MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	PARASMANI COLD STORAGE PRIVATE LIMITED
Registered Office :	Survey No. 622/1, Krishna Kanan Estate, Dhwani Weigh Bridge, Modasa Road, Dehgam, District Gandhinagar – 382305, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.05.2009
Com. Reg. No.:	04-057036
Capital Investment / Paid-up Capital :	Rs. 6.000 Millions
CIN No.: [Company Identification No.]	U63022GJ2009PTC057036
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06954D
PAN No.: [Permanent Account No.]	AAFCP1306C
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Cold Storage Services.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 moderate track record. The company has incurred continuous accumulated losses. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nilesh Shah
Contact No.:	91-9825787833
Date :	25.08.2014

LOCATIONS

Registered Office :	Survey No. 622/1, Krishna Kanan Estate, Dhwani Weigh Bridge, Modasa Road, Dehgam, District Gandhinagar – 382305, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825787833 [Mr. Nilesh Shah]
Fax No.:	Not Available
E-Mail :	shivchechani@gmail.com nilayddeopura@gmail.com
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Dineshkumar Pyarelal Shah

Designation :

Director

Address :

5, Umiya Society, College Road, Dehgam - 382305, Gujarat, India

Date of Birth/Age :

01.02.1960

Date of Appointment :

22.05.2009

DIN No.:

00460807

Other Directorship :

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	U67120GJ1995PLC028244	DAGA FINMARK INDIA LIMITED	Director	28/11/1995	28/11/1995	-	Active	NO
2	U63020GJ1996PTC031399	PARMESHWAR COLD STORAGE PRIVATE LIMITED	Director	26/12/1996	26/12/1996	28/02/2010	Active	NO
3	U63022GJ2009PTC057036	PARASMANI COLD STORAGE PRIVATE LIMITED	Director	22/05/2009	22/05/2009	-	Active	NO

Name :

Mr. Phoolchand Ruplal Maheshwari

Designation :

Director

Address :

B.2, Middle Class Society, Dafnala, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/Age :

11.10.1949

Date of Appointment :

22.05.2009

DIN No.:

01899338

Other Directorship :

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	U27106GJ1988PTC010591	META SONI ALLOYS PRIVATE LIMITED	Director	15/04/1988	15/04/1988	07/02/2012	Active	NO
2	U63022GJ2009PTC057036	PARASMANI COLD STORAGE PRIVATE LIMITED	Director	22/05/2009	22/05/2009	-	Active	NO

Name :

Mr. Manishkumar Ashokkumar Shah

Designation :

Director

Address :

Jai Ambe Society, Near G.E.B., At-Dahegam, Gandhinagar - 382305, Gujarat, India

Date of Birth/Age :

01.03.1972

Date of Appointment :

01.06.2009

DIN No.:

02665877

Name :

Mr. Dhansukhbhai Dayabhai Patel

Designation :

Director

Address :

3, Geeta Society, Dahegam-18, Dahegam Gandhinagar - 382305, Gujarat, India

Date of Birth/Age :

07.08.1955

Date of Appointment :

01.06.2009

DIN No.:

02665880

Name :

Mr. Arvindbhai Patel

Designation :

Director

Address :

949.1, Umiya Farm, Nandol, Ta. Dahegam, Dist. Ahmedabad, Dahegam - 382305, Gujarat, India

Date of Birth/Age :

23.11.1958

Date of Appointment :

01.06.2009

DIN No.:

02665882

Name :

Mr. Govindbhai Valjibhai Patel

Designation :

Director

Address :

4.9.1.D, Sarvoday Farm Nandol Road, Ta., Dahegam, District Ahmedabad Dahegam, Gujarat, India

Date of Birth/Age :

09.06.1956

Date of Appointment :

01.06.2009

DIN No.:

02674192

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Cold Storage Services.
Terms :
Selling :	Cash

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

7 (Approximately)

Bankers :

· State Bank of India

Station Road, Taluka Dehgam, District Gandhinagar - 382305, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
SBI Term Loan	17.997
SHORT TERM BORROWINGS
State Bank of India CC	0.556
Total	18.553

Banking Relations :	--
Auditors :
Name :	S. K. Chechani and Associates Chartered Accountants
Address :	305, Abhishek Plaza, B/H Navgujarat College, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27541561
E-Mail :	shivchechani@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACEFS8828C

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.000	6.000	6.000
(b) Reserves & Surplus	(2.066)	(4.092)	(4.850)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3.934	1.908	1.150
(3) Non-Current Liabilities
(a) long-term borrowings	25.980	28.652	31.355
(b) Deferred tax liabilities (Net)	0.000	0.000	0.146
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	25.980	28.652	31.501
(4) Current Liabilities
(a) Short term borrowings	0.400	0.556	0.935
(b) Trade payables	0.065	0.042	0.028
(c) Other current liabilities	1.061	0.864	1.196
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1.526	1.462	2.159
TOTAL	31.440	32.022	34.810
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.499	22.226	28.132
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.742	0.313	0.000
(d) Long-term Loan and Advances	0.876	0.876	0.876
(e) Other Non-current assets	0.000	0.201	0.402
Total Non-Current Assets	21.117	23.616	29.410
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4.623	3.203	1.440
(d) Cash and cash equivalents	5.580	5.031	2.548
(e) Short-term loans and advances	0.120	0.172	1.412
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.323	8.406	5.400
TOTAL	31.440	32.022	34.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	10.758	9.556	8.799
		Other Income	0.931	0.500	1.545
		TOTAL (A)	11.689	10.056	10.344
Less	EXPENSES
		Employees benefits expense	1.095	0.482	0.588
		Administrative expense	3.371	2.782	3.172
		TOTAL (B)	4.466	3.264	3.760
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.223	6.792	6.584
Less	FINANCIAL EXPENSES (D)		2.328	2.867	3.346
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.895	3.925	3.238
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.928	3.607	2.892
	PROFIT BEFORE TAX (E-F) (G)		1.967	0.318	0.346
Less	TAX (H)		(0.060)	(0.440)	0.075
	PROFIT AFTER TAX (G-H) (I)		2.027	0.758	0.271
	Earnings Per Share (Rs.)		3.38	1.26	0.45

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	17.34	7.54	2.62
Net Profit Margin (PBT/Sales)	(%)	18.28	3.33	3.93
Return on Total Assets (PBT/Total Assets}	(%)	6.41	1.00	0.99
Return on Investment (ROI) (PBT/Networth)		0.50	0.17	0.30
Debt Equity Ratio (Total Debt/Networth)		6.71	15.31	28.08
Current Ratio (Current Asset/Current Liability)		6.76	5.75	2.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.000	6.000	6.000
Reserves & Surplus	(4.850)	(4.092)	(2.066)
Net worth	1.150	1.908	3.934
long-term borrowings	31.355	28.652	25.980
Short term borrowings	0.935	0.556	0.400
Total borrowings	32.290	29.208	26.380
Debt/Equity ratio	28.078	15.308	6.706

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.799	9.556	10.758
		8.603	12.578

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.799	9.556	10.758
Profit	0.271	0.758	2.027
	3.08%	7.93%	18.84%

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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advance from related parties	10.655
Total	10.655

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

BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2015	2016	2017	2018	2019	2020	2021
LIABILITIES
Equity Share Capital	10.000	10.000	10.000	10.000	10.000	10.000	10.000
Share Premium	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Reserves and Surplus	1.016	4.046	11.597	22.550	36.604	53.787	74.952
	11.016	14.046	21.597	32.550	46.604	63.787	84.952
Unsecured Loan - Promoters	21.905	21.905	21.905	21.905	21.905	21.905	21.905
Working Capital	5.000	5.000	5.000	5.000	5.000	5.000	5.000
Term Loan-Old	10.225	5.125	0.000	0.000	0.000	0.000	0.000
Term Loan-New	29.610	24.935	20.260	15.584	10.909	6.234	1.558
Deferred Tax Liability	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	77.757	71.011	68.762	75.040	84.419	96.925	113.415
ASSETS
Gross Block	76.746	76.746	76.746	76.746	76.746	76.746	76.746
Normal Capital Expenditure	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	76.746	76.746	76.746	76.746	76.746	76.746	76.746
Depreciation	21.623	29.533	35.881	41.038	45.278	48.804	51.768
Net Block	55.123	47.213	40.865	35.708	31.468	27.942	24.978
Investments	0.000	0.000	0.000	0.000	0.000	0.000	0.000
CURRENT ASSETS
Inventories
Raw material	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Stock in process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Stores, Spares consumables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Receivables	13.500	17.820	20.691	22.760	25.036	27.540	30.294
Other current assets	2.025	2.673	3.104	3.414	3.755	4.131	4.544
Less : Sundry Creditors
Trade Creditors	1.013	1.276	1.420	1.502	1.589	1.683	1.704
Others taxes, expenses etc.	0.134	0.167	0.185	0.195	0.205	0.216	0.217
	1.147	1.444	1.605	1.696	1.794	1.899	1.921
Net current assets	14.378	19.049	22.190	24.477	26.997	29.771	32.917
Cash and Bank balances	8.256	4.749	5.707	14.854	25.953	39.212	55.520
Deferred Tax Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Preliminary Expenses (to the ext. not W/off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	77.757	71.011	68.762	75.040	84.419	96.925	113.415

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PROJECTIONS OF PERFORMANCE, PROFITABILITY AND REPAYMENT

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
1	Installed Capacity	0.500	0.500	0.500	0.500	0.500	0.500	0.500
2	No of Days	365	365	365	365	365	365	365
3	No. of shifts	1	1	1	1	1	1	1
4	% utilisation of installed capacity	75%	90%	95%	95%	95%	95%	95%
5	Production	137	164	173	173	173	173	173
9)	SALES	137	164	173	173	173	173	173
10)	SALES & OTHER INCOME	20.531	27.101	31.468	34.614	38.076	41.883	46.072
11)	Stock adjustments	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12)	NET SALES	20.531	27.101	31.468	34.614	38.076	41.883	46.072
13)	COST OF PRODUCTION
a)	Raw materials consumed	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b)	Stores & Spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
c)	Power	4.314	5.177	5.465	5.465	5.465	5.465	5.465
d)	Salaries & wages	2.053	2.710	3.147	3.461	3.808	4.188	4.607
	Transportation Exp.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
e)	Repairs & Maintenance
	Of Building	0.108	0.216	0.324	0.432	0.540	0.648	0.756
	Of Plant & Machinery	0.204	0.266	0.329	0.391	0.454	0.517	0.000
	Of others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
f)	Mfg. Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
14)	COST OF PRODUCTION	6.679	8.369	9.264	9.750	10.266	10.818	10.828
g)	Administrative Expenses	0.719	0.949	1.101	1.211	1.333	1.466	1.613
h)	Selling Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		7.397	9.318	10.366	10.961	11.599	12.284	12.441
15)	Gross profit	13.134	17.783	21.102	23.653	26.477	29.599	33.631
j)	Depreciation	5.626	7.910	6.348	5.157	4.240	3.526	2.964
k)	Misc. Exps. Written off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
16	INTEREST
a)	On Term Loan	3.735	4.172	2.946	2.061	1.523	0.986	0.000
b)	On working Capital	0.442	0.575	0.575	0.575	0.575	0.575	0.575
17)	SUB TOTAL	4.177	4.747	3.521	2.636	2.098	1.561	0.575
18)	Profit before Tax	3.331	5.126	11.233	15.860	20.139	24.513	30.092
19)	Provision for taxes	0.617	2.096	3.682	4.907	6.084	7.330	8.927
20)	Net Profit	2.713	3.030	7.551	10.953	14.054	17.182	21.165
21)	Depreciation added back	5.626	7.910	6.348	5.157	4.240	3.526	2.964
22)	Misc. Exps. Written off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
23)	Net Cash Accruals	8.339	10.940	13.899	16.110	18.294	20.708	24.129
24)	Interest on term loan	3.735	4.172	2.946	2.061	1.523	0.986	0.000
25)	Cash available for debt service	12.074	15.112	16.845	18.171	19.817	21.694	24.129
26)	Repayment obligation
	Principal
	Term Loan	5.490	9.775	9.800	4.675	4.675	4.675	4.675
	Interest on term loan	3.735	4.172	2.946	2.061	1.523	0.986	0.000
	Total Repayment	9.225	13.948	12.747	6.736	6.199	5.661	4.675
27)	Debt service ratio	1.31	1.08	1.32	2.70	3.20	3.83	0.00
28)	Average D.S.C.R	1.90 times
	Gross profit to sales	63.97%	65.62%	67.06%	68.33%	69.54%	70.67%	73.00%
	Operating profit to sales	16.22%	18.91%	35.70%	45.82%	52.89%	58.53%	65.32%
	Net profit to sales	13.22%	11.18%	24.00%	31.64%	36.91%	41.02%	45.94%
	Raw Material to sales	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	Interest to sales	20.35%	17.52%	11.19%	7.62%	5.51%	3.73%	1.25%

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

ASSESMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		Estimates	Projection	Projection	Projection	Projection	Projection	Projection
1	Gross Sales
(I)	Domestic Sales	20.531	27.101	31.468	34.614	38.076	41.883	46.072
(II)	Export Sales	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(III)	Other Income	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Total	20.531	27.101	31.468	34.614	38.076	41.883	46.072
2	Less : Excise Duty	0.000	0.000	0.000	0.000	0.000	0.000	0.000
3	NET SALES	20.531	27.101	31.468	34.614	38.076	41.883	46.072
4	% age rise(+) or Fall(-)in net sales as compared to previous year.	--	--	--	--	--	--	--
5	COST OF SALES
I)	Purchases	0.000	0.000	0.000	0.000	0.000	0.000	0.000
II)	Other Spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
III)	Electricity	4.314	5.177	5.465	5.465	5.465	5.465	5.465
IV)	Salaries	2.053	2.710	3.147	3.461	3.808	4.188	4.607
V)	Manufacturing Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
VI)	Repairs & Maintenance	0.312	0.482	0.653	0.824	0.994	1.165	0.756
VII)	Depreciation	5.626	7.910	6.348	5.157	4.240	3.526	2.964
	Sub-Total	12.304	16.279	15.613	14.907	14.506	14.344	13.792
VIII)	Add: Opening Stock In Process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total	12.304	16.279	15.613	14.907	14.506	14.344	13.792
IX)	Less: Closing Stock In Process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
X)	Cost Of Production	12.304	16.279	15.613	14.907	14.506	14.344	13.792
XI)	Add: Opening Stock in Finished Goods/Import License/Packing Mat.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total	12.304	16.279	15.613	14.907	14.506	14.344	13.792
XII)	Deduct: Closing Stock of Fin Goods/Import Packing/Packing Mat	0.000	0.000	0.000	0.000	0.000	0.000	0.000
XIII)	(Total Cost of Sales)	12.304	16.279	15.613	14.907	14.506	14.344	13.792
6	Selling, General & Administrative Exp.	0.719	0.949	1.101	1.211	1.333	1.466	1.613
	Sub-Totals (5+6)	13.023	17.228	16.714	16.118	15.839	15.810	15.405
7	Operating Profit Before Interest (3-7)	7.508	9.873	14.754	18.496	22.237	26.073	30.667
8	Interest - Term loan	3.735	4.172	2.946	2.061	1.523	0.986	0.000
	Interest - Working capital	0.442	0.575	0.575	0.575	0.575	0.575	0.575
10	Operating Profit After Interest (8-9)	3.331	5.126	11.233	15.860	20.139	24.513	30.092
11	I) Add: Other Non-operating Income
	(a) Interest on Loans & Adv.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Miscellaneous Income.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(c) Profit on sale of fixed assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub Total (Income)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	II) Deduct: Other Non-operating expenses
	(a) Loss on sale of fixed assets.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Preliminary Exp. Written Off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(c) Others -- Bad Debts	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub Total (Expenses)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	III) Net Of Other Non-operating Income /Expenses Net of 11(I) & 11(ii)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12	Profit Before Tax/ Loss (10+11)	3.331	5.126	11.233	15.860	20.139	24.513	30.092
13	Provision for Taxes @ 30%	0.617	2.096	3.682	4.907	6.084	7.330	8.927
14	Net Profit / Loss (12-13)	2.713	3.030	7.551	10.953	14.054	17.182	21.165
15	(a) I.T of previous year	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Dividend Paid	0.000	0.000	0.000	0.000	0.000	0.000	0.000
16	Retained Profit (14-15)	2.713	3.030	7.551	10.953	14.054	17.182	21.165
17	CASH ACCRUALS	8.339	10.940	13.899	16.110	18.294	20.708	24.129
18	Retained Profit/Net Profit (%age)
	Gross Profit To Sales	36.57%	36.43%	46.89%	53.43%	58.40%	62.25%	66.56%
	Operating Profit to Sales	16.22%	0.00%	35.70%	45.82%	52.89%	58.53%	65.32%
	Net Profit to Sales	0.00%	0.00%	24.00%	31.64%	36.91%	41.02%	45.94%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		Estimates	Projection	Projection	Projection	Projection	Projection	Projection
	CURRENT LIABILITIES
1	Short-term Borrowings from Banks (Including Bills Purchased/Discounted and excess Borrowings Places on Repayment Basis)
	(I) From Application Bank	5.000	5.000	5.000	5.000	5.000	5.000	5.000
	(ii) From Other Banks	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(iii) (Of Which BP and BD)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total (A)	5.000	5.000	5.000	5.000	5.000	5.000	5.000
2	Short term Borrowings From Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
3	Sundry Creditors (trade)	1.013	1.276	1.420	1.502	1.589	1.683	1.704
4	Advance Payments From Customers	0.000	0.000	0.000	0.000	0.000	0.000	0.000
5	Provision For Taxation	0.000	0.000	0.000	0.000	0.000	0.000	0.000
6	Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000	0.000
7	Other Statutory Liabilities (Due Within 1 Year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
8	Deposits/Installments of Term Loans/ DPGs/Debentures etc. (Due Within 1 year)	9.775	9.800	4.675	4.675	4.675	4.675	0.000
9	Other Current Liabilities and Provisions (Due Within One Year)	0.134	0.167	0.185	0.195	0.205	0.216	0.217
	Deferred tax Liabilities	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total (B)	10.922	11.244	6.281	6.372	6.470	6.574	1.921
10	TOTAL CURRENT LIABILITIES (Total of 1 to 9)	15.922	16.244	11.281	11.372	11.470	11.574	6.921
	TERM LIABILITIES
11	Debenture (Not Maturing Within 1 year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12	Preference Shares (Redeemable After 1 year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
13	Term Loans (Excluding Installments Payable Within One Year)	30.060	20.260	15.584	10.909	6.234	1.558	1.169
14	Outstanding Payment for capital goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
15	Term Deposits (Repayable After 1 year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
16	Other Term Liabilities (Unsecured loan)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	30.060	20.260	15.584	10.909	6.234	1.558	1.169
18	TOTAL OUTSIDE LIABILITIES (10+17)	45.982	36.504	26.865	22.281	17.703	13.133	8.090
	NET WORTH
19	Share Capital	10.000	10.000	10.000	10.000	10.000	10.000	10.000
20	Reserves and Surplus	1.016	4.046	11.597	22.550	36.604	53.787	74.952
21	Revaluation reserves	0.000	0.000	0.000	0.000	0.000	0.000	0.000
22	Other reserves-Share Premium/Investment Reserve	0.000	0.000	0.000	0.000	0.000	0.000	0.000
23	Surplus (+) or deficits (-) in P and L account	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Unsecured Loans ( Quashi Capital)	21.905	21.905	21.905	21.905	21.905	21.905	21.905
24	NET WORTH	32.921	35.951	43.502	54.455	68.509	85.692	106.857
25	TOTAL LIABILITIES (18+24)	78.904	72.455	70.367	76.736	86.213	98.824	114.946
	CURRENT ASSETS
26	Cash and Bank Balance	8.256	4.749	5.707	14.854	25.953	39.212	55.520
27	Investments (Other Than Trustee securities)
I)	Government and Other Trustee Securities/ Other Deposits	0.000	0.000	0.000	0.000	0.000	0.000	0.000
II)	Cash margin against L/C	0.000	0.000	0.000	0.000	0.000	0.000	0.000
28	Receivable Other Than Deferred and Exports
I)	(Include Bills Purchased and Discounted By Banks)	13.500	17.820	20.691	22.760	25.036	27.540	30.294
II)	Exports Receivable (Including Bills Purchased/ Discounted by Banks)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
29	Excise/ Export/ Modvat receivables (Due Within One Year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
30	Inventory
	I) Stock in Trade
	a) Stock Of Raw Materials
	-- Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	-- Indigenous	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	b) Stock In Process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	c) Stock Of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
31	Advances To Suppliers of Goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
32	Advances Payment of Taxes	0.000	0.000	0.000	0.000	0.000	0.000	0.000
33	Other Current Assets	2.025	2.673	3.104	3.414	3.755	4.131	4.544
34	TOTAL CURRENT ASSETS (Total of 26 to 33)	23.780	25.242	29.502	41.028	54.745	70.882	90.358
	FIXED ASSETS
35	Gross Block (Land, Build, Mach, and W.I.P)	76.746	76.746	76.746	76.746	76.746	76.746	76.746
36	Depreciation To Date	21.623	29.533	35.881	41.038	45.278	48.804	51.768
37	Net Blocks (35-36)	55.123	47.213	40.865	35.708	31.468	27.942	24.978
	OTHER NON CURRENT ASSETS
38	Investments/Book Debts/Advances/ Deposits Which Are Non-Current Assets
I)	(a) Investments in Subsidiary Comp./Affiliates	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
II)	Adv. to Suppliers Of Capital Goods and Contractors	0.000	0.000	0.000	0.000	0.000	0.000	0.000
III)	Deferred Assets (Maturity Exceeding six month)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
39	Non Consumables Stores and Spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
40	Other Non-Current Assets Including	0.000	0.000	0.000	0.000	0.000	0.000	0.000
41	TOTAL OTHER NON CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Dr. Balance of P&L account	0.000	0.000	0.000	0.000	0.000	0.000	0.000
42	Intangible Assets (Patents, Goodwill Pre. Exps. Bad/Doubtful debts not provided for, etc.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
43	TOTAL ASSETS (Total of 34,37,41 and 42)	78.904	72.455	70.367	76.736	86.213	98.824	115.336
44	TANGIBLE NET WORTH (24-42)	32.921	35.951	43.502	54.455	68.509	85.692	106.857
45	NET WORKING CAPITAL (17+24)	0.000	0.000	0.000	0.000	0.000	0.000	0.389
	(37+41+42) To tally with (34-10)	7.858	8.997	18.221	29.656	43.275	59.308	83.437
46	Current Ratio (Item 34/10)	1.49	1.55	2.62	3.61	4.77	6.12	13.06
47	Total Outside Liabilities /Tangible (Net Worth 18/44)	1.40	1.02	0.62	0.41	0.26	0.15	0.08

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		Estimates	Projection	Projection	Projection	Projection	Projection	Projection
1	SOURCES
a)	Net Profit After Tax	2.713	3.030	7.551	10.953	14.054	17.182	21.165
b)	Depreciation	5.626	7.910	6.348	5.157	4.240	3.526	2.964
c)	Increase in capital	4.000	0.000	0.000	0.000	0.000	0.000	0.000
d)	Increase in Term Liabilities (Incl. Public Deposit)	30.060	0.000	0.000	0.000	0.000	0.000	0.000
e)	I) Decrease in Fixed assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	II) Other Non-Current assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
f)	P & P write off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
g)	TOTAL	42.399	10.940	13.899	16.110	18.294	20.708	24.129
2	USES
a)	Net Loss	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b)	Decrease in Term Liabilities (Incl. Public Deposits)	0.000	9.800	4.675	4.675	4.675	4.675	0.389
c)	I) Increase in : Fixed assets	41.250	0.000	0.000	0.000	0.000	0.000	0.000
	ii) Other non-Current Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
d)	Misc. Expense	0.000	0.000	0.000	0.000	0.000	0.000	0.000
f)	TOTAL	41.250	9.800	4.675	4.675	4.675	4.675	0.389
3	Long Term Surplus(=)Deficit(-)1-2	1.149	1.139	9.224	11.435	13.619	16.033	23.740
4	Increase/Decrease in Current Assets	11.838	1.461	4.260	11.526	13.717	16.138	19.476
	(As per details given Below)
5	Increase/Decrease in Current Liabilities other than Bank Borrowing	0.000	9.800	4.675	4.675	4.675	4.675	0.389
6	Increase/Decrease in working Capital Gap	1.674	1.139	9.224	11.435	13.619	16.033	24.129
7	Net Surplus(=) Deficit(-) (Difference of 3 & 6)	(0.525)	0.000	0.000	0.000	0.000	0.000	(0.389)
8	Increase/Decrease in Bank Borrowing	4.600	0.000	0.000	0.000	0.000	0.000	0.000
	INCREASE/DECREASE IN NET SALES	20.531	6.570	4.367	3.146	3.462	3.807	4.189
	Break up of (4)
I)	Increase/Decrease in Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
ii)	Increase/Decrease in Receivable
a)	Domestic	8.877	4.320	2.871	2.069	2.276	2.503	2.754
b)	Export	0.000	0.000	0.000	0.000	0.000	0.000	0.000
iii)	Increase/Decrease in Stores & spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
iv)	Increase/Decrease in other Current Assets	2.962	(2.859)	1.389	9.458	11.440	13.634	16.721
	TOTAL	11.838	1.461	4.260	11.526	13.717	16.138	19.476

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		Estimates	Projection	Projection	Projection	Projection	Projection	Projection
	A: CURRENT ASSETS
1	Stock Of Raw Materials - indigenous	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(Months' cost of Purchases)	--	--	--	--	--	--	--
	Stock Of Raw Materials - Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(Months' cost of Purchases)	--	--	--	--	--	--	--
	Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(Months' cost of production)	--	--	--	--	--	--	--
	Stock Of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(Months' cost of sales)	--	--	--	--	--	--	--
2	Receivables other Than Export Deferred Receivables Including Bills Purchase & Discounted By Banks	13.500	17.820	20.691	22.760	25.036	27.540	30.294
	(Days' Domestic Sales: Excluding Deferred Payment)	--	--	--	--	--	--	--
3	Export Receivables (Including Bills Purchase & Dis.)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(Month Export Sales)	--	--	--	--	--	--	--
4	Advance to the Suppliers of R. Mat. & Stores, Con.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
5	Other C. Assets Included Cash & Bank Bl., Def. Rec. Due Within one Year (Specify Major items)	10.281	7.422	8.811	18.268	29.708	43.343	60.064
	Margin money for W.C	0.000	0.000	0.000	0.000	0.000	0.000	0.000
6	TOTAL CURRENT ASSETS	23.780	25.242	29.502	41.028	54.745	70.882	90.358
	(to Agree with item 34 in Form-III)
B	CURRENT LIABILITIES
	(Other Than Bank Borrowings For W.C)
7	Sundry creditors(Trade)	1.013	1.276	1.420	1.502	1.589	1.683	1.704
	(Months Purchases)	--	--	--	--	--	--	--
8	Advances From Customers	0.000	0.000	0.000	0.000	0.000	0.000	0.000
9	Statutory Liabilities	0.000	0.000	0.000	0.000	0.000	0.000	0.000
10	Other Current Liabilities	--	--	--	--	--	--	--
	(Specify Major Items)
I)	Short Term Borrowings	0.000	0.000	0.000	0.000	0.000	0.000	0.000
II)	Unsecured Loans	0.000	0.000	0.000	0.000	0.000	0.000	0.000
III)	Dividend Payables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
IV)	Installments of Term Loans, DPG Public Deposits, debentures etc.	9.775	9.800	4.675	4.675	4.675	4.675	0.000
V)	Others	0.134	0.167	0.185	0.195	0.205	0.216	0.217
11	TOTAL CURRENT LIABILITIES	10.922	11.244	6.281	6.372	6.470	6.574	1.921
	(to Agree with Sub Total B-Form-III)

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Sr. No.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		Estimates	Projection	Projection	Projection	Projection	Projection	Projection
1	Total Current Assets (9 in Form - IV)	23.780	25.242	29.502	41.028	54.745	70.882	90.358
2	Other Current Liabilities (Other than Bank Borrowings)	10.922	11.244	6.281	6.372	6.470	6.574	1.921
	(14 of Form-IV)
3	Working Capital Gap (WCG) (1-2)	12.858	13.997	23.221	34.656	48.275	64.308	88.437
4	Minimum Stipulated Net WORKING	3.215	6.310	7.375	10.257	13.686	17.721	22.589
	Capital i.e. 25% of W.C.G OR 25% OF Total Current Assets AS The Method of Lending Being Applied (Export Rec. to be excluded under Both Methods)	5.945	6.310	7.375	10.257	13.686	17.721	22.589
5	Actual Project Net Working capital (45 in Form III)	7.858	8.997	18.221	29.656	43.275	59.308	83.437
6	Item 3 Minus Items4	6.913	7.687	15.846	24.399	34.589	46.587	65.848
7	Item 3 Minus Items5	5.000	5.000	5.000	5.000	5.000	5.000	5.000
8	Maximum Permissible Bank Finance (Item 6 or 7 Whichever is Lower)	5.000	5.000	5.000	5.000	5.000	5.000	5.000
9	Excess Borrowings Rep. Short fall in net W.C. (4-5)	--	--	--	--	--	--	--

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

STATEMENT OF MEANS

MR. DHANSUKHBHAI DAHYABHAI PATEL

(RS. IN MILLIONS)

DETAILS OF ASSETS OWNED

SR. NO.	FULL DESCRIPTION OF PROPERTY GIVING LOCATION AND FULL ADDRESS	PURCHASE PRICE	PRESENT MARKET PRICE
1.	3, Geeta Society, Ahmedabad Road, Dehgam – 382305, Gujarat, India	0.150	6.500
2.	Shop: Station Road, Dehgam, Gujarat, India	0.300	1.500
	TOTAL		8.000

DETAILS OF INVESTMENTS, IF ANY: NIL

INVESTMENT BY WAY OF CAPITAL IN ASSOCIATES FIRM/ COMPANY

SR. NO.	NAME OF THE FIRM/ COMPANY	AMOUNT OF NET CAPITAL INVESTED AS ON DATE [AFTER SETTING OF LOSSES, IF ANY]
1.	Ambica Fertilizers [Proprietor]	Rs. 2.500 Millions As on 31.03.2013

LOANS/DEPOSITS WITH THIRD PARTIES/ FIRMS: NIL

DEPOSIT WITH BANKS: NIL

DETAILS OF BORROWINGS: NIL

DETAILS OF PERSONAL GUARANTEES GIVEN, IF ANY: NIL

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STATEMENT OF MEANS

MR. GOVINDBHAI VALJIBHAI PATEL

(RS. IN MILLIONS)

DETAILS OF ASSETS OWNED

SR. NO.	FULL DESCRIPTION OF PROPERTY GIVING LOCATION AND FULL ADDRESS	PURCHASE PRICE	PRESENT MARKET PRICE
1.	Flat: 15, Abhishek Appartment, B/H Atithi Hotel, Ahmedabad Road, Dehgam – 382305, Gujarat, India	0.500	1.500
2.	Shop: At Sudama Complex, Modasa Road, Dehgam	0.300	1.100
3.	Land at Kapadvanj	2.000	6.500
	TOTAL		9.100

DETAILS OF INVESTMENTS, IF ANY: NIL

DETAILS OF PERSONAL GUARANTEES GIVEN, IF ANY: NIL

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STATEMENT OF MEANS

MR. MANISHBHAI ASHOKBHAI SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS OWNED

SR. NO.	FULL DESCRIPTION OF PROPERTY GIVING LOCATION AND FULL ADDRESS	PURCHASE PRICE	PRESENT MARKET PRICE
1.	13, Jai Ambe Society, Near GEB, Ahmedabad Road, Dehgam – 382305, Gujarat, India	0.500	5.000
2.	Shop at Ahmedabad	0.500	4.000
3.	Land at Dharisna	0.500	4.500
	TOTAL		13.500

DETAILS OF INVESTMENTS, IF ANY: NIL

INVESTMENT BY WAY OF CAPITAL IN ASSOCIATES FIRM/ COMPANY: NIL

LOANS/DEPOSITS WITH THIRD PARTIES/ FIRMS: NIL

DEPOSIT WITH BANKS: NIL

DETAILS OF BORROWINGS: NIL

DETAILS OF PERSONAL GUARANTEES GIVEN, IF ANY: NIL

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STATEMENT OF MEANS

MR. DINESHKUMAR P. SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS OWNED

SR. NO.	FULL DESCRIPTION OF PROPERTY GIVING LOCATION AND FULL ADDRESS	PURCHASE PRICE	PRESENT MARKET PRICE
1.	House: 5 Umiya Society, Ahmedabad Road, Dehgam, Gujarat, India	0.090	6.500
2.	Shop: 10, Umiya Shopping Centre, Ahmedabad Road, Dehgam, Gujarat, India	0.100	4.000
3.	Land: 521/1, Bubblepura, Sampa, Dehgam, Gujarat, India	0.200	4.500
4.	Land of Paliya Block 46	1.000	4.000
5.	Car Nissan Sunny	0.928	0.900
	TOTAL		19.900

DETAILS OF INVESTMENTS, IF ANY: NIL

INVESTMENT BY WAY OF CAPITAL IN ASSOCIATES FIRM/ COMPANY

SR. NO.	NAME OF THE FIRM/ COMPANY	AMOUNT OF NET CAPITAL INVESTED AS ON DATE [AFTER SETTING OF LOSSES, IF ANY]
1.	Dhwani Metal Corp. [Proprietor]	Rs. 1.791 Millions As on 31.03.2012

LOANS/DEPOSITS WITH THIRD PARTIES/ FIRMS: NIL

DEPOSIT WITH BANKS: NIL

DETAILS OF BORROWINGS

SR. NO.	AMOUNT OF BORROWING	FROM WHOM BORROWED	SECURITY OFFERED	WHEN PAYABLE
1.	Rs. 3.500 Millions CC/OD in the name of Dhwani Metal Corp.	SBI, Dehgam	House: 5, Umiya Society, Ahmedabad Road, Dehgam	Cash Credit A/c.

DETAILS OF PERSONAL GUARANTEES GIVEN, IF ANY: NIL

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STATEMENT OF MEANS

MR. PHOOLCHAND RUPLAL MAHESWARI

(RS. IN MILLIONS)

DETAILS OF ASSETS OWNED

SR. NO.	FULL DESCRIPTION OF PROPERTY GIVING LOCATION AND FULL ADDRESS	PURCHASE PRICE	PRESENT MARKET PRICE
1.	Flat at middle class society, Shahibaug, Ahmedabad	1.000	7.500
2.	Land: 521/1, Bubblepura, Sampa, Dehgam, Gujarat, India	0.500	4.500
3.	Plot in Vatva GIDC, Ahmedabad, Gujarat, India	0.200	4.000
4.	Car Tata Manza	0.750	0.600
	TOTAL		16.600

DETAILS OF INVESTMENTS, IF ANY: NIL

LOANS/DEPOSITS WITH THIRD PARTIES/ FIRMS: NIL

DEPOSIT WITH BANKS: NIL

DETAILS OF BORROWINGS: NIL

DETAILS OF PERSONAL GUARANTEES GIVEN, IF ANY: NIL

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10181068	05/10/2009	27,500,000.00	STATE BANK OF INDIA	STATION ROAD, DEHGAM, GUJARAT - 382305, INDIA	A71882070
2	10181069	05/10/2009	27,500,000.00	STATE BANK OF INDIA	STATION ROAD, DEHGAM, GUJARAT - 382305, INDIA	A71882179

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CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Dhwani Weigh Bridge, Modasa Road, Dehgam - 383305, Gujarat, India to the present address w.e.f.29.05.2009.

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FIXED ASSETS:

· Plant and Machinery

Land and Land Development

Cold Storage Building

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. 60.43
UK Pound	1	Rs. 100.12
Euro	1	Rs. 79.74

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.