MIRA INFORM REPORT

Report Date :

01.01.2015

IDENTIFICATION DETAILS

Name :	JYOTI TEXCOM
Registered Office :	12./642, Near Veershaiv Bank, Hulgeshwari Road, Shibvaji Nagar, Ichalkaranji, Kolhapur, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	February 2014
Com. Reg. No.:	Not Available
Capital Investment / Paid-up Capital :	Rs. 3.652 Millions (Estimated)
CIN No.: [Company Identification No.]	Not Available
IEC No.:	3114018700
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AGKPV9219L
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Clothes.
No. of Employees :	45 (Approximately) [in Office : 05 and In Factory : 40]

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new business establishing itself gradually. Mr. Ravikant Vadinge, Chief Executive Officer provided information and was unable to furnish us any financials due to recent establishment of the concern marked by no commencement of any commercial activity; which is expected to be starting from October 2015 after receiving the required machinery ordered from Japan. Moreover, it was also learned that the management successfully handles other sister concerns which are collectively known as “Vadinge Group”. Further attached here in the report are the consolidated financial statements of the group which depicits, modest scale of operations and moderately sound overall position during FY14. Trade relations are improving. Business is active. Payment terms are reported as unknown. In view of infancy, albeit experienced promoters, the concern can be considered for business dealings with caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 PARTED BY

Name :	Mr. Ravikant Vadinge
Designation :	Chief Executive Officer
Contact No.:	91-8888000008
Date :	30.12.2014

LOCATIONS

Registered Office :	12./642, Near Veershaiv Bank, Hulgeshwari Road, Shibvaji Nagar, Ichalkaranji, Kolhapur, Maharashtra, India
Tel. No.:	91-230-2430174
Mobile No.:	91-9028383838
Fax No.:	Not Available
E-Mail :	ravikantvadinge@gmail.com
Location :	Owned
Factory :	23/398/1, Plot No. 285, Unit No. 2, The Ivhalkarnji Industrial Co-op Estate Limited, Khanjire Nagar, Shahapur-Ichalkaranji, Kolhapur, Maharashtra, India
Tel. No.:	91-230-2402590
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Jyoti Rahul Vadinge
Designation :	Proprietor
Address :	12/642, Shivaji Nagar, Ichalkaranji, Kolhapur, Maharashtra, India
Date of Birth/Age :	30 Years
Qualification :	S.S.C.

KEY EXECUTIVES

Name :	Mr. Ravikant Vadinge
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Manufacturer of Clothes.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Others (60 Days and 90 Days)
Purchasing :	Cash and Others (60 Days and 90 Days)

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 :	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

No. of Employees :

45 (Approximately) [in Office : 05 and In Factory : 40]

Bankers :

Banker Name	Shamrao Vitthal Co-operative Bank
Branch Address	Ichalkaranji, Kolhapur, Maharashtra, India
Person Name (With Designation)	Mr. Chandrakant Magdum
Contact Number	91-9860105075
Name of Account Holder	Jyoti Texcom
Account Number	625
Account Since (Date/Year of Account Opening)	June 2014
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Company has not started operations but we have their group companies account. They are excellent companies

Banking Relations :	---
Auditors :	Not Divulged
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Rahul Textiles Address : Plot No. 287,286 the Ichalkaranji Industrial Co-op Estate, Shahapur-Ichalkaranji, Kolhapur, Maharashtra, India Line of Business : Manufacturer of Clothes Krishna Texcom Address : Plot No. 288, The Icchalkaranji Industrial Co-op Eastate, Khanjire Nagar, Shahapur-Ichalkaranji, Kolhapur, Maharashtra, India Line of Business : Manufacturer of Clothes Jyoti Rahul Vadinge Tatyashri Texcom

CAPITAL STRUCTURE

As on 31.03.2014

Proprietor Capital Investment :
Owned :	Rs. 3.652 Millions (Estimated)
Borrowed :	-------
Total :	Rs. 3.652 Millions (Estimated)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Proprietor Share Capital		3.652
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.652
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.300
TOTAL BORROWING		0.300
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.952
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.485
Capital work-in-progress		0.000
INVESTMENT		2.146
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Sundry Debtors	1.373
	Cash & Bank Balances	0.730
	Other Current Assets	0.020
	Loans & Advances	0.933
Total Current Assets		3.056
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	1.639
	Provisions	0.096
Total Current Liabilities		1.735
Net Current Assets		1.321
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.952

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	11.460
		Other Income	(0.008)
		TOTAL	11.452
Less	EXPENSES
		Cost of goods sold	8.199
		Freight	0.020
		Ghadi Wages	0.036
		Mending Expenses	0.035
		Mill Sres	0.068
		Motive Pwer	0.454
		Sizing and Wrapping	0.283
		Vahifani Expenses	0.052
		Wages Paid	1.237
		Audit Fees	0.012
		Consolation Fees	0.010
		Office Salary	0.060
		Other Interest	0.037
		Profession Tax	0.003
		Repairing Charges	0.020
		Electricity Expenses	0.004
		Office Expenses	0.005
		Commission Paid To Dalal	0.077
		TOTAL	10.612
	NET PROFIT / (LOSS)		0.840

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	7.33
Return on Total Assets (PBT/Total Assets}	(%)	23.72
Return on Investment (ROI) (PBT/Networth)		0.23
Debt Equity Ratio (Total Debt /Networth)		0.08
Current Ratio (Current Asset/Current Liability)		1.76

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 one year	Yes
12]	Profitability for last one year	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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

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. 63.33
UK Pound	1	Rs. 98.58
Euro	1	Rs. 77.00

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	SUB
Report Prepared by :	ASH

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.