MIRA INFORM REPORT

Report No. :	506214.2
Report Date :	05.05.2018

IDENTIFICATION DETAILS

Name :	THE BOMBAY MOTOR ACCESSORIES AGENCY
Registered Office :	163, Pycrofts Road, Royapettah, Chennai-600014, Tamilnadu
Tel. No.:	91-44-28481642/ 28487052
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	1970
Capital Investment :	INR 0.100 Million (As on 31.03.2017)
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No.:	33310782517
GSTN : [Goods & Service Tax Registration No.]	33AAIFT4143M1ZZ
PAN No.: [Permanent Account No.]	AAIFT4143M
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Dealer and Distributor of PU Foam, Foam Products. (Confirmed by management)
No. of Employees :	2 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a partnership firm established in the year 1970 and it is a dealer and distributor of foam products. As per financials of March 2017, the subject has registered sharp decline in its sales turnover and has reported losses. Rating takes into consideration the subject’s continuous losses from its business operations along with moderate financial risk profile and average liquidity position. Payments seems to be slow but correct. In view of aforesaid, the subject 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 (30.09.2017)	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 31-03-2018.

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 05.05.2018

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. Fakruddin Ali Motani
Designation :	Partner
Contact No.:	91-9840223561
Date :	28.04.2018

LOCATIONS

Registered Office :	163, Pycrofts Road, Royapettah, Chennai-600014, Tamilnadu, India
Tel. No.:	91-44-28481642/ 28487052
Mobile No.:	91-9840223561 (Mr. Fakruddin Ali Motani)
Fax No.:	Not Available
E-Mail :	aj_shabbiv@yahoo.com
Area :	300 Sq.ft.
Location :	Rented
Locality :	Commercial

PARTNERS

Name :	Mr. Fakruddin Ali Motani
Designation :	Partner
Name :	Mr. Mustaffa Ali Motani
Designation :	Partner
Name :	Mr. Shabbir Ali Motani
Designation :	Partner
Name :	Mr. T Khatijabhai
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Dealer and Distributor of PU Foam, Foam Products. (Confirmed by management)
Products :	· PU Foam · Foam Products
Brand Names :	Not Available
Agencies Held :	Joy Foam Private Limited
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Others (NEFT, RTGS)
Purchasing :	Others (NEFT, RTGS)

GENERAL INFORMATION

Suppliers :

· Rishab Fabrics

· Sriram Foams

· Konika Narrow Fab

· Sona Button House

· Rajesh Rexine

· Lakshmi Tread Works

· J B Foam

· Kailash Traders

Customers :

End Users

· Yosh Inc.

· Adnan Shoes

· Aggu Soles

· A N H Trading

· Ashley Brands

· Global Engg. Enterprises

· Hevea Furniture and Interior Private Limited

· N S Industrial Components

No. of Employees :

2 (Approximately)

Bankers :

Banker Name :	Corporation Bank
Branch :	White Road Branch, Chennai, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	91-44-28589613 (Continuously Ringing)
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 :	Mani Mohan and Company Chartered Accountants
Address :	Chennai, Tamilnadu, India
Collaborators :	Not Available
Membership :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 31.03.2017

Capital Account :	Amount (INR In Million)
T Khatijabhai	0.025
Fakruddin Ali Motani	0.025
Mustaffa Ali Motani	0.025
Shabbir Ali Motani	0.025
Total	0.100

PARTNERS CURRENT ACCOUNT

Current Account :	Amount (INR In Million)
T Khatijabhai
By Balance (Takenover)	0.000	1.480
By Credits during the year	0.000	0.000
By Remuneration	0.000	0.000
By Interest on Capital	0.000	0.181
By Net profit for the year	0.000	(0.165)
To drawing	0.054	0.000
To Balance c/d	1.442	0.000
Total	1.496	1.496

Current Account :	Amount (INR In Million)
Fakruddin Ali Motani
By Balance (Takenover)	0.000	0.439
By Credits during the year	0.000	0.072
By Remuneration	0.000	0.120
By Interest on Capital	0.000	0.056
By Net profit for the year	0.000	(0.165)
To drawing	0.243	0.000
To Balance c/d	0.279	0.000
Total	0.522	0.522

Current Account :	Amount (INR In Million)
Mustaffa Ali Motani
By Balance (Takenover)	0.000	1.091
By Credits during the year	0.000	0.000
By Remuneration	0.000	0.120
By Interest on Capital	0.000	0.134
By Net profit for the year	0.000	(0.165)
To drawing	0.250	0.000
To Balance c/d	0.930	0.000
Total	1.180	1.180

Current Account :	Amount (INR In Million)
Shabbir Ali Motani
By Balance (Takenover)	0.000	1.031
By Credits during the year	0.000	0.000
By Remuneration	0.000	0.120
By Interest on Capital	0.000	0.127
By Net profit for the year	0.000	(0.165)
To drawing	0.096	0.000
To Balance c/d	1.017	0.000
Total	1.113	1.113

FINANCIAL DATA

[all figures are INR Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016
EQUITY AND LIABILITIES
1] Share Capital
Capital Account		0.100	0.100
Partners Current Account		3.668	4.043
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.768	4.143
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3.768	4.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.002	0.002
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.251	0.216
	Sundry Debtors	3.772	4.273
	Cash & Bank Balances	0.352	0.069
	Other Current Assets	0.000	0.000
	Loans & Advances	0.415	0.415
Total Current Assets		4.790	4.973
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.355	0.713
	Other Current Liabilities and Provisions	0.669	0.119
Total Current Liabilities		1.024	0.832
Net Current Assets
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.768	4.143

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	5.468	9.610
	Other Income	0.000	0.000
	TOTAL	5.468	9.610
		(Due to Market Fluctuation)
Less	EXPENSES
	Purchases	4.948	7.750
	Increase / (Decrease) in stock	(0.035)	0.670
	Employees benefits expense	0.075	0.118
	Other expenses	1.135	1.391
	TOTAL	6.123	9.929
	PROFIT/ (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	(0.655)	(0.319)
Less	FINANCIAL EXPENSES	0.004	0.003
	PROFIT / (LOSS) BEFORE, DEPRECIATION AND AMORTISATION	(0.659)	(0.322)
Less/ Add	DEPRECIATION/ AMORTISATION	0.001	0.002
	NET PROFIT/ (LOSS)	(0.660)	(0.324)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	251.79	162.29
Account Receivables Turnover (Income / Sundry Debtors)	1.45	2.25
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	26.19	33.58
Inventory Turnover (Operating Income / Inventories)	(2.61)	(1.48)
Asset Turnover (Operating Income / Net Fixed Assets)	(327.50)	(159.50)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.21	0.17
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.27	0.20
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	(163.75)	(106.33)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	(12.07)	(3.37)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(13.77)	(6.51)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(17.52)	(7.82)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	4.68	5.98
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	4.43	5.72
G-Score Ratio Financial (Networth / Total Assets)	0.79	0.83
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	4.68	5.98

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	31.03.2016	31.03.2017
	INR In Million	INR In Million
Capital Account	0.100	0.100
Partners Current Account	4.043	3.668
Reserves & Surplus	0.000	0.000
	4.143	3.768
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	9.610	5.468
		(43.101)

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	9.610	5.468
Profit/ (Loss)	(0.324)	(0.660)
	(3.37%)	(12.07%)

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	No
18	Major suppliers	Yes
19	Major customers	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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 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 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	VIV
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.