MIRA INFORM REPORT

Report No. :	327041
Report Date :	15.06.2015

IDENTIFICATION DETAILS

Name :	NS INSTRUMENTS INDIA PRIVATE LIMITED
Registered Office :	SK, No.201, 2nd Street, Y-Block, Anna Nagar, Chennai – 600040, Tamilnadu
Mobile No.:	91-9025241412 (Mr. Vembu)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.2012
Com. Reg. No.:	18-084689
Capital Investment / Paid-up Capital :	Rs.1380.000 Million
CIN No.: [Company Identification No.]	U34100TN2012FTC084689
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEN07761F
PAN No.: [Permanent Account No.]	AADCN9010B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and selling of electronic instrument clusters for automobiles.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Nippon Seiki Company Limited, Japan. It was established during the year 2012. It is dealing into the business of sales of electrical parts for instrument clusters for automobiles. The rating has a constant account of company, moderate financial risk profile and huge accumulated losses incurred by the company. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some cautions.

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 DECLINED BY

Name :	Mr. Vembu
Designation :	Purchase Manager
Contact No.:	91-9025241412
Date :	13.06.2015

LOCATIONS

Registered Office :	SK, No.201, 2nd Street, Y-Block, Anna Nagar, Chennai – 600040, Tamilnadu, India
Tel. No.:	91-44-28304123
Mobile No.:	91-9025241412 (Mr. Vembu)
Fax No.:	Not Available
E-Mail :	t_kuri@nsip.co.in

DIRECTORS

AS ON 11.09.2014

Name :

Mr. Motohiko Ogawa

Designation :

Managing director

Address :

6-1307-8, Kawasaki, Niigata Perfecture, Nagaoka, 9400864, Japan

Date of Birth/Age :

09.05.1957

Date of Appointment :

12.06.2012

DIN No.:

05300418

Name :

Mr. Mamoru Kowada

Designation :

Director

Address :

3-30, Toyotama Minami, Nerima Ward, Tokyo, 1760014, Japan

Date of Birth/Age :

16.05.1958

Date of Appointment :

11.09.2014

DIN No.:

02183430

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	U74940TN2006PTC059356	PASCO GEOMATICS INDIA PRIVATE LIMITED	Director	29-03-06	29-03-06	31-05-07	Active	NO
2	U74899DL1998PLC094894	JNS INSTRUMENTS LIMITED	Director	10-09-14	21-06-14	-	Active	NO
3	U34100TN2012FTC084689	NS INSTRUMENTS INDIA PRIVATE LIMITED	Director	11-09-14	04-08-14	-	Active	NO

Name :

Mr. Hirotoshi Takada

Designation :

Director

Address :

Miyauchi, Nagaoka Shi,, 7-3-9-501, Nagaoka Shi, 9401106, , Japan

Date of Birth/Age :

10.08.1953

Date of Appointment :

28.02.2012

DIN No.:

02250697

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	U74899DL1998PLC094894	JNS INSTRUMENTS LIMITED	Director	12-05-08	12-05-08	-	Active	NO
2	U34100TN2012FTC084689	NS INSTRUMENTS INDIA PRIVATE LIMITED	Director	28-02-12	28-02-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vembu
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.09.2014

Names of Shareholders	No. of Shares	%age holding
Nippon Seiki Company Limited, Japan	136620000	99.00
N S Electronics Company Limited, Japan	1380000	1.00
Total	138000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 11.09.2014

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 :

Manufacturer and selling of electronic instrument clusters for automobiles.

Products :

Item Code No.	Product Description
9029	Tachometers

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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 :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Auditors :
Name :	Price Patt and Company Chartered Accountant
Address :	New No 44 (Old No:108), Sir P S Sivasamy Salai, Second Street, Mylapore, Chennai – 600004, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFP0878K
Memberships :	--
Collaborators :	--
Holding Company:	Nippon Seiki Company Limited, Japan
Fellow Subsidiary:	NS Electronics Company Limited, Japan NS Computer Service Company Limited, Japan Vietnam Nippon Seiki Company Limited, Vietnam Changzhou Nissei Display Systems Company Limited, China P.T.Indonesia Nippon Seiki, Indonesia Thai Nippon Seiki Company Limited, Thailand
Associate Company:	JNS Instruments Limited, India [U74899DL1998PLC094894]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
140000000	Equity Shares	Rs.10/- each	Rs. 1400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138000000	Equity Shares	Rs.10/- each	Rs. 1380.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1380.000	550.000
(b) Reserves & Surplus	(240.522)	(26.830)
(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)	1139.478	523.170
(3) Non-Current Liabilities
(a) long-term borrowings	95.305	0.000
(b) Deferred tax liabilities (Net)	19.610	4.743
(c) Other long term liabilities	0.000	0.886
(d) long-term provisions	1.600	0.307
Total Non-current Liabilities (3)	116.515	5.936
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	85.165	8.037
(c) Other current liabilities	62.303	28.061
(d) Short-term provisions	3.397	1.435
Total Current Liabilities (4)	150.865	37.533
TOTAL	1406.858	566.639
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	719.088	222.078
(ii) Intangible Assets	5.288	0.579
(iii) Capital work-in-progress	177.468	130.331
(iv) Intangible assets under development	6.124	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	12.844	9.312
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	920.812	362.300
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	50.196	18.430
(c) Trade receivables	44.387	0.000
(d) Cash and cash equivalents	328.228	95.437
(e) Short-term loans and advances	60.520	89.696
(f) Other current assets	2.715	0.776
Total Current Assets	486.046	204.339
TOTAL	1406.858	566.639

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	212.128	2.502
	Other Income
	TOTAL	212.128	2.502
Less	EXPENSES	410.952	24.589
	PROFIT/ (LOSS) BEFORE TAX	(198.824)	(22.087)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(198.824)	(22.087)
	IMPORTS
	Raw Materials, Consumables	111.053	NA
	Capital Goods	82.026	NA
	TOTAL IMPORTS	193.079	NA
	Earnings / (Loss) Per Share (Rs.)	(1.44)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	(16.25)	(5.06)
Return on Investment (ROI) (PBT/Networth)		(0.17)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.08	0.00
Current Ratio (Current Asset/Current Liability)		3.22	5.44

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	550.000	1380.000
Reserves & Surplus	(26.830)	(240.522)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	523.170	1139.478
long-term borrowings	0.000	95.305
Short term borrowings	0.000	0.000
Current Maturities of Long-Term Debts	0.000	0.000
Total borrowings	0.000	95.305
Debt/Equity ratio	0.000	0.084

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	2.502	212.128
		8,378.337

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	2.502	212.128
Profit	(22.087)	(198.824)
	(882.77%)	(93.73%)

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOAN

PARTICULARS	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Foreign currency term loans from banks	95.305	0.000
Total	95.305	0.000

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments
• Plantations

Intangible assets

• Computer software

PRESS RELAPSES

NS INSTRUMENTS STARTS OPERATIONS AT SRI CITY

17 DECEMBER 2014

NS Instruments India Private Limited, (NSIP) a wholly owned subsidiary of Nippon Seiki Limited., of Japan has inaugurated its production unit at Sri City. Addressing the gathering, Mamoru Kawada, Director, Nippon Seiki, said, “I am thankful to the management of Sri city and the state government for extending excellent cooperation in building this state of the art plant on time. Besides meeting the demand from the Indian market, in future we wish to export to other countries from the Sri City plant, as it is located close by to sea ports. I solicit the support from all our customers.”

Speaking at the ceremony, Ravindra Sannareddy, Managing Director, Sri City said, “NSIP is the eighth Japanese company that has become operational in Sri City. When two other auto components makers Kikuwa and Kusakabe, and the three biggies from Japan viz., Isuzu, Unicharm and NHK Spring become operational, a strong ecosystem for Japanese companies gets developed here.”

As NSIP produces a wide variety of electronic based instrument clusters for automobiles, he said, “This plant makes entry into the automobile-electronic sector in Sri City.” Besides the Sri City unit, Nippon Seiki has one more plant at Manesar, Haryana. In both these plants the company produces instrument clusters for automobiles and motorcycles.

Since 1946, Nippon Seiki has been manufacturing and selling instrument clusters for automobiles, motorcycles and other applications, office automation appliances, remote controllers, LCD and OLED. Besides its three production plants in Japan, Nippon Seiki operates through 26 units spread in 11 countries.

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		27

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.