MIRA INFORM REPORT

Report No. :	507361
Report Date :	10.05.2018

IDENTIFICATION DETAILS

Name :	DOLPHIN JINGWEL MACHINES
Registered Office :	d/1427-29 and D/1434-35 New Bombay Market, umarwada, Surat-395010, Gujarat
Tel No.:	91-261-2360101/ 102
Country :	India
Financials (as on) :	31.03.2018 [Sales Figure] 31.03.2016 [Detailed Financial]
Date of Establishment :	28.06.2010
Capital Investment :	INR 26.188 Million [As on 31.03.2016 ]
IEC No.: [Import-Export Code No.]	5210010511
GSTN : [Goods & Service Tax Registration No.]	24ANAPS5247E1Z5
TIN No.:	24221704887
PAN No.: [Permanent Account No.]	ANAPS5247E
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader, Importer and Supplier of Embroidery Machinery and Textile Machinery. [Confirmed by Management]
No. of Employees :	32 [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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietary concern established in the year 2010. It is a trader, importer and supplier of embroidery machinery and textile machinery. The concern has achieved sales turnover of INR 850 million for the financial year 2017 and INR 520 million for the financial year 2018. 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.

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

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 10.05.2018.

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. Bhavin Bajrang
Designation :	Accounts Department
Contact No.:	91-261-2360101
Date :	08.05.2018

LOCATIONS

Registered/ Head Office :	D/1427-29 and D/1434-35 New Bombay Market, Umarwada, Surat-395010, Gujarat, India
Tel. No.:	91-261-2360101/ 102
Mobile No.:	91-9724246666 [Mr. Nitin Soni]
Fax No.:	91-261-2360102
E-Mail :	dolphintechno@gmail.com
Website :	www.tang-india.com
Area :	640 Sq. ft.
Location :	Owned
Locality:	Commercial
Branch Office :	B-144, 3rd Floor, D D A Shed, Phase-I, New Delhi - 110020, India
Tel. No.:	91-11-664550155

SOLE PROPRIETOR

Name :	Mr. Nitin Hiralal Soni
Designation :	Proprietor
Address :	C-602, Madhuvan Co. Operative Society, Madhuvan Campus, Anand Mahal Road, Surat-395009, Gujarat, India
PAN No.:	ANAPS5247E

KEY EXECUTIVES

Name :	Mr. Bhavin Bajrang
Designation :	Accounts Department

BUSINESS DETAILS

Line of Business :	Trader, Importer and Supplier of Embroidery Machinery and Textile Machinery. [Confirmed by Management]
Products/ Services :	· Embroidery Machinery · Textile Machinery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Embroidery Machinery
Countries :	China
Terms :
Selling :	Credit and Others [DP, NEFT]
Purchasing :	Credit and Others [DP, NEFT]

GENERAL INFORMATION

Suppliers :

Reference:	JW Embroidery Limited, China
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

End Users

Reference:

Balar Embroidery

Name of the Person (Designation):

Mr. Alpesh Balar (Proprietor)

Contact Number:

91-9376005666

Since how long known:

6 Years

Maximum limit dealt:

--

Experience:

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark

He informed that they are satisfied with their product quality and delivery behaviour.

No. of Employees :

32 [Approximately]

Bankers :

Bank Name:	Oriental Bank of Commerce
Branch:	Jashtextile and yarn market, Ring Road, Surat – 395003, Gujarat, India
Person Name (with Designation):	--
Contact Number:	91-261-2320885 (No one is responding)
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Auditors :
Name :	Manish R Bajrang and Company Chartered Accountants
Membership No :	104948
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2016

Capital Investment :
Owned :	INR 26.188 Million
Borrowed :	--
Total :	INR 26.188 Million

FINANCIAL ANALYSIS

[all figures are in INR Million]

PARTICULARS	31.03.2018	31.03.2017
Sales Turnover (Approximately)	520.000	850.000
	[Due to market fluctuation]

Expected Sales (2018-2019): INR 550.000 Million

The above information has been parted by Mr. Bhavin Bajrang [Accounts Department]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2016	31.03.2015	31.03.2014
EQUITY AND LIABILITIES
1] Share Capital		26.188	14.140	10.482
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.188	14.140	10.482
LOAN FUNDS
1] Secured Loans		5.339	5.997	6.623
2] Unsecured Loans		4.443	5.407	0.995
TOTAL BORROWING		9.782	11.404	7.618
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		35.970	25.544	18.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.887	8.598	10.598
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.221	0.788	0.167
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.759	21.217	11.637
	Sundry Debtors	76.595	11.130	15.999
	Cash & Bank Balances	19.158	16.115	1.715
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.798	28.852	21.634
Total Current Assets		180.310	77.314	50.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	157.254	61.009	43.405
	Other Current Liabilities
	Provisions	0.194	0.247	0.245
Total Current Liabilities		157.448	61.256	43.65
Net Current Assets		22.862	16.058	7.335
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.970	25.544	18.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	1066.891	373.320	274.600
	Other Income	7.034	2.623	7.816
	TOTAL	1073.925	375.943	282.416
		(Due to receive more orders)
Less	EXPENSES
	Purchases	1082.791	370.392	260.887
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(41.542)	(9.580)	12.834
	Direct Expenses	1.847	1.145	0.679
	Selling and Distribution Expenses	0.000	1.653	1.535
	Administrative Expenses	0.000	0.000	1.895
	Indirect expenses	13.360	6.212	0.000
	TOTAL	1056.456	369.822	277.830
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	17.469	6.121	4.586
Less	FINANCIAL EXPENSES	1.325	1.167	2.550
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.144	4.954	2.036
Less/ Add	DEPRECIATION/ AMORTISATION	0.280	0.311	0.292
	NET PROFIT / (LOSS)	15.864	4.643	1.744

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	1600.39	663.69	1273.36
Account Receivables Turnover (Income / Sundry Debtors)	0.23	0.55	0.29
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	53.01	60.12	60.73
Inventory Turnover (Operating Income / Inventories)	0.28	0.29	0.39
Asset Turnover (Operating Income / Net Fixed Assets)	1.47	0.71	0.43

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.86	0.84	0.83
Debt Equity Ratio (Total Liability / Networth)	0.37	0.81	0.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	6.18	4.71	4.26
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	0.61	1.01
Interest Coverage Ratio (PBIT / Financial Charges)	13.18	5.25	1.80

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	1.49	1.24	0.64
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.20	5.36	2.82
Return on Investment (ROI) ((PAT / Networth) * 100)	%	60.58	32.84	16.64

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.12	1.17	1.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.73	0.85	0.89
G-Score Ratio Financial (Networth / Total Assets)	0.14	0.16	0.17
G-Score Ratio Debt (Debts / Equity Capital)	0.37	0.81	0.73
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.12	1.17	1.15

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	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	1066.891	850.000	520.000
		(20.329)	(38.824)

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)	Yes
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	Yes
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 five years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
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	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 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	Indian Rupees
US Dollar	1	INR 67.38
UK Pound	1	INR 91.09
Euro	1	INR 79.75

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	NIY
Report Prepared by :	IND

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.