MIRA INFORM REPORT

Report Date :

19.09.2014

IDENTIFICATION DETAILS

Name :	HITACHI ZOSEN INDIA PRIVATE LIMITED
Registered Office :	No. 503, Fifth Floor, Vatika City Point, Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.05.2011
Com. Reg. No.:	05-042841
Capital Investment / Paid-up Capital :	Rs.133.000 Millions
CIN No.: [Company Identification No.]	U74900HR2011FTC042841
PAN No.: [Permanent Account No.]	AACCH6555Q
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily involved in rendering marketing and technical support services.
No. of Employees :	30 (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 151000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The raring takes into consideration company’s moderate financial risk profile marked by accumulated loss incurred during 2013 and below average financial performance of the company. However, trade relations are fair. Business is active. Payments 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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.

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 (GENERAL DETAILS)

Name :	Mr. Satyanarayana
Designation :	Accounts Manager
Contact No.:	91-40-23334241
Date :	17.09.2014

LOCATIONS

Registered Office :	No. 503, Fifth Floor, Vatika City Point, Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana
Tel. No.:	91-124-4861760
Fax No.:	91-124-4861761
E-Mail :	mayurbatra_ca@rediffmail.com hzindia@hitachizosen.co.jp
Website :	www.hz-india.com
Head Office :	8-2-685/1/1/A, 4th Floor, Road No 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-23334241
Fax No.:	91-40-23334241

DIRECTORS

As on 25.09.2013

Name :

Eiji Moriya

Designation :

Managing Director

Address :

Flat No. D-173, Westend Heights, DLF City, Phase-V, Gurgaon -0020122002, Haryana, India

Date of Birth/Age :

25.09.1958

Date of Appointment :

27.09.2012

PAN No.:

BOGPM0476P

DIN No.:

03536027

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	U74900HR2011FTC042841	Hitachi Zosen India Private Limited	Managing director	27/09/2012	11/05/2011	-	Active	NO
2	U28123HR2012PLC045430	ISGEC Hitachi Zosen Limited	Director	21/03/2012	21/03/2012	-	Active	NO

Name :

Wataru Kobashi

Designation :

Director

Address :

15-18, Mitsugarasu, 5-Chome, Nara, Nara City, NA, Japan

Date of Birth/Age :

24.01.1952

Date of Appointment :

27.09.2012

DIN No.:

03536027

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	U74900HR2011FTC042841	Hitachi Zosen India Private Limited	Director	27/09/2012	20/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nishant Bindlish
Designation :	Secretary
Address :	House No. 2337, Sector - 9, Faridabad - 121006, Haryana, India
Date of Birth/Age :	01.01.1980
Date of Appointment :	17.09.2012
PAN No.:	ALBPB2260R
Name :	Mr. Satyanarayana
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares	% of Holding
Hitachi Zosen Corporation, Japan	132520	99.64
Ecomanage Kabishiki Kaisha, Japan	480	0.36
Total	133000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

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 :	The Company is primarily involved in rendering marketing and technical support services.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

No. of Employees :	30 (Approximately)
Bankers :	ICICI Bank Limited, Gurgaon, Haryana, India

Banking Relations :	--
Auditors :
Name :	BSSR and Company Chartered Accountants
Address :	8th Floor, Tower B, DLF Building # 10, DLF Cyber City, Phase II, Gurgaon - 122002, Haryana, India
PAN No.:	AAKFB4430H
Holding Company :	· Hitachi Zosen Corporation, Japan
Fellow Subsidiary Company :	· Ecomanage Kabushiki Kaisha · Hitachi Zosen Fukai Corporation, Japan · Hitachi Zosen Inova AG

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital : Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.268.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.1000/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133000	Equity Shares	Rs.1000/- each	Rs.133.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	133.000	48.000
(b) Reserves & Surplus	(95.333)	0.965
(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)	37.667	48.965
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.153
(c) Other long term liabilities	1.319	0.481
(d) long-term provisions	0.917	0.000
Total Non-current Liabilities (3)	2.236	0.634
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	33.711	1.284
(c) Other current liabilities	41.128	1.174
(d) Short-term provisions	0.532	0.311
Total Current Liabilities (4)	75.371	2.769
TOTAL	115.274	52.368
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.654	7.982
(ii) Intangible Assets	2.729	0.000
(iii) Capital work-in-progress	0.000	3.338
(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	6.456	4.237
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	19.839	15.557
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	25.438	0.000
(d) Cash and cash equivalents	62.434	9.872
(e) Short-term loans and advances	6.764	0.882
(f) Other current assets	0.799	29.057
Total Current Assets	95.435	39.811
TOTAL	115.274	55.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	97.901	29.229
Less	EXPENSES		194.352	27.800
	PROFIT/(LOSS) BEFORE TAX		(96.451)	1.429
Less	TAX		(0.153)	0.464
	PROFIT/(LOSS) AFTER TAX		(96.298)	0.965
	EARNINGS IN FOREIGN CURRENCY		66.294	29.229
	Earnings / (Loss) Per Share (Rs.)		(498.45)	20.10

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(98.36)	3.30
Return on Total Assets (PBT/Total Assets}	(%)	(83.67)	2.75
Return on Investment (ROI) (PBT/Networth)		(2.56)	0.03
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.27	14.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	48.000	133.000
Reserves & Surplus	0.965	(95.333)
Net worth	48.965	37.667
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	29.229	97.901
		234.945

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	29.229	97.901
Profit	0.965	-96.298
	3.30%	-98.36%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY OVERVIEW

The Company was incorporated in India on 3 May 2011. The company is a Wholly Owned Subsidiary of Hitachi Zosen Corporation of Japan (Hitachi Zosen Corporation). The Company is primarily involved in rendering marketing and technical support services.

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.61.06
UK Pound	1	Rs.99.55
Euro	1	Rs.78.57

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	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		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.