MIRA INFORM REPORT

Report No. :	341710
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	MA EXTRUSION INDIA PRIVATE LIMITED
Registered Office :	Unit No.806/B, 8th Floor, Pinnacle Building, Prahlad Nagar, Corporate Road, Ahmedabad-380015, Gujarat
Mobile No.:	91-8980022373 (Mr. Rajiv)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.09.2013
Com. Reg. No.:	04-076989
Capital Investment / Paid-up Capital :	Rs. 400.000 Million
CIN No.: [Company Identification No.]	U28910GJ2013FTC076989
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICM8771D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, production, import, export and sales of all kinds of cold, hot and warm extrusion products made of aluminum, and other allied products for automation, automobile, transportation, building, architectural, electronics and other industries.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 2300000
Status :	Project under Implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is wholly owned subsidiary of “Mitsubishi Aluminium Company Limited, Japan. It is in the process of setting up its project at Ahmedabad, Gujarat. Total investment in this project is approximately 1.7 billion yen. Subject was incorporated in India in September, 2013 and as per the available financials of the year 2014, company is yet to commence its business operations. However, in view of strong global recognition of its parent “MITSUBISHI” and its financial and technical support, the subject can be considered fair for business dealings with usual trade terms and conditions. (Note: Partial information has been taken from indirect sources)

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. Rajiv
Designation :	HR
Contact No.:	91-8980022373
Date :	19.09.2015

LOCATIONS

Registered Office/ Factory :	Unit No.806/B, 8th Floor, Pinnacle Building, Prahlad Nagar, Corporate Road, Ahmedabad-380015, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-8980022373 (Mr. Rajiv)
Fax No.:	Not Available
E-Mail :	msinghal@knm.in prajiv@imax_al.co.in

DIRECTORS

As on 31.03.2015

Name :	Nobuyuki Hasegawa
Designation :	Managing Director
Address :	E-201, 2nd Floor, Altius-2, Ambli Bopal Road, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	02.10.1952
Date of Appointment :	27.09.2013
DIN No.:	06654769
Name :	Yoshinori Saito
Designation :	Whole-Time Director
Address :	E-201, 2nd Floor, Altius-2, Ambli Bopal Road, Ahmedabad-380015, Gujarat, India
Date of Appointment :	01.04.2015
DIN No.:	07135827
Name :	Hiroyuki Ishihara
Designation :	Director
Address :	Aoyamadai 2-11-8, Abiko-Shi, Chiba Prefecture, Chiba, 2701175, Japan
Date of Appointment :	01.04.2015
DIN No.:	07140896
Name :	Hironori Miyahara
Designation :	Director
Address :	120-15, Haramachi, Hannou-Shi, Saitama, 3570005, Japan
Date of Appointment :	01.04.2015
DIN No.:	07140899
Name :	Jun Hasegawa
Designation :	Director
Address :	3-521-1, Iwasakidai, Nishin City, Aichi Prefecture, Nishin, 4750135, , Japan
Date of Appointment :	01.04.2015
DIN No.:	07140911

KEY EXECUTIVES

Name :	Palash Chaturvedi
Designation :	Secretary
Address :	354k, Behind Tyre Factory, Ghooghra, Ajmer, Ajmer-305023, Rajasthan, India
Date of Appointment :	01.04.2015
PAN No.:	AOWPC5588F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.10.2014

Names of Shareholders	No. of Shares
Mitsubishi Aluminium Company Limited, Japan	79999999
MA Trading Company Limited, Japan	1
Total	80000000

Equity Share Break up (Percentage of Total Equity)

As on 28.10.2014

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 :	Manufacturing, production, import, export and sales of all kinds of cold, hot and warm extrusion products made of aluminum, and other allied products for automation, automobile, transportation, building, architectural, electronics and other industries.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / 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 :

End Users, OEMs

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 :

Bank Name	Not Divulged
Branch	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 :	Mayur Batra and Company Chartered Accountants
Address :	7 Barakhamba Road, India
PAN N Income-tax PAN of auditor or auditor's firm :	AEWPB7677N
Memberships :	--
Collaborators :	--
Holding company :	Mitsubishi Aluminum Company Limited
Fellow Subsidiary Company :	Mitsubishi Material Corp.

CAPITAL STRUCTURE

After 28.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
84,000,000	Equity Shares	Rs.10/- each	Rs. 840.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

As on 28.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

As on 28.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,000,000	Equity Shares	Rs.10/- each	Rs. 400.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (6 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	400.000
(b) Reserves & Surplus	(2.903)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	400.000
Total Shareholders’ Funds (1) + (2)	797.097
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	9.115
(c) Other current liabilities	11.950
(d) Short-term provisions	0.452
Total Current Liabilities (4)	21.517
TOTAL	818.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.113
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	10.106
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	27.457
(e) Other Non-current assets	0.000
Total Non-Current Assets	112.676
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	701.698
(e) Short-term loans and advances	0.850
(f) Other current assets	3.39
Total Current Assets	705.938
TOTAL	818.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (6 Months)
	SALES
		Income	0.000
		Other Income	12.730
		TOTAL	12.730
Less	EXPENSES		11.512
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.218
Less/ Add	DEPRECIATION/ AMORTISATION		0.015
	PROFIT BEFORE TAX		1.203
Less	TAX		4.106
	PROFIT AFTER TAX		(2.903)
	Earnings Per Share (Rs.)		(0.003)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (6 Months)
Current Maturities of Long term debt	NA
Cash generated from operations	NA
Net cash flows from (used in) operation	NA

KEY RATIOS

PARTICULARS		31.03.2014
Return on Total Assets (PBT/Total Assets}	(%)	0.15
Return on Investment (ROI) (PBT/Networth)		0.00
Debt Equity Ratio (Total Debt /Networth)		0.00
Current Ratio (Current Asset/Current Liability)		32.81

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	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 6 months	No
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last 6 months	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

OVERVIEW OF THE COMPANY

The Company has been incorporated on September 27, 2013 with the Registrar of Companies, Gujarat with the object of undertaking the business of manufacturing, production, import, export and sales of all kinds of cold, hot and warm extrusion products made of aluminum, and other allied products for automation, automobile, transportation, building, architectural, electronics and other industries. The Company is a 100% subsidiary of Mitsubishi Aluminum Company Limited, Japan.

RESULTS OF OPERATIONS

During the period, the Company has incurred loss of Rs. 2.903 Million from its business activities. The operations of the Company are yet to commence.

FUTURE PLANS

The Company is in the process of setting up its manufacturing facility at Vitthalapur, Ahmedabad, Gujarat.

PRESS RELEASE

July 31, 2013

EXPANSION INTO INDIA OF THE EXTRUDED MULTI-PORT TUBES BUSINESS FOR HEAT EXCHANGERS

MITSUBISHI ALUMINUM COMPANY LIMITED (president: Masatoshi Hanzawa; head office: 3-3, Shiba 2-chome, Minato-ku, Tokyo; hereinafter referred to as the "Company") is pleased to announce the decision to set up a local corporation in the suburbs of Ahmedabad City, Gujarat State, India, for the manufacture and sale of extruded aluminum tubes for heat exchangers (hereinafter "extruded multi-port tubes"). Operations will start in the spring of 2015. The total investment in this project is approximately 1.7 billion yen.

In order to supply products on a global scale, the Company Group established manufacturing and sales bases in the state of Alabama, U.S.A. (THERMALEX, INC.); the suburbs of Bangkok, Thailand (MUANG-MAX (THAILAND) COMPANY LIMITED.); and Jiangsu Province, China (MA CHINA EXTRUSION (SUZHOU) COMPANY LIMITED) and has operated under a quadrupole corporate structure, including Japan.

The Company decided to install additional extrusion press machines in the United States and Thailand in the latter half of 2014; in addition, MITSUBISHI ALUMINUM intends to further enhance its competitiveness in this business by setting up new production and sales bases in India, which is expected to grow substantially in the future.

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.65.92
UK Pound	1	Rs.102.75
Euro	1	Rs.75.12

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		41

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.