MIRA INFORM REPORT

Report No. :	491247
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	SHINE COT-SPIN PRIVATE LIMITED
Registered Office :	Maruti Traders, Shop No. 22, Satyam Complex, Dhrangadhra Maliya Highway, Halvad, Surendranagar – 363330, Gujarat
Mobile No.:	91-7575800401 (Mr. Prakash)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.09.2015
Com. Reg. No.:	04-084477
Capital Investment / Paid-up Capital :	INR 227.000 Million
CIN No.: [Company Identification No.]	U17120GJ2015PTC084477
IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAWCS1858D
GSTIN/UIN :	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton Fabric. (Confirmed by management) The company is engaged in Spinning and Finishing of Textile Yarns, Fabrics, Fibers and Textile Articles etc. (Registered Activity)
No. of Employees :	250 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 570000
Status :	Recently commenced its business operations
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2015 and it is a manufacturer and exporter of cotton fabric. As per financials of March 2017, the company has commenced its business operations but has reported losses. Rating takes into consideration the company’s limited track record of business operations marked by moderate financial risk profile along with average debt coverage indicators and unfavourable gap between its trade payables to its trade receivables. However, ratings weakness is partially offset by sound capital base and experience of its promoters. Payments seems to be slow. In view of aforesaid, 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

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	CRISIL
Rating	Long Term Rating=BB
Rating Explanation	Moderate risk of default.
Date	05.02.2018

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.02.2018

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 31-03-2016.

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 14.02.2018

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Prakash
Designation :	Accountant
Contact No.:	91-7575800401
Date :	10.02.2018

LOCATIONS

Registered Office :	Maruti Traders, Shop No. 22, Satyam Complex, Dhrangadhra Maliya Highway, Halvad, Surendranagar – 363330, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-7575800401/2 (Mr. Prakash)
Fax No.:	Not Available
E-Mail :	jayeshparejiyas@gmail.com
Factory :	Survey No.1586/P1, 1586/P2, Halvad Maliya Highway, Opposite Aastha Spintex, Halvad, Morbi – 363330, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Kiritbhai Motka

Designation :

Director

Address :

At. Mota Ankevaliya, District: Surendranagar, Dhrangadhra – 363310, Gujarat, India

Date of Birth/Age :

16.07.1985

Qualification :

S.S.C

Date of Appointment :

30.12.2016

PAN No.:

AUKPM9399L

DIN No.:

05191165

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27101GJ2012PTC069027	SUNSHINE FASTECH PRIVATE LIMITED	14/02/2012	-
U15400GJ2015PTC084517	KAYLEE HERBAL POWDER PRIVATE LIMITED	30/09/2016	-

Name :

Mr. Chetankumar Ratilal Patel

Designation :

Director

Address :

Anand Park, At Halvad, Halvad – 363001, Gujarat, India

Date of Birth/Age :

03.06.1986

Qualification :

H.S.C

Date of Appointment :

11.09.2015

PAN No.:

BKDPP6440F

DIN No.:

07261515

Name :

Mr. Jayeshbhai Kanjibhai Patel

Designation :

Director

Address :

21, Madhapara, Kumbhardarvaja Street, Halvad – 363330, Gujarat, India

Date of Birth/Age :

21.05.1978

Qualification :

11th Standarad

Date of Appointment :

11.09.2015

PAN No.:

AMEPP5496M

DIN No.:

07266163

Name :

Mr. Ketankumar Dhirajlal Patel

Designation :

Director

Address :

2, Bhaktinagar, 80 Feet Road, Near Umiya Mataji Mandir, Vadhwan – 363035, Gujarat, India

Date of Birth/Age :

17.12.1986

Qualification :

B.E. Mechinal, MBA

Date of Appointment :

09.10.2015

PAN No.:

CHNPP4759B

DIN No.:

07267527

Name :

Mr. Hitesh Bhikhabhai Patel

Designation :

Director

Address :

153, Madhapar, Kumbhardarvaja Street, Halvad – 363330, Gujarat, India

Date of Birth/Age :

21.07.1973

Qualification :

9th Standard

Date of Appointment :

09.10.2015

PAN No.:

AJXPP9130A

DIN No.:

07268746

Name :

Mr. Hiteshbhai Ranchhodbhai Patel

Designation :

Director

Address :

At - Halvad, Surendranagar – 363001, Gujarat, India

Date of Birth/Age :

03.07.1986

Qualification :

11th Standard

Date of Appointment :

09.10.2015

PAN No.:

BZPPP8246J

DIN No.:

07282983

Name :

Mr. Paresh Dayabhai Santoki

Designation :

Director

Address :

24/B, Kuntapark Society, Behind Taramani Township, New 80 Feet Road, Wadhwan – 363035, Gujarat, India

Date of Birth/Age :

17.11.1981

Qualification :

11th Standard

Date of Appointment :

09.10.2015

PAN No.:

BPLPS3573M

DIN No.:

07287098

KEY EXECUTIVES

Name :	Ms. Chaitali Ghanshyam Suraiya
Designation :	Company Secretary
Address :	302, Dev 20, Azad Society, Nehru Nagar, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	01.07.2017
PAN No.:	HHAPS1525J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Manufacturer and Exporter of Cotton Fabric. (Confirmed by management)

• The company is engaged in Spinning and Finishing of Textile Yarns, Fabrics, Fibers and Textile Articles etc. (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
53109099	Spinning and Finishing of Textile Yarns, Fabrics, Fibers and Textile Articles etc.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Bangladesh
• Egypt
• Germany

Imports :

Not Available

Terms :

Selling :

Other (NEFT/ RTGS)

Purchasing :

Other (NEFT/ RTGS)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Manufacturers

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

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	State Bank of India
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 (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	443.919	0.000
Short-term borrowings
Working capital loans from banks	21.049	0.000
Total	464.968	0.000

Auditors :
Name :	R.J. Sanghvi and Company Chartered Accountants
Address :	Liyawala Building, Navyug Road, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ADFPS0986B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	INR 10/- each	INR 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22700000	Equity Shares	INR 10/- each	INR 227.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	227.000	71.200
(b) Reserves and Surplus	(28.525)	(0.989)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	5.734
Total Shareholders’ Funds (1) + (2)	198.475	75.945
(3) Non-Current Liabilities
(a) long-term borrowings	452.199	0.000
(b) Deferred tax liabilities (Net)	21.422	0.000
(c) Other long-term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	473.621	0.000
(4) Current Liabilities
(a) Short-term borrowings	21.049	1.370
(b) Trade payables	29.170	2.339
(c) Other current liabilities	15.052	0.060
(d) Short-term provisions	5.275	0.000
Total Current Liabilities (4)	70.546	3.769
TOTAL	742.642	79.714
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	577.880	46.858
(ii) Intangible Assets	0.275	0.005
(iii) Tangible assets capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6.300	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	2.217	0.170
(e) Other Non-current assets	0.000	1.116
Total Non-Current Assets	586.672	48.149
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	61.858	0.000
(c) Trade receivables	14.890	0.000
(d) Cash and bank balances	13.744	7.540
(e) Short-term loans and advances	41.077	24.025
(f) Other current assets	24.401	0.000
Total Current Assets	155.970	31.565
TOTAL	742.642	79.714

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	166.888	0.000
	Other Income	1.302	0.001
	TOTAL	168.190	0.001
Less	EXPENSES
	Cost of Materials Consumed	155.393	0.000
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.074)	0.000
	Employee benefit expense	7.291	0.047
	Other expenses	20.569	0.888
	TOTAL	155.179	0.935
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.011	(0.934)
Less	FINANCIAL EXPENSES	9.360	0.022
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.651	(0.956)
Less/ Add	DEPRECIATION/ AMORTISATION	9.765	0.033
	PROFIT/ (LOSS) BEFORE TAX	(6.114)	(0.989)
Less	TAX	21.422	0.000
	PROFIT/ (LOSS) AFTER TAX	(27.536)	(0.989)
	Earnings / (Loss) Per Share (INR)	(1.21)	(0.14)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016
Current Maturities of Long term debt	14.406	0.000
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	(58.092)	(22.582)
Net cash flow from operating activity	(59.133)	(22.582)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	32.57	0.00
Account Receivables Turnover ( Income / Sundry Debtors)	11.21	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	68.52	0.00
Inventory Turnover (Operating Income / Inventories)	0.21	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.02	(0.02)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.72	0.05
Debt Equity Ratio (Total Liability / Networth)	2.46	0.02
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.36	0.05
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.91	0.62
Interest Coverage Ratio (PBIT / Financial Charges)	1.39	(42.45)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin [(PAT / Sales) * 100]	%	(16.50)	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(3.71)	(1.24)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(13.87)	(1.30)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.21	8.37
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.33	8.37
G-Score Ratio Financial (Networth / Total Assets)	0.27	0.95
G-Score Ratio Debt (Debts / Equity Capital)	2.15	0.02
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.21	8.37

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	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)
Share Capital	71.200	227.000
Reserves & Surplus	(0.989)	(28.525)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	5.734	0.000
Net worth	75.945	198.475
long-term borrowings	0.000	452.199
Short term borrowings	1.370	21.049
Current Maturities of Long term debt	0.000	14.406
Total borrowings	1.370	487.654
Debt/Equity ratio	0.018	2.457

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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 about one year and six months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about one year and six months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

GENERAL INFORMATION

Shine Cot-spin private limited company is a private limited company domiciled in India and incorporated under Companies Act 2013. The company is engaged in Spinning and Finishing of Textile Yarns, Fabrics, Fibers and Textile Articles etc.

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR

During the year, the Company reported net income from operations of INR 166.888 Million. The net loss after tax reported for the year 2016-17 is of INR 27.536 Million against last year net loss of INR 0.989 Million.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	8.280	0.000
Short-term borrowings
Loans and advances from related parties	0.000	1.370
Total	8.280	1.370

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	G08204398	100040766	State Bank of India	29/06/2016	544500000.0	MAIN ROAD SURENDRANAGAR DHANGADHRA GUJARAT 363310 INDIA

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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 records 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 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93

INFORMATION DETAILS

Information Gathered by :	SWE
Analysis Done by :	VIV
Report Prepared by :	SUD

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	NO
--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.