MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	JWP DEVELOPERS PRIVATE LIMITED
Registered Office :	H. No.1084/2, Sector 39-B, Chandigarh – 160036
Country :	India
Date of Incorporation :	26.04.2012
Com. Reg. No.:	033751
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U70109CH2012PTC033751
TAN No.: [Tax Deduction & Collection Account No.]	PTLJ11812D
Legal Form :	Private Limited Liability Company
Line of Business :	Builders in Hospitality and Real Estate Sector.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and yet to complete its one full one year of operation. Business is active. Payments re unknown. The company can be considered for business dealing on a 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Param Pal Singh
Designation :	Director
Contact No.:	91-9815900048
Date :	06.09.2012

LOCATIONS

Registered/ Corporate Office :	H. No.1084/2, Sector 39-B, Chandigarh – 160036, India
Tel. No.:	91-1632-221821
Mobile No.:	91-9815900048 (Mr. Param Pal Singh)
Fax No.:	Not Available
E-Mail :	jwpdeveloperspvt.ltd@gmail.com kakkarchd@rediffmail.com
Area :	479160 sq. ft.
Location :	Owned
Branch Office :	NH 95, Opposite Bhai Floor Mills, G. T. Road, Moga – 142001, Punjab, India
Proposed Location of unit:	Village Swadh Khera, G.T. Road, Moga, Punjab, India

DIRECTORS

Name :

Mr. Jagroop Bachan Singh

Designation :

Director

Address :

H. No.1057, W. No. 7, White House, G T Road, Moga - 142001, Punjab, India

Date of Birth/Age :

26.01.1956

Qualification :

Graduate

Experience :

15 years

Date of Appointment :

26.04.2012

Profile:

Mr. Jagroop Singh S/o Mr. Bachan Singh aged 56 years is a graduate residing at H. No. 1057, Near PWD Rest House, G.T. Road, Moga. He has been in the real estate industry for the last 15 years. He has very good reputation in this line of activity. He is also a partner in Mitter Finance Company, Moga since last 15 years. The firm is engaged in proving finance to cars, trucks, two wheelers etc. Earlier Mr. Jagroop Singh was engaged in transport business till 2003. Now Sh. Jagroop Singh and other family members have floated new company i.e. JWP Developers Private Limited for setting up a marriage palace.

DIN No.:

00083514

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65921PB1994PLC014432	MITTER FINANCE COMPANY LIMITED	Director	08/04/1994	08/04/1994	10/09/2009	Active	NO
2	U70109CH2012PTC033751	JWP DEVELOPERS PRIVATE LIMITED	Director	26/04/2012	26/04/2012	-	Active	NO

Name :

Ms. Harjinder Kaur Gurmail Singh

Designation :

Director

Address :

H. No.1057, W. No. 7, White House, G T Road, Moga - 142001, Punjab, India

Date of Birth/Age :

15.02.1956

Qualification :

Graduate

Date of Appointment :

26.04.2012

DIN No.:

05257238

Name :

Mr. Param Pal Jagroop Singh

Designation :

Director

Address :

H. No.1057, Ward No.7, Near P.W.D, Rest House, Moga - 142001, Punjab, India

Date of Birth/Age :

01.11.1983

Qualification :

Law Graduate

Experience :

15 years

Date of Appointment :

26.04.2012

Profile :

Mr. Param Pal Singh S/o Mr. Jagroop Singh aged 28 years is a Law graduate residing at H. No. 1057, Near PWD Rest House, G.T. Road, Moga. Sh. Param Pal Singh is executive director of the company and will look after the day to day working of the company under the guidance of his father Mr. Jagroop Singh. He is well renowned and socially connected human being in the society and his networking skills would be of great help for the company.

DIN No.:

05257254

Name :

Ms. Navpahul Jit Kaur

Designation :

Director

Address :

H. No.1057, Ward No.7, Near P.W.D, Rest House, Moga - 142001, Punjab, India

Date of Birth/Age :

27.03.1985

Qualification :

Graduate

Date of Appointment :

26.04.2012

DIN No.:

05257281

MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN

(AS ON 24.04.2012)

Names of Shareholders	No. of Shares
Jagroop Bachan Singh	25000
Harjinder Kaur Gurmail Singh	25000
Param Pal Jagroop Singh	25000
Navpahul Jit Kaur	25000
Total	100000

(AS ON 30.06.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Builders in Hospitality and Real Estate Sector.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

No. of Employees :	5 (Approximately)
Bankers :	· Bank of India Moga, Punjab, India · Axis Bank Moga, Punjab, India · HDFC Bank Moga, Punjab, India

Banking Relations :	--
Auditors :
Name :	Navneet Kakkar Chartered Accountant
Associates/Subsidiaries :	· Mitter Finance Company Limited House No.54, Master Karnail Singh Nagar, Phase II, Ludhiana, Punjab CIN No.: U65921PB1994PLC014432

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW COMPANY

Particulars	(R. In Millions)
Project Cost	100.000
Loan Applied	72.500

The above information has been parted by Mr. Param Pal Singh.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

EXECUTIVE SUMMARY

Industry	Hospitality
Project Cost	Rs.99.650 Millions
Promoters Contribution	Rs.27.150 Millions
Term Loan from Bank/FIs	Rs.72.500 Millions
D/E Ratio	2.67:1
Promoters Margin	27.25%
Door To Door Tenor	8 years
Moratorium Period	1 year 9 months Including implementation period of 1 year and 3 months
Repayment Period	25 Quarters, Starting from Quarter Ending June 2014.
AGDSCR	1.97
Min DSCR	1.40
Break Even Point	72.85% (FY 2015)
Cash Break Even Point	36.72% (FY 2015)

PROPOSED PROJECT

The company has decided to set up a marriage palace cum resort at village Swadh Khera, G.T. Road, Moga (Punjab). The Land of the proposed project is at a prime location. There is very good scope for good marriage palaces in the area. The proposed project will be developed on land measuring 5.50 acres which has already been taken on lease basis for 30 years from directors of the company. The palace will be centrally air conditioned and fully decorated. There is also a provision of lush green lawn and huge parking.

INDUSTRY SCENARIO

Industry Outlook

India, the country which undoubtedly surpasses others in every respect in terms of its culture, traditions, history, moral values, aesthetic sense or others, has become a regular haunt for foreigners. There are many things that have influenced them to give it at least one visit. However, the one that is rising immensely in popular ity among them is wedding. Weddings in India are celebrated on a very expansive scale. In fact India has become one of the biggest and most searched after wedding destinations in the world. People from far off corners of the world are coming down to India to solemnize their marriage ceremonies in truly Indian style inspired by its rich culture and traditions. They indeed get to celebrate and experience one of the most lavish and romantic weddings in India. In the current atmosphere of crisis, it is almost impossible to mention a sector that has not been somehow affected by the ongoing financial, which has dramatically affected world economies. However, there is one sector that is most likely to be among the few that will remain relatively unaffected by the crisis: the wedding industry. Backed by recent statistics, leading experts in the industry, which incorporates a number of sectors from furniture to event planning, say that demand has not dropped substantially because marriages are still a source of hope for couples in such an atmosphere, although many are cutting wedding expenditures to some extent.

According to data from Interior Ministry's General Directorate of Population and Citizenship Affairs, the number of couples getting married increases every year in India. Interestingly enough, while there has been a considerable recession in many sectors due to the ongoing financial crisis, figures show that the number of marrying couples increased by 3 percent in the last months of 2011, when compared with 2010's figures for the same period. Weddings in India are becoming more and more elaborate since the spending power of the people is increasing with each passing day. The wedding season begins in October which is the time for booming business for wedding co-coordinators. Weddings today have become a lavish affair. Even a wedding band can range anywhere between Rs.0.002 Million - Rs.0.100 Million.

Today, weddings are no longer a household affair. They are well planned, organized and well publicized events. Wedding co-ordination agencies, specialized stores for wedding wear, wedding magazines, beauty parlours (exclusively for brides) are fast mushrooming in the country. A survey conducted by a Delhi based market research agency shows that the wedding industry is growing at over 25 percent every year. In some places stars like Shahrukh Khan, Karisma Kapoor and other renowned celebrities are being invited but it is not feasible for everyone to do so. Organizing a star studded event like this is a multi crore business in itself. Trousseau and gift packing which earlier was confined to the family is now becoming another profession by itself. A professional trousseau packer can charge anywhere between Rs.0.050 Million to 0.100 Million for packing again depending on the items and the material used. Designer invitation cards, shagun envelopes, pouches, saree bags, fruit boxes, trays for gifts etc are some of the items required and used. Designer cards alone can cost upto a thousand rupees (per card).Surprisingly, the new spenders who are responsible for the current boom are neither from royal families nor do they belong to traditionally rich business communities. They are all the first generation rich who are using weddings as a showcase to flaunt their wealth. They have the purchasing power. Some of them are industrialists, politicians, real estate owners and retail chain owners. Wedding co-ordination is a business of ideas. The driving force here is constant innovation. The more one exploits their creativity, the better it is. The search for the unusual has led to weddings being planned on a particular theme. It could be on Mehfil-e-Imaam which would take back to the nawabi style of weddings of Lucknow or a Chinese theme with paintings.

Gone are the days when great weddings were the ones to be held at some five star hotel with baratis trooping in fanning Rs.10 bundles, points out wedding organisers and industry experts."With increased money at their disposal and more awareness, people now don't just want a five star wedding. The Mittals and Sahara's along with the Chatwal weddings have changed the way, one would view a grand wedding," says Saurabh Sen Gupta, head, event management, Kimaya, which organises individual events like ladies sangeet with Bollywood singers performing and bachelor parties along with theme parties for the marriages."The pandlas are more like film sets now. Theme parties are what really excite everyone. With fashion designers like JJ Valya and Ritu Kumar focusing on marriage trousseau more, one cannot even imagine how much can one spend on even individual ceremonies. Moreover, with even some Bollywood set designers stepping in to design marriage pandals, the grand Indian wedding is just getting bigger," he adds. Industry experts now point out that a good wedding now takes place for about a crore and a half, even though the average wedding expenditure for a middle class family comes to about Rs 15 lakhs (Rs 1.5 million) without the jewellery.

In the current wedding scenario in India, wedding has become a glamorous affair with grand budgets and picturesque wedding venues. Everyone aspires to make their wedding a living legend and the wedding planner helps the couples providing all the necessary assistance for materializing their dream wedding in India. Here at company their Indian wedding planners provides the most over-whelming hospitality and assistance to its clientele as they plan their dream wedding in India.

At company a team of efficient, trained and dedicated professionals work most meticulously to make the wedding a success. The wedding planner keeps inventing new ways and ideas for providing a unique wedding experience to all their clients giving foremost importance to their inputs and desires.

PROJECT COST AND MEANS OF FINANCE

PROJECT COST

The cost of the project is estimated to be Rs.99.650 Millions, details is as under:

Sr. No.	Particulars	(Rs. In Millions)
1	Land (on Lease Hold Basis)	0.000
2	Building & Site Development	72.967
3	Misc. Fixed Assets	20.472
4	Pre-operative Expenses	4.740
5	Provision for contingencies	1.471
	Total	99.650

MEANS OF FINANCE

Sr. No.	Particulars	(Rs. In Millions)
1	Promoters Contribution	27.150
2	Term Loan	72.500
	Total	99.650

The project cost has been estimated at around Rs.99.650 Millions. To part finance the project, a Bank term Loan of Rs.72.500 Millions is proposed. The balance of Rs.27.150 Millions is proposed as promoter’s contribution which makes the promoters contribution comes to 27.25%, who have the capacity to raise the same as the net means of promoters as on 30.06.2012 are:

Name of Promoter	Net Means (Rs. In Millions)
Mr. Jagroop Singh	264.291
Mr. Param Pal Singh	50.517
Ms. Harjinder Kaur	66.184
Ms. Navpahul Jit Kaur	2.650

The company has decided to set up a marriage palace cum resort at village Swadh Khera, G.T. Road (NH – 95), Moga (Punjab). The Land is at a very good location. There is a very good market for marriage palaces cum resorts.

LAND

The company has already acquired land measuring 5.50 acres situated at Village Swadh Khera, G.T. Road, Moga (Punjab) for the proposed unit on lease basis from directors of the company. The land is sufficient for the envisaged project of the company.

SITE DEVELOPMENT AND BUILDING:

The building will have RCC structure. The detail of the building to be constructed is as under: -

Brief Description	Area (In Sq. ft.)	Cost (Per Sq. ft.)	(Rs. In Millions)
Boundary Wall, Gate etc.	(Lump Sum)		3.000
Landscaping, Earth Filing etc.	(Lump Sum)		6.500
Total			9.500

DETAILS OF BUILDING

Brief Description	Area (In Sq. ft.)	Cost (Per Sq. ft.)	(Rs. In Millions)
Banquet Hall	20000.00	850.00	17.000
Hotel Block and Staff Rooms	10000.00	850.00	8.500
Kitchen Block	3500.00	650.00	2.275
Flooring	30000.00	130.00	3.900
Lighting	30000.00	130.00	3.900
False Ceiling	30000.00	100.00	3.000
Toilets for Banquet	Lump Sum		1.500
Cost of Elevation including Acp Class etc	Lump Sum		10.000
Interior Decoration	Lump Sum		10.000
Sub Total			60.075
Cost of CLU	Lump Sum		2.000
Architect Fee @ 2%			1.392
Sub Total			3.392
Grand Total			72.967

The company is proposed to construct 33500 sq.ft. area for the building of proposed project. The company has already appointed Designers’ Inc, Architect Interior Designer of Chandigarh for the proposed project. Designers’ Inc has vest experience in this kind of projects. The profile of Designers’ Inc is enclosed.

Misc. Fixed Assets and other Equipments:

The company is proposing to purchase Misc. Fixed Assets and other Equipments of Rs.20.472 Millions which includes Air Conditioning Plant, D G Sets and Other Misc Fixed Assets. Detail of the Misc. Fixed Assets is as under:-

Brief Description	Qty/ Capacity	Unit Price	(Rs. In Millions)
Air Conditioning	200	35000.00	7.000
D G Set (320 KVA)	1	1742250.00	1.742
D G Set (160 KVA)	1	994750.00	0.995
D G Set (25 KVA)	1	373750.00	0.374
Hotel & Staff Room Furniture	Lump Sum		3.000
Linen & Drapery	Lump Sum		1.500
Electrical & Electronics Equipments	Lump Sum		2.500
Other Assets like computers, ups etc.	Lump Sum		1.500
Freight, Taxes, Packing etc.	100%		1.861
GRAND TOTAL			20.472

Pre-Operative Expenses:

Pre operative expensed for the proposed project is estimated at Rs.4.740 Millions. This includes Upfront Fees and Other Bank Charges, Interest on Term Loan during implementation period, Power Security and Misc Fee and Other Charges. The details of the same are as under: -

Particulars	Amount (Rs. In Millions)
Upfront Fee and Other Bank Charges	0.363
Consultancy, Erection and other Charges	0.250
Interest on Term Loan (Construction Period)	3.852
Power Security	0.075
Misc. Fee and Other Charges	0.200
Total	4.740

Provision for Contingencies:

The implementation period of the proposed project is envisaged at 1 year and 3 months. The cost of proposed project is estimated at the present availing prices and is expecting to move upward during the implementation period. The company is proposing to provide provision for contingencies of 1.50% at the cost of the building, Pre-operative expenses and other fixed assets.

MEANS OF FINANCE

Promoter’s Contribution:

The promoters of the company are proposing to infuse their contribution of Rs.27.150 Millions. They are men of means and have capacity to infuse the promoters contribution in shape of Equity. The Authorized share capital of the company is Rs.1.000 Million which will be increased before the disbursement of the term loan.

Term Loan:

Total cost of the project is Rs.99.650 Millions. Term Loan requirement of the company is Rs.72.500 Millions with door to door tenor of 8 years including moratorium period of 1 year and 9 Months (Implementation period of 1 year and 3 Months). Term Loan will be repayable in 25 quarterly installments on ballooning basis starting from quarter ended June 2014.

UTILITIES

Labor

The proposed marriage palace will be situated at Village Swadh Khera, G.T. Road, Moga (Punjab). The company is proposing to appoint 10-15 skilled and unskilled laborers for day to day maintenance of the lawn along with the marriage hall. Further the promoters propose to hire contractual labour on the occasion of marriages to be held there. Labor is easily available in Moga at reasonable rates. At the time of wedding the labour will be brought by the respective vendors only.

Power

The marriage palace requires a total power load of 420 KW for the proposed project. It has been explored from the Punjab State Power Corporation Limited and own generation. The company has already a power load of KW. The company has also proposed to purchase three DG sets of 320 KVA, 160 KVA and 25 KVA for an amount of Rs.3.111 Millions to meet its power requirement. The company has not got sanction the full power load because the industry is seasonal and if full power load is got sanctioned then the Company will have to bear with additional fixed cost during non seasonal period. To meet out the power requirement the company has proposed to installed DG sets of different capacity according the requirement. The use of D G Sets is a common trend in the marriage palaces due to seasonal nature of industry.

Water

The water requirements will be fulfilled by getting water tankers from the city itself during the wedding or any other occasion. However the promoters have also proposed to install a bore well pump after 6 months of the implementation of the project.

Marketing Arrangements

The market for marriage palaces is very good in and around area. The land is situated at village Swadh Khera, G.T. Road (NH-95), Moga (Punjab). The land is within 5 Kms of Municipal Corporations limits. It is on Ludhiana – Moga G.T. Road. The land is at a prime location. This is an easy approachable marriage palace for the local people in an around Moga. Further the people of Moga have their nearest marriage palace at and theirs being closer to the city and with latest infrastructure along with the rent being affordable would be definitely preferred by the local residents. The promoters have ample experience in the real estate business.

ASSUMPTION UNDERLYING THE PROFITABILITY PROJECTIONS OF THE PROPOSED PROJECT

The company has taken the following assumption for the profitability/commercial/economical viability of the project:

1 Working days in a year 365

2 Capacity Utilisation

- First Year 2013-14 30%

- Second Year 2014-15 45%

- Third Year 2015-16 60%

- Fourth Year 2016-17 and Onwards 65%

3 Rate of interest on Term Loan 14.50%

4 Rate of interest on Working Capital Limits 14.00%

5 General Administrative Expenses have been taken 5% of total receipts.

6 Increase in cost of repair & maintenance of lawn has been taken at 5%.

7 Other repair and maintenance has been taken at 1% of gross block of assets.

SWOT ANALYSIS OF THE PROJECT

Strengths

· The location of the proposed project is on National Highway (NH – 95).

· Promoters have sufficient experience.

· Promoters of the project are financially sound.

· Latest infrastructure nearer to the city than other marriage halls.

Weaknesses

· Other marriage palaces around the city

Opportunities

· People in today’s times prefer marriage palaces rather than hotels as they are a cheap and a spacious option.

· People of Moga often come to Ludhiana for celebrating their marriages and other functions due to non availability of good infrastructure. After their marriage palaces establishment we propose to cater to their requirements.

Threats

· Competition from Hotels.

------------------------------------------------------------------------------------------------------------------------------

PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	2012-13	2013-14	2014-15	2015-16	2016-17
	(Projected)
A. SOURCES OF FUNDS
Net Profit After Tax	0.000	6.515	4.256	12.606	16.771
Depreciation	0.000	5.524	10.414	9.221	8.171
Increase in Promoters Funds	13.575	13.575	0.000	0.000	0.000
Increase in Term Loan	20.000	52.500	0.000	0.000	0.000
Increase in Current Liabilities	0.000	3.876	1.000	0.500	0.500
Total (A)	33.575	81.990	15.670	22.327	25.442
B. APPLICATION OF FUNDS
Increase in Fixed Assets	33.500	66.075	0.000	0.000	0.000
Increase in Non Current Assets	0.075	0.000	0.000	0.000	0.000
Increase in Current Assets	0.000	10.000	2.500	7.500	10.000
Repayment of Term Loans	0.000	0.000	5.500	13.000	13.000
Total (B)	33.575	76.075	8.000	20.500	23.000
Surplus/ Deficit (A-B)	0.00	5.914	7.670	1.828	2.442
Opening Balance	0.00	0.000	5.914	13.584	15.412
Closing Balance	0.00	5.914	13.584	15.412	17.853

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFITABILITY STATEMENT

(RS. IN MILLIONS)

Particulars	2013-14	2014-15	2015-16	2016-17
	(Projected)
Capacity Utilisation	30%	45%	60%	65%
Sales/ Receipts	26.828	40.241	53.655	58.126
Cost of Production
Wages and Salaries	0.861	1.808	1.899	1.993
Power and Fuel	2.642	7.926	10.569	11.449
Lawn Repair and Maintenance	0.500	0.550	0.605	0.666
Other repairs and Maintenance	0.996	0.996	0.996	0.996
Depreciation	5.524	10.414	9.221	8.171
Total	10.523	21.694	23.290	23.275
Gross Profit	16.305	18.547	30.366	34.852
Interests on Term Loan	5.256	10.131	8.954	7.069
Interests on Working Capital	0.092	0.123	0.123	0.123
General Administrative Expenses	1.341	2.012	2.683	2.906
Total	6.689	12.266	11.759	10.098
Profit Before Tax	9.616	6.281	18.607	24.754
Tax Liability	3.101	2.026	6.001	7.983
Profit After Tax	6.515	4.256	12.606	16.771
PBT/ Sales	35.84%	15.61%	34.68%	42.59%
EBDIT/ Sales	76.03%	66.66%	68.55%	68.81%

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2012-13	2013-14	2014-15	2015-16	2016-17
	(Projected)
ASSETS
Fixed Assets
Gross Block	33.500	99.575	99.575	99.575	99.575
Depreciation	0.000	5.524	15.938	25.160	33.330
Net Block	33.500	94.051	83.637	74.416	66.245
Security	0.075	0.075	0.075	0.075	0.075
Current Assets, Loans and Advances
Cash and Bank Balance	0.000	5.914	13.584	15.412	17.853
Other Assets	0.000	10.000	12.500	20.000	30.000
TOTAL	33.575	110.041	109.796	109.903	114.174
LIABILITIES
Promoters Funds	13.575	27.150	27.150	27.150	27.150
Reserve and surplus	0.000	6.515	10.770	23.376	40.147
Secured Loan – Term Loan	20.000	72.500	67.000	54.000	41.000
Working Capital Limits	0.000	0.876	1.376	1.376	1.376
Current Liability and Provisions	0.000	3.000	3.500	4.000	4.500
TOTAL	33.575	110.041	109.796	109.903	114.174
Current Ratio	--	4.11	5.35	6.59	8.14
TOL/ TNW	1.47	2.27	1.90	1.18	0.70

-----------------------------------------------------------------------------------------------------------------------------

DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

Particulars	2012-13	2013-14	2014-15	2015-16	2016-17
	(Projected)
Profit After Tax	6.515	4.256	12.606	16.771	18.629
Depreciation	5.524	10.414	9.221	8.171	7.244
Interest on Term Loan	5.256	10.131	8.954	7.069	5.185
Total Fund Available	17.295	24.801	30.782	32.011	31.059
Installments of Term Loan	0.000	5.500	13.000	13.000	13.000
Interests on Term Loan	5.256	10.131	8.954	7.069	5.185
Total Fund Required	5.256	15.631	21.954	20.069	18.185
Gross DSCR	3.29	1.59	1.40	1.60	1.71
Net DCSR	--	2.67	1.68	1.92	1.99
Average Gross DCR	1.97
Average Net DSCR	2.52

-----------------------------------------------------------------------------------------------------------------------------

BREAK EVEN ANALYSIS

(RS. IN MILLIONS)

Particulars	2013-14	2014-15
Sales	26.828	40.241
Variable Expenses
Power and Fuel	2.642	7.926
Wages and Salaries (75%)	0.646	1.356
Interests on Working Capital	0.092	0.123
Selling Expenses	1.341	2.012
CONTRIBUTION	22.106	28.824
Fixed Expense
Wage and Salaries (25%)	0.215	0.452
Depreciation	5.524	10.414
Interest on term Loan	5.256	10.131
Break Even Point	4.974	7.285
Break Even Point On Cash Basis	2.475	3.672

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	Rs.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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.