MIRA INFORM REPORT

Report No. :	341875.2
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	JEENA AND COMPANY
Registered Office :	Elphinstone Building, 10, Veer Nariman Road, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-44222111
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.04.1900
Capital Investment / Paid-up Capital :	Rs. 370.680 Million
IEC No.:	0388086301
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ01116D
PAN No.: [Permanent Account No.]	AAAFJ1721H
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Providing Freight Forwarding and Logistics Services.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in the year 1900 as partnership concern and it is engaged in logistics and freight forwarding services. Rating takes into consideration its well-established track record of business operations backed by healthy business profile and extensive of partners in the logistic and freight forwarding business. As per the provisional financial record of 2015, firm has achieved revenue of Rs. 980.000 Million and reported minimal growth of 7.66% as compared to previous year revenue. Provisional financial for the year 2015 is provided for your mere reference which is not verified. Mr. Pankaj, Head of corporate finance has provided information to us. Trade relations are reported as trustworthy. Payments are reported to be regular as per commitment. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and condition.

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 PARTED BY

Name :	Mr. Pankaj
Designation :	Head of Corporate Finance
Contact No.:	91-22-44222111

LOCATIONS

Registered Office :	Elphinstone Building, 10, Veer Nariman Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-44222111/ 41047777/ 42304100/ 22042032 (15 Lines)
Fax No.:	91-22-22026853
E-Mail :	gdriver@jeena.co.in info@jeena.co.in
Website :	www.jeena.com
Area :	7000 sq. ft.
Location :	Owned
Locality :	Commercial
Warehouse :	Located at · Panvel, Maharashtra, India
Area :	100,000 sq. ft.
Location :	Owned
Branch Offices :	Located at · Ahmedabad · Aurangabad · Belgaum · Daman · Gandhidham · Goa · Kolhapur · Mumbai (Bombay) Airport Office · Mundra · Indore · Nagpur · Nashik · Pune · Vadodara · Bangalore · Chennai · Coimbatore · Hyderabad · Karur · Kochi (Cochin) Air Freight · Kochi (Cochin) Sea Freight · Madurai · Pudcherry / Pondicherry · Tirupur · Tuticorin · Delhi / Gurgaon · Chandigarh · Jaipur · Kanpur · Ludhiana · Kolkata

PARTNERS

Name :	Mr. Cyrus N. Katgara
Designation :	Partner
Name :	Mr. Sam N. Katgara
Designation :	Partner
Name :	Mr. Homi A. Katgara
Designation :	Partner
Name :	Mr. Jahangir N. Katgara
Designation :	Partner
Name :	Mr. Pallan N. Katgara
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Pankaj
Designation :	Head of Corporate Finance

BUSINESS DETAILS

Line of Business :	Providing Freight Forwarding and Logistics Services.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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 :

End Users

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 :

800 (Approximately)

Bankers :

Banker Name :	HSBC Bank
Branch :	Fort Branch, Mumbai, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	91-22-22681164 (Ringing)
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

• BNP Paribas, French Bank Building, 62, Homji Street, Mumbai – 400001, Maharashtra, India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th–32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No. :	91-22-61854501/ 4601
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concerns:	· A. and N. Ventures Private Limited · Jeena and Company Private Limited Activity : Warehousing and 3PL Logistics · Silver Complex Private Limited Activity : Real Estate · Trail Blazer Tours India Private Limited Activity : Travel and Tourism (Largest in India) · Katgara Foundation Activity : A Public Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2015

Capital Investment :
Owned :	Rs. 370.680 Million
Borrowed :	--
Total :	Rs. 370.680 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partners Capital		9.000	9.000	339.398
2] Current Account		361.680	361.701	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		370.680	370.701	339.398
LOAN FUNDS
1] Secured Loans		71.228	44.450	66.417
2] Unsecured Loans		243.782	229.482	211.482
TOTAL BORROWING		315.010	273.932	277.899
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		685.690	644.633	617.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.690	123.069	110.125
Capital work-in-progress		0.000	0.000	10.117
INVESTMENT		5.782	8.782	10.332
DEFERRED TAX ASSETS		11.090	11.090	8.769
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	374.304	394.840	343.303
	Cash & Bank Balances	311.257	261.147	271.695
	Other Current Assets	10.711	13.871	27.884
	Loans & Advances	160.000	149.084	166.576
Total Current Assets		856.272	818.942	809.458
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	277.543	295.305	310.226
	Provisions	23.601	21.945	21.278
Total Current Liabilities		301.144	317.250	331.504
Net Current Assets		555.128	501.691	477.954
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		685.690	644.633	617.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations (Net)	948.688	874.617	797.641
		Other Income	32.507	37.445	37.899
		TOTAL (A)	981.195	912.062	835.540
Less	EXPENSES
		Personnel Costs	432.079	390.422	366.671
		Operation & Establishment Expenses	284.876	281.239	255.867
		TOTAL (B)	716.955	671.661	622.538
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		264.240	240.401	213.002
Less	FINANCIAL EXPENSES (D)		30.506	28.697	25.840
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		233.734	211.704	187.162
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.957	32.889	32.035
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		200.777	178.815	155.127
Less	TAX (H)		68.200	59.679	49.394
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		132.577	119.136	105.733

Expected Sales (2015-2016): Rs.1050.000 million

The above information has been parted by Mr. Pankaj

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Record

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PAT / Total Income	(%)	13.97	13.62	13.26
Net Profit Margin (PBT/Sales)	(%)	27.85	27.49	26.70
Return on Total Assets (PBT/Total Assets}	(%)	20.70	18.98	16.87
Return on Investment (ROI) (PBT/Networth)		0.54	0.48	0.46
Debt Equity Ratio (Total Debt/Networth)		0.85	0.74	0.82
Current Ratio (Current Asset/Current Liability)		1.57	1.50	1.49

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	339.398	9.000	9.000
Reserves & Surplus	0.000	361.701	361.680
Net worth	339.398	370.701	370.680
long-term borrowings	66.417	44.450	71.228
Short term borrowings	211.482	229.482	243.782
Total borrowings	277.899	273.932	315.010
Debt/Equity ratio	0.819	0.739	0.850

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	797.641	874.617	948.688
		9.650	8.469

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	797.641	874.617	948.688
Profit	105.733	119.136	132.577
	13.26%	13.62%	13.97%

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	Yes
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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	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	No
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	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.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.60

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.