MIRA INFORM REPORT

Report Date :

23.01.2012

IDENTIFICATION DETAILS

Name :	MAIDO ENTERPRISES PRIVATE LIMITED
Registered Office :	206, Ascot Centre, Sahar Road, Andheri (East), Mumbai – 400 099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.07.2007
Com. Reg. No.:	11-172205
Capital Investment / Paid-up Capital :	Rs.0.304 million
CIN No.: [Company Identification No.]	U51909MH2007PTC172205
TAN No.: [Tax Deduction & Collection Account No.]	MUMM32574D
PAN No.: [Permanent Account No.]	AAFCM1428G
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of Japanese Food and Beverage Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 18000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	206, Ascot Centre, Sahar Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-61131234/ 61131231
Fax No.:	91-22-61131230
E-Mail :	anuj@maidoindia.com enquiry@maidoindia.com
Website :	http://www.maidoindia.com
Restaurant :	2/A Meherabad, Warden Road, Opposite Mucchad Panwala, Mumbai, Maharashtra, India
Tel. No.:	91-22-66157285
Fax No.:	91-22-66157286

DIRECTORS

As on 30.09.2011

Name :

Mr. Anuj Mukesh Jodhani

Designation :

Director

Address :

202, Sankalp Chittaranjan Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

01.10.1987

Date of Appointment :

16.09.2009

DIN No.:

02607343

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909MH2007PTC172205	Maido Enterprises Private Limited	Director	16-09-09	09-04-09	Active	NO
2	U74990MH2009PTC191727	Bascos Design Marketing Private Limited	Director	30-09-10	29-03-10	Active	NO

Name :

Hakuei Frank Kosato

Designation :

Director

Address :

3-2-26-204, Roppongi, Tokyo, Japan 1060032

Date of Birth/Age :

04.03.1971

Date of Appointment :

29.08.2007

DIN No.:

01674390

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909MH2007PTC172205	Maido Enterprises Private Limited	Director	29-09-08	29-08-07	Active	NO
2	U74990MH2009PTC191727	Bascos Design Marketing Private Limited	Director	16-04-09	16-04-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
La-Ditta Limited, Japan	25388
Akashi Sake Brewery Company Limited, Japan	5000
Total	30388

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Importer of Japanese Food and Beverage Products.

Products :

Item Code No. (ITC Code)	12122010
Product Description	Sea Weeds
Item Code No. (ITC Code)	20019000
Product Description	Soy Bean Curd
Item Code No. (ITC Code)	22042990
Product Description	Beverages

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Vehicle Loan Kotak Mahindra Prime Limited (Secured against car) [Amount repayable within one year: Rs.0.549 million (Previous Year – Rs.0.465 million)]	0.814	0.764
Total	0.814	0.764

Banking Relations :	--
Auditors :
Name :	Karnavat and Company Chartered Accountants
Address :	Kitab Mahal, 1^st Floor, 192, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-40666666 (10 Lines)
Fax No.:	91-22-40666660
E-Mail :	karnavattax@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFK1143L
Enterprises owned of significantly influenced by any management personnel or their relatives :	La-Ditta Limited Bascos Design Marketing Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30388	Equity Shares	Rs.10/- each	Rs.0.304 million

(Out of the above 30288 Equity shares have been allotted for consideration other than cash in earlier year)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.304	0.304	0.304
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.282	3.184	1.704
4] (Accumulated Losses)		0.000	0.000	(0.277)
NETWORTH		4.586	3.488	1.731
LOAN FUNDS
1] Secured Loans		0.814	0.764	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.814	0.764	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.400	4.252	1.731
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.689	1.897	0.137
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.227	0.000	0.073
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.050	4.764	2.550
	Sundry Debtors	12.114	7.307	1.267
	Cash & Bank Balances	1.956	1.928	0.986
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.849	2.806	0.321
Total Current Assets		21.969	16.805	5.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.668	11.955	2.897
	Other Current Liabilities	2.234	1.639	0.622
	Provisions	1.583	0.856	0.084
Total Current Liabilities		20.485	14.450	3.603
Net Current Assets		1.484	2.355	1.521
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.400	4.252	1.731

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	26.894	34.401	13.541
		Other Income
		TOTAL	26.894	34.401	13.541
Less	EXPENSES
		Office Expenses	24.700	31.559	13.139
		Administrative Expenses
		Advertising Expenses
		TOTAL	24.700	31.559	13.139
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.194	2.842	0.402
Less/ Add	DEPRECIATION/ AMORTISATION		0.583	0.292	0.009
	PROFIT BEFORE TAX		1.611	2.550	0.393
Less	TAX		0.513	0.793	0.215
	PROFIT AFTER TAX		1.098	1.757	0.178
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.480	(0.277)	(0.455)
	BALANCE CARRIED TO THE B/S		2.578	1.480	(0.277)
	EARNINGS IN FOREIGN CURRENCY
		Service Charges	18.383	12.650	0.000
	TOTAL EARNINGS		18.383	12.650	0.000
	IMPORTS
		Beverages	0.000	0.058	0.161
		Packaged Foods	2.481	7.698	2.736
	TOTAL IMPORTS		2.481	7.756	2.897
	Earnings Per Share (Rs.)		36.13	57.83	7.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.08	5.11	1.31
Return on Total Assets (PBT/Total Assets}	(%)	6.28	13.63	7.47
Return on Investment (ROI) (PBT/Networth)		0.35	0.73	0.23
Debt Equity Ratio (Total Liability/Networth)		4.64	4.36	2.08
Current Ratio (Current Asset/Current Liability)		1.07	1.16	1.42

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Room Number 133, Hyatt Regency, Sahar Road, Andheri (East), Mumbai – 400 099, Maharashtra to the present address w.e.f. 09.06.2010.

FIXED ASSETS:

v Office Equipments

v Kitchen Equipments

v Air Conditioner

v Furniture and Fixtures

v Vehicle

v Computers

WEBSITE DETAILS:

PRESS RELEASES

19 September 2011

MAIDOINDIA IS CELEBRATING 4 YEARS OF BRINGING JAPAN CLOSER TO INDIA

Maidoindia, the company which is into the business of ‘bringing Japan closer’ to India is all set to shift gears and move swifter than ever before, as they complete four years of promoting Japan this September.

Maidoindia started operations in September 2007 with Washoku, a Japanese food festival at the Institute of Hotel Management, Mumbai to give Indians a taste of Japan. The event’s huge success encouraged them to enter the Guinness Book of World Records for the ‘world’s largest Sushi mosaic’ in 2008. Slowly restaurants started adding Japanese cuisine to their menus and gourmet stores started introducing Japanese food to their product range. They then went on to do Washoku 2, 3 and 4 in the year that followed and also organized several sushi contests in the country.

On the cultural side, Indian photographer, Shantanu Das visited Japan in 2008 and later brought Japan to life in Mumbai through his photo exhibitions in 2009. Also leading fashion designer, Narendra Kumar was so inspired by Japanese fashion during his visit to Japan with maidoindia in 2010 that he created and showcased ‘The Samurai Warrior’ collection at the Van Heusen Men’s Fashion Week in Delhi in August 2010 in Delhi. maidoindia has invited Indian artists, designers and journalists to get a taste of ‘the land of the rising sun’ and has also been assisting Japan Tourism to actively promote Japan as a tourist destination for the Indian traveler.

This love story is indeed a happy one and well reciprocated as well. In 2009, maidoindia decided to give the Japanese a different taste of India when they took Mumbai street food to Japanese homes and organized several pani-puri tasting sessions in Tokyo. They are also hiring Japanese interns every year in their company to give the younger generation of Japan a feel of India and the Indian business culture.

Besides this, maidoindia now has a ‘design’ division called White Spark Designs in Mumbai which uses Japanese concepts through their young team of Indian designers who were trained in Japan.

“Over the last four years, Japan has definitely come closer to India, thanks to all our customers, partners and team members but this is just the beginning of a longer journey” says Harry Cheng, the founder and director of maidoindia who shuttles between Mumbai, Tokyo and Singapore to promote Japan and India wherever he travels.

As Japan was struck by the triple tragedy earlier this year - the Earthquake, Tsunami and Nuclear Radiation Emissions, maidoindia remained hopeful and reacted just like a Japanese would, by being calm and hopeful. In fact maidoindia launched the country’s first take-away Japanese food store - Sushi and more in May 2011 which offers authentic, fresh, healthy and affordable Japanese food. Located in South Mumbai the store has got a very positive response and they are already looking at opening the second store in the suburbs earlier next year.

“Initially we were thinking if Japanese food will be accepted at a time where the whole world is looking at Japan with a doubt but we were so confident about Japanese standards, quality and food safety that it brushed aside all our doubts” says Anuj Jodhani, the director of maidoindia.

maidoindia is also planning to launch several ‘Cool Japan’ shops on behalf of Ministry of Trade and Industry (METI), Japan which has initiated the ‘Cool Japan’ project. These antenna shops will offer Japanese food, games, toys, anime products and much more to the Indian customers. The Cool Japan shops will be setup at outlets like Food Hall (Palladium) and other locations for 3 months. This will be followed by an exciting 4 day street festival at the Courtyard in High Street Phoenix in March 2012, which is hoped to be one of the key events to highlight the 60 years of diplomatic relations between India and Japan.

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	Indian Rupees
US Dollar	1	Rs.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.