MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	FORTUNE MALL PRIVATE LIMITED (18.06.2012)
Formerly Known As :	V K WOODFUR PRIVATE LIMITED
Registered Office :	SCO 43, Madhya Marg, Sector 7, Chandigarh – 160019, Union Territory
Country :	India
Financials (as on) :	30.09.2014
Date of Incorporation :	31.03.1993
Com. Reg. No.:	53-013191
Capital Investment / Paid-up Capital :	Rs. 1.995 Millions
CIN No.: [Company Identification No.]	U55101CH1993PTC013191
PAN No.: [Permanent Account No.]	AAAEV9912H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of High End Furniture, Lighting, Electricals, Furnishing Material, etc.
No. of Employees :	21 (Approximately) [In Office: 1 + In Factory: 20]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has progressed well during F.Y.2014. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Vikram Gupta
Designation :	Director
Contact No.:	91-9814011997
Date :	21.11.2014

LOCATIONS

Registered Office :	SCO 43, Madhya Marg, Sector 7, Chandigarh – 160019, Union Territory, India
Tel. No. :	91-172-4636363
Mobile No. :	91-9814011997 (Mr. Vikram Gupta)
Fax No. :	91-172-2792220
E-Mail :	vgargcs@gmail.com vikram@glasspalace.in
Area :	500 Sq. ft.
Location :	Rented
Factory/ Showroom :	Village Gholu Majra (Near Toll Plaza, CHD-Ambala Highway), Tehsil: Derabassi, District: Mohali - 140506, Punjab, India
Tel. No.:	91-1762-285858
Fax No.:	91-172-2792220
Area :	70000 Sq. ft.
Location :	Owned

DIRECTORS

As on 20.09.2013

Name :

Mr. Vikram Gupta

Designation :

Managing Director

Address :

No. 63, Sector 27-A, Chandigarh – 160019, Union Territory, India

Date of Birth/Age :

39 Years

Qualification :

Graduate

Experience :

17 Years

Date of Appointment :

31.03.1993

PAN No.:

AAAPG1495M

DIN No. :

01318743

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101CH1993PTC013191	FORTUNE MALL PRIVATE LIMITED	Managing director	31-03-1993	31-03-1993	-	Active	NO
2	U25191CH1993PLC013182	SAVIKAR PLYBOARDS LTD	Director	31-03-2006	31-03-2006	-	Active	NO
3	U36990CH2010PTC032498	GLASS PALACE PRIVATE LIMITED	Director	08-10-2010	08-10-2010	31-03-2011	Active	NO

Name :

Mrs. Ritu Gupta

Designation :

Director

Address :

No. 63, Sector 27-A, Chandigarh – 160019, Union Territory, India

Date of Birth/Age :

38 Years

Qualification :

Graduate

Experience :

6 Years

Date of Appointment :

10.06.2001

PAN No. :

ABUPG3183F

DIN No. :

01318718

KEY EXECUTIVES

Name :	Mr. Dinesh Bhandari
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.07.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vikram Gupta	600	9.23
Kanta Gupta	2000	30.77
Indra Gupta	10	0.15
Urmila Gupta	10	0.15
Subhash Gupta	1290	19.85
Varun Gupta	150	2.31
Anjana Gupta	150	2.31
Renu Gupta	10	0.15
Ajay Kumar Gupta	100	1.54
Anamalai Sunther	100	1.54
Ritu Gupta	2080	32.00
Total	6500	100.00

As on 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of High End Furniture, Lighting, Electricals, Furnishing Material, etc.
Exports :	--
Imports :	--
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

· A.S. Wood Impex Private Limited

Ashok Malik and Company

D.P. Jagan and Sons

Hydro Seal Water Proofing Solutions

Lafarge Aggregates and Concrete India Private Limited

Magna Metal and Mill Store

Rakhra Fire Engineers

Ram Naresh and Company

Styrene Packings

Vinayak Sales Corporation

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

Retailers

No. of Employees :

21 (Approximately) [In Office: 1 + In Factory: 20]

Bankers :

Bank Name:	State Bank of Patiala
Branch:	Derabassi - 140503, Punjab, India
Name of the Person (with Designation):	Branch Manager
Contact Number:	Not Divulged
Name of Account Holder:	Fortune Mall Private Limited
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	2012
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Rs. 26.500 Millions
Account Operation:	Satisfactory
Remarks: The Account is running Regular and the outstanding in the Account is Rs. 26.500 Millions against the DP of Rs. 38.000 Millions

Facilities :

SECURED LOANS	30.09.2014 (Rs. In Millions) (6 Months)	31.03.2014 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – From Bank	26.290	42.304
Les: Current Maturities	0.000	(9.048)
Total	26.290	33.256

NOTE:

Term loan from State Bank of Patiala is secured against equitable mortgage of existing land and building (Situated at Village Gholu, Majra, Tehsil Derabassi, District SAS Nagar, Mohali) and building to be constructed thereon and hypothecation of all other assets of the Company. The said loan is also secured by personal guarantee of directors of the Company.

Auditors :
Name :	P. K. Vasudeva and Company Chartered Accountants
Address :	32-35, Sector-8C, Madhya Mary, Chandigarh – 160018, India
Tel. No. :	91-172-2774065/ 4052227
Fax No. :	91-172-2781113
E-Mail :	pkvasudeva@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACAPV0646B
Related Parties :	· Glass Palace Private Limited Address: 43, Madhya Marg, Sector 7C, Chandigarh, India Line of Business: Retailer of Furniture Palm Valley Lifestyle Private Limited Address: Derabassi, Punjab, India Line of Business: Banquet Hall

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199,460	Equity Shares	Rs.10/- each	Rs. 1.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2014 (6 Months)	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.995	1.995	0.650	0.650
(b) Reserves & Surplus	21.198	21.185	0.406	0.365
(c) Money received against share warrants	0.000	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23.193	23.180	1.056	1.015
(3) Non-Current Liabilities
(a) long-term borrowings	50.975	40.506	64.669	2.137
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	13.000	0.000
(d) long-term provisions	0.000	0.000	0.000	0.000
Total Non-current Liabilities (3)	50.975	40.506	77.669	2.137
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000	0.000
(b) Trade payables	61.002	5.062	0.022	0.022
(c) Other current liabilities	3.910	13.214	0.164	0.244
(d) Short-term provisions	0.006	0.270	0.008	0.005
Total Current Liabilities (4)	64.918	18.546	0.194	0.271
TOTAL	139.086	82.232	78.919	3.423
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	80.340	80.182	71.663	0.986
(ii) Intangible Assets	0.000	0.000	0.000	0.000
(iii) Capital work-in-progress	57.886	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.050	0.000	0.030	1.842
(e) Other Non-current assets	0.000	0.000	0.000	0.000
Total Non-Current Assets	138.276	80.182	71.693	2.828
(2) Current assets
(a) Current investments	0.000	0.000	0.000	0.000
(b) Inventories	0.640	0.697	5.981	0.000
(c) Trade receivables	0.000	0.000	0.000	0.000
(d) Cash and cash equivalents	0.154	1.070	1.239	0.585
(e) Short-term loans and advances	0.013	0.283	0.006	0.008
(f) Other current assets	0.003	0.000	0.000	0.002
Total Current Assets	0.810	2.050	7.226	0.595
TOTAL	139.086	82.232	78.919	3.423

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2014 (6 Months)	31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.064	39.746	5.508	0.540
		Other Income	0.360	0.608	0.233	0.063
		TOTAL (A)	0.424	40.354	5.741	0.603
Less	EXPENSES
		Purchase – Merchandise	0.052	27.933	10.588	0.000
		Changes in Inventories	0.057	5.284	(5.981)	0.000
		Employee Benefits Expense	0.144	0.686	0.088	0.355
		Other Expenses	0.118	0.602	0.103	0.105
		Exceptional Items	0.000	0.000	(0.202)	0.000
		TOTAL (B)	0.371	34.505	4.596	0.460
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.053	5.849	1.145	0.143
Less	FINANCIAL EXPENSES (D)		0.001	4.878	1.089	0.018
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.052	0.971	0.056	0.125
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.034	0.074	0.012	0.100
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.018	0.897	0.044	0.025
Less	TAX (H)		0.006	0.268	0.009	0.005
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.012	0.629	0.035	0.020
	Earnings / (Loss) Per Share (Rs.)		0.06	9.36	5.45	3.14

KEY RATIOS

PARTICULARS		30.09.2014 (6 Months)	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	18.75	1.58	0.64	3.70
Operating Profit Margin (PBDIT/Sales)	(%)	82.81	14.72	20.79	26.48
Return on Total Assets (PBT/Total Assets}	(%)	0.02	1.09	0.06	0.73
Return on Investment (ROI) (PBT/Networth)		0.00	0.04	0.04	0.02
Debt Equity Ratio (Total Debt/Networth)		2.20	1.75	61.24	2.11
Current Ratio (Current Asset/Current Liability)		0.01	0.11	37.25	2.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.650	0.650	1.995
Reserves & Surplus	0.365	0.406	21.185
Net worth	1.015	1.056	23.180
long-term borrowings	2.137	64.669	40.506
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.137	64.669	40.506
Debt/Equity ratio	2.105	61.240	1.747

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.540	5.508	39.746
		920.000	621.605

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.540	5.508	39.746
Profit	0.020	0.035	0.629
	3.70%	0.64%	1.58%

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 and Six Months	Yes
12]	Profitability for last three years and Six Months	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	Yes
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULAR	30.09.2014 (Rs. In Millions) (6 Months)	31.03.2014 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan - From Company (Inter Corporate Deposit)	22.435	5.000
Deposits - From Directors	2.250	2.250*
Total	24.685	7.250
NOTE: *represent deposits from directors and shareholder

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

COST OF PROJECT

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
Cost of Land including registration (7500 Sq. Yds.)
- Purchase Price	46.700
- Expenses for Registration etc.	3.736	50.436
Cost of Construction (including Rs.6.000 Millions pre construction intt)		120.100
Miscellaneous Fixed Assets (As per Annexure V-A)		2.200
Working Capital Requirements		17.400
TOTAL		190.136
SAY		190.100

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

MEANS OF FINANCE

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
Promoters Contribution	90.500
Term Loan from Bank	89.600
Cash Credit Limit from Bank	10.000
TOTAL	190.100

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

CALCULATION OF DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJECTED
A.	CASH ACCRUALS
1	Net Profit After Tax	3.598	6.621	10.024	13.953	16.588	19.376
2	Depreciation Written Off	12.230	11.007	9.906	8.916	8.024	7.222
3	Interest on Long Term Loans	11.914	11.367	10.658	9.747	8.566	7.115
	TOTAL	27.741	28.995	30.588	32.615	33.178	33.713
B.	REPAYMENT OBLIGATION
1	Interest on Term Loan	11.914	11.367	10.658	9.747	8.566	7.115
2	Repayment of Term Loan	3.600	4.800	6.000	8.000	10.000	12.000
	TOTAL	15.514	16.167	16.658	17.747	18.566	19.115
	D.S.C.R	1.79	1.79	1.84	1.84	1.79	1.76
	AVERAGE D.S.C.R FOR FULL REPAYMENT PERIOD	1.83

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

ESTIMATED PROFITABILITY STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJECTED
(A)	INCOME
	Sales/Turnover	120.000	132.000	145.000	160.000	168.000	176.000
	TOTAL INCOME (A)	120.000	132.000	145.000	160.000	168.000	176.000
(B)	EXPENDITURE
	Cost of Goods Sold	84.000	92.400	101.500	112.000	117.600	123.200
	Finance Cost (Term Loan)	11.914	11.367	10.658	9.747	8.566	7.115
	Finance Cost (Working Capital)	1.350	1.350	1.350	1.350	1.350	1.350
	Depreciation	12.230	11.007	9.906	8.916	8.024	7.222
	Salaries and Wages	2.400	2.640	2.880	3.000	3.150	3.300
	Advertisement Expenses	0.600	0.660	0.720	0.800	0.850	0.900
	Electricity Expenses	1.200	1.320	1.450	1.600	1.680	1.760
	Administrative Expenses	0.600	0.675	0.750	0.825	0.900	0.975
	Miscellaneous Expenses	0.500	0.550	0.600	0.625	0.750	0.825
	TOTAL EXPENDITURE (B)	114.794	121.969	129.815	138.863	142.870	146.646
(C)	Profit Before Tax (A-B)	5.206	10.031	15.185	21.137	25.130	29.354
(D)	Provision For Taxation	1.609	3.410	5.162	7.185	8.542	9.977
(E)	Net Profit After Tax	3.598	6.621	10.024	13.953	16.588	19.376

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

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJECTED
A.	LIABILITIES
1	Share Capital	50.000	50.000	50.000	50.000	50.000	50.000
2	Reserves And Surplus	24.784	31.405	41.429	55.382	71.970	91.347
3	Term Loan Bank	86.000	81.200	75.200	67.200	57.200	45.200
4	Working Capital Bank	10.000	10.000	10.000	10.000	10.000	10.000
5	Promoter's Deposits	19.314	19.314	19.314	19.314	19.314	19.314
	TOTAL	190.098	191.919	195.943	201.896	208.484	215.861
B.	ASSETS
1	Land	50.436	50.436	50.436	50.436	50.436	50.436
2	Fixed Assets (Depreciable)	110.070	99.063	89.157	80.241	72.217	64.995
3	Inventories	24.000	32.000	41.000	51.000	63.500	76.500
4	Sundry Debtors	1.200	2.400	3.400	4.400	5.400	6.400
5	Cash and Bank Balances	1.392	2.020	2.950	3.818	4.931	5.529
6	Other Current Assets	3.000	6.000	9.000	12.000	12.000	12.000
	TOTAL	190.098	191.919	195.943	201.896	208.484	215.861

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

CALCULATION OF BREAK EVEN POINT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016-2017	2017-2018
A	Sales Revenue	132.000	145.000
	Total (A)	132.000	145.000
B.	Direct Expenses
	Cost of Goods Sold	92.400	101.500
	Salaries and Wages	2.640	2.880
	Electricity Expenses	1.320	1.450
	Finance Cost Working Capital	1.350	1.350
	Advertisement	0.660	0.720
	Total (B)	98.370	107.900
C.	Contribution (A-B)	33.630	37.100
D.	Fixed Cost
	Finance Cost Term Loan	11.367	10.658
	Depreciation	11.007	9.906
	Other Fixed Expenses	1.225	1.350
	Total (D)	23.599	21.915
E	BREAK EVEN POINT (D/C)	7.047	5.907

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

PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJECTED
A.	SOURCES OF FUND
1	Net Profit After Tax and Depreciation	3.598	6.621	10.024	13.953	16.588	19.376
2	Depreciation Written Off	12.230	11.007	9.906	8.916	8.024	7.222
3	Increase in Capital	71.186	0.000	0.000	0.000	0.000	0.000
4	Increase in Bank Term Loan	89.600	0.000	0.000	0.000	0.000	0.000
5	Increase In Working Capital Limit	10.000	0.000	0.000	0.000	0.000	0.000
6	Promoter's Deposit	19.314	0.000	0.000	0.000	0.000	0.000
	TOTAL	205.928	17.628	19.930	22.868	24.613	26.598
B.	APPLICATION OF FUNDS
1	Land	50.436	0.000	0.000	0.000	0.000	0.000
2	Building	120.100	0.000	0.000	0.000	0.000	0.000
3	Miscellaneous Fixed Assets	2.200	0.000	0.000	0.000	0.000	0.000
4	Increase in Inventories	24.000	8.000	9.000	10.000	12.500	13.000
5	Decrease in Term Loan	3.600	4.800	6.000	8.000	10.000	12.000
6	Increase in Cash And Bank Bal.	1.392	0.628	0.930	0.868	1.113	0.598
7	Increase in Sundry Debtors	1.200	1.200	1.000	1.000	1.000	1.000
8	Increase in Other Current Assets	3.000	3.000	3.000	3.000	0.000	0.000
	TOTAL	205.928	17.628	19.930	22.868	24.613	26.598

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
1. Gross Sales
(i) Domestic sales	120.000	132.000	145.000	160.000	168.000	176.000
(ii) Export Sales	0.000	0.000	0.000	0.000	0.000	0.000
(iii)Add other revenue income	0.000	0.000	0.000	0.000	0.000	0.000
Total	120.000	132.000	145.000	160.000	168.000	176.000
2. Less excise duty	0.000	0.000	0.000	0.000	0.000	0.000
Deduct other items	0.000	0.000	0.000	0.000	0.000	0.000
3. Net Sales (item 1 - item 2)	120.000	132.000	145.000	160.000	168.000	176.000
4. % age rise (+) or fall (-) in net sales	0.00	10.00	9.85	10.34	5.00	4.76
5. Cost of Sales
(i) Raw Material	108.000	100.400	110.500	122.000	130.100	136.200
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	108.000	100.400	110.500	122.000	130.100	136.200
(ii) Other Consumables	0.000	0.000	0.000	0.000	0.000	0.000
(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) Packing Material	0.000	0.000	0.000	0.000	0.000	0.000
(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
(iv) Power and Fuel	1.200	1.320	1.450	1.600	1.680	1.760
(v) Direct Labour	2.400	2.640	2.880	3.000	3.150	3.300
(vi) Other mfg. expenses	0.000	0.000	0.000	0.000	0.000	0.000
(vii) Depreciation	12.230	11.007	9.906	8.916	8.024	7.222
(viii) Sub Total (i to vii)	123.830	115.367	124.736	135.516	142.954	148.482
(ix) Add: Opening stocks-in-Process	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total	123.830	115.367	124.736	135.516	142.954	148.482
(x) Deduct: Closing stocks-in-Process	0.000	0.000	0.000	0.000	0.000	0.000
(xi) Cost of Production	123.830	115.367	124.736	135.516	142.954	148.482
(xii) Add: Opening Stock of Finished Goods	0.000	24.000	32.000	41.000	51.000	63.500
Sub Total	123.830	115.367	124.736	135.516	142.954	148.482
(xiii) Deduct: Closing stocks of Finished Goods	24.000	32.000	41.000	51.000	63.500	76.500
Sub-Total (Total Cost of Sales)	99.830	107.367	115.736	125.516	130.454	135.482
6. Selling, general and administrative expense	1.700	1.885	2.070	2.250	2.500	2.700
7. Sub Total (5+6) (Total Cost of Sales)	101.530	109.252	117.806	127.766	132.954	138.182
8. Operating Profit before Interest (3-7)	18.470	22.748	27.194	32.234	35.046	37.818
9. Interest	13.264	12.717	12.008	11.097	9.916	8.465
10. Operating profit after interest (8-9)	5.206	10.031	15.186	21.137	25.130	29.353
11. (i) Add other non-operating income	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total (Income)	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Deduct other non-operation 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
Net of other non-operation income/exp.	0.000	0.000	0.000	0.000	0.000	0.000
12. Profit before tax [10+11]	5.206	10.031	15.186	21.137	25.130	29.353
13. Provision for taxes
Current	1.609	3.410	5.162	7.185	8.542	9.977
Deferred	0.000	0.000	0.000	0.000	0.000	0.000
14. Net Profit/loss (12-13)	3.597	6.621	10.024	13.952	16.588	19.376
15. (a) Equity dividend paid- amount	0.000	0.000	0.000	0.000	0.000	0.000
(b) Dividend Rate (in %)	0.000	0.000	0.000	0.000	0.000	0.000
16. Retained Profit	3.597	6.621	10.024	13.952	16.588	19.376
17. Retained Profit/Net Profit (% Age)	10.000	10.000	10.000	10.000	10.000	10.000

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
CURRENT LIABILITIES
1. Short-term Borrowing from Banks
(i) From Applicant Bank	10.000	10.000	10.000	10.000	10.000	10.000
(ii) From Other Banks	0.000	0.000	0.000	0.000	0.000	0.000
(iii) (of which OCC discount)	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total(A)	10.000	10.000	10.000	10.000	10.000	10.000
2. Short Term Borrowings from Others	0.000	0.000	0.000	0.000	0.000	0.000
3. Sundry Creditor (Trade)	0.000	0.000	0.000	0.000	0.000	0.000
4. Advance 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)	0.000	0.000	0.000	0.000	0.000	0.000
8. Deposits/Instalments of term loans (due within one year)	4.800	6.000	8.000	10.000	12.000	14.000
9. Other current liabilities	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total (B)	4.800	6.000	8.000	10.000	12.000	14.000
10. TOTAL CURRENT LIABILITIES	14.800	16.000	18.000	20.000	22.000	24.000
TERM LIABILITIES
11.Debentures	0.000	0.000	0.000	0.000	0.000	0.000
12.Preference shares	0.000	0.000	0.000	0.000	0.000	0.000
13.Term loans (Excluding instalments payable within one year)	81.200	75.200	67.200	57.200	45.200	31.200
14.Deferred Payment Credits	0.000	0.000	0.000	0.000	0.000	0.000
15.Long Term Advances (repayable after 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	81.200	75.200	67.200	57.200	45.200	31.200
18. TOTAL OUTSIDE LIABILITIES [10+17]	96.000	91.200	85.200	77.200	67.200	55.200
NET WORTH
19. Capital	69.314	69.314	69.314	69.314	69.314	69.314
20.General Reserves	0.000	0.000	0.000	0.000	0.000	0.000
21.Share application money	0.000	0.000	0.000	0.000	0.000	0.000
22.Other reserves (Subsidy)	0.000	0.000	0.000	0.000	0.000	0.000
23.Surplus or deficit in Profit and loss A/c	24.784	31.405	41.429	55.382	71.970	91.347
23 a. Others (specify) (Deferred tax liability)	0.000	0.000	0.000	0.000	0.000	0.000
24. NET WORTH	94.098	100.719	110.743	124.696	141.284	160.661
25. TOTAL LIABILITIES	190.098	191.919	195.943	201.896	208.484	215.861
CURRENT ASSETS
26. Cash and bank balances	1.392	2.020	2.950	3.819	4.931	5.530
27. Investments (other than long term investments)	0.000	0.000	0.000	0.000	0.000	0.000
(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(including bills purchased and discounted by banks)	1.200	2.400	3.400	4.400	5.400	6.400
(ii) Export receivables (including bills purchased and discounted by banks)	0.000	0.000	0.000	0.000	0.000	0.000
29. Instalments of deferred receivables (due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
30. Inventory	24.000	32.000	41.000	51.000	63.500	76.500
(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	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Stocks-in-Process	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Finished Goods	24.000	32.000	41.000	51.000	63.500	76.500
(iv) Other Consumables
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
(iv) Packing Material
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 material, stores and expenses.	0.000	0.000	0.000	0.000	0.000	0.000
32.Advance payment of taxes	0.000	0.000	0.000	0.000	0.000	0.000
33. Other current Assets	3.000	6.000	9.000	12.000	12.000	12.000
(a) Excise deposits	0.000	0.000	0.000	0.000	0.000	0.000
(b) Int. receivable	0.000	0.000	0.000	0.000	0.000	0.000
(C) Misc.	3.000	6.000	9.000	12.000	12.000	12.000
34. TOTAL CURRENT ASSETS [total of 26 to 33]	29.592	42..420	56.350	71.219	85.831	100.430
FIXED ASSETS
35.Gross Block	172.736	172.736	172.736	172.736	172.736	172.736
36.Depreciation to date	12.230	23.237	33.143	42.059	50.083	57.305
37. NET BLOCK [35-36]	160.506	149.499	139.593	130.677	122.653	115.431
OTHER NON-CURRENT ASSETS
38. Investments/ book debts/ advances/ deposits which are not Current Assets	0.000	0.000	0.000	0.000	0.000	0.000
(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 goods and contractors	0.000	0.000	0.000	0.000	0.000	0.000
(iii)Deferred receivables (maturity exceeding one year)	0.000	0.000	0.000	0.000	0.000	0.000
(iv)others
(a) Debtors > 6 months	0.000	0.000	0.000	0.000	0.000	0.000
(b) security deposit	0.000	0.000	0.000	0.000	0.000	0.000
39.Non-consumables stores and spares	0.000	0.000	0.000	0.000	0.000	0.000
40.Other non-current assets	0.000	0.000	0.000	0.000	0.000	0.000
41. TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000	0.000
42. Intangible Assets (patents, goodwill, preliminary expenses, bad/ doubtful exp. not provided for, etc.)	0.000	0.000	0.000	0.000	0.000	0.000
43. TOTAL ASSETS [34+37+41+42]	190.098	191.919	195.943	201.896	208.484	215.861
44. TANGIBLE NET WORTH [24-42]	94.098	100.719	110.743	124.696	141.284	160.661
45. NET WORKING CAPITAL [(17+24)-(37+41+42)]	147.792	26.420	38.350	51.219	63.831	76.430
46. Current Ratio	2.00	2.65	3.13	3.56	3.90	4.18
47. Total Outside Liabilities/ Tangible Net Worth	1.02	0.91	0.77	0.62	0.48	0.34
48. Total Term Liabilities/Tangible Net Worth	0.86	0.75	0.61	0.46	0.32	0.19

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
A. CURRENT ASSETS
1. Raw Materials(including stores and other used in the process of manufacturing)
(a) Imported
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
(b) Indigenous :
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
2. Other Consumables
(a) Imported
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
(b) Indigenous :
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
3. Packing Material
(a) Imported
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
(b) Indigenous :
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Consumption	--	--	--	--	--	--
4. Stocks-in-process
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Cost of Production	--	--	--	--	--	--
5. Finished goods:
Amount	2.400	3.200	4.100	5.100	63.500	76.500
Month's Cost of Sales	2.88	3.58	4.25	4.88	5.84	6.78
6. Receivables other than export and deferred receivables(including bill purchased and discounted by banks)
Amount	1.200	2.400	3.400	4.400	5.400	6.400
Month's Domestic Sales	0.12	0.22	0.28	0.33	0.39	0.44
7. Export receivables(include bill purchased and discount)
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Export Sales	--	--	--	--	--	--
8. Advances to Supplier	0.000	0.000	0.000	0.000	0.000	0.000
9. Other Current Assets (specify major Items)	4.392	8.020	11.950	15.819	16.931	17.530
Cash and Bank Balance	1.392	2.020	2.950	3.819	4.931	5.530
Investment except long term	0.000	0.000	0.000	0.000	0.000	0.000
Installment of Deferred receivables	0.000	0.000	0.000	0.000	0.000	0.000
Advance Payment of Taxes	0.000	0.000	0.000	0.000	0.000	0.000
Other	3.000	6.000	9.000	12.000	12.000	12.000
10. TOTAL CURRENT ASSETS	29.592	42.420	56.350	71.219	85.831	100.430
B. CURRENT LIABILITIES
(Other than bank borrowings for WC)
11. Creditors for purchase of raw materials, stores and consumable spares
Amount	0.000	0.000	0.000	0.000	0.000	0.000
Month's Purchase	--	--	--	--	--	--
12. Advance from Customers/ SD	0.000	0.000	0.000	0.000	0.000	0.000
13. Statutory liabilities	0.000	0.000	0.000	0.000	0.000	0.000
14. Other Current liabilities-specify major items
(a) S.T. borrowings others	0.000	0.000	0.000	0.000	0.000	0.000
(b) Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
(c) Installment of TL,DGP and Public Deposits	4.800	6.000	8.000	10.000	12.000	14.000
(d) Other	0.000	0.000	0.000	0.000	0.000	0.000
15. TOTAL CURRENT LIABILITIES	4.800	6.000	8.000	10.000	12.000	14.000

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
FIRST METHOD OF LENDING
1. Total Current Assets	29.592	42.420	56.350	71.219	85.831	100.430
2. Other Current Liabilities (Other than Bank Borrowing)	4.800	6.000	8.000	10.000	12.000	14.000
3. Working Capital Gap	24.792	36.420	48.350	31.219	73.831	86.430
4. Min stipulated Net working capital (25% of WCG excluding export receivables)	6.198	9.105	12.088	15.305	18.458	21.608
5. Actual / Projected Net Working Capital	14.792	26.420	38.350	51.219	63.831	76.430
6. Item 3 minus item 4	18.594	27.315	36.263	45.914	55.373	64.823
7. Item 3 minus item 5	10.000	10.000	10.000	10.000	10.000	10.000
8. Maximum Permissible Bank Finance (lower of 6 or 7)	10.000	10.000	10.000	10.000	10.000	10.000
9. Excess Borrowing Representing shortfall in NWC	--	--	--	--	--	--
SECOND METHOD OF LENDING
1. Total Current Assets	29.592	42.420	56.350	71.219	85.831	100.430
2. Other Current Liabilities (Other than Bank Borrowing)	4.800	6.000	8.000	10.000	12.000	14.000
3. Working Capital Gap	24.792	36.420	48.350	61.219	73.831	86.430
4. Min stipulated Net working capital (25% of Total of Current Assets excluding export receivables)	73.398	10.605	14.088	17.805	21.458	25.108
5. Actual / Projected Net Working Capital	14.792	26.420	38.350	51.219	63.831	76.430
6. Item 3 minus item 4	17.394	25.815	34.263	43.414	52.373	61.323
7. Item 3 minus item 5	10.000	10.000	10.000	10.000	10.000	10.000
8. Maximum Permissible Bank Finance (lower of 6 or 7)	10.000	10.000	10.000	10.000	10.000	10.000
9. Excess Borrowing Representing shortfall in NWC	--	--	--	--	--	--

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
1. SOURCES
(a) Net Profit	6.621	10.024	13.952	16.588	19.376
(b) Depreciation	11.007	9.906	8.916	8.024	7.222
(c) Increase in Capital	0.000	0.000	0.000	0.000	0.000
(d) Increase in term liabilities, including public deposit	0.000	0.000	0.000	0.000	0.000
(e) Decrease in
(i) Fixed Assets	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
(f) Other (income tax w/o)	0.000	0.000	0.000	0.000	0.000
(g) Total	17.628	19.930	22.868	24.612	26.598
2. USE
(a) Net loss	0.000	0.000	0.000	0.000	0.000
(b) Decrease in term liabilities, including public deposits	6.000	8.000	10.000	12.000	14.000
(c) Increase in
(i) Fixed Assets	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
(d) Dividend	0.000	0.000	0.000	0.000	0.000
(e) (i) Others (share application)	0.000	0.000	0.000	0.000	0.000
(ii) Decrease in general reserve (net Deferred tax)	0.000	0.000	0.000	0.000	0.000
(f) Total	6.000	8.000	10.000	12.000	14.000
3. LONG TERM SURPLUS/ DEFICIT	11.628	11.930	12.868	12.612	12.598
4. Increase / Decrease in Current Assets	12.828	13.930	14.869	14.612	14.599
5. Increase / Decrease in Current Liabilities	1.200	2.000	2.000	2.000	2.000
6. Increase / Decrease in Working Capital gap	11.628	11.930	12.869	12.612	12.599
7. Net Surplus / Deficit	0.000	0.000	(0.001)	0.000	(0.001)
8. Increase / Decrease in Bank Borrowings	0.000	0.000	0.000	0.000	0.000
Increase / Decrease in Net Sales	12.000	13.000	15.000	8.000	8.000
*Break-Up of (4)
(i) Increase / Decrease in Raw Material	0.000	0.000	0.000	0.000	0.000
(ii) Increase / Decrease in Stock in Process	0.000	0.000	0.000	0.000	0.000
(iii) Increase / Decrease in Finished Goods	8.000	9.000	10.000	12.500	13.000
(iv) Increase / Decrease in receivables
(a) Domestic	1.200	1.000	1.000	1.000	1.000
(b) Export	0.000	0.000	0.000	0.000	0.000
(v) Increase / Decrease in consumables
(a) Imported	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	0.000	0.000	0.000	0.000	0.000
(vi) Increase / Decrease in packing Material	0.000	0.000	0.000	0.000	0.000
(vii) Increase / Decrease in other current assets	3.628	3.930	3.869	1.112	0.599
Total	12.828	13.930	14.869	14.612	14.599

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

ANALYSIS OF RATIO

(RS. IN MILLIONS)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
	PROJECTED
% TO COST OF SALE
Sales	120.000	132.000	145.000	160.000	168.000	176.000
Other Revenue	0.000	0.000	0.000	0.000	0.000	0.000
Excise and Other Items	0.000	0.000	0.000	0.000	0.000	0.000
Net Sale	120.000	132.000	145.000	160.000	168.000	176.000
Raw Material	108.000	100.400	110.500	122.000	130.100	136.200
Consumables	0.000	0.000	0.000	0.000	0.000	0.000
Packing Material	0.000	0.000	0.000	0.000	0.000	0.000
Power and Fuel	1.200	1.320	1.450	1.600	1.680	1.760
Labour	2.400	2.640	2.880	3.000	3.150	3.300
Other MFG.	0.000	0.000	0.000	0.000	0.000	0.000
Increase in Stock-WIP	0.000	0.000	0.000	0.000	0.000	0.000
COP	111.600	104.360	114.830	126.600	134.930	141.260
Increase in Stock-FG	(24.000)	(8.000)	(9.000)	(10.000)	(12.500)	(13.000)
Total Expenses	87.600	96.360	105.830	116.600	122.430	128.260
GP	32.400	35.640	39.170	43.400	45.570	47.740
Other Non-Operating Income	0.000	0.000	0.000	0.000	0.000	0.000
Indirect Expenses	1.700	1.885	2.070	2.250	2.500	2.700
Percent (%)	--	--	--	--	--	--
Interest	13.264	12.717	12.008	11.097	9.916	8.465
Depreciation	12.230	11.007	9.906	8.916	8.024	7.222
Non-Operating Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Provision for tax	1.609	3.410	5.162	7.185	8.542	9.977
Net Profit	3.597	6.621	10.024	13.952	16.588	19.376
GROSS PROFIT RATIO	27.00	27.00	27.01	27.13	27.13	27.13
NET PROFIT RATIO	3.00	5.02	6.91	8.72	9.87	11.01
STOCK	24.000	32.000	41.000	51.000	63.500	76.500
Add: Debtors	1.200	2.400	3.400	4.400	5.400	6.400
Less: Creditors	0.000	0.000	0.000	0.000	0.000	0.000
NET PAID STOCK	25.200	34.400	44.400	55.400	68.900	82.900
MARGIN
DP	25.200	34.400	44.400	55.400	68.900	82.900
Bank Loan	10.000	10.000	10.000	10.000	10.000	10.000
Export Debtors	0.000	0.000	0.000	0.000	0.000	0.000
MARGIN
DP	0.000	0.000	0.000	0.000	0.000	0.000
Total DP	25.200	34.400	44.400	55.400	68.900	82.900
Less: Deficit of Unpaid Stock
Net	1.200	2.400	3.400	4.400	5.400	6.400
Margin
DP	1.200	2.400	3.400	4.400	5.400	6.400
TOTAL	25.200	34.400	44.400	55.400	68.900	82.900
CURRENT RATIO	2.00	2.65	3.13	3.56	3.90	4.18
MPBF	10.000	10.000	10.000	10.000	10.000	10.000
Total of Liabilities	190.098	191.919	195.943	201.896	208.484	215.861
Total of Assets	190.098	191.919	195.943	201.896	208.484	215.861
TOL/TNW	1.02	0.91	0.77	0.62	0.48	0.34
TTL/TNW	0.86	0.75	0.61	0.46	0.32	0.19
KEY RATIO
Growth in Net Sales	--	10.00	9.85	10.34	5.00	4.76
Growth in Net Profit	--	84.07	51.40	39.19	18.89	16.81
Growth in Net Worth	--	7.04	9.95	12.60	13.30	13.71
LIQUIDITY RATIO
Current Ratio	2.00	2.65	3.13	3.56	3.90	4.18
Quick Ratio	0.38	0.65	0.85	1.01	1.02	1.00
EFFICIENCY RATIO
Stock Turnover Ratio	10.00	4.71	3.97	3.48	2.93	2.51
Total Assets Turnover Ratio	0.63	0.69	0.74	0.79	0.81	0.82
Fixed Assets Turnover Ratio	0.75	0.88	1.04	1.22	1.37	1.52
Current Assets Turnover Ratio	4.06	3.11	2.57	2.25	1.96	1.75
Working Capital Turnover Ratio	8.11	5.00	3.78	3.12	2.63	2.30
Capital Turnover Ratio	1.28	1.31	1.31	1.28	1.19	1.10
PROFITABILITY RATIO
Gross Profit Ratio	27.00	27.00	27.01	27.13	27.13	27.13
EXPENSES RATIO
RM Consumed Ratio	90.00	76.06	76.21	76.25	77.44	77.39
Manufacturing Expenses Ratio	3.00	3.00	2.99	2.88	2.88	2.88
Indirect Expenses Ratio	1.42	1.43	1.43	1.41	1.49	1.53
Finance Expenses Ratio	11.05	9.63	8.28	6.94	5.90	4.81
Non-Operating Expenses Ratio	--	--	--	--	--	--
Net Profit Ratio	3.00	5.02	6.91	8.72	9.87	11.01
Return on Capital Employed	3.82	6.57	9.05	11.19	11.74	12.06
SOLVENCY RATIO
Debt-Equity Ratio	0.86	0.75	0.61	0.46	0.32	0.19
Interest coverage ratio	2.19	2.39	2.66	3.06	3.48	4.14

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NETWORTH STATEMENT

RITU GUPTA

(RS. IN MILLIONS)

(AS ON 24.07.2014)

TOTAL VALUE OF IMMOVABLE PROPERTY

(This includes beneficial share owned in Land, Building, Flat, Factory, Shop, House, etc.)

NATURE OF PROPERTY	LOCATION WITH COMPLETE ADDRESS	MARKET VALUE
Land	At Village – Jawaharpur, Dera Bassi (50% Share) (Mortgaged as Collateral with Canara Bank as a guarantor)	Rs. 50.000
TOTAL (A)		Rs. 50.000 Millions

TOTAL VALUE OF OTHER ASSETS

(This includes Cash, Bank Balance, Gold, Other Jewellary, Investment in Shares/ Mutual Funds/FD’s/LIC, etc. Vehicle, Capital in Business, etc.)

NATURE OF ASSET	PARTICULARS OF ASSET/ COMPLETE DESCRIPTION	MARKET VALUE
Bank and Cash in Hand	Bank Balance and Cash in Hand	1.000
Jewellery	Gold and Silver Ornaments	1.500
LIC Premium	Surrender Value	0.750
Investment	Fortune Mall Private Limited	3.120
Loans	Loans to Friends	5.000
TOTAL (B)		Rs. 11.370 Millions

TOTAL LIABILITIES

BORROWED FROM	AMOUNT AND SECURITIES OFFERED	PURPOSE	O/S AS ON DATE
--	--	--	--
TOTAL (C)			Nil

NET WORTH (A+B-C)

Rs. 61.370 Millions

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NETWORTH STATEMENT

VIKRAM GUPTA

(RS. IN MILLIONS)

(AS ON 24.07.2014)

TOTAL VALUE OF IMMOVABLE PROPERTY

(This includes beneficial share owned in Land, Building, Flat, Factory, Shop, House, etc.)

NATURE OF PROPERTY	LOCATION WITH COMPLETE ADDRESS	MARKET VALUE
Commercial	Share in SCO B-72, Timber Market, Kirti Nagar, New Delhi (50% Share) [Mortgage as collateral with CBI in the form of Guarantor]	35.000
Residential	House 16/22, East Patel Nagar, New Delhi	30.000
TOTAL (A)		Rs. 65.000 Millions

TOTAL VALUE OF OTHER ASSETS

(This includes Cash, Bank Balance, Gold, Other Jewelry, Investment in Shares/ Mutual Funds/FD’s/LIC, etc. Vehicle, Capital in Business, etc.)

NATURE OF ASSET	PARTICULARS OF ASSET/ COMPLETE DESCRIPTION	MARKET VALUE
Bank and Cash in Hand	Bank Balance and Cash in Hand	0.500
Jewelry	Gold and Silver Ornaments	1.000
Investment in Business	Glass Palace, New Delhi	2.600
LIC Premium	Surrender Value	0.650
Investment	Equity Shares	0.006
Vehicle	Maruti Car	0.200
Investment	Share Application Money – with Plain Valley Lifestyle Private Limited	0.730
Investment	Share Application Money – Fortune Mall Private Limited	15.150
TOTAL (B)		Rs. 20.836 Millions

TOTAL LIABILITIES

BORROWED FROM	AMOUNT AND SECURITIES OFFERED	PURPOSE	O/S AS ON DATE
--	--	--	--
TOTAL (C)			Nil

NET WORTH (A+B-C)

Rs. 85.836 Millions

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PROJECT REPORT

INTRODUCTION

Subject is a private company incorporated in India under Companies Act 1956. The Company was incorporated on 31st March 1993 in the name of V K Woodfur Private Limited and subsequently, the name was changed to Fortune Mall Private Limited on 18th June 2012. The main objects of the company is to deal in furnishing materials, decorative lighting and special high end furniture. The company has been promoted by Mr. Vikram Gupta S/o Mr. Subhash Gupta and Mrs. Ritu Gupta W/o Mr. Vikram Gupta. Mr. Subhash Gupta and Mr. Ajay Gupta are real brothers and are assisted in business by Mr. Vikram Gupta and Mr. Varun Gupta. Mr. Subhash Gupta and Mr. Ajay Gupta started the business of retail furniture in Chandigarh 52 years ago at Sector 7-C, Madhya Marg under the name of Glass Palace. Glass Palace is a recognized name in Indian and Imported furniture in Tricity. The second venture established in the name of Glass Palace at Kirti Nagar, New Delhi in year 1993. In 2010 the family completed the construction of tricity’s biggest furniture outlet on Delhi National Highway at Derabassi, this outlet is on 2000 sq. yds. Land having 4 storey building with a covered area of 75000 sq.ft., this outlet is open 24x7 for 365 days, this is the latest successful venture of the promoters. The total turnover of the group during financial year 13-14 is approx. Rs.480.000 Millions.

Fortune Mall Private Limited incorporated to build and operate retail outlet in furnishing materials, decorative lighting and special high end furniture, Home Store and Gift Shop, also it will have a 24 hours Highway Coffee Shop. For this purpose the company purchased land measuring 7500 sq.yrds. On Delhi National Highway (near Dappar toll plaza) Derabassi. The location of the land is very prominent. Indian famous sweet brand (Haldirams) is constructing an eating, food joint on 5 acres of land just opposite of the proposed site. The development of land is complete, construction is in full swing and promoters are keen to open this outlet by March 2015.

MARKETING PROSPECTS

The company has been incorporated to construct and operate a retail outlet of furnishing materials, decorative lighting, special high end furniture, Home Store, Gift shop and 24 hour Highway Coffee Shop. Chandigarh Tricity have grown vastly in the last 5 years and is called a mini metro of north India. Being a hub of High Networth Individuals, beauracrats, politicians, non-resident Indians, everybody likes to have a dream house in tricity. People are constructing houses tastefully which in turn require furnishing materials, decorative lighting and high end furniture, Tricity does not have any single outlet who could fulfil the requirements of this segment, the promoters being into retail business of furniture from the last 52 years have a big share in the furniture market and dedicated customer base. Promoters surveyed about the demand and prospects of the business decided to capture this business opportunity and decided to construct a retail outlet on 7500 sq.yds. land, the location of the outlet is very prominent and Indian famous sweet brand (Haldirams) is constructing an eating, food joint on 5 acres of land just opposite of the proposed site. The promoters being in business for the last 52 years have a very wide network and dedicated customer base are of the opinion that marketing of the product is not a concern for them. With the establishment of this outlet the people of Chandigarh Tricity, Ambala and other adjoining states need not to go Delhi for their requirements of furnishing materials, decorative lighting and special high end furniture.

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VALUATION REPORT

GENERAL DETAILS
Purpose for which valuation is made	For Availing Bank Loan
Date as on which valuation is made	17.10.2014
Name of the Owner/ Owners	FORTUNE MALL PRIVATE LIMITED (Furniture and Furnishing Electrical Industries) Village Gholumajra, Tehsil Dera Bassi, District Mohali, Punjab, India Through its Director Mr. Vikram Gupta and Mrs. Ritu Gupta
If the property is under Joint Ownership/ Co-Owners, share of each such owner. Are the shares undivided?	Not Applicable
Brief description of the property	Industrial Property
Location, Street, Ward No.	On Chandigarh – Ambala Road, Village Golumajra, Tehsil Derabassi, District Mohali, Punjab, India
Survey/ Plot No. of land	Nil
Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area?	Mixed Area
Classification of Locality – High Class/ Middle Class/ Poor Class	Middle Class
Proximity to civic amenities like School, Hospital, offices, markets, cinema, etc	All are available nearby at Dera Bassi and Lalru
Means and proximity to surface communication by which the locality is served	Served by Road Communication
Area of land supported by documentary proof, dimensions and physical features	7 Bigha 10 Biswa or 7,500 sq yards comprising of Khata No. 93/192 Khasra No. 1142/335 (0-8), 1144/338 (3-12), 1146/339 min (3-10) as per registration deed No. 10,568 dated 10.10.2012. (Land area considered in this report 5,890 Sq Yards or 5.89 Bigha. Please refer annexure for details) North – Vacant land of Sh. Manish Singla South – Vacant land (Nachiketa Paper Mill) East – Palm Valley (hall on rear side). West – Chandigarh-Ambala road (front).
If leasehold, the name of Lessor/ Lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease (i) Initial premium (ii) Ground rent payable per annum (iii) Unearned increase payable to the lessor in the event of sale or transfer	Freehold Not Applicable Not Applicable Not Applicable
Is there any restrictive covenant in regard to use of land? If so, attach a copy of the covenant	Industrial use only as per sanctioned plan vide memo No. 477 dated 01.10.2014.
Are there any agreements of easements? If so, attach copies	No
Does the land fall in an area included in any Town Planning Plan Scheme or any Development Plan of Government or any statutory body? If so, give particulars	Yes, it falls in the revenue record of village Gholumajra, under Nagar Panchayat, Lalroo
Has any contribution been made towards development or is any demand for such contribution still outstanding?	No
Has the whole or part of the land been notified for acquisition by Government or any statutory body? Give date of the notification	Legal Opinion
Attach plans and elevations of all structures standing on the land and a lay-out plan	Plan will be supplied by owner on demand
Furnish technical details of the building on a separate sheet	As per Technical Details
(a) Is the building owner – occupied / tenanted/ both? (b) If party owner-occupied, specify portion and extent of area under owner occupation	Owner is in possession of 5.89 Bigha out of 7 bigha 10 biswa rest i.e. 1.21 bigha in the possession of “Palm Valley” Not applicable
What is the Floor Space Index permissible and percentage actually utilized?	As per building by-laws of N.P. Lalroo
(i) Names of tenant/ lessees/ licensees, etc. (ii) Portion in their occupation (iii) Monthly or annual rent/ compensation/ licence fee, etc. paid by each (iv) Gross amount received for the whole property	NOT APPLICABLE
Are any of the occupants related to, or close business associates, of the owner?	Not applicable (out of three halls on ground floor, one hall is occupied by ‘Palm Valley’ which is not considered in this report – refer Part: A Valuation for details)
Is separate amount being recovered for the use of fixtures, like fans, geysers, refrigerators, cooking ranges, built-in wardrobes, etc. or for service charges? If so, give details	Not Applicable
Give details of water and electricity charges, if any, to be borne by the owner	Not Applicable
Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give Particulars	Not Applicable
If a lift is installed, who has to bear the cost of maintenance and operation owner or tenant?	No, only lift well provided
If a pump is installed, who has to bear the cost of maintenance and operation - owner or tenant?	Yes
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. – owner or tenant?	Not Applicable
What is the amount of property tax? Who is to bear it? Give details with documentary proof	Not Applicable
Is the building insured? If so, give the policy no., amount for which it is insured and the annual premium	No
Is any dispute between landlord and tenant regarding rent pending in a court of law?	Not Applicable
Has any standard rent been fixed for the premises under any law relating to the control of rent?	Not Applicable
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	Cost of land in the area varies between Rs 1,00,00,000/- to Rs 1,05,00,000/- per Bigha
Land rate adopted in this valuation	Rs. 10.000 per Bigha
If sale instances are not available or relied upon the basis of arriving at the land rate	Based on enquiries made from the locality and property dealers
Year of commencement of construction and year of completion	2013-2014 as stated and finishing work of some portion is going on
What was the method of construction - by contract/ by employing labour directly/ both?	By Employing Labour Contractor
For items of work done on contract, produce copies of agreements	Not Available
For items of work done by engaging labour directly, give basic rates of materials and labour supported by documentary proof	Not Available
TECHNICAL DETAILS
Year of Construction	2013-2014 as stated & finishing work of some portions is going on
Estimated future life	50 years, if maintained Properly
Type of construction	RCC Frame Structure
Structural walls	Brick / Precast Cement Blocks
Partitions	Brick Masonary and Glass
Joinery i.e. door and windows	Powder Coated Aluminium with Toughen Glass
Roofing	POP false Ceiling / RCC Slab
Flooring	Granite / Marble / Vitrified Tiles / Kota Stone
Finishing	Plastic Emulsion Paint

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10375969	28/08/2012	49,000,000.00	STATE BANK OF PATIALA	DERA BASSI, DERA BASSI, PUNJAB - 140503, INDIA	B57900763

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FIXED ASSETS

· Land and Building

Furniture and Fixtures

Equipment

Computer

Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		44

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.