MIRA INFORM REPORT

Report No. :	499407
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	PEHNAV E-RETAIL LIMITED (w.e.f. 26.08.2014) ZYLOG PLASTALLOYS PRIVATE LIMITED (AMALGAMATED WITH PEHNAV E RETAIL LIMITED)
Formerly Known As :	VINPARK FINANCE HOUSE LIMITED
Registered Office :	401, Office, Akshat Complex, Near Parshwa Complex, Opposite Rajpath Club, Bodakdev, Ahmedabad – 380015, Gujarat
Tel. No.:	91-20-26650220
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	27.01.1995
Com. Reg. No.:	04-094540
Capital Investment / Paid-up Capital :	INR 0.500 Million
CIN No.: [Company Identification No.]	U18204GJ1995PLC094540
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACV1903G
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	· Retail trade of Sarees · Trading and Design of Dress Materials (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 :

B

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

Maximum Credit Limit :	USD 4400
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company incorporated in the year 1984. It is a retail trader of Sarees. For the financial year 2017, the company has earned revenue of INR 4.63 million along with massive profit margin of 386.24%. The moderate financial profile of the company is marked by small networth base along with negligible debt coverage indicators. However, these rating weakness is partially offset by the company’s favourable Earning Per Share (EPS) of INR 35.79 against a face value (FV) of INR 10. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: Mr. Nitin (Accountant) has claimed that “Zylog Plastalloys Private Limited” is amalgamated with “Pehnav E Retail Limited” in February, 2018.

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 (30.09.2017)	Current Rating (31.12.2017)
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 24.03.2018

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 DECLINED

Management non-cooperative (Tel No.: 91-20-26650220)

LOCATIONS

Registered Office :	401, Office, Akshat Complex, Near Parshwa Complex, Opposite Rajpath Club, Bodakdev, Ahmedabad – 380015, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rasesh@vparekh.com

DIRECTORS

As on 2018

Name :

Mr. Mirisch Ratilal Damani

Designation :

Managing Director

Address :

Flat No.8, Lvy Glen, S. No. 15, Wadgaon Sheri, Pune - 411014, Maharashtra, India

Date of Birth/Age :

29.08.1948

Qualification :

Graduate

Date of Appointment :

05.06.1984

PAN No.:

AAJPD2927Q

DIN No.:

01991076

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25190GJ2011PTC098769	ZYLOG COMPOSITES PRIVATE LIMITED	10/08/2011	-
LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAM-2781	PEHNAV E-RETAIL LLP	21/03/2018	-

Name :

Mr. Aschak Mirish Damani

Designation :

Director

Address :

Flat No.8, Lvy Glen, S. No. 15, Wadgaon Sheri, Pune - 411014, Maharashtra, India

Date of Birth/Age :

29.12.1979

Qualification :

Graduate

Date of Appointment :

04.09.2000

PAN No.:

ACIPD3391B

DIN No.:

01172241

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25190GJ2011PTC098769	ZYLOG COMPOSITES PRIVATE LIMITED	10/08/2011	-
AAM-2781	PEHNAV E-RETAIL LLP	21/03/2018	-

Name :

Mr. Rasesh Vinaykant Parekh

Designation :

Additional Director

Address :

6/7, Ashok Nivas, South Pond Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

01.10.2016

Date of Appointment :

00816313

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U25190GJ2011PTC098769	ZYLOG COMPOSITES PRIVATE LIMITED	01/03/2017	-

MAJOR SHAREHOLDERS

As on 30.09.2017

Names of Shareholders	No. of Shares
Aschak Mirisch Damani	45495
Mirisch Ratilal Damani	4500
Aastha Damani and Aschak Damani	1
Mira Damani and Mirisch Damani	1
Zyog Composites Private Limited, India	3
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	99.994
Promoters (Body corporate)	0.006
Total	100.00

BUSINESS DETAILS

Line of Business :

· Retail trade of Sarees

· Trading and Design of Dress Materials (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99625390	Retail trade of sarees

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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 :	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Short-term borrowings
Cash Credit from banks
Interest free loans and advances from related parties	0.010	0.000
Total	0.010	0.000

Auditors :
Name :	Manesh Mehta and Company Chartered Accountants
Address :	Navrang Building, 3rd Floor, 330, Narsinatha Street, Masjid Bunder, Mumbai-400009, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPM8177G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	1.056	(0.734)	(0.705)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.556	(0.234)	(0.205)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.010	0.000	0.000
(b) Trade payables	0.034	0.270	0.216
(c) Other current liabilities	0.012	0.000	0.000
(d) Short-term provisions	0.709	0.000	0.000
Total Current Liabilities (4)	0.765	0.270	0.216
TOTAL	2.321	0.036	0.011
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.234	0.000	0.000
(d) Cash and cash equivalents	2.060	0.015	0.011
(e) Short-term loans and advances	0.000	0.021	0.000
(f) Other current assets	0.027	0.000	0.000
Total Current Assets	2.321	0.036	0.011
TOTAL	2.321	0.036	0.011

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	4.633	0.000	0.000
	Other Income	0.928	0.000	0.000
	TOTAL	5.561	0.000	0.000
Less	EXPENSES
	Cost of Materials Consumed	2.582	0.000	0.000
	Employees benefits expense	0.000	0.000	0.000
	Other expenses	0.389	0.027	0.013
	TOTAL	2.971	0.027	0.013
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2.590	(0.027)	(0.013)
Less	FINANCIAL EXPENSES	0.004	0.001	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.586	(0.028)	(0.013)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	2.586	(0.028)	(0.013)
Less	TAX	0.797	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	1.789	(0.028)	(0.013)
	Earnings / (Loss) Per Share (INR)	35.79	(0.56)	(0.26)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	2.811	0.005	NA
Net cash from operating activities	2.015	0.005	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	18.44	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	19.80	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	4.81	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.33	7.50	19.64
Debt Equity Ratio (Total Liability / Networth)	0.01	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.49	(1.15)	(1.05)
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	647.50	(27.00)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	38.61	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	77.08	(77.78)	(118.18)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	114.97	11.97	6.34

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.03	0.13	0.05
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.03	0.13	0.05
G-Score Ratio Financial (Networth / Total Assets)	0.67	(6.50)	(18.64)
G-Score Ratio Debt (Debts / Equity Capital)	0.02	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.03	0.13	0.05

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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.500	0.500	0.500
Reserves & Surplus	(0.705)	(0.734)	1.056
Net worth	(0.205)	(0.234)	1.556
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.010
Total borrowings	0.000	0.000	0.010
Debt/Equity ratio	0.000	0.000	0.006

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	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	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 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	Yes
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

CORPORATE INFORMATION

The company is a limited company domiciled in India incorporated under the provisions of the companies Act 1956.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

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 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VAR
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.

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