MIRA INFORM REPORT

Report No. :	327479
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	SANKEI PRAGATI INDIA PRIVATE LIMITED
Registered Office :	B 101-103, Pioneer Industrial Park Village, Pathereri, Gurgaon – 122413, Haryana
Mobile No.:	91-9992009887 (Mr. Vikas)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.2012
Com. Reg. No.:	05-046581
Capital Investment / Paid-up Capital :	Rs. 520.500 Million
CIN No.: [Company Identification No.]	U29253HR2012PTC046581
IEC No.:	3313000088
TAN No.: [Tax Deduction & Collection Account No.]	RTKS16541A
PAN No.: [Permanent Account No.]	AARCS8229H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Auto Mobile Parts
No. of Employees :	309 (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 1700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “SG Financial Company Limited, Japan”. It is having moderate track record. Even though the company was incorporated on 25^th July 2012, it has commence its business activities from September 2013. Company has incurred pre-operating expense due to which company has recorded accumulated losses. However, company have achieved minimal sale turnover from its operational activities during FY 2014, rating take into consideration company decent capital base and strong financial as well as managerial support company received from its holding company. Trade relations are improving. Business is active and payments are slow but correct. The company can be considered for normal 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

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 (GENRAL DETAILS)

Name :	Mr. Vikas Chaturvedi
Designation :	Assistant Manager
Contact No.:	91-9992009887
Date :	16.06.2015

LOCATIONS

Registered Office / Factory:	B 101-103, Pioneer Industrial Park Village, Pathereri, Gurgaon – 122413, Haryana, India
Tel. No.:	Not Available
Mobile No.:	91-9992009887 (Mr. Vikas)
Fax No.:	Not Available
E-Mail :	info@sankeiipragati.com savita_trehan@yahoo.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajiv Dania

Designation :

Director

Address :

M-4 Second Floor, Kirti Nagar, New Delhi-110015, Delhi, India

Date of Birth/Age :

13.12.1959

Date of Appointment :

25.07.2012

DIN No.:

01150705

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	U25202DL2004PTC128432	PRAGATI COATINGS PRIVATE LIMITED	Director	18/08/2004	18/08/2004	-	Active	NO
2	U29253HR2012PTC046581	SANKEI PRAGATI INDIA PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO

Name :

Akihiro Hasegawa

Designation :

Director

Address :

Flat No.1006, 10th Floor, Ivory Tower, Suth City- I, Gurgaon-122001, Haryana, India

Date of Birth/Age :

17.05.1973

Date of Appointment :

25.07.2012

DIN No.:

02157753

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	U34300HR2003PTC035170	SANKEI GIKEN INDIA PRIVATE LIMITED	Director	02/07/2010	01/04/2007	-	Active	NO
2	U29253HR2012PTC046581	SANKEI PRAGATI INDIA PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO

Name :

Arata Sano

Designation :

Director

Address :

H.No.320, Sector-1, IMT. Manesar, Gurgaon-122050, Haryana, India

Date of Appointment :

30.10.2014

DIN No.:

07050686

KEY EXECUTIVES

Name :	Mr. Vikas Chaturvedi
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
SG Finance Co. Limited, Japan	1215000	18.94
Pragati Coatings Private Limited, India	5200000	81.06
Total	6415000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	81.00
Bodies corporate	19.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Auto Mobile Parts
Products :	Auto Mobile Parts
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (45 Days)
Purchasing :	Credit (45 Days)

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 :

OEM’s

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 :

309 (Approximately)

Bankers :

Bank Name	The Bank of Tokyo-Mitsubishi UFJ Limited
Branch	Delhi Branch, 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

Auditors :
Name :	Sunil Suresh and Associates Chartered Accountants
Address :	B-20/21, Ground Floor, Fruit Garden, N.I.T, Faridabad, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AATPG4610P
Memberships :	--
Collaborators :	--
Holding company :	SG Finance Co. Limited, Japan
Associate :	Sankei Giken India Private Limited, Japan CIN No.: U34300HR2003PTC035170

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.100/- each	Rs.700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,415,000	Equity Shares	Rs.100/- each	Rs.641.500 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.100/- each	Rs.700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,205,000	Equity Shares	Rs.100/- each	Rs.520.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013 (8 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	520.500	243.500
(b) Reserves & Surplus	(30.022)	(2.644)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	91.000	8.250
Total Shareholders’ Funds (1) + (2)	581.478	249.106
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	43.108	5.539
(c) Other current liabilities	7.024	0.995
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	50.132	6.534
TOTAL	631.610	255.640
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	468.715	143.306
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	68.623
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	12.191	-0.004
(d) Long-term Loan and Advances	40.962	21.446
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	521.868	233.371
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	12.958	0.000
(c) Trade receivables	5.541	0.000
(d) Cash and cash equivalents	68.381	22.259
(e) Short-term loans and advances	22.666	0.010
(f) Other current assets	0.196	0.000
Total Current Assets	109.742	22.269
TOTAL	631.610	255.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013 (8 Months)
	SALES
		Income
		Other Income
		TOTAL	13.554	0.000
Less	EXPENSES
		TOTAL	53.126	2.640
	PROFIT/ (LOSS) BEFORE TAX		(39.572)	(2.640)
Less	TAX (H)		(9.550)	(0.007)
	PROFIT/ (LOSS) AFTER TAX		(30.022)	(2.633)
	Earnings Per Share (Rs.)		(5.77)	(1.08)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013 (8 Months)
Current Maturities of Long term debt	4.776	0.995
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013 (8 Months)
Net Profit Margin (PAT / Total Income)	(%)	(221.50)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.39)	(1.41)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00
Current Ratio (Current Asset/Current Liability)		2.19	3.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013 (8 Months)	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	243.500	520.500
Reserves & Surplus	(2.644)	(30.022)
Share Application money pending allotment	8.250	91.000
Net worth	249.106	581.478
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Current Maturities of Long-Term Debts	0.995	4.776
Total borrowings	0.995	4.776
Debt/Equity ratio	0.004	0.008

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013 (8 Months)	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	13.554

NET PROFIT MARGIN

Net Profit Margin	31.03.2013 (8 Months)	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	13.554
Profit	(2.633)	(30.022)
		(221.50%)

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
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 one year eight months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year eight months	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

FIXED ASSETS

• Plant and Machinery
• Computers
• Building
• Electric Fitting and Installation
• Vehicle
• Furniture and Fittings

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.64.15
UK Pound	1	Rs.100.03
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--CREDIT LINES	1~10	5
--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.