MIRA INFORM REPORT

Report No. :	326870
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	SEIREN INDIA PRIVATE LIMITED
Registered Office :	Plot No. 19-25, 32 and 33, Kadakola Industrial Area, Kadakola, Mysore – 571311, Karnataka
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	21.03.2012
Com. Reg. No.:	08-063157
Capital Investment / Paid-up Capital :	Rs. 2050.000 Millions
CIN No.: [Company Identification No.]	U17120KA2012FTC063157
IEC No.:	0712016031
TAN No.: [Tax Deduction & Collection Account No.]	BLRS41591E
PAN No.: [Permanent Account No.]	AARCS4060L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of polyester fabric.
No. of Employees :	50 (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 5700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. 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 dealing 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

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Amit
Designation :	HR
Contact No.:	91-821-4276000
Date :	10.06.2015

LOCATIONS

Registered Office / Factory:	Plot No. 19 to 25, 32, 33, Kadakola Industrial Area, Mysore – 571311, Karnataka, India
Tel. No.:	91-821-4276000
Mobile No.:	91-9480306312 (Mr. Gururaj Banakar)
Fax No.:	Not Available
E-Mail :	jayalatha.m@seiren.co.in amakat@seiren.co.jp sheela.hl@seiren.co.in

DIRECTORS

As on: 15.01.2014

Name :

Hidenori Kawabe

Designation :

Managing Director

Address :

14-10-1, Kawaiwashizuka-Cho, Fukui-Shi, Fukui-Ken, Japan

Date of Birth/Age :

02.03.1967

Date of Appointment :

15.03.2013

DIN No.:

05187358

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	U17120KA2012FTC063157	SEIREN INDIA PRIVATE LIMITED	Managing director	15-03-13	21-03-12	-	Active	NO

Name :

Keisuke Takama

Designation :

Director

Address :

APT No.1001, Chamundi Vihara Complex Brigade Horizon No.28 24 BC 16 A2, A3 and A4, T Narasipura, Mysore 570002

Date of Birth/Age :

04.10.1978

Date of Appointment :

28.06.2013

DIN No.:

06558030

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	U17120KA2012FTC063157	SEIREN INDIA PRIVATE LIMITED	Director	28-06-13	15-03-13	-	Active	NO

Name :

Tatsuo Kawada

Designation :

Director

Address :

9-10-Yamate-Cho Ashiya-Shi Hyogo-Ken Japan

Date of Birth/Age :

27.01.1940

Date of Appointment :

28.06.2013

DIN No.:

06558028

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	U17120KA2012FTC063157	SEIREN INDIA PRIVATE LIMITED	Director	28-06-13	15-03-13	-	Active	NO

Name :

Koichi Yuikawa

Designation :

Director

Address :

2-68 Yoshino-Cho Katsuyama-Shi, Fukui-Ken, Japan

Date of Birth/Age :

15.09.1948

Date of Appointment :

28.06.2013

DIN No.:

06558027

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	U17120KA2012FTC063157	SEIREN INDIA PRIVATE LIMITED	Director	28-06-13	15-03-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	HR

MAJOR SHAREHOLDERS

As on; 15.04.2014

Names of Shareholders	No. of Shares	%age holding
Seiren Company Limited, Japan	204900000	99.95
Seiren Shoji Company Limited, Japan	100000	0.05
Total	205000000	100.00

As on: 15.04.2015

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(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 :	Manufacturer and Importer of polyester fabric.
Products :	Polyester Fabric
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Spare Parts
Countries :	Japan Thailand Indonesia Korea
Terms :
Selling :	Cash and Credit (60/90 Days)
Purchasing :	Cash and Credit (60/90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Not Divulged	Not Divulged
Not Divulged	Not Divulged
Remark:	Not Divulged

Customers :

Retailers and End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Mizuho Bank
Branch	New Delhi, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank – Mysore, Karnataka, India

Auditors 1:
Name :	B S R R and Company Chartered Accountants
Address :	Maruthi Into-Tech Centre, 11-12/1 Inner Ring Road Koramangala, Bangalore 560 071, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Auditors 2:
Name :	Guru and Jana Chartered Accountants
Address :	#41, Patalamma Temple Street, Near South End Circle, P.T. Road, Basavanagudi, Bengaluru, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFA5265A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Seiren Company Limited
Others:	Seiren Shoji Company Limited, Japan Saha Seiren Company Limited, Thailand Seiren Electronics Company Limited

CAPITAL STRUCTURE

As on 15.04.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
205000000	Equity Shares	Rs.10/- each	Rs. 2050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205000000	Equity Shares	Rs.10/- each	Rs. 2050.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2050.000	800.000
(b) Reserves & Surplus	(41.473)	(3.746)
(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)	2008.527	796.254
(3) Non-Current Liabilities
(a) long-term borrowings	5.499	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.103	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	5.602	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	26.544	0.649
(c) Other current liabilities	8.561	0.093
(d) Short-term provisions	0.015	0.353
Total Current Liabilities (4)	35.120	1.095
TOTAL	2049.249	797.349
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1124.857	213.533
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(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	78.116	124.285
(e) Other Non-current assets	201.726	89.642
Total Non-Current Assets	1404.699	427.460
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.621	0.000
(c) Trade receivables	4.177	0.000
(d) Cash and cash equivalents	608.977	358.560
(e) Short-term loans and advances	0.728	0.190
(f) Other current assets	12.047	11.139
Total Current Assets	644.550	369.889
TOTAL	2049.249	797.349

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012
	SALES
	TOTAL INCOME	83.257	10.747
Less	EXPENSES	113.697	11.006
	PROFIT/ (LOSS) BEFORE TAX	(30.440)	(0.259)
Less	TAX	7.287	3.487
	PROFIT/ (LOSS) AFTER TAX	(37.727)	(3.746)
	Earnings / (Loss) Per Share (Rs.)	(0.18)	(0.05)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012
Net Profit Margin (PAT / Total Income)	(%)	(45.31)	(34.86)
Operating Profit Margin (PBIDT/ Total Income)	(%)	(36.56)	(2.41)
Return on Total Assets (PBT/Total Assets}	(%)	(1.49)	(0.03)
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		18.35	337.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	800.000	2050.000
Reserves & Surplus	(3.746)	(41.473)
Net worth	796.254	2008.527
long-term borrowings	0.000	5.499
Short term borrowings	0.000	0.000
Total borrowings	0.000	5.499
Debt/Equity ratio	0.000	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	10.747	83.257
		674.700

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	10.747	83.257
Profit	(3.746)	(37.727)
	(34.86%)	(45.31%)

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	Yes
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	No
19	Major customers	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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:

NO CHARGES EXIST FOR COMPANY

UNSECURED LOAN

Particular	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
Long-term Borrowings
Foreign currency term loans from others	5.499	0.000
Total	5.499	0.000

REVIEW OF OPERATIONS:

During the yet, the Company achieved a Total Income of Rs. 83.257 Millions and incurred an expenditure of Rs.113.697 Million Net Loss of the Company for the year stood at Rs. 30.440 Millions. The Board is taking measures to improve the performance of the Company and is confident of achieving better results in the coming years.

FIXED ASSETS:

Tangible Assets

• Land
• Building
• Factory Building
• Plant and Equipment
• Furniture and fixtures
• Motor vehicles
• Office equipment
• Vehicles

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] 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.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.15

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KRN
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

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