MIRA INFORM REPORT

Report No. :	342683
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	YASKAWA INDIA PRIVATE LIMITED (w.e.f. 28.01.2012)
Formerly Known As :	YASKAWA ELECTRIC INDIA PRIVATE LIMITED
Registered Office :	# 17/A, Electronic City, Hosur Road, Bangalore – 560100, Karnataka
Tel. No.:	91-80-42441900
Country :	India
Financials (as on) :	28.02.2014
Date of Incorporation :	30.08.2010
Com. Reg. No.:	08-054999
Capital Investment / Paid-up Capital :	Rs.270.000 Million
CIN No.: [Company Identification No.]	U29253KA2010FTC054999
IEC No.:	0710022018
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACY4408P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Supplier of Drives and Motion Control Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 30^th August, 2010. It is a wholly owned subsidiary of Yaskawa Electric Corporation, Japan. It has satisfactory track record. The company is continuously incurring accumulated losses from its operations. The rating also takes into consideration hefty debt level which leads to create risk to liquidity position of the company. It has modest networth and leveraged capital structure. However, the company has achieved minimal profit as compared to previous year loss. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holdings 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Guru
Designation :	Finance Manager
Contact No.:	91-80-42441900
Date :	29.09.2015

LOCATIONS

Registered Office :	# 17/A, Electronic City, Hosur Road, Bangalore – 560100, Karnataka
Tel. No.:	91-80-42441900
Fax No.:	91-80-42441901
E-Mail :	info@yaskawa.in career@yaskawa.in tripti_b@yaskawa.in ravi_k@yaskawa.in
Website :	http://www.yaskawaindia.in
Factory :	426 Udyog Vihar, Phase IV, Gurgaon - 122016 India, Haryana

DIRECTORS

As on 28.02.2014

Name :

Kenichi Imamura

Designation :

Whole-Time Director

Address :

418 A, Hamilton Court, DLF City, Phase – IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

30.11.1949

Date of Appointment :

20.08.2012

DIN No.:

00175246

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	U34300KA2004PLC060158	Yaskawa Robotics India Limited	Whole-time director	20/03/2012	15/12/2005	-	Amalgamated	NO
2	U29253KA2010FTC054999	YASKAWA India Private Limited	Whole-time director	14/06/2013	20/08/2012	27/02/2015	Active	NO

Name :

Akhinori Urakawa

Designation :

Whole-Time Director

Address :

No.17/A, Phase- I, Electronic City, Hosur Road, Bangalore - 560100, Karnataka, India

Date of Birth/Age :

03.11.1960

Date of Appointment :

14.06.2013

DIN No.:

06555118

Name :

Shoichi Maekawa

Designation :

Director

Address :

4-8-13, Chuo, Nakama-Shi, Fukuoka, 8090030, Japan

Date of Birth/Age :

03.08.1968

Date of Appointment :

14.06.2013

DIN No.:

06555119

Name :

Nobuaki Jinnouchi

Designation :

Additional Director

Address :

4, Chuomachi, Tagawa-Shi, Fukuoka Prefecture, Japan, NA, Japan

Date of Appointment :

15.05.2015

DIN No.:

03538719

Name :

Yasunori Matsumoto

Designation :

Whole-Time Director

Address :

E-175, Richmond Park,, DLF 4, Gurgaon -122001, Haryana, India

Date of Birth/Age :

28.04.1964

Date of Appointment :

28.08.2014

DIN No.:

06893230

Name :

Tatsuyoshi Yamamoto

Designation :

Director

Address :

8-6-44, Izumityuou, Yukuhashi-shi, Fukuoka - 8240034

Date of Birth/Age :

30.05.1967

Date of Appointment :

14.06.2013

DIN No.:

06555120

KEY EXECUTIVES

Name :	Mr. Guru
Designation :	Finance Manager
Name :	Tripti Bhardwaj
Designation :	Company Secretary
Address :	94, Indra Gandhi Nagar, Sector No.1, Tilak Vihar, Jagatpura, Jaipur - 302017, Rajasthan, India
Date of Appointment :	20.08.2015
PAN No.:	BARPB0460K
Name :	Mr. Ravi Krishnan
Designation :	Company Secretary
Address :	No.B-34, Parijatham, Shanthiniketan Apartments, City Link Road, Adambakkam – 600088, Chennai, India
Date of Appointment :	17.01.2014
PAN No.:	AEGPR2123F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.02.2014

Names of Shareholders	No. of Shares	%age holding
Yaskawa Electric Corporation	26740000	99.04
Yaskawa Electric Engineering Corporation	260000	0.96
Total	27000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.02.2014

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, Exporter, Importer and Supplier of Drives and Motion Control Products.
Products :	Drives and Motion Control Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Srilanka European Countries
Imports :
Products :	Raw Material
Countries :	Japan China Hong Kong Bangkok
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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 :

Wholesalers, Retailers and End Users

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 :

200 (Approximately)

Bankers :

Bank Name	Mizuho Bank
Branch	Bangalore, Karnataka, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	34.694	49.420
Total	34.694	49.420

Auditors :
Name :	S. R. Batlibol and Company LLP Chartered Accountants
Address :	UB City, Canberra, Block 12^th and 13^th Floor, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Yaskawa Electric Corporation, Japan
Fellow Subsidiary company :	Shanghai Yaskawa Drive Co. Limited, China Yaskawa America Inc., USA, United States Yaskawa Electric (Singapore) Pte Limited, Singapore Yaskawa Electric Engineering Corporation, Japan Yaskawa Electric Korea Corporation, Korea Yaskawa Electric Taiwan Corporation, Taiwan Yask awa Engineering Asia-Pacific Pte Limited, Singapore Yaskawa Europe GMBH, Germany Yaskawa Logistec Corporation, Japan Yaskawa Nordic AB, Sweden Yaskawa Obvious Communication, Japan Yaskawa Electric Corporation, Yukuhashi, Japan Yaskawa Electric Corporation, Saitama, Japan Yaskawa Electric China Private Limited, China Yaskawa Electric (Thailand) Co., Limited., Bangkok, Thailand Yaskawa Information Systems Corporation, Japan

CAPITAL STRUCTURE

As on 28.02.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
54000000	Equity Shares	Rs.10/- each	Rs.540.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs.270.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	28.02.2014	28.02.2013	29.02.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	270.000	270.000	260.000
(b) Reserves & Surplus	(153.903)	(164.955)	(179.196)
(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)	116.097	105.045	80.804
(3) Non-Current Liabilities
(a) long-term borrowings	34.694	49.420	46.029
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	34.694	49.420	46.029
(4) Current Liabilities
(a) Short term borrowings	434.000	395.613	550.000
(b) Trade payables	614.794	622.722	322.724
(c) Other current liabilities	93.849	125.389	28.620
(d) Short-term provisions	6.146	6.023	1.219
Total Current Liabilities (4)	1148.789	1149.747	902.563
TOTAL	1299.580	1304.212	1029.396
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.072	130.489	101.633
(ii) Intangible Assets	22.105	34.785	44.189
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	23.708	22.689	18.101
(e) Other Non-current assets	0.200	0.200	0.000
Total Non-Current Assets	142.085	188.163	163.923
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	501.726	439.980	397.895
(c) Trade receivables	441.226	494.839	338.170
(d) Cash and cash equivalents	57.775	61.952	52.703
(e) Short-term loans and advances	153.885	112.254	76.705
(f) Other current assets	2.883	7.024	0.000
Total Current Assets	1157.495	1116.049	865.473
TOTAL	1299.580	1304.212	1029.396

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	29.02.2012
	SALES
	TOTAL REVENUE	1907.629	1692.404	985.105
Less	TOTAL EXPENSES	1896.540	1720.331	1121.001
	PROFIT/ (LOSS) BEFORE TAX	11.089	(27.927)	(135.896)
Less	TAX	0.037	(2.502)	0.000
	PROFIT/ (LOSS) AFTER TAX	11.052	(25.425)	(135.896)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	26.792	30.299	NA
	TOTAL EARNINGS	26.792	30.299	NA
	Earnings / (Loss) Per Share (Rs.)	0.41	(0.94)	(5.03)

Particulars	31.03.2015
Sales Turnover	1500.000
	(Market Fluctuation)

The above information has been parted by Mr. Guru (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	28.02.2014	28.02.2013	29.02.2012
Current Maturities of Long term debt	16.933	16.609	14.493
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	239.220	(533.307)
Net cash flow from operating activity	NA	230.063	(533.411)

KEY RATIOS

PARTICULARS		28.02.2014	28.02.2013	29.02.2012
Net Profit Margin (PAT / Sales)	(%)	0.58	(1.50)	(13.80)
Return on Total Assets (PBT/Total Assets}	(%)	0.85	(2.14)	(13.20)
Return on Investment (ROI) (PBT/Networth)		0.10	(0.27)	(1.68)
Debt Equity Ratio (Total Debt /Networth)		4.18	4.39	7.56
Current Ratio (Current Asset/Current Liability)		1.01	0.97	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	29.02.2012	28.02.2013	28.02.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	260.000	270.000	270.000
Reserves & Surplus	(179.196)	(164.955)	(153.903)
Net worth	80.804	105.045	116.097
long-term borrowings	46.029	49.420	34.694
Short term borrowings	550.000	395.613	434.000
Current Maturities of Long-Term Debts	14.493	16.609	16.933
Total borrowings	610.522	461.642	485.627
Debt/Equity ratio	7.556	4.395	4.183

YEAR-ON-YEAR GROWTH

Year on Year Growth	29.02.2012	28.02.2013	28.02.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	985.105	1692.404	1907.629
		71.799	12.717

NET PROFIT MARGIN

Net Profit Margin	29.02.2012	28.02.2013	28.02.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	985.105	1692.404	1907.629
Profit	(135.896)	(25.425)	11.052
	(13.80%)	(1.50%)	0.58%

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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from S 306, South Block, Manipal Centre, Dickensen Road, Bangalore – 560042, Karnataka, India to the present address w.e.f. 01.03.2011

OPERATIONS:

The Company recorded a total income of Rs.1907.000 Million during the year as against 1692.000 Million in the previous year and earned a profit after tax of Rs. 11.000 Million as against a loss of Rs.25.420 Million during the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	434.000	371.200
Term loans from banks	0.000	24.413
Total	434.000	395.613

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	3.599	0.000
Other money for which company is contingently liable	6.583	0.000

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• 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.66.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.79

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	SUJ

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.