MIRA INFORM REPORT

Report No. :	486373
Report Date :	17.01.2018

IDENTIFICATION DETAILS

Name :	CANDOR LOGISTICS LLP
Registered Office :	C-309, Dheeraj Pooja, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra
Tel. No.:	91-22-2834 2423 / 76 /91
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	14.07.2014
Total Obligation Fund :	INR 0.100 million
LLPIN :	AAC-4588
IEC No.:	Not Divulged
TIN No.:	Not Divulged
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Limited Liability Partnership
Line of Business :	Providing Logistics, Freight Forwarding Services (Registered Activity)
No. of Employees :	Not Divulged

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 2400
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Candor Logistics LLP was incorporated in the year 2014. For the financial year ended 2017, the subject has achieved revenue growth of 35.60% as compared to the previous year but has incurred operational loss. The satisfactory financial risk profile of the subject is marked by average networth base and negligible debt level. Payments are reported to be slow but correct. In view of aforesaid, the subject 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 (30.06.2017)	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 17.01.2018

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 DENIED

Management non-cooperative (Tel No.: 91-22-28342491)

LOCATIONS

Registered Office :	C-309, Dheeraj Pooja, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	subutg@yahoo.in
Website :	http://www.candorllp.com
Branch Office 1 :	Office No – 231, Adarsh Industrial Estate, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-2834 2423 / 76 /91
E-Mail :	Info@candorllp.com
Branch Office 2 :	L-8, Lower Ground, Trade House, Opposite SBI, Athugar Street, Nanpura, Surat – 395 001, Gujarat, India
Branch Office 3 :	F-123, Ashoka Mall, Near Ranka Jewellers, Bund Garden Road, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26161030,
E-Mail :	marketing.pnq@candorllp.com cspnq@candorllp.com
Branch Office 4 :	No 1006, Sarkar V, Nr. Mithakhali Railway Crossing, Off Ashram Road, Ahmedabad– 380 009, Gujarat, India
Tel. No.:	91-79-26580020/21
Branch Office 5 :	3rd Floor, 423/1 - Manushri Towers, 5th Main, 6th Cross, (above Best Vision Care) OMBR Layout, Opposite Vijayabank – Kasturi Ngar Branch, Bangalore - 560 043, Karnataka, India
Tel. No.:	91-80-2542 4885/65347431
Overseas Offices :	Located at : · Dubai · Oman

PARTNERS

As on 31.03.2017

Name :

Thazhissery Balasubramanian Govindan

Designation :

Designated Partner

Address :

C-309, Dheeraj Pooja, Chincholi Bunder Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

04.05.1957

Date of Appointment :

14.07.2014

DPIN No.:

00751511

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U63090MH1999PTC122264	AEROCARE CARGO PRIVATE LIMITED	18/10/1999	-
U74999PN2016PTC164874	GRAVITY ELEMENTS PRIVATE LIMITED	07/06/2016	-
LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAF-5433	CANDOR IMEX LLP	22/01/2016	-

Name :

Mr. Anish Arvindan Kunnuparanbil

Designation :

Designated Partner

Address :

8/10, Prabhat CHS, Shakti Nagar, C. S. Road, Dahisar (East), Mumbai -400068, Maharashtra, India

Date of Birth/Age :

18.05.1979

Date of Appointment :

14.07.2014

DPIN No.:

06889541

Other Directorship :

LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAF-5433	CANDOR IMEX LLP	22/01/2016	-

Name :

Mr. Abdul Haries Badarudeen Mohammed

Designation :

Designated Partner

Address :

Sony Apartments, Flat No 1, New Colony, Ambernath (West), Thane-421503, Maharashtra, India

Date of Birth/Age :

10.06.1974

DPIN No.:

06895816

CONTRIBUTION DETAILS

As on 31.03.2017

Names of Person	Capital Contribution (INR in Million)
Abdul Haries Badarudeen Mohammed	0.040
Anish Arvindan Kunnuparanbil	0.020
Balasubramanian Govindan Thazhissery	0.040
Total	0.100

BUSINESS DETAILS

Line of Business :	Providing Logistics, Freight Forwarding Services (Registered Activity)
Products/ Services :	Logistics, Freight Forwarding Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Not Divulged
Branch :	--
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 :	Mahesh Chandra and Associates Chartered Accountants
Address :	126, Blue Rose Industrial Estate, W. E. Highway, Broivali (East), Mumbai- 400066, Maharashtra, India
Membership No.:	174518
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2017

(INR in Million)

Partners’ Capital Accounts	Opening Balance	Additions	Withdrawals	Share of Profit	Total
Anish Arvindan Kunnuparanbil	0.020	--	--	20.00%	0.020
Abdul Haries Badarudeen Mohammed	0.040	--	--	40.00%	0.040
Balasubramanian Govindan Thazhissery	0.040	--	--	40.00%	0.040
Total	0.100	--	--	100.00%	0.100

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016	31.03.2015
PARTNERS FUNDS
1] Contribution Received		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.732	1.141	0.175
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.832	1.241	0.275
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.202	5.409	3.009
TOTAL BORROWING		6.202	5.409	3.009
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.034	6.650	3.284
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.624	1.311	1.410
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	15.071	11.847	6.388
	Cash & Bank Balances	0.250	1.217	1.114
	Other Current Assets	0.038	0.000	0.401
	Loans, Advances & Deposits	3.624	1.103	0.167
Total Current Assets		18.983	14.167	8.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.923	6.392	6.196
	Other Current Liabilities and Provisions	2.650	2.436	0.000
Total Current Liabilities		13.573	8.828	6.196
Net Current Assets		5.410	5.339	1.874
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.034	6.650	3.284

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	101.827	75.088	33.070
	Other Income	0.010	0.000	0.111
	TOTAL	101.837	75.088	33.181
Less	EXPENSES
	Purchases of Stock-in-Trade	82.063	57.976	0.000
	Other expenses	19.594	15.843	32.786
	TOTAL	101.657	73.819	32.786
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.180	1.269	0.395
Less	FINANCIAL EXPENSES	0.170	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.010	1.269	0.395
Less/ Add	DEPRECIATION/ AMORTISATION	0.419	0.303	0.220
	PROFIT/ (LOSS) FOR THE YEAR TRANSFERRED TO PARTNERS	(0.409)	0.966	0.175

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	54.02	57.59	70.51
Account Receivables Turnover (Income / Sundry Debtors)	6.76	6.34	5.18
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	48.58	40.24	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.11	0.97	0.28

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.96	0.92	0.97
Debt Equity Ratio (Total Liability / Networth)	7.45	4.36	10.94
Current Liabilities to Networth (Current Liabilities / Net Worth)	23.77	11.47	33.47
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.95	1.06	5.13
Interest Coverage Ratio (PBIT / Financial Charges)	1.06	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(0.40)	1.29	0.53
Return on Total Assets ((PAT / Total Assets) * 100)	%	(1.98)	6.24	1.85
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(49.16)	77.84	63.64

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.96	1.00	0.88
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.96	1.00	0.88
G-Score Ratio Financial (Networth / Total Assets)	0.04	0.08	0.03
G-Score Ratio Debt (Debts / Equity Capital)	62.02	54.09	30.09
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.96	1.00	0.88

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Contribution Received	0.100	0.100	0.100
Reserves & Surplus	0.175	1.141	0.732
Net worth	0.275	1.241	0.832
Secured Loans	0.000	0.000	0.000
Unsecured Loans	3.009	5.409	6.202
Total borrowings	3.009	5.409	6.202
Debt/Equity ratio	10.942	4.359	7.454

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	33.070	75.088	101.827
		127.058	35.610

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	33.070	75.088	101.827
Profit/ (Loss)	0.175	0.966	(0.409)
	0.53%	1.29%	(0.40%)

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	No
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	No
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	No
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

UNSECURED LOANS

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Car Loan	0.342	0.000
Loan from Partner	5.860	5.409
Total	6.202	5.409

INDEX OF CHARGES: NO CHARGES EXISTS FOR LLP

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 63.76
UK Pound	1	INR 87.91
Euro	1	INR 78.20

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRI
Report Prepared by :	JYTK

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	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.