MIRA INFORM REPORT

Report Date :

22.06.2013

IDENTIFICATION DETAILS

Name :	RADHESHYAM INFRABUILD PRIVATE LIMITED
Registered Office :	1, Vrundavan Bungalows Part 1, Thaltej, Ta. Daskroi, Ahmedabad – 380059, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.02.2008
Com. Reg. No.:	053010
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U45201GJ2008PTC053010
PAN No.: [Permanent Account No.]	AADCR8983K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of real estates.
No. of Employees :	2 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It is engaged in the business of real estates. There appear huge external borrowings recorded by the company. It has incurred loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with great caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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. Fenil Shah
Designation :	Chartered Accountant
Contact No.:	91-9426002237
Date :	10.06.2013

LOCATIONS

Registered Office :	1, Vrundavan Bungalows Part 1, Thaltej, Ta. Daskroi, Ahmedabad – 380059, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9426002237 (Mr. Fenil Shah)
Fax No.:	Not Available
E-Mail :	shah_fenil@hotmail.com info@radheshyaminfra.com
Website :	http://www.radheshyaminfra.com
Project Site :	Vrundavan Villa VI, Village Sola, Taluka City (West), Ahmedabad, Gujarat, India

DIRECTORS

(AS ON 31.03.2013)

Name :	Mr. Bhagwanbhai Najabhai Ahir
Designation :	Director
Address :	B/1, Vrundavan Bungalows - 1, Thaltej-Shilaj Road, Thaltej, Ahmedabad – 380059, Gujarat, India
Date of Birth/Age :	25.08.1967
PAN No.:	AAJPA2913K
Name :	Mr. Jagrutiben Bhagwanbhai Ahir
Designation :	Director
Address :	B/1, 59, Gujarat, India
Date of Birth/Age :	18.05.1968
PAN No.:	AEBPA1568G

KEY EXECUTIVES

Name :	Mr. Fenil Shah
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.02.2008)

Names of Shareholders	No. of Shares
Bhagwanbhai Najabhai Ahir	5000
Kalpeshbhai Najabhai Ahir	2500
Vishalbhai Najabhai Ahir	2500
Total	10000

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of real estates.
Terms :
Selling :	Cash
Purchasing :	Credit (90 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

2 (Approximately)

Bankers :

· Bank of India

Thaltej Branch, Ahmedabad, Gujarat, India

· Kotak Mahindra Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Loan Term Borrowings shall be classified as
Term Loans - From Bank (Secured against F.D of the company)		4.167
Borrowings shall further be sub-classified as secured and unsecured nature of security shall be specified separately in each case
- ICICI Car Loan (Secured Against hypothecation of Car)		1.185
- Kotak Mahindra Bank (Secured Against Project of the company)		6.819
Total	6.115	12.171

Banking Relations :	--
Auditors :
Name :	Manoj, Fenil and Associates Chartered Accountant
Address :	1B-405, Premium House, Near Mithakhali Rly, Crossing, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-26580411/ 26580412

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Premium		20.000
3] Share Application Money		0.000
4] Reserves & Surplus		13.965
5] (Accumulated Losses)		0.000
NETWORTH		38.965
LOAN FUNDS
1] Secured Loans		6.115
2] Unsecured Loans		51.894
TOTAL BORROWING		58.009
DEFERRED TAX LIABILITIES		0.000
TOTAL		96.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.966
Capital work-in-progress		0.000
INVESTMENT		5.665
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	(0.914)
	Cash & Bank Balances	(2.289)
	Other Current Assets	111.218
	Loans & Advances	100.665
Total Current Assets		208.680
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	53.644
	Other Current Liabilities	62.738
	Provisions	1.955
Total Current Liabilities		118.337
Net Current Assets		90.343
MISCELLANEOUS EXPENSES		0.000
TOTAL		96.974

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	4.891	1.132
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	83.627	68.394
(b) Deferred tax liabilities (Net)	0.000	0.010
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	4.834	1.795
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	6.446	2.218
TOTAL	99.898	73.649
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.243	1.678
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.046	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.010	0.012
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	35.000	30.425
(c) Trade receivables	31.658	0.000
(d) Cash and cash equivalents	5.797	6.129
(e) Short-term loans and advances	26.144	35.405
(f) Other current assets	0.000	0.000
TOTAL	99.898	73.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	91.570
		Other Income	0.352
		TOTAL (A)	91.922
Less	EXPENSES
		Purchases Accounts	74.047
		3D Modeling Charges	0.270
		Accounting Fees	0.024
		Advertising Expenses	0.271
		AMC Charges	1.169
		Auda Expenses	0.271
		Audit Fees Expenses	0.046
		Bonus Expenses	0.084
		Car Insurance Expenses	0.042
		Car Repairing Expenses	0.040
		Directors Salary Expenses	2.475
		Electric Expenses	0.432
		Late Payment TDS Interests	0.040
		Office Expenses	0.041
		Printing Expenses	0.404
		Salary Expenses	0.501
		Security Services	0.157
		Site Expenses	0.350
		Stationery Expenses	0.017
		Tea Coffee Expenses	0.020
		Telephone Expenses	0.038
		Vakil Fees	0.016
		Xerox Expenses	0.038
		TOTAL (B)	80.793
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.129
Less	FINANCIAL EXPENSES (D)		1.845
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.284
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.327
	PROFIT BEFORE TAX (E-F) (G)		8.957
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		8.957
	Earnings Per Share (Rs.)		17.91

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operations	51.191	17.609
		Other Income	0.498	0.280
		TOTAL (A)	51.689	17.889
Less	EXPENSES
		Cost of Materials Consumed	21.178	14.707
		Purchases of Stock-in-trade	0.000	0.000
		Changes in Inventories of Finished Goods, Work-in-progress and stock-in-trade	(4.575)	(29.177)
		Employee Benefits Expenses	0.366	0.263
		Other Expenses	19.439	22.030
		TOTAL (B)	36.408	7.823
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.281	10.066
Less	FINANCIAL EXPENSES (D)		9.136	6.199
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.145	3.867
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.437	0.125
	PROFIT BEFORE TAX (E-F) (G)		5.708	3.742
Less	TAX (H)		1.949	2.610
	PROFIT AFTER TAX (G-H) (I)		3.759	1.132
	Earnings Per Share (Rs.)		357.87	113.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.74	7.27	6.33
Net Profit Margin (PBT/Sales)	(%)	9.78	11.15	21.25
Return on Total Assets (PBT/Total Assets}	(%)	4.27	5.72	5.08
Return on Investment (ROI) (PBT/Networth)		0.23	1.14	3.04
Debt Equity Ratio (Total Debt/Networth)		1.49	16.76	55.51
Current Ratio (Current Asset/Current Liability)		1.76	8.74	17.93

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	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	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	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	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties	51.894	71.455
Total	51.894	71.455

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REVISED COST OF PROJECTS

Particulars	(Rs. in Millions)	Particulars	(Rs. in Millions)
Land	102.200	Promoter Contribution	25.000
Cost of Construction	250.000	Unsecured Loan	52.200
Adm. Expenses	44.500	Members Contribution	271.000
Income Tax During Const.	15.500
Int. during Const.	36.000	Bank Loan	100.000
Total	448.200	Total	448.200

PRESENT STATUS OF THE PROJECTS AS ON 31.03.2013

Particulars	(Rs. in Millions)	Particulars	(Rs. in Millions)
Land	102.200	Capital	25.000
Cost of Construction	32.300	Unsecured Loan	65.000
Adm. Expenses	5.500	Members Contribution	18.100
Cash in hand	0.900	Sundry Creditor For Land	32.800
Total	140.900	Total	140.900

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
Gross
Domestic Sales	0.880	1.350	1.500	2.250
Exports Sales	0.000	0.000	0.000	0.000
Add: Other Operating/ Revenue Income	0.000	0.000	0.000	0.000
Gross Sales	0.880	1.350	1.500	2.250
Less: Excise Duty/ Sales Tax	0.000	0.000	0.000	0.000
Net Sales	0.880	1.350	1.500	2.250
% age rise (+) or Fall (-) in Net Sales as compared to previous year	(99.17%)	53.41%	11.11%	48.33%
COST OF SALES
Raw Material (Including Stored and Other items used in the process of Manufacture)
Imported	0.000	0.000	0.000	0.000
Indigenous	2.539	0.716	0.000	0.000
Stores and Spares	0.000	0.000	0.000	0.000
Power and Fuel	0.000	0.000	0.000	0.000
Direct Labour (Factory Wages and Salary)	0.000	0.000	0.000	0.000
Other Manufacturing Expenses	0.000	0.000	0.000	0.000
Depreciation	0.000	0.000	0.000	0.000
Sub Total	2.539	0.716	0.000	0.000
Add: Opening Stock in Process	1.072	2.989	2.660	1.535
Deduct : Closing Stock in Process	2.989	2.660	1.535	0.000
Cost of Production	0.622	1.045	1.125	1.535
Add : Opening Stock of Finished Goods	0.000	0.000	0.000	0.000
Less: Closing Stock of Finished Goods	0.000	0.000	0.000	0.000
Cost of Sales	0.622	1.045	1.125	1.535
GROSS PROFIT	0.258	0.305	0.375	0.690
Selling, General and Administrative Expenses	0.000	0.015	0.073	0.052
Sub Total	0.622	1.060	1.198	1.587
Operating Profit Before Interests	0.258	0.290	0.302	0.638
Interests	0.000	0.047	0.122	0.038
Operating Profit After Interests	0.258	0.243	0.180	0.600
Add: Other Non-operative Income	0.000	0.000	0.000	0.000
Less: Other Non-Operative Expenses	0.000	0.000	0.000	0.000
Profit before Taxes	0.258	0.243	0.180	0.600
Less: Tax Provision	0.080	0.075	0.055	0.090
Net Profit After Tax	0.178	0.168	0.125	0.510
Retained Profit	0.178	0.168	0.125	0.510
Retained Profit/ Net Profit (% Age)	100.00%	100.00%	100.00%	100.00%
PAT/ Sales %	0.33	0.19	0.01	--

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	0.000	0.000	0.000	0.000
From Other Banks	0.000	0.000	0.000	0.000
Of which BP and BD	0.000	0.000	0.000	0.000
Sub Total (A)	0.000	0.000	0.000	0.000
Short Term Borrowings from others	0.000	0.000	0.000	0.000
Sundry creditors [Trade]	0.000	0.000	0.084	0.000
Sundry creditors [Expenses]	0.000	0.000	0.000	0.000
Advance payments from customers/ deposits from dealers	2.301	1.701	1.021	0.000
Provision of taxes	0.000	0.000	0.000	0.000
Dividend Payable	0.000	0.000	0.000	0.000
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000	0.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.500	0.500	0.500	0.000
Other current liabilities and provision (Due within one year)	0.000	0.000	0.000	0.000
Sub – Total (B)	2.801	2.201	1.605	0.000
Total Current Liabilities (A+B)	2.801	2.201	1.605	0.000
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000	0.000	0.000
Unsecured Loans from Directors (Redeemable after one year)	0.000	0.000	0.000	0.000
Term Loans (Excluding Installment)	0.349	0.000	0.000	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000	0.000
Term deposit (repayable one year	0.000	0.000	0.000	0.000
Other Term Liabilities	0.650	0.650	0.500	0.000
Total Term Liabilities	0.999	0.650	0.500	0.000
Total of Outside Liabilities	3.800	2.851	2.105	0.000
Net Worth
Share Capital Account	0.050	0.050	0.050	0.050
General Reserve	0.000	0.000	0.000	0.000
Shares Premium Account	0.000	0.000	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account others (Specify)	0.178	0.346	0.471	0.981
Share Premium	0.250	0.250	0.250	0.250
Net Worth	0.478	0.646	0.771	1.281
TOTAL LIABILITIES	4.278	3.497	2.876	1.281
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.359	0.190	1.341	1.261
Fixed deposit with bank	0.000	0.000	0.000	0.000
Receivable Other than Exports	0.880	0.597	0.000	0.020
Installment of deferred receivable (due within one year)	0.000	0.000	0.000	0.00
INVENTORY:	2.989	2.660	1.535	0.000
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000
Stock – in – process	2.989	2.660	1.535	0.000
Finished Goods	0.000	0.000	0.000	0.000
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.050	0.050	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000	0.000
Other current assets	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	4.278	3.497	2.876	1.281
FIXED ASSETS
Gross Block	0.000	0.000	0.000	0.000
Depreciation to date	0.000	0.000	0.000	0.000
NET BLOCK	0.000	0.000	0.000	0.000
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000	0.000
Security Deposits	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.000	0.000	0.000	0.000
Intangible assets	0.000	0.000	0.000	0.000
TOTAL ASSETS	4.278	3.497	2.876	1.281
Tangible Net Worth	0.478	0.646	0.771	1.281
Net Working Capital	1.477	1.296	1.271	1.281
Adjusted TNW	0.478	0.646	0.771	1.281
Current Ratio	1.53	1.59	1.79	--
TOL/ TNW	7.95	4.41	2.73	--
TTL/ TNW	2.09	1.01	0.65	--
TOL/ Adjusted TNW	7.95	4.41	2.73	--

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
FIRST METHOD OF LENDING
1 Total current assets	4.278	3.497	2.876	1.281
2 Current Liabilities	2.801	2.201	1.605	0.000
[Other than bank borrowings]
3 Working capital gap [WCG]	1.477	1.296	1.271	1.281
4 Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	0.369	0.324	0.318	0.320
5 Actual / Projected net working capital	1.477	1.296	1.271	1.281
6 Item 3 minus item 4	1.108	0.972	0.953	0.961
7 item 3 minus item 5	0.000	0.000	0.000	0.000
8 Maximum permissible bank finance [item 6 or 7, whichever is lower]	0.000	0.000	0.000	0.000
9 Excess borrowings, if any representing shortfall in NWC [4-5]	--	--	--	--
SECOND METHOD OF LENDING
1 Total current assets	4.278	3.497	2.876	1.281
2 Current Liabilities	2.801	2.201	1.605	0.000
[Other than bank borrowings]
3 Working capital gap [WCG]	1.477	1.296	1.271	1.281
4 Min. stipulated Net Working Capital – 25 % [Export receivable to be excluded under both methods]	1.070	0.874	0.719	0.320
5 Actual / Projected net working capital	1.477	1.296	1.271	1.281
6 Item 3 minus item 4	0.408	0.422	0.552	0.961
7 item 3 minus item 5	0.000	0.000	0.000	0.000
8 Maximum permissible bank finance [item 6 or 7, whichever is lower]	0.000	0.000	0.000	0.000
9 Excess borrowings, if any representing shortfall in NWC [4-5]	--	--	--	--

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
A CURRENT ASSETS
1 Raw Materials
[a] Imported	0.000	0.000	0.000	0.000
Months Consumption	--	--	--	--
[b] Indigenous	0.000	0.000	0.000	0.000
Months Consumption	--	--	--	--
2 Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000	0.000	0.000
Months Consumption	--	--	--	--
[b] Indigenous	0.000	0.000	0.000	0.000
Months Consumption	--	--	--	--
3 Stock in process	2.989	2.660	1.535	0.000
Months cost of production	(1.86)	(0.44)	(29.61)	--
4 Finished goods	0.000	0.000	0.000	0.000
Months cost of sales	--	--	--	--
5 Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	0.880	0.597	0.000	0.020
Months domestic sales	(0.21)	(0.07)	--	(0.18)
[excluding deferred payment sales]
6 Export receivables [including bills purchased and discounted by bankers months export sales]	0.000	0.000	0.000	0.000
7 Advances to suppliers of raw materials and stores / spares consumable	0.050	0.050	0.000	0.000
8 Other current Assets including cash and bank balances and deferred receivable due within one year
Cash and Bank Balance	0.359	0.190	1.341	1.261
Investment (Other than Long term)
I] Govt. And other Trustee Securities	0.000	0.000	0.000	0.000
Fixed Deposits With Banks	0.000	0.000	0.000	0.000
Other Current Assets	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	4.278	3.497	2.876	1.281
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
10 Creditors for purchases of raw materials and stores and consumable spares	0.000	0.000	0.084	0.000
Months Purchases	--	--	(0.40)	--
11 Advances from customers	2.301	1.701	1.021	0.000
12 Statutory liabilities	0.000	0.000	0.000	0.000
13 Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	0.500	0.500	0.500	0.000
14 TOTAL	2.801	2.201	1.605	0.000

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FUND FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
SOURCES
Net Profit	3.707	0.000	0.178	0.168
Depreciation	(0.326)	0.000	0.000	0.000
Increase in Capital	(4.950)	0.000	0.000	0.000
Increase in TL. Including Public Deposits	0.000	0.000	0.000	0.000
Decrease in
- Fixed Assets	1.292	0.000	0.000	0.000
- Other Non Current Assets	0.000	0.000	0.000	0.000
Others	0.000	8.300	0.000	0.342
Total	(0.277)	8.300	0.178	0.510
USES
Net Loss	0.000	8.132	0.000	0.000
Decrease Term Liabilities including Public Deposits	61.651	0.349	0.150	0.500
Increase in
- Fixed Assets	0.000	0.000	0.000	0.000
- Other Non Current Assets	0.000	0.000	0.000	0.000
Dividend Payment	0.000	0.000	0.000	0.000
Others	35.187	0.000	0.053	0.000
Total	96.838	8.481	0.203	0.500
SUMMARY
Long Term Surplus/ Deficit	(97.115)	(0.181)	(0.025)	0.010
Increase/ decrease in current Assets	(97.161)	(0.781)	(0.621)	(1.595)
Increase/ decrease in Current Liabilities Other than Bank Borrowings	(12.116)	(0.600)	(0.596)	(1.605)
Increase/ decrease in WC Gap	(85.045)	(0.181)	(0.025)	0.010
Net Surplus (+) Deficit (-)	(12.070)	0.000	0.000	0.000
Increase/ decrease in Bank Borrowings	(2.980)	0.000	0.000	0.000
Increase/ decrease in Net Sales	--	55.259	(105.570)	0.470
*Break up of item - 4
Increase/ decrease in Raw Materials	0.000	0.000	0.000	0.000
Increase/ decrease in Stock in Process	2.989	(0.329)	(1.125)	(1.535)
Increase/ decrease Finished Goods	0.000	0.000	0.000	0.000
Increase/ decrease Receivables
Domestic	(52.374)	(0.283)	(0.597)	0.020
Export	0.000	0.000	0.000	0.000
Increase/ decrease in Stores and Spares	0.000	0.000	0.000	0.000
Increase/ decrease in other current assets	(47.776)	(0.169)	1.101	(0.080)
Total	(97.161)	(0.781)	(0.621)	(1.595)

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CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	Project Cost	Incurred Upto 31.03.2013	31.03.2014	31.03.2015	31.03.2016	31.03.2017
			(Estimated)	(Projected)
CASH OUTFLOW
Land	102.200	69.400	328.000	--	--	--
Construction Cost	250.000	32.300	177.700	40.000	--	--
Administrative Expenses Pre Con.	44.500	5.500	24.000	15.000	--	--
Administrative Expenses Post Con	24.950	--	--	1.500	7.250	5.200
Interests during construction Period	36.000	--	19.380	16.616	--	--
Interests after Construction Period	24.949	--	--	4.771	14.399	4.856
Loan Repayment	100.000	--	--	50.000	50.000	--
Unsecured Loan repayment	65.000	--	--	--	--	65.000
Income Tax	--	--	8.000	7.500	5.500	9.000
Total - A	647.599	107.200	261.880	135.387	77.149	84.056
CASH INFLOW
Member Contribution Received	271.000	18.100	212.000	40.900	--	--
Sales Realization	263.000	--	--	62.500	205.000	60.000
Bank Loan	100.000	--	84.900	15.100	--	--
Promoters contribution	25.000	25.000	--	--	--	--
Unsecured Loan	52.200	65.000	--	--	--	--
Total - B	711.200	108.100	296.900	118.500	205.000	60.000
Cash (Deficit)/ Surplus (B-A)	--	0.900	35.020	(16.887)	127.852	24.056
CASH BUDGET
Opening Balance	--	--	0.900	35.920	19.033	146.885
Cash Accrual	--	0.900	35.020	(16.887)	127.852	(24.056)
Closing Balance	--	0.900	35.920	19.033	146.885	122.829

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PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
Net Sales	51.191	106.450	0.880	1.350
(Exports)	0.000	0.000	0.000	0.000
Operating Profit (After Interests)	5.657	(5.058)	0.258	0.243
PBT	5.711	(5.032)	0.258	0.243
PBT/ Sales (%)	0.33	0.19	0.01	--
PAT	3.707	(8.132)	0.178	0.168
Cash Accruals	3.707	(8.132)	0.178	0.168
PBDIT	14.872	6.294	0.258	0.290
Paid up Capital	0.050	0.050	0.050	0.050
TNW	0.478	0.646	0.771	1.281
Adjusted TNW	0.478	0.646	0.771	1.281
TOL/ TNW	0.795	0.441	0.273	--
TOL/ Adjusted TNW	0.795	0.441	0.273	--
Current Ratio	1.53	1.59	1.79	--
Current Ratio (Excl. TL Installments)	1.86	2.06	2.60	--
Efficiency Ratios
Net Sales/ Total Tangible Assets	11.97	30.44	0.31	1.05
Return on Assets (PBT/ TTA) %	133.50	(143.89)	8.97	18.97
Operating Costs/ Sales %	0.14	0.05	8.30	0.00
Bank Finance/ Current Assets (%)	0.00	0.00	0.00	0.00
Inventory and Receiv./ Net Sales (Days)	28	11	637	5

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
Total Current Assets (TCA)	4.278	3.497	2.876	1.281
Other Current Liabilities (OCL)	2.801	2.201	1.605	0.000
Working Capital Gap	1.477	1.296	1.271	1.281
Net Working Cap (NWC)	1.477	1.296	1.271	1.281
Assess. Bank Finance (ABF)	0.000	0.000	0.000	0.000
NWC to TCA (%)	34.53	37.06	44.19	100.00
Bank Finance to TCA (%)	0.00	0.00	0.00	0.00
Sundry Creditors to TCA (%)	0.00	0.00	0.00	0.00
Other CL (Exc. Sundry Creditor) to TCA (%)	65.47	62.94	52.89	0.00
Inventories to Net Sales (days)	21	9	637	0
Receivable to Gross Sales (days)	365	161	0	3
Sundry Creditors to Purchases (days)	0	0	--	--
(TOL-Quasi Eq.) /(TNW + Quasi Eq.)	7.95	4.41	2.73	0.00

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(RADHESHYAM INFRABUILD PRIVATE LIMITED)

COMPUTATION OF INCOME

(RS. IN MILLIONS)

Particulars	2012-13
Profits and Gains of Business or profession
Net Profit/ Loss as per Profit and Loss Account		5.707
Add: Depreciation Taken separately	0.435
Lake Payment INT on TDS	0.004
		0.439
		6.146
Less: Depreciation	0.253
FD Interest	0.442	0.695	5.451
Income From Other Sources
Interests
Bank Interest F D Interest		0.442	0.442
Gross Total Income			5.893
Total Income			5.893
Rounded off as per section 288A			5.893
Tax on above			1.768
18.5% of Book Profit		5.707	1.056
			1.768
Add: Education Cess			0.053
Add: Interests
- U/s 234 B		0.099
- U/s 234 C		0.084	0.183
Net Tax			2.004
Tax Paid			0.161
Payable			1.843

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(MR. BHAGWANBHAI NAJABHAI AHIR)

COMPUTATION OF INCOME

(RS. IN MILLIONS)

Particulars	2012-13
INCOME FROM SALARY
From Salary		0.900
Income from Other Sources			0.900
INCOME FROM INTERESTS
Interests on F. D. with Banks - Bank F. D. Int		0.021
Other Interest Income - Other Int Income		2.074
Less: Deductions
Exp As per Capital A/c Int Exp	1.453
Vakil Fee	0.004	1.457	0.638
SUMMARY OF TOTAL INCOME
Income From Salary			0.900
Income From Other Sources
- Income from Interests		0.638
			0.638
Gross Total Income			1.538
Less: Deduction under Chapter VI - A
Deduction U/s 80-C
Life Insurance Premium (LIP)		0.081
Public Provident Fund/ Provident Fund		0.003
Allowable Deduction u/s 80-C			0.084
Deduction U/s 80-D
Medical Insurance Premium		0.005
Allowable Deduction U/s 80-D			0.005
Total Deductions under Chapter VI –A			0.089
Net Total Income			1.449
Rounded Off			1.449

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(MR. JAGRUTIBEN BHAGWANBHAI AHIR)

COMPUTATION OF INCOME

(RS. IN MILLIONS)

Particulars	2012-13
INCOME FROM SALARY
From Salary		0.450
Income From Other Sources			0.450
INCOME FROM INTERESTS
Interests from S/B and Notified Companies - Bank Int		0.007
Interests on F.D. with Banks - Bank F.D. Int		0.005
Other Interest Income - Other Int Income		1.611
Less: Deductions
Exp As per Capital A/c		0.123	1.500
SUMMARY OF TOTAL INCOME
Income From Salary			0.450
Income From Other Sources
- Income from Interests		1.500
Gross Total Income			1.950
Less: Deduction under Chapter VI - A
Deduction U/s 80-C
Life Insurance Premium (LIP)	0.166
Public Provident Fund/ Provident Fund	0.001
Allowable Deduction u/s 80-C		0.100
Total Deductions under Chapter VI –A			(0.100)
Net Total Income			1.850
Rounded Off			1.850

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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 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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.