MIRA INFORM REPORT

Report No. :	341703
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	ITOCHU INDIA PRIVATE LIMITED
Registered Office :	3rd Floor, Wing "B", IFCI Tower, 61, Nehru Place, New Delhi - 110019
Tel. No.:	91-11-42011100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.02.2006
Com. Reg. No.:	55-146475
Capital Investment / Paid-up Capital :	Rs. 1258.242 Million
CIN No.: [Company Identification No.]	U51909DL2006PTC146475
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCI4829F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemicals, Textiles, Paper, Garments, Machinery and Equipment.
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Itochu Corporation, Japan. It is an established company incorporated in the year 2006 having satisfactory track. The company has incurred some accumulated losses. However, Balance sheet of the company is totally debt free. The rating also derives strength from its holding company and experienced management. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitments. In view of strong holding support and good operating efficiency, the company can be considered for business dealings at 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 BY

Name :	Mr. Rajeev Pathak
Designation :	Accounts Manager
Contact No.:	91-11-42011100
Date :	18.09.2015

LOCATIONS

Registered Office :	3rd Floor, Wing "B", IFCI Tower, 61, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-42011100
Fax No.:	91-11-26211435
E-Mail :	amitmehta@itochu.co.in
Website :	http://www.itochu.co.jp
Branch Office 1 :	“Exotica” 6th Floor, No. 24, Venkatanaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India
Tel. No.:	91-44-45583101/ 45583102
Fax No.:	91-44-45583103
Branch Office 2 :	Trade Star Building C-Wing, 6th Floor, Opposite VITS Hotel, Andheri Kurla Road, J.B. Nagar, Andheri (East) Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-28353160/ 66135353
Fax No.:	91-22-28353168

DIRECTORS

AS ON 29.09.2014

Name :

Toshihisa Fuse

Designation :

Managing director

Address :

B-25, West End, New Delhi - 110021, India

Date of Birth/Age :

21.02.1961

Date of Appointment :

13.05.2014

DIN No.:

06861865

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	U51909DL2006PTC146475	ITOCHU INDIA PRIVATE LIMITED	MANAGING DIRECTOR	13/05/2014	13/05/2014	-	ACTIVE	NO
2	U63040MH2011PTC224294	I P INTEGRATED SERVICES PRIVATE LIMITED	DIRECTOR	17/09/2014	09/06/2014	-	ACTIVE	NO
3	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING COMPANY LIMITED	NOMINEE DIRECTOR	18/06/2014	18/06/2014	24/12/2014	ACTIVE	NO
4	U05122KA1988PTC009351	INDO NISSIN FOODS PRIVATE LIMITED	ADDITIONAL DIRECTOR	15/07/2014	15/07/2014	09/12/2014	ACTIVE	NO

Name :

Yosuke Inukai

Designation :

Whole-time director

Address :

C-38, Ist Floor, Defence Colony, New Delhi - 110024, India

Date of Appointment :

28.10.2014

DIN No.:

07001425

Name :

Hirozumi Morishige

Designation :

Director

Address :

Odessey II, 602 6th Floor, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

08.06.1964

Date of Appointment :

23.04.2012

DIN No.:

05261518

KEY EXECUTIVES

Name :	Amit Mehta
Designation :	Secretary
Address :	A- 89, Lohia Nagar, Ghaziabad - 201001, Uttar Pradesh, India
Date of Appointment :	17.01.2011
PAN No.:	AAXPM0235E
Name :	Mr. Rajeev Pathak
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Itochu Corporation, Japan	125824208
Itochu Singapore Pte Limited, Singapore	1
Total	125824209

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Chemicals, Textiles, Paper, Garments, Machinery and Equipment.

Products/ Services :

ITC / Service Code No.	Product / Service Descriptions
56031100	Non-woven yarn of manmade filament
99979900	Other Misc. Services
29173600	Purified Terepthalic Acid

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	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 :

Information declined by the management.

Bankers :

Bank Name	HDFC Bank Limited
Branch	New Delhi, 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

· Mizuho Corporate Bank Limited, New Delhi

· Standard Chartered Bank, New Delhi

· HDFC Bank, Mumbai

· Axis Bank, New Delhi

· RBS Bank, New Delhi

· Bank of Tokyo Mitsubishi UFJ Limited, New Delhi

· Mizuho Corporate Bank Limited, Mumbai

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase - II, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Memberships :
Collaborators :
Holding company :	Itochu Corporation, Japan
Fellow Subsidiary company :	Itochu Singapore Pte. Limited Itochu Plastics Inc. Itochu Thailand Pte. Limited Itochu Automobile Corporation Itochu Ceratech Corp. Itochu Chemical Frontier Corporation Itochu Hongkong Limited Itochu Korea Limited Itochu Metals Corporation. Itochu Middle East Fze. Itochu New Zealand Limited Itochu Plantech Inc. Itochu Plastics Pte Limited Itochu Prominent USA LLC. Itochu Australia Limited Itochu Systech Corporation Itochu Duetschland-Hamlin. Itochu Textile Prominent Asia. Itochu (China) Holding Company Limited Itochu Human resources & General affairs service Inc. CISD (Asia) Company Limited Itochu Shanghai Limited Oil Seeds International Limited. IMECS Company Limited Itochu Home Fashion Corporation.

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
129,500,000	Equity Shares	Rs. 10/- each	Rs. 1295.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125,824,209	Equity Shares	Rs. 10/- each	Rs. 1258.242 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1258.242	1258.242	1258.242
(b) Reserves & Surplus	(358.487)	(334.159)	(325.516)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	899.755	924.083	932.726
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	10.803	8.282	4.664
Total Non-current Liabilities (3)	10.803	8.282	4.664
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	138.733	88.659	25.011
(c) Other current liabilities	20.641	11.545	13.754
(d) Short-term provisions	0.519	0.730	0.547
Total Current Liabilities (4)	159.893	100.934	39.312
TOTAL	1070.451	1033.299	976.702
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.757	28.380	28.526
(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	4.950	4.950	4.950
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	114.079	114.151	190.296
(e) Other Non-current assets	3.146	3.146	3.267
Total Non-Current Assets	179.932	150.627	227.039
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.241	6.277	16.126
(c) Trade receivables	428.678	318.202	142.386
(d) Cash and cash equivalents	376.921	416.461	508.551
(e) Short-term loans and advances	73.393	137.023	78.025
(f) Other current assets	2.286	4.709	4.575
Total Current Assets	890.519	882.672	749.663
TOTAL	1070.451	1033.299	976.702

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Gross Sales	1955.000	1132.000	1051.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT/ (LOSS) BEFORE TAX		(15.000)	(4.000)	48.000
TAX		9.000	4.000	(4.000)
PROFIT/ (LOSS) AFTER TAX		(24.000)	(9.000)	52.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(334.000)	(325.000)	(377.000)
BALANCE CARRIED TO THE B/S		(358.000)	(334.000)	(325.000)
EARNINGS IN FOREIGN CURRENCY
	Commission and Service Income	416.998	343.443	357.517
	Interest	0.348	0.322	0.398
TOTAL EARNINGS		417.346	343.765	357.915
IMPORTS
	PP Boxes	1.631	9.792	3.071
	Chemicals	47.792	43.565	0.000
	Non-Woven Fabric and Yarn	248.908	65.728	0.000
	Metal	150.552	0.000	0.000
	Others	0.000	0.325	0.000
TOTAL IMPORTS		448.883	119.410	3.071
Earnings/ (Loss) Per Share (Rs.)		(0.19)	(0.07)	0.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(21.460)	(114.926)	12.525
Net cash flows from (used in) operating activities	(30.743)	(120.590)	3.534

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.41)	(0.39)	4.94
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.00	0.05
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.57	8.75	19.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1258.242	1258.242	1258.242
Reserves & Surplus	(325.516)	(334.159)	(358.487)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	932.726	924.083	899.755
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Sales	1051.000	1132.000	1955.000
		7.707	72.703

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Sales	1051.000	1132.000	1955.000
Profit / Loss	52.000	(9.000)	(24.000)
	4.95%	(0.80%)	(1.23%)

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND

The company was incorporated in India on February 17, 2006 to undertake activities of general trading, procurement and supply of chemicals, textiles, paper, garments, machinery and equipment and entering into strategic alliances by investing in different lines of business and to provide financial, technological, logistic, marketing and administrative support to companies in India. The Company is closely held with 125,824,208 shares held by Itochu Corporation, Japan and the balance 1 share held by Itochu Singapore Pte Limited.

OPERATIONS

During the year, the Company has achieved a Gross Sales of Rs 1955.000 Million as compared to Rs. 1132.000 Million during the previous period, resulting in a growth a 73 % during FY13.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Ground Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110001, India to the present address w.e.f.15.07.2013.

FIXED ASSETS:

· Furniture and Fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

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 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.66.50
UK Pound	1	Rs.101.99
Euro	1	Rs.75.03

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		----
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--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.