MIRA INFORM REPORT

Report No. :	492352.2
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	ABHINADAN APPARELS
Registered Office :	B-IX-1308, Bagh Wali Gali, Near Trunk Wala Bazar, Ludhiana-141008, Punjab
Tel. No.:	91-161-4656699
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	1999
Capital Investment / Paid-up Capital :	INR 3.222 Million
IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)
TIN No.:	Not Available
GSTIN :	03ALOPK2762L1ZU
PAN No.: [Permanent Account No.]	ALOPK2762L
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Home Furnishing Goods (Confirmed by management)
No. of Employees :	6 (Approximately)

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 9200 (In INR 590686.00)
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietary concern established in the year 1999. It is a trader of home furnishing goods. As per the financial records of 2017, the concern has achieved sales turnover of INR 33.610 million along with average profitability margin of 1.96%. The overall financial position of the concern seems to be satisfactory marked by acceptable capital base. Payment seems to be slow but correct. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and condition. Note: Supplementary report with site visit will follow soon.

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	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 31-03-2016.

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 17.02.2018

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

Name :	Mr. Anand Jain
Designation :	Proprietor
Contact No.:	91-9815033376
Date :	15.02.2018

LOCATIONS

Registered Office :	B-IX-1308, Bagh Wali Gali, Near Trunk Wala Bazar, Ludhiana-141008, Punjab, India
Tel. No.:	91-161-4656699
Mobile No.:	91-9815033376 (Mr. Anand Kumar Jain)
Fax No.:	Not Available
E-Mail :	abhinandanapparels@rediffmail.com
Location :	Owned
Locality :	Commercial
Corporate Office :	73, Feroze Gandhi Marekt, Ludhiana, Punjab, India

SOLE PROPRIETOR

Name :	Mr. Anand Kumar Jain
Designation :	Proprietor
PAN No.:	ALOPK2762L

BUSINESS DETAILS

Line of Business :	Trader of Home Furnishing Goods (Confirmed by management)
Products :	Home Furnishing Goods
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque and Others (RTGS)
Purchasing :	Cheque and Others (RTGS)

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers

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

No. of Employees :

6 (Approximately)

Bankers :

Banker Name :	Punjab National Bank
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) :	Current Account
Account Operation :	--
Remark :	--

State Bank of India

Auditors :
Name :	D.R. Gupta and Associates Chartered Accountants
Membership No.:	526562
Collaborators :	Not Available
Membership :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2017

Capital Investment :
Owned :	INR 3.222 million
Borrowed :	--
Total :	INR 3.222 million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017
EQUITY AND LIABILITIES
1] Proprietors Capital		3.222
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.222
LOAN FUNDS
1] Secured Loans		2.064
2] Unsecured Loans		16.199
TOTAL BORROWING		18.263
DEFERRED TAX LIABILITIES		0.000
TOTAL		21.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.062
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets	29.038
	Loans & Advances	0.129
Total Current Assets		29.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.744
	Other Current Liabilities and Provisions	0.000
Total Current Liabilities		7.744
Net Current Assets		21.423
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.485

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017
	SALES
	Income	33.610
	Other Income	0.085
	TOTAL	33.695
Less	EXPENSES
	Cost of Materials Consumed	30.548
	Cartage, Freight and Octroi	0.190
	Audit Fees	0.006
	Conveyances expenses	0.018
	Computer Expenses	0.005
	Cartage, Freight Outward	0.005
	Discount	0.032
	Electricity A/c	0.019
	Entertainment	0.012
	Festival Expenses	0.010
	Fees and Taxes	0.001
	Insurance	0.001
	Mis. Expenses	0.007
	Printing and Stationery	0.001
	Salary	0.216
	Sales Promotion	0.015
	Telephone Expenses	0.027
	Travelling Expenses	0.032
	TOTAL	31.145
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	2.550
Less	FINANCIAL EXPENSES	1.866
	PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION	0.684
Less/ Add	DEPRECIATION/ AMORTISATION	0.024
	NET PROFIT/ (LOSS)	0.660

Particulars	31.03.2016
Sales Turnover (Approximately)	30.000

Expected Sales (2017-2018): INR 40.000 Million (Due to Business Growth)

The above information has been parted by Mr. Anand Kumar Jain (Proprietor)

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

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	92.53
Asset Turnover (Operating Income / Net Fixed Assets)	41.13

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.89
Debt Equity Ratio (Total Liability / Networth)	5.67
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.43
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	1.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
Net Profit Margin ((PAT / Sales) * 100)	%	1.96
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.26
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.48

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	1.22
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.22
G-Score Ratio Financial (Networth / Total Assets)	0.11
G-Score Ratio Debt (Debts / Equity Capital)	5.67
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.22

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

FINANCIAL ANALYSIS

[all figures are INR Million]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	30.000 (Approximately)	33.610
		12.033

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last one year	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 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 63.91
UK Pound	1	INR 80.17
Euro	1	INR 90.31

INFORMATION DETAILS

Information Gathered by :	SHA
Analysis Done by :	NIY
Report Prepared by :	JYTK

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.