MIRA INFORM REPORT

Report Date :

01.07.2014

IDENTIFICATION DETAILS

Name :	DEVANSH TEX FAB
Registered Office :	Bungalow No.1, Richmond Building, New Raviraj Complex, Jesal Park, Bhayander (East), Thane – 401105, Maharashtra
Country :	India
Year of Establishment :	23.01.2014
Capital Investment / Paid-up Capital :	Not Divulged
PAN No.: [Permanent Account No.]	AHZPG8915G
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Warping, Beam Getting, Beam Drawing, Gray Cloth Checking, Folding, Packing, Warehousing and Inventory Management.
No. of Employees :	64 (Approximately) (Office – 13 and Factory – 51)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new proprietary concern established as on FY 201 and has not yet commenced any business activity. Mrs. Anuja Bothra, the Proprietor provided information and confirmed that the subject will commenced its activity tentatively from 2015-16. Payment terms are unknown. In view of being in family business and prevailing experience, the subject can be considered for business dealings as a matter of your confidence on a safe and secured trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mrs. Anuja Rahul Bothra
Designation :	Proprietor
Contact No.:	91-9004885111
Date :	06.05.2014

LOCATIONS

Registered Office :	Bungalow No.1, Richmond Building, New Raviraj Complex, Jesal Park, Bhayander (East), Thane – 401105, Maharashtra, India
Tel. No.:	91-22-28165785
Mobile No.:	91-9004885111 (Mrs. Anuja Rahul Bothra) 91-9029077290 (Mr. Rahul Bothra)
Fax No.:	Not Available
E-Mail :	anujagolchha1984@gmail.com rahul_bothra@hotmail.com
Area :	2000 sq. ft.
Location :	Owned
Factory/ Shop/ Godown :	Proposed – R-1 Building, Shubham Industrial Estate, Kalwar Village, Kaman- Bhiwandi Road, Bhiwandi, District Thane – 421302, Maharashtra, India
Area :	32500 sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mrs. Anuja Rahul Bothra
Designation :	Proprietor
Address :	Bungalow No.1, Richmond Building, New Raviraj Complex, Jesal Park, Bhayander (East), Thane – 4011005, Maharashtra, India
Date of Birth/Age :	10.12.1984
Qualification :	Chartered Accountant
Experience :	6 years
PAN No.:	AHZPG8915G

KEY EXECUTIVES

Name :	Mr. Rahul Bothra
Designation :	Chief Executive Officer
Address :	Bungalow No.1, Richmond Building, New Raviraj Complex, Jesal Park, Bhayander (East), Thane – 4011005, Maharashtra, India
Qualification :	B. Com, Diploma in Fashion Design from Sasmira
PAN No.:	AHQPB6424N

BUSINESS DETAILS

Line of Business :	Manufacturer of Warping, Beam Getting, Beam Drawing, Gray Cloth Checking, Folding, Packing, Warehousing and Inventory Management.
Terms :
Selling :	Credit
Purchasing :	Credit (15 days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Warping	90 lacs meters (PROP)	75 lakhs mtrs. (Prop. In 2015-16)
Beam getting, beam drawing, gray cloth checking, folding, packing, warehousing and inventory management.	Manual work no machines are required.

Particulars	Annual Capacity in case of Manufacture
Warping	9000 Nos.
Grey Checking	9648 KM

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	64 (Approximately) (Office – 13 and Factory – 51)
Bankers :	· Bank of India Wodehouse Road C and P Banking Branch, Seth M.F. Pandey Charitable Trust Building,108-110, Wodehouse Road, Colaba, Mumbai – 400 005, Maharashtra, India · HDFC Bank Limited
Facilities :	Applied for Rs.7510.000 Millions from Bank of India

Banking Relations :	--
Auditors :	Not Divulged

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	Not Divulged
Total :	Not Divulged

FINANCIAL DATA

[All figures are in Rupees Millions]

NEW BUSINESS

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

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	Yes
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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	No
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	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	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

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

COST OF THE PROJECTS

(RS. IN MILLIONS)

Sr. No.	Particulars	Total
1	Factory Building	43.940
2	Plant & Machinery	17.665
3	Computer and software	1.300
4	Furniture & Fixture	3.640
5	Margin Money for bank guarantee	0.049
7	Preoperative Cost	3.469
8	Margin Money For Working Capital	5.037
	Total	75.100

MEANS OF FINANCE

(RS. IN MILLIONS)

Sr. No.	Particulars	Total
1	Capital	20.423
2	Secured Loan from Banks	49.900
3	Subsidy Central Govt. / unsecured loan till subsidy received	4.128
	Subsidy State Govt. / unsecured loan till subsidy received	0.649
4	Unsecured Loans	-
	Total	75.100

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ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Sr. No.	Particulars/ Year Ending 31^st March	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	No. of Months	7	12	12	12	12	12	12
1	Gross Sales (Net of Returns)
(i)	Job Work Charges	13.782	23.625	23.625	23.625	23.625	23.625	23.625
(ii)	Weaving Sales	38.917	98.316	98.316	98.316	98.316	98.316	98.316
	Total	52.699	121.941	121.941	121.941	121.941	121.941	121.941
2	Less Taxes	--	--	--	--	--	--	--
3	Net Sales (1-2)	52.699	121.941	121.941	121.941	121.941	121.941	121.941
4	Cost of Purchase
i)	Raw Material	28.266	48.456	48.456	48.456	48.456	48.456	48.456
ii)	Stores & Spares	--	--	--	--	--	--	--
iii)	Power & Electricity	0.746	1.343	1.410	1.481	1.555	1.633	1.715
iv)	Salaries and Wages	3.358	6.044	6.347	6.664	6.997	7.347	7.714
	Other Mfg Expenses	15.722	26.952	26.952	26.952	26.952	26.952	26.952
v)	Repair and Maintenance	0.665	0.698	0.733	0.770	0.809	0.849	0.891
vi)	Insurance	0.166	0.174	0.183	0.192	0.202	0.212	0.223
vii)	Sub Total	48.923	83.667	84.081	84.515	84.971	85.449	85.951
viii)	Add Op. St. of w.i.p.	0.000	8.604	8.604	8.604	8.604	8.604	8.604
ix)	Sub Total	48.923	92.271	92.685	93.119	93.575	94.053	94.555
x)	Deduct Cl. St. of w.i.p.	8.604	8.604	8.604	8.604	8.604	8.604	8.604
5	Cost of Production	40.319	83.667	84.081	84.515	84.971	85.449	85.951
	Add Op. St. of F. goods	0.000	6.883	6.883	6.883	6.883	6.883	6.883
	Sub Total	40.319	90.550	90.964	91.398	91.854	92.332	92.834
	Deduct Cl. St. of F. goods	6.883	6.883	6.883	6.883	6.883	6.883	6.883
6	Total Cost of Sales	33.436	83.667	84.081	84.515	84.971	85.449	85.951
7	Admn. Exp. & Others	0.449	0.808	0.848	0.890	0.935	0.982	1.031
	Other financial expenses	0.006	0.102	0.080	0.064	0.048	0.032	0.016
	Selling Expenses	1.946	4.916	4.916	4.916	4.916	4.916	4.916
8	Sub Total	35.837	89.493	89.925	90.385	90.870	91.379	91.914
9	Operating Profit before Interest	16.862	32.448	32.016	31.556	31.071	30.562	30.027
10	Interest
	On Bank's Term Loan	3.594	6.415	5.258	4.100	2.942	1.785	0.619
	Working Capital & B.G.	2.064	3.538	3.538	3.538	3.538	3.538	3.538
	Sub-total	5.658	9.953	8.796	7.638	6.480	5.323	4.157
11	Operation Profit	11.204	22.496	23.221	23.919	24.592	25.240	25.871
12	Other Income / Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
13	Cash Profit	11.204	22.496	23.221	23.919	24.592	25.240	25.871
15	Depreciation	6.304	7.435	6.408	5.601	4.929	4.352	3.851
16	Profit before Tax	4.900	15.061	16.813	18.318	19.663	20.888	22.020
17A	Provision for Taxes	1.339	4.478	5.020	5.485	5.901	6.279	6.629
17B	Differed Tax	0.000	0.000	0.000	0.000	0.000	0.000	0.000
18	Net Profit	3.561	10.583	11.793	12.833	13.762	14.609	15.391
	Net Profit % age	6.76%	8.68%	9.67%	10.52%	11.29%	11.98%	12.62%
18	Drawing	0.100	1.000	7.000	8.000	9.000	10.000	10.000
19	Retained Profits	3.461	9.582	4.792	4.833	4.761	4.608	5.391
20	Retained Profits/Net Profits % Age	97.19%	90.55%	40.64%	37.66%	34.60%	31.55%	35.02%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Sr. No.	Particulars/ Year Ending 31^st March	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	LIABILITIES
1	Proprietors Capital	20.423	20.423	20.423	20.423	20.423	20.423	20.423
2	Reserve & Surplus	3.461	13.044	17.836	22.669	27.430	32.039	37.429
2	Capital Subsidy	4.777	4.777	4.777	4.777	4.777	4.777	4.777
3	Secured Term Loan	47.904	39.920	31.936	23.952	15.968	7.984	0.000
4	Secured Cash Credit	25.000	25.000	25.000	25.000	25.000	25.000	25.000
5	Unsecured Term Loan	4.777	0.649	0.649	0.649	0.000	0.000	0.000
6	Creditors	2.163	2.019	2.019	2.019	2.019	2.019	2.019
8	Provision for Taxation	1.339	4.478	5.020	5.485	5.901	6.279	6.629
9	Differed Tax	0.000	0.000	0.000	0.000	0.000	0.000	0.000
10	Accrued Expenses	0.586	0.616	0.646	0.679	0.713	0.748	0.786
	Total	110.430	110.926	108.306	105.653	102.231	99.269	97.063
	ASSETS
A	Fixed Assets
1	Gross Block	0.000	70.014	70.014	70.014	70.014	70.014	70.014
2	Addition in the year	70.014	0.000	0.000	0.000	0.000	0.000	0.000
	Total Gross Block	70.014	70.014	70.014	70.014	70.014	70.014	70.014
3	Total Depreciation upto date	6.304	13.739	20.147	25.748	30.677	35.029	38.880
4	Net Block	63.710	56.275	49.867	44.266	39.337	34.985	31.134
B	Non-Current Assets (Subsidy Receivable)	4.777	0.649	0.649	0.649	0.000	0.000	0.000
C	Current Assets
	Inventory
	Raw Material	2.019	2.019	2.019	2.019	2.019	2.019	2.019
	WIP	8.604	8.604	8.604	8.604	8.604	8.604	8.604
	Finished Goods	6.883	6.883	6.883	6.883	6.883	6.883	6.883
	Consumables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
1	Total Inventory	17.506	17.506	17.506	17.506	17.506	17.506	17.506
2	Debtors	22.585	30.485	30.485	30.485	30.485	30.485	30.485
3	FDR for bank guarantee	0.049	0.049	0.049	0.000	0.000	0.000	0.000
4	Adv. Payment of Taxes	1.339	4.478	5.020	5.485	5.901	6.279	6.629
6	PSI Subsidy	0.000	0.000	0.000	0.000	0.000	0.000	0.000
7	Other Current Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
8	Cash and Bank	0.464	1.484	4.730	7.262	9.002	10.014	11.309
8	Sub-total	41.943	54.002	57.790	60.738	62.894	64.284	65.929
	Total	110.430	110.926	108.306	105.653	102.231	99.269	97.063

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CASH FLOW STATEMENT

(RS. IN MILLIONS)

Sr. No.	Particulars/ Year Ending 31^st March	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	CASH INFLOW
	Net Profit After Tax	3.461	9.582	4.792	4.833	4.761	4.608	5.391
	Add : Depreciation	6.304	7.435	6.408	5.601	4.929	4.352	3.851
	(A)	9.765	17.018	11.201	10.434	9.690	8.960	9.242
	Cash Inflow From Operating Activity
	Add:
	Increase in Capital	20.423	0.000	0.000	0.000	0.000	0.000	0.000
	Capital Subsidy	4.777	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in Term Loan	47.904	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in unsecured loan	4.777	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in deferred tax	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in Cash Credit	25.000	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in Creditors	2.749	(0.114)	0.030	0.033	0.034	0.035	0.038
	Total (B)	105.630	(0.114)	0.030	0.033	0.034	0.035	0.038
	Less:
	Increase in investment	4.777	(4.128)	0.000	0.000	(0.649)	0.000	0.000
	Addition in fixed assets	70.014	0.000	0.000	0.000	0.000	0.000	0.000
	Repayment of Term Loan	0.000	7.984	7.984	7.984	7.984	7.984	7.984
	Repayment of unsecured loan	0.000	4.128	0.000	0.000	0.649	0.000	0.000
	Increase in Inventory
	Raw Materials	2.019	0.000	0.000	0.000	0.000	0.000	0.000
	Stock in Process	8.604	0.000	0.000	0.000	0.000	0.000	0.000
	Finished Goods	6.883	0.000	0.000	0.000	0.000	0.000	0.000
	Consumables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Debtors	22.585	7.900	0.000	0.000	0.000	0.000	0.000
	PSI Subsidy Receivable	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Loan and Advances	0.049	0.000	0.000	0.000	0.000	0.000	0.000
	Total (C)	114.931	15.884	7.984	7.935	7.984	7.984	7.984
	(A+B-C)	0.464	1.020	3.247	2.532	1.741	1.012	1.295
	Add: Opening Cash Balance	0.000	0.464	1.484	4.730	7.262	9.002	10.014
	Closing Cash Balance	0.464	1.484	4.730	7.262	9.002	10.014	11.309

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FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

Sr. No.	Particulars/ Year Ending 31st March	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	SOURCE
a	Profit Before Tax	4.900	15.061	16.813	18.318	19.663	20.888	22.020
b	Depreciation	6.304	7.435	6.408	5.601	4.929	4.352	3.851
c	Increased in capital	20.423	0.000	0.000	0.000	0.000	0.000	0.000
d	Increased in Quassi capital	4.777	0.000	0.000	0.000	0.000	0.000	0.000
e	Increase in term liabilities	47.904	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in capital Subsidy	4.777	0.000	0.000	0.000	0.000	0.000	0.000
f	Decrease in
	i) Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	ii) Other non-current assets	0.000	41.28	0.000	0.000	0.649	0.000	0.000
	Decrease in Inventory	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Decrease in Receivables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Decrease in Other current assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in current liabilities other than bank borrowings	4.088	3.025	0.572	0.498	0.450	0.413	0.388
	Increase in Bank Borrowings	25.000	0.000	0.000	0.000	0.000	0.000	0.000
	Total	118.173	29.649	23.793	24.417	25.691	25.653	26.259
	Application
a	Net Loss	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b	Decrease in term liabilities	0.000	7.984	7.984	7.984	7.984	7.984	7.984
c	Decreae in Quassi Capital	0.000	4.128	0.000	0.000	0.649	0.000	0.000
	(including public deposits)
d	Increase in
	(i) Fixed Assets	70.014	0.000	0.000	0.000	0.000	0.000	0.000
	(ii) Other non-current assets	4.777	0.000	0.000	0.000	0.000	0.000	0.000
e	Drawings	0.100	1.000	7.000	8.000	9.000	10.000	10.000
	Increase in Inventory	175.06	0.000	0.000	0.000	0.000	0.000	0.000
	Increase in Receivables	225.85	7.900	0.000	0.000	0.000	0.000	0.000
	Increase in Other current assets ex. Cash	1.388	3.139	0.542	0.416	0.416	0.378	0.350
	Payment of Taxation	1.339	4.478	5.020	5.485	5.901	6.279	6.629
	Decrease in current liabilities other than bank borrowings	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Decrease in Bank Borrowings
	Total	117.709	28.629	20.546	21.885	23.950	24.641	24.963
	Op. Cash Balance	0.000	0.464	1.484	4.730	7.262	9.002	10.014
	Surplus	0.464	1.020	3.247	2.532	1.741	1.012	1.295
	Cl. Cash Balance	0.464	1.484	4.730	7.262	9.002	10.014	11.309

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COMPARATIVE STAEMENT OF CURRENT ASSETS AND LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
Current Assets
Raw Material
-Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(months, consumption)	--	--	--	--	--	--	--
-Indigenous	2.019	2.019	2.019	2.019	2.019	2.019	2.019
(months, consumption)	0.86	0.50	0.50	0.50	0.50	0.50	0.50
Other consumable spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(months, consumption)	--	--	--	--	--	--	--
Stock in process	8.604	8.604	8.604	8.604	8.604	8.604	8.604
(months cost of production)	1.96	0.85	0.85	0.85	0.85	0.85	0.85
Finished Goods	6.883	6.883	6.883	6.883	6.883	6.883	6.883
(months cost of Sales)	1.50	0.91	0.91	0.92	0.92	0.92	0.92
Receivables other than export	22.585	30.485	30.485	30.485	30.485	30.485	30.485
(month's domestic sales excluding	4.71	3.00	3.00	3.00	3.00	3.00	3.00
Export receivables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(Months export sales)	--	--	--	--	--	--	--
Advance to suppliers of raw materials	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Other current Assets including Bank Balance	1.852	6.011	9.799	12.747	14.903	16.293	17.938
(major items to be specified individually)
Total Current Assets (to agree with item 34 in form IIIA)	41.943	54.002	57.790	60.738	62.894	64.284	65.929
Current Liabilities
(Other than bank borrowings for working capital)
Creditors for purchase of raw materials and stores and consumables spares	2.163	2.019	2.019	2.019	2.019	2.019	2.019
(month's purchase)	0.92	0.50	0.50	0.50	0.50	0.50	0.50
Creditors for Expenses	0.586	0.616	0.646	0.679	0.713	0.748	0.786
Statutory Liabilities	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Other current Liabilities incl. advance from Customer (major items to be specified individually)	9.323	12.462	13.004	13.469	13.885	14.263	6.629
Sub Total	12.072	15.097	15.669	16.167	16.617	17.030	9.434
(to agree with sub-total (B) in form IIIa)

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COMPUTATION OF MAXIMUM PERMISSIBLE FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
Total Current Assets	41.943	54.002	57.790	60.738	62.894	64.284	65.929
Other Current Liabilities	12.072	15.097	15.669	16.167	16.617	17.030	9.434
Working Capital Gap (WCG)	29.871	38.905	42.121	44.571	46.277	47.254	56.495
Min. Stipulated Net Working Capital i.e; Assets as the case may be depending upon the method of lending being applied	10.486	13.500	14.448	15.184	15.724	16.071	16.482
Actual / Projected Net Working Capital	4.871	13.905	17.121	19.571	21.277	22.254	31.495
Item 3 Minus Item 4	19.385	25.405	27.673	29.387	30.553	31.183	40.013
Item 3 Minus Item 5	25.000	25.000	25.000	25.000	25.000	25.000	25.000
Maximum Permissible Bank Finance	19.385	25.000	25.000	25.000	25.000	25.000	25.000
Excess Borrowing Representing Short fall in NWC	5.615	0.000	0.000	0.000	0.000	0.000	0.000

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

RATIOS

	Particulars	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
a)	Paid up Capital :
	- Equity	20.423	20.423	20.423	20.423	20.423	20.423	20.423
	- Preference Share	--	--	--	--	--	--	--
b)	Tangible Net worth (Excl. rev. reserve, Net of Intangible assets)	23.884	33.467	38.259	43.092	47.853	52.462	57.852
c)	Investment in co./ Loan from Sister concern
		4.777	0.649	0.649	0.649	--	--	--
d)	Adjusted TNW	28.661	34.116	38.908	43.741	47.853	52.462	57.852
e)	Capital Employed *(total funds employed)	68.581	66.052	62.860	59.709	55.837	52.462	57.852
f)	Net Block	63.710	56.275	49.867	44.266	39.337	34.985	31.134
g)	Net sales : Job work	13.782	23.625	23.625	23.625	23.625	23.625	23.625
	weaving	38.917	98.316	98.316	98.316	98.316	98.316	98.316
	Total	52.699	121.941	121.941	121.941	121.941	121.941	121.941
h)	Other Income	-	-	-	-	-	-	-
	EBDITA	16.862	32.448	32.016	31.556	31.071	30.562	30.027
i)	Interest	5.658	9.953	8.796	7.638	6.480	5.323	4.157
j)	Gross Profit/Loss (PBDT)	11.204	22.496	23.221	23.919	24.592	25.240	25.871
	Taxes	1.339	4.478	5.020	5.485	5.901	6.279	6.629
l)	Cash Accruals	9.865	18.018	18.201	18.434	18.691	18.961	19.242
	Depreciation	6.304	7.435	6.408	5.601	4.929	4.352	3.851
k)	Net profit/loss	3.561	10.583	11.793	12.833	13.762	14.609	15.391
m)	Net profit/ Capital Employed (%)	5.19	16.02	18.76	21.49	24.65	27.85	26.60
n)	Current Assets	41.943	54.002	57.790	60.738	62.894	64.284	65.929
o)	Current Liabilities	37.072	40.097	40.669	41.167	41.617	42.030	34.434
	RATIOS :
p)	Current ratio	1.13	1.35	1.42	1.48	1.51	1.53	1.91
q)	Debt/Equity :
	Total Term Liab./TNW	1.56	0.85	0.57	0.35	0.15	--	--
	Total Outside Liab./ TNW	3.42	2.17	1.71	1.34	1.04	0.80	0.60
	Debt / Quasi Equity ratio	9.36	50.21	37.91	25.60	--	--	--
r)	Profitability %: PAT/Net Sales	6.76	8.68	9.67	10.52	11.29	11.98	12.62
s)	DSCR a) Company as a whole
	b) For specific TL
t)	Interest Coverage	--	3.26	3.49	3.55	4.02	4.71	5.80
u)	Inventory + Receivables/ Sales	55.92	30.64	30.64	30.64	30.64	30.64	30.64

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EXECUTIVE SUMMARY

Subject is promoted by energetic entrepreneur Mrs. Anuja Bothra, a Charted Accountant merit holder by profession with 10 years of relative experience in accounts, SAP and statutory audit. She was assistant manager for developing and implementing new sap software’s in PWC (Price Waterhouse Coopers, Kolkata) with their software packages initiating from crores. She has been in textile industry for last 4 years whereby she is accounts and admin head of a prominent textile firm in Bhiwandi and has virtual acquaintances with many stake-holders in textile sector like agents, weavers, yarn suppliers, processors, customers etc.

In her enduring, she will be supported by her husband, Mr. Rahul Bothra. Mr. Rahul is an MBA from Southampton University, U.K which ranks among top 10 management schools in U.K. He has also done BMS from Mumbai University along with many multi-faced post graduate diplomas in foreign trade from renowned universities like ICFAI and World Trade Centre, Mumbai covering the areas like EXIM, Masters in Global Trade and Masters in International Business Law. He is currently working as production, designing, purchasing and administrative in charge of shirting division in his family run business enterprise Premsukh Silk Mills. Premsukh is in textile industry for last two decades.

Subject has proposed to set up manufacturing shirting fabrics in casual wear for men’s and kids segment and a weaving preparatory common facility center(C.F.C.) for Auto Loom Weaving Industry at Bhiwandi. The proposed unit will have 32,500 sq.ft areas of factory premises and would be situated at 1st Floor, R-1 Building, Shubham Industrial Park, Village Kalwar, Kaman Bhiwandi Road, Taluka Bhiwandi, District Thane.

CFC being the hub for indigenous auto-loom manufacturers will use each segment to its economical viable size. This will make each segment profit making center. Each segment will be headed by experts and will use best suitable equipments to give affordable quality and delivery schedule. There will be contingency plan to meet any break down in machines or shortage of manpower. The firm will reduce operating cost of each segment and will share profit of cost saving.

The firm would provide technical sound services at affordable job-work charges for warping, re-winding, beam drawing and gaiting, checking and folding, inventory management and warehousing, accounts and administrative as the promoter being a Charted Accountant. It has proved many times outsourcing is cheaper than making in house provision.

The firm’s motto is to provide maximum services in textile sector under one roof.

The firm would like to outsource weaving work, process house work. The firm intends to manufacture 1, 00,000 mtrs of shirting fabric per month and achieve yearly sales of apporx. Rs.120.000 Millions in first complete year.

The entrepreneur has requisite knowledge and would be in complete charge for the firms product development, maintain relationship with key stakeholders, strategic sales and market planning, human resource recruitment, training and development, appraisal and payroll, admin and banking, inventory and production control, budgeting and forecasting, sourcing, pricing, costing etc.

The firm has collected prospective employee’s bio-data, photo and address proof for selecting the employees and to keep persons in reserve. The prospective candidate will have necessary qualification and experience of minimum 8 years.

The effective production cost at each segment will be one of the lowest, since each segment will be headed by expert. Expert’s knowledge and skills and running at economic viability, high speed production will enhance the savings.

The firm has a vast collection of more than 10,000 designs for shirting and same is shown to agents and other big customers.

The firms marketing sales team would be allocated on territorial basis starting with seven Tier 1 Cities like Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad and Indore. The firm has already short-listed agents, wholesalers and sales employees. Even the firm has qualitative and quantitative data of established brands and customer base. The firm also has gradual plan of opening a cash carry depot to increase the trading sales too.

The firm has contacted and consulted renowned advisors in majority fields like C.A., Lawyers – Labour and Commercial, Machine and Electrical Engineers, DIC and TUFS Consultants, Import Clearance Agent etc. With eclectic experience of the entrepreneur the firm has laid down rules and regulations taking into the consideration all the statutory laws and norms.

The firm will develop in house accounts software on SAP Entrepreneur Model. It will cover sales orders booking, processing, despatching, giving deliveries schedule on the basis of available inventory at each location, time required for further processing, feedback, stock replenishment, invoice confirmation, employees performance, online costing, outstanding receivables and payment follow-up, customer details (existing and prospective), and requirements would be handled through customized online software etc. The firm would implement web-linked cameras for online viewing for security and managerial control.

Domestic demand for yarn-dyed shirting fabrics and garments are going up on account of increase in population, improvement in standard of living and availability of surplus funds. Global demand for Indian fabrics and garment is improving as India has started producing world class level fabrics and garments and can cater small size orders. It is the top-most leader for fashion clothing all over the globe. The developed nations like U.S., U.K., and Germany have stopped manufacturing of textile goods and even developing nations like China, Taiwan etc. are diversifying its interest from textiles leading to increase in sourcing demand from India for Textile Merchandise. The liberalization of the international trade coupled with changes in the reforms of domestic economy has boosted weaving industry of India. Hence, the market size of India is growing at a very high pace and good scope for new entrants and existing entrants.

The firm would also benefit from various government schemes both center and state like Technology Up gradation Funds Scheme, Package Scheme of Incentives, Medium and Small Manufacturing Enterprise Schemes, Rashtriya Swasth Bima Yojana Scheme, Export Packing Credit Guarantee Scheme and Employee State Insurance Corporation Schemes. The subsidies entitled to the firm would be 30% Capital Subsidy on Plant and Machinery, Zero duty on import based on EPGC, 5% Interest Re-Imbursement on Term Loan, VAT and CST refund, exemption from electricity duty, waiver of stamp duty on new property purchases and bank loan, Rs.0.50/-power tariff subsidy, subsidy on capital equipment for technology up gradation, bar-codes, E-Commerce and ERP Softwares, energy and recycling water machines and also on the expenses incurred for quality certifications, cleaner production measures, patent registrations, credit ratings by govt. and accredited agencies, trade fairs under Market Development Assistance. The government also provides fringe benefits like Group Insurance Scheme of Power loom Workers with LIC benefits, Medical Insurance for employee’s family.

The firm will outsource manufacturing of fabric on rapier auto-looms. These machines are suitably designed to give consistency in good quality with sophisticated designs.

The firms proposed unit will be located in Bhiwandi which is said to be the 'The Manchester of India'. Bhiwandi has necessary infrastructure facilities for textile units. It is well-connected through rail, road, water and air. Location benefits are - availability and vicinity of raw materials like yarn and spare parts, has proximity to commercial markets, have abundance labours, provides continuous supply of electricity, easy accessibility for transport, efficient means of communication, efficient humid climate condition for cotton weaving production, existence of supportive ancillary industries, effective municipality service facilities like water supply, fire-fighting, police protection etc. are available.

The factory building would be durable and inexpensive and tailor made to manufacturing process in terms of functional, constructional and architectural characteristics. It would be RCC constructed with reinforced concrete slabs supported directly on the columns with 12’ feet height. On walls cement bricks are used to avoid water logging, facilitate natural lighting and air. The factory layout is suitably modified for storage requirements, flow of materials, lighting, ventilation etc. Renowned architect of Bhiwandi “K.K. Architect” will monitor the construction.

On first floor, altogether 12 galas of 2550 sq.ft and 1 gala of 1800 sq.ft will be made. 1 Gala would accommodate office, 4 galas for warping, 1 gala for yarn storage, 1 gala for spares and beam, 3 galas to grey cloth checking and storing and rest 3 galas to store finish fabrics. The sequential arrangement of the machine group and inventory stock will be made on the basis of labour operations.

Preventive plant maintenance and safety measures covering periodic spare parts checking, lubricating, repairing, replacing, overhauling etc. would be adhered. Preventive maintenance will reduce machine break down, production stoppages, poor quality production, wastage, industrial accidents etc.

PROFILE OF THE COMPANY

Subject is proprietorship firm of entrepreneur Mrs. Anuja Bothra established in 2014. The administrative office of the firm is situated at Bunglow No.1, Richmond Bldg, New Raviraj Complex, Jesal Park, Bhayander (East), Thane – 401105. The firm has proposed to set up manufacturing shirting fabrics in casual wear for men’s and kids segment and a weaving preparatory common facility center(C.F.C.) for Auto Loom Weaving Industry at Bhiwandi. The proposed unit will have 32,500 sq. ft areas of factory premises and would be situated at 1^st Floor, R-1 Building, Shubham Industrial Park, Village Kalwar, Kaman Bhiwandi Road, Taluka Bhiwandi, District Thane. The firm would have a separate access through stair-case and lift along with a free walk-in area.

INDIA’S TEXTILE WEAVING INDUSTRY

The Indian Textiles Industry has an overwhelming presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textiles industry also plays a pivotal role through its contribution to industrial output, employment generation, and the export earnings of the country. Indian textile industry is the 2^nd largest producer and exporter of cotton and cotton yarn and the leaders in cotton textiles all over the world. Indian textile industry can be divided in four segments: Yarn making (Spinning / Texturizing), Fabrics manufacturing (Weaving/ knitting), Finishing (Process house) and Readymade Garments (Apparels) Growth in textile industry shows CAGR of 10% in last XI five year plans and govt. projects CAGR of 15% for XII five year plan. Government of India gives various concession and facilities to textile sector such as TUFS (Technology Up gradation Fund), Textile Park Scheme, Zero Custom Duty, EPCG Benefit, and MSME Benefits like Textile Trade Fair, Credit Ratings etc. Whereas, Maharashtra State Government provides Stamp Duty Exemption, 5% Interest Re-imbursement, Vat Refund, Capital Subsidy, and Electricity Duty Exemptions etc.

Textile sector’s contribution to GDP is 4 per cent. It accounts for 14% of total industrial production and provides direct employment to nearly 35 million people. India’s textile weaving industry has conventionally been one of the most promising sectors of huge employment to approximately 12.5 million people in over 38,00,000 weaving industries built throughout India. The abundance in the raw materials, the continuous supply of cheap work force is the contributing factors behind the success of the weaving industry of India. In addition, weaving is eco-friendly, and is aimed at the cutting back on the environmental impact.

Composite Mills with spinning of yarn to finished fabrics has become obsolete after the emergence of independent entrepreneurial activities like yarn, weaving, process house is available. Most of composite mills are making losses as the mill has to hire expert for each segment which increases there office expenditure, their overheads are high due to many employment benefits provided to their employees like P.F., ESI, Professional Tax, travelling and residential concessions, bonus etc. Also, the increase in government audits, office liaising, heavy advertisement, and power cost per unit is approx. double for composite mill compared to SME looms. Considering all these factors it’s not viable for composite mills to continue manufacturing activity. Most mills in today times prefer sourcing through market and labelling the goods under their brand name and selling to its customers base all over world.

One of the most beneficial classes of this economic growth saga has been the middle income section of the society with 216 million which is expected to rise to 351 million by 2015. The major demand that is being generated is by a new class of people from the booming IT-BPO sector who are still at their prime age and are outwardly fashion savvy. This has generated huge demand for fashionable dresses which has consequently led to the emergence of some world class Indian designers with their latest fashion apparels. Propensity of consumption (after excluding all spending on essential items like housing, health, education, etc.) by the average Indian people has increased at the rate of 5% to a total amount of US$ 219 billion in the year 2011. At this time, the organized retail sector has been able to tap a market of around US$ 8.2 billion which is projected to increase to US$ 25 billion by 2015.

Domestic demand for fabrics and garments are going up on account of increase in population, improvement in standard of living and availability of surplus funds. Global demand for Indian fabrics and garment is improving as India has also started producing world class level fabrics and garments. The developed nations like U.S., U.K., and Germany have stopped manufacturing of textile goods and even developing nations like China, Taiwan etc. are diversifying its interest from textiles leading to increase in sourcing demand from India for Textile Merchandise. However, the liberalization of the international trade coupled with changes in the reforms of domestic economy has also boosted the weaving industry of India. Hence, the market size of India is growing at a very high pace with increase in new entrants and existing entrants are also increasing their production capacity to meet up the market demand.

PRODUCTION OF SHIRTING FABRIC

Subject proposes to produce various varieties of polyester cotton blended fabrics in casual wear for kids and men’s wear shirting ranges like check fabric, seersucker fabric, dobby fabric, twill fabric, striped fabric, lycra fabric, oxford fabric etc. The firm would use high grade fine yarns of prominent spinning mills in vivacious colors and different strengths. The fabric would be durable, skin friendly and exhibits features like smooth finish, appealing patterns and innovative designs. Such high quality manufacturing would be possible because of the firm’s diligent and efficient work force with advanced production facilities as the entire production would be done under the constant surveillance of their expert in-house quality auditors which will nullify the possibility of any discrepancy in the quality of fabric with prompt deliveries which would be widely accepted and appreciated by its customers and end consumers.

The firm intends to manufacture 1,00,000 mtrs of shirting fabric per month on weaving job-work basis. The weaving would be preferred to be done within the same area. The firm plans to have Rs.60.000 Millions of turnover in its first 6 months and projects a turn-over of Rs.120.000 Millions in its second year.

Ancillary Weaving Services:

The firm also proposes to do preparatory and ancillary work for weaving industry. Preparatory work is done on job work basis only. The firm proposes to provide Warping, Beam Gaiting and Drawing, Fabric Checking and Grading, Packing and Folding, Warehousing and Inventory management, Accounts and Admin Services through SAP etc.

Warping:

Woven cloth consists of 2 yarns; one which runs from top to bottom (length side) is called Warp Yarn and second which runs from left to right (on width side) is called Weft Yarn. The warps form the basic structure of fabrics. Warping include spooling, warping and slashing. In spooling, the yarn is wound on larger spools, or cones, that are placed on creel. Warping is done with grey yarn or dyed yarn. In case of dyed yarn, the cones are placed on the basis of design/ program given by the weaver like reed, type of yarn and count, colour combinations and repeats. Eg. Design requires 4 red than 5 green and then 3 yellow and then again 4 red. In such program, the cones are put as 4 red than 5 green, 3 yellow and then 4 red. The firm proposes creel with 480 points to put 480 cones. It can warp 480 yarns at a time. So, warping means winding warp yarn onto a beam in suitable arrangement as per design of the fabric. Once the yarn is spooled on huge spool they are transferred to small beam which is loaded on weaving machine. This process is called slashing. In warping the productivity depends upon workers efficiency in loading the cones at creel and spooling the yarn according to program. After completion, of warping, small yarn or left over yarn is re-winded with the help of yarn rewinding machine.

The capacity depends upon the number of threads per beam. Number of threads depends upon reed per inch and width of beam. The efficiency of warping machine depends upon design or pattern of fabrics. In plain fabrics efficiency is high and in design it is low. Hence for warping, firm proposes to purchase 4 Sectional Warping Machines and 4 Yarn re-winding machines to efficiently warp 8 lac meters of fabric per month. Customers provide yarn for warping and design card with specification. These yarns are segregated and arranged as per their Colour. The big yarn case is converted into small cones through re-winding and these small yarn cones are arranged on the H-Creels of the Warping, and again the left over yarn stock is re-winded onto big cases. For projection and common reed usage, the firm would charge Rs.1.50 per meter of fabric for 4500 threads per beam. The job-charges will increase if there is an increase in no. of threads than considered, fancy yarns, repeat of designs and length of the warp beam.

Beam Gaiting and Drawing:

Beam getting and beam drawing is skilled manual job. The expertise of person helps to finish the job fast. Beam drawing is done after the warping process. In this process loosed yarns from the warp beam are tied onto the heald wires and reeds of the looms at drawing stand. Beam gaiting work is required when back side beam on looms gets emptied. In this process, empty beam is replaced with warp yarn winded beam from drawing and warp yarn ends are placed properly in the shaft of weaving machine as per drawings or program provided. Beam getting takes 3 to 4 hours for skilled workers depending upon the number of threads and width of beam. The firm proposes to keep 5 teams of beam getting and beam drawer experts to do the required activity effectively and efficiently. For this activity firm would charge Rs.0.75 per meter of fabric.

Fabric Checking and Grading:

Fabric checking and grading is semi-skilled manual job. The fabric checking is done on grey checking table. At first grey cloth is numbered and then loaded onto the checking table. Checking table has glass plate with beneath 2 tube lights affixed. With the help of light passing through fabrics, grey checker finds broken thread, extra thread, knots and other such defects. The extra thread is cut. Knot is pressed to reduce its impact. Broken picks are mended. The checked grey fabric is measured on one meter fold on measuring table and then it is weighed on weighing scale. On the basis of length and weight, the reed, pick, warp and weft count are confirmed. The fabric is graded depending upon the no. of defects and types of defects found. Customer prefers third party checking report to maintain strict quality control and to make payment on the basis of quality of the material.

The capacity varies from person to person but on an average 16 taka of 120 meters of 60” width is checked or 24 taka of 120 meters of 40” width is checked by a worker. And, on an average 35 taka of 120 meter each can be measured, folded and weighed by a worker. Hence, the firm proposes to put 15 grey checking tables, two computerized checking machine and seven measuring and folding table with four weighing scale to check woven fabric thoroughly, grade it, rectify the defect, if any and weigh it. For this activity firm would charge Rs.0.50 per meter of fabric.

Warehousing, Inventory Mgmt:

The firm would provide warehousing and inventory management services to store yarn, fabrics, beams and other spares. The firm would have independent access on entire 1st floor. There will be two stair cases and a elevator for movement of man, machine and material. The yarn boxes and other material will be carried in trolleys. The firm will provide trolleys for internal movement of goods, 300 yarn storage boxes and 500 spare storage boxes. There will be steel framework for storing. Security person will be placed at every entry and exit of premises. The firm also intends to put close circuit TV camera to monitor the movements of goods.

Mrs. Anuja Bothra is qualified CA and thus could also provide administrative services including accounts writing, statutory compliances (IT, VAT, LBT, TDS, Excise Returns, DIC Reports etc) and MIS system etc. Inventory management will be done on enterprise sap software. It will provide actual requirement and consumption of yarn, analyzing wastages and shrinkages. The software will also help in locating the stock and quantity of stock at different levels. The firm will keep stock of yarn, grey fabrics, empty beams and other stores and spares. For this activity firm would charge Rs.1 per meter of fabric.

The firm’s motto is to provide all services to the weavers under one roof. In this way the weavers will get services of experts at reasonable cost. The firm is in process of tied-up with weavers on job-work basis for ancillary weaving services Some confirmed customers from the same premises are:-

· Ravi Impex – Monthly Production of 2,00,000 mtr fabric

· Aviator Fashion Fabrics - Monthly Production of 2,00,000 mtr fabric

· Own Production – Monthly provision of 1, 00,000 mtr of fabric.

Benefits to Weavers:

By providing supportive ancillary weaving manufacturing facilities the weavers are entitled to benefits like:-

· Saving on huge investment on building premises for warehousing purpose.

· Saving on huge investment on plant and machinery such as warping and re-winding.

· Saving in administrative expenses.

· Avoiding Irregularities in production activity on employees sick-leave and holiday periods.

· Providing expertise services in each department.

· Hazzle free administrative services and compliances in govt. departments.

· Providing significant security of stocks and spares.

· Saving in office space.

· Easy and quick dispatch of orders and inventories by easy MIS Norms.

· Quality satisfaction to customers with the help of third party inspection.

· Adequate help in product development.

· One stop ancillary weaving services of all sorts within one roof.

· Weavers can concentrate prime focusable on only designing and sales.

· Saving time and energy to oblige to various statutory norms.

· Efficient JIT and Kaiser Inventory Management Facilities.

SECURITY OFFERED

Primary Security:

a) Firm is offering plant and machinery and other installation worth Rs.22.605 Millions as prime security.

b) Immovable property worth Rs.43.940 Millions (purchase value) for term loan.

c) Margin money for bank guarantee Rs.0.049 Million

d) Stock and debtors valuing Rs.17.506 Millions and 22.585 Millions respectively for working capital.

Collateral Security:

· 2 galas at Shubham Space in the name of Anuja Bothra.

· Request to take 1 gala of Narpoli in the name of Mr. Rahul Bothra from Kalbadevi Branch or extention.

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MRS. ANUJA RAHUL BOTHRA

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

INCOME FROM SALARY
Salary received from Premsukh Silk Mills		0.300
INCOME FROM OTHER SOURCES
Interests received from Santokchand Bothra	0.095
Saving Bank Interests	0.002	0.097
Gross Total Income		0.397
Less: Deductions U/Sec 80 C
ULIP	0.025
LIP	0.043	0.068
Less: Deductions U/ Sec 80 TTA
Saving Ban Interests	0.002
Maximum Allowable		0.070
Total Income		0.326
Rounded Off		0.326
Income Tax		0.013
Add: Education Cess @ 3%		0.000
		0.013
Less: TDS
Premsukh Silk Mills	0.004
Santokchand Bothra	0.009	0.013
		0.000
Add: Interests U/s 234		0.000
S. A. Tax Paid		0.000

MRS. ANUJA RAHUL BOTHRA

PROVISIONAL CAPITAL ASSETS FOR THE YEAR 31AST MARCH 2014

Particulars	Rs. In Millions	Particulars	Rs. In Millions
To Drawings	0.040	By Balance B/d	1.544
To LIC Premium	0.044	By Salary from Premsukh Silk Mills	0.300
To Birla Sun Life	0.032	By Interests from Santochand Bothra	0.108
To Income Tax Paid	0.000	By Dividend	0.000
To Annuak Fees for Debit Card	0.000	By Savings Bank Interests	0.002
To DO Bill	0.000
To Balance C/d	1.838
Total	1.954	Total	1.954

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014 (Provisional)	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		1.838	1.544	1.436
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.838	1.544	1.436
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.838	1.544	1.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.220	0.220	0.340
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.222	0.902	0.707
	Cash & Bank Balances	0.300	0.337	0.339
	Other Current Assets	0.096	0.085	0.050
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		1.618	1.324	1.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		1.618	1.324	1.096
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.838	1.544	1.436

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NETWORTH STATEMENT

MRS. ANUJA RAHUL BOTHRA

(RS. IN MILLIONS)

BANK ACCOUNT

Bank	Branch	Present Balance
HDFC Bank	Kolkata	Rs.0.050 Million

DETAILS OF ASSETS

OTHER INVESTMENTS / ASSETS (GIVE FULL DETAILS)

Particulars	(Rs. in Millions)
Cash and Bank	0.285
Loan to family Member	0.900
I.T. Refund	0.021
Others	0.338
TOTAL	1.544

TOTAL ASSETS

RS.1.544 MILLIONS

TOTAL LIABILITIES

NIL

TOTAL ASSETS – TOTAL LIABILITIES = NETWORTH

RS.1.544 MILLIONS

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital
Mr. Rahul Bothra	Business	Husband	28 years	Married
Baby Boy	--	Son	0.5 years	Unmarried

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

NETWORTH STATEMENT

MR. RAHUL BOTHRA

(RS. IN MILLIONS)

BANK ACCOUNT

Bank	Branch	Present Balance
Bank of India	Kalbadevi Branch	--

DETAILS OF ASSETS

Assets	Own/ Joint Name	Area Sq. feet	Freehold Or Leasehold	Location/ Address	Cost	Present Value	Whether Encumbered
Non Agric Land
Commercial	Own	1739.5 sft.	Freehold	187/1, Soni Bhai Compound, Near Tiny Toy School and Jagdamba Hotel, Narpoli, Bhiwandi, Thane – 421302, Maharashtra, India	0.446	5.000	Yes
Commercial	Jointly with Mr. Santok change	305 sft. Carpet	Freehold	24, Siddhivinayak Building, 3^rd Floor, Old Hanuman 1^st Cross Lane, Kalbadevi Road, Mumbai – 400002, Maharashtra, India	0.083	7.500*	Yes
Total Immovable Property					0.529	12.500

*50% value of the Property since 50% is owned by Mr. Santokchand Bothra. The property is given to Bank of India, Kalbadevi Branch.

INSURANCE POLICIES

Name of the company and Branch	Surrender Value	Annual Premium	Premium paid upto what Period
LIC	0.100	0.080	Yes
ULIP LIC	0.090
BOI SUD LIFE	0.025
Total	0.215

SHARES / DEBENTURES / MUTUAL FUNDS ETC.

Name of Company	Current Market Value
Various companies	0.035

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF / NSC / KVP /IVP ETC.

Bond / Certificate No.	Face Value	Maturity Value
PPF	0.212	0.212

OTHER INVESTMENTS / ASSETS (GIVE FULL DETAILS)

Particulars	(Rs. in Millions)
Cash and Bank	0.183
Loan to family Member	1.873
I.T. Refund	0.072
TOTAL	2.128

TOTAL ASSETS

RS.14.875 MILLIONS

DETAILS OF LIABILITIES

As Borrower : Borrowed from	Purpose of Loan	Amt. Of Loan	Security	Repayment Terms	Outstanding Balance 31/3/12
Bank of India, Kalbadevi	Education	0.700	Unsecured	--	0.518

AS GUARANTOR: NO PERSONAL GUARANTEE FOR CORPORATE

Name of the person to whom Guaranteed	Name of the Bank / Financial Institution	Guarantee Amt.	Present status of a/c	Outstanding Balance
Premsukh Silk Mills	BOI, Kalbadevi	30.000	Standard	--

TOTAL LIABILITIES

RS.0.518 MILLIONS

TOTAL ASSETS – TOTAL LIABILITIES = NETWORTH

RS.14.357 MILLIONS

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital
Mrs. Anuja Rahul Bothra	House Wife	Wife	28 years	Married
Baby Boy	--	Son	0.5 years	Unmarried

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

ACTIVITY

Existing:	Presently managing accounts and Inventories at Premsukh Silk Mills.
Proposed (#)	Subject is setting up a new SSI Unit at Shubham Industrial Estate, Bhiwandi. The unit will have facilities of yarn warping, beam getting, beam drawing, gray cloth checking, folding, packing, warehousing and inventory management. Weaving (converting of yarn into grey fabrics) and Processing cum Dyeing (finishing of fabrics) will be outsourced from other industries.

CREDIT FACILITIES (PROPOSED)

Type of Facilities	Amount (Rs. In Millions)	Purpose for which required	Security Offered
			Primary Security (Details with approx. value to be mentioned)	Whether collateral security offered (Please mention yes or no)
Cash Credit on Stock on Book Debts Total (max)	Rs.11.500 Millions Rs.13.500 Millions Rs.25.000 Millions	Working Capital	Stock Rs.17.506 Millions margin 25% Book Debts Rs.22.585 Millions. Margin 40% as on 31.03.2015 on full Utilization	Yes
Term Loan	Rs.49.900 Millions	To Purchases	Plant and Machinery Worth Rs.22.605 Millions and Immovable Property of 1^st Floor Rs.43.940 Millions margin 25%	Yes
LC/ BG	Rs.0.200 Million	To custom for clearing duty free capital goods	TDR of Rs.0.050 Million	Yes

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

VALUATION REPORT

GENERAL DETAILS

Purpose for which valuation is made

Fair Market Value

Date as on which valuation is made

04.01.2014

Name of the Owner/ Owners/ Purchaser/ Builder/ developers etc.

Mr. Santokchand Bothra and Mr. Rahul Kumar Bothra.

If the Property is under Joint Ownership/ Co-ownership. Shares of each such owner/ are the shares undivided?

Joint Ownership

Brief description of the Property

Commercial Shop No.303 on Third Floor.

Location Street, Ward No.

Building No24, Siddhi Vinayak Co-operative Premises Society Limited No.24, Old Hanuman 1^st Cross Road Lane, Bhuleshwar Division, Kalbadevi Road, Kalbadevi, Mumbai, Maharashtra.

Survey / Plot No. of Land

C S No - 1638

Is the Property situated in residential Area/ Commercial Area/ Industrial Area

Commercial Area

Classification of Locality High Class/ Middle Class/ Poor Class

Middle Class

Proximity to civic amenities like, Schools, Hospital, Offices, Marketed Cinema etc.

Civic amenities are available near by

Mean and proximity to the surface communication by locality is attached.

By Surface Transport.

LAND

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

Shop No.	Area
303 on Third Floor, As per Document (BUA)	305 sq. ft.
As per Measurement Carpet Area	305 sq. ft.
As per Measurement Built up Area	385 sq. ft.

Roads, street or lanes on which the land is abutting.

Property Bounded By:

East: Dangat Bhuvan Area

West: Swadeshi Market Area

North: Other Building Structure

South: Ambika Market

Is it freehold or leasehold land?

Freehold

If leasehold the name of lessor, lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease.

Not Applicable

IMPROVEMENTS

Is building owner-occupied tenanted/both?

Owner Occupied

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

Not Applicable

What is the floor space index permissible and percentage actually utilized?

Within Permissible Limit.

RENT – NOT APPLICABLE

SALES

Give instances of sales of immovable property in the locality on a separate sheet indicating the name and address of the property. Registration no sale price and area of land sold.

Sale instance are not readily available. Further property dealer, real estate, Consultants, developers, property brokers and other relevant sources rate were contacted for arriving prevailing market.

Land rate adopted in this valuation

Included in the calculation sheet.

If sales instances are not available or relied upon the basis of arriving at the land rate.

By inquiry from local property dealers and other relevant details available.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

About 25% years old

What was the method of construction by contract by employing labour direct/ by Both?

By Contractor

For items of work done on contact produce copies of agreement

Not Applicable

TECHNICAL DETAILS

No of Floor and Height of such floor

Building = G+3

Height = 14-6”ft

Plinth area floor wise (As per IS 386-1956)

Shop No.	Area
303 on Third Floor, As per Document (BUA)	305 sq. ft.
As per Measurement Carpet Area	305 sq. ft.
As per Measurement Built up Area	385 sq. ft.

Year of construction

About 25 years Old

Estimated future life

29 years – depending upon timely renovation.

Type of construction loans bearing wall R.C.C. frame/ Steel Frame

PEB/RCC Structure

Type of Foundation

RCC Framed Structures

Walls

Bricks walls in cement mortar.

Partitions

Bricks walls in cement mortar

Door and Windows (Floor Wise)

Rolling shutter door and sliding window

Flooring (Floor wise)

Marbonite Tiles Flooring

Finishing (Floor wise)

Cement plaster finished with distemper painting.

Roofing and Terracing

1 Section Roofing

Special architectural or decorative feature if any

--

Internal wiring surface or conduit

Class of Fitting Superior Ordinary/ poor

Concealed Wiring

Superior

Sanitary Installation:

Common Facility

Class of fittings superior coloured/ superior white/ Ordinary

Ordinary

Compound Walls

NIL

Underground sump, capacity and type of construction

Common Facility

Overhead tank

Common Facility

Pump No and their horse power

Concrete and Paved road

Road and paving within the compound.

Yet to be provided

Sewage disposal whether connected to Public sewers if septic tank

Connected to public sewer.

CALCULATION SHEET

To assess the fair market value of Commercial Shop on Third Floor, bearing No.303, situated at Building House No.24, Siddhi Vinayak Co-operative premises society Limited. No.24, Old Hanuman 1^st Cross Road Lane, Bhuleshwar Division, Kalbadevi Road, Kalbadevi, Mumbai, Maharashtra, As on 04^th January, 2014.

The property their reference comprises of Commercial Gala (Office) on Third Floor, bearing No.303, situated at Building House No.24, Siddhi Vinaqyak Co-operative Premises Society Limited, No.24, Old Hanuman 1^st cross Road Lane, Bheleshwar Division, Kalbadevi Road, Kalbadevi, Mumbai, Maharashtra. At the request of Bank of India, their civil engineer carried out visit and identified the property and assessed the technical details based on the information available. According to their marked survey and inquiry, the prevailing rate for commercial shop (Office) is ranging between Rs.20000 to Rs.30000 per sq. ft. depending upon its location and size. Since the commercial shop is situated at third floor, they have adopted the rate @ Rs.30000 per sq. ft. and based on which the value of property works out as under:

BUILT UP AREA RS. IN MILLIONS

303 on third Floor: 385 sq. ft. @ Rs.30000 per Sq. ft. = Rs.11.550 Millions

Loft Area: 300 sq. ft. @ Rs.7500 per sq. ft. = Rs.2.250 Millions

Add: Cost of interior furnishing, fixture and furniture etc. = Rs.0.750 Millions

Total = Rs.14.550 Millions

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

VALUATION REPORT

GENERAL DETAILS

Purpose for which valuation is made

Fair Market Value

Date as on which valuation is made

30.12.2013

Name of the Owner/ Owners/ Purchaser/ Builder/ developers etc.

M/s. Shubham Spaces, a Partnership firm.

Note: Ownership to be cross verified and checked with legal opinion report issued by panel advocate.

Prospective Buyer

Gala No.10 to 14 – Mr. Ravi Bohra of M/s. Ravi Impex.

Brief description of the Property

Under construction proposed industrial Gala Nos 10 to 14 on Ground Floor

Location Street, Ward No.

Building No. R-I, Shubham Industrial Park, Om Rudra Complex, Village- Kalwar, Near Chandni Dhaba, Bhiwandi, Vasai Kaman Road, Taluka Bhiwandi, district Thane Maharashtra.

Survey / Plot/ C.T. S. No. of Land

S. No.36, 37, 39, 40, 41, 42, 44, 45, 50, 51, 52 and 53 all Parts. Under Gram Panchayat and Village Limit of Garam Panchayat Kalwar with in the Registration District Thane and Sub District Bhiwandi.

Is the Property situated in residential Area/ Commercial Area/ Industrial Area

Industrial Area

Classification of Locality High Class/ Middle Class/ Poor Class

Not Applicable

Proximity to civic amenities like, Schools, Hospital, Offices, Marketed Cinema etc.

Civic amenities are available near by

Mean and proximity to the surface communication by locality is attached.

By Surface Transport.

LAND

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

Gala Nos.	Carpet Area	Built Up Area
10	1310 sq. ft.	2923 sq. ft.
11	1310 sq. ft.	2923 sq. ft.
12	2048 sq. ft.	2550 sq. ft.
13	2048 sq. ft.	2550 sq. ft.
14	2048 sq. ft.	2550 sq. ft.
Total	8764 sq. ft.	13496 sq. ft.

Commencement Certificate

As per Commencement Certificate issued by Gram Panchayat, Date 07.09.2000, Ground + 2 Floor to be constructed

Physical Inspection and Observation

On Physical inspection, observed that the construction works, stopped and not ion swing.

Statutory Approval

All the statutory approvals to be obtained by builder/ Developers is respect of project during the construction and occupancy certificate after completion.

Note: Prospective buyer carefully to obtain all the necessary note of above observation in regard to approval and completion of construction etc.

Roads, street or lanes on which the land is abutting.

Property Bounded By:

East: Gala No.R2 Barrel Land

West: PEV Shed P2 + Panasonic Ware Housing.

North: Gala No. R-17 and 18

South: Gala R-7 and 8 Barrel Land

Is it freehold or leasehold land?

Freehold

If leasehold the name of lessor, lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease.

Not Applicable.

IMPROVEMENTS

Is building owner-occupied tenanted/both?

Under construction about 10% works completed only (90% works balanced)

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

100%

What is the floor space index permissible and percentage actually utilized?

Within permissible Limit.

RENT – NOT APPLICABLE

SALES

Give instances of sales of immovable property in the locality on a separate sheet indicating the name and address of the property. Registration no sale price and area of land sold.

Sale instance are not readily available. Further property dealer, real estate, Consultants, developers, property brokers and other relevant sources rate were contacted for arriving prevailing market.

Land rate adopted in this valuation

Included in the calculation sheet.

If sales instances are not available or relied upon the basis of arriving at the land rate.

By inquiry from local property dealers and other relevant details available.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

Under construction about 10% works completed only (90% works balanced)

What was the method of construction by contract by employing labour direct/ by Both?

By Contractor

For items of work done on contact produce copies of agreement

Not Applicable

TECHNICAL DETAILS

No of Floor and Height of such floor

G + 2 (Proposed) 14-0” ft.

Plinth area floor wise (As per IS 386-1956)

Gala Nos.	Carpet Area	Built Up Area
10	1310 sq. ft.	2923 sq. ft.
11	1310 sq. ft.	2923 sq. ft.
12	2048 sq. ft.	2550 sq. ft.
13	2048 sq. ft.	2550 sq. ft.
14	2048 sq. ft.	2550 sq. ft.
Total	8764 sq. ft.	13496 sq. ft.

Note: Proposed Carpet are and built up area is summarized above as per typical floor plan.

Year of construction

Under construction about 10% works completed only (90% works balanced)

Estimated future life

50 years after completion

Type of construction loans bearing wall R.C.C. frame/ Steel Frame

PEB/RCC Structure

Type of Foundation

Plinth work only completed

Walls

Yet to be provided

Partitions

Yet to be provided

Door and Windows (Floor Wise)

Yet to be provided

Finishing (Floor wise)

Yet to be provided

Roofing and Terracing

Yet to be provided

Special architectural or decorative feature if any

--

Internal wiring surface or conduit

Class of Fitting Superior Ordinary/ poor

Yet to be provided

Yet to be provided

Sanitary Installation:

Yet to be provided

Class of fittings superior coloured/ superior white/ Ordinary

Yet to be provided

Compound Walls

Yet to be provided

Underground sump, capacity and type of construction

Yet to be provided

Overhead tank

Yet to be provided

Pump No and their horse power

Yet to be provided

Road and paving within the compound.

Yet to be provided

Sewage disposal whether connected to Public sewers if septic tank

Connected to industrial sewer.

CALCULATION SHEET

To assess the fair market value of industrial gala being under construction on Ground Floor, Bearing No.10 to 14, Situated at Building No.R-1, Shubham Industrial Park, Om Rudra Complex Village, Kalwar, Near Chandni Bhaba, Bhiwandi Vasai Kaman Road, Taluka Bhiwandi, District Thane, Maharashtra. As on 30^th December, 2013.

The property their reference comprises of Industrial gala being under construction on Ground Floor, Bearing No- 10 to 14, situated at Building No-R-I, Shubham Industrial Park, Om Rudra Complex, Village-Kalwar, Near Chandni Dhaba, Bhiwandi Vasai Kaman Road, Taluka -Bhiwandi District Thane, Maharashtra. At the request of owner for internal purpose. The Civil engineer carried out visit and identified the property and assessed the technical details based on the information available. The prevailing rate for such type of industrial gala being under construction is ranging between Rs.1500 to Rs.2500 per sq. ft. depending upon its location and size since the Industrial gala being under construction is proposed to be on ground floor, they have adopted the rate @ Rs.2300 per sq. ft. and based on which the value of property works out as under:

BUILT UP AREA RS. IN MILLIONS

Proposed Industrial Galas 13496 sq. ft. @ Rs.2300 per sq. ft. = Rs.31.041 Millions

(Being under construction 10 to 14)

Less: Expenditure for Balance works = Rs.17.612 Millions

i.e. 90% works balanced

Total = Rs.13.430 Millions

Distress sale method of the Property are assessed at Rs.13.460 Millions and Rs.10.768 Millions.

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.60.09
UK Pound	1	Rs.102.33
Euro	1	Rs.82.00

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	NIT

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	--

HANWHA CORPORATION