MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	RUDRAKSH SAREES
Registered Office :	Shop No. J-3566-67, 1^st Floor, Millennium Textile Market, Ring Road, Surat - 395001, Gujarat
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Year of Establishment :	April 2013
Capital Investment :	Rs. 2.421 Millions
PAN No.: [Permanent Account No.]	DXRPS9299Q
Legal Form :	Sole Proprietary Concern
Line of Business :	Wholesale Trading of Sarees and Value Added Fabrics.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new proprietary concern having moderate track record. The concern has achieved sizeable turnover from its first year of operations. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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. Yogesh Kalathiya
Designation :	Chief Executive Officer
Contact No.:	91-9924293810
Date :	30.08.2014

LOCATIONS

Registered Office :	Shop No. J-3566-67, 1^st Floor, Millennium Textile Market, Ring Road, Surat - 395001, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9723654501 (Mr. Vasudevbhai) 91-9924293810 (Mr. Yogesh Kalathiya)
Fax No.:	Not Available
E-Mail :	rudrakshsarees@gmail.com
Location :	Rented

SOLE PROPRIETOR

Name :	Mrs. Sangitaben Arvindbhai Sutariya
Designation :	Proprietor
Address :	114, Mahavir Nagar Society, Near Gajera Circle, Katargam, Surat, Gujarat, India
Date of Birth/Age :	05.12.1978
PAN No.:	DXRPS9299Q

KEY EXECUTIVES

Name :	Mr. Yogesh Kalathiya
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Wholesale Trading of Sarees and Value Added Fabrics.
Agencies Held :	· M.M. Agency, Surat (Broker/Commission Agent) Kamal Textile Agency, Surat (Broker/Commission Agent)
Terms :
Selling :	Credit [90 Days]
Purchasing :	Credit [60 Days]

PRODUCTION DETAILS

Products	Installed Capacity	Actual Production
Sarees and Value Added Fabrics	28000 Sarees	80% to 95% of installed capacity increase year by year.

GENERAL INFORMATION

Suppliers :	· Star Embroidery Meera Art Pavan Fashion Darpan Art Sagar Exports Tanna Agency Mahalaxmi Agency
Customers :	Wholesalers · Surya Sarees Swagat Fashion Vimalnath Textiles Simaran Saree Centre Kalamandir Saree Showroom Marwad Showroom Kavya Sarees
No. of Employees :	7 (Approximately)
Bankers :	· Bank of India 10/13330, Kundan, MZ. Floor, Chandla Gali, Near Kamnath Mahadev, Gopipura, Surat, Gujarat, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Suresh Vaghasiya and Company Chartered Accountants
Address :	209, Manthan Point, Opposite Amisha Hotel, Unapani Road, Lal Darwaja, Surat - 395003, Gujarat, India
Tel. No.:	91-261-2425701
Mobile No.:	91-9375318205
E-Mail :	svc1331@rediffmail.com

CAPITAL STRUCTURE

PROPRIETOR’S CAPITAL ACCOUNT AS ON 31.03.2014

PARTICULARS	RS. IN MILLIONS
Opening Balance as on 01.04.2013	0.720
Deposits	1.110
Less: Withdrawals	0.066
Share of Profit/Loss	0.657
Total	2.421

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 [Provisional]
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		2.421
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		2.421
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.650
TOTAL BORROWING		1.650
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.071
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.046
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.216
	Sundry Debtors	6.061
	Cash & Bank Balances	0.163
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		10.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.019
	Other Current Liabilities	0.000
	Provisions	0.396
Total Current Liabilities		6.415
Net Current Assets		4.025
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.071

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]
	SALES
		Income	27.154
		Other Income	0.000
		TOTAL	27.154
Less	EXPENSES
		Material Consumed	7.833
		Manufacturing/ Direct Expenses	17.287
		Administrative and Selling Expenses	1.377
		TOTAL	26.497
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.657
Less/ Add	DEPRECIATION/ AMORTISATION		0.000
	PROFIT BEFORE TAX		0.657
Less	TAX		0.000
	PROFIT AFTER TAX		0.657

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]
PAT / Total Income	(%)	2.42
Net Profit Margin (PBT/Sales)	(%)	2.42
Return on Total Assets (PBT/Total Assets}	(%)	6.27
Return on Investment (ROI) (PBT/Networth)		0.27
Debt Equity Ratio (Total Debt/Networth)		0.68
Current Ratio (Current Asset/Current Liability)		1.63

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)
Vasudev Navadiya	0.250
Anand Kalathiya	0.300
Jainik V. Lakhani	0.250
Pareshbhai Lakhani	0.350
Devrajbhai	0.200
Mayor Sheliya	0.300
Total	1.650

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

MRS. SANGITABEN ARVINDBHAI SUTARIYA

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2013
INCOME FROM BUSINESS OR PROFESSION
Income Deemed u/s 44AD:
[8% of Receipts / Turnover Rs. 3.191 Millions] Rs. 0.255 Million Income Offered for Taxation u/s/ 44AD		0.265
Gross Total Business Income		0.265
TOTAL BUSINESS INCOME			0.265
Income from Other Sources
Interest Income:
Interest on S.B. A/s (s)	0.000
		0.000
TOTAL OTHER SOURCE INCOME			0.000
GROSS TOTAL SOURCE INCOME			0.265
DEDUCTION UNDER CHAPTER VI-A:
Deduction u/s/ 80TTA:
Interest on deposits in saving account	0.000	0.000
TOTAL VI-A DEDUCTION			0.000
Total Income			0.265
Rounded Off u/s/ 288A			0.265
COMPUTATION OF TAX PAYABLE
Gross Tax on Rs. 0.265 Millions			0.006
Add:
Education Cess and higher Education Cess		0.001
			0.001
			0.007
Interest u/s. 234A for 3 Months		0.000
			0.000
Balance Payable			0.007
Less: Self-Assessment Tax Paid:
Scroll: 00251 / BSR: 6360218 / Date: 09.10.2013		0.007
Axis Bank Garia		--
			0.007
Net Tax Payable u/s. 140A			0.000
Rounded Off to Nearest 10			Nil

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

CASH FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO	PARTICULARS	2014-15	2015-16	2016-17	2017-18
		Estimated	Projected	Projected	Projected
	SOURCES OF FUNDS
1	Profit Before Tax	1.266	1.440	1.699	1.909
	Add: Depreciation/ Preliminary Exp.	0.000	0.000	0.000	0.000
	Gross Funds generated	1.266	1.440	1.699	1.909
	Less: Tax paid/ payable	0.380	0.432	0.510	0.573
	A. Total Net Funds Generated	0.886	1.008	1.189	1.336
2	Increase in capital	0.000	0.000	0.000	0.000
	Increase in term loans/ debentures	0.000	0.000	0.000	0.000
	Increase in state subsidy	0.000	0.000	0.000	0.000
	Increase in term deposits	0.000	0.000	0.000	0.000
	Decrease in fixed assets	0.000	0.000	0.000	0.000
	Decrease in inter-corporate investment and advances	0.000	0.000	0.000	0.000
	B. Sub Total	0.000	0.000	0.000	0.000
	Increase in Short term bank borrowings [including bills purchased and discounted by bank]	6.200	0.000	0.000	0.000
	Increase in current liabilities	(4.403)	0.145	0.155	0.155
	Increase in other term liabilities	0.000	0.000	0.000	0.000
	Increase in inventory	0.000	0.000	0.000	0.000
	Decrease in receivables [including cash and bank balance]	0.000	0.000	0.000	0.000
	Decrease in other current assets [Including cash and bank balances]	0.000	0.000	0.000	0.000
	C. Sub Total	1.797	0.145	0.155	0.155
	Total Funds Available [A+B+C]	2.683	1.153	1.344	1.491
	USES
	Increase in fixed assets	0.000	0.000	0.000	0.000
	Decrease in term loan	0.000	0.000	0.000	0.000
	Increase in Investment	0.000	0.000	0.000	0.000
	Decrease in Capital [Withdrawn]	0.010	0.150	0.400	0.600
	Decrease in term deposit	0.000	0.000	0.000	0.000
	Advances and Other non-current assets	0.000	0.100	0.150	0.050
	D. Sub Total	0.010	0.250	0.550	0.650
	Decrease in Short term bank borrowings [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000
	Decrease in current liabilities	0.000	0.000	0.000	0.000
	Increase in inventory	2.737	0.139	0.142	0.145
	Decrease in receivables	0.014	0.672	0.435	0.424
	Increase in other current assets [including cash and bank balance]	0.000	0.000	0.000	0.000
	E. Sub Total	2.751	0.811	0.577	0.569
	Loss	0.000	0.000	0.000	0.000
	Less: Depreciation	0.000	0.000	0.000	0.000
	Balance i.e. gross funds lost or gross funds generated	0.000	0.000	0.000	0.000
	Add: Tax paid/payable [relating to year]	0.000	0.000	0.000	0.000
	Add: Dividend paid/ payable [relating to year]	0.000	0.000	0.000	0.000
	F. Sub Total Net funds Lost	0.000	0.000	0.000	0.000
	Total Funds Used [D+E+F]	2.761	1.061	1.127	1.219
	Opening Balance	0.163	0.085	0.177	0.396
	Surplus / Deficit	(0.078)	0.092	0.217	0.272
	Closing balance	0.085	0.177	0.396	0.669

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

ASSESMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO		PARTICULARS	2014-15	2015-16	2016-17	2017-18
			Estimated	Projected	Projected	Projected
1		GROSS SALES
		Sales
		a) Domestic Sales	32.400	34.700	36.936	39.116
		b) Export Sales	0.000	0.000	0.000	0.000
		Total	32.400	34.700	36.936	39.116
2		Less: Excise Duty	0.000	0.000	0.000	0.000
3		Net Sales	32.400	34.700	36.936	39.116
4		%age rise (+) or fall (-) in net sales as compared to previous year	19.32%	7.10%	6.44%	5.90%
5		COST OF SALES
	i)	Raw materials (including Stores and other items used in the process of manufactured)
		Imported	0.000	0.000	0.000	0.000
		Domestic	8.964	9.593	10.328	11.030
	ii)	Other Spares
		Imported	0.000	0.000	0.000	0.000
		Domestic	0.000	0.000	0.000	0.000
	iii)	Transportation Expenses
	iv)	Direct Labour Charge (Factory wages & salaries)	0.198	0.204	0.210	0.216
	v)	Embroidery Job Work Expenses	14.040	15.067	16.112	17.178
	vi)	Other direct Expenses	6.120	6.242	6.367	6.495
	vii)	Depreciation	0.000	0.000	0.000	0.000
	viii	Sub Total ( items to vii)	29.976	31.793	33.739	35.676
	ix	Add Opening stock-in Progress	0.000	0.000	0.000	0.000
		Sub-Total	29.976	31.793	33.739	35.676
	x	Deduct: Closing Stocks-in Process	0.000	0.000	0.000	0.000
	xi	Sub total	29.976	31.793	33.739	35.676
	xii	Opening stock of finished goods	0.000	0.000	0.000	0.000
		Sub-Total	29.976	31.793	33.739	35.676
	xiii	Deduct closing stock of finished goods	0.000	0.000	0.000	0.000
	xiv	SUB-TOTAL (Total cost of sales)	29.976	31.793	33.739	35.676
		Gross Profit (item 3-item 5)	24.424	2.907	3.197	3.440
		Gross Profit (in % )	7.48%	8.38%	8.66%	8.80%
6		Selling Expenses and General	0.000	0.000	0.000	0.000
		Administrative Expenses including remuneration to partner	0.600	0.630	0.662	0.695
7		SUB-TOTAL (5+6)	30.576	32.423	34.400	36.370
8		Operating Profit before interest (3-7)	1.824	2.277	2.536	2.745
9		Interest on Term Loan	0.000	0.000	0.000	0.000
		Interest on cash credit limit	0.558	0.837	0.837	0.837
		Interest on Fixed Capital to Partner's	0.000	0.000	0.000	0.000
10		Operating profit after interest (8-9)	1.266	1.440	1.699	1.909
11	(i)	Add other non-operating income
		(a) Other income	0.000	0.000	0.000	0.000
		(b) Interest & Dividend received	0.000	0.000	0.000	0.000
		(c) Rent Received	0.000	0.000	0.000	0.000
		(d) Miscellaneous income	0.000	0.000	0.000	0.000
		Sub-total (income) (a to d)	0.000	0.000	0.000	0.000
	(ii)	Deduct other non-operating expense
		(a) Preliminary expense	0.000	0.000	0.000	0.000
		(b) Donation	0.000	0.000	0.000	0.000
		Subtotal (expenses)	0.000	0.000	0.000	0.000
		Profit Before Remuneration	1.266	1.440	1.699	1.909
		Less Remuneration to Partner	0.000	0.000	0.000	0.000
	(iii)	Net of other non-operating incomes/ expenses	0.000	0.000	0.000	0.000
12		Profit before tax/loss	1.266	1.440	1.699	1.909
13		Provision for tax	0.380	0.432	0.510	0.573
14		Net profit / (loss)	0.886	1.008	1.189	1.336
15		(i) Equity dividend paid	0.000	0.000	0.000	0.000
		(ii) Dividend Rate %	0.00%	0.00%	0.00%	0.00%
16		Retained Profit [14-15]	0.886	1.008	1.189	1.336
		Cash Profit	0.886	1.008	1.189	1.336
17		Retained profit / Net Profit (%age)	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO	PARTICULARS	2014-15	2015-16	2016-17	2017-18
		Estimated	Projected	Projected	Projected
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	6.200	6.200	6.200	6.200
	(ii) From other banks	0.000	0.000	0.000	0.000
	(iii) of which EP & BD	0.000	0.000	0.000	0.000
	Sub Total (A)	6.200	6.200	6.200	6.200
2	Short term borrowings from others	0.000	0.000	0.000	0.000
3	Sundry Creditors - Trade
	- Manufacturing	2.013	2.158	2.313	2.468
	- Other Expenses	0.000	0.000	0.000	0.000
4	Advance payments from customers/deposits from dealers	0.000	0.000	0.000	0.000
5	Provision for Taxation	0.000	0.000	0.000	0.000
6	Dividend Payable	0.000	0.000	0.000	0.000
7	Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.000	0.000	0.000	0.000
9	Other current liabilities for expense (due within one year)	0.000	0.000	0.000	0.000
10	C.C.	0.000	0.000	0.000	0.000
11	Interest and Other Charges accrued but not due for payment	0.000	0.000	0.000	0.000
12	Due from Associate Concerns	0.000	0.000	0.000	0.000
	Sub Total (B)	2.013	2.158	2.313	2.468
13	Total Current Liabilities [total of 1 to 12]	8.213	8.358	8.513	8.668
	TERM LIABILITIES
14	Debentures (not maturing within one year)	0.000	0.000	0.000	0.000
15	Preference Shares (redeemable after one year)	0.000	0.000	0.000	0.000
16	Term loans (excluding instalments payable within one year)	0.000	0.000	0.000	0.000
17	Deferred Payment Credits (excl. instalments due within one year)	0.000	0.000	0.000	0.000
18	Term deposits (repayable after one year)	1.650	1.650	1.650	1.650
19	Other term liabilities for Capital Goods	0.000	0.000	0.000	0.000
20	Total term liabilities (Total of 14 to 19)	1.650	1.650	1.650	1.650
21	TOTAL OUTSIDE LIABILITIES [12+20]	9.863	10.008	10.163	10.318
	NET WORTH
22	Partners’ Capital
	Opening balance of capital	2.420	3.297	4.155	4.944
	+ Capital Introduce	0.000	0.000	0.000	0.000
	+ Drawing	0.010	0.150	0.400	0.600
	Sub Total of Capital	2.411	3.147	3.755	4.344
	Surplus (+) or deficit (-) in profit and loss account	0.886	1.008	1.189	1.336
	TOTAL CAPITAL	3.297	4.155	4.944	5.680
23	Preference Share Capital	0.000	0.000	0.000	0.000
24	General Reserve	0.000	0.000	0.000	0.000
25	State Subsidy	0.000	0.000	0.000	0.000
26	Investment Allowance Reserve	0.000	0.000	0.000	0.000
27	Others	0.000	0.000	0.000	0.000
28	NET WORTH	3.297	4.155	4.944	5.680
29	TOTAL LIABILITIES [21+28]	13.160	14.163	15.108	15.999
	CURRENT ASSETS
30	Cash and Bank balances	0.085	0.177	0.396	0.669
31	Investments [other than long term Investments]
	- Government and Other Trust Security	0.000	0.000	0.000	0.000
	- Fixed Deposits	0.000	0.000	0.000	0.000
31	Receivables other than deferred and exports [including Bills purchases and discounted by banks]
	- Manufacturing	6.075	6.747	7.182	7.606
32	Export receivables [including Bills purchases and discounted by banks]	0.000	0.000	0.000	0.000
33	Instalment of deferred receivables [due within one year]	0.000	0.000	0.000	0.000
34	Short term deposits	0.000	0.000	0.000	0.000
35	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	0.000	0.000	0.000	0.000
	(b) Indigenous	0.000	0.000	0.000	0.000
	(ii) Stock-in-process	0.000	0.000	0.000	0.000
	(iii) Finished Goods
	- Trading	6.953	7.092	7.234	7.379
	(iv) Other consumables stores and spares
	(a) Imported	0.000	0.000	0.000	0.000
	(b) Indigenous	0.000	0.000	0.000	0.000
36	Advance to suppliers of Raw materials & stores/spares	0.000	0.000	0.000	0.000
37	Advance payment of taxes	0.000	0.000	0.000	0.000
38	Other current assets [loans and advances]	0.000	0.100	0.250	0.300
39	TOTAL CURRENT ASSET [Total 30+38]	13.113	14.116	15.062	15.954
	FIXED ASSETS
40	Gross Block (land & building machinery vehicles work-in-progress)	0.046	0.046	0.046	0.046
41	Depreciation to date	0.000	0.000	0.000	0.000
42	NET BLOCK (40-41)	0.046	0.046	0.046	0.046
	OTHER NON-CURRENT ASSETS
43	Investments/book debts /advances deposits which are not current assets	0.000	0.000	0.000	0.000
	i.(a)Investments in subsidiary companies/ affiliates	0.000	0.000	0.000	0.000
	(b)Others	0.000	0.000	0.000	0.000
	ii. Advances to suppliers of capital goods & contractors	0.000	0.000	0.000	0.000
	iii. Deferred receivables (maturity exceeding one year)	0.000	0.000	0.000	0.000
	iv. Others/ deposit with GEB etc.	0.000	0.000	0.000	0.000
44	Non consumables stores & spare	0.000	0.000	0.000	0.000
45	Other non-current assets (incl. Dues from director)	0.000	0.000	0.000	0.000
46	TOTAL OTHER NON-CURRENT ASSETS (Total of 43+45)	0.000	0.000	0.000	0.000
47	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	0.000	0.000	0.000	0.000
48	TOTAL ASSETS (Total of 39,42,46,47)	13.169	14.163	15.108	15.999
49	TANGIBLE NET WORTH (28-47)	3.297	4.155	4.944	5.680
50	NET WORKING CAPITAL (39-13)	4.900	5.758	6.549	7.286
51	Current Ratio [39/13]	1.60	1.69	1.77	1.84
52	Total outside liabilities / Tangible Net worth (21/49)	2.99	2.41	2.06	1.82
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	0.000	0.000	0.000	0.000
	B. Contingent Liabilities:
	(a)Arrears of cumulative dividends	0.000	0.000	0.000	0.000
	(b)Gratuity liability not provided for	0.000	0.000	0.000	0.000
	(c)Disputed excise/ customs/tax liabilities	0.000	0.000	0.000	0.000
	(d)Other liabilities not provided for	0.000	0.000	0.000	0.000

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18
		Estimated	Projected	Projected	Projected
1	SOURCES
	Profit Before Tax	1.266	1.440	1.699	1.909
	Add: Depreciation/ Preliminary Exp.	0.000	0.000	0.000	0.000
	Gross Funds generated	1.266	1.440	1.699	1.909
	Less: Tax paid/ payable	0.380	0.432	0.510	0.573
	A. Total Net Funds Generated	0.886	1.008	1.189	1.336
2	Increase in capital	0.000	0.000	0.000	0.000
	Increase in term loans/ debentures	0.000	0.000	0.000	0.000
	Increase in state subsidy	0.000	0.000	0.000	0.000
	Increase in term deposits	0.000	0.000	0.000	0.000
	Decrease in fixed assets	0.000	0.000	0.000	0.000
	Decrease in inter-corporate investment and advances	0.000	0.000	0.000	0.000
	B. Sub Total	0.000	0.000	0.000	0.000
	Increase in Short term bank borrowings [including bills purchased and discounted by bank]	6.200	0.000	0.000	0.000
	Increase in current liabilities	(4.403)	0.145	0.155	0.155
	Increase in other term liabilities	0.000	0.000	0.000	0.000
	Increase in inventory	0.000	0.000	0.000	0.000
	Decrease in receivables [including cash and bank balance]	0.000	0.000	0.000	0.000
	Decrease in other current assets [Including cash and bank balances]	0.000	0.000	0.000	0.000
	C. Sub Total	1.797	0.145	0.155	0.155
	Total Funds Available [A+B+C]	2.683	1.153	1.344	1.491
	USES
	Increase in fixed assets	0.000	0.000	0.000	0.000
	Decrease in term loan	0.000	0.000	0.000	0.000
	Increase in Investment	0.000	0.000	0.000	0.000
	Decrease in Capital [Withdrawn]	0.010	0.150	0.400	0.600
	Decrease in term deposit	0.000	0.000	0.000	0.000
	Advances and Other non-current assets	0.000	0.100	0.150	0.050
	D. Sub Total	0.010	0.250	0.550	0.650
	Decrease in Short term bank borrowings [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000
	Decrease in other current liabilities	0.000	0.000	0.000	0.000
	Increase in inventory	2.737	0.139	0.142	0.145
	Decrease in receivables	0.014	0.672	0.435	0.424
	Increase in other current assets [including cash and bank balance]	(0.078)	0.092	0.219	0.273
	E. Sub Total	2.673	0.903	0.796	0.842
	Loss	0.000	0.000	0.000	0.000
	Less: Depreciation	0.000	0.000	0.000	0.000
	Balance i.e. gross funds lost or gross funds generated	0.000	0.000	0.000	0.000
	Add: Tax paid/payable [relating to year]	0.000	0.000	0.000	0.000
	Add: Dividend paid/ payable [relating to year]	0.000	0.000	0.000	0.000
	F. Sub Total Net funds Lost	0.000	0.000	0.000	0.000
	Total funds used [D+E+F]	2.683	1.153	1.346	1.492
	SUMMARY
	Long term Sources	0.886	1.008	1.189	1.336
	Less: Long term Uses	0.010	0.250	0.550	0.650
	Surplus/ Short fall	0.877	0.759	0.639	0.686
	Short term Sources	1.797	0.145	0.155	0.155
	Less: Short term Uses	2.673	0.903	0.796	0.842
	Surplus/ Short fall	(0.877)	(0.759)	(0.639)	(0.686)

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18
		Estimated	Projected	Projected	Projected
	A. CURRENT ASSETS:
1	Raw materials (including stores & other items used in the process of manufacture)
	Indigenous :1 )	0.000	0.000	0.000	0.000
	Months consumption : (M)	0.00	0.00	0.00	0.00
	Imported 2:	0.000	0.000	0.000	0.000
	Months consumption : (M)	0.00	0.00	0.00	0.00
2	Other consumable spares, excluding those included in I above.
	Imported	0.000	0.000	0.000	0.000
	Months consumption	0.00	0.00	0.00	0.00
	Indigenous	0.000	0.000	0.000	0.000
	Months consumption	0.00	0.00	0.00	0.00
	(% of total inventory and month's consumption)	0.00%	0.00%	0.00%	0.00%
3	Stock in process	0.000	0.000	0.000	0.000
	Months cost of production :	0.00	0.00	0.00	0.00
4	Finished goods-Trading
	Months cost of sales
	- Manufacturing	6.953	7.092	7.234	7.379
	Months cost of sales	2.78	2.68	2.57	2.48
5	Receivables other than exports & deferred receivables (including Bills purchased & discounted by bankers ) : Trading	6.075	6.747	7.182	7.606
	Months domestic sales excluding deferred Payment sales	2.25	2.33	2.33	2.33
6	Mfg. Export receivables (incl. bills purchased & disc.)	0.000	0.000	0.000	0.000
	Months Export sales	0.00	0.00	0.00	0.00
7	Advance to suppliers of Raw materials & stores/spares	0.000	0.000	0.000	0.000
8	Other current assets incl. cash & bank balances & deferred receivable due within one year (specify major items)
	Cash/Bank	0.085	0.177	0.396	0.669
	FDR	0.000	0.000	0.000	0.000
	Advance Tax	0.000	0.000	0.000	0.000
	Short term deposit	0.000	0.000	0.000	0.000
	Other Current assets	0.000	0.100	0.250	0.300
9	TOTAL CURRENT ASSETS	13.113	14.116	15.062	15.954
	(To agree with item 39 in Form III)
	B. CURRENT LAIBILITES
	(Other than bank borrowings for working capital)
10	Creditors for purchase of raw materials, stores and consumables	1.598	1.712	1.836	1.959
	Months domestic Purchase [Month]	0.00	0.00	0.00	0.00
11	Advance payments from customers	0.000	0.000	0.000	0.000
12	Accrued expenses	0.000	0.000	0.000	0.000
13	Statutory liabilities	0.000	0.000	0.000	0.000
14	Other current liabilities [Specify major items]	0.000	0.000	0.000	0.000
15	TOTAL	1.598	1.712	1.836	1.959
	(To agree with sub-total B-Form III)
16	Working Capital Gap	11.100	11.958	12.749	13.486
17	Actual/ Projected Bank Borrowings for working capital including bills purchase and discounted and excess borrowing placed on repayment basis	0.000	0.000	0.000	0.000
18	Total Current Liabilities	1.598	1.712	1.836	1.959
19	Net Working Capital	4.900	5.758	6.549	7.286

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO	PARTICULARS	2014-15	2015-16	2016-17	2017-18
		Estimated	Projected	Projected	Projected
1	Working Capital Gap	11.100	11.958	12.749	13.486
2	Minimum stipulated net working Capital – (25% of Working Capital Gap)	2.775	2.990	3.187	3.372
3	Actual/projected net working capital	4.900	5.758	6.549	7.286
4	Item 1 minus item 2	8.325	8.969	9.562	10.115
5	Item 1 minus item 3	6.200	6.200	6.200	6.200
6	Maximum permissible finance (item 4 or 5 whichever is less)	6.200	6.200	6.200	6.200
7	Excess borrowings (representing short fall in Net Working Capital to be converted in to working capital term)	0.000	0.000	0.000	0.000
8	Working Capital Gap [WCG] (1-2)	11.100	11.958	12.749	13.486
9	Min. stipulated net working capital i.e. 25% of total current assets	3.278	3.529	3.766	3.989
10	Actual/ projected net working capital [48 in form iii]	4.900	5.758	6.549	7.286
11	Item 8 minus item 9	7.822	8.429	8.984	9.498
12	Item 8 minus item 10	6.200	6.200	6.200	6.200
13	Maximum permissible bank finance [item 11 or 12 whichever is lower]	6.200	6.200	6.200	6.200
14	Excess borrowings representing short fall in NWC [4-5]	0.000	0.000	0.000	0.000

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MRS. SANGITABEN ARVINDBHAI SUTARIYA

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		0.720	0.525
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.720	0.525
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.720	0.525
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.003	0.002
Capital work-in-progress		0.000	0.000
INVESTMENT		0.043	0.043
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.886	0.000
	Cash & Bank Balances	0.032	0.480
	Other Current Assets	0.000	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		0.918	0.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.244	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.244	0.000
Net Current Assets		0.674	0.480
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		0.720	0.525

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

MRS. SANGITABEN ARVINDBHAI SUTARIYA

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Stitching and Embroidery	3.191	0.267
		Other Income	0.000	0.000
		TOTAL	3.191	0.267
Less	EXPENSES
		Account fees	0.004	0.001
		Bank charges	0.002	0.000
		Conveyance expense	0.007	0.007
		Dalali expense	0.005	0.000
		Handwork expense	0.761	0.000
		Jobwork expense	1.125	0.058
		Material expense	0.674	0.000
		Miscellaneous expense	0.007	0.006
		Roll Press expense	0.040	0.000
		Sparpart expense	0.039	0.000
		Stationery and printing	0.002	0.001
		Telephone and Mobile expense	0.006	0.005
		Tempabhadu expense	0.037	0.000
		Vakil Fees	0.001	0.001
		Wages and salary expense	0.216	0.000
		TOTAL	2.926	0.079
	NET PROFIT		0.265	0.188

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

NETWORTH STATEMENT

MRS. SANGITABEN ARVINDBHAI SUTARIYA

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
ASSETS
Fixed Assets:
Gold Ornaments	0.043
Mobile Instrument	0.003
Sundry Debtors	6.061
Bank Balance:
Bank of India (CA)	0.051
Bank of Baroda	0.003
The Panchsheel Bank	0.005
ICBI Bank	0.046
Cash Balance	0.058
Stock in trade	4.216
TOTAL ASSETS	10.486
LIABILITIES
Unsecured Loans	0.250
Vasudev Navadiya	0.300
Anand Kalathiya	0.250
Jainik V. Lakhani	0.250
Pareshbhai Lakhani	0.200
Devrajbhao Mayur Seliya	0.300
Sundry Creditors and Provisions	6.415
TOTAL LIABILITIES	8.065
NETWORTH	2.421

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TRADE REFERENCES

· Shree Balaji Creation

Address: H-2419, Millenium Textile Market, Ring Road, Surat, Gujarat, India

Contact Person: Manishbhai [Mobile No.: 91-9879864876]

· Rasam Creation

Address: K-2606, Millenium Textile Market, Ring Road, Surat, Gujarat, India

Contact Person: Chiragbhai [Mobile No.: 91-9033947725]

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

29

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.