MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	INABATA INDIA PRIVATE LIMITED
Registered Office :	319, Time Tower, Sector 28, Main M G Road, Near IFFCO Chowk, Gurgaon – 122002, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.06.2008
Com. Reg. No.:	05-047222
Capital Investment / Paid-up Capital :	Rs.140.000 Millions
CIN No.: [Company Identification No.]	U17291HR2008FTC047222
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of Synthetic Resins, Machinery, Electronic Material and Chemicals.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 480000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution. Note: The company has change in financial year filling from December to March. Latest financial record filed with government department is of 15 months (ranging from 01.01.2012 to 31.03.2013)

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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. Abhishekh Kumar
Designation :	Accounts Executive
Contact No.:	91-124-4372101
Date :	03.09.2014

LOCATIONS

Registered Office :	319, Time Tower, Sector 28, Main M G Road, Near IFFCO Chowk, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4372101 / 02
Fax No.:	91-124-4372104
E-Mail :	singh.pushkar@inabata.com
Location :	Rented
Warehouse :	5 Kanal, 13 Marla Tabru Road, Bilaspur Chowk Pathrerhi Village, Gurgaon, Haryana, India
Branch :	4^th Floor, East Tower, Sood Tower, 25 Barakhamba, New Delhi – 110001, India
Tel No.:	91-11-30410900

DIRECTORS

As on 30.06.2012

Name :

Mr. Naoya Kitamura

Designation :

Managing Director

Address :

B-6 Greenwood City, Sector 45, Gurgaon – 122003, Haryana India

Date of Birth/Age :

10.09.1970

Date of Appointment :

30.06.2012

DIN No.:

05257699

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	U17291HR2008FTC047222	INABATA INDIA PRIVATE LIMITED	Managing director	30/06/2012	19/04/2012	-	Active	NO

Name :

Mr. Noriomi Yasue

Designation :

Director

Address :

263 River Valley Road, # 06-27, Aspen Heights, Singapore 238 309, Singapore

Date of Birth/Age :

13.03.1957

Date of Appointment :

23.06.2008

DIN No.:

02128735

Name :

Mr. Kenichi Oba

Designation :

Director

Address :

4-15-7-201 Higashi Oizumi, Nerimaku, Tokyo – 1780063, Japan

Date of Birth/Age :

27.01.1965

Date of Appointment :

11.06.2010

DIN No.:

02942724

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	U17291HR2008FTC047222	INABATA INDIA PRIVATE LIMITED	Director	11/06/2010	01/02/2010	-	Active	NO

Name :

Mr. Yasushi Akinaga

Designation :

Additional Director

Address :

Higashi Shinjuku, First B1.906, 2-2-12, Okubo, Shinjuku-Ku, Tokyo – 1690072

Date of Birth/Age :

22.11.1962

Date of Appointment :

21.06.2011

DIN No.:

03386904

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	U17291HR2008FTC047222	INABATA INDIA PRIVATE LIMITED	Director	21/06/2011	11/03/2011	-	Active	NO

Name :

Mr. Motoo Ohashi

Designation :

Director

Address :

Plaza Residences Unit 251 Jakarta Pusar Indonesia

Date of Birth/Age :

18.12.1957

Date of Appointment :

30.06.2012

DIN No.:

05123172

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	U17291HR2008FTC047222	INABATA INDIA PRIVATE LIMITED	Director	30/06/2012	16/01/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.06.2012

Names of Shareholders	No. of Shares
Inabata Singapore (Pte) Limited, Singapore	599999
Noriomi Yasue	1
Total	600000

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2012

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	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer of Synthetic Resins, Machinery, Electronic Material and Chemicals.

Products :

Products Description	ITC Code
Plastics	39033000

Imports :

Products :

Synthetic Resins

Countries :

· Singapore

· Japan

· Thailand

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

GENERAL INFORMATION

Suppliers :	· Inabata, Singapore · Inabata, Japan
Customers :	· Krishna Ishzaki Automotive Limited, Gurgaon, Haryana, India · PPAP Automotive Limited, Gurgaon, Haryana, India
No. of Employees :	16 (Approximately)
Bankers :	Mizuho Corporate Bank, New Delhi Branch, India

Banking Relations :	--
Auditors :
Name :	Mayur Batra and Company Chartered Accountant
Address :	7, Barakhamba Road, New Delhi – 110 001, Delhi, India
Tel. No.:	91-11-43616263 / 23311809
Fax No.:	91-11-43616222
E-Mail :	mayurbatra_ca@rediffmail.com
Website :	www.mayurbatra.com
PAN No. :	AEWPB7677N
Holding Company :	Inabata Singapore (Pte) Limited
Associates :	Inabata Thai Company Limited
Ultimate Holding Company :	Inabata and Company Limited, Japan

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1400000	Equity Shares	Rs.100/- each	Rs.140.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (15 Months)	31.12.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	140.000	15.200
(b) Reserves & Surplus	(20.620)	(7.548)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	44.800
Total Shareholders’ Funds (1) + (2)	119.380	52.452
(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	0.238	0.550
Total Non-current Liabilities (3)	0.238	0.550
(4) Current Liabilities
(a) Short term borrowings	80.000	41.000
(b) Trade payables	84.913	28.938
(c) Other current liabilities	4.286	3.529
(d) Short-term provisions	0.013	0.000
Total Current Liabilities (4)	169.212	73.467
TOTAL	288.830	126.469
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.044	2.901
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	2.755
(d) Long-term Loan and Advances	5.618	3.053
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	15.662	8.709
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	114.710	54.954
(c) Trade receivables	128.108	51.785
(d) Cash and cash equivalents	13.829	3.132
(e) Short-term loans and advances	16.462	7.889
(f) Other current assets	0.059	0.000
Total Current Assets	273.168	117.760
TOTAL	288.830	126.469

SOURCES OF FUNDS		31.12.2010 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		15.200
2] Share Application Money		0.000
3] Reserves & Surplus		2.778
4] (Accumulated Losses)		0.000
NETWORTH		17.978
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		3.000
TOTAL BORROWING		3.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		20.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.199
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.365
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.767
	Sundry Debtors	10.847
	Cash & Bank Balances	1.937
	Other Current Assets	0.000
	Loans & Advances	8.601
Total Current Assets		37.152
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.116
	Other Current Liabilities	1.212
	Provisions	5.410
Total Current Liabilities		19.738
Net Current Assets		17.414
MISCELLANEOUS EXPENSES		0.000
TOTAL		20.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010 (12 Months)
	SALES
		Sales and Service Income		210.344	66.447
		Other Income		0.019	0.007
		Interest Income		3.191	0.017
		TOTAL (A)	NA	213.554	66.471
Less	EXPENSES
		Cost of Goods Sold		158.101	31.024
		Personnel Costs		33.692	11.261
		Administrative Expenses		32.972	15.955
		TOTAL (B)	NA	224.765	58.240
					(Including Financial Charges)
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	(11.211)
Less	FINANCIAL EXPENSES (D)			0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(11.211)	8.231
Less	DEPRECIATION/ AMORTISATION (F)		NA	0.870	0.218
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(10.317)	(12.081)	8.013
Less	TAX (H)		2.755	(1.755)	1.684
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(13.072)	(10.326)	6.329
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.548)	2.778	(3.551)
	BALANCE CARRIED TO THE B/S		(20.620)	(7.548)	2.778
	EARNINGS IN FOREIGN CURRENCY		82.595	NA	NA
	Earnings / (Loss) Per Share (Rs.)		(21.79)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010 (12 Months)
PAT / Total Income	(%)	NA	(4.83)	9.52
Net Profit Margin (PBT/Sales)	(%)	NA	(5.74)	12.06
Return on Total Assets (PBT/Total Assets}	(%)	(3.57)	(9.76)	19.86
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.23)	0.45
Debt Equity Ratio (Total Debt /Networth)		0.67	0.78	1.26
Current Ratio (Current Asset/Current Liability)		1.61	1.60	1.88

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	15.200	15.200	140.000
Reserves & Surplus	2.778	-7.548	-20.620
Share Application money pending allotment	0.000	44.800	0.000
Net worth	17.978	52.452	119.380
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.000	41.000	80.000
Total borrowings	3.000	41.000	80.000
Debt/Equity ratio	0.167	0.782	0.670

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	No
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	Yes
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	Yes
18]	Major customers	Yes
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 408,Time Tower, Sector-28, IFFCO Chowk, MG Road, Gurgaon – 122002, Haryana, India to the present address w.e.f . 27.08.2012

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Foreign currency term loans from banks	80.000	41.000
Total	80.000	41.000

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.26
UK Pound	1	Rs.97.51
Euro	1	Rs.77.94

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.