MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	NITTSU LOGISTICS (INDIA) PRIVATE LIMITED

Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560 066, Karnataka

Country :	India

Financials (as on) :	31.12.2011

Date of Incorporation :	26.04.2011

Com. Reg. No.:	08-058308

Capital Investment / Paid-up Capital :	Rs.40.000 millions

CIN No.: [Company Identification No.]	U63090KA2011PTC058308

TAN No.: [Tax Deduction & Collection Account No.]	BLRN06255E

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of logistics services.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 168000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new company having moderate track. Its company’s first year of commencing business operation and the company has achieved satisfactory turnover. Trade relations are reported as 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	“Logistics Park”, Plot No.7, Road No.10, Export Promotion Industrial Park, Whitefield, Bangalore – 560 066, Karnataka, India
Tel. No.:	91-80-41353500
Fax No.:	91-80-41353600/ 41353539
E-Mail :	krishnamurthy.p@nittsu.co.in rpavrey@vsnl.com

DIRECTORS

As on 19.04.2012

Name :

Mr. Rajam Jayakumar

Designation :

Director

Address :

34, Kirloskar Colony, 1^st Stage, Bangalore – 560 079, Karnataka, India

Date of Birth/Age :

01.09.1948

Date of Appointment :

26.04.2011

DIN No.:

00121817

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	U30009KA1988PTC009046	GOMAS SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	20/04/1988	20/04/1988	-	Active	NO
2	U63011KA1993PTC013980	JAYEM IMPEX PRIVATE LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
3	U85110KA1997PTC021699	THERMOGRAPHIC MEASUERMENTS PRIVATE LIMITED	Director	27/01/1997	27/01/1997	-	Strike off	NO
4	U63090TN1997PTC037441	JAYEM WAREHOUSING PRIVATE LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
5	U93090TN2001PTC046611	VAIDI FACILITY MANAGEMENT PRIVATE LIMITED	Director	12/02/2001	12/02/2001	-	Active	NO
6	U74140TN2001PTC046612	SUPPLY CHAIN CONSULTANTS PRIVATE LIMITED	Director	12/02/2001	12/02/2001	-	Active	NO
7	U67120TN2001PTC046636	MEDHU HOLDINGS PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
8	U72200KA2001PTC028627	INFOLOG SOLUTIONS PRIVATE LIMITED	Director	15/02/2001	15/02/2001	-	Active	NO
9	U63090KA2001PTC028756	ALPHA FREIGHT CHAIN PRIVATE LIMITED	Director	30/09/2009	14/03/2001	-	Active	NO
10	U72200KA2001PTC028753	RECORDS AND DATA WAREHOUSNG PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Active	NO
11	U63023KA2001PTC028757	REPAIR AND RETURN TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Active	NO
12	U65100KA2002PTC030617	KOCHI HOLDINGS PRIVATE LIMITED	Director	12/06/2002	12/06/2002	-	Active	NO
13	U63090KA2005PTC036385	JAYEM INLAND TRANSPORT PRIVATE LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
14	U62200KA2005PTC036424	AERO FERRY PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
15	U63031KA2005PTC036493	JAYEM RELOCATION PRIVATE LIMITED	Director	07/06/2005	07/06/2005	-	Active	NO
16	U51909KA2005PTC036937	JAYEM TRADE PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
17	U60231KA2005PTC038053	JAYEM LOGISTICS PRIVATE LIMITED	Director	26/12/2005	26/12/2005	-	Active	NO
18	U63013AP2004PTC044217	C-NET EXPRESS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
19	U63031KA2006PTC040642	NIPPON EXPRESS (INDIA) PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
20	U63090TN2001PTC047418	CONNECT CARGO PRIVATE LIMITED	Director	29/09/2009	25/04/2009	-	Active	NO
21	U63090KA2011PTC058308	NITTSU LOGISTICS (INDIA) PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Paradarami Krishnamurthy

Designation :

Director

Address :

Flat No.6, Y.S. Palazzo, No.49, 18^th Cross, 6^th Main, Malleswaram, Bangalore – 560 003, Karnataka, India

Date of Birth/Age :

01.07.1963

Date of Appointment :

26.04.2011

DIN No.:

00144842

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	U63011KA1993PTC013980	JAYEM IMPEX PRIVATE LIMITED	Managing director	01/01/1996	01/01/1996	15/12/2007	Active	NO
2	U63090TN1997PTC037441	JAYEM WAREHOUSING PRIVATE LIMITED	Director	07/07/1997	07/07/1997	31/08/2007	Active	NO
3	U30009KA1988PTC009046	GOMAS SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	29/09/1998	29/09/1998	25/04/2007	Active	NO
4	U72200KA2001PTC028627	INFOLOG SOLUTIONS PRIVATE LIMITED	Director	20/02/2001	20/02/2001	25/04/2007	Active	NO
5	U63023KA2001PTC028757	REPAIR AND RETURN TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	19/03/2001	19/03/2001	26/04/2007	Active	NO
6	U72200KA2001PTC028753	RECORDS AND DATA WAREHOUSING PRIVATE LIMITED	Director	19/03/2001	19/03/2001	26/04/2007	Active	NO
7	U74140TN2001PTC046612	SUPPLY CHAIN CONSULTANTS PRIVATE LIMITED	Director	05/10/2003	05/10/2003	26/04/2007	Active	NO
8	U63090KA2005PTC036385	JAYEM INLAND TRANSPORT PRIVATE LIMITED	Director	28/12/2005	28/12/2005	25/04/2007	Active	NO
9	U51909KA2005PTC036937	JAYEM TRADE PRIVATE LIMITED	Director	25/04/2006	25/04/2006	25/04/2007	Active	NO
10	U63031KA2006PTC040642	NIPPON EXPRESS (INDIA) PRIVATE LIMITED	Managing director	02/04/2007	02/04/2007	-	Active	NO
11	U63090KA2011PTC058308	NITTSU LOGISTICS (INDIA) PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Shuji Kojima

Designation :

Director

Address :

2-46-12, Wakabacho, Tachikawa, Tokyo

Date of Birth/Age :

09.11.1951

Date of Appointment :

26.04.2011

DIN No.:

01801824

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	U63031KA2006PTC040642	NIPPON EXPRESS (INDIA) PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
2	U63090KA2011PTC058308	NITTSU LOGISTICS (INDIA) PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO

Name :

Mr. Hiroyasu Takeuchi

Designation :

Director

Address :

B3, Royal Castle, 3^rd Floor, Sriram Nagar, North Street, Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

24.12.1954

Date of Appointment :

11.05.2011

DIN No.:

03512553

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	U63031KA2006PTC040642	NIPPON EXPRESS (INDIA) PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
2	U63090KA2011PTC058308	NITTSU LOGISTICS (INDIA) PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.04.2012

Names of Shareholders		No. of Shares
Nippon Express (India) Private Limited, India		3999600
R. Jayakumar		400
Total		4000000

As on 10.07.2012

Names of Allottees		No. of Shares
Nippon Express (India) Private Limited, India		3299670
R. Jayakumar		330
Total		3300000

As on 19.04.2012

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.99
Directors or relatives of directors		0.01
Total		100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of logistics services.

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	Not Available


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
Income-tax PAN of auditor or auditor's firm :	AACFD3771D

Holding Company :	Nippon Express (India) Private Limited CIN No.: U63031KA2006PTC040642

Ultimate Holding Company :	Nippon Express Co. Limited (Japan)

CAPITAL STRUCTURE

After 19.04.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7300000	Equity Shares	Rs.10/- each	Rs.73.000 millions

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Of the above, 3999600 shares are held by the holding company - Nippon Express (India) Private Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011
SHAREHOLDERS FUNDS
1] Share Capital		40.000
2] Share Application Money		0.000
3] Reserves & Surplus		2.006
4] (Accumulated Losses)		0.000
NETWORTH		42.006
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.964

TOTAL		42.970

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		32.363
Capital work-in-progress/ Advances for Capital items (Includes advances for capital items of Rs.6.267 millions)		6.267

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	3.490
	Cash & Bank Balances	2.205
	Other Current Assets	0.000
	Loans & Advances	0.741
Total Current Assets		6.436
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.472
	Other Current Liabilities	0.389
	Provisions	0.235
Total Current Liabilities		2.096
Net Current Assets		4.340

MISCELLANEOUS EXPENSES		0.000

TOTAL		42.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011
	SALES
		Gross Sales	14.776
		Other Income	NA
		TOTAL	NA

Less	EXPENSES
		Office Expenses	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.993

Less/ Add	DEPRECIATION/ AMORTISATION		1.023

	PROFIT BEFORE TAX		2.970

Less	TAX		0.964

	PROFIT AFTER TAX		2.006

	Earnings Per Share (Rs.)		0.55

KEY RATIOS

PARTICULARS		31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	7.65

Return on Investment (ROI) (PBT/Networth)		0.07

Debt Equity Ratio (Total Liability/Networth)		0.05

Current Ratio (Current Asset/Current Liability)		3.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last about 8 months	Yes
12) Profitability for last about 8 months	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

FINANCIAL RESULT:

The Company was incorporated on April 26, 2011 and hence the accounts are prepared for the period April 26, 2011 to December 31, 2011. Accordingly there are no comparative figures for the previous year.

The company's gross sales for the period is Rs.14.776 millions and the Profit before tax is Rs.2.970 millions.

BUSINESS AND OPERATIONS OF THE COMPANY

The Company has been established to focus on domestic logistics business and just in time Logistics to cater the requirement of Automobile industries in the beginning and spread its operations to other sectors. The first year operations have been very satisfactory and have given confidence for a rewarding future.

In the first year of its operations, Company has procured 25 trucks for its operations.

FUTURE PLANS

The Company has its primary business operations at Chennai and the same will be expanded to multiple locations with a view to strengthen the network. The company will strive to build a strong brand name in the field of Logistics.

The Company also would strengthen its manpower with experienced and dedicated employees in the coming years.

The Company approaches the future with confidence and agility to meet challenges, pursue good prospect and aggressive growth.

FIXED ASSETS:

v Computer

v Trucks

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.54.60
UK Pound	1	Rs.87.31
Euro	1	Rs.69.87

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
TOTAL		28

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.

MIRA INFORM REPORT

Unit