MIRA INFORM REPORT

Report Date :

08.03.2014

Tel. No.:

91-79-65414401/02717243457 Mobile: 9825010633

IDENTIFICATION DETAILS

Name :	SOLVEX TECHNOLOGY
Registered Office :	10, Bopal 444, 200 Feet, Sardar Patel Ring Road, Next to Suncity, Bopal, Ahmedabad – 380058, Gujarat, India
Country :	India
Date of Incorporation :	10.07.2013 – Partnership Concern (2012 – Proprietary Concern)
Concern Reg. No.:	GUJ/AMS/39825
Capital Investment / Paid-up Capital :	Not Available
IEC No.:	0813024528 (Dated 10.02.2014)
PAN No.: [Permanent Account No.]	ACJFS9766Q
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Copper Sulphate and Magnesium Sulphate.
No. of Employees :	34 (Approximately) (Office – 4 and Factory – 30)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietary concern started in the year 2012, and later it got converted into partnership concern on 10^th July, 2013. It is having a moderate track record. Mr. K. P. Desai (CEO) had provided us with all the information. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The concern can be considered for business dealings with some cautions. Note: The rating takes into consideration the financial statement as on 2013 belonging to proprietary concern. As the concern was converted to partnership concern on July 2013, financial statement are not yet prepared

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs.39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs.35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. K. P. Desai
Designation :	Chief Executive Officer
Contact No.:	91-9825010633
Date :	06.03.2014

LOCATIONS

Registered Office :	10, Bopal 444, 200 Feet, Sardar Patel Ring Road, Next to Suncity, Bopal, Ahmedabad – 380058, Gujarat, India
Tel. No.:	91-2717-243457
Mobile No.:	91-9825010633 (Mr. K. P. Desai)
Fax No.:	Not Available
E-Mail :	solvextechnology@yahoo.in
Location :	Owned
Factory :	Plot No.26 and 27 in Survey No 395/1 and 395/2, New Ahmedabad Industrial Estate, Behind Zydus Research Centre, Sarkhej-Bavla Highway, Morraiya, Taluka Sanand, District Ahmedabad, Gujarat, India
Tel. No.:	91-79-65414401
Location :	Leased

PARTNERS

Name :	Mrs. Parimalben Desai
Designation :	Partner
Address :	10, Bopal 444, 200 Feet S. P. Ring Road, Bopal Ahmedabad, Gujarat, India
Date of Birth/Age :	26.08.1949
Qualification :	Graduate
Name :	Mrs. Kinjal Desai
Designation :	Partner
Address :	10, Bopal 444, 200 Feet S. P. Ring Road, Bopal Ahmedabad, Gujarat, India
Date of Birth/Age :	11.06.1975
Qualification :	Graduate
Name :	Mrs. Ripal Desai
Designation :	Partner
Address :	10, Bopal 444, 200 Feet S. P. Ring Road, Bopal Ahmedabad, Gujarat, India
Date of Birth/Age :	05.10.1978
Qualification :	Graduate

KEY EXECUTIVES

Name :	Mr. K. P. Desai
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Manufacturer of Copper Sulphate and Magnesium Sulphate.
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Others

PRODUCTION STATUS

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Copper Sulphate	--	100 MT/ Month	--
Magnesium Sulphate	--	250 MT/ Month	--

GENERAL INFORMATION

Customers :	Wholesalers and End Users
No. of Employees :	34 (Approximately) (Office – 4 and Factory – 30)
Bankers :	· HDFC Bank Limited Bopal Branch, Samarpan Complex, 200ft, Ring Road, Bopal Junction, Ahmedabad – 380058, Gujarat, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Alkesh Patel and Associates (Mr. Alkesh B. Patel) Chartered Accountants
Address :	106, Shaan, Near Sakar-II, Near Sanyas Ashram, Ellisbridge, Ahmedabad, Gujarat, India
Tel No.:	91-79-26588220
Email :	alkeshca@yahoo.com
Associates/Subsidiaries :	· Solvex Metallurgy Address: 10, Bopal-444, Sardar Patel Ring Road, Bopal, Ahmedabad – 380058, Gujarat, India Line of Business : Service Sector PAN No.: ABWFS7924G

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Available
Borrowed :	Not Available
Total :	Not Available

FINANCIAL DATA

[All figures are in Rupees Millions]

NOT AVAILABLE

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	Yes
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

COST OF PROJECTS

(RS. IN MILLIONS)

Particulars	Already Incurred	To be Incurred	Total	Term Loan
				% of cost	Amount
Land	0.000	0.000	0.000	0.00%	0.000
Shed and Building	0.000	0.000	0.000	0.00%	0.000
Plant and Machinery	0.500	9.325	9.825	69%	6.800
Cost of Project	0.500	9.325	9.825		6.800
Margin Money for Working Capital			1.800		1.800
Total			11.625		8.600

MEANS OF FINANCING

(RS. IN MILLIONS)

Particulars	Already Raised	Proposed to be raised	Total
Partner’s Contribution*	0.500	3.325	3.825
Unsecured Loans from Friends and Relatives	0.000	1.000	1.000
Term Loan	0.000	6.800	6.800
Total	0.500	11.125	11.625
Promoter’s Contribution			32.91%
Debt Equity Ratio			1.41

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

ASSESSEMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
1 Gross Sales
Sales	36.000	86.400	100.800	108.000	112.320	116.640
Service and Repairing Charges	0.000	0.000	0.000	0.000	0.000	0.000
Duty Draw Bank	0.000	0.000	0.000	0.000	0.000	0.000
Total	36.000	86.400	100.800	108.000	112.320	116.640
2 Less: Excise Duty	0.000	0.000	0.000	0.000	0.000	0.000
3 Net Sales ( 1 - 2 )	36.000	86.400	100.800	108.000	112.320	116.640
4 % age Rise [+] or Fall [-] in Net Sales as compared To Previous Year (%)	--	--	--	--	--	--
5 Cost of Sales
(i) Raw Materials [ including stores and other items used in the process of manufacture ]
[a] Imported	0.000	0.000	0.000	0.000	0.000	0.000
[b] Indigenous	25.603	49.792	56.031	58.945	60.884	64.792
(ii) Other Spares
[a] Imported	0.000	0.000	0.000	0.000	0.000	0.000
[b] Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Power and Fuel	1.620	4.277	4.990	5.346	5.560	5.774
(iv) Direct Labour (Factory Wages& Salaries)	1.226	3.661	4.271	4.576	4.759	4.942
(v) Other Manufacturing Exp.	2.640	6.824	7.728	8.280	8.611	8.942
(vi) Depreciation	0.737	1.363	11.59	0.985	1.062	0.903
(vii) Sub-Total	31.825	65.917	74.179	78.133	80.877	85.353
(viii) Add: Opening Stock in Process	0.000	2.100	2.160	2.520	2.700	2.808
(ix) Deduct: Closing stock in Process	2.100	2.160	2.520	2.700	2.808	3.370
(x) Cost of Production	29.725	65.857	73.819	77.953	80.769	84.791
(xi) Add: Opening Stock of Finished Goods	0.000	3.000	5.400	6.300	6.750	7.020
(xii) Deduct: Closing Stock Finished Goods	3.000	5.400	6.300	6.750	7.020	8.424
(xiii) Sub-Total (Total Cost of Sales)	26.725	63.457	72.919	77.503	80.499	83.387
6 Selling, General and Administrative Expenses	5.400	14.688	17.136	18.900	19.656	20.412
7 Sub Total ( 5 + 6 )	32.125	78.145	90.052	96.403	100.155	103.799
8 Operating Profit Before Interest ( 3 - 7 )	3.875	8.255	10.745	11.597	12.165	12.841
9 Interest	1.727	2.503	2.327	2.268	2.227	2.207
10 Operating Profit After Interest ( 8 -9 )	2.148	5.752	8.418	9.330	9.938	10.633
11 (i) Add : Other Non-Operating Income	0.010	0.025	0.030	0.040	0.050	0.050
Sub-Total (Income)	0.010	0.025	0.030	0.040	0.050	0.050
(ii) Deduct: Other Non-Operating Expenses	0.000	0.000	0.000	0.000	0.000	0.000
P & P Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Sub-Total ( Expenses )	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Net of Other Non-Operating Income/ Expenses	0.010	0.025	0.030	0.040	0.050	0.050
	5.99%	6.69%	8.38%	8.68%	8.89%	9.16%
12 Profit Before Tax / Loss[ 10 + 11(iii) ]	2.158	5.777	8.448	9.370	9.988	10.683
13 Provision for Taxes	0.667	1.785	2.610	2.895	3.086	3.301
14 Net Profit [ 12 - 13 ]	1.491	3.992	5.838	6.475	6.902	7.382
15 (a) Equity Dividend Paid	0.000	0.000	0.000	0.000	0.000	0.000
(b) Dividend Rate	0.000	0.000	0.000	0.000	0.000	0.000
16 Retained Profit	1.491	3.992	5.838	6.475	6.902	7.382
17 Retained Profit/ Net Profit (%age)	100%	100%	100%	100%	100%	100%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
CURRENT LIABILITIES
1 Short Term Borrowings from Bank (including Bills Purchased and Discounted and the Excess Borrowings placed on repayment basis)
(i) From Applicant Bank	7.200	7.200	7.200	7.200	7.200	7.200
(ii) From Other Banks	0.000	0.000	0.000	0.000	0.000	0.000
(iii) (Of Which BP and BD)	0.000	0.000	0.000	0.000	0.000	0.000
Sub-Total (A)	7.200	7.200	7.200	7.200	7.200	7.200
2 Short Term Borrowing from Others	0.000	0.000	0.000	0.000	0.000	0.000
3 Sundry Creditors (Purchases of RM) Sundry Creditors (Expenses)	1.067 0.457	3.112 1.230	3.645 1.516	3.684 2.275	3.805 3.155	4.049 3.276
4 Advances Payments from Customers/ Deposits From Dealers	0.000	0.000	0.000	0.000	0.000	0.000
5 Provision For Taxation	0.000	0.000	0.000	0.000	0.000	0.000
6 Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
7 Other Statutory Liabilities (Due Within One Year )	0.667	1.785	2.610	2.895	3.086	3.301
8 Deposits / Instalments of Term Loan / DPG's / Debentures Etc. (Due Within One Year)	1.360	1.360	1.360	1.360	1.360	0.000
9 Other Current Liabilities and Provisions(Due Within One Year) (Specify major items)	0.210	0.250	0.278	1.915	0.535	0.000
Accrued Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Sub-Total (B)	3.761	7.737	9.409	12.130	11.942	10.627
10 Total Current Liabilities (Total of 1 To 9 )	10.961	14.937	16.609	19.330	19.142	17.827
TERM LIABILITIES
11 Debentures (Excluding not Maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000
12 Preference Shares (excluding Redeemable within one year)	0.000	0.000	0.000	0.000	0.000	0.000
13 Term Loans (excluding Instalments Payable within one year)	5.400	4.080	2.720	1.360	0.000	0.000
14 Deferred Payment Credits (excluding Instalments Payable within one year)	0.000	0.000	0.000	0.000	0.000	0.000
15 Term Deposits (excluding Payable within one year)	0.000	0.000	0.000	0.000	0.000	0.000
16 Other Term Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
17 Total Term Liabilities (Total of 11 to 16)	5.440	4.080	2.720	1.360	0.000	0.000
18 Total Outside Liabilities (10 + 17)	16.401	19.017	19.329	20.690	19.142	17.827
NET WORTH
19 Partners Capital	6.330	9.322	12.566	14.660	16.947	19.714
20 General Reserve	0.000	0.000	0.000	0.000	0.000	0.000
21 Revaluation Reserve	0.000	0.000	0.000	0.000	0.000	0.000
22 Other Reserves (excl. Provisions) Unsecured Loans	1.000	1.000	0.000	0.000	0.000	0.000
Share Premium	0.000	0.000	0.000	0.000	0.000	0.000
23 Surplus [+] Or Deficit [-] in Profit and Loss Account	0.000	0.000	0.000	0.000	0.000	0.000
24 NET WORTH	7.330	10.322	12.566	14.660	16.947	19.714
25 TOTAL LIABILITIES (18 + 24)	23.731	29.339	31.895	35.350	36.089	37.541
CURRENT ASSETS
26 Cash and Bank Balances	0.277	0.483	0.493	0.730	0.705	0.552
27 Investments ( other than Long Term Investments )
(i) Government And Other Trustee Securities	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Fixed Deposits with Banks	0.000	0.000	0.000	0.000	0.000	0.000
28 (i) Receivables Other Than Deferred And Exports (incl. Bills Purchased/ Discounted by Banks)	5.250	7.016	7.900	9.800	10.032	10.392
(ii) Export Receivables (Including Bills Purchased/ Discounted by Banks)	0.000	0.000	0.000	0.000	0.000	0.000
29 Instalment Of Deferred Receivables (Due within 1 Year)	0.000	0.000	0.000	0.000	0.000	0.000
30 Inventory
(i) Raw Materials (including stores and other items used in the process of manufacture)
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	2.929	3.866	4.511	4.833	5.026	5.219
(ii) Stock In Process	2.100	2.160	2.520	2.700	2.808	3.370
(iii) Finished Goods	3.000	5.400	6.300	6.750	7.020	8.424
(iv) Other Consumable Spares
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
31 Advances to Suppliers of Raw Materials & Stores/ Spares	0.000	0.000	0.000	0.000	0.000	0.000
32 Advance Payment of Taxes	0.667	1.785	2.610	2.895	3.086	3.301
33 Other Current Assets (Specify major items)	0.419	0.904	0.994	2.060	1.392	1.167
Pre-Paid Expenses	--	--	--	--	--	--
34 Total Current Assets (Total of 26 to 33)	14.642	21.614	25.328	29.768	30.069	32.425
FIXED ASSETS
35 Gross Block ( Land & Building Machinery, Work in Progress)	9.825	9.825	9.825	9.825	11.325	11.325
36 Depreciation to Date	0.737	2.100	3.259	4.244	5.306	6.209
37 Net Block ( 35 - 36 )	9.089	7.725	6.566	5.582	6.019	5.116
OTHER NON-CURRENT ASSETS
38 Investments/ Book Debits/ Advances/ Deposits which are not Current Assets
(i) (a) Investments in Subsidiary Companies/ Affiliates	0.000	0.000	0.000	0.000	0.000	0.000
(b) Others	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Advances to Suppliers of Capital Good and Contractors	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Deferred Receivables (Maturity exceeding 1 year)	0.000	0.000	0.000	0.000	0.000	0.000
(iv) Others	0.000	0.000	0.000	0.000	0.000	0.000
Other Investments	0.000	0.000	0.000	0.000	0.000	0.000
39 Non-Consumable Stores and Spares.	0.000	0.000	0.000	0.000	0.000	0.000
40 Other Non-Current Assets incl. Dues from Directors	0.000	0.000	0.000	0.000	0.000	0.000
41 Total Other Non-Current Assets (Total of 38 to 40)	0.000	0.000	0.000	0.000	0.000	0.000
42 Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad/ Doubtful Debts not provided for, Etc.)	0.000	0.000	0.000	0.000	0.000	0.000
P and P Expenses	0.000	0.000	0.000	0.000	0.000	0.000
43 TOTAL ASSETS	23.730	29.340	31.895	35.350	36.089	37.541
44 Tangible Net Worth	7.330	10.322	12.566	14.660	16.947	19.714
45 Net Working Capital To Tally With	3.681	6.677	8.719	10.438	10.928	14.598
46 Current Ratio	1.34	1.45	1.52	1.54	1.57	1.82
47 Total Outside Liabilities/ Tangible Net Worth	2.24	1.84	1.54	1.41	1.13	0.90
48 Total term Liabilities/ / Tangible Net Worth	0.74	0.40	0.22	0.09	0.00	0.00

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
A CURRENT ASSETS
Raw Materials (including stores and other items used in the process of manufacture )
(b) Imported	0.000	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--	--
(b) Indigenous	2.929	3.866	4.511	4.833	5.026	5.219
Months' Consumption	1.37	0.93	0.97	0.98	0.99	0.97
Other Consumable Spares, excluding those included In 1 above
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--	--
(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--	--
Stock in Process	2.100	2.160	2.520	2.700	2.808	3.370
Months' Cost of Production	0.85	0.39	0.41	0.42	0.42	0.48
Finished Goods	3.000	5.400	6.300	6.750	7.020	8.424
Months' Cost of Sales	1.21	0.98	1.02	1.04	1.04	1.19
Receivables other than Export and Deferred Receivables (including Bills Purchased and Discounted by Bankers)	5.250	7.016	7.900	9.800	10.032	10.392
Months' Domestic Sales excluding Deferred Sales	1.75	0.97	0.94	1.09	1.07	1.07
Export Receivables (including Bills Purchased& Discounted by Bankers)	0.000	0.000	0.000	0.000	0.000	0.000
Months' Export Sales	--	--	--	--	--	--
Advances to Suppliers of Raw Materials and Stores/Spares Consumables	--	--	--	--	--	--
Other Current Assets including Cash and Bank Balances and Deferred Receivables Due within one year (Specify major items)	1.363	3.172	4.097	5.685	5.183	5.020
Total Current Assets (To agree with Item 34 In FORM III )	14.642	21.614	25.328	29.768	30.069	32.425
B CURRENT LIABILITIES
(other than Bank Borrowing for Working Capital)
Creditors for expenses	0.457	1.230	1.516	2.275	3.155	3.276
Creditors for Purchase of Raw Materials, Stores & Consumable Spares	1.067	3.112	3.645	3.684	3.805	4.049
Months' Purchases	0.50	0.75	0.78	0.75	0.75	0.75
Advances from Customers	0.000	0.000	0.000	0.000	0.000	0.000
Statutory Liabilities	0.667	1.785	2.610	2.895	3.086	3.301
Other Current Liabilities	1.570	1.610	1.638	3.275	1.895	0.000
(Specify major items)
Total (To agree with Sub-Total B In Form III )	3.761	7.737	9.409	12.130	11.942	10.627

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
1 Total current assets	14.642	21.614	25.328	29.768	30.069	32.425
2 Other Current Liabilities	3.761	7.737	9.409	12.130	11.942	10.627
[Other than bank borrowings]
3 Working capital gap [WCG]	10.881	13.877	15.919	17.638	18.128	21.798
4 Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	3.660	5.404	6.332	7.442	7.517	8.106
5 Actual/ Projected net working capital	3.681	6.677	8.719	10.438	10.928	14.598
6 Item 3 minus item 4	7.221	8.473	9.587	10.196	10.610	13.692
7 item 3 minus item 5	7.200	7.200	7.200	7.200	7.200	7.200
8 Maximum permissible bank finance [item 6 or 7, whichever is lower]	7.200	7.200	7.200	7.200	7.200	7.200
9 Excess borrowings, if any representing shortfall in NWC [4-5]	0.000	0.000	0.000	0.000	0.000	0.000

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
1. SOURCES
Net profit (after tax)	1.491	3.992	5.838	6.475	6.902	7.382
Depreciation	0.737	1.363	1.159	0.985	1.062	0.903
Increase in Shares capital	4.838	0.000	0.000	0.000	0.000	0.000
Increase in Term Liabilities (Including Public Deposits)	5.440	0.000	0.000	0.000	0.000	0.000
Decrease in:
i) Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000
ii) Other Non-current Assets	0.000	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	13.507	5.356	6.996	7.459	7.964	8.285
2. USES
Net loss	0.000	0.000	0.000	0.000	0.000	0.000
Repayment of Term Loans	0.000	1.360	1.360	1.360	1.360	0.000
Decrease in – Term Liabilities (including public deposits)	0.000	0.000	0.000	0.000	0.000	0.000
Increase in:
i) Fixed Assets	9.825	0.000	0.000	0.000	1.500	0.000
ii) Other Non-current Assets	0.000	0.000	0.000	0.000	0.000	0.000
Dividend Payments	0.000	0.000	0.000	0.000	0.000	0.000
Decrease in Unsecured Loans	0.000	0.000	1.000	0.000	0.000	0.000
Others – Dividend + tax	0.000	1.000	2.594	4.380	4.615	4.615
Others	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	9.825	2.360	4.954	5.740	7.475	4.615
3. Long Term Surplus(+)/ deficit(-) [1-2]	3.681	2.996	2.042	1.719	0.489	3.670
4. Increase/decrease in current assets* (as per details given below)	14.642	6.973	3.714	4.440	0.301	2.356
5. Increase/decrease in current liabilities other than bank borrowings.	3.761	3.977	1.672	2.720	(0.188)	(1.315)
6. Increase/decrease in Working Capital Gap.	10.881	2.996	2.042	1.720	0.489	3.670
7. Net surplus (+)/ deficit (-) (Difference of 3 & 6)	7.200	(0.001)	0.001	0.000	0.000	0.000
8. Increase/decrease in Bank borrowings	7.200	0.000	0.000	0.000	0.000	0.000
Increase/Decrease in Net Sales	0.000	50.400	14.400	7.200	4.320	4.320
(Break-up of -4)
Increase/decrease in Raw Materials	2.929	0.937	0.644	0.322	0.193	0.193
Increase/decrease in Stock in Process	2.100	0.060	0.360	0.180	0.108	0.562
Increase/decrease in Finance Goods	3.000	2.400	0.900	0.450	0.270	1.404
Increase/decrease in Scarp	0.000	0.000	0.000	0.000	0.000	0.000
Increase/decrease in Receivable	5.250	1.766	0.884	1.900	0.232	0.360
Increase/decrease in exp/ Inc.	0.000	0.000	0.000	0.000	0.000	0.000
Increase/decrease in Stores and Spares	0.000	0.000	0.000	0.000	0.000	0.000
Increase/decrease in Other Current Assets	1.363	1.809	0.925	1.588	(0.502)	(0.163)
Increase in Current Assets	14.642	6.973	3.714	4.440	0.301	2.356

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

CASH FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018
(Estimate)	(Projected)
1. SOURCES
Net profit before tax	2.158	5.777	8.448	9.370	9.988
Depreciation	0.737	1.363	1.159	0.985	1.062
Interest	1.727	2.503	2.327	2.268	2.227
Increase in capital	4.838	(1.000)	(2.594)	(4.380)	(4.615)
Export Commission -	--	--	--	--	--
Increase in Unsecured Loans	1.000	0.000	(1.000)	0.000	0.000
Increase in in Sundry Creditor	1.524	2.818	0.819	0.799	1.001
Increase in Term Loan	6.800	0.000	0.000	0.000	0.000
Increase in Other term Liabilities	0.000	0.000	0.000	0.000	0.000
Increase in Other current Liabilities	0.877	1.158	0.853	1.922	(1.189)
Increase in Working Capital	7.200	0.000	0.000	0.000	0.000
POP Expenses Written Off	0.000	0.000	0.000	0.000	0.000
TOTAL SOURCES (A)	26.861	12.620	10.012	10.963	8.474
2. DISPOSITION OF FUNDS
Increase in Capital Expenditure	9.825	0.000	0.000	0.000	1.500
Increase in Deposits	--	--	--	--	--
Increase in Inventories	8.029	3.397	1.904	0.952	0.571
Increase in Debtors	5.250	1.766	0.884	1.900	0.232
Increase in Investments	--	--	--	--	--
Increase in Other Current Assets	1.086	1.603	0.915	1.351	(0.477)
Repayment of Term Loan	--	1.360	1.360	1.360	1.360
Dividend Payable	--	--	--	--	--
Interests	1.727	2.503	2.327	2.268	2.227
Taxation	0.667	1.785	2.610	2.895	3.086
POP Expenses	--	--	--	--	--
TOTAL DISPOSITION (B)	26.584	12.414	10.001	10.726	8.500
Opening Balance	0.000	0.277	0.483	0.493	0.730
Surplus/ Deficit	0.277	0.205	0.011	0.237	(0.025)
Closing Balance	0.277	0.483	0.493	0.730	0.705
As per Balance sheet	0.277	0.483	0.493	0.730	0.705

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

SENSITIVITY ANALYSIS

(RS. IN MILLIONS)

The sensitivity analysis has been carried out for the 3^rd year, which is the average level of operations.

Items	Average year level III year 2016	5% Increase in Variable Costs	5% Decrease in volume of sales	5% decrease on selling prices
A. Sales	100.800	100.800	95.760	95.760
B. Variable Expenses	73.884	77.578	70.190	73.884
C. Contribution (A-B)	26.916	23.222	25.570	21.876
D. Fixed Expenses	19.758	19.758	19.758	19.758
E. Operating Profit	7.158	3.464	5.812	2.118
F. Break Even Sales	73.993	85.764	73.993	86.488

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

COMPUTATION OF DSCR

(RS. IN MILLIONS)

Particulars	31.03.2014	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019
	Estimated	Projected
A. CASH ACCRUALS
Net Profit After Tax	1.491	3.992	5.838	6.475	6.902	7.382
Depreciation added back	0.737	1.363	1.159	0.985	1.062	0.903
Interests on Term Loan	0.383	0.819	0.635	0.451	0.268	0.084
Net Cash Accruals	2.611	6.174	7.631	7.911	8.232	8.369
B. Repayment Obligations
Existing Term Loan Installments	0.000	0.000	0.000	0.000	0.000	0.000
Proposed Term Loan Instalments	0.000	1.360	1.360	1.360	1.360	1.360
Interests on term Loan	0.383	0.819	0.635	0.451	0.268	0.084
Total Repayment Obligations	0.383	2.179	1.995	1.811	1.628	1.444
Debt Service Ratio (A:B)	6.83	2.83	3.83	4.37	5.06	5.80
Gross Cash In Flow	40.928
Total Repayment Obligations	9.439
Average DSCR	4.34

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

SOLVEX METALLURGY

PARTNER’S CAPITAL ACCOUNT

(RS. IN MILLIONS)

Name of Partners	Profit Sharing Ratio %	Opening Balance As on 01.04. 2012	Contribution during the year	Withdrawal during the year	Remuneration	Interest	Profit/ (Loss)	Closing Balance on 31.03.2013
Kinjalben S. Desai	20%	0.349	0.000	0.496	0.350	0.013	0.204	0.420
Kiranben S. Shah	20%	0.349	0.000	0.496	0.350	0.014	0.204	0.421
Parimalben K. Desai	20%	0.499	1.150	2.257	0.350	0.001	0.204	(0.053)
Siddharth S. Shah	20%	0.349	0.000	0.617	0.350	0.008	0.204	0.295
Zalakben K. Desai	20%	0.349	0.000	0.497	0.350	0.012	0.204	0.419
Total		1.895	1.150	4.363	1.750	0.048	1.020	1.502

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		1.502	1.895
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.502	1.895
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.150	0.000
TOTAL BORROWING		0.150	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.652	1.895
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	1.082	1.579
	Cash & Bank Balances	0.031	0.587
	Other Current Assets	0.000	0.000
	Loans & Advances	1.447	0.682
Total Current Assets		2.560	2.848
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.613	0.417
	Other Current Liabilities	0.211	0.175
	Provisions	0.084	0.361
Total Current Liabilities		0.908	0.953
Net Current Assets		1.652	1.895
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.652	1.895

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	6.193	6.820
		Other Income	0.000	0.014
		TOTAL	6.193	6.834
Less	EXPENSES
		Salary Expenses	1.212	1.348
		Bonus Expenses	0.161	0.190
		Service Tax Expenses	0.681	0.000
		Production Incentive	0.900	1.237
		Audit Fees Expenses	0.011	0.000
		Bank Charges	0.000	0.000
		Conve6yance Expenses	0.000	0.047
		Electricity Expenses	0.054	0.034
		Interests on Partner’s Capital	0.048	0.001
		Interests on Service tax	0.002	0.004
		Miscellaneous Expenses	0.015	0.057
		Office Expenses	0.012	0.000
		Partner Remuneration	1.750	2.000
		Petrol and Diesel Expenses	0.120	0.000
		Professional Charges	0.014	0.022
		Rent Expenses	0.180	0.180
		Repairs and Maintenance Expenses	0.011	0.000
		Service Tax Expenses	0.000	0.636
		Travelling Expenses	0.000	0.065
		TOTAL	5.171	5.821
	NET PROFIT		1.022	1.013

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REPORT OF VALUATION OF IMMOVABLE PROPERTY

(Other than Agricultural Lands, Plantations, Forests, Mines and Quarries)

PART I - QUESTIONNAIRE

GENERAL INFORMATION

Purpose for which valuation is made	To Ascertain fair Market value of property for bank loan from Bank of India, Ellisbrdige Branch
Date as on which valuation is made	As on 10-01-2014
Name of the owner/ owners.	Mrs. Parimalben k. Desai
if the property is under joint ownership co-ownership, share of such owner	Single ownership
Brief description of the property	Property is Residential Bungalows. It is two storied Load bearing structure.
Location, Street, Ward No.	Bung No.10, Bopal 444, Near SP Ring Road, Near Sun City, Bopal, Ahmedabad, Gujarat, India
Survey1 Plot No. of land	R Sur No.320, of Bopal, Ta- Dascroi, District Ahmedabad, Gujarat, India
Is the property situated in Residential/ Commercial/ Mixed area/ Industrial area?	Residential area
Classification of locality - high class /Middle class etc.	Higher - Middle class locality
Proximity to civic amenities like schools offices, market, cinemas, etc.	Available within nearby distance
Means and proximity to surface communication by which the locality is served	Served by AMTS Bus services, scooters auto rickshaws and private and public vehicles etc.
LAND
Area of land supported by documentary proof shape dimensions and physical features	396.00 sq. yds (330.25 sq. mt as per sale deed)
Roads street or lanes on which the land is abutting	T. P. Road.
Is it freehold or leasehold land?	Freehold land
Has any contribution been made towards development or is any demand for such contribution still outstanding?	Demand not outstanding
Attach a dimensioned Site Plan	BP/Bopal/Dascroi/1386 Dt- 5/6/2003
IMPROVEMENTS
Is the building owner- occupied/ tenanted both?	Owner occupied
What is the floor space index Permissible and percentage	1:1.8
RENTS
Give details of water and electricity charges. If any, to be borne by the owner.	Borne by owner
If a lift is installed, who is to bear the cost of maintenance and operation owner or tenant?	Borne by owner
If a pump is installed who has to bear the cos of maintenance and operation owner or tenant?	Borne by owner
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc, owner or tenant?	Borne by owner
What is the amount of property tax? Who is to bear it? Give details with documentary proof.	Borne by owner
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 instances are not available Discussed in Valuation Statement. Jantri Rate is Rs.12,500/- per sq. mt. It is only guide line rate for collecting the stamp duty for registration. It does not reflect on market value of the property.
Land rate adopted in this valuation or Super built up area rate.	Land rate is Rs.40,000/- per- sq. yd. including earth filling, leveling, paving in compound, compound wall with M.S Gate, etc.
If sale instances are not available or not relied upon the basis of arriving at the land rate	Prevailing market rate in Vicinity.
COST OF CONSTRUCTION
Year of commencement of construction and year of completion	Constructed -2003-04, well maintained
What was the method of construction by contract I by employing labour direct or both?	By contractor.

TECHNICAL DETAILS

No of Floors and height of each floor

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

GF+ FF +stair cabin

Plinth area floor wise (As per IS 3861- 1966)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

371.00 sq. yds. (309.38 sq. mt as per document)

Year of Construction

About 2003-04

Estimated future life.

About 50 years.

Type of construction-load bearing walls / R.C.C frame/ steel frame

Load bearing Structure

Type of foundations.

R.C.C. Footings.

Walls

(a) Basement or plinth

(B) Ground floor

(c) Superstructure Above

0'-9" 4112" Thick brick masonry walls in C.M.

Partition

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

R.C.C. walls & 0'-6" Thick brick masonry walls in cement mortar.

Flooring (Floor wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

vitrified ceramic tiles flooring work is in progress

Door and Windows

a) Ground Floor

b) First Floor

c) Second Floor

d) Third Floor

wooden door and window with wooden frame work is progress

Finishing (Floor-wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

smooth cement plaster inside and outside double coat sand faced plaster.

Roofing and terracing

RCC slab

Special architectural or decorative features, if any

Good outlook

1] Internal wiring surface or conduit

2] Glass of fitting superior1 ordinary1 poor

Concealed Electrical Wiring

Sanitary installations

No of water closets

No of lavatory basins

No of urinals

No of sinks

No of bath tubs

No of bidets

No of geysers.

4 No.

4

--

1

--

--

--

Class of fittings superior coloured/ superior white / Ordinary

White Glazed tiles dedoing in all toilet block

Underground sump, capacity and type of construction

of required capacity

Overhead tank

Common Water connection.

Pump No and their horse power

of Required capacity

Road and paving within the compound.

Paved internal road

Sewage disposal whether connected to Public sewers if septic tank

Connected to AMC drainage line

LAND VALUE

Land Value = Land Area x Rate per sq. yd.

396.00 sq. yds x Rs.40,000/-

= Rs.15.840 Millions

BUILDING VALUE

Sr. No.	Description	Built up Area in Sq. yds.	Rate per sq. yds. In Rs.	Valuation Amount (Rs. In Millions)
1.	Bung No.10, Bopal 444, Near SP Ring Road, Near Sun City, Bopal, Ahmedabad	371.00	15,000/-	Rs.5.565 Millions

SUMMARY

Land Value : Rs.15.840 Millions

Building Value : Rs.5.565 Millions

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

Total : Rs.21.405 Millions

Market Value: Rs.21.405 Millions

Realizable Value: Rs.19.265 Millions

Distress Sale Value: 14.984 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 records 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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.