MIRA INFORM REPORT

Report No. :	508883
Report Date :	14.05.2018

IDENTIFICATION DETAILS

Name :	NOVITAS INDIA PRIVATE LIMITED

Registered Office :	201, 2nd Floor, Orbit Plaza, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra
Tel. No.:	91-22-66272500

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	09.02.2012

Com. Reg. No.:	11-226639

Capital Investment / Paid-up Capital :	INR 1.000 Million

CIN No.: [Company Identification No.]	U52100MH2012FTC226639

IEC No.: [Import-Export Code No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	27AADCN8990J1ZS

TIN No:	27360887785

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCN8990J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Narrow Fabrics, Sewing Accessories and Craft Products. The company is in the business of marketing of retail products (Registered Activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate

Payment Behaviour :	Slow and delayed

Litigation :	Clear

Comments :	Subject was incorporated in the year 2012. It is a manufacturer of Craft products and Sewing Accessories. For the financial year 2017, the revenue of the company has decreased by 38.66% and has incurred operational loss. The moderate financial profile of the company is reflected by negative networth base along with negligible debt level. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured 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.

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 14.05.2018

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 DENIED BY

Name :	Mr. Dawood Meer
Designation :	Not Divulged
Contact No.:	91-9870959547
Date :	12.05.2018

LOCATIONS

Registered Office :	201, 2nd Floor, Orbit Plaza, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66272500/ 66272531
Fax No.:	91-22-43332550
E-Mail :	sales@skgroup.com info@novitasindia.com lad@bom.skgroup.com
Website :	www.novitasindia.com

Factory:	A/11, 1st Floor, Unit 114-118, Harihar Complex, Village Dapode, Mankoli Naka, Bhiwandi, Thane-421302, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Mohit Nitin Motani
Designation :	Director
Address :	503, Everest Chambers, 322, Gamdevi Mount Pleasant Road, Mumbai – 400006, Maharashtra, India
Date of Appointment :	09.03.2018
DIN No:	05359699

Name :	Mr. Sanjay Ramesh Lad
Designation :	Director
Address :	705, Kunal Aprartments, Udayshree Road, Bhandup, Mumbai – 400042, Maharashtra, India
Date of Appointment :	01.01.2015
DIN No.:	00242840

Name :	Mr. Nitin Kishor Motani
Designation :	Nominee Director
Address :	503, Everest Chambers, 322, Gamdevi Mount Pleasant Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	07.10.1956
Date of Appointment :	09.02.2012
DIN No.:	00006140

MAJOR SHAREHOLDERS

As on 29.09.2017

Names of Shareholders		No. of Shares
Skay Finvest Private Limited, India		99999
Sanjay Ramesh Lad		1
Total		100000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Narrow Fabrics, Sewing Accessories and Craft Products.

The company is in the business of marketing of retail products

(Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
96020	QVS – Beauty Applicants
25931	Hair Accessories
32904	Combs and Brushes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Tourse International Limited
Aayushi Sales Corporation
Chintan Enterprises
Mega Plast
Mundhra Polycam (Private) Limited
Siddhivinayak Trading
Pooja Packaging
QVS Global HK Limited
S.K. Exports, Surat (VAD)
Sky Industries Limited, Bhiwandi
Sky Industries Limited, Surat (VAD-AP)

Customers :

Amazon
Apna Super Market
Crossworld-Local
Emami Frankross Limited
Foodworld
Future Group
Kalwa Super Market
Naaptol
Sahakari Bhandar
Aditya Agency
Ava Marketing
Jai Shiv Shakti Enterprises
Reliable Wholesale Private Limited

No. of Employees :

Information declined by the management

Bankers :

Bank 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 (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Tushar Parekh and Associates Chartered Accountants
Address :	407, Aravali Business Centre, R.C. Patel Road, Chandavarkar X Road, Next to Bata Showroom, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28932798/ 99
E-Mail :	tpassociates@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAEPP7292B

Memberships :	Not Available

Collaborators :	Not Available

Shareholder with substantial interest in voting power :	Skay Finvest Private Limited Dyno India LLC (till 16^th November, 2016)

Entities in which KMP/Relatives of KMP Can Exercise Significant Influence:	Sky Industries Limited (Company in which director Mr. Nitin K. Motani was a chairman till 22.02.2016) S.K. Exports (Firm in which director Mr. Nitin K. Motani is partner)

CAPITAL STRUCTURE

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

250000	Equity Shares	INR 10/- each	INR 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	INR 10/- each	INR 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	(16.484)	(14.146)	(13.109)
(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)	(15.484)	(13.146)	(12.109)

(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	24.141	22.973	25.822
(b) Trade payables	7.635	6.123	9.838
(c) Other current liabilities	1.393	1.605	0.761
(d) Short-term provisions	0.058	0.259	0.100
Total Current Liabilities (4)	33.227	30.960	36.521

TOTAL	17.743	17.814	24.412

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.437	0.521	0.593
(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)	1.220	1.796	1.550
(d) Long-term Loan and Advances	0.640	0.759	0.256
(e) Other Non-current assets	0.000	0.000	0.013
Total Non-Current Assets	2.297	3.076	2.412

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.702	7.920	11.154
(c) Trade receivables	7.513	6.594	9.435
(d) Cash and cash equivalents	1.159	0.016	1.359
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.072	0.208	0.052
Total Current Assets	15.446	14.738	22.000

TOTAL	17.743	17.814	24.412

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	17.284	28.177	29.554
	Other Income	4.185	9.210	0.003
	TOTAL	21.469	37.387	29.557

Less	EXPENSES
	Purchases and direct expenses	9.786	16.239	19.507
	Changes in inventories	1.218	3.216	(3.859)
	Employees benefits expense	7.252	9.659	7.762
	Other expenses	4.794	9.038	11.238
	TOTAL	23.050	38.152	34.648

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(1.581)	(0.765)	(5.091)

Less	FINANCIAL EXPENSES	0.097	0.433	0.502

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1.678)	(1.198)	(5.593)

Less	DEPRECIATION/ AMORTISATION	0.084	0.085	0.097

	PROFIT/ (LOSS) BEFORE TAX	(1.762)	(1.283)	(5.690)

Less	TAX	0.576	(0.246)	(1.334)

	PROFIT/ (LOSS) AFTER TAX	(2.338)	(1.037)	(4.356)

	CIF VALUE OF IMPORTS	5.170	5.919	4.534

	Earnings / (Loss) Per Share (INR)	(23.38)	(10.37)	(43.56)

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	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	158.66	85.42	116.52

Account Receivables Turnover (Income / Sundry Debtors)	2.30	4.27	3.13

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	284.77	137.63	184.08

Inventory Turnover (Operating Income / Inventories)	(0.24)	(0.10)	(0.46)

Asset Turnover (Operating Income / Net Fixed Assets)	(3.62)	(1.47)	(8.59)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.87	1.74	1.50

Debt Equity Ratio (Total Liability / Networth)	(1.56)	(1.75)	(2.13)

Current Liabilities to Networth (Current Liabilities / Net Worth)	(2.15)	(2.36)	(3.02)

Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.03)	(0.04)	(0.05)

Interest Coverage Ratio (PBIT / Financial Charges)	(16.30)	(1.77)	(10.14)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(13.53)	(3.68)	(14.74)

Return on Total Assets ((PAT / Total Assets) * 100)	%	(13.18)	(5.82)	(17.84)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.10	7.89	35.97

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.46	0.48	0.60

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.26	0.22	0.30

G-Score Ratio Financial (Networth / Total Assets)	(0.87)	(0.74)	(0.50)

G-Score Ratio Debt (Debts / Equity Capital)	24.14	22.97	25.82

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.46	0.48	0.60

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	1.000	1.000	1.000
Reserves & Surplus	(13.109)	(14.146)	(16.484)
Net worth	(12.109)	(13.146)	(15.484)

long-term borrowings	0.000	0.000	0.000
Short term borrowings	25.822	22.973	24.141
Total borrowings	25.822	22.973	24.141
Debt/Equity ratio	(2.132)	(1.748)	(1.559)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	29.554	28.177	17.284
		(4.659)	(38.659)

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	29.554	28.177	17.284
Profit /(Loss)	(4.356)	(1.037)	(2.338)
	(14.74%)	(3.68%)	(13.53%)

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	No
9	Promoter’s background	Yes
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	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	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

OVERVIEW OF OPERATIONS:

The company is in the business of marketing of retail products under the year consideration.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Unsecured demands loans from related parties
Dyno India LLC	20.495	20.495
Dyno India LLC-Exchange Difference	1.692	1.978
S.K. Exports	1.955	0.500
Total	24.141	22.973

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

Computer Software
Office Equipment
Furniture and Fixture
Plant and Machinery

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 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	ARC

Analysis Done by :	VRS

Report Prepared by :	MTN

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	YES
--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.