MIRA INFORM REPORT

Report No. :	346289
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	FANUC INDIA PRIVATE LIMITED (w.e.f 04.06.2007)

Formerly Known As :	FANUC INDIA LIMITED (w.e.f. 23.04.1997) FANUC GE AUTOMATION INDIA LIMITED (w.e.f. 29.05.1995) FANUC INDIA LIMITED
Tel. No.:	91-80-28520057

Registered Office :	41A, Electronics City, Bangalore – 560100, Karnataka

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.04.1991

Com. Reg. No.:	08-015413

Capital Investment / Paid-up Capital :	Rs.290.000 Million

CIN No.: [Company Identification No.]	U29221KA1991PTC015413

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRF00127B

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is mainly engaged in manufacturing and sale of factory automation products, provides after-sales services of own manufactured products.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Maximum Credit Limit :	USD 10100000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was incorporated on 5^th April, 1991. It is subsidiary of “Fanuc Corporation, Japan”. It is engaged into business of manufacturing, exporting and importing of CNC systems, servo motors, spindle motors and machine tools. It has fine track record. The rating reflect its robust financial risk profile marked by large networth, zero debt and ample liquidity. Trade relations are fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (91-80-28520057)

LOCATIONS

Registered Office / Factory :	41A, Electronics City, Bangalore – 560100, Karnataka, India
Tel. No.:	91-80-28520057
Fax No.:	91-80-28520051
E-Mail :	filhq@fanucindia.com

Branch Office / Service Center :	Bangalore 41-A, Electronics City, Bangalore-560100, Karnataka, India Chennai No.19, 1st Floor, RMK Towers, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India Coimbatore No.41,Jayprabhu Complex, Dr.Balasundaram Road, Coimbatore – 641018, Tamilnadu, India Pune Plot No G-4/2, MIDC Chakan Industrial Area, Phase 3,Nighoje village, Khed Taluka, Pune-410501, Maharashtra, India Faridabad 12/1, Mathura Road, Faridabad, Haryana -121003, India Gurgaon Plot No-579, Pace City II, Sector -37, Gurgaon – 122001, Haryana, India Ahmedabad C-2, Ground Floor,Shivalik Business Center Behind Rajpath Club, OFF S.G.Road Ahmedabad – 380054, Gujarat, India

DIRECTORS

As on 31.03.2015

Name :

Mr. V. Jagannath

Designation :

Whole-time Director

Address :

T-1, Canopy Castle-1, 28^th Main, BTM 2^nd Stage, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

11.04.1967

Date of Appointment :

22.12.2005

DIN No.:

00203538

Name :

Ms. Sonali G. Kulkarni

Designation :

Whole-time Director

Address :

A 303, Casa ansal, Bannerghatta Road, Bangalore, Karnataka, India

Date of Birth/Age :

16.11.1964

Date of Appointment :

20.09.2000

DIN No.:

00203701

Other Directorship :

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

U29221KA1994PTC015413

FANUC INDIA PRIVATE LIMITED

Whole-time director

20/09/2000

Active

U72200KA1997PTC022158

GE Intelligent Platforms Private Limited

Director

19/06/2006

21/05/2008

Active

Name :

Mr. B.N. Nandakumar

Designation :

Whole-time Director

Address :

178, 4^th Main, 2^nd Avenue, Teachers Colony, Venkatapura, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

28.03.1967

Date of Appointment :

22.12.2005

DIN No.:

00221760

Name :

Dr. Yoshiharu Inaba

Designation :

Director

Address :

17-22, Ikuta 8 Chome, Kanagwa Prefecture, Japan

Date of Birth/Age :

23.07.1948

Date of Appointment :

07.07.1997

DIN No.:

00650332

Name :

Mr. Katsuo Kohari

Designation :

Director

Address :

705, Kosumotachikawasangureisu, 6-38-8, Fujimicho, Tachikawashi, Tokyo, Japan

Date of Birth/Age :

12.08.1942

Date of Appointment :

03.06.2014

DIN No.:

00650412

Name :

Mr. Hiroyuki Uchida

Designation :

Director

Address :

Katsuyama 4447 8, Fuji Kavaguchiko Cho, Minami Tsuru Gun, Yamanashi Prefecture, 4000000

Date of Birth/Age :

21.02.1958

Date of Appointment :

01.07.2013

DIN No.:

06628424

Name :

Kiyonori Inaba

Designation :

Director

Address :

Shibokusa, 3511, Oshino-Mura, Minami Tsuru Gun, Yamanashi Prefecture, 4010511, Japan

Date of Appointment :

02.07.2014

DIN No.:

06903220

Name :

Ryuji Sasuga

Designation :

Additional Director

Address :

3-33-1, Wakamatsu-Cho, Fuchu-Shi, Tokyo, Japan, 1830005, Japan

Date of Appointment :

03.07.2015

DIN No.:

07207088

Name :

Kenji Yamaguchi

Designation :

Additional Director

Address :

7324-1, Funatsu, Fujikawaguchiko-Machi,, Minamitsuru-Gun, Yamanashi,, Japan, 4010301, Japan

Date of Appointment :

03.07.2015

DIN No.:

07207095

KEY EXECUTIVES

Name :	Ms. Sneha S. Jain
Designation :	Secretary
Address :	No.203, Divya Spencer, II Main, N.S. Palya, B.T.M. II Stage, Bangalore – 560076, Karnataka, India
Date of Birth/Age :	13.11.1988
Date of Appointment :	05.03.2014
PAN No. :	CYJPS8351P

MAJOR SHAREHOLDERS

As on 03.06.2014

Names of Shareholders	No. of Shares
Fanuc Corporation	28599900
Engr Inaba Seiuemon	400000
Sonali Gajanan Kulkarni	100
Total	29000000

As on 03.06.2014

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 :

Subject is mainly engaged in manufacturing and sale of factory automation products, provides after-sales services of own manufactured products.

Products :

Item Code No. (ITC Code)	Product Description
85371000	CNC Systems
84799090	Systems Engineering for Industrial Robots and Robomachines
85389000	Spares

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	The Bank of Tokyo Mitsubishi Limited
Branch Address	Chennai Branch, Chennai – 600018, Tamilnadu, 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 :	S.B. Billimoria and Company Chartered Accountants
Address :	Deloitte Center, Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India
PAN No.:	AAAFS7376P

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Fanuc Corporation, Japan

Fellow Subsidiary :	Fanuc Singapore Private Limited, Singapore Taiwan Fanuc Cnc Limited, Taiwan, Province Of China Fanuc Oceania Pty. Limited, Australia Fanuc Thai Limited, Thailand Fanuc Mechatronics Malaysia Sdn. Bhd, Malaysia Pt. Fanuc Indonesia., Indonesia Fanuc Philippines Corporation, Philippines Fanuc Vietnam Limited, Viet Nam Fanuc Robotics America Inc., United States Fanuc America Corporation, United States Fanuc Robotics Europe S.A, Luxembourg Fanuc Fa Europe S A, Luxembourg Fanuc South Africa Proprietary Limited, South Africa Taiwan Fanuc Private Limited, Taiwan, Province Of China

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

29000000	Equity Shares	Rs.10/-each	Rs.290.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

29000000	Equity Shares	Rs.10/-each	Rs.290.000 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	290.000	290.000	290.000
(b) Reserves & Surplus	3272.543	2722.155	2297.638
(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)	3562.543	3012.155	2587.638

(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	14.124	18.947	74.133
(d) long-term provisions	49.062	44.756	41.735
Total Non-current Liabilities (3)	63.186	63.703	115.868

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	288.896	222.276	879.077
(c) Other current liabilities	186.059	203.681	221.293
(d) Short-term provisions	355.607	295.436	270.423
Total Current Liabilities (4)	830.562	721.393	1370.793

TOTAL	4456.291	3797.251	4074.299

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	316.840	324.084	225.381
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.589	32.370
(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)	42.500	38.000	46.900
(d) Long-term Loan and Advances	276.649	300.226	323.679
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	635.989	663.899	628.330

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1076.876	1181.959	1392.369
(c) Trade receivables	710.330	759.239	1570.600
(d) Cash and cash equivalents	1969.423	1170.919	474.843
(e) Short-term loans and advances	16.822	10.454	6.721
(f) Other current assets	46.851	10.781	1.436
Total Current Assets	3820.302	3133.352	3445.969

TOTAL	4456.291	3797.251	4074.299

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	Sales	4286.379	4224.416	5445.603
	Other Income	158.793	70.000	80.589
	TOTAL	4445.172	4294.416	5526.192

Less	EXPENSES	3168.315	3323.781	4778.306

	PROFIT/ (LOSS) BEFORE TAX	1276.857	970.635	747.886

Less	TAX	428.822	316.539	243.250

	PROFIT/ (LOSS) AFTER TAX	848.035	654.096	504.636

Less	APPROPRIATIONS
	Transfer to General Reserve	84.804	65.410	50.464
	Dividend	254.411	196.229	151.391
	Tax on Dividend	43.237	33.349	24.559
	Total	382.452	294.988	226.414

	Balance Carried to the B/S	465.583	359.108	278.222

	Earnings / (Loss) Per Share (Rs.)	29.24	22.56	17.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1379.839	1219.709	(92.397)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	19.08	15.23	9.13

Return on Total Assets (PBT/Total Assets}	(%)	28.93	25.83	18.72

Return on Investment (ROI) (PBT/Networth)		0.36	0.32	0.29

Current Ratio (Current Asset/Current Liability)		4.60	4.34	2.51

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	290.000	290.000	290.000
Reserves & Surplus	2297.638	2722.155	3272.543
Net worth	2587.638	3012.155	3562.543

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	5445.603	4224.416	4286.379
		(22.425)	1.467

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	5445.603	4224.416	4286.379
Profit	504.636	654.096	848.035
	9.27%	15.48%	19.78%

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	No
8	Designation of contact person	No
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	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 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

CORPORATE INFORMATION

Subject (“FANUC India” or “the Company?”) is a 100% subsidiary of FANUC CORPORATION (“FANUC” Japan), who is a global market leader in Factory Automation products and Industrial Robots. The Company is mainly engaged in manufacturing and sale of Factory automation products, provides after-sales services of own manufactured products, also for the products manufactured and sold by FANUC Japan and its global subsidiaries.

FINANCIAL RESULTS

During the year under review, sales revenue was Rs.4286.379 million as against Rs.4224.416 million during the corresponding previous period (101.47% of last year). Profit after tax was Rs.848.035 million against Rs.654.095 million of last year, which is higher by Rs.193.940 million.

INDEX OF CHARGES = NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles

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.65.15
UK Pound	1	Rs.100.53
Euro	1	Rs.73.97

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	PNM

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	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--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		66

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

Unit