MIRA INFORM REPORT

Report No. :	336891
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	MANESAR STEEL PROCESSING (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 1 (Sub Plot No. 27, 28, 29, 30), Phase 3A, IMT Manesar, Gurgaon – 122051, Haryana
Tel. No.:	91-124-4367705
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.09.2010
Com. Reg. No.:	05-041264
Capital Investment / Paid-up Capital :	Rs. 536.000 Million
CIN No.: [Company Identification No.]	U27205HR2010PTC041264
IEC No.:	0510068707
TAN No.: [Tax Deduction & Collection Account No.]	RTKM06166G
PAN No.: [Permanent Account No.]	AAGCM7752G
Legal Form :	Private Limited Liability Company
Line of Business :	Processor and Importer of Steel Coil to Steel Sheets.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 846000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “METAL ONE CORPORATION, JAPAN”. Company was incorporated on 23^rd September 2010 and it is having a moderate track record. The rating on Manesar Steel Processing (India) Private Limited reflects moderate financial risk profile marked by negative reserves, losses during years backed by fall off capital structures and low debt protection metrics. However, the rating takes into consideration on financial and managerial support from its holding company and established cliental base. Trade relations are fair. Business is active. Payment terms are reported as 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Parminder Singh
Designation :	Senior Supply Chain Manager
Contact No.:	91-8800455744
Date :	13.08.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 1 (Sub Plot No. 27, 28, 29, 30), Phase 3A, IMT Manesar, Gurgaon – 122051, Haryana, India
Tel. No.:	91-124-4367705
Mobile No.:	91-8800455744 (Mr. Parminder Singh)
Fax No.:	Not Available
E-Mail :	ravinder.chhabra@mspindia.in parminder.singh@mspindia.in

DIRECTORS

AS ON 22.09.2014

Name :

Mr. Shigetoshi Torii

Designation :

Director

Address :

Room No-215, Jukaso IT Suites, 1, IDC, Mehrauli Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

13.01.1960

Date of Appointment :

27.09.2013

DIN No.:

06437336

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	Company/ LLP Status	Defaulting status
1	U27205HR2010PTC041264	MANESAR STEEL PROCESSING (INDIA) PRIVATE LIMITED	Director	27-09-2013	29-11-2012	Active	NO
2	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Whole-time director	31-07-2014	31-07-2014	Active	NO

Name :

Mr. Yasuhisa Tachibana

Designation :

Director

Address :

2-25-25, Todoroki, Setagaya-Ku, Tokyo

Date of Birth/Age :

02.05.1961

Date of Appointment :

27.09.2013

DIN No.:

06701961

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	Company/ LLP Status	Defaulting status
1	U27205HR2010PTC041264	MANESAR STEEL PROCESSING (INDIA) PRIVATE LIMITED	Director	27-09-2013	13-06-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Parminder Singh
Designation :	Senior Supply Chain Manager
Name :	Mr. Ravinder Kumar
Designation :	Secretary
Address :	759, Buta Singh Colony, Opposite Subhash Gate, Karnal – 132001, Haryana, India
Date of Birth/Age :	01.01.1976
Date of Appointment :	07.05.2011
PAN No.:	AJPPK4360H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Equity Shareholders	No. of Shares
Metal One Corporation, Japan	28,633,846
Suzuki Motorcorporation, Japan	9,120,000
Maruti Suzuki India Limited, India	6,840,000
JFE Shoji Trade Corporation	4,560,000
Total	49,153,846

Names of Preference Shareholders	No. of Shares
Metal One Corporation, Japan	6,770,000
JFE Shoji Trade Corporation	1,230,000
Total	8,000,000

AS ON 12.03.2015

Names of Allottee [Equity Shares]	No. of Shares
JFE Shoji Trade Corporation	646,154
Total	646,154

AS ON 22.09.2014

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]	86.08
Bodies corporate	13.92
Total	100.00

BUSINESS DETAILS

Line of Business :	Processor and Importer of Steel Coil to Steel Sheets.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Machinery
Countries :	Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Kyowa Electronics Instruments Co. Limited, Japan
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Maruti Suzuki India Limited, Gurgaon
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

70 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Sector 14, Gurgaon, Haryana, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· The Bank of Tokyo-Mitsubishi UFJ Limited

Jeevan Vihar Building, 3, Parliament Street, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	90.000	0.000
SHORT TERM BORROWINGS
Other loans and advances	135.000	0.000
Total	225.000	0.000

Banking Relations :	--
Auditors :
Name :	SPMR and Associates Chartered Accountants
Address :	C-113 LGF, Dayanand Colony, Lajpat Nagar-IV, Delhi – 110024, India
Income-tax PAN of auditor or auditor's firm :	AADFP3610N
Memberships :	--
Collaborators :	--
Holding Company :	Metal One Corporation
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Maruti Suzuki India Limited [L34103DL1981PLC011375] · Suzuki Motors Corporation · JFE Shoji Trade Corporation
Other Related Parties :	· ITC Corporation · Metal One Corporation India Private Limited [U51909DL2007PTC165254]

CAPITAL STRUCTURE

AFTER 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
53,600,000	Equity Shares	Rs. 10/- each	Rs. 536.000 Million
8,000,000	Preference Shares	Rs. 10/- each	Rs. 80.000 Million
	Total		Rs. 616.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49,800,000	Equity Shares	Rs. 10/- each	Rs. 498.000 Million
8,000,000	Preference Shares	Rs. 10/- each	Rs. 80.000 Million
	Total		Rs. 578.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
53,600,000	Equity Shares	Rs. 10/- each	Rs. 536.000 Million
8,000,000	Preference Shares	Rs. 10/- each	Rs. 80.000 Million
	Total		Rs. 616.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45,600,000	Equity Shares	Rs. 10/- each	Rs. 456.000 Million
8,000,000	Preference Shares	Rs. 10/- each	Rs. 80.000 Million
	Total		Rs. 536.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	536.000	456.000	456.000
(b) Reserves & Surplus	(239.724)	(187.956)	(96.889)
(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)	296.276	268.044	359.111
(3) Non-Current Liabilities
(a) Long-term borrowings	177.680	267.840	398.000
(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	0.993	0.684	0.250
Total Non-current Liabilities (3)	178.673	268.524	398.250
(4) Current Liabilities
(a) Short term borrowings	180.000	179.900	156.000
(b) Trade payables	40.898	20.824	12.912
(c) Other current liabilities	92.870	133.379	59.379
(d) Short-term provisions	1.283	1.920	2.066
Total Current Liabilities (4)	315.051	336.023	230.357
TOTAL	790.000	872.591	987.718
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	723.210	847.753	909.614
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	48.586
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.556	0.835	1.113
Total Non-Current Assets	723.766	848.588	959.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.800	5.936	2.040
(c) Trade receivables	49.092	10.372	21.834
(d) Cash and cash equivalents	1.537	1.929	2.447
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	8.805	5.766	2.084
Total Current Assets	66.234	24.003	28.405
TOTAL	790.000	872.591	987.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	234.000	160.722	52.962
		Other Income	NA	10.612	2.248
		TOTAL	NA	171.334	55.210
Less	EXPENSES
		TOTAL	NA	262.401	152.099
	PROFIT/ (LOSS) BEFORE TAX		NA	(91.067)	(96.889)
Less	TAX		NA	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(51.768)	(91.067)	(96.889)
	Earnings/ (Loss) Per Share (Rs.)		(0.97)	(2.00)	2.12

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	240.000

Expected Sales (2015-2016): Rs. 240.000 Million

The above information has been parted by Mr. Parminder Singh (Senior Supply Chain Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	130.160	58.000
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(22.12)	(56.66)	(182.94)
Return on Total Assets (PBT/Total Assets}	(%)	29.62	(10.44)	(10.32)
Return on Investment (ROI) (PBT/Networth)		0.79	(0.34)	(0.27)
Debt Equity Ratio (Total Liability/Networth)		1.21	2.16	1.70
Current Ratio (Current Asset/Current Liability)		0.21	0.07	0.12

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	456.000	456.000	536.000
Reserves & Surplus	(96.889)	(187.956)	(239.724)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	359.111	268.044	296.276
Long-term borrowings	398.000	267.840	177.680
Short term borrowings	156.000	179.900	180.000
Total borrowings	612.000	577.900	357.680
Debt/Equity ratio	1.704	2.156	1.207

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	52.962	160.722	234.000
		203.467	45.593

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	52.962	160.722	234.000
Profit/ (Loss)	(96.889)	(91.067)	(51.768)
	(182.94%)	(56.66%)	(22.12%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10453788	27/09/2013	320,000,000.00	THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED	JEEVAN VIHAR BUILDING,, 3, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B87017737

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	170.000
Term loans from others	87.680	97.840
SHORT TERM BORROWINGS
Other loans and advances	45.000	179.900
Total	132.680	447.740

NATURE OF OPERATIONS

Manesar Steel Processing (India) Private Limited “the Company” was incorporated on September 23rd, 2010. The Company is a steel service centre which is a joint venture of Metal One Corporation, Japan (Shareholding 55%), Suzuki Motor Corporation, Japan (Shareholding 20%), Maruti Suzuki India Limited, India (Shareholding 15%) and JFE Shoji Trade Corporation, Japan (Shareholding 10%).

The Company is the nodal processing centre for automobile steel sheets used by Maruti Suzuki India Limited (MSIL). It has an annual capacity of over 150,000 tones. Company is handling and cutting steel coil to carry out slitting, leveling, shearing, blanking, warehousing and supplying to fulfil mainly MSIL Vendors’ requirements, for MSIL’s ultimate consumption.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· 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 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. 64.92
UK Pound	1	Rs. 101.44
Euro	1	Rs. 72.26

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	4
--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		30

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.