MIRA INFORM REPORT

Report No. :	493449
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	MITSUBA SICAL INDIA PRIVATE LIMITED (w.e.f. 01.09.2015)
Formerly Known As :	MITSUBA SICAL INDIA LIMITED
Registered Office :	D8, SIPCOT Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu
Tel. No.:	91-44-27922558/ 27922403
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.11.2000
Com. Reg. No.:	18-046158
Capital Investment / Paid-up Capital :	INR 6200.000 Million
CIN No.: [Company Identification No.]	U34300TN2000PTC046158
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No.:	33510820916 / 06791923273 / 27520562941
TAN No.: [Tax Deduction & Collection Account No.]	CHEM02812F
GSTN : [Goods & Service Tax Registration No.]	33AACCM4446M1ZC / 06AACCM4446M1Z9 / 27AACCM4446M1Z5
PAN No.: [Permanent Account No.]	AACCM4446M
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 16000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2000. The company is a subsidiary of Mitsuba Corporation, Japan. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year and has incurred operational losses. Rating takes into consideration the equity by its promoters, fair net worth base and debt free balance sheet profile of the company. Rating also takes into consideration the strength that the company derives from its holding company and its experienced management team. Rating is constrained on account of negative reserve base of the company. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 24.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-44-27922558 / 27922403

Tel. No.: 91-124-2641000 – Not Working

Tel. No.: 91-2135-302591 – 94 – Incorrect Number

LOCATIONS

Registered Office/ Plant 1 :	D8, SIPCOT Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu, India
Tel. No.:	91-44-27922558/ 27922403 / 27922559
Fax No.:	91-44-27923376
E-Mail :	ramalingam-s@msil.mitsuba-gr.com thiagarajan-n@msil.mitsuba-gr.com
Website :	http://www.mitsuba.co.jp
Plant 2 :	Village Pathreri, Bilaspur - Tauru Road, Gurugram - 123413, Haryana, India
Tel. No.:	91-124-2641000
Plant 3 :	Gat No.123, Murhe Wasti, Moi Road, Kuruli Village, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-302591-94
Fax No.:	91-2135-302590

DIRECTORS

As on 31.03.2017

Name :

Mr. Ashwin Chidambaram Muthiah

Designation :

Director

Address :

Adyar House, 26-B Gandhi Mandapam Road, Chennai-600085, Tamilnadu, India 

Date of Appointment :

26.03.2001

DIN No.:

00255679

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L11101TN1969PLC005778	SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED	18/12/1994	-
L23200TN1984PLC010931	TAMILNADU PETROPRODUCTS LIMITED	23/07/2001	-
L24294TN1986PLC013087	MANALI PETROCHEMICALS LIMITED	27/04/2007	-
L74900TN2004PLC053467	SICAGEN INDIA LIMITED	01/08/2013	-
U34201TN1991PTC102269	BENGAL AUTO PARTS PVT LTD	12/08/2013	-
U65921TN1992PTC100374	AMI HOLDINGS PRIVATE LIMITED	05/07/2012	-
U73100TN1996NPL034998	ACM EDUCATIONAL FOUNDATION	29/03/1996	-
U74900TN2015NPL101811	AM FOUNDATION	13/08/2015	-
U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE & INDUSTRY	03/10/2012	-

Name :

Hino Noboru

Designation :

Director

Address :

3-13-15 Tsutsumi Gunma Kiryu City 3760042, Japan

Date of Appointment :

26.03.2001

DIN No.:

01384643

Name :

Yutaka Nozue

Designation :

Director

Address :

Shameem Vila, New No.142 Old No.109, Habibullah Road, T. Nagar, Chennai -600017, Tamilnadu, India 

Date of Appointment :

16.05.2012

DIN No.:

03186805

Name :

Tokuyu Tanahashi

Designation :

Director

Address :

1189-2, Azami, Kasakake Cho Midori City Gunma 3792311, Japan 

Date of Appointment :

16.05.2012

DIN No.:

05328764

Name :

Takashi Nara

Designation :

Managing Director

Address :

E-042, Raheja Atlantis, Sector 31-32a, Gurugram -122001, Haryana, India

Date of Birth/Age :

17.06.1951

Qualification :

Graduate

Date of Appointment :

17.04.2013

PAN No.:

ASYPN8814H

DIN No.:

06557242

Name :

Masaki Ishikura

Designation :

Whole-Time Director

Address :

Tower-07, Flat 11B, Central Park-2, Sector 48, Sohna Road, Near Park, Gurugram -122001, Haryana, India

Date of Birth/Age :

10.12.1961

Date of Appointment :

27.07.2015

DIN No.:

07221137

Name :

Katsufumi Misawa

Designation :

Whole-Time Director

Address :

Tower-07, Flat 14C, Central Park-2 Sector 48, Sohna Road, Gurugram -122001, Haryana, India

Date of Birth/Age :

19.12.1958

Date of Appointment :

27.07.2015

DIN No.:

07221151

Name :

Koji Mizuno

Designation :

Director

Address :

3-677-7 Kawauchi-Machi, Kiryu-Shi Gumma 3760041, Japan

Date of Appointment :

15.07.2016

DIN No.:

07236862

Name :

Kiyoaki Okonogi

Designation :

Whole-Time Director

Address :

Tower-04, Flat-8a, Central Park-2, Sector-48 Sohna Road, Gurugram -122001, Haryana, India

Date of Birth/Age :

08.10.1962

Date of Appointment :

02.03.2016

DIN No.:

07442334

Name :

Yutaka Shimizu

Designation :

Whole-Time Director

Address :

Shameem Vila, New No 142, Old No 109, Habibullah Road, T. Nagar Chennai-600017, Tamilnadu, India

Date of Birth/Age :

23.02.1957

Qualification :

Graduate

Date of Appointment :

02.03.2016

PAN No.:

GIUPS8876J

DIN No.:

07442338

Name :

Hidemi Amada

Designation :

Whole-Time Director

Address :

3rd Floor, Flat D of R Block, Old No 35, New No 12 16th Street, Anna Nagar, Chennai-600040, Tamilnadu, India 

Date of Birth/Age :

18.07.1964

Qualification :

Diploma

Date of Appointment :

02.03.2016

PAN No.:

BHNPA2215A

DIN No.:

07442375

Name :

Katsuya Murata

Designation :

Wholetime Director

Address :

Tower-6, Flat No. 10C,Central Park-2, Sec-48, Sohna Road, Gurugram – 122001, Haryana, India

Date of Appointment :

28.07.2017

DIN No.:

07869575

KEY EXECUTIVES

Name :	Mr. Thiagarajan Natarajan
Designation :	Company Secretary
Address :	134A, A-9, Y. S. Enclave Templeton Apartments, Viru Arcot Road, Virugambakkam, Chennai-600093, Tamilnadu, India
Date of Birth/Age :	01.07.1952
Qualification :	Professional
Date of Appointment :	26.02.2016
PAN No.:	ABUPN0015F
Name :	Sankaragomathi Ramalingam
Designation :	Chief Financial Officer
Address :	VGR Illam, II Floor, Plot No.6, Door No.S1 Teacher's Colony, I Main Road, Lakshmipuram, Kolat, Chennai-600099, Tamilnadu, India
Date of Birth/Age :	04.04.1972
Qualification :	Graduate
Date of Appointment :	01.04.2016
PAN No.:	AGBPR1993E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Mitsuba Corporation, Japan	619700000
Sicagen India Limited, India	299930
R. Sivagurunathan (A Nominee of Sicagen India Limited)	10
S. Chandramohan (A Nominee of Sicagen India Limited)	10
M. Kumar (A Nominee of Sicagen India Limited)	10
D. S. Disilva (A Nominee of Sicagen India Limited)	10
S. Rajappan (A Nominee of Sicagen India Limited)	10
K. Gopalakrishnan (A Nominee of Sicagen India Limited)	10
B. Narendran (A Nominee of Sicagen India Limited)	10
Total	620000000

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles. (Registered activity)

Products :

Item Code No.	Product Description
85114000	Starter Motor
85116200	AC Generator
85124000	Wiper Motor 85124000Assembly
87089900	Motor Vehicle Parts

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Mizuho Bank Limited
Branch	Chennai Branch, Unit No.11B, 11th Floor, Prestige Palladium Bayan, No.129-140, Greams Road, Chennai – 600006, Tamilnadu, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	6th and 7th Floor, A Block, Tidel Park, Module 601, 701 and 702, No.4, Rajiv Gandhi Salai, Chennai – 600113, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Mitsuba Corporation, Japan
Fellow Subsidiary:	Mitsuba China (Hongkong) Limited Thaisummit Mitsuba Electric Manufacturing Co. Limited Mitsuba M-Tech Vietnam Co. Limited Pt Mitsuba, Indonesia Mitsuba Phillipines Corporation Mitsuba Do Brasil Limited Corporation Mitsuba de Mexico, S.A. DE C.V Guangzhou Mitsuba Electric Co., Limited Ryomo Systems Co, Limited American Mitsuba Corporation Mitsuba Asia R&D Co., Limited Mitsuba Electric (Dalian) Co. Limited Chang Zhou Shihlin Mitsuba Electric and Engineering Co., Limited PT Mitsuba Automotive Parts (Formerly known as Pt Jideco, Indonesia)

CAPITAL STRUCTURE

After 28.07.2017

Authorised Capital : INR 12100.000 Million

Issued, Subscribed & Paid-up Capital : INR 8500.000 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
710000000	Equity Shares	INR 10/- each	INR 7100.000 Million
1000000	Preference Shares	INR 100/- each	INR 100.000 Million
	Total		INR 7200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
620000000	Equity Shares	INR 10/- each	INR 6200.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
I. EQUITY AND LIABILITIES		(15 Months)	(12 Months)
(1)Shareholders' Funds
(a) Share Capital	6200.000	4770.000	4770.000
(b) Reserves and Surplus	(485.630)	(226.940)	(56.790)
(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)	5714.370	4543.060	4713.210
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	602.210	185.680
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	92.060	82.310	20.780
Total Non-current Liabilities (3)	92.060	684.520	206.460
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	1135.400	1080.710	1458.930
(c) Other current liabilities	162.810	179.190	76.420
(d) Short-term provisions	4.830	7.090	52.570
Total Current Liabilities (4)	1303.040	1266.990	1587.920
TOTAL	7109.470	6494.570	6507.590
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3169.940	2608.860	2327.710
(ii) Intangible Assets	12.010	13.940	18.480
(iii) Tangible assets capital work-in-progress	492.880	188.100	59.550
(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 loans and advances	102.360	312.460	207.150
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3777.190	3123.360	2612.890
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1182.250	982.120	1246.250
(c) Trade receivables	1201.150	1141.800	1095.580
(d) Cash and bank balances	695.090	915.690	1077.630
(e) Short-term loans and advances	253.790	331.600	475.240
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3332.280	3371.210	3894.700
TOTAL	7109.470	6494.570	6507.590

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
			(15 Months)	(12 Months)
	SALES
	Total Revenue from operations	8886.730	10140.630	8537.170
	Other Income	28.900	57.880	39.360
	TOTAL	8915.630	10198.510	8576.530
Less	EXPENSES
	Cost of Materials Consumed	7036.870	6450.110	6267.380
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(106.880)	65.730	(42.310)
	Employee benefit expense	881.570	1073.350	615.750
	CSR expenditure	0.000	0.000	0.000
	Other expenses	1043.470	1001.620	678.670
	TOTAL	8855.030	10005.010	8251.390
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	60.600	193.500	325.140
Less	FINANCIAL EXPENSES	8.880	25.560	1.250
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	51.720	167.940	323.890
Less/ Add	DEPRECIATION/ AMORTISATION	310.410	344.210	221.810
	PROFIT/ (LOSS) BEFORE TAX	(258.690)	(176.270)	102.080
Less	TAX	0.000	(6.120)	8.010
	PROFIT/ (LOSS) AFTER TAX	(258.690)	(170.150)	94.070
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	336.820	417.500	436.910
	TOTAL EARNINGS	336.820	417.500	436.910
	IMPORTS
	Raw Materials	2595.100	2991.180	2546.750
	Components and spare parts	33.610	27.040	580.050
	Capital Goods	270.620	209.830	365.410
	TOTAL IMPORTS	2899.330	3228.050	3492.210
	Earnings / (Loss) Per Share (INR)	(0.49)	(0.36)	94070000.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
		(15 Months)	(12 Months)
Current Maturities of Long term debt	0.000	41.330	0.000
Net cash flows from (used in) operations	3.270	314.650	(268.940)
Net cash flows from (used in) operating activities	1.730	303.310	(262.780)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
		(15 Months)	(12 Months)
Average Collection Days (Sundry Debtors / Income * 365 Days)	49.33	41.10	46.84
Account Receivables Turnover (Income / Sundry Debtors)	7.40	8.88	7.79
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	58.89	50.16	76.08
Inventory Turnover (Operating Income / Inventories)	0.05	0.20	0.26
Asset Turnover (Operating Income / Net Fixed Assets)	0.02	0.07	0.14

LEVERAGE RATIOS

PARTICULARS	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
		(15 Months)	(12 Months)
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.18	0.29	0.27
Debt Equity Ratio (Total Liability / Networth)	0.00	0.14	0.04
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.23	0.28	0.34
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.64	0.62	0.51
Interest Coverage Ratio (PBIT / Financial Charges)	6.82	7.57	260.11

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
			(15 Months)	(12 Months)
Net Profit Margin ((PAT / Sales) * 100)	%	(2.91)	(1.68)	1.10
Return on Total Assets ((PAT / Total Assets) * 100)	%	(3.64)	(2.62)	1.45
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(4.53)	(3.75)	2.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	01.01.2015 to 31.03.2016	01.01.2014 to 31.12.2014
		(15 Months)	(12 Months)
Current Ratio (Current Assets / Current Liabilities)	2.56	2.66	2.45
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.65	1.89	1.67
G-Score Ratio Financial (Networth / Total Assets)	0.80	0.70	0.72
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.13	0.04
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.56	2.66	2.45

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	4770.000	4770.000	6200.000
Reserves & Surplus	(56.790)	(226.940)	(485.630)
Net worth	4713.210	4543.060	5714.370
Long-term borrowings	185.680	602.210	0.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	0.000	41.330	0.000
Total borrowings	185.680	643.540	0.000
Debt/Equity ratio	0.039	0.142	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	8537.170	10140.630	8886.730
	0.000	18.782	(12.365)

NET PROFIT MARGIN

Net Profit Margin	31.12.2014	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	8537.170	10140.630	8886.730
Profit/ (Loss)	94.070	(170.150)	(258.690)
	1.10 %	(1.68 %)	(2.91 %)

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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject (Formerly Mitsuba Sical India Limited) (‘Mitsuba Sical’ or ‘the Company’) was incorporated on November 21, 2000 as a public limited Company under the Companies Act, 1956. The Company was incorporated in the State of Tamil Nadu, India. The Company is a subsidiary of Mitsuba Corporation, Japan (‘MCJ’). MCJ Japan holds 99.95% of the share capital of the Company. The Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles. The Company on September 01, 2015 was converted from public limited Company to private limited Company.

PERFORMANCE OF THE COMPANY:

The Revenue from Operations of the Company for the year ended 31st March 2017 works out to INR 8886.730 Million as against INR 10140.630 Million for the 15 months year ended March 2016. The Company incurred a loss after tax of INR (258.690) Million for the year ended 31st March

PERCEPTION OF FUTURE OF COMPANY:

In view of the additional demand from their North Indian Customers, they purchased 26.50 acres at Pathredi Village, Gurgaon at a consideration of INR 436.400 Million during 2011. The Company started its construction during 2016 and commercial production for Press Shop was commenced from March 2017. Adjacent to this land, Company purchased 9.89 acres at a consideration of INR 222.179 Million. This land will be useful for further operations in the coming days. Construction may commence in the coming years.

In order to meet the expansion activities, the company acquired 8.18 acres at Plot No.D-9(adjacent to our existing Unit I Plant) during 27^th November, 2012 from State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) on lease basis for a period of 99 years vide their Allotment Order No. D1/SIC-GPD/Mitsuba/2012 dated 8.10.2012.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from others	0.000	602.210
Total	0.000	602.210

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C59451658	90289571	MIZUHO BANK LTD	30/08/2005	26/12/2014	-	50000000.0	CHENNAI BRANCH, UNIT NO.11B, 11TH FLOOR, PRESTIGE PALLADIUM BAYAN, NO.129-140, GREAMS ROAD, CHENNAI – 600006, TAMILNADU, INDIA
2	A41562653	90287899	THE BANK OF TOKYO - MITSUBISHI UFJ LTD	19/05/2004	20/05/2008	-	556000000.0	VENKATARAMANA CENTRE 563/2, ANNA SALAI, TEYNAMPET, CHENNAI – 600018, TAMILNADU, INDIA
3	Y10409058	90286131	THE BANK OF TOKYO MISTUBISHI LTD	19/04/2004	-	-	50000000.0	563/2 ANNA SALIA, CHENNAI, TAMILNADU, INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	22.911	37.494

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 90.41
Euro	1	INR 79.83

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.