MIRA INFORM REPORT

Report No. :	334796.2
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	SUNCHIRIN AUTOPARTS INDIA PRIVATE LIMITED
Registered Office :	Plot No.25, New Municipal No.5, KIADB, 3^rd Main Road, 1^st Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Tel. No.:	91-80-41179583
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	22.03.2005
Com. Reg. No.:	08-058796
Capital Investment / Paid-up Capital :	Rs. 239.000 Million
CIN No.: [Company Identification No.]	U34300KA2005PTC058796
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELS28162B
PAN No.: [Permanent Account No.]	AAICS8959D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, producing, developing, improving, designing, marketing and selling components for the automobile industry.
No. of Employees :	Not Divulged

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 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Sunchirin Corporation Sdn. Bhd. It is engaged into manufacturing, producing, developing, designing, marketing and selling components for the automobile industry. Rating remain constrained on account of its moderate financial profile marked by negative reserves positon and leverage balance sheet profile of the company. The company has shown sustained increase in its scale of operations and reported profit during FY 2014. Due to profit company has able to wipe off some of its accumulated losses. The company also receives strong financial and managerial support from its holding company. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of strong holding company support, the company can be considered for business dealing with some caution.

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. Jayant Thakur
Designation :	H. R. Executive
Contact No.:	91-8800378755

LOCATIONS

Registered Office / Factory 1 :	Plot No.25, New Municipal No.5, KIADB, 3^rd Main Road, 1^st Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41179583
Mobile No.:	91-8800378755 (Mr. Jayant Thakur)
Fax No.:	91-80-41179581
E-Mail :	harish@sunchirin.net admin-sapi@sunchirin.net ragha@cavrando.com
Website :	www.sunchirin.net
Location :	Owned
Locality :	Industrial
Factory 2 :	17, Barakhamba Road, LGF 69-70, Vijaya Building, New Delhi – 110001, India
Factory 3 :	Plot No. 347 G, Udyog Kendra, Extension 2, Ecotech 3, Greater Noida – 201306, Uttar Pradesh, India

DIRECTORS

As on 21.06.2014

Name :

Mr. Kau Chia Lim

Designation :

Director

Address :

No.12, Jalan Chengal, 3/14, Shah Alam, Malaysia 40000

Date of Birth/Age :

23.06.1961

Date of Appointment :

22.03.2005

DIN No.:

00521434

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	U34300KA2005PTC058796	SUNCHIRIN AUTOPARTS INDIA PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
2	U34300DL2005PTC135056	SUNCHIRIN SEBROS AUTOPARTS (INDIA) PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Strike off	NO

Name :

Mr. Hide Kazu Yoshitaka

Designation :

Managing Director

Address :

1521-6, Takaoka, Fukusaki-Cho, Kanzaki-Gun, Hyogo, Japan 6792217

Date of Birth/Age :

18.07.1966

Date of Appointment :

11.10.2010

DIN No.:

01302920

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	U34300KA2005PTC058796	SUNCHIRIN AUTOPARTS INDIA PRIVATE LIMITED	Managing director	11/10/2010	09/12/2005	-	Active	NO
2	U34300DL2005PTC135056	SUNCHIRIN SEBROS AUTOPARTS (INDIA) PRIVATE LIMITED	Director	10/12/2005	10/12/2005	-	Strike off	NO

Name :

Mr. Mitsuru Ishimoto

Designation :

Additional Director

Address :

Royal Tower Mont Kiara, Palna Jalan 1/ 70c, Kuala Lunpur 50480

Date of Birth/Age :

08.06.1963

Date of Appointment :

11.10.2010

DIN No.:

03255592

KEY EXECUTIVES

Name :	Mr. Jayant Thakur
Designation :	H. R. Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.06.2014

Names of Shareholders	No. of Shares
Kau Chia Lim	1
Sunchirin Corporation SDN BHD, Malaysia	20359999
Total	20360000

Equity Share Break up (Percentage of Total Equity)

AS ON 21.06.2014

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]	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, producing, developing, improving, designing, marketing and selling components for the automobile industry.
Products :	Automobile Components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Air-conditioning Parts
Countries :	USA Europe Gulf Countries Asian Countries Malaysia Japan
Imports :
Products :	Automobile Components
Countries :	Japan China Korea Malaysia
Terms :
Selling :	Cash, L/C, Cheque, Credit
Purchasing :	Cash, L/C, Cheque, 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 :

Not Divulged

Bankers :

• Axis Bank Limited, Corporate Banking Branch, 'Express Building', Ii 
  Floor, No.1, Queen's Road, Bangalore - 560001, Karnataka , India

Banker Name :	Bank of Baroda
Branch :	Branch K.G. Road, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	V.P. Thacker and Company Chartered Accountants
Address :	No. 10 , 2md Floor,Trust Complex, DVG Road, Basavanagudi, Bangalore- 560004, Karnakaka, India
Tel. No.:	91-22-66311480
Fax No.:	91-22-66311474
E-Mail :	vptco@vsnl.com
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Sunchirin Industries (Malaysia) Berhad
Holding Company :	Sunchirin Corporation SDN, BHD
Fellow Subsidiary :	Sunchirin Industries (Thailand) Limited
Significant Influence :	· Nichirin Company Limited · Sunrise Industry Company Limited · Suntrade Inc. · Nichirin Autoparts India Private Limited

CAPITAL STRUCTURE

After 21.06.2014

Authorised Capital :Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 239.000 Million

As on 31.12.2014

Authorised Capital : NA

Issued, Subscribed & Paid-up Capital: Rs. 239.000 Million

As on 21.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20360000	Equity Shares	Rs.10/- each	Rs. 203.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	239.000
(b) Unappropriated Profit/(Loss)	(199.116)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	39.884
(3) Non-Current Liabilities
(a) Retirement Benefits	4.274
(b) Deferred tax liabilities	0.000
Total Non-current Liabilities (3)	4.274
(4) Current Liabilities
(a) Trade payable	184.892
(b) Other payables	22.076
(c) amount due to holding company	9.935
(d) Loan from Sunchirin corporation	80.194
Total Current Liabilities (4)	297.097
TOTAL	341.255
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Property, Plant and Equipment	76.251
Total Non-Current Assets	76.251
(2) Current assets
(a) Inventories	69.777
(b) Trade receivables	44.327
(c) Other receivables	42.216
(d) Tax recoverable	25.021
(e) Deposits, Cash and Bank Balance	83.663
Total Current Assets	265.004
TOTAL	341.255

SOURCES OF FUNDS	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	203.600	122.500
(b) Reserves & Surplus	(219.443)	(178.294)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(15.843)	(55.794)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	65.351
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.672	0.088
(d) long-term provisions	0.000	1.832
Total Non-current Liabilities (3)	2.672	67.271
(4) Current Liabilities
(a) Short term borrowings	0.000	14.683
(b) Trade payables	237.985	302.276
(c) Other current liabilities	124.681	43.372
(d) Short-term provisions	0.131	0.000
Total Current Liabilities (4)	362.797	360.331
TOTAL	349.626	371.808
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.621	72.869
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	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	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	57.621	72.869
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	97.092	114.291
(c) Trade receivables	117.530	103.099
(d) Cash and cash equivalents	20.437	19.375
(e) Short-term loans and advances	56.946	62.174
(f) Other current assets	0.000	0.000
Total Current Assets	292.005	298.939
TOTAL	349.626	371.808

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	431.591	406.744	352.165
	Other Income	8.151	NA	NA
	TOTAL	439.742	NA	NA
Less	EXPENSES
	Cost of Sales	297.084
	Administrative and Other Operating Cost	139.097
	Finance Cost	2.653
	TOTAL	438.834	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	(427.710)	(392.023)
	DEPRECIATION/ AMORTISATION	NA	(20.183)	(23.443)
	PROFIT/ (LOSS) BEFORE TAX	0.908	(41.149)	(63.301)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	0.908	(41.149)	(63.301)
	EARNINGS IN FOREIGN CURRENCY	NA	13.974	26.936
	IMPORTS
	Raw Materials	NA	199.322	281.536
	Consumables	NA	0.066	0.153
	TOTAL IMPORTS	NA	199.388	281.689
	Earnings / (Loss) Per Share (Rs.)	0.04	(2.02)	(3.11)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	0.925	22.263

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	0.21	(10.12)	(17.97)
Return on Total Assets (PBT/Total Assets}	(%)	0.27	(11.77)	(17.03)
Return on Investment (ROI) (PBT/Networth)		0.02	2.60	1.13
Debt Equity Ratio (Total Debt /Networth)		NA	0.00	(1.43)
Current Ratio (Current Asset/Current Liability)		0.89	0.80	0.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	122.500	203.600	239.000
Reserves & Surplus	(178.294)	(219.443)	(199.116)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(55.794)	(15.843)	39.884
long-term borrowings	65.351	0.000	0.000
Short term borrowings	14.683	0.000	0.000
Total borrowings	80.034	0.000	0.000
Debt/Equity ratio	(1.434)	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	352.165	406.744	431.591
		15.498	6.109

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	352.165	406.744	431.591
Profit	(63.301)	(41.149)	0.908
	(17.97%)	(10.12%)	0.21%

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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494543	19/03/2014	22,500,000.00	AXIS BANK LIMITED	Corporate Banking Branch, 'Express Building', II  Floor, No.1, Queen's Road, BANGALORE, Karnataka - 560001, INDIA	C03615580

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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 records 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.65.93
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		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.