. of Employees :	Information declined by the Management.
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Mayur Batra and Company Chartered Accountants
Address :	7, Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-43616263/ 23311809
Fax No.:	91-11-43616222
E-Mail :	mayurbatra_ca@rediffmail.com
Website :	www.mayurbatra.com
PAN No.:	AEWPB7677N
Holding Company :	Tatsuno Corporation, Japan
Fellow Subsidiary Companies :	· Shanghai Tatsuno Corporation, China · Tatsuno Europe a.s., Czech Republic · Tatsuno Engg. and Service Co. Limited, Thailand

CAPITAL STRUCTURE

AFTER 28.09.2012

Authorised Capital : Rs.320.700 millions

Issued, Subscribed & Paid-up Capital : Rs.319.040 millions

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10620000	Equity Shares	Rs.10/- each	Rs.106.200 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10620000	Equity Shares	Rs.10/- each	Rs.106.200 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	106.200	106.200
(b) Reserves & Surplus	(53.470)	(34.816)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	52.730	71.384
(3) Non-Current Liabilities
(a) Long-term borrowings	196.904	141.208
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.473
(d) Long-term provisions	1.862	0.634
Total Non-current Liabilities (3)	198.766	142.315
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	13.551	8.912
(c) Other current liabilities	11.608	10.974
(d) Short-term provisions	1.124	0.906
Total Current Liabilities (4)	26.283	20.792
TOTAL	277.779	234.491
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.661	71.897
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	79.082	8.518
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	21.447	18.308
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	172.190	98.723
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.484	5.002
(c) Trade receivables	24.467	18.924
(d) Cash and cash equivalents	64.799	106.460
(e) Short-term loans and advances	11.706	5.019
(f) Other current assets	0.133	0.363
Total Current Assets	105.589	135.768
TOTAL	277.779	234.491

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		56.200
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(29.619)
NETWORTH		26.581
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		65.491
TOTAL BORROWING		65.491
DEFERRED TAX LIABILITIES		0.000
TOTAL		92.072
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.432
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	26.662
	Other Current Assets	0.000
	Loans & Advances	2.897
Total Current Assets		29.559
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.482
	Other Current Liabilities	0.437
	Provisions	0.000
Total Current Liabilities		0.919
Net Current Assets		28.640
MISCELLANEOUS EXPENSES		0.000
TOTAL		92.072

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	53.720	7.509
		Other Income	NA
		TOTAL	NA	53.720	7.509
Less	EXPENSES
		Office Expenses	NA	58.918	8.033
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	58.918	8.033
	PROFIT / (LOSS) BEFORE TAX		NA	(5.198)	(0.524)
Less	TAX		NA	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(18.654)	(5.198)	(0.524)
	EARNINGS IN FOREIGN CURRENCY		NA	2.516	Nil
	Earnings / (Loss) Per Share (Rs.)		(1.76)	(0.67)	(0.009)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	(9.68)	(6.98)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(2.30)	(0.56)
Return on Investment (ROI) (PBT/Networth)		NA	(0.07)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		3.73	1.98	2.46
Current Ratio (Current Asset/Current Liability)		4.02	6.53	32.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	106.200	106.200
Reserves & Surplus	(34.816)	(53.470)
Share Application money pending allotment	0.000	0.000
Net worth	71.384	52.730
Long-term borrowings	141.208	196.904
Short term borrowings	0.000	0.000
Total borrowings	141.208	196.904
Debt/Equity ratio	1.978	3.734

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from others	196.904	141.208
Total	196.904	141.208

Note:

No Charges Exist for Company.

FIXED ASSETS:

· Land

· Plant and Equipment

· Factory Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Leasehold Improvements

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.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.