MIRA INFORM REPORT

Report Date :

02.12.2013

IDENTIFICATION DETAILS

Name :	NEW FINE INTERNATIONAL
Registered Office :	#1413, Opposite Bharti Colony Near Shallygram School Bahadur Ke Road, Ludhiana – 141001, Punjab
Country :	India
Financials (as on) :	31.03.2013
Year of Establishment :	2006
Capital Investment / Paid-up Capital :	Rs.2.702 Millions
TIN No.:	03342097006
PAN No.: [Permanent Account No.]	CAIPK7256C
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer, Exporter and Trade of Readymade Garments Children’s Wear, T-Shirts, Kid’s Wear, Sports Wear (Hosiery, Woolen and Denim Wear)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having a satisfactory track record. It has performed well. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Jaswinder Singh Arora
Designation :	Chief Executive Officer
Contact No.:	91-9464000206
Date :	12.11.2013

LOCATIONS

Registered Office :	#1413, Opposite Bharti Colony Near Shallygram School Bahadur Ke Road, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2781606
Mobile No.:	91-9464000206 (Mr. Jaswinder Singh Arora)
Fax No.:	Not Available
E-Mail :	rohitarora8899@yahoo.com
Website :	http://www.new.lookdemo.com

SOLE PROPRIETOR

Name :	Mrs. Harpreet Kaur
Designation :	Proprietor
Address :	Ludhiana – 141001, Punjab, India

KEY EXECUTIVES

Name :	Mr. Jaswinder Singh Arora
Designation :	Chief Executive Officer
Date of Birth :	46 years

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trade of Readymade Garments Children’s Wear, T-Shirts, Kid’s Wear, Sports Wear (Hosiery, Woolen and Denim Wear)
Exports :
Products :	Readymade Garments Children’s Wear, T-Shirts, Kid’s Wear, Sports Wear (Hosiery, Woolen and Denim Wear)
Countries :	UAE and Europe
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :

· Gaurav International

· Little Master Knitwears

· Twinkle Impex

Customers :

Retailers

· Janagal Exports Private Limited

· Surinder and Company

· Neva Garments Private Limited

No. of Employees :

50 (Approximately)

Bankers :

· The Catholic Syrian Bank Limited

Ludhiana – 141001, Punjab, India

· Bank of India

Ludhiana – 141001, Punjab, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
HDFC Car Loan	0.344	0.000
The Catholic Syrian Bank Limited	1.016	0.000
The CSB Limited (MTL)	1.898	0.000
Total	3.258	0.000

Banking Relations :	--
Auditors :
Name :	HRB and Associates Chartered Accountants
Address :	Near Sweet Shop, New Shiv Puri, Ludhiana – 141007, Punjab, India
Tel No.:	91-161-4642207
Mobile No.:	91-9417002204
Email :	hrb9417002204@gmail.com hemantos_bhardwaj@hotmail.com clienthrbit@gmail.com

CAPITAL STRUCTURE

PROPRIETOR’S CAPITAL ACCOUNT

Particulars	31.03.2013 (Rs. In Millions)
Capital A/c
Harpreet Kaur (Proprietor)	2.385
Add: Addition	0.000
Add: Net Profit	0.401
	2.786
Less: Withdrawals	0.084
Total	2.702

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

FINANCIAL DATA

[All figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2.702	2.385	1.915
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		2.702	2.385	1.915
LOAN FUNDS
1] Secured Loans		3.258	0.000	0.000
2] Unsecured Loans		0.095	0.000	0.000
TOTAL BORROWING		3.353	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.055	2.385	1.915
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.594	0.009	0.015
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.647	0.651	0.428
	Sundry Debtors	5.321	1.572	1.046
	Cash & Bank Balances	0.448	0.370	0.550
	Other Current Assets	0.142	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		9.558	2.593	2.024
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.078	0.213	0.120
	Other Current Liabilities	0.019	0.004	0.004
	Provisions	0.000	0.000	0.000
Total Current Liabilities		6.097	0.217	0.124
Net Current Assets		3.461	2.376	1.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.055	2.385	1.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	12.188	2.476	2.445
		Other Income	0.000	0.000	0.000
		TOTAL	12.188	2.476	2.445
Less	EXPENSES
		Cost of Goods Sold	10.616	2.228	2.201
		Wages	0.189	0.000	0.000
		Electricity Expenses	0.042	0.000	0.000
		Accounting Charges	0.012	0.003	0.005
		Audit Fees	0.010	0.000	0.000
		Bank Charges	0.029	0.000	0.000
		Car Expenses	0.011	0.000	0.000
		Stationery	0.003	0.003	0.006
		Insurance	0.012	0.000	0.000
		Interests on Car Loan	0.024	0.000	0.000
		Interests on MTL	0.234	0.000	0.000
		Interests on C/C	0.122	0.000	0.000
		Telephone	0.000	0.000	0.004
		Dewali Expenses	0.003	0.002	0.005
		Vehicles	0.009	0.002	0.006
		Entertainment	0.002	0.004	0.004
		Legal Expenses	0.003	0.002	0.002
		General Expense	0.006	0.002	0.004
		Salary	0.000	0.022	0.000
		TOTAL	11.327	2.268	2.237
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.861	0.208	0.208
Less/ Add	DEPRECIATION/ AMORTISATION		0.460	0.006	0.013
	NET PROFIT		0.401	0.202	0.195

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.29	8.16	7.98
Net Profit Margin (PBT/Sales)	(%)	3.29	8.16	7.98
Return on Total Assets (PBT/Total Assets}	(%)	3.30	7.76	9.56
Return on Investment (ROI) (PBT/Networth)		0.15	0.08	0.10
Debt Equity Ratio (Total Debt/Networth)		1.24	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.57	11.95	16.32

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Jaswinder Pal Singh	0.095	0.000
Total	0.095	0.000

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

COST OF EXPANSION PROJECT AND MEANS OF FINANCING

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	EXPANSION PROJECT
A.	COST OF PROJECT
1	Land	Existing
2	Building and Civil Works	Existing
3	Plant and Machinery	8.250
4	Miscll. Fixed Assets	1.750
	Total	10.000
B.	MEANS OF FINANCE
1	Term Loans From SBI	6.500
2	Promotor's Contribution	3.500
	Total	10.000

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

	Particulars	31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
		Estimated	Projected
1	Gross Sales
i)	Domestic sales	39.555	43.511	47.862	52.648	57.913	63.704
ii)	Export sales	0.000	0.000	0.000	0.000	0.000	0.000
iii)	Service Charges	0.000	0.000	0.000	0.000	0.000	0.000
iv)	Other Income	0.300	0.330	0.363	0.399	0.439	0.483
	TOTAL	39.855	43.841	48.225	53.047	58.352	64.187
2	Less Excise duty
	Less rebate and discount	--	--	--	--	--	--
	TOTAL	--	--	--	--	--	--
3	Net Sales (Item 1 - Item 2)	39.855	43.841	48.225	53.047	58.352	64.187
4	Percentage rise or fall in net sales as compared to last year	227%	10%	10%	10%	10%	10%
5	Cost of sales
i)	Raw materials (including stores and other items used in process of manufacture)
	(a) Imported	370350	38.600	42.900	47.555	52.640	58.300
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
ii)	Other spares
	(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
iii)	Power and fuel	0.275	0.303	0.333	0.366	0.403	0.443
iv)	Direct Labour (Factory wages and salary)	0.618	0.680	0.748	0.823	0.905	0.995
v)	Other manufacturing expenses	0.250	0.275	0.302	0.332	0.365	0.401
	(a) Repair and maintenance
	(b) Other factory overheads
vi)	Depreciation	1.702	1.446	1.230	1.045	0.888	0.755
vii)	SUB TOTAL (i to vi)	40.195	41.304	45.513	50.121	55.201	60.894
viii)	Add: Opening stocks-in-process	0.000	0.000	0.000	0.000	0.000	0.000
ix)	Deduct: Closing stocks-in-process	0.000	0.000	0.000	0.000	0.000	0.000
x)	Cost of Production	40.195	41.304	45.513	50.121	55.201	60.894
xi)	Add Opening stocks of finished goods	3.647	6.593	7.252	7.977	8.775	9.652
xii)	Deduct: Closing stocks of finished goods	6.593	7.252	7.977	8.775	9.652	10.617
xiii)	SUB TOTAL (Total cost of sales)	37.249	40.645	44.788	49.323	54.324	59.929
6	Selling, General and Administrative Exp.	0.325	0.358	0.394	0.433	0.476	0.524
7	SUB TOTAL (5 + 6)	37.574	41.003	45.182	49..56	54.800	60.453
8	Operating profit before intt. (3 - 7)	2.281	2.838	3.043	3.291	3.552	3.734
9	Interest	1.157	1.531	1.444	1.341	1.217	1.062
10	Operating profit after interest (8 - 9)	1.124	1.307	1.599	1.950	2.335	2.672
11	Non-operating Income/ Expenses
i)	Add other non-operating Income
(a)	Interest earned	--	--	--	--	--	--
(b)	Exchange fluctuation	--	--	--	--	--	--
(c)	Insurance Claim	--	--	--	--	--	--
(d)	Other Income	--	--	--	--	--	--
	Sub Total (Income)	--	--	--	--	--	--
ii)	Deduct other non-operating Expenses
(a)	Prel./Pre-op./Other exp. w/o	--	--	--	--	--	--
(b)	Exchange fluctuation	--	--	--	--	--	--
(c)	Prel./Pre-op./Other exp. w/o	--	--	--	--	--	--
	Sub Total (Expenses)	--	--	--	--	--	--
iii)	Net of other Non-operating Income/ Expenses	--	--	--	--	--	--
12	Profit before tax/Loss (10+11(iii))	1.124	1.307	1.599	1.950	2.335	2.672
13	Provision for taxes	0.347	0.404	0.494	0.603	0.722	0.826
14	Net Profit/Loss (12 - 13)	0.777	0.903	1.105	1.347	1.613	1.846
17	Profit/Loss after Def. Tax (14-15)	0.777	0.903	1.105	1.347	1.613	1.846
19	Retained profit (14 - 15)	7.77	9.03	11.05	13.47	16.13	18.46
20	Ret. profit/Profit after Def. Tax (%)	100%	100%	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

	Particulars			31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
				Estimated	Projected
	CURRENT LIABILITIES
1	Short term borrowing from banks (Incl. bills purchase, disc. and excess borrowing placed on repayment)
i)	From applicant bank			5.500	5.500	5.500	5.500	5.500	5.500
ii)	From other banks			0.000	0.000	0.000	0.000	0.000	0.000
iii)	(Of which bills purch./disc.)			0.000	0.000	0.000	0.000	0.000	0.000
	Sub Total (A)			5.500	5.500	5.500	5.500	5.500	5.500
2	Short term borrowing from others			0.000	0.000	0.000	0.000	0.000	0.000
3	Sundry Creditors (Trade)			3.113	3.217	3.575	3.963	4.387	4.858
4	Adv. payments from customers/			0.250	0.300	0.350	0.400	0.450	0.500
	deposits from dealers
5	Provision for taxation			0.347	0.404	0.494	0.603	0.722	0.826
6	Dividend payable			--	--	--	--	--	--
7	Other statutory liabilities (Due within one year)			0.150	0.175	0.200	0.225	0.250	0.275
8	Dep./instal. of TL/DPGs/Deb. etc.(due within one year)			0.250	0.600	0.720	0.840	1.020	1.320
9	Other current liabilities and prov. (due within one year)			0.400	0.425	0.450	0.475	0.500	0.525
	Sub Total (B)			4.510	5.121	5.789	6.506	7.329	8.304
10	TOTAL CURR. LIABILITIES (Total of 1 to 9 excld. 1(iii))			10.010	10.621	11.289	12.006	12.829	13.804
	TERM LIABILITIES
11	Deb. (Not maturing within 1yr.)			0.000	0.000	0.000	0.000	0.000	0.000
12	Pref.sh.(redeemable after 1yr)			0.000	0.000	0.000	0.000	0.000	0.000
13	TL (excl. instalments payable within one year)			6.250	5.650	4.930	4.090	3.070	1.750
14	Def. payment credits (excluding instal. due within one year)			--	--	--	--	--	--
15	Term dep.(repayable after 1yr.)			--	--	--	--	--	--
16	Other Term Liabilities			--	--	--	--	--	--
17	TOTAL TERM LIABILITIES			6.250	5.650	4.930	4.090	3.070	1.750
18	TOTAL OUTSIDE LIABILITIES			16.260	16.271	16.219	16.096	15.899	15.554
	(Item 10 + item 17)
	NET WORTH
19	Ordinary share capital			4.051	4.051	4.051	4.051	4.051	4.051
20	General reserve			--	--	--	--	--	--
21	Revaluation reserve			--	--	--	--	--	--
22	Other reserves (Excl. Provisions)			--	--	--	--	--	--
	Capital			--	--	--	--	--	--
	Share Premium			--	--	--	--	--	--
	Unsecured Loan			1.500	1.500	1.500	1.500	1.500	1.500
	WCTL			--	--	--	--	--	--
23	Surplus(+)/Deficit(-) in P&L A/C Deffered tax liabilities			1.178	2.081	3.186	4.533	6.146	7.992
24	NET WORTH			6.729	7.632	8.737	10.084	11.697	13.543
25	TOTAL LIABILITIES			22.989	23.903	24.956	26.180	27.596	29.097
		CURRENT ASSETS
26		Cash and bank balances		0.787	0.786	1.085	1.224	1.249	1.337
27		Inv. (other than long term inv.)
i)		Govt. and other trustee securities		--	--	--	--	--	--
ii)		Fixed deposits with banks		--	--	--	--	--	--
28		Receivable other than deferred and Exports (including bill purchased and discounted by banks)		4.944	5.439	5.983	6.581	7.239	7.963
ii)		Exp. receivables (including bills purchased and disc.by banks)		--	--	--	--	--	--
--
29		Install of deferred receivables (due within one year)		--	--	--	--	--	--
30		Inventory:
i)		R.M.(including stores and other item used in process of manufacture
(a)		Imported		0.000	0.000	0.000	0.000	0.000	0.000
(b)		Indigenous		0.000	0.000	0.000	0.000	0.000	0.000
ii)		Stocks-in-process		0.000	0.000	0.000	0.000	0.000	0.000
iii)		Finished goods		6.593	7.252	7.977	8.775	9.652	10.617
iv)		Other consumable spares
(a)		Imported		0.000	0.000	0.000	0.000	0.000	0.000
(b)		Indigenous		0.000	0.000	0.000	0.000	0.000	0.000
		Total		6.593	7.252	7.977	8.775	9.652	10.617
31		Adv. to supp. of raw materials and stores & spares		0.050	0.500	0.750	1.000	1.250	1.500
32		Advance payment of taxes		0.347	0.404	0.494	0.603	0.722	0.826
33		Other current assets
i)		Misc. current assets		0.625	0.575	0.700	0.825	0.950	1.075
34		TOTAL CURRENT ASSETS
		(Total 26 to 33)		13.346	14.956	16.989	19.008	21.062	23.318
			FIXED ASSETS
35			Gross block (L & B, machinery and capital work in progress)	11.805	11.805	11.805	11.805	11.805	11.805
36			Depreciation to date	2.162	3.608	4.838	5.883	6.771	7.526
37			NET BLOCK (35-36)	9.643	8.197	6.967	5.922	5.034	4.279
			OTHER NON-CURR. ASSETS
38			Inv./ book debts/ advances/ dep. which are not current assets
i)
(a)			Inv. in subsidiary co./affiliates	--	--	--	--	--	--
(b)			Others	--	--	--	--	--	--
ii)			Adv. to supp. of capital goods and contractors	--	--	--	--	--	--
iii)			Deffered domestic receivables	--	--	--	--	--	--
iv)			Deffered export receivables	--	--	--	--	--	--
v)			Security deposits	--	--	--	--	--	--
vi)			Staff advances	--	--	--	--	--	--
vii)			Funds for further expansion	0.000	0.750	1.000	1.250	1.500	1.500
viii)			Stores & Spares	--	--	--	--	--	--
ix)			Pre-operative exp. w/o	--	--	--	--	--	--
x)			Funds for further expansion	--	--	--	--	--	--
39			Non-cons. stores and spares	--	--	--	--	--	--
40			Other NCA including dues from directors Deffered tax assets	--	--	--	--	--	--
41			TOTAL OTHER NON-CURRENT ASSETS	0.000	0.750	1.000	1.250	1.500	1.500
42			Intangible assets (patents, goodwill, prel. expenses, expenses not provided for etc.) bad/doubtful	0.000	0.000	0.000	0.000	0.000	0.000
43			TOTAL ASSETS (34+37+41+42)	22.989	23.903	24.956	26.180	27.596	29.097
44			TANGIBLE NET WORTH (24-42)	6.729	7.632	8.737	10.084	11.697	13.543
45			NET WORKING CAPITAL	3.336	4.335	5.700	7.002	8.233	9.514
			[(17+24)-(37+41+42)]
46			CURRENT RATIO	1.33	1.41	1.50	1.58	1.64	1.69
47			TOTAL OUT. LIABITIES/ TANGIBLE NET WORTH	2.42	2.13	1.86	1.60	1.36	1.15
48			TOTAL TERM LIABILITIES / TANGIBLE NET WORTH	0.93	0.74	0.56	0.41	0.26	0.13

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

	PARTICULARS	31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
		Estimated	Projected
	CURRENT ASSETS
1	R.M. (Including stores and other items used in process of manufacturer)
(a)	Imported ----- Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--	--
(b)	Indigenous-- Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--	--
2	Other consumable spares, excl. those included in (1) above:
(a)	Imported ----- Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--	--
(b)	Indigenous-- Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--	--
3	Stocks-in-process:
	Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' cost of production	--	--	--	--	--	--
4	Finished goods:
	Amount	6.593	7.252	7.977	8.775	9.652	10.617
	Months' cost of sales	(2.12)	(2.14)	(2.14)	(2.13)	(2.13)	(2.13)
5	Receivable other than export and def. receivable (including bills purchased and discounted by banks)
	Amount	4.944	5.439	5.983	6.581	7.239	7.963
	Months' domestic sales	(1.50)	(1.50)	(1.50)	(1.50)	(1.50)	(1.50)
	(Excluding deferred payment sales)
6	Export receivables (Including bills purchased and discounted):
	Amount	0.000	0.000	0.000	0.000	0.000	0.000
	Months' export sales	--	--	--	--	--	--
7	Adv. to suppl. of materials and stores/consumable spares	0.050	0.500	0.750	1.000	1.250	1.500
8	Other C.A. including cash and bank bal. and def. receivables due within 1yr (sp.major items)
	Cash and Bank balances	0.787	0.786	1.085	1.224	1.249	1.337
	Investment except long term	--	--	--	--	--	--
	Instalments of deferred receivables	--	--	--	--	--	--
	Others	0.972	0.979	1.194	1.428	1.672	1.901
	LESS: Def. receivable taken as NCA	--	--	--	--	--	--
	TOTAL CURRENT ASSETS	13.346	14.956	16.989	19.008	21.062	23.318
	CURRENT LIABILITIES
	(Other than bank borrowings for working capital)
10	Creditors for purchase of R.M., stores and consumable spares
	Amount	3.113	3.217	3.575	3.963	4.387	4.858
	Months' purchase	(1.00)	(1.00)	(1.00)	(1.00)	(1.00)	(1.00)
11	Advances from customers	0.250	0.300	0.350	0.400	0.450	0.500
12	Statutory liabilities	0.150	0.175	0.200	0.225	0.250	0.275
13	Other C.L.(specify major items)
(a)	Short term borrowings -- others	--	--	--	--	--	--
(b)	Dividend payable	--	--	--	--	--	--
(c)	Instal. of Term Loan, DPG and public deposits	0.250	0.600	0.720	0.840	1.020	1.320
(d)	Other C.L. and provisions	0.747	0.829	0.944	1.078	1.222	1.351
14	TOTAL CURRENT LIABILITIES	4.510	5.121	5.789	6.506	7.329	83.04

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FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

	PARTICULARS	31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
		Estimated	Projected
1	SOURCES
(a)	Net profit (after deffered tax)	0.777	0.903	1.105	1.347	1.613	1.846
(b)	Depreciation	1.702	1.446	1.230	1.045	0.888	0.755
(c)	Increase in capital	1.750	--	--	--	--	--
(d)	Incr. in term liabilities including public dep.	4.352	--	--	--	--	--
(e)	Decrease in: Fixed assets	--	--	--	--	--	--
(f)	Depreciation adjustment	--	--	--	--	--	--
(g)	Other non-current assets	--	--	--	--	--	--
(h)	Deffered tax liabilities	--	--	--	--	--	--
(i)	Deffered tax assets	--	--	--	--	--	--
(j)	Others	1.405	--	--	--	--	--
	TOTAL	9.986	2.349	2.335	2.392	2.501	2.601
2	USES
(a)	Net loss	--	--	--	--	--	--
(b)	Dividend payment	--	--	--	--	--	--
(c)	Decrease in capital	--	--	--	--	--	--
(d)	Decrease in term liabilities incl. public deposits	--	0.600	0.720	0.840	1.020	1.320
(e)	Increase in: Fixed assets	8.750	--	--	--	--	--
(f)	Depreciation adjustment	--	--	--	--	--	--
(g)	Other non-current assets	--	7.50	2.50	2.50	2.50	--
(h)	Deferred tax liabilities	--	--	--	--	--	--
(i)	Deferred tax assets	--	--	--	--	--	--
(j)	Others	--	--	--	--	--	--
	TOTAL	8.750	1.350	0.970	1.090	1.270	1.320
3	Long term surplus/deficit	1.236	0.999	1.365	1.302	1.231	1.281
4	Increase/decrease in C.A.	3.789	1.610	2.033	2.019	2.054	2.256
5	Increase/decrease in C.L.	(1.931)	0.611	0.668	0.717	0.823	0.975
	other than bank borrowings
6	Increase/decrease in W.C. Gap	5.720	0.999	1.365	1.302	1.231	1.281
7	Net surplus(+)/deficit(-)	(4.484)	--	--	--	--	--
8	Increase/decrease in Bank borr.	4.484	--	--	--	--	--
9	Increase/decrease in Net sales	27.667	3.986	4.384	4.822	5.305	5.835

BREAK EVEN ANALYSIS

			31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018
			Estimated	Projected
	Capacity utilization		55.00%	90.00%	75.00%	80.00%	--
(A)	Sale value of the product		42.801	44.500	48.950	53.845	59.229
(B)	Variable Expenses	Weightage
	(i) Raw material		37.350	38.600	42.900	47.555	52.640
	(ii)Cons. stores & spares
	(iii)Power, water and fuel	75.00%	0.206	0.227	0.250	0.275	0.302
	(iv)Wages and salary	75.00%	0.464	0.510	0.561	0.617	0.679
	(v) Repairs and maintenance		0.250	0.275	0.302	0.332	0.365
	(vi)Other factory overheads	75.00%
	(vii)Selling and Admn.exp.	75.00%	0.244	0.269	0.296	0.325	0.357
	(viii)Intt. on working capital		0.923	1.117	0.656	0.640	0.619
	Total--Variable expenses		39.437	40.998	44.965	49.744	54.962
(C)	Contribution (A - B)		3.364	3.502	3.985	4.101	4.267
(D)	Fixed & semi-fixed exp.
	(i) Power, water and fuel	25.00%	0.069	0.076	0.083	0.092	0.101
	(ii)Wages and salary	25.00%	0.155	0.170	0.187	0.206	0.226
	(iii)Other factory overheads	25.00%
	(iv)Depreciation		1.702	1.446	1.230	1.045	0.888
	(v) Selling and Admn.exp.	25.00%	0.081	0.090	0.099	0.108	0.119
	(vi)Intt. on TL, Deb. and DPC		0.234	0.414	0.788	0.701	0.598
	Total--Fix.& Semi-fix. exp.		2.241	2.196	2.387	2.152	1.932
(E)	Operating profit (C - D)		1.123	1.306	1.598	1.949	2.335
(F)	Break-even point		36.64%	56.44%	44.92%	41.98%	--
(G)	Cash Break-even point		8.81%	19.27%	21.78%	21.59%	--

SECURITY MARGIN

	31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
	Estimated	Projected
WDV OF FIXED ASSETS	9.643	8.197	6.967	5.922	5.034	4.279
AGG. TL OUTSTANDINGS	6.500	6.250	5.650	4.930	4.090	3.070
SECURITY MARGIN	3.143	1.947	1.317	0.992	0.944	1.209
% OF MARGIN	32.59%	23.75%	18.90%	16.75%	18.75%	28.25%

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FINANCIAL DATA – SUMMARY

(RS. IN MILLIONS)

		31.03. 2014	31.03. 2015	31.03. 2016	31.03. 2017	31.03. 2018	31.03. 2019
	FINANCIAL RATIOS	Estimated	Projected
	Domestic sales	39.555	43.511	47.862	52.648	57.913	63.704
	Export sales	--	--	--	--	--	--
	Other sales/income - E.duty/Dis.	0.300	0.330	0.363	0.399	0.439	0.483
1	Net sales	39.855	43.841	48.225	53.047	58.352	64.187
2	Operating profit	1.124	1.307	1.599	1.950	2.335	2.672
3	Profit before tax	1.124	1.307	1.599	1.950	2.335	2.672
4	PBT/Net sales	2.82%	2.98%	3.32%	3.68%	4.00%	4.16%
5	Profit after tax	0.777	0.903	1.105	1.347	1.613	1.846
6	Cash accruals	2.479	2.349	2.335	2.392	2.501	2.601
7	PBDIT	3.983	4.284	4.273	4.336	4.440	4.489
8	Paid up capital	4.051	4.051	4.051	4.051	4.051	4.051
9	Tangible net worth	6.729	7.632	8.737	10.084	11.697	13.543
10	Adjusted TNW	6.729	7.632	8.737	10.084	11.697	13.543
11	TOL/TNW	2.42	2.13	1.86	1.60	1.36	1.15
12	TOL/Adjusted TNW	2.42	2.13	1.86	1.60	1.36	1.15
13	Current ratio	1.33	1.41	1.50	1.58	1.64	1.69
14	NWC	3.336	4.335	5.700	7.002	8.233	9.514

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NET WORTH OF MRS. HARPREET KAUR – PROPRIETOR

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
A] ASSETS
Jewellery	0.675
Cash in hand	0.186
Misc Investments	0.250
Car	0.375
Two Wheelers	0.090
Total	1.576
B] LIABILITIES
Misc. Liabilities	0.025
Total	0.025
C] Net Worth (A+B= C)	1.551

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VALUATION REPORT OF IMMOVABLE PROPERTY

GENERAL DETAILS

Purpose for which Valuation is made	Fair Market Value
Date as on Valuation is made	August 30, 2013
Name/ Name of the Owner/ Owners	Mr. Jasbit Singh S/o Mr. Gurbaksh Singh
If the property is under joint ownership/ Co-ownership share of each such owner, Area the share undivided?	Self Ownership
Brief Description of the property	Residential Building
Location, Street Ward No.	Property No.R-137, New Dana Mandi
Survey / Plot No. of Land	Salem Tabri Ludhiana
Is the Property situated in Residential/ commercial/ Mixed area/ Industrial area	Mixed Locality
Classification of Locality high class/ Middle class/ Poor class	Middle Class
Proximity of civic amenities like school, hospital, office market cinema etc,	Available
Means and Proximity to surface communication by which the locality is served.	By Road
LAND
Area of land supported by documentary proof, shap dimensions and physical feature.	200 sq. yds
Name Roads, street or lanes on which the land is abutting.	New Dana Mandi
Is it freehold or leasehold land?	Freehold
If leasehold the name of leasor/ Leases, nature of lease, dates of commencement and termination of lease and term of renewal of lease.	No Applicable (Freehold)
Does the land fall in an area included in any town planning scheme or any development plan of government or any statutory body? If so give particulars.	Municipal Corporation Ludhiana
IMPROVEMENTS
Is the building owner occupied/ tenanted/ both?	Owner Occupied
If party owner occupied, specify portion and extent of area under Owner Occupation.	Whole Property
What is the floor space index permissible and percentage actually utilized?	As per M.C. bye laws.
SALES
Give instances of sales of immovable property in the locality on separate sheet indicating the name and address of the property, registration no. sale price and area of land sold?	No instances of sale available.
Land/ Floor rate adopted in the valuation	Rs.25,000/- per sq. yd.
If sale instances are not available or not relied upon the basis of arriving at the land rate.	The fair market value is assessed from market quarried and other relevant.
COST OF CONSTRUCTION
Year of commencement of construction and year of completion	2011-12
What was the method of construction by contract/ by employing labour direct/ both?	By employing labour directly
A] VALUATION Valuation of construction Schedule of Covered area GROUND FLOOR Two Bed Rooms, Three Toilets, Dressing Room Lobby, Drawing Room, Washing Area, Porch and Stairs 25’-9”x70’-0” = 1802.50 sq. ft. 6’-0”x8’-3” = 49.50 sq. ft (-) 5’-0”x 20’-9”=103.75 sq. ft. ----------------------------------------- =1748.25 sq. ft. 1748.25sq. ft.@ Rs.1500/- per sq. ft. FIRST FLOOR Two bed room, Three Toilets, Dressing room, Lobby, Drawing Room, Washing Area, Balcony and Stairs 25’-9”x70’-0”=102.50 sq. ft (-) 5’-0”x 25’-9”=128.75 sq. ft. ----------------------------------------- =1673.75 sq. ft. 1673.75 sq. ft. @ Rs.1450/- per sq. ft. SECOND FLOOR Mumty, Drawing Room, Bathroom and Store 20’-0”x25’-9”=515.00 sq. ft. 9’-9”x23’-3”=226.68 sq. ft. ----------------------------------------- =741.68 sq. ft. 741.68 sq. ft. @ Rs.1100/- per sq. ft. = 0.816 Million = 5.865 Millions GATE = L.S. = Rs,0.050 Million BOUNDRY WALL 35.75sq. ft. @ Rs.1500/- per sq. ft = Rs.0.054 Million FLOORING IN OPEN AREA L.S. = Rs.0.200 Million Add:12.5% for electrical installation on Item No.1 to 3 = Rs.0.733 Million Add: 12.5% for water supply and sewerage arrangement on items no.1 to 3 = Rs.0.733 Million = 7.635 Millions Add: 5% for External connection & builders efforts = Rs.0.382 Million = Rs.8.017 Millions B] LAND VALUE Keeping in to consideration various factors such as size, shape, depth, frontiers and location of the plot, land rate is fixed @ Rs.25,000/- per sq. yd. Hence 200 sq. yds @ Rs.25,000/- per sq. yd. = Rs.5.000 Millions TOTAL VALUE Part A + Part B Rs.8.017 Millions + Rs.5.000 Millions = Rs.13.017 Millions

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

FIXED ASSETS:

· Car

· Scooter

· Machinery

· Computers

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	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.