MIRA INFORM REPORT

Report No. :	323803
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	PENTA-OCEAN CONSTRUCTION (INDIA) PRIVATE LIMITED
Registered Office :	402, Fourth Floor, Time Tower, Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana
Tel. No.:	91-124-4368355
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.05.2012
Com. Reg. No.:	05-045990
Capital Investment / Paid-up Capital :	Rs.15.000 Million
CIN No.: [Company Identification No.]	U45400HR2012FTC045990
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKP05858G
PAN No.: [Permanent Account No.]	AAGCP6142F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject undertake business of general contractors and engineering (whether civil, building, mechanical, electrical, structural, chemical, aeronautical, marine or otherwise); bridging work and design, computing, manufacture, machining, installation, sales, repair and consultation related to iron structures and various iron works and providing market research and consultation services including searching, collecting and advising information.
No. of Employees :	Group=3000 / In India=20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 52000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Penta-Ocean Construction Co. Limited, Japan”. Parent company was established in 1896 and is over 120 year old company. Subject company was established in the year 2012 and having satisfactory track record. For the financial year ended 2014, the company has reported decent growth in its total income and it profitability stood at 8.22% backed by its zero debt balance sheet profile. Rating also takes into consideration strong financial and managerial support that company receives from its parent company backed by its well experienced management team. Trade relations are reported to be fair. Business is active and payments are reported to be usually correct. In view of strong financial base of holding company backed by its well experienced management team, the company can be considered for business dealing with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 DENIED BY

Name :	Mr. Avinash
Designation :	Finance Manager
Contact No.:	91-124-4368355
Date :	25.05.2015

LOCATIONS

Registered Office :	402, Fourth Floor, Time Tower, Mehrauli Gurgaon Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4368355
Fax No.:	Not Available
E-Mail :	fwid9551@mb.infoweb.ne.jp

DIRECTORS

AS ON 28.08.2014

Name :

Mr. Taku Yamanaka

Designation :

Managing director

Address :

8-11-3, Oizumigakuen-cho, Nerima-ku, Tokyo, NA, Japan

Date of Appointment :

26.12.2014

DIN No.:

06983856

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	U45400HR2012FTC045990	Penta-Ocean Construction (India) Private Limited	Managing director	26/12/2014	23/10/2014	-	Active	NO

Name :

Mr. Junji Katsumura

Designation :

Director

Address :

1-17-29, Takeoka , Kiyose-City, Tokyo, 2040023, Japan

Date of Birth/Age :

25.02.1958

Date of Appointment :

08.05.2012

DIN No.:

05226994

Name :

Mr. Asuka Ono

Designation :

Additional Director

Address :

351, SFS Flats, Vasant Enclave, New Delhi - 110057, India

Date of Appointment :

26.12.2014

DIN No.:

03433376

KEY EXECUTIVES

Name :	Mr. Avinash
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 28.08.2014

Names of Shareholders	No. of Shares	% of Holding
Penta-Ocean Construction Company limited, Japan	1485000	99.00
Penta-Ocean Construction (Hong-kong) Limited, Hong kong	15000	1.00
Total	1500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 28.08.2014

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]	100.00

BUSINESS DETAILS

Line of Business :	Subject undertake business of general contractors and engineering (whether civil, building, mechanical, electrical, structural, chemical, aeronautical, marine or otherwise); bridging work and design, computing, manufacture, machining, installation, sales, repair and consultation related to iron structures and various iron works and providing market research and consultation services including searching, collecting and advising information.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Group=3000 / In India=20 (Approximately)

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	BSSR and Company Chartered Accountants
Address :	Building No. 10, 8^th floor, Tower-B, DLF Cyber City, Phase-II, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No.:	AAKFB4430H
Collaborators :	Not Divulged
Membership :	Not Divulged
Holding Company :	Penta-Ocean Construction Company Limited, Japan
Subsidiary of the Holding Company :	Penta-Ocean construction (Hong-kong) Limited, Hong kong

CAPITAL STRUCTURE

AS ON 28.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000
(b) Reserves & Surplus	3.351	1.449
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	18.351	16.449
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.001
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.104	0.131
Total Non-current Liabilities (3)	0.104	0.132
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.900	1.216
(c) Other current liabilities	0.958	1.200
(d) Short-term provisions	0.012	0.031
Total Current Liabilities (4)	1.870	2.447
TOTAL	20.325	19.028
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.077	0.114
(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)	0.028	0.000
(d) Long-term Loan and Advances	1.122	0.000
(e) Other Non-current assets	0.116	0.107
Total Non-Current Assets	1.343	0.221
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	5.976	6.105
(d) Cash and cash equivalents	11.643	10.673
(e) Short-term loans and advances	0.597	1.341
(f) Other current assets	0.766	0.688
Total Current Assets	18.982	18.807
TOTAL	20.325	19.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income
		Other Income
		TOTAL	23.135	19.778
Less	EXPENSES		20.296	17.559
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.839	2.219
Less	DEPRECIATION/ AMORTISATION		0.051	0.036
	PROFIT/(LOSS) BEFORE TAX		2.788	2.183
Less	TAX		0.886	0.734
	PROFIT/(LOSS) AFTER TAX		1.902	1.449
	Earnings Per Share (Rs.)		0.27	0.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets)	(%)	13.74	11.47
Return on Investment (ROI) (PBT/Networth)		0.15	0.13
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		10.15	7.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	15.000	15.000
Reserves & Surplus	1.449	3.351
Net worth	16.449	18.351
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

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	19.778	23.135
		16.973

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	19.778	23.135
Profit	1.449	1.902
	7.33%	8.22%

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

COMPANY OVERVIEW

Subject was incorporated on 18^th May, 2012 as a subsidiary of Penta-Ocean Construction Company Limited. Subject has been set up to undertake business of general contractors and engineering (whether civil, building, mechanical, electrical, structural, chemical, aeronautical, marine or otherwise); bridging work and design, computing, manufacture, machining, installation, sales, repair and consultation related to iron structures and various iron works and providing market research and consultation services including searching, collecting and advising information about possible market opportunities in India to its clients in India and abroad.

PERFORMANCE:

During the year, subject has generated revenue of Rs.23.135 Million and earned net profit of Rs.1.902 Million. The turnover for financial year 2013-2014 is mainly from market information services for which subject was having service agreement with Penta-Ocean Construction Company Limited, Japan. The directors are continuously looking for avenues for future growth of subject in construction industry.

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Office Equipment

· Computer

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.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.