MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	501831
Report Date :	09.04.2018

IDENTIFICATION DETAILS

Name :	MARUBENI INDIA PRIVATE LIMITED

Registered Office :	5^th Floor, Lotus Towers, Community Centre, New Friends Colony, New Delhi – 110025
Tel. No.:	91-11-41295555

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	21.05.1996

Com. Reg. No.:	55-079036

Capital Investment / Paid-up Capital :	INR 801.320 Million

CIN No.: [Company Identification No.]	U74899DL1996PTC079036

IEC No.: [Import-Export Code No.]	Not Available

GSTN : [Goods & Service Tax Registration No.]	07AAACM6413A1Z3

TIN No/ CST No .:	07850304342

PAN No.: [Permanent Account No.]	AAACM6413A

Legal Form :	Private Limited Liability Company

Line of Business :	The subject engaged in International and domestic trading and provides business support and liaison services to its overseas principles in their Business interests in India. The main business interests are Petrochemicals, Textiles, Metal & Minerals, Energy, Food, Pulp & Paper, Industrial, plant Machinery etc. (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 5200000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Marubeni Corporation, Japan. It is an established company incorporated in the year 1996 having excellent track record. For the financial year ended 2017, the company has witnessed a growth in its revenue and has achieved good profit margin at 13.67% (approx.) The company possesses strong financial profile marked by healthy net worth base along with debt free balance sheet and favorable gap between trade payables to its trade receivables. Fundamentals of the company are strong and healthy. The company also derives strength from its strong holding entity and its experience management team. It is also to be noted that “Marubeni” has been ranked 116th with Global Fortune 500 Companies Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. In view of the aforesaid, 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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

LOCATIONS

Registered Office :	5^th Floor, Lotus Towers, Community Centre, New Friends Colony, New Delhi – 110025, India
Tel. No.:	91-11-4129 5555
Fax No.:	91-11-4129 5585
E-Mail :	bomadmi@bom.marubeni.com kumar-k@marubeni.com ndladmi@ndl.marubenicorp.com
Website :	www.marubeni.co.in

Branch Offices :	Located at · New Delhi · Mumbai · Kolkata · Goa · Chennai · Japan

DIRECTORS

As on 31.03.2017

Name :	Naoki Izumi
Designation :	Managing Director
Address :	9/1, Third Floor, Shanti Niketan, New Delhi – 110021, India
Date of Appointment :	03.04.2017
DIN No :	07781522

Name :	Taro Nakamura
Designation :	Wholetime Director
Address :	B-3, Second Floor, Defence Colony, New Delhi - 110024, India
Date of Birth :	07.02.1970
Qualification :	Graduate
Date of Appointment :	21.04.2016
DIN No :	07498177

KEY EXECUTIVES

Name :	Mr. Kshitij Kumar
Designation :	Company Secretary
Address :	A-4/47, I Floor, Alok Kunj, Sector-15, Delhi – 110089, India
Date of Birth/Age :	15.01.1981
Qualification :	B.Com(Hons), FCS, LLB, PGDSBL
Date of Appointment :	01.12.2008
PAN No.:	APDPK9477K

Name :	Bhavana Kaushal
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders		No. of Shares
Marubeni Corporation, Japan		80131963
Ichiro		1
Total		80131964

Equity Share Break up (Percentage of Total Equity)

As on 08.08.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject engaged in International and domestic trading and provides business support and liaison services to its overseas principles in their Business interests in India. The main business interests are Petrochemicals, Textiles, Metal & Minerals, Energy, Food, Pulp & Paper, Industrial, plant Machinery etc. (Registered Activity)

Products / Services :

Item Code No.

Products/Services Description

99612710

Activities of Commission agents, dealing in wholesale

trade in chemicals

99611719

Wholesale trade of basic industry chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	S R Batliboi and Company LLP Chartered Accountants
Address :	3rd & 6th Floor, Worldmark-1igi Airport Hospitality District, Aerocity, Delhi, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Marubeni Thailand Company Limited Marubeni Grain & Oilseeds Trading Asia Pte Marubeni Tetsugen Company Limited Marubeni Cement & Construction Materials Company Limited Marubeni (Guangzhou) Trading Company Limited China Marubeni Fashion Link Limited Marubeni Intex Company Limited Marubeni Tekmatex Corporation Marubeni Protechs Corp Marubeni Techno Systems Corp. Marubeni Pulp & Paper Company Limited

Fellow Subsidiaries :	Marubeni Metals Corporation Marubeni Asean Pte. Limited Marubeni Chemix Corporation Ravva Oil (Singapore) Pte. Limited Marubeni Hong Kong & South China Limited Marubeni Europe P.L.C. Dusseldorf Branch Marubeni Plax Corporation Marubeni America Corporation

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

86000000	Equity Shares	INR 10/- each	INR 860.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

80131964	Equity Shares	INR 10/- each	INR 801.320 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	801.320	801.320	801.320
(b) Reserves and Surplus	1008.702	801.182	658.761
(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)	1810.022	1602.502	1460.081

(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	63.453	53.047	48.976
Total Non-current Liabilities (3)	63.453	53.047	48.976

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	148.884	92.537	229.181
(c) Other current liabilities	24.866	25.860	30.901
(d) Short-term provisions	1.481	3.714	3.968
Total Current Liabilities (4)	175.231	122.111	264.050

TOTAL	2048.706	1777.660	1773.107

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.677	19.424	24.920
(ii) Intangible Assets	0.000	0.455	1.611
(iii) Tangible assets 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)	49.538	49.269	55.009
(d) Long-term loans and advances	303.513	254.522	237.413
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	366.728	323.670	318.953

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.036	30.402	47.967
(c) Trade receivables	268.369	226.339	407.646
(d) Cash and bank balances	1369.624	1123.760	923.724
(e) Short-term loans and advances	14.520	48.810	52.303
(f) Other current assets	13.429	24.679	22.514
Total Current Assets	1681.978	1453.990	1454.154

TOTAL	2048.706	1777.660	1773.107

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1518.188	1438.616	1731.858
	Other Income	127.961	100.249	119.981
	TOTAL	1646.149	1538.865	1851.839

Less	EXPENSES
	Purchases of Stock-in-Trade	593.836	621.976	989.698
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.529	17.564	(13.760)
	Employee benefit expense	360.052	328.229	273.967
	CSR expenditure	5.190	5.269	0.000
	Other expenses	359.320	331.837	305.874
	TOTAL	1319.927	1304.875	1555.779

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	326.222	233.990	296.060

Less	FINANCIAL EXPENSES	0.441	0.364	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	325.781	233.626	296.060

Less	DEPRECIATION/ AMORTISATION	6.885	10.815	20.417

	PROFIT/ (LOSS) BEFORE TAX	318.896	222.811	275.643

Less	TAX	111.376	80.389	91.442

	PROFIT/ (LOSS) AFTER TAX	207.520	142.422	184.201

	Earnings / (Loss) Per Share (INR)	2.590	1.777	2.299

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	265.724	57.653	147.442
Net cash flows from (used in) operating activity	150.995	(9.847)	50.994

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	64.52	57.43	85.91

Account Receivables Turnover (Income / Sundry Debtors)	5.66	6.36	4.25

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	91.51	54.30	84.52

Inventory Turnover (Operating Income / Inventories)	20.34	7.70	6.17

Asset Turnover (Operating Income / Net Fixed Assets)	23.85	11.77	11.16

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.09	0.07	0.15

Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.10	0.08	0.18

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.01	0.01	0.02

Interest Coverage Ratio (PBIT / Financial Charges)	739.73	642.83	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	13.67	9.90	10.64

Return on Total Assets ((PAT / Total Assets) * 100)	%	10.13	8.01	10.39

Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.47	8.89	12.62

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	9.60	11.91	5.51

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	9.51	11.66	5.33

G-Score Ratio Financial (Networth / Total Assets)	0.88	0.90	0.82

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	9.60	11.91	5.51

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	801.320	801.320	801.320
Reserves & Surplus	658.761	801.182	1008.702
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1460.081	1602.502	1810.022

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	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1731.858	1438.616	1518.188
		(16.932)	5.531

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1731.858	1438.616	1518.188
Profit	184.201	142.422	207.520
	10.64 %	9.90 %	13.67 %

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	No
7]	Name of the person contacted	Yes
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	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 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

NOTE: Registered office of the company has been shifted from 6^th Floor, World Trade Tower, Barkhamba Lane, New Delhi, India to the present address w.e.f. 01.09.2000

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	Y10133443	90053348	THE FUJI BANK LTD	11/06/1998	30000000.0	MUMBAI BRANCH; MAKER CHAMBER III; IST FLOOR, JAMNALAL BAJAJ ROAD; NARIMAN POINT, MUMBAI-400021IN

FIXED ASSETS

Land
Building
Furniture and Fixture
Computer
Plant and Machinery

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	INR
US Dollar	1	INR 64.98
UK Pound	1	INR 90.96
Euro	1	INR 79.51

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRUP

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.