MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	CHANCHAL PRINTS
Registered Office :	Sy. No. 2460/61, Shop No. A/1007, Ground Floor, Tirupati Textile Market, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	30.09.2014 [Provisional]
Date of Establishment :	28.06.2005
Capital Investment :	Rs. 1.096 Millions
PAN No.: [Permanent Account No.]	ALTPP7335D
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Sarees and Dress Material of Grey Fabrics and Grey Cloth.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small Concern
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small proprietary concern in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for small 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nitinbhai Ajmera
Designation :	Chartered Accountant
Contact No.:	91-9825801028
Date :	11.12.2014

LOCATIONS

Registered Office/ Factory :	Sy. No. 2460/61, Shop No. A/1007, Ground Floor, Tirupati Textile Market, Surat – 395003, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825801028 [Mr. Nitinbhai Ajmera]
Fax No.:	Not Available
E-Mail :	nitinajmera@yahoo.com ritesh_tulshyan998@yahoo.com
Location :	Rented

SOLE PROPRIETOR

Name :	Mrs. Sushiladevi Gopikishan Periwal
Designation :	Proprietor
Address :	C-403, Swagat Complex, Behind Aai Mata Road, Opposite Dr. World Multiplex, Surat – 395010, Gujarat, India
Date of Birth/Age :	07.01.1954
PAN No.:	ALTPP7335D

KEY EXECUTIVES

Name :	Mr. Nitinbhai Ajmera
Designation :	Chartered Accountant

BUSINESS DETAILS

Line of Business :	Trader of Sarees and Dress Material of Grey Fabrics and Grey Cloth.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Other
Purchasing :	Credit [60 Days]

GENERAL INFORMATION

Suppliers :

Reference:	S.R. Silk Mills, Surat
Name of the Person (Designation):	Mr. Ganshyam Sarda [Proprietor]
Contact Number:	91-9825384332
Since how long known:	8 to 10 Years
Maximum limit dealt:	As per requirement.
Experience:	Payment behavior is good.

Reference:	Bang Textiles
Name of the Person (Designation):	Mr. Sureshbhai [Proprietor]
Contact Number:	91-9374897444
Since how long known:	5 to 6 Years
Maximum limit dealt:	As per requirement.
Experience:	Payment behavior is good.

· Ambaji Textiles

Contact No.: 91-9725082448

· Sri Balaji Fabrics

Contact No.: 91-9374555403

· Maheshwari Brothers

Contact No.: 91-9437307600

· Singhi Trading Company

Contact No.: 91-9437017473

· B.G. Textile

Contact No.: 91-8237335244

Customers :

Wholesalers

Reference:	Sakhi Fashion Private Limited, Surat
Name of the Person (Designation):	Mr. Sajid [Director]
Contact Number:	91-9327003102
Since how long known:	5 to 60 Years
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Good Delivery = On time They have good business trade record.

· Laxmi Textiles

Contact No.:91-8401794972

· Sri Janki Fabrics

Contact No.:91-261-3023403

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Dhanlaxmi Bank
Branch:	Ground Floor, Twin Towers, Opposite Shrinath Travels, Sahara Darwaja, Surat, Gujarat, India
Person Name (with Designation):	Gaurang Ashokbhai Vaghela
Contact Number:	91-9825972004
Name of Account Holder:	Chanchal Prints
Account Number:	014210100000239
Account Since (Date/ Year of A/c Opening):	13.10.2009
Average Balance Maintained (Optional):	CC Account
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit
Account Operation:	Satisfactory
Remarks: There are 53 Inward cheques returns observed during last 12 months due to expiry of the cash credit limit outward cheque returns due to recession in the Orissa state.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
The Dhanlakshmi Bank	2.336	1.712
Total	2.336	1.712

Auditors :
Name :	Rathi and Tulshyan Chartered Accountants
Address :	117, Shri Hari Park, Near Center Point Building, Ring Road, Surat - 395002, Gujarat, India
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 1.096 Millions
Borrowed :	--
Total :	Rs. 1.096 Millions

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		30.09.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor Capital		1.096	1.499	1.351	1.083
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		1.096	1.499	1.351	1.083
LOAN FUNDS
1] Secured Loans		2.479	2.336	1.712	1.488
2] Unsecured Loans		0.816	1.168	1.122	0.372
TOTAL BORROWING		3.295	3.504	2.834	1.860
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		4.391	5.003	4.185	2.943
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.001	0.001	0.002	0.005
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.141	3.835	1.934	1.851
	Sundry Debtors	3.070	6.893	7.719	5.788
	Cash & Bank Balances	0.338	0.045	0.031	0.168
	Other Current assets	0.000	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000	0.000
Total Current Assets		5.549	10.773	9.684	7.807
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.159	5.771	5.501	4.869
	Other Current Liabilities	0.000	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000	0.000
Total Current Liabilities		1.159	5.771	5.501	4.869
Net Current Assets		4.390	5.002	4.183	2.938
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		4.391	5.003	4.185	2.943

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	9.465	17.730	14.373	13.229
		Other Income	0.000	0.000	0.000	0.000
		TOTAL	9.465	17.730	14.373	13.229
Less	EXPENSES
		Cost of Goods sold	6.365	12.236	11.227	10.890
		Value Addition Expense	0.000	0.170	0.000	0.000
		Grey Purchase	0.000	0.000	0.173	0.000
		Job Charges	0.813	2.974	1.340	0.930
		Packing Box	0.000	0.398	0.000	0.000
		Accounting Charges	0.000	0.085	0.085	0.072
		Freight Expense	0.000	0.051	0.000	0.000
		Interest on CC	0.279	0.311	0.433	0.407
		Interest on Unsecured Loan	0.000	0.342	0.000	0.000
		Miscellaneous Expense	0.000	0.029	0.024	0.023
		Packing Expenses	0.000	0.206	0.295	0.200
		Rent	0.030	0.040	0.060	0.060
		Salary Expense	0.216	0.348	0.241	0.235
		Other Expenses	0.000	0.155	0.181	0.132
		TOTAL	7.703	17.346	14.059	12.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.762	0.384	0.314	0.280
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.001	0.003	0.003
	NET PROFIT		1.762	0.383	0.311	0.277

KEY RATIOS

PARTICULARS		30.09.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	18.62	2.16	2.16	2.09
Return on Total Assets (PBT/Total Assets}	(%)	31.75	3.55	3.21	3.55
Return on Investment (ROI) (PBT/Networth)		1.61	0.26	0.23	0.26
Debt Equity Ratio (Total Debt/Networth)		3.01	2.34	2.10	1.72
Current Ratio (Current Asset/Current Liability)		4.79	1.87	1.76	1.60

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Proprietor Capital	1.083	1.351	1.499
Profit and Loss Account	0.000	0.000	0.000
Net worth	1.083	1.351	1.499
Secured Loans	1.488	1.712	2.336
Unsecured Loans	0.372	1.122	1.168
Total borrowings	1.860	2.834	3.504
Debt/Equity ratio	1.717	2.098	2.338

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	13.229	14.373	17.730
		8.648	23.356

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	13.229	14.373	17.730
Profit	0.277	0.311	0.383
	2.09%	2.16%	2.16%

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 and six months	Yes
12]	Profitability for last three years and six months	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)	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	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
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

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

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
HDB Financial Services Limited	0.168	0.334
Fullerton India Credit Limited	0.295	0.421
Gopi Kishan S. Periwal	0.485	0.166
Hemlata Karnani	0.108	0.102
Saroj Daga	0.112	0.099
Total	1.168	1.122

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

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.383
Net Profit as per Profit and Loss Account		0.383
Add: Depreciation Disallowed		0.001
		0.384
Less: Allowed Depreciation		0.001
		0.383
INCOME FROM OTHER SOURCES			0.000
Interest on SB Account		0.000
Total		0.000
			-------------
GROSS TOTAL INCOME			0.383
LESS: DEDUCTIONS UNDER CHAPTER - VIA
80D Medical Insurance Premia		0.004
80TTA Interest on Deposits in Savings Account		0.000
TOTAL DEDUCTIONS			0.004
			-------------
TOTAL INCOME			0.379
TOTAL INCOME ROUNDED OFF U/S 288A			0.379
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Million	0.000
Tax on Rs. 0.179 Million [0.379 – 0.200] @ 10%	0.018
Tax on Rs. 0.379 Million		0.018
		--------------
		0.018
Less: Rebate u/s 87A		0.002
		--------------
		0.016
Add: Education cess @ 2%		0.000
		--------------
		0.016
Add: Secondary and Higher Education cess @ 1%		0.000
		--------------
		0.016
Add: Interest Payable
Interest u/s 234A	0.000
Interest u/s 234B	0.001
Interest u/s 234C	0.001	0.002
		--------------
		0.018
Less: Self-Assessment Tax u/s 140A
Bank of Baroda, Law Garden Branch – 0202976 – 02336 – 27.09.2014	0.018
Bank of Baroda, Law Garden Branch – 0202976 – 00409 – 07.10.2014	0.000	0.018
		--------------
Refundable		0.000
Tax Rounded off u/s 288B		0.000
		--------------

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

ESTIMATED PROFIT AND LOSS

(RS. IN MILLIONS)

PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
Gross Sales	22.500	25.000
Less: Excise Duty and Sales Tax	0.000	0.000
Net Sales	22.500	25.000
Closing Stock	5.400	5.000
Less: Opening Stock	4.000	4.500
Other Income	0.000	0.000
Total Income	23.900	25.500
Raw Material – Imported	0.000	0.000
- Indigenous	19.100	20.200
Job work charges	2.050	2.100
Employees	0.600	0.775
Power and Fuel	0.000	0.000
Other Manufacturing Expenses	0.000	0.000
COST OF PRODUCTION	21.750	23.075
Rent	0.060	0.060
Administrative and Selling Expenses	0.850	0.950
COST OF SALES	22.660	24.085
Earnings before Depreciation, Interest and Tax	1.240	1.415
Interest	0.650	0.650
- Term Loan	0.000	0.000
- Term Loan	0.000	0.000
- Working Capital	0.650	0.650
Depreciation	0.000	0.000
Preliminary expenses written off	0.000	0.000
Profit before tax	0.590	0.765
Tax	0.000	0.000
Net Profit	0.590	0.765
Less: Dividend [Including tax]	0.000	0.000
Net Profit carried over to Balance Sheet	0.590	0.765
Cash Accruals	0.590	0.765
Cumulative Cash Accruals	0.973	1.738
Profitability Ratios
Gross profit Margin	0.551	0.566
PBT Margin	0.262	0.306
Net Profit Margin	0.262	0.306
Interest Coverage	0.191	0.218

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

ESTIMATED BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
LIABILITIES
Proprietor’s Capital	2.400	2.600
Reserves and Surplus
General Reserves	0.000	0.000
- P & L Appropriation Account	0.000	0.000
Additions	0.000	0.000
Drawings	0.000	0.000
Total Reserves	0.000	0.000
NETWORTH	2.400	2.600
Loans
Unsecured Loans	1.500	1.500
Working Capital Loan	3.500	3.500
Secured Loan	0.000	0.000
Total Loans	5.000	5.000
TOTAL LIABILITIES	7.400	7.600
Land	0.000	0.000
Gross Fixed Assets	0.000	0.000
Less: Depreciation	0.000	0.000
Net Fixed Assets	0.000	0.000
Investments	0.000	0.000
CURRENT ASSETS
Inventories	5.400	5.000
Raw Material – Indigenous	0.000	0.000
- Imported	0.000	--
Stock in process	0.000	0.000
Finished Goods	5.400	5.000
Stores and Spares	0.000	0.000
Sundry Debtors – Domestic	3.900	5.000
Deposit	0.000	0.000
Sub-total	9.300	10.000
Cash and Bank Balance	0.100	0.100
Total Current Assets	9.400	10.100
Current Liabilities
Sundry Creditors	2.000	2.500
Other Liabilities	0.000	0.000
Provisions	0.000	0.000
Total Liabilities	2.000	2.500
Net Current Assets	7.400	7.600
Non-Current Assets	0.000	0.000
Miscellaneous Expenditure not w/off	0.000	0.000
Total Assets	9.400	10.100

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

RATIO ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
TNW	2.400	2.600
TNW with quasi equity	3.900	4.100
Current Liabilities	5.500	6.000
Long term liabilities	0.000	0.000
TOL	5.500	6.000
TOL / TNW	1.41	1.46
TD / TNW	0.00	0.00
Current Ratio with due in 1 year	1.71	1.68
Fixed Assets Coverage Ratio	0.00	0.00
ROI	0.00	0.00
Current Liabilities without TL	2.000	2.500
Current Ratio	4.70	4.04

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
1	Gross Sales
	- Domestic	22.500	25.000
	- Exports	0.000	0.000
	- Trading	--	--
	TOTAL	22.500	25.000
2	Less: Excise Duty	0.000	0.000
3	Net Sales [1-2]	22.500	25.000
4	% age rise [+] or fall [-] in net sales as compared to previous year	26.91%	11.11%
5	Cost of Sales
	1. Raw Material [including stores and other items used in the process of manufacture]
	- Imported	0.000	0.000
	- Indigenous	19.100	20.200
	- Stores / Packing	0.000	0.000
	2. Other Spares
	- Imported	--	--
	- Indigenous	0.000	0.000
	3. Job work Charges	2.050	2.100
	4. Direct Labour [Factory wages and salaries]	0.600	0.775
	5. Other manufacturing expenses [including repair and maintenance]	0.000	0.000
	6. Depreciation	0.000	0.000
	Sub-total [1 to 6]	21.750	23.075
	7. Add: Opening Stock in process	4.000	4.500
	8. Deduct: Closing Stock in process	5.400	5.000
	9. Cost of Production	20.350	22.575
	10. Add: Opening stock of finished goods	0.000	0.000
	11. Sub-total	20.350	22.575
	12. Deduct: Closing stocks of finished goods	0.000	0.000
	13. Sub-total [Total Cost of Sales]	20.350	22.575
6	Selling, General and Administrative Expenses and Rent	0.910	1.010
7	Sub-total [5 + 6]	21.260	23.585
8	Operating Profit before Interest [3 - 7]	1.240	1.415
9	Interest	0.650	0.650
10	Operating Profit after Interest [8 - 9]	0.590	0.765
11	1. Add: Other Non-Operating Income	0.000	0.000
	Sub-total	0.000	0.000
	2. Deduct: Other Non-Operating Expenses
	a. Public Issue/ Miscellaneous Expenses written off/ Salary to partners	0.000	0.000
	b. Prior Period Expenses	0.000	0.000
	Sub-total	0.000	0.000
	3. Net of Other Non-Operating Income / Expenses [Net of 11 [i] and 11 [ii]]	0.000	0.000
12	Profit / [Loss] before tax	0.590	0.765
13	Provision for Taxes – Current	0.000	0.000
14	Net Profit / [Loss] [12-13]	0.590	0.765
15	a. Transfer to General Reserve	0.000	0.000
	b. Dividend Rate	0.000	0.000
	c. Dividend Amount	0.000	0.000
	Dividend Tax	0.000	0.000
	Prior Period Adjustments [Depreciation written back]	--	--
16	Retained Profit [14-15]	0.590	0.765
17	Retained Profit / Net Profit [%]	10.000	10.000

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	3.500	3.500
	(ii) From other banks	--	--
	(iii) of which BP & BD	--	--
	Sub-total (A)	3.500	3.500
2	Short term borrowings from others	0.000	0.000
3	Sundry Creditors - Trade	2.000	2.500
4	Advance payments from customers/ deposits from dealers	--	--
5	Provision for Taxation	0.000	0.000
6	Dividend Payable	0.000	0.000
7	Other statutory liabilities (due within one year)	--	--
8	Deposits/ Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.000	0.000
9	Other current liabilities & Provisions (due within one year) – Specify major items	0.000	0.000
	Sub-total (B)	2.000	2.500
10	TOTAL CURRENT LIABILITIES [Total of 1 to 9]	5.500	6.000
	TERM LIABILITIES
11	Debentures (Not maturing within one year)	0.000	0.000
12	Preference Shares (Redeemable after one year)	0.000	0.000
13	Term Loans (excluding instalments payable within one year)	0.000	0.000
14	Term Loan [New]	0.000	0.000
15	Term Deposits [repayable after one year]	0.000	0.000
16	Other term liabilities	1.500	1.500
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	1.500	1.500
18	TOTAL OUTSIDE LIABILITIES [10+17]	7.000	7.500
	NETWORTH
19	Equity Share Capital	2.400	2.600
20	General Reserves	0.000	0.000
21	Revaluation Reserves/ Investment Allowance Reserves/ Amalgamation Reserve	--	--
22	Addition/ (Drawings)	0.000	0.000
23	Surplus [+]/ Deficit [-] in Profit and Loss Account	0.000	0.000
24	NETWORTH	2.400	2.600
25	TOTAL LIABILITIES [18+24]	9.400	10.100
	CURRENT ASSETS
26	Cash & Bank balances	0.100	0.100
27	Investments [other than long term Investments]
	- Government and Other Trustees Securities	0.000	0.000
	- Fixed Deposits with Banks	0.000	0.000
28	- Receivables other than deferred and exports [including bills purchase and discounted by Banks]	3.900	5.000
	- Exports receivables [including bills purchase and discounted by Banks]	0.000	0.000
29	Installments of Deferred Receivables [due within one year]	0.000	0.000
30	Inventory
	1. Raw Materials [including Stores and Other items used in the process of manufacture]
	- Imported	0.000	0.000
	- Indigenous	0.000	0.000
	- Stores/ Chemicals/ Packing Items	0.000	0.000
	2. Stocks in Process	0.000	0.000
	3. Finished Goods	5.400	5.000
	4. Other Consumable Spares
	- Imported	0.000	0.000
	- Indigenous	0.000	0.000
31	Advance to suppliers of Raw materials & stores/spares	0.000	0.000
32	Deposits	0.000	0.000
33	Other Current Assets [specify major items]	0.000	0.000
34	TOTAL CURRENT ASSETS [Total 26 to 33]	9.400	10.100
	FIXED ASSETS
35	Gross Block (Land and Building, Machinery, work-in-progress)	0.000	0.000
36	Depreciation to date	0.000	0.000
37	NET BLOCK (35-36)	0.000	0.000
	OTHER NON-CURRENT ASSETS
38	Investments/book debts /advances deposits which are not current assets
	i. (a) Investments in subsidiary companies/ affiliates	--	--
	(b) Others	0.000	0.000
	ii. Advances to suppliers of capital goods & contractors	0.000	0.000
	iii. Deferred receivables (maturity exceeding one year)	0.000	0.000
39	Non consumables stores & spares	0.000	0.000
40	Other Non-Current Assets including dues from Directors	0.000	0.000
41	TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	0.000	0.000
42	Intangible assets (patents, goodwill, preliminary expenses, bad/ doubtful debts not provided for etc.)	0.000	0.000
43	TOTAL ASSETS (Total of 34, 37, 41 & 42)	9.400	10.100
44	Tangible Networth (24-42)	2.400	2.600
45	NET WORKING CAPITAL [(17+24) - (37+41+42)] To tally with (34-10)	3.900	4.100
46	Current Ratio [34/10]	1.71	1.68
47	Total Outside Liabilities / Tangible Networth (18/44)	2.92	2.88
	Term Debt Equity Ratio	0.63	0.58
	TOL / Quasi Equity	1.79	1.83

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
	A. CURRENT ASSETS
1	Raw Materials [Including stores and other items used in the process of manufacture]
	- Imported	0.000	0.000
	Month’s Consumption	0.00	0.00
	- Indigenous	0.000	0.000
	Month’s Consumption	0.00	0.00
2	Other Consumable Spares – excluding those included in above
	- Imported	0.000	0.000
	Month’s Consumption	--	--
	- Indigenous	0.000	0.000
	Month’s Consumption	0.00	0.00
3	Stock in Process	0.000	0.000
	Months Cost of Production	0.00	0.00
4	Finished Goods	5.400	5.000
	Months Cost of Production	3.05	2.54
5	Receivables other than Exports and Deferred receivables [including bills purchased and discounted by Bankers]	3.900	5.000
	Months domestic sales excluding deferred payment sales	2.08	2.40
6	Export receivables [including bills purchase and discounted]	0.000	0.000
	Months Export Sales	0.00	0.00
7	Advance to Suppliers of Raw Materials & Stores, Spares and Consumables	0.000	0.000
8	Other Current Assets including Cash and bank Balance and Deferred Receivable due within one year [Specify major items]	0.100	0.100
9	TOTAL CURRENT ASSETS (To agree with item 34 in Form III)	9.400	10.100
	B. CURRENT LAIBILITES (Other than bank borrowings for working capital)
10	Creditors for purchase of Raw-materials, Stores, Spares and Consumables	2.000	2.500
	Month’s Purchase	1.26	1.49
11	Advances from customers	0.000	0.000
12	Statutory Liabilities	0.000	0.000
13	Other Current Liabilities [Specify major items] – Short term borrowings, Unsecured Loans, dividends payable instalments of TL, DPG, Public Deposits, Debentures etc.	0.000	0.000
14	TOTAL CURRENT LIABILITIES (To agree with sub-total B-Form III)	2.000	2.500

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 ESTIMATE	2016 ESTIMATE
1	Total Current Assets [9 in Form IV]	9.400	10.100
2	Other Current Liabilities [Other than Bank Borrowings [14 of Form IV]]	2.000	2.500
3	Working Capital Gap [WCG 1-2]	7.400	7.600
4	Minimum stipulated Net Working Capital i.e. 25% of WCG/ 25% of total Current Assets as the case may be depending upon the method of lending being applied [Export Receivables to be excluded under both method]	2.350	2.525
5	Actual / Projected Net Working Capital [45 in Form III]	3.900	4.100
6	Item 3 minus Item 4	5.050	5.075
7	Item 3 minus Item 5	3.500	3.500
8	Maximum permissible Bank finance [Item 6 or 7 whichever is lower]	3.500	3.500
9	Excess Borrowings [Representing short fall in NWC]	--	--

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

STATEMENT OF ASSETS AND LIABILITIES

CHANCHAL PRINTS [PROP. SUSHILADEVI G. PERIWAL]

(RS. IN MILLIONS)

LIABILITIES	AMOUNT IN MILLIONS	ASSETS	AMOUNT IN MILLIONS
To Banks / Other Institutions		Cash in hand	0.045
Dhanlaxmi Bank	2.336	Cash in bank	0.000
		Investment in shares	0.000
Private Borrowings		Paid up in LIC Policy	0.000
HDB Financial Service Limited	0.168	Debtors/Receivables	6.894
Fullerton India Credit Limited	0.295	Land and Buildings	0.000
Gopikishan S. Periwal	0.485	Investment in other Business concerns	3.834
Hemlata Karnani	0.108	Gold ornaments	0.000
Saroj Daga	0.112	Others	0.001
Others	7.270
Networth	--
Total	10.774	Total	10.774

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To ascertain fair market value for Bank.

Date as on which valuation is made

29.08.2014

Name of the owner/ owners

Mrs. Sushiladevi Gopikishan Periwal and Mr. Gopikishan Shivnarayan Periwal

It the property is under Joint Ownership/ Co Ownership Share of each such owner. Are the shares undivided?

Co-ownership

Brief description of the property

The subject property is Residential Flat which is located at Flat No. 403, 4^th Floor, C Building, Swagat Complex, Opposite D.R. World, Aai Mata Road, Dumbhal, Surat. The said flat consist of 2 Bedroom, Hall, Kitchen, WC and Bath.

Location, Street, Ward No. / Survey/ Plot No. of Land

Flat No. 403, 4^th Floor, C Building, Swagat Complex, Opposite D.R. World, Aai Mata Road, Dumbhal, R.S. No. 69, Hissa no. 3/A, Block No. 97, T.P.S. No. 53, [Magob-Dumbhal] F.P. No. 39, Moje-Magob, Tal. Choryasi, District Surat.

Is the property situated in residential/ commercial/ mixed area/ industrial area?

Mixed Area

Classification of Locality – High class/ Middle Class/ Poor class?

Middle Class

Proximity to civic amenities like School, Hospitals, cinema etc.

All amenities are available nearby

Means of proximity to surface communication by which locality served

Rickshaw, Bus, Car, Taxi etc.

LAND

Area of land supported by documentary proof, shape, dimensions and physical features

1131 Sq. ft. Super Built up area as per Sale Deed copy produced to them.

Roads, street or lanes on which the land is abutting

The said property is located at internal road of Dumbhal, Magob, Surat.

Is the freehold or leasehold land?

Freehold

If leasehold, the name of lessor/ lessee, nature of lease, dates of commencement and termination if lease and terms of renewal of lease initial premium

1) Ground rent payable per annum

2) Unearned increase payable to the lessor in the event of sale or transfer

--

Is there any restrictive covenant in regard to use of land? If so, attach a copy of the covenant?

NA

Are there any agreements of easements? If so, attach copies

NA

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.

Yes

Has any contribution made towards development or is demand for such contribution still outstanding?

NA

Has the whole or part of the land been notified for acquisition by Government or any statutory body? Give date of the notification.

NA

Attach a dimensioned site plan

The Layout plan was approved by SMC and construction permission was given by their permission no. T.D.O./367 dated 04.03.2004.

IMPROVEMENTS

Attach plans and elevations of all structures standing on the land and a layout plan

The Layout plan was approved by SMC and construction permission was given by their permission no. T.D.O./367 dated 04.03.2004.

Furnish technical details of the building on a separate sheet [The Annexure to this form may be used]

As per Technical Details

Is the building owner-occupied/ tenanted/ both?

Self-occupied

If partly owner-occupied, specify portion and extent of area under owner-occupation

Self-occupied

RENTS

- Names of tenants/ lessees/ licensees etc.

- Portion in their occupation

- Monthly or annual rent/ compensation/ license fees, etc. paid by the each

- Gross amount received for the whole property

NA

Are any of the occupants related to or close business associates of the owner?

NA

Is separate amount being recovered for the use of fixtures like fans, geysers, refrigerators, cooking ranges, built in wardrobes, etc. for service charges? If so give details

NA

Give water and electricity charges, if any or to be borne by Owner

NA

Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars

NA

If a life is installed, who is to bear the cost of maintenance and operation-owner or tenant?

NA

If a pump is installed, who has to bear the cost of maintenance and operation-owner or tenant?

NA

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound etc. owner or tenant?

NA

What is amount of property tax? Who is to bear it? Give details with documentary proof.

NA

Is the building insured? If so, give the policy no. amount for which it is insured and the annual premium

NA

Is any dispute between landlord and tenant regarding rent pending in a court of law?

NA

Has any standard rent been fixed for the premises under any law relating to the control of rent?

NA

SALES

Give instances of sale of immovable property in the locality on a separated sheet, indicating the name and address of the property, registration no., sale price and area of land sold

Government Reg. Rate for flat is Rs. 18750 per Sq. Mt. i.e. Rs. 1742 per Sq. ft.

Land rate adopted in this valuation

Rs. 3350 per Sq. ft. on SBA basis

If sale instances are not available or not relied upon, the basis of arriving at the land rate

From local market with various land estate brokers and other reliable sources.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion

2005-06 as informed by owner

What was the method of construction – by contract / by employing labor directly/ both?

By the developer

For items of work done in contract produce copies of agreements

NA

For items of work done engaging labour directly, give basic rates of materials and labor supported by documentary proof.

NA

PART II VALUATION

In pursuance to the advice received from Bank of India, Textile Market, Ring Road, Surat to carry out Valuation of the property located at Flat No. 403, 4^th Floor, C Building, Swagat Complex, Opposite D.R. World, Aai Mata Road, Dunbhal, R.S. No. 69, Hissa No. 3/A, Block No. 97, T.P.S. No. 53 [Magob-Dumbhal] F.P. No. 39, Moje-Magob, Tal. Choryasi, District Surat.

The property is surrounded from all directors as under:

In East	Parking Area and SMC Garden.
In West	Flat No. 401
In North	Flat No. 402
In South	Parking Area and OM Complex

The subject property is located in well-developed Residential area of Dumbhal, Surat. The building is constructed with RCC frame structure Ground and upper 7 floors with beam-columns, slabs and with simple elevation. Panel walls are made from 9” thick brick walls set in cement mortar and are finished with smooth plaster inside and distemper paint was made. Exterior walls are finished with double coat sand face plaster and colour wash paint was done. Considering location of the subject property, all facilities from local authorities, to the best of their knowledge, looking to the current prevailing market, nearby amenities etc. They have concluded the Market rate of Flat in such location for Rs. 3350 per Sq. ft. on Super Built up area basis.

Therefore, total valuation of the property is worked out as under:

SR. NO.	PARTICULARS	AREA	RATE	FAIR MARKET VALUE [RS. IN MILLIONS]
1.	Super Built up area of Flat No. 403, 4^th Floor, C Building, Swagat Complex, Opposite D.R. World, Aai Mata Road, Dumbhal, Magob, Surat.	1131.00 Sq. ft.	3350.00 per Sq. ft.	3.789
	TOTAL			3.789

The Total Market Value of the Property including facilities available is Rs. 3.789 Millions.

SR. NO.	PARTICULARS	RS. IN MILLIONS
1.	Fair Market Value of the subject property as on date of Valuation is	3.789
2.	Insurance purpose Value would be	1.357
3.	The Government Jantri Value of the said property shall be	1.970
4.	The Realizable Value [15% less than Market Value]	3.221
5.	Distress Value [25% less than Market Value]	2.842

TECHNICAL DETAILS

No of floors and height of each floor

Ground and Upper 7 floors with 10 ft. heights.

Built up area

1131 Sq. ft. Super Built up area as per Sale deed produced to them.

Year of Construction

2005-06

Estimated future life

42 Years, it further maintained properly

Type of construction – load bearing walls/ RCC frame/ steel frame

RCC frame structure

Type of foundations

RCC

Walls

9” thick brick walls

Partitions

4.5” thick brick walls

Door and Windows

Teakwood frame with flush doors and aluminum section with glass panels windows.

Flooring

White marble

Finishing floor-wise

Inside walls are finished with smooth plaster and good quality plastic paint was made to walls. Exterior walls are finished with sand face plaster.

Roofing and Terracing

RCC slab

Special architectural or decorative features, if any

Nil

Internal Wiring – Surface or Conduit

Classification of fitting superior/ ordinary/ poor

Concealed type electrification and good quality fitting.

Sanitary Installations

- No. of water closets

- No. of lavatory basin

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Class of fittings

3 Nos.

--

--

1

--

--

1

Good quality

Compound Wall

- Height and Length

- Type of Construction

Provided

--

No of lift and capacity

2 Nos.

Underground sump-capacity and type of construction

RCC for complex

Overhead tank

- Where located

- Capacity

Terrace floor for common use.

10.0 KL

Pump No and their horse power

1 No.

Roads and paving within the compound, approximately area and type of paving

Pavers block

Sewage Disposal - whether connected to public sewer. If septic tanks provide no and capacity

Connected to local Sewage tank

Special or other works, if any

Nil

Present conditions

Good

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TRADE REFERENCES

· A.K. Textiles

· Anil and Company

· Akashdeep Suiting and Shirting

· Ashok Cloth Centre

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.21
UK Pound	1	Rs. 97.80
Euro	1	Rs. 77.48

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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.