MIRA INFORM REPORT

Report No. :	345875.2
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	TOKAI IMPERIAL HYDRAULICS INDIA PRIVATE LIMITED (w.e.f. 28.11.2013)
Formerly Known As :	TOKAI RUBBER INDUSTRIAL HOSE INDIA PRIVATE LIMITED
Registered Office :	254, Second Floor, Okhla Industrial Area, Phase III, New Delhi - 110020
Tel. No.:	91-124-4308176
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.2011
Com. Reg. No.:	55-224857
Capital Investment / Paid-up Capital :	Rs.1342.346 Million
CIN No.: [Company Identification No.]	U25190DL2011FTC224857
IEC No.:	0513001093
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCT9702E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Importer of high pressure rubber hoses for construction machinery.
No. of Employees :	70 (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 3800000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Tokai Rubber Industries Limited, Japan. It was incorporated in the year 2011. For the financial year ended 2014, the company has improved its scale of operations and earned profit of Rs.1.407 million as compared to loss of Rs.20.200 million in previous year. The company has healthy financial position marked by zero debt balance sheet profile along with favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. 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 – 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 (GENERAL DETAILS)

Name :	Mr. Pramal Sharma
Designation :	Accounts Manager
Contact No.:	91-7665434663
Date :	21.10.2015

LOCATIONS

Registered Office :	254, Second Floor, Okhla Industrial Area, Phase III, New Delhi – 110020, India
Tel. No.:	Not Available
Mobile No.:	91-7665434663 (Mr. Pramal Sharma)
Fax No.:	Not Available
E-Mail :	info@tihtokai.co.in
Corporate Office:	Unit No 769 , Tower B1 , 7th Floor, Spaze, Ist Tech Park , Sector – 49, Gurgaon – 122018, Haryana, India
Tel. No.:	91-124-4308176
Factory 1:	Plot No.Sp 2-93,94,95, New Industrial Complex, Majrakath, Neemrana District Alwar – 111111, Rajasthan, India
Factory 2:	249-B, KIADB Industrial Area, Phase.III, Malur, Karnataka, India

DIRECTORS

AS ON 27.09.2014

Name :	Mr. Hirokazu Sakai
Designation :	Managing director
Address :	2-86-4 OJI Komaki-SHI, Komaki SHI, 4850832, Japan
Date of Birth/Age :	07.01.1966
Date of Appointment :	09.09.2011
DIN No.:	03571179
Name :	Mr. Junichi Yamada
Designation :	Director
Address :	RM 204, 1-36-4, Gonaka, Komaki City, Aichi Pref., Komaki, 4850033, Japan
Date of Birth/Age :	27.11.1962
Date of Appointment :	07.01.2014
DIN No.:	02947784
Name :	Mr. Rikizo Tatsuta
Designation :	Director
Address :	20-65 Aza-Dogabora Oaza-Haguro, Inuyama Shi Aichi, Inuyama Shi, 4840894, Japan
Date of Birth/Age :	27.03.1956
Date of Appointment :	09.09.2011
DIN No.:	03571192
Name :	Mr. Hirohisa Maeda
Designation :	Director
Address :	Room 504, Residence Shonan,, 2858-1 Kachigawa-cho 8-chome,Kasugai-City, Aichi Prefecture, 4860945, Japan
Date of Birth/Age :	14.01.1958
Date of Appointment :	07.01.2014
DIN No.:	06500154

KEY EXECUTIVES

Name :	Mr. Pramal Sharma
Designation :	Accounts Manager
Name :	Mrs. Neha Setia
Designation :	Secretary
Address :	793-794, New Railway Road, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	01.08.1990
Date of Appointment :	04.08.2014
PAN No.:	EVWPS7680K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares
Tokai Rubber Industries Limited, Japan	1307400
TRI hose Sales Company Limited, Japan	1600
Imperial Auto Indus-Tries Limited, India	33346
Total	1342346

AS ON 10.09.2015

Names of Allottees	No. of Shares
Imperial Auto Indus-Tries Limited, India	47500

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2014

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	97.52
Bodies corporate	2.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Importer of high pressure rubber hoses for construction machinery.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Japan
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, 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 :

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 :

70 (Approximately)

Bankers :

• HDFC Bank Limited, Basant Kunj, New Delhi, India
• The Bank of Tokyo Mitsubishi UFJ Limited, New Delhi, India

Banker Name	Sumitomo Mitsui Banking Corporation Limited
Branch Address	Delhi, 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 :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th floor, building 10, Tower B, DLF Cyber City Complex, DLF City phase II, Gurgaon-122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Tokai Rubber Industries Limited, Japan
Others related party:	Imperial Auto Indus-Tries Limited, India [U74899DL1975PLC007737]
Fellow Subsidiary company	TRFH Company Limited, Japan TRI hose Sales Company Limited, Japan

CAPITAL STRUCTURE

AFTER 27.09.2014

Authorised Capital : Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 1555.671 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.1000/- each	Rs. 2000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1342346	Equity Shares	Rs.1000/- each	Rs. 1342.346 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	1342.346	550.000	150.000
(b) Reserves & Surplus	(19.244)	(20.651)	(0.451)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	33.346	0.000
Total Shareholders’ Funds (1) + (2)	1323.102	562.695	149.549
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.670	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.326	0.000	0.000
Total Non-current Liabilities (3)	5.996	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	14.415	3.691	0.159
(c) Other current liabilities	38.654	12.708	0.211
(d) Short-term provisions	0.168	0.012	0.000
Total Current Liabilities (4)	53.237	16.411	0.370
TOTAL	1382.335	579.106	149.919
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	182.424	92.592	90.936
(ii) Intangible Assets	0.011	0.017	0.000
(iii) Capital work-in-progress	632.891	38.490	1.079
(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	28.270	188.117	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	843.596	319.216	92.015
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.528	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	514.255	258.688	57.582
(e) Short-term loans and advances	21.956	1.202	0.154
(f) Other current assets	0.000	0.000	0.168
Total Current Assets	538.739	259.890	57.904
TOTAL	1382.335	579.106	149.919

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	0.000	0.000
	Other Income	NA	2.547	1.540
	TOTAL (A)	NA	2.547	1.540
Less	EXPENSES
	TOTAL (B)	NA	22.124	1.991
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	(19.577)	(0.451)
Less	FINANCIAL EXPENSES (D)	NA	(0.037)	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	(19.540)	(0.451)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	(0.065)	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	NA	(19.475)	(0.451)
Less	TAX (H)	NA	0.725	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.407	(20.200)	(0.451)
	Earnings / (Loss) Per Share (Rs.)	1.05	NA	NA

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	111.667	201.105	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	NA	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	(3.60)	(0.30)
Return on Investment (ROI) (PBT/Networth)		NA	(0.03)	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		10.12	15.84	156.50

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	150.000	550.000	1342.346
Reserves & Surplus	(0.451)	(20.651)	(19.244)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	33.346	0.000
Net worth	149.549	562.695	1323.102
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

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)	Yes
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	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 two 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Tangible assets

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible assets

• Computer 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.65.15
UK Pound	1	Rs.100.54
Euro	1	Rs.79.97

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.