MIRA INFORM REPORT

Report No. :	307724
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	SNK INDIA PRIVATE LIMITED
Registered Office :	1568, Church Road, Kashmere Gate, New Delhi – 110006
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2008
Com. Reg. No.:	172971
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U29253DL2008PTC172971
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, supplier and trader of horizontal machining and Service provider of Installation and Maintenance of machines tolls including FMS/FMC Systems, Bridge type multi-centres, plano-borers precision vertical Boring and Milling Machine etc.
No. of Employees :	Information declined by the management.

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 15300
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has failed to file its financial with government department for the year 2014. As per available financial records of 2013, the rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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

MANAGEMENT NON CO-OPERATIVE

CONTACT NO.: 91-124-4203471

LOCATIONS

Registered Office :	1568, Church Road, Kashmere Gate, New Delhi – 110006, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sanjeev.jns@gmail.com
Branch :	201, Peach Tree, Sushant Lok Phase-1, Sec-43, Near Gold Souk, Gurgaon - 122009, Haryana, India
Tel. No.:	91-124-4203471/4203472/4203473
Fax No.:	91-1241-4203474

DIRECTORS

As on 18.09.2013

Name :	Toshiaki Yamaha
Designation :	Director
Address :	3-45, Kasama Sakae-Ku, Yokohama City , 2200012
Date of Birth/Age :	29.03.1941
Date of Appointment :	05.03.2008
DIN No.:	02050750
Name :	Inouse Kazuhisa
Designation :	Director
Address :	1002 PC – 1, Essel Towers, M G Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	02.05.1959
Date of Appointment :	01.04.2011
DIN No.:	03564371
Name :	Hisakazu Yamaguchi
Designation :	Director
Address :	1-12 Maeda-Cho Ashiya 6590024
Date of Birth/Age :	12.02.1939
Date of Appointment :	05.03.2008
DIN No.:	02069146
Name :	Kikuo Homma
Designation :	Director
Address :	1-20-21 Akiba, Higashi-ku Niigata city 9500054
Date of Birth/Age :	23.12.1959
Date of Appointment :	05.12.2012
DIN No.:	02915268

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2013

Names of Shareholders	No. of Shares
Shin Nippon Koki Company Limited, Japan	1800000
Toyo Shoji Company Limited, Japan	200000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2013

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 :	Exporter, supplier and trader of horizontal machining and Service provider of Installation and Maintenance of machines tolls including FMS/FMC Systems, Bridge type multi-centres, plano-borers precision vertical Boring and Milling Machine etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Divulged
Terms :	Not Available

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Information declined by the management.
Bankers :	Not Available

Banking Relations :
Auditors :
Name :	J N Sharma and Company Chartered Accountants
Address :	1568, Church Road, Kashmere Gate, Delhi – 110006, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ6568N
Memberships :	--
Collaborators :	--
Fellow Subsidiaries :	Nigata Machine Techno Limited Fuji Honning Industrial Company Limited
Holding Company :	Shin Nippon Koki Company Limited, Japan

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	(14.646)	(6.092)	(7.648)
(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)	5.354	13.908	12.352
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	4.667	1.732	2.078
(d) Short-term provisions	0.000	0.021	0.006
Total Current Liabilities (4)	4.667	1.753	2.084
TOTAL	10.021	15.661	14.436
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.318	2.284	2.568
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.321	0.341	0.412
(d) Long-term Loan and Advances	1.507	1.251	1.239
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.146	3.876	4.219
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4.875	10.123	5.806
(d) Cash and cash equivalents	0.264	1.099	3.883
(e) Short-term loans and advances	0.736	0.563	0.528
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5.875	11.785	10.217
TOTAL	10.021	15.661	14.436

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	17.549	24.095	NA
	Other Income	0.680	0.000	NA
	TOTAL	18.229	24.095	NA
Less	EXPENSES
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.152	2.023	NA
Less/ Add	DEPRECIATION/ AMORTISATION	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	(8.554)	1.556	0.133
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	17.549	24.095	NA
	TOTAL EARNINGS	17.549	24.095	NA
	Earnings / (Loss) Per Share (Rs.)	-4.28	0.78	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	(48.74)	6.46	NA
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.26	6.72	4.90

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	(7.648)	(6.092)	(14.646)
Net worth	12.352	13.908	5.354
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
	(Rs. In Millions)	(Rs. In Millions)
Sales	24.095	17.549
		(27.167)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	24.095	17.549
Profit/Loss	1.556	(8.554)
	6.46%	(48.74%)

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 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	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]	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

FINANCIAL RESULTS

The Company has suffered a loss of Rs. 8.554 Millions during the financial year ending 31.03.2013.

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

COMPANY OVERVIEW

The company is a subsidiary company of Shin Nippon Koki Company Limited, Japan, is leading company in manufacturing and reconditioning of machine tools. The company provides services, installation and Maintenance of Machine tools including FMS/FMC Systems, Bridge type Multi-Centres, Plano-Borers, Precision Vertical Boring and Milling machines, machine tools for aircraft parts, Roll Lathes, 3-D Measuring Machine and other Industrial Machines.

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 records 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 records 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.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

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