MIRA INFORM REPORT

Report No. :	313192
Report Date :	18.03.2015

IDENTIFICATION DETAILS

Name :	JEOL INDIA PRIVATE LIMITED
Registered Office :	Elegance Tower, Level 2, 212B, Old Mathura Road, Jasola Business District Centre, Jasola, New Delhi - 110025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.04.2011
Com. Reg. No.:	55-217224
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U51909DL2011FTC217224
IEC NO.:	0511028521
TAN No.: [Tax Deduction & Collection Account No.]	DELJ08566F
PAN No.: [Permanent Account No.]	AACCJ5763C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in rendering technical, management, maintenance, educational and after sale services related to scientific devices and instruments to be used by academic, scientific and/or educational entities and in particularly in field of semi-conductors/lT technology, nanotechnologies, life sciences, optical communication, forensic and biotechnology.
No. of Employees :	26 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Jeol Asia Pte Limited”. It is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong parentage, the company can be considered for business dealings at usual trade terms and conditions.

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 – 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 PARTED BY

Name :	Mr. Deepak Sharma
Designation :	Deputy Manager – Commercial and Management
Contact No.:	91-9818803597
Date :	17.03.2015

LOCATIONS

Registered Office :	Elegance Tower, Level 2, 212B, Old Mathura Road, Jasola Business District Centre, Jasola, New Delhi – 110025, India
Tel. No.:	91-11-64722578
Mobile No.:	91-9818803597 (Mr. Deepak Sharma)
Fax No.:	91-11-66351235
E-Mail :	sanjeev@jeolindia.com deepaksharma@jeoindia.com
Website :	www.jeol.co.jp/in
Area :	2000 Sq ft
Location :	Rented
Branch Office :	1108, Level 1, Trade Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Fax No.:	91-22-61623800

DIRECTORS

AS ON 12.09.2014

Name :

Mr. Chihiro Takeuchi

Designation :

Director

Address :

51, West Coast Way, 03-02, NA, Singapore – 127015

Date of Birth/Age :

18.10.1956

Qualification :

MBA (Sales)

Experience :

30 Years

Date of Appointment :

04.10.2012

DIN No.:

05217813

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	U51909DL2011FTC217224	JEOL INDIA PRIVATE LIMITED	Director	04-10-12	31-03-12	-	Active	NO

Name :

Mr. Kenichi Arita

Designation :

Additional director

Address :

C1/1511, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

23.04.1984

Qualification :

MBA

Experience :

8 Years

Date of Appointment :

13.09.2014

DIN No.:

05341314

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	U74140HR2010PTC041375	TOKYO CONSULTING FIRM HUMAN RESOURCES PRIVATE LIMITED	Director	06-08-12	06-08-12	-	Active	NO
2	U74140DL2007PTC164222	TOKYO CONSULTING FIRM PRIVATE LIMITED	Director	29-09-12	03-09-12	-	Active	NO
3	U50300HR2011FTC043495	KANAZAWA MACHINE & TOOL INDIA PRIVATE LIMITED	Director	01-09-14	18-04-14	-	Active	NO
4	U73100DL2011FTC228852	AIP INDIA PRIVATE LIMITED	Additional director	10-06-14	10-06-14	-	Active	NO
5	U24232KA2011FTC059803	SANTEN INDIA PRIVATE LIMITED	Director	30-09-14	01-07-14	-	Active	NO
6	U29253HR2014FTC052749	SUGINO MACHINE INDIA PRIVATE LIMITED	Director	17-07-14	17-07-14	01-01-15	Active	NO
7	U74140HR2014FTC053215	SAS SANWA INDIA PRIVATE LIMITED	Director	29-08-14	29-08-14	-	Active	NO
8	U51909DL2011FTC217224	JEOL INDIA PRIVATE LIMITED	Additional director	13-09-14	13-09-14	-	Active	NO
9	U74900TG2014FTC096566	SHINWA INDIA PRIVATE LIMITED	Director	27-11-14	27-11-14	20-02-15	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Sharma
Designation :	Deputy Manager – Commercial and Management

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Shareholders	No. of Shares
Jeol Asia Pte Limited, Singapore	999999
Jeol Malasia SDN BHD, Malaysia	1
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 12.09.2014

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 :	Subject is engaged in rendering technical, management, maintenance, educational and after sale services related to scientific devices and instruments to be used by academic, scientific and/or educational entities and in particularly in field of semi-conductors/lT technology, nanotechnologies, life sciences, optical communication, forensic and biotechnology.
Products / Services :	Scanning electron microscope Transmission electron microscope Nuclear Magnetic Resonance Spectrometer
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C
Purchasing :	L/C

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 :

Government Bodies

Reference :	IIT, Bombay
Name of the Person :	Ms. Vrunda Vishwanathan – Professor
Contact No.:	91-22-25764665
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Reference :	Indian Oil Corporation Limited
Name of the Person :	Ms. Apeksha Singh, Material Officer
Contact No.:	91-129-229465
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

26 (Approximately)

Bankers :

Bank Name	Bank of Tokya Mitsubishi UFJ Limited
Branch	Jeevan Vihar Building, 3 Parliament Street, New Delhi – 110001, India
Person Name (With Designation)	Mr. Rupam Bose (Assistant Vice President)
Contact Number	08800912221
Name of Account Holder	Joel India Private Limited
Account Number	33006
Account Since (Date/Year of Account Opening)	20.04.2011
Average Balance Maintained (If Possible)	50.000 Million
Credit Facilities Enjoyed (If any)	B/G : Rs.80.000 Million
Account Operation	Good
Remarks (If any)	Good Company, Financially Strong

Banking Relations :	--
Auditors :
Name :	Nayyar Maniar and Associates Chartered Accountants
Address :	B-9 LGF, Green Park Main, New Delhi – 110016, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFN1583D
Memberships :	--
Collaborators :	--
Holding Company:	Jeol Asia Pte Limited, Singapore
Fellow Subsidiaries:	Jeol Malaysia SDN BHD, Malaysia

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	1.752	(14.065)	(1.584)
(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)	11.752	(4.065)	8.416
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.056	0.024
(c) Other long term liabilities	2.019	0.349	7.001
(d) long-term provisions	24.343	23.140	0.113
Total Non-current Liabilities (3)	26.362	23.545	7.138
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.453	3.241	2.569
(c) Other current liabilities	3.187	1.130	0.233
(d) Short-term provisions	73.342	29.551	5.896
Total Current Liabilities (4)	78.982	33.922	8.698
TOTAL	117.096	53.402	24.252
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.578	6.279	3.563
(ii) Intangible Assets	0.000	0.001	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)	0.083	0.000	0.000
(d) Long-term Loan and Advances	2.207	0.800	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.868	7.080	3.563
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	62.930	18.241	8.933
(d) Cash and cash equivalents	23.862	10.888	8.659
(e) Short-term loans and advances	12.715	13.616	3.097
(f) Other current assets	8.721	3.577	0.000
Total Current Assets	108.228	46.322	20.689
TOTAL	117.096	53.402	24.252

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	104.748	40.438	17.561
	Other Income	0.686	0.266	0.023
	TOTAL	105.434	40.704	17.584
Less	EXPENSES
	Purchases	12.475	11.134	3.132
	Purchases incidental expenses	8.675	4.384	0.000
	Employees benefits expense	25.493	15.387	6.369
	Operating and other expenses	36.342	20.976	9.247
	prior period expenses	2.308	0.408	0.000
	TOTAL	85.293	52.289	18.748
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	20.141	(11.585)	(1.164)
Less/ Add	DEPRECIATION/ AMORTISATION	1.396	0.865	0.395
	PROFIT/ (LOSS) BEFORE TAX	18.745	(12.450)	(1.559)
Less	TAX	2.928	0.032	0.024
	PROFIT/ (LOSS) AFTER TAX	15.817	(12.482)	(1.583)
	EARNING IN FOREIGN CURRENCY	58.845	24.946	NA
	Earnings / (Loss) Per Share (Rs.)	15.82	(12.48)	(1.58)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	15.10	(30.87)	(9.01)
Return on Total Assets (PBT/Total Assets}	(%)	16.02	(23.31)	(6.43)
Return on Investment (ROI) (PBT/Networth)		1.60	3.06	(0.19)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.37	1.37	2.38

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	10.000	10.000	10.000
Reserves & Surplus	(1.584)	(14.065)	1.752
Net worth	8.416	(4.065)	11.752
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	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	17.561	40.438	104.748
		130.272	159.034

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	17.561	40.438	104.748
Profit/Loss	(1.583)	(12.482	15.817
	(9.01%)	(30.87%)	15.10%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
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	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CORPORATE INFORMATION

Subject was incorporated on April 7, 2011 as a Private Limited Company under the Indian Companies Act, 1956. The Company is a 100% subsidiary of Jeol Asia Pte Limited located in the Singapore and is engaged in rendering technical, management, maintenance, educational and after sale services related to scientific devices and instruments to be used by academic, scientific and/or educational entities and in particularly in field of semi-conductors/lT technology, nanotechnologies, life sciences, optical communication, forensic and biotechnology.

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 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.62.69
UK Pound	1	Rs.92.99
Euro	1	Rs.63.37

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	4
--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		47

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.