MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	OSG (INDIA) PRIVATE LIMITED

Registered Office :	4 B, Urmila House, New No.15 Ark Colony, Eldams Road, Alwarpet, Chennai – 600018, Tamilnadu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.01.2005

Com. Reg. No.:	18-060484

Capital Investment / Paid-up Capital :	Rs.11.210 Millions

CIN No.: [Company Identification No.]	U29199TN2005PTC060484

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHEO03395A

PAN No.: [Permanent Account No.]	AAACO7558E

Legal Form :	Private Limited Liability Company

Line of Business :	To manufacture and trade in industrial cutting tools and allied products

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 116000000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 DENIED BY

Name :	Mr. Vinod
Designation :	Finance Head
Contact No.:	91-124-4009737
Date :	24.11.2014

LOCATIONS

Registered Office :	4 B, Urmila House, New No.15 Ark Colony, Eldams Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-42081473 / 1474
Fax No.:	91-44-42081475
E-Mail :	pawancs.das@gmail.com
Website :	http://www.osg-india.com

Headquarters, Taps and Rolling Dies Factory 1 :	Sector 8, Plot No.6 IMT Manesar, Gurgaon - 122050, Haryana, India
Tel. No.:	91-124-4009737 / 4009741
Fax No.:	91-124-4207761 / 4207762
E-Mail :

Pune Office and Factory 2 :	Sector No.10, P.C.N.T.D.A., MIDC Bhosari, Pune - 411026, Maharashtra, India
Tel. No.:	91-20-66304407 / 4408
Fax No.:	91-20-66304406

DIRECTORS

As on 30.09.2014

Name :

Yasutaka Yoneda

Designation :

Managing Director

Address :

Villa 335, E Space, Unitech Nirwana, Sector - 50, Gurgaon - 122001, Haryana, India

Date of Appointment :

17.09.2008

DIN No.:

02306870

Other Directorship:

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

U29199TN2005PTC060484

OSG (INDIA) PRIVATE LIMITED

Managing director

19/08/2009

17/09/2008

Active

U29220WB1996PTC092456

CARBIDE CUTTING TOOLS PRIVATE LIMITED

Managing director

01/03/2009

Active

Name :

Kazumasa Koike

Designation :

Director

Address :

7 Siglap Road, 12-67 Mandarin Garden, Singapore - 448909, Singapore

Date of Appointment :

07.01.2005

DIN No.:

00356307

Other Directorship:

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

U29220WB1996PTC092456

CARBIDE CUTTING TOOLS PRIVATE LIMITED

Director

10/12/2009

11/12/2001

Active

U29199TN2005PTC060484

OSG (INDIA) PRIVATE LIMITED

Director

07/01/2005

Active

Name :

Norio Ishikawa

Designation :

Director

Address :

81-6 Higashi Akatsuchi, Yawata,Aichi - Pref, Toyokawa City, 4420857, Japan

Date of Appointment :

17.09.2008

DIN No.:

02335426

Other Directorship:

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

U29199TN2005PTC060484

OSG (INDIA) PRIVATE LIMITED

Director

19/08/2009

17/09/2008

Active

U29220WB1996PTC092456

CARBIDE CUTTING TOOLS PRIVATE LIMITED

Director

15/12/2011

Active

Name :

Kenji Matsumoto

Designation :

Director

Address :

60-4 Kitakaitsu Honno, Aichi Pref, Toyokawa City, 4420062, Japan

Date of Appointment :

07.01.2005

DIN No.:

02335469

Name :

Teruhide Osawa

Designation :

Director

Address :

27-2 He Dori, Toyokawa Cho, Aichi Pref., Toyokawa City, 4420033, Japan

Date of Birth/Age :

Date of Appointment :

07.01.2005

DIN No.:

02335500

KEY EXECUTIVES

Name :	Mr. Vinod
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
OSG Asia Pte Limited, Singapore		1120999
Anup Kumar Das		1
Total		1121000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	To manufacture and trade in industrial cutting tools and allied products

Products :	--

Brand Names :	--

Agencies Held :	--

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged

Customers :	Not Divulged

No. of Employees :	Information denied by management

Bankers :	Not Divulged

Facilities :	--


Banking Relations :	--

Auditors :
Name :	Jha Yadav and Company Chartered Accountants
Address :	64 A Hemanta Basu Sarani, 1st Floor, Room No-103, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40042653
PAN No.:	AAJFJ8196K

Memberships :	--

Collaborators :	--

Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1121000	Equity Shares	Rs.10/- each	Rs.11.210 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	11.210	10.313	10.313
(b) Reserves & Surplus	394.704	294.260	259.905
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	405.914	304.573	270.218

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.724	0.000	0.481
(c) Other long term liabilities	1.036	0.810	0.496
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.760	0.810	0.977

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	113.121	51.565	32.964
(c) Other current liabilities	7.955	4.470	2.590
(d) Short-term provisions	3.333	4.461	2.461
Total Current Liabilities (4)	124.409	60.496	38.015

TOTAL	537.083	365.879	309.210

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	285.653	140.155	38.025
(ii) Intangible Assets	0.003	0.005	0.009
(iii) Capital work-in-progress	2.787	34.397	17.796
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.935	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.041	2.385	13.983
(e) Other Non-current assets	0.082	0.032	0.020
Total Non-Current Assets	290.566	177.909	69.833

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.352	35.621	20.298
(c) Trade receivables	83.029	74.068	47.624
(d) Cash and cash equivalents	79.417	68.391	170.164
(e) Short-term loans and advances	17.392	7.976	1.124
(f) Other current assets	1.327	1.914	0.167
Total Current Assets	246.517	187.970	239.377

TOTAL	537.083	365.879	309.210

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	318.312	207.558	157.873
		Other Income	7.786	9.784	2.693
		TOTAL	326.098	217.342	160.566

Less	EXPENSES
		Cost of Materials Consumed	3.041	0.000	0.000
		Purchase of Stock-in-trade	163.144	107.479	58.929
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(23.853)	(15.323)	(6.933)
		Employee Benefits Expenses	33.919	26.585	21.877
		Other Expenses	59.443	36.604	31.570
		TOTAL	235.694	155.345	105.443

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		90.404	61.997	55.123

Less	DEPRECIATION/ AMORTISATION		18.966	11.139	6.239

	PROFIT/(LOSS) BEFORE TAX		71.438	50.858	48.884

Less	TAX		23.946	16.503	17.030

	PROFIT/(LOSS) AFTER TAX		47.492	34.355	31.854

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.649	47.294	15.440

	BALANCE CARRIED TO THE B/S		129.141	81.649	47.294

	Earnings / (Loss) Per Share (Rs.)		42.37	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	14.92	16.55	20.18

Return on Total Assets (PBT/Total Assets}	(%)	13.37	15.39	16.77

Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.18

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.98	3.11	6.30

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	10.313	10.313	11.210
Reserves & Surplus	259.905	294.260	394.704
Share Application money pending allotment	0.000	0.000	0.000
Net worth	270.218	304.573	405.914

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	157.873	207.558	318.312
		31.471	53.361

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	157.873	207.558	318.312
Profit	31.854	34.355	47.492
	20.18%	16.55%	14.92%

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	Yes
10]	Designation of contact person	Yes
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	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

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

TOTAL		50

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.