MIRA INFORM REPORT

Report No. :	350534
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	BRIDGESTONE INDIA AUTOMOTIVE PRODUCTS PRIVATE LIMITED (w.e.f. 13.08.2012)
Formerly Known As :	BRIDGESTONE TVS INDIA PRIVATE LIMITED (w.e.f. 28.07.2009) NS ANTIVIBRATION PRODUCTS PRIVATE LIMITED
Registered Office :	No.136, Vaipur B Block, Eraiyur Village, Mathur Post, Sriperumbuthur Taluk, Kanchipuram District, Chennai – 602105, Tamilnadu
Tel. No.:	91-124-4550800
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	06.10.2008
Com. Reg. No.:	18-069492
Capital Investment / Paid-up Capital :	Rs. 58.833 Million
CIN No.: [Company Identification No.]	U74999TN2008PTC069492
IEC No.:	Not Applicable (As claimed by company management that company does not export and import).
TAN No.: [Tax Deduction & Collection Account No.]	CHEB08501D
PAN No.: [Permanent Account No.]	CHEB08501D
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the manufacture and sale of Anti Vibration Products for the Automotive Industry.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Bridgestone Corporation’, Japan. It is engaged in the business of manufacturing and selling of anti-vibration products for automotive industry. Bridgestone Corporation (parent entity) is the global leader in the tyre industry with 178 plants spread across 25 nations and ranked 1st amongst top 10 tyre companies in the world. Bridgestone Corporation also ranked 340 in fortune 500 company with brand name value of USD 5,670 Million and enterprise value of USD 30,377 Million. With respect to the operations of Bridgestone India Automotive Products during FY 2014, the company possesses moderate operational performance and incurred losses from its operations activities. On standalone basis the company has taken huge borrowings which leverage the balance sheet profile. However, ratings continue to derive comfort from the strong parentage and technological assistance and financial support from the parent entity (Bridgestone Corporation) backed by its established clientele which includes major passenger car original equipment manufacturers and well integrated nature of business operations. Ratings also derive strength from the well experience management team supported by group’s well spared business networks along with diversified business profile and product offering. Rating strengths is partially offset by challenges of moderately low demand from OEMs on account of the slowdown in the automobile industry led to affect revenue of the company. Trade relations are reported fair. Payment terms are reported to be usually correct. In view of strong profile of parent entity, the subject company can be considered for business dealings at usual trade terms and condition.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Neeraj Yadav
Designation :	Assistant Manager Finance
Contact No.:	91-124-4550800
Date :	19.11.2015

LOCATIONS

Registered Office :	No.136, Vaipur B Block, Eraiyur Village, Mathur Post, Sriperumbuthur Taluk, Kanchipuram District, Chennai – 602105, Tamilnadu, India
Tel. No.:	91-44-27152500 (30 Lines)
Fax No.:	91-44-27173517
E-Mail :	bsia@bsia.co.in arunachalam@bsia.co.in
Website :	http://www.bsia.co.in
Factory 2:	Plot No.11, Sector 3, IMT Manesar, Gurgaon, Haryana, India
Tel. No.:	91-124-4550800
Fax No.:	91-124-4388846

DIRECTORS

AS ON 05.06.2015

Name :

Mr. Yoichi Ohira

Designation :

Nominee Director

Address :

3-2-1-1101 Libre Kawaguchi, 1-Bangai Kawaguchi-Shi, Saitama - 3320015, Japan

Date of Birth/Age :

18.02.1964

Date of Appointment :

30.08.2010

DIN No.:

02531502

Name :

Mr. Tatsuro Ishiyama

Designation :

Managing Director

Address :

2822-1-801 Kamiyabe-Cho, Totsuka-Ku Yokohama-Shi, Kanagawa - 2440053, Japan

Date of Birth/Age :

03.02.1962

Qualification :

B.E.

Experience :

28 Years

Date of Appointment :

17.07.2012

DIN No.:

05167068

Name :

Naohisa Matsuda

Designation :

Alternate Director

Address :

B 1101, Greenwood, Hiranandani Upscale, Egattur, Siruseri, Chennai - 603103, Tamil Nadu, India

Date of Appointment :

16.04.2015

DIN No.:

07038786

Name :

Tsuyoshi Taniguchi

Designation :

Alternate Director

Address :

Flat No.104, Tower F, Park Heights, Dlf Phase V, Golf Course Road, Gurgaon - 122002, Haryana, India

Date of Appointment :

05.05.2015

DIN No.:

07039335

Name :

Parthasarathy Govindarajan

Designation :

Alternate Director for Tetsuo Shimizu

Address :

3D, Shiva Bhagyam, Foundry Road, Okkaiyam, Thoraipakkam, Chennai – 600 097, Tamilnadu, India

Date of Birth/Age :

01.07.1957

Date of Appointment :

12.12.2014

DIN No.:

01051735

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	U99999MH1968PLC014121	COROMANDEL GARMENTS LIMITED	Director	27/06/2005	27/06/2005	29/06/2007	Active	YES
2	U51103MH1977PLC259702	FORBES CAMPBELL FINANCE LIMITED	Director	15/09/2006	15/09/2006	22/06/2007	Active	NO
3	U13209TN1998PTC040815	Alliance GraniMarmo Private Limited	Additional director	30/09/2009	15/01/2009	24/01/2012	Active	NO
4	U14102TN1999PTC054392	MERCURY GRANITES PRIVATE LIMITED	Additional director	30/09/2009	15/01/2009	24/01/2012	Amalgamated	NO
5	U14102TN2005PTC055688	INDIAN REALSTONES PRIVATE LIMITED	Director	30/08/2010	15/01/2009	24/01/2012	Amalgamated	NO
6	U93090TN1984NPL010786	INDIA-ASEAN-SRI LANKA CHAMBER OF COMMERCE & INDUSTRY	Director	29/09/2009	29/09/2009	28/09/2012	Active	NO
7	U14200TN2010PTC074326	AMPL GRANITES PRIVATE LIMITED	Director	21/01/2010	21/01/2010	25/09/2012	Active	NO
8	U99000TN1989NPL016779	INDO-AUSTRALIAN CHAMBER OF COMMERCE	Director	27/09/2010	27/09/2010	25/09/2012	Active	NO
9	U74999TN2008PTC069492	Bridgestone India Automotive Products Private Limited	Director	05/06/2015	27/02/2013	-	Active	NO

Name :

Kazuhiro Murata

Designation :

Director

Address :

BS Kamiyabe Apart No. 3-202, 710 Kamiyabe-Cho, Totsuka-Ku, Yokohama, 2450053, Japan

Date of Appointment :

16/04/2015

DIN No.:

07160262

KEY EXECUTIVES

Name :	Mr. Neeraj Yadav
Designation :	Assistant Manager Finance

MAJOR SHAREHOLDERS

AS ON 05.06.2015

Names of Shareholders	No. of Shares
Bridgestone Corporation, Japan	7523879
Bridgestone Corporation, Japan and Mr. Tatsuro Ishiyama	15
Bridgestone Corporation, Japan and Mr. Katsuyoshi Uno	12
Bridgestone Corporation, Japan and Mr. Yoichi Ohira	10
Total	7523916

Equity Share Break up (Percentage of Total Equity)

AS ON 05.06.2015

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 the manufacture and sale of Anti Vibration Products for the Automotive Industry.

Products :

Product Description	Item Code No. (ITC Code)
Anti-vibration Products	99885120

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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

Facilities :

(Rs. In Million)

SECURED LOAN	31.12.2014	31.12.2013 (9 Months)
LONG TERM BORROWING
Borrowings	29.283	97.669
Total	29.283	97.669

Auditors :
Name :	Deloitte, Haskins and Sells Chartered Accountants
Address :	8^th Floor, ASVN Ramana Tower, 52, Venkatnarayana Road, T Nagar, Chennai – 600 017, Tamilnadu, India
PAN No.:	AAOFS2783G
Memberships :	--
Collaborators :	--
Holding company :	Bridgestone Corporation
Fellow Subsidiary company :	Bridgestone Logistics Company Limited Bridgestone Ncr Company Limited P.T. Indokarlo Perkasa

CAPITAL STRUCTURE

AS ON 05.06.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7523916	Equity Shares	Rs.10/- each	Rs. 75.239 Million

AS ON 31.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5883291	Equity Shares	Rs.10/- each	Rs. 58.833 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013 (9 Months)	31.03.2013 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	58.833	58.833	58.833
(b) Reserves & Surplus	51.299	73.799	73.727
(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)	110.132	132.632	132.560
(3) Non-Current Liabilities
(a) long-term borrowings	361.043	533.489	453.341
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	16.777	18.171	13.798
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	377.820	551.660	467.139
(4) Current Liabilities
(a) Short term borrowings	368.152	327.000	391.253
(b) Trade payables	374.274	383.674	381.377
(c) Other current liabilities	287.212	332.700	331.174
(d) Short-term provisions	6.741	8.134	1.558
Total Current Liabilities (4)	1036.379	1051.508	1105.362
TOTAL	1524.331	1735.800	1705.061
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	739.563	738.162	732.870
(ii) Intangible Assets	9.217	7.415	7.345
(iii) Capital work-in-progress	0.368	41.910	17.783
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	130.590	143.486	116.046
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	879.738	930.973	874.044
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	149.577	168.960	163.380
(c) Trade receivables	292.248	373.326	378.352
(d) Cash and cash equivalents	114.575	145.349	169.964
(e) Short-term loans and advances	35.799	58.691	51.210
(f) Other current assets	52.394	58.501	68.111
Total Current Assets	644.593	804.827	831.017
TOTAL	1524.331	1735.800	1705.061

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013 (9 Months)	31.03.2013 (12 Months)
	Sales Turnover	2475.000	1964.000	2622.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	Earnings Per Share (Rs.)	(2.99)	0.01	1.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013 (9 Months)	31.03.2013 (12 Months)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	292.926	215.095	167.811

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013 (9 Months)	31.03.2013 (12 Months)
Net Profit Margin PAT / Sales)	(%)	(0.91)	0.00	0.26
Debt Equity Ratio (Total Debt /Networth)		6.62	6.49	6.37
Current Ratio (Current Asset/Current Liability)		0.62	0.77	0.75

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	58.833	58.833	58.833
Reserves & Surplus	73.727	73.799	51.299
Share Application money pending allotment	0.000	0.000	0.000
Net worth	132.560	132.632	110.132
long-term borrowings	453.341	533.489	361.043
Short term borrowings	391.253	327.000	368.152
Total borrowings	844.594	860.489	729.195
Debt/Equity ratio	6.371	6.488	6.621

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2622.000	1964.000	2475.000
		(25.095)	26.018

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2622.000	1964.000	2475.000
Profit	6.880	0.070	(22.500)
	0.26%	0.00%	(0.91%)

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	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 three years	Yes
27	Reasons for variation <> 20%	---
28	Estimation for coming financial year	No
29	Profitability for last three 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

NOTE: Registered office of the company has been shifted from TVS Buildings, 7B West Veli Street, Madurai – 625001, Tamilnadu, India to the present address w.e.f. 03.08.2012.

UNSECURED LOAN

Particulars	31.12.2014	31.12.2013 (9 Months)
LONG TERM BORROWING
Borrowings	331.760	435.820
SHORT TERM BORROWING
Unsecured loans from banks repayable on demand	368.152	327.000
Total	699.912	762.820

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10209295	12/03/2010	452,790,000.00	Standard Chartered Bank	19, Rajaji Salai, Chennai, Tamil Nadu - 600001, I  NDIA	A82223280

FIXED ASSETS

• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Leasehold Improvements
• Electrical Installations
• Moulds
• Computers
• Goodwill
• Software

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. 66.11
UK Pound	1	Rs. 101.03
Euro	1	Rs. 70.78

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		45

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.