MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	TAKASAGO INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	198/2, Bye Pass Road, Poonamalle Byes Road, Chennai – 600056, Tamil Nadu
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	26.12.2000
Com. Reg. No.:	18-093251
Capital Investment / Paid-up Capital :	Rs.129.640 Million
CIN No.: [Company Identification No.]	U24231TN2000PTC093251
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Flavors, Fragrances and aroma chemicals etc.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.12.2013 but the documents related to the financial for the year 2013 are not available from any sources. As per available financial of Dec 2012, reserves level of the company seems to be low. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Babu
Designation :	Senior Account Officer
Contact No.:	91-44-66796500
Date :	10.12.2014

LOCATIONS

Registered Office :	198/2, Bye Pass Road, Poonamalle Byes Road, Chennai – 600056, Tamil Nadu, India
Tel. No.:	91-4466796500
Fax No.:	91-44-66796502
E-Mail :	babu-venkatesan@takasago.com ramakrishnan_muth@takasago.com
Website :	www.takasago.com
Location :	Rented
Factory :	Mumbai, Maharashtra, India
Location :	Rented

DIRECTORS

As on 27.06.2014

Name :

Alfredo Jr Aberasturi Asuncion

Designation :

Director

Address :

215, Pandan Loop, Singapore - 128406

Date of Birth/Age :

28.09.1955

Date of Appointment :

17.06.2002

DIN No.:

00524885

Name :

Rajendra Pratap Ghogale

Designation :

Managing Director

Address :

215, Shalaka, Maharshi Karve Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

04.07.1960

Date of Appointment :

15.06.2012

DIN No.:

00953819

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	U99999MH1995PTC090399	WILD Flavors (India) Private Limited	Managing director	16/05/2001	16/05/2001	31/05/2011	Active	NO
2	U24231TN2000PTC093251	TAKASAGO INTERNATIONAL INDIA PRIVATE LIMITED	Managing director	15/06/2012	01/07/2011	-	Active	NO

Name :

Eisuke Shimokawa

Designation :

Director

Address :

473, River Valley Road, 13-04, Valley Park, Singapore - 248358

Date of Birth/Age :

09.03.1976

Date of Appointment :

22.06.2013

KEY EXECUTIVES

Name :	Ramakrishnan Muthiyalu
Designation :	Secretary
Address :	Gokulam Apartments No. 39, 3^rd Cross Street, Lakshmi Nagar, Porur, Chennai – 600116, Tamil Nadu, India
Date of Birth/Age :	03.04.1975
Date of Appointment :	13.03.2013
PAN No.:	AGLPR4936P

MAJOR SHAREHOLDERS

As on 27.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Takasago International Corporation, Japan	468770	1.36
Takasago International (Singapore) Private Limited, Singapore	34009483	98.64
Total	34478253	100.00

As on 27.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :	Manufacturer, Exporter and Importer of Flavors, Fragrances and aroma chemicals etc.
Products :	· Air freshener block · Room freshener · Dipropylene glycol · Kewra perfume · Soap fragrances · Body deodorant
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· Singapore · USA · Japan
Imports :
Products :	Raw Material
Countries :	Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Ponamallee Branch, Chennai, Tamil Nadu, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Bilimoria Mehta and Company Chartered Accountants
Address :	Sethna Building, 1^st Floor, 216 S Gandhi Marg, Princess Street, Mumbai-400002, Maharashtra, India
PAN No.:	AAAFB1386J
Memberships :	---
Collaborators :	---
Holding company :	Takasago International (Singapore) Private Limited, SINGAPORE
Ultimate Holding company :	Takasago International Corporation, JAPAN
Fellow Subsidiary Company :	Takasago Europe Perfumory Lab Limited, FRANCE

CAPITAL STRUCTURE

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/-each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12964051	Equity Shares	Rs.10/-each	Rs.129.640 Million

As on 27.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/-each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34478253	Equity Shares	Rs.10/-each	Rs.344.782 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	129.640	6.689
(b) Reserves & Surplus	10.782	-0.138
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	81.830	0.000
Total Shareholders’ Funds (1) + (2)	222.252	6.551
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	3.902	2.664
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	3.902	2.664
TOTAL	226.154	9.215
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.021	4.782
(ii) Intangible Assets	0.050	0.000
(iii) Capital work-in-progress	3.333	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.094	0.094
(d) Long-term Loan and Advances	5.858	2.074
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	132.356	6.950
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	2.056	0.670
(d) Cash and cash equivalents	82.212	1.255
(e) Short-term loans and advances	9.530	0.340
(f) Other current assets	0.000	0.000
Total Current Assets	93.798	2.265
TOTAL	226.154	9.215

SOURCES OF FUNDS			31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital			6.689
2] Share Application Money			0.000
3] Reserves & Surplus			0.000
4] (Accumulated Losses)			0.000
NETWORTH			6.689
LOAN FUNDS
1] Secured Loans			0.000
2] Unsecured Loans			0.000
TOTAL BORROWING			0.000
DEFERRED TAX LIABILITIES			0.000
TOTAL			6.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			2.380
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERRED TAX ASSETS			1.577
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		0.000
	Sundry Debtors		0.503
	Cash & Bank Balances		0.380
	Other Current Assets		0.000
	Loans & Advances		2.571
Total Current Assets			3.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities			1.473
Net Current Assets			1.981
MISCELLANEOUS EXPENSES			0.751
TOTAL			6.689

PROFIT & LOSS ACCOUNT

PARTICULARS	31.12.2012	31.12.2011	31.12.2010
PROFIT/ (LOSS)	(16.127)	2.098	(2.189)

KEY RATIOS

PARTICULARS	31.12.2012	31.12.2011	31.12.2010
Current Ratio (Current Asset/Current Liability)	24.04	0.85	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.689	129.640
Reserves & Surplus	(0.138)	10.782
Share Application money pending allotment	0.000	81.830
Net worth	6.551	222.252
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
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

Note:

The registered office of the company has been shifted from B/302, Polaris Off. Marol Maroshi Road, Andheri (E), Mumbai – 400059, Maharashtra, India to the present address w.e.f. 23.09.2013.

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

· Computers

· Furniture & Fixture

· Office Equipments

· Motor Car

· Plant

· Computer Software

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.62.20
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	PNM

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	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
--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		30

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.