MIRA INFORM REPORT

Report No. :	314175
Report Date :	26.03.2015

IDENTIFICATION DETAILS

Name :	SONY INDIA PRIVATE LIMITED

Registered Office :	A-31 Mohan C Operative Industrial Estate, Mathura Road, New Delhi - 110044

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.11.2014

Com. Reg. No.:	55-062781

Capital Investment / Paid-up Capital :	Rs. 623.610 Million

CIN No.: [Company Identification No.]	U74899DL1994PTC062781

IEC No.:	Not Available

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 :	Manufacturing of Electronics Products.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Sony Overseas Holding B.V., Netherland It is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. The rating also takes into consideration company strong brand image and established market position Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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

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	CRISIL
Rating	Long Term Rating (AA)
Rating Explanation	High degree of safety and very low credit risk
Date	May 19, 2014

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 (91-11-66006600)

LOCATIONS

Registered Office :	A-31 Mohan C Operative Industrial Estate, Mathura Road, New Delhi - 110044, India
Tel. No.:	91-11-66006600
Fax No.:	91-11-26959141
E-Mail :	sanjay.bhargava@ap.sony.com

Factory :	Located At: Japan

DIRECTORS

AS ON 22.08.2014

Name :	Yasuhide Yokota
Designation :	Director
Address :	Tokyo-To Minato-Ku, Konan 4-6-6-1606, Tokyo – 1080075, Japan
Date of Birth/Age :	24.12.1956
Date of Appointment :	21.08.2012
DIN No. :	05153991

Name :	Kenichiro Hibi
Designation :	Managing Director
Address :	4/10, Shanti Niketan, delhi – 110021, India
Date of Birth/Age :	30.01.1967
Date of Appointment :	21.08.2012
DIN No. :	05298789

Name :	Hiroshi takahashi
Designation :	Director
Address :	3-5-20, Kitashinagawa, Shinagawa-Ku, Tokyo – 1400001, Japan
Date of Birth/Age :	07.01.1961
Date of Appointment :	21.08.2013
DIN No. :	06569918

KEY EXECUTIVES

Name :	Mr. Sanjay bhargava
Designation :	Secretary
Address :	D-7/7052, Vasant Kunj, New Delhi – 110070, India
Date of Birth/Age :	09.03.1964
PAN No.:	AADPB9169Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.08.2014

Names of Shareholders		No. of Shares
Sony Mobile Communications International AB, Sweden		687500
Sony Mobile Communications AB, Sweden		6187500
Sony Middle East and Africa FZE, Dubai		1
Sony overseas Holding B.V, Netherland		55486018
Total		62361019

As on 22.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :	Manufacturing of Electronics Products.

Products :	Electronics Products

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	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 Waterhouse Chartered Accountants
Address :	Building No. 8, Tower - B,8^Th Floor, Dlf Cyber City
PAN No.:	AAEFP3641G

Memberships :	Not Available

Collaborators :	Not Available

Ultimate Holding Company :	Sony Corporation, Japan

Holding Company :	Sony Overseas Holding B.V., Netherlands

Other Related Parties with whom the Company has transacted:	Frontage Asia Pte. Limited Malaysia Finance Center [Division of Sony EMCS (Malaysia) Sdn. Bhd.] MSM Satellite (S) Pte. Limited Multi Screen Media Private Limited PT. Sony Indonesia Sony (China) Limited Sony (Malaysia) Sdn. Bhd. Sony Australia Limited Sony Computer Entertainment Europe Limited Sony Computer Entertainment Inc. Sony Corp. of America Sony Corporate Services (Japan) Sony Corporation of Hong Kong Limited Sony DADC Austria A.G. Sony DADC Inc. Sony DADC Manufacturing (India) Private Limited Sony DADC US Inc. Sony de Mexico, S.A. de C.V. Sony Device Technology (Thailand) Co., Limited Sony Digital Network Applications Inc. Sony Electronics (Singapore) Pte. Limited Sony Electronics (Singapore) Pte. Limited. [SONIS,SSCSS,SPE,SDS] Sony Electronics Asia Pacific Pte. Limited Sony Electronics Inc. Sony EMCS (Malaysia) Sdn Bhd. Sony EMCS Corporation Sony Europe Ltd German Branch Sony Global Solutions Inc

Fellow Subsidiaries :	Sony Global Treasury Services Plc. Sony India Software Services Private Limited Sony International (Hong Kong) Limited Sony Korea Corp. Sony Latin America Inc. Sony Middle East & Africa FZE Sony Mobile Communications India Private Limited (Upto March 31, 2013) Sony Mobile Communications AB Sony Music Entertainment India Limited Sony Network Entertainment International LLC Sony of Canada Limited Sony PCL Inc. Sony Philippines, Inc. Sony Pictures Consumer Products Inc. Sony Pictures Home Entertainment Sony Professional Solutions MEA FZ LLC. Sony South Africa (Proprietary) Limited Sony Supply Chain Sol. Inc. Sony Supply Chain Solution (America) Inc Sony Supply Chain Solutions (China) Limited Sony Supply Chain Solutions (Malaysia) Sdn. Bhd. Sony Supply Chain Solutions (Thailand) Limited Sony Taiwan Limited Sony Technology (Thailand) Co., Limited Sony Thai Co. Limited Sony United Kingdom Limited SPE Films India Private Limited Visionarts, Inc.

CAPITAL STRUCTURE

As on 22.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

62361019	Equity Shares	Rs.10/- each	Rs.623.610 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

62361019	Equity Shares	Rs.10/- each	Rs. 623.610 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2012	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	623.610	554.860	554.900
(b) Reserves & Surplus	3762.750	2325.750	2721.400
(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)	4386.360	2880.610	3276.300

(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	140.600	106.200	108.400
(d) long-term provisions	460.664	519.100	534.200
Total Non-current Liabilities (3)	601.264	625.300	642.600

(4) Current Liabilities
(a) Short term borrowings	951.100	42.700	210.200
(b) Trade payables	7280.488	10957.024	8764.200
(c) Other current liabilities	1082.800	1254.874	864.500
(d) Short-term provisions	1422.100	328.500	225.000
Total Current Liabilities (4)	10736.488	12583.098	10063.900

TOTAL	15724.112	16089.008	13982.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	244.025	220.125	348.300
(ii) Intangible Assets	2.997	7.497	20.800
(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)	127.190	237.093	256.400
(d) Long-term Loan and Advances	1031.300	624.900	793.100
(e) Other Non-current assets	0.700	0.600	0.500
Total Non-Current Assets	1406.212	1090.215	1419.100

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10010.800	9353.600	5549.500
(c) Trade receivables	3388.400	3886.200	2431.900
(d) Cash and cash equivalents	295.400	1409.393	4190.300
(e) Short-term loans and advances	380.500	227.600	189.100
(f) Other current assets	242.800	122.000	202.900
Total Current Assets	14317.900	14998.793	12563.700

TOTAL	15724.112	16089.008	13982.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	100436.600	82861.900	67796.600

Less	TOTAL EXPENSES	98328.700	80898.400	65738.400

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2107.900	1963.500	2058.200

Less	FINANCIAL EXPENSES	41.300	40.800	29.400

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2066.600	1922.700	2028.800

Less/ Add	DEPRECIATION/ AMORTISATION	92.600	80.100	124.300

	PROFIT/ (LOSS) BEFORE TAX	1974.000	1842.600	1904.500

Less	TAX	677.000	631.600	623.700

	PROFIT/ (LOSS) AFTER TAX	1297.000	1211.000	1280.800

Less	APPROPRIATIONS
	Transfer to General Reserve	129.700	121.100	128.100
	Interim Dividend	335.700	575.400	836.200
	Dividend Distribution Tax	57.100	93.300	135.600
	Total	522.500	789.800	1099.900

Less	Transfer to Sony India Software Centre*	0.000	418.000	0.000

	Balance Carried to the B/S	774.500	3.200	180.900

	Earnings / (Loss) Per Share (Rs.)	20.80	19.42	20.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.66	11.62	13.87

Return on Investment (ROI) (PBT/Networth)		0.45	0.64	0.58

Debt Equity Ratio (Total Liability/Networth)		0.22	0.01	0.06

Current Ratio (Current Asset/Current Liability)		1.33	1.19	1.25

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	554.900	554.860	623.610
Reserves & Surplus	2721.400	2325.750	3762.750
Net worth	3276.300	2880.610	4386.360

long-term borrowings	0.000	0.000	0.000
Short term borrowings	210.200	42.700	951.100
Total borrowings	210.200	42.700	951.100
Debt/Equity ratio	0.064	0.015	0.217

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	67796.600	82861.900	100436.600
		22.221	21.210

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	67796.600	82861.900	100436.600
Profit	1280.800	1211.000	1297.000
	1.89%	1.46%	1.29%

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	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	Yes

VIEW INDEX OF CHARGES: No Charges Exist for Company

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2012 (Rs. in Million)
SHORT TERM BORROWINGS
Other Loans and Advances	951.100	42.700
Total	951.100	42.700

FIXED ASSETS

Furniture and fixtures
Vehicles
Office equipment
Office equipment
Leasehold improvements

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. 62.34
UK Pound	1	Rs. 92.65
Euro	1	Rs. 68.12

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	DIV

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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.

MIRA INFORM REPORT

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