MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	SARIKA ENTERPRISES
Registered Office :	F-29, Vaibhav Laxmi Market, Gheekanta, Ahmedabad – 380001, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	April 2013
Capital Investment :	Rs. 0.626 Million
PAN No.: [Permanent Account No.]	AAQPG2644G
Legal Form :	Sole Proprietary Concern
Line of Business :	Trading of Fabrics.
No. of Employees :	4 (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 a relatively new proprietary concern having moderate track record. The rating is constrained on account of concern’s limited track record of business operations and small capital base of the concern. However, the concern has achieved decent sales turnover in its first year of operation. Trade relations are improving. Business is active. Payment terms are slow but correct. The concern 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 – 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. Navin Ramesh Gadia
Designation :	Proprietor
Contact No.:	91-9328888018
Date :	27.12.2014

LOCATIONS

Registered Office :	F-29, Vaibhav Laxmi Market, Gheekanta, Ahmedabad – 380001, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9328888018 [Mr. Navin Ramesh Gadia]
Fax No.:	Not Available
E-Mail :	naveengadia@hotmail.com
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Navin Ramesh Gadia
Designation :	Proprietor
Address :	C-73, Palm Green, Makarba Road, Near Torrent Power, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	10.06.1979
Qualification :	B. Com
Experience :	17 Years in Garment Industry
PAN No.:	AAQPG2644G

BUSINESS DETAILS

Line of Business :	Trading of Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Credit [45 Days]
Purchasing :	Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Reference:	Arihant Fab Tex
Name of the Person (Designation):	Mr. Dilip Jain [Partner]
Contact Number:	91-79-22179904
Since how long known:	5 Years
Maximum limit dealt:	Rs. 50.000 Millions
Experience:	Payment comes on time, they are well known in market.

Reference:	Satrangi Fashion
Name of the Person (Designation):	Mr. Chandraprakash [Chief Executive Officer]
Contact Number:	91-9998477235
Since how long known:	3 Years
Maximum limit dealt:	Rs. 0.300 Million
Experience:	Company is good, payments are regular.

· Lakhpatraj and Sons

Address: C-13, Shree Ghantakarna Mahavir Comm. Market, Sarangpur, Ahmedabad – 380002, Gujarat, India

Mobile No.: 91-79-66303070

Customers :

Wholesalers

Reference:	Shree Balaji Textiles
Name of the Person (Designation):	Mr. Pankaj Tulsian [Proprietor]
Contact Number:	91-9929603448
Since how long known:	4 Years
Maximum limit dealt:	Rs. 5.000 Millions
Experience:	Product quality is good. Delivery is on time. Overall its good company.

Reference:	Vishal Trading Company
Name of the Person (Designation):	Mr. Manoj Kothari
Contact Number:	91-9230622134
Since how long known:	3 Years
Maximum limit dealt:	--
Experience:	Very Good experience. Well satisfied by product quality and delivery of goods

· S.N.J. Apparels

Address: J.P. Market, Masrullaganj, Madhya Pradesh, India

Mobile No.: 91-9926384788

No. of Employees :

4 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Ashram Road, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Purab Ghosh [DMI]
Contact Number:	91-79-66632521
Name of Account Holder:	Mr. Navin Ramesh Gadia [Proprietor]
Account Number:	018905500508
Account Since (Date/ Year of A/c Opening):	28.05.2013
Average Balance Maintained (Optional):	Rs. 0.760 Million [November 2014]
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Satisfied
Remarks: --

Facilities :

--

Auditors :
Name :	Tulsian Sanjay and Company Chartered Accountants
Address :	A-611, Fairdeal House, Near Swastik Cross Roads, Navrangpura, Ahmedabad, Gujarat, India
Tel. No.:	91-79-30183889/ 40073889
Fax No.:	91-79-27483730/ 32933889/ 40053889
E-Mail :	pgtulsian@gmail.com pgtulsian_ca@rediffmail.com
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLIONS
MR. NAVIN RAMESH GADIA
Opening Balance	0.000
Add: Addition during the year	0.336
Add: Profit for the year	0.379
	---------------
	0.715
Less: Drawings	0.089
	---------------
Total	0.626

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Proprietor Capital		0.626
2] Share Application Money		0.000
3] Profit & Loss Account		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.626
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.075
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.264
	Sundry Debtors	0.622
	Cash & Bank Balances	0.193
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		3.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		2.528
Net Current Assets		0.551
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Sales	10.801
		Other Income	0.003
		TOTAL	10.804
Less	EXPENSES
		Cost of Goods sold	10.044
		Personnel Expenses	0.250
		Other Expenses	0.118
		TOTAL	10.412
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.392
Less/ Add	DEPRECIATION/ AMORTISATION		0.013
	NET PROFIT		0.379

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	3.51
Return on Total Assets (PBT/Total Assets}	(%)	12.02
Return on Investment (ROI) (PBT/Networth)		0.61
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		1.22

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 one year	Yes
12]	Profitability for last one year	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	No
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

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

COMPUTATION OF TOTAL INCOME

MR. NAVIN RAMESH GADIA

(RS. IN MILLIONS)

PARTICULARS	2013-2014
Income Heads	Income before set off		Income after set off
Income from Salary	0.070		0.000
Income from House Property	(0.099)		0.000
Income from Business or Profession	0.381		0.352
Income from Capital Gains	0.000		0.000
Income from Other Sources	0.041		0.041
			--------------
Gross Total Income			0.393
Less: Deduction under Chapter VIA			0.107
			--------------
Total Income			0.286
Rounding off u/s 288A			0.286
Income Taxable at Normal Rate		0.286
Income Taxable at Special Rate		0.000
TAX CALCULATION
Basic Exemption Limit	0.200
Tax at Normal Rates	0.009
Total Tax			0.009
Less: Tax rebate u/s 87A	0.002
Tax Payable			0.007
Add: Education Cess			0.000
			--------------
Total			0.007
Add: Secondary and Higher Education Cess			0.000
			--------------
Total			0.007
Less: Tax Deposited u/s 140A			0.007
Amount Payable			0.000
Tax rounded off u/s 288 B			0.000

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

DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017
	Projections	Projections	Projections
Profit after tax	0.876	1.030	1.117
Add. Deprecation	0.010	0.010	0.010
Add. Preliminary Expenses W/off	0.000	0.000	0.000
Add. Interest	0.100	0.350	0.350
Add. Partners Remm. and Interest	0.000	0.000	0.000
Total (A)	0.986	1.390	1.477
Add. Int. on Secured Loan	0.100	0.350	0.350
Repayment of Secured Loan	0.000	0.000	0.000
TOTAL-(B)	0.100	0.350	0.350
D.S.C.R. (A/B)	9.86	3.97	4.22

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	31.03.2015	31.03.2016	31.03.2017
			Projections	Projections	Projections
1		Gross Sales (Net of Returns)	32.500	35.000	37.500
2		Less : Excise	0.000	0.000	0.000
		Net Sales (item 1- item 2)	32.500	35.000	37.500
		Commission Income	0.000	0.000	0.000
3		Net Sales (item 1- item 2)	32.500	35.000	37.500
4		Cost of Sales
	I	Raw Materials/ Purchase (Incl. stores and other items used in the process)
		Imported	0.000	0.000	0.000
		Indigenous	30.350	33.100	34.400
	II	Packing Material & Other Spares	0.000	0.000	0.000
	III	Power and Fuel	0.000	0.000	0.000
	IV	Direct Labour	0.000	0.000	0.000
	IV A	Job Work Expenses	0.000	0.000	0.000
	V	Repairs and Maintenance	0.000	0.000	0.000
	VI	Other Manufacturing/ Direct Expenses	0.200	0.250	0.300
	VII	Depreciation	0.010	0.010	0.010
	VIII	Sub- Total (Item I to VII)	30.560	33.360	34.710
	IX	ADD: Opening Stock- In Process	0.000	0.000	0.000
		Sub Total	30.560	33.360	34.710
	X	DEDUCT: Closing Stock In Process	0.000	0.000	0.000
		Total Cost of Production	30.560	33.360	34.710
	XI	ADD: Opening Stock of finished Goods	2.264	2.500	3.500
		Sub - Total	32.824	35.860	38.210
	XII	DEDUCT: Closing Stock of Finished Goods	2.500	3.500	3.500
		Total Cost of Sales	30.324	32.360	34.710
5		Gross Profit (Item 3 – Item 4)	2.176	2.640	2.790
6		Interest
		Term Loan	0.000	0.000	0.000
		Working Capital	0.100	0.350	0.350
		Other Deposits	0.000	0.000	0.000
		Total Interest Paid	0.100	0.350	0.350
		Less: Interest Received	0.000	0.000	0.000
		Total Interest	0.100	0.350	0.350
7		Administrative Expenses	1.200	1.260	1.323
		Sales Expenses	0.000	0.000	0.000
		Sub Total (Item 6 + Item7)	1.300	1.610	1.673
8		Operating Profit (Item 5 - (Item 6 + Item 7))	0.876	1.030	1.117
9		Other Income
	a	Other Income	0.000	0.000	0.000
	b	Job Work Charges	0.000	0.000	0.000
		Total Other Income	0.000	0.000	0.000
		Other Expenses
	a	P. & P Expenses Written off	0.000	0.000	0.000
	b	Partner Remuneration and Interest	0.000	0.000	0.000
		Total Other Expenses	0.000	0.000	0.000
		Net Other Income	0.000	0.000	0.000
10		Profit / loss before Tax (Item 8 + Item 9)	0.876	1.030	1.117
11		Provision for taxes	0.000	0.000	0.000
12		Net Profit (Item 10 - Item 11)	0.876	1.030	1.117

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	31.03.2015	31.03.2016	31.03.2017
			Projections	Projections	Projections
		CURRENT LIABILITIES :
1		Short Term borrowings from banks (including bills purchased and discounted and the excess borrowing placed on repayment basis)
	I	from applicant bank	2.500	2.500	2.500
	II	From other bank	0.000	0.000	0.000
		Sub Total	2.500	2.500	2.500
2		Short term borrowings from others	0.000	0.000	0.000
3		Deposits (Maturing within 1 year	0.000	0.000	0.000
4		Sundry Creditors	0.275	0.525	0.625
5		Unsecured Loans	0.000	0.000	0.000
6		Advances/ Progress payment from customers/ deposits from dealers, selling agents etc.	0.000	0.000	0.000
7		Interest and other charges accrued but not due for payment	0.000	0.000	0.000
8		Provision for taxation	0.000	0.000	0.000
9		Dividend Payable	0.000	0.000	0.000
10		Other Statutory liabilities (Due within 1 year)	0.000	0.000	0.000
11		Installments of term loan/ deferred payment credits/ debentures redeemable Preference shares due with 1 year	0.000	0.000	0.000
12		Other Current Liabilities and Provisions (Due within 1 year)(Major items to be specified individually)	0.000	0.000	0.000
		Subtotal ( B)	0.275	0.525	0.625
13		TOTAL CURRENT LIABILITIES (total of item 1 to 12)	2.775	3.025	3.125
		TERM LIABILITIES
14		Debentures (not maturing within 1 year)	0.000	0.000	0.000
15		Redeemable Preference Share (not maturing within 1 year)	0.000	0.000	0.000
16		Term Loan (exclusive of installments payable within 1 year)	0.000	0.000	0.000
17		Deferred payment credits (exclusive of installments payable within 1 year)	0.000	0.000	0.000
18		Unsecured Loans (Repayable after 1 year)	0.000	0.000	0.000
19		Share Application Money	0.000	0.000	0.000
20		TOTAL TERM LIABILITIES (total of items 14 to 19)	0.000	0.000	0.000
21		TOTAL OUTSTANDING LIABILITIES (total of item 13 and 20)	2.775	3.025	3.125
		NET WORTH
22		Ordinary Share Capital	0.626	1.502	2.532
23		Preference Share Capital	0.000	0.000	0.000
24		General Reserves	0.000	0.000	0.000
25		State Cash Subsidy	0.000	0.000	0.000
26		Other reserves (excluding Provisions)	0.000	0.000	0.000
27		Surplus or Deficit in Profit & Loss Account	0.876	1.030	1.117
28		NET WORTH (Total of item 22 to 27)	1.502	2.532	3.649
29		TOTAL LIABILITIES (Total of item 21+28)	4.277	5.557	6.774
		CURRENT ASSETS :
30		Cash & Bank Balances	0.212	0.252	0.979
31		Investments (Other than long term investments)
	I	Government and other Trust Securities	0.000	0.000	0.000
	II	Fixed Deposit with Banks	0.000	0.000	0.000
32	I	Receivables Other than deferred and export receivables (Including bills purchased and discounted by bankers)	1.500	1.750	2.250
	II	Export receivables (including bills purchased and discounted by the Bankers)	0.000	0.000	0.000
33		Installments of deferred receivables (due within one year)	0.000	0.000	0.000
34		Inventory:
	I	Raw Materials (including stores and other items used in the process of manufacture)
		(a) Imported	0.000	0.000	0.000
		(b) Indigenous	0.000	0.000	0.000
	II	Stock- in- Process	0.000	0.000	0.000
	III	Finished Goods	2.500	3.500	3.500
	IV	Other Consumable Spares	0.000	0.000	0.000
35		Advances to suppliers raw material and stores/spare consumable	0.000	0.000	0.000
36		Advance payment of Taxes	0.000	0.000	0.000
37		Other Current Assets(major items to be specified individually)
		- T D S	0.000	0.000	0.000
		- Pre-Paid Expenses	0.000	0.000	0.000
		- Deposits with A E C and other deposits	0.000	0.000	0.000
		- Others	0.000	0.000	0.000
38		TOTAL CURRENT ASSETS (Total of items 30 to 37)	4.212	5.502	6.729
39		FIXED ASSETS :
		Gross Block	0.075	0.065	0.055
40		Depreciation to Date	0.010	0.010	0.010
41		NET BLOCK (item 39 minus item 40)	0.065	0.055	0.045
		OTHER NON CURRENT ASSETS :
42		Investments/ book debts/advances/ deposits which are not current
	I	(a) Investment in subsidiary Companies/ affiliates/ Others	0.000	0.000	0.000
	II	Advances to suppliers of Capital Goods/ spares and contractor for capital expenses	0.000	0.000	0.000
	III	Deferred receivables( other than those maturing in 1 year)	0.000	0.000	0.000
	IV	Advances LIC Premiums/ Pass book Bal.	0.000	0.000	0.000
43		Non- consumable Stores and spares	0.000	0.000	0.000
44		Other miscellaneous assets (including dues from directors)	0.000	0.000	0.000
45		TOTAL OTHER NON-CURRENT ASSETS (Total of items 42 to 44)	0.000	0.000	0.000
46		INTANGIBLE ASSETS	0.000	0.000	0.000
47		TOTAL ASSETS (Total of items 38, 41, 45 and 46)	4.277	5.557	6.774
48		TANGIBLE NET WORTH (Item 28 minus item 46)	1.502	2.532	3.649
49		NET WORKING CAPITAL (item 38 minus item 13)	1.437	2.477	3.604

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	31.03.2015	31.03.2016	31.03.2017
			Projections	Projections	Projections
		SOURCES
1		Profit before tax (Item 10 IN Form IIA)	0.876	1.030	1.117
2		ADD depreciation (item 4 in Form IIA)	0.010	0.010	0.010
		ADD Preliminary Expenses Written-off	0.000	0.000	0.000
3		Gross Funds Generated	0.886	1.040	1.127
4		Less Taxes Paid/ payable (relating to the year)	0.000	0.000	0.000
5		Less Dividends (relating to the year)	0.000	0.000	0.000
	A	SUB TOTAL (Net fund generated)	0.886	1.040	1.127
6		Increase in the Capital	0.000	0.000	0.000
7		Increase in Share Premium	0.000	0.000	0.000
8		Increase in term loan /debentures Etc.	0.000	0.000	0.000
9		Decrease in Fixed Assets	0.000	0.000	0.000
		Increase in Share Application Money	0.000	0.000	0.000
10		Increase in State Subsidy	0.000	0.000	0.000
11		Decrease in inter-corporate investments and advances	0.000	0.000	0.000
12		Decrease in other non-current Assets	0.000	0.000	0.000
	B	SUB TOTAL	0.000	0.000	0.000
13		Increase in Short Term Bank borrowings (including bills discounted by bankers)	2.500	0.000	0.000
14		Increase in other current Liabilities	0.000	0.250	0.102
15		Decrease in inventory	0.000	0.000	0.000
16		Decrease in receivables (Including bills purchase)	0.000	0.000	0.000
17		Decrease in other current Assets (Including cash and bank balances)	0.000	0.000	0.000
	(C)	SUB TOTAL	2.500	0.250	0.102
		TOTAL FUNDS AVAILABLE (A+B+C)	3.386	1.290	1.229
		USES:
18		Increase in Fixed Assets	0.000	0.000	0.000
19		Decrease in Term loan/debenture etc.	0.000	0.000	0.000
19A		Increase in Investment	0.000	0.000	0.000
20		Decrease in unsecured loan	0.000	0.000	0.000
21		Decrease in General reserves, Investments	0.000	0.000	0.000
22		Increase in Non-current assets	0.000	0.000	0.000
	(D)	SUB TOTAL	0.000	0.000	0.000
23		Decrease in short term bank borrowing (including bills purchased and discounted)	0.000	0.000	0.000
24		Decrease in other current liabilities	2.253	0.000	0.000
25		Increase In inventory	0.236	1.000	0.000
26		Increase in receivables (Including bills purchased and discounted)	0.878	0.250	0.500
27		Increase in other current assets (including cash and bank balances)	0.019	0.040	0.727
	(E)	SUB TOTAL	3.386	1.290	1.227
28		Loss (Item 10 of Part A of Form II)	0.000	0.000	0.000
29		Less depreciation(Item 4 (VII) of Form IIA)	0.000	0.000	0.000
30		Balance I.e. Gross Funds Lost(-) or Gross	0.000	0.000	0.000
		Funds generated(+)
31		ADD: Taxes Paid or Payable (relating to the year)	0.000	0.000	0.000
32		ADD: Reserves utilised for trading (relating to the year)	0.000	0.000	0.000
	(F)	SUB TOTAL Net Fund lost	0.000	0.000	0.000
		Total Funds used (D+E+F)	3.386	1.290	1.227
		SUMMARY
33		Long term sources	0.886	1.040	1.127
34		Less Long term uses	0.000	0.000	0.000
35		Surplus(+) / Shortfall (-)	0.886	1.040	1.127
36		Short Term Sources	2.500	0.250	0.102
37		Less Short term Uses	3.386	1.290	1.227
38		Surplus (+)/ Shortfall (-)	(0.886)	(1.041)	(1.126)

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

POSITION REGARDING CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	31.03.2015	31.03.2016	31.03.2017
			Projections	Projections	Projections
I		Current Assets:
I		Raw Material (Including stores and other Items used in the process)
	a	Imported	0.000	0.000	0.000
		Months Consumption	0.00	0.00	0.00
	b	Indigenous	0.000	0.000	0.000
		Months Consumption	0.00	0.00	0.00
II		Other Consumable Spares (excluding those included under % of total, Inventory)	0.000	0.000	0.000
		Month's Consumption	0.00	0.00	0.00
III		Stock - in - Process	0.000	0.000	0.000
		Months Cost of Production	0.00	0.00	0.00
IV		Finished Goods	2.500	3.500	3.500
		(Months Cost of sales)	0.99	1.30	1.21
V		Receivable other than export and deferred receivables (including bills purchased and discounted by bankers)	1.500	1.750	2.250
		(Months domestic sales excluding deferred payment sales)	0.55	0.60	0.72
(VI)		Export Receivables (Including bills Purchased & discounted by Bankers)	0.000	0.000	0.000
		(Months Export Sales)	0.00	0.00	0.00
(VII)		Advances to suppliers of raw materials and stores/spares consumables	0.000	0.000	0.000
(VIII)		Other Current Assets (including cash and bank balances and deferred receivables due within one year) (Major items to be specified individually)	0.212	0.252	0.979
		TOTAL CURRENT ASSETS (to agree with item 38 in form IIIA)	4.212	5.502	6.729
II		CURRENT LIABLITIES (Other than bank borrowings for working capital)
(I)		Creditors for purchase Stores, consumables spares and stores)	0.275	0.525	0.625
		(Months Purchase)	0.11	0.19	0.22
(II)		Advances from customers	0.000	0.000	0.000
(III)		Accrued Expenses	0.000	0.000	0.000
(IV)		Statutory Liabilities	0.000	0.000	0.000
(V)		Other Current Liabilities (Major items to be specified individually)	0.000	0.000	0.000
		SUB TOTAL	0.275	0.525	0.625
		(to agree with subtotal in form IIIA)
III		WORKING CAPITAL GAP (I-II)	3.937	4.977	6.104
IV		Actuals/Projected bank borrowings for working capital (included in form IIIA)	2.500	2.500	2.500
V		Total Current Liabilities (I + IV) (to agree with item 13 in Form IIA)	2.775	3.025	3.125
VI		Net Working Capital (I - V) (to agree with item 49 in form IIIA)	1.437	2.477	3.604

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Projections	Projections	Projections
1	Working Capital Gap (item III part B)	3.937	4.977	6.104
2	Minimum stipulated net working capital (25% of Item I)	0.984	1.244	1.526
3	Actuals/Projected net Working capital (item VI of Part B)	1.437	2.477	3.604
4	Item 1 Minus Item 2	2.953	3.733	4.578
5	Item 1 Minus Item 3	2.500	2.500	2.500
6	Maximum Permissible bank finance (item 4 or item 5 whichever is lower)	2.500	2.500	2.500
7	Excess borrowings (representing short fall in net working Capital) to be converted into working capital term loan (item 2 Minus Item 3)	0.000	0.000	0.000
	2nd method of lending
8	Working Capital Gap (Item III of part B)	3.937	4.977	6.104
9	Minimum stipulated net working capital (25% of total current assets(item I of part B)	1.053	1.376	1.682
10	Actuals/ Projected net Working Capital (item VI of Part B)	1.437	2.477	3.604
11	Item 8 minus item 9	2.884	3.602	4.422
12	Item 8 minus item 10	2.500	2.500	2.500
13	Maximum permissible bank finance (item 11 or item 12 whichever is lower)	2.500	2.500	2.500
14	Excess Borrowings (representing shortfall in net working capital) (item 9 minus item 10)	0.000	0.000	0.000

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ANALYTICAL AND COMPERATIVE RATIOS

(RS. IN MILLIONS)

		PARTICULARS	31.03.2015	31.03.2016	31.03.2017
			Projections	Projections	Projections
1		Net Sales ( item 3 in form 11A)	32.500	35.000	37.500
2		% rise (+) or Fall(-) in net Sales during the year as compared to previous year	200.90	7.69	7.14
3		Profit before tax(+) or Loss (-) (item 10 in form IIA)	0.876	1.030	1.117
4		Net Profit I.e. after tax (+) or loss(-) (item 12 in form IIA)	0.876	1.030	1.117
5	(A)	Equity dividend declared	0.000	0.000	0.000
	(B)	Equity dividend paid	0.000	0.000	0.000
	(C)	Rate % of (A)	0.00	0.00	0.00
	(D)	Rate % of (B)	0.00	0.00	0.00
6		Retained Profit	0.876	1.030	1.117
7		Retained Profit % of Net Profit	100%	100%	100%
8		Raw Materials (Including stores and other items used in the process of manufacture)
	(a)	Imported (items 34 (I) (a) in Form IIA).	0.000	0.000	0.000
		How many months consumption these represents	0.00	0.00	0.00
	(b)	Indigenous (items 34(I)(b) in form IIA)	0.000	0.000	0.000
		How many months consumption these represents	0.00	0.00	0.00
9		Stock in Process (item 34 (ii) in form IIA).	0.000	0.000	0.000
		How many months consumption these represents	0.00	0.00	0.00
10		Finished Goods (item 34 (iii) in form IIA)	2.500	3.500	3.500
		How many months consumption these represents	0.99	1.30	1.21
11		Other Consumables spares (item 34(iv)of IIA)	0.000	0.000	0.000
		What is the % of total inventory and How many months consumption these represents	0.00	0.00	0.00
12	(a)	Receivables other than deferred receivables and export receivables (Including bills purchased and discounted by bankers) (item 32 (I) in form IIIA)	1.500	1.750	2.250
		How Many months domestic sales other than sale on deferred payment basis do these represents	0.55	0.60	0.72
	(b)	Export receivables(item 32 (II) in form IIIA)	0.000	0.000	0.000
		How Many months export sales do these represents	0.00	0.00	0.00
		Deferred receivables	0.000	0.000	0.000
13		Sundry creditors(Trade) item 4 in form IIIA	0.275	0.525	0.625
		How Many months purchase sales do these represents	0.11	0.19	0.22
14		Net Working Capital (item 49 in Form IIIA)	1.437	2.477	3.604
15		Current Ratio (item 38/item 13 in form IIA	1.52	1.82	2.15
16		Tangible Net Worth(item 48 in Form IIA)	1.502	2.532	3.649
17	(a)	Total outside liabilities/ tangible net worth (item 21/item 48 in form no III Form A)	1.85	1.19	0.86
	(b)	Total term Liabilities/ tangible net worth (item 20/item 48 in form no III Form A)	0.00	0.00	0.00
18	(a)	Bank Borrowing/ Total Outside Liabilities (item 1/ item 21 in form IIIA)	0.90	0.83	0.80
	(b)	Net Sales/ Total Tangible assets (item 3 in form IIA /item 47-item 46 in IIIA)	7.60	6.30	5.54

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NETWORTH STATEMENT

MR. NAVIN RAMESH GADIA

(RS. IN MILLIONS)

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--	--
ii. Residential	--	--	--	--	--	--	--
Flat / House	Own	Ahmedabad	--	C-73, Palm Greens, Near Torrent Power, Makarba Road, Vajalpur, Ahmedabad – 380051, Gujarat, India	1.465	3.500	Yes, Rs. 1.000 Million loan from Punjab National Bank
Agri. Land	--	--	--	--	--	--	--
Others	--	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Annual premium
LIC	193241117	0.003
LIC	197737375	0.025

VEHICLES

Type of Vehicle	Registration No.
Car	RJ-18-C5195

JEWELLERY

Type	Valuation [Approx.]
Gold	1.000
Silver	0.200

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan
Punjab National Bank	Housing Loan

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status
Sarika Gadia	Housewife	Wife	33	Married
Tanu Gadia	--	Daughter	10	--
Bhavya Gadia	--	Son	4	--

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PROJECT REPORT

FIRM’S INTRODUCTION:

Subject was incorporated in the year 2013-14 and has started doing the business in the month of June 2013. SE has been promoted by Mr. Navin Gadia, who has a very wide experience in the field of trading in the cloth. He has started his career as cloth merchant from a well-known town named “JHUNJHUNU” (Raj). He has gained a experience and all the trade secrets from all of his family members who are in this trade since last 35-40 years.

He was also a business partner (for Gujarat) of well Known Brands such as Arvind, Koutons, Siyaram etc. However after the downfall of Koutons he has now started his own business in the name of Sarika Enterprise and it is worth noting that with in the period of 8-9 months the firm has achieved the sales turnover of Rs. 10.000 Millions which has been increasing since the first day of its operation and has now already achieved the sales of more than Rs. 15.000 Millions during the first 6 month of the Financial year 2014-15.

PROJECT DETAILS:

Shri Navin Gadia is presently engaged in the trading activity of cloth. He is having an experience of more than 17 years in the trading activity and has established the good distribution network.

The firm is trading in all types of cloth as per the requirement of the customer. The Customers’ satisfaction with emphasis on continuous improvements in its quality is the first priority of the firm.

MARKETING SET-UP:

The proprietor is engaged in the same line of activity since more than 17 years. He is having direct and wide contact in above industries. The firm is having its own marketing set up and dealing directly with the wholesaler and retails all over India. Hence, the firm is very much confident about marketing its products.

COMPETITORS:

Since, the firm is a medium scale all big players are the main competitors. However, since the target of the promoters is to capture the middle class traders, firm is having grip over the product and market, the firm does not envisage any stiff competition.

SWOT ANALYSIS:

Strength:

· Proprietor is having good experience.

Existing market.

Low purchase cost.

Huge market.

Weaknesses:

· Competition in the market.

PROPOSAL FOR CREDIT LIMITS:

Due to the rapid increase in the turnover, inventory level and sundry debtors in terms of amount has also been increased significantly and as a result firm is need of the immediate finance to overcome the present situation and therefore, requested for the cash credit limits at the existing level details of which are as under:

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	PRESENT LIMITS	ADDITIONAL LIMITS	TOTAL	MARGIN
	(A) FUND BASED LIMITS
1.	Cash Credit (Stock and Book Debts	0.000	2.500	2.500	25%
	TOTAL	0.000	2.500	2.500

PRIMARY SECURITY:

First Charge over the Current Assets of the firm.

PROFITABILITY DURING THE YEAR:

During the year firm has projected the turnover of more than Rs. 32.500 Millions against the last year turnover of Rs. 10.801 Millions. Firm has projected cash profit of Rs. 0.886 Million against the last year cash profit of Rs. 0.392 Million.

JUSTIFICATION OF PROPOSED FUND BASED LIMITS:

The firm is engaged in the trading of cloth and requires the working capital, due to the below mention reasons:

(A) TURNOVER

During the current year firm has projected total turnover of Rs. 32.500 Millions against the last year turnover of Rs. 10.801 Millions. Since, Firm is having a good orders in hand firm is hopeful to achieve the targeted sales during the year. Thus due to increase in the turnover, firm has requested to sanction the limits.

(B) INVENTORY LEVEL

As the firm is dealing in the various types of cloth, the firm has to maintain the inventory level accordingly. Also the turnover of the firm is increasing and as a result firm has to increase its inventory level. Thereby increasing the level of inventory, results in requirement of more working capital limits. Thus firm has requested to sanction the limits.

(C) INCREASE IN RECEIVABLE

As firm is selling the material to middle level traders, firm has to give the credit period to the customers. With an increase in turnover, the debtors have increased and therefore, require more working capital. Thus firm has requested to sanction the limits.

(D) DECREASE IN RECEIVABLE

At present firm is not having any credit facilities and purchasing the goods on credit, which result into the limited purchasing power. With the help of the working capital, the purchasing power of the firm will increase as the creditors will be reduced substantially. Thus firm has requested to sanction the limits.

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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. 63.64
UK Pound	1	Rs. 98.98
Euro	1	Rs. 77.74

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--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	NO
--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		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.