MIRA INFORM REPORT

Report No. :	346440
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	CHUO SENKO ADVERTISING INDIA PRIVATE LIMITED (w.e.f. 12.02.2013)
Formerly Known As :	MUDRA INTEGRATED RETAIL SERVICES PRIVATE LIMITED
Registered Office :	Mudra House, Opposite Grand Hyatt, Santacruz (East), Mumbai – 400055, Maharashtra
Tel. No.:	91-9818298490
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.2008
Com. Reg. No.:	11-188828
Capital Investment / Paid-up Capital :	Rs.5.000 Million
CIN No.: [Company Identification No.]	U52100MH2008PTC188828
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 :	Subject is engaged in providing retail marketing and advertising related services.
No. of Employees :	Information declined by the management.

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject has entered into joint venture with DDB Mudra Private Limited on January 24, 2013 which has its holding company till January 23, 2013. Company has registered weak operational activity and resulted in continuous losses. It has negative reserves which has eroded its networth position. However, the company receives strong managerial support from its joint venture company. It has commenced commercial operations with Japanese clients. Some notable names are: Aeon Credit Services India Private Limited, Mandom Corporation (India) Private Limited and Panasonic India Private Limited. Business is active. Payments are 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.

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 31-03-2015.

INFORMATION DENIED

Management non co-operative (91-9818298490)

LOCATIONS

Registered Office :	Mudra House, Opposite Grand Hyatt, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-33080808
Mobile No.:	91-9818298490
Fax No.:	91-22-33080808
E-Mail :	corp.finance@ddbmudragroup.com

DIRECTORS

As on 06.09.2014

Name :	Shuji Okawa
Designation :	Director
Address :	1-12-7, Nakahara, Mitaka-Shi, Tokyo (C/O Kato), Tokyo - 1810005, Japan
Date of Birth/Age :	31.01.1953
Date of Appointment :	24.01.2013
DIN No.:	06448190
Name :	Chew Sow Yong
Designation :	Director
Address :	233, Hougang Street 21, #03-344,Singapore - 530233, Singapore
Date of Birth/Age :	22.02.1956
Date of Appointment :	24.01.2013
DIN No.:	06451492
Name :	Liam Dwyer Orton
Designation :	Managing Director
Address :	L-154, The Park Place, DLF City, Phase-V, Sector-54, Gurgaon - 122011, Haryana, India
Date of Appointment :	05.01.2015
DIN No.:	07055470

MAJOR SHAREHOLDERS

As on 06.09.2014

Names of Shareholders	No. of Shares	%age holding
DDB Mudra Private Limited (Formerly Known As Mudra Communications Private Limited), India	245000	49.00
Chuo Senko (Thailand) Public Company Limited, Thailand	230000	46.00
Ad India Pte Limited, Singapore	25000	5.00
Total	500000	100.00

As on 06.09.2014

Equity Share Break up (Percentage of Total Equity)

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	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing retail marketing and advertising related services.
Products / Services :	Creative Design Branding and Research Creative Works Like Radio Television, Advertising Printing, Billboard Creative Digital Marketing Activation, Production and Printing Media Planning and Buying And Retail Development
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference :	Aeon Credit Services India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

• Mandom Corporation (India) Private Limited
• Panasonic India Private Limited

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.12.2012
LONG TERM BORROWING
Debentures 0% compulsorily and Mandatorily Convertible Debentures	27.500	0.000
Total	27.500	0.000

Auditors :
Name :	S. V. Ghatalia and Associates LLP Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India
PAN No.:	ACHFS9181P
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (Till January, 23 2013) :	DDB Mudra Private Limited (Formerly Known as Mudra Communication Private Limited)
Ultimate Holding Company ( Till January, 23 2013) :	Omnicom Group Inc.
Joint Venture (w.e.f. 24, January 2013) :	DDB Mudra Private Limited (Formerly Known as Mudra Communication Private Limited) Chuo Senko (Thailand) Public Company Limited AD India Pte Limited

CAPITAL STRUCTURE

After 06.09.2014

Authorised Capital: Rs.30.000 Million

Issued, Subscribed & Paid-up Capital: Rs.5.000 Million

As on 06.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	0.100	0.100
(b) Reserves & Surplus	(29.338)	(0.262)	(0.108)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	4.900	0.000
Total Shareholders’ Funds (1) + (2)	(24.338)	4.738	(0.008)
(3) Non-Current Liabilities
(a) long-term borrowings	27.500	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.068	0.000	0.000
Total Non-current Liabilities (3)	27.568	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.200	0.000
(b) Trade payables	1.598	0.025	0.030
(c) Other current liabilities	0.407	0.011	0.000
(d) Short-term provisions	0.003	0.000	0.000
Total Current Liabilities (4)	2.008	0.236	0.030
TOTAL	5.238	4.974	0.022
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.625	0.010	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.625	0.010	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.478	0.000	0.000
(d) Cash and cash equivalents	3.447	4.950	0.022
(e) Short-term loans and advances	0.688	0.014	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4.613	4.964	0.022
TOTAL	5.238	4.974	0.022

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.12.2012	31.12.2011
	SALES
	Income	1.695	0.100	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	(29.076)	(0.154)	(0.035)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.262)	(0.108)	(0.073)
	Balance Carried to the B/S	(29.338)	(0.262)	(0.108)
	Earnings / (Loss) Per Share (Rs.)	(58.15)	(0.30)	(0.07)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(28.749)	(0.168)	(0.004)
Net cash flows from operating activities	(28.786)	(0.178)	(0.004)

KEY RATIOS

PARTICULARS		31.03.2014	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	(1715.40)	(154.00)	NA
Debt Equity Ratio (Total Debt/Networth)		(1.13)	0.04	0.00
Current Ratio (Current Asset/Current Liability)		2.30	21.03	0.73

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	5.000
Reserves & Surplus	(0.108)	(0.262)	(29.338)
Net worth	(0.008)	4.738	(24.338)
long-term borrowings	0.000	0.000	27.500
Short term borrowings	0.000	0.200	0.000
Total borrowings	0.000	0.200	27.500
Debt/Equity ratio	0.000	0.042	(1.130)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.100	1.695
		1595.000

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.100	1.695
Profit	(0.154)	(29.076)
	(154.00%)	(1715.40%)

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	No
8	Designation of contact person	No
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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 financial years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three financial 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

Note:

The Registered address has been shifted from the Shree Ram Mills Premises, Ganpat Rao Kadam Marg, Worli, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 16.08.2010.

REVIEW OF OPERATIONS

In accordance with the provisions of the companies act, 2013 the current financial year of the company ended on 31^st December, 2013 has been extended by further three months so as to end as at 31 March, 2014 making the said financial year of a period of 15 months commencing on and from 1^st of January, 2013 and ending on 31^st of March, 2014. The subsequent financial year of the company shall be for the period of twelve months commencing on and from 1^st of April of every year and ending on 31^st of March of the next year. Therefore, previous year’s numbers are not comparable with numbers of the current year.

The company commenced operations with Japanese clients operating out of India. Notable names are Aeon Credit Services India Private Limited, Mandom Corporation (India) Private Limited and Panasonic India Private Limited. The Company has pitched many clients from whom future business is expected.

The company is putting its best efforts to generate more business from existing clients and to induct new clients into its kitty.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.12.2012
SHORT TERM BORROWING
Deposits (10% Inter-corporate deposit repayable on demand)	0.000	0.200
Total	0.000	0.200

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.65.15
UK Pound	1	Rs.100.53
Euro	1	Rs.73.97

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	PNM

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	4
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	---
--CREDIT LINES	1~10	4
--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.