MIRA INFORM REPORT

Report No. :	340418
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	PPAP TOKAI INDIA RUBBER PRIVATE LIMITED
Registered Office :	54, Okhla Industrial Estate, Phase III, New Delhi - 110020
Mobile No.:	91-9711635101 (Mr. Balbir Singh Panwar)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.05.2012
Com. Reg. No.:	55-235036
Capital Investment / Paid-up Capital :	Rs.490.000 Million
CIN No.: [Company Identification No.]	U25112DL2012PTC235036
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 automotive components.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between "PPAP Automotive Limited" India and "Tokai Kogya Company Limited" Japan. It was incorporated on 1^st May, 2012. It is an established company having moderate track record. The company possesses moderate financial and operational risk profile, marked by losses from its operations. Company reported negative reserves leading to deterioration of capital structure of the company. This rating weakness is partially offsets by the healthy equity infusion in the FY-2014, managerial and financial support from joint venture company's marked by its zero debt balance sheet profile. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Balbir Singh Panwar
Designation :	Deputy General Manager
Contact No.:	91-9711635101
Date :	08.09.2015

LOCATIONS

Registered Office :	54, Okhla Industrial Estate, Phase III, New Delhi – 110020, India
Tel. No.:	Not Available
Mobile No.:	91-9711635101 (Mr. Balbir Singh Panwar)
Fax No.:	Not Available
E-Mail :	sonia@ppapco.com info@ptirco.com
Website:	www.ptirco.com
Factory:	B-4, Site-V UPSIDC, Surajpur, Greater Noida, Noida – 201306, Uttar Pradesh, India
Tel. No.:	91-120-2341348
Fax No.:	91-120-2341349

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Abhishek Jain

Designation :

Director

Address :

I-14, Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

24.09.1981

Date of Appointment :

01.05.2012

DIN No.:

00137651

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	U74899DL1980PTC010508	AJAY POLY PVT LTD	Director	5/7/2005	5/7/2005	26/04/2013	Active	NO
2	L74899DL1995PLC073281	PPAP AUTOMOTIVE LIMITED	Whole-time director	3/6/2015	1/12/2006	-	Active	NO
3	U74140DL2011PTC225931	ARHAAN HOLDINGS PRIVATE LIMITED	Director	7/10/2011	7/10/2011	-	Active	NO
4	U74999DL2011PTC226440	AJAY KUMAR JAIN HOLDINGS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO
5	U25112DL2012PTC235036	PPAP Tokai India Rubber Private Limited	Director	1/5/2012	1/5/2012	-	Active	NO
6	U74899DL1987PTC028636	KALINDI FARMS PRIVATE LTD	Director	30/09/2013	22/04/2013	-	Active	NO
7	U34300DL2014PTC273103	PPAP Automotive Chennai Private Limited.	Director	12/11/2014	12/11/2014	-	Active	NO
8	U34100DL2015PTC274891	PPAP Automotive Technology Private Limited	Director	15/01/2015	1/1/2015	-	Active	NO
9	U34100DL2015PTC279614	PPAP Automotive Systems Private Limited	Director	29/04/2015	29/04/2015	-	Active	NO

Name :

Mr. Ajay Kumar Jain

Designation :

Director

Address :

I-14, Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

03.12.1954

Date of Appointment :

01.05.2012

DIN No.:

00148839

PAN No.:

AAAPJ1986E

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	L74899DL1995PLC073281	PPAP AUTOMOTIVE LIMITED	Managing director	1/11/2012	18/10/1995	-	Active	NO
2	U51909DL2008PLC180573	AJAY INDUSTRIAL CORPORATION LIMITED.	Director	7/7/2008	7/7/2008	27/04/2013	Active	NO
3	U74899DL1982PTC014531	AJAY INDUSTRIAL POLYMERS PRIVATE LIMITED	Additional director	5/4/2011	5/4/2011	26/04/2013	Active	NO
4	U25199DL1986PTC024227	SEIKI AUTO INDIA PRIVATE LIMITED	Additional director	8/4/2011	8/4/2011	27/04/2013	Active	NO
5	U74899DL1987PTC028636	KALINDI FARMS PRIVATE LTD	Director	5/9/2011	11/4/2011	-	Active	NO
6	U74899DL1994PTC062295	NUTRA FOODS INDIA PRIVATE LIMITED	Additional director	13/08/2011	13/08/2011	27/04/2013	Active	NO
7	U74140DL2011PTC225931	ARHAAN HOLDINGS PRIVATE LIMITED	Director	7/10/2011	7/10/2011	-	Active	NO
8	U74999DL2011PTC226440	AJAY KUMAR JAIN HOLDINGS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO
9	U25112DL2012PTC235036	PPAP Tokai India Rubber Private Limited	Director	1/5/2012	1/5/2012	-	Active	NO
10	U34300DL2014PTC273103	PPAP Automotive Chennai Private Limited.	Director	12/11/2014	12/11/2014	-	Active	NO
11	U34100DL2015PTC274891	PPAP Automotive Technology Private Limited	Director	1/1/2015	1/1/2015	-	Active	NO
12	U34100DL2015PTC279614	PPAP Automotive Systems Private Limited	Director	29/04/2015	29/04/2015	-	Active	NO

Name :

Noboru Eto

Designation :

Director

Address :

1-81 Aza-Heikaido, Taketoyo-Cho, Chita-Gun, Aichi, 4702514, , Japan

Date of Birth/Age :

15.02.1956

Date of Appointment :

22.03.2013

DIN No.:

05343995

Name :

Yuichi Kimura

Designation :

Director

Address :

4-5 Kamezaki-Cho, Handa-Shi, Aichi, 4702514, Japan

Date of Birth/Age :

03.09.1980

Date of Appointment :

22.03.2013

DIN No.:

05343958

KEY EXECUTIVES

Name :	Mr. Charu Tiwari
Designation :	Secretary
Address :	B-27 A, Street No. 7, Shashi Garden, Mayur Vihar, Delhi - 110091, India
Date of Appointment :	16.02.2015
PAN No:	AJPPT0455N
Name :	Mr. Balbir Singh Panwar
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Tokai Kogya Company Limited, Japan	30000000
PPAP Automotive Limited, India	30000000
Total	60000000

AS ON 16.02.2015

Names of Allottees	No. of Shares
Tokai Kogya Company Limited, Japan	3500000
PPAP Automotive Limited, India	3500000
Total	7000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of automotive components.
Products :	Automotive components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
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 :

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 :	O.P. Bagla and Company Chartered Accountant
Address :	8/12Kalkaji Extension, New Delhi-110019, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADMPN6722F
Memberships :	Not Available
Collaborators :	Not Available
Joint venture:	PPAP Automotive Limited, India (Formerly Precision Pipes & Profiles Company Limited) [L74899DL1995PLC073281] Tokai Kogya Company Limited, Japan

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 800.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 750.000 Million

AS 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/- each	Rs. 650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49000000	Equity Shares	Rs.10/- each	Rs. 490.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	490.000	0.100
(b) Reserves & Surplus	(22.692)	(0.107)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	239.900
Total Shareholders’ Funds (1) + (2)	467.308	239.893
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.448	0.000
Total Non-current Liabilities (3)	0.448	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	30.534	0.626
(c) Other current liabilities	24.140	41.815
(d) Short-term provisions	0.314	0.000
Total Current Liabilities (4)	54.988	42.441
TOTAL	522.744	282.334
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	314.523	0.221
(ii) Intangible Assets	9.646	0.000
(iii) Capital work-in-progress	0.000	112.020
(iv) Intangible assets under development	0.159	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.081	2.783
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	329.409	115.024
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	25.211	1.244
(c) Trade receivables	17.307	0.045
(d) Cash and cash equivalents	87.509	147.146
(e) Short-term loans and advances	63.305	18.874
(f) Other current assets	0.003	0.001
Total Current Assets	193.335	167.310
TOTAL	522.744	282.334

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	76.953	0.000
	Other Income	7.364	0.097
	TOTAL	84.317	0.097
Less	EXPENSES	100.279	0.199
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(15.962)	(0.102)
Less/ Add	DEPRECIATION/ AMORTISATION	6.623	0.005
	PROFIT/ (LOSS) BEFORE TAX	(22.585)	(0.107)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(22.585)	(0.107)
	Earnings / (Loss) Per Share (Rs.)	0.46	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(29.35)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(4.32)	(0.06)
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.52	3.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	490.000
Reserves & Surplus	(0.107)	(22.692)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	239.900	0.000
Net worth	239.893	467.308
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.097	84.317
		86,824.742

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.097	84.317
Profit	(0.107)	(22.585)
	(110.31%)	(26.79%)

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	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 two 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 I-14, Maharani Bagh, New Delhi - 110065, India to the present address w.e.f. 17.09.2013

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS

The Company has set up its manufacturing facility during the year. The Company uses the rubber (metal and non-metal) and TPO (Glass Run Channel) extrusion technology for making the Automotive Sealing Extruded Parts. The Company’s esteemed customers include Maruti Suzuki India Limited and Honda Cars India Limited. The Company also exports to TOACS (Thailand) Co. Limited.

During the year, the total sales (net of excise) of the Company were Rs. 76.953 Million (Pr. Yr. Rs. 0) and Loss for the year was Rs. 22.585 Million(Pr. Yr. Rs. 0.108 Million.

FIXED ASSETS

Tangible assets

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

Intangible assets

• Computer software
• Know-how

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 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.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
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	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	0
--CREDIT LINES	1~10	4
--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		29

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.