MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	GOLD STAR AGENCIES PRIVATE LIMITED
Registered Office :	B 101, Riddhi Siddhi Apartment, M.G. Road, Borivali [East], Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.1992
Com. Reg. No.:	11-065650
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51900MH1992PTC065650
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Plastic Bags.
No. of Employees :	12 (2 in Office and 10 in Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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 an established company having moderate track record. The rating takes into consideration small scale of operations and huge external borrowings recorded by the company during 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small business dealings with great 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. Sunil Singh
Designation :	Director
Contact No.:	91-8767905252
Date :	03.09.2014

LOCATIONS

Registered Office :	B 101, Riddhi Siddhi Apartment, M.G. Road, Borivali [East], Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28902321
Mobile No.:	91-8767905252 [Mr. Sunil Singh] 91-9920227444 [Mr. Sachin Upadhyay]
Fax No.:	91-22-28902321
E-Mail :	sachinangels@yahoo.com sunil_jainr@yahoo.co.in corporate2012@gmail.com
Location :	Leased
Factory :	Gala No 8, Komal Industrial Estate, Behind Power Station, Silvassa, Daman and Diu (U.T), India
Location :	Leased

DIRECTORS

Name :	Mr. Sunil Singh
Designation :	Director
Address :	Kandivali [East], Mumbai, Maharashtra, India
Date of Birth/Age :	10.05.1980
Qualification :	Matriculate
Experience :	He has 6 years’ of experience in sales and purchase of plastic materials. He is well versed with plastic industry and known name in supply of plastic bags [Printed and Non-Printed].
Name :	Mr. Rajendra Chavan
Designation :	Director
Address :	Dahisar [East], Mumbai, Maharashtra, India
Date of Birth/Age :	26.04.1973
Qualification :	B.A
Experience :	He is master technical person involved in this industry for last 10 years right from operating tubing machine to maintenance. He is well versed with it.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sunil Singh	2500	25.00
Rajendra Chavan	5000	50.00
Ashish Deepak Trikamdasoth	2500	25.00
Total	10000	100.00

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Plastic Bags.
Terms :
Selling :	Credit [30 – 60 Days]
Purchasing :	Cash

PRODUCTION DETAILS:

Products	Installed Capacity	Actual Production
3 Extruder Machine, 3 cutting Sealing Machine, 1 Punch Machine	200 ton	175 ton

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	12 (2 in Office and 10 in Factory) (Approximately)
Bankers :	· The Janata Sahakari Bank Limited Girgaon, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Prasad Nakashe and Company Chartered Accountants
Address :	335/4, Akhil Bharat Bhavan, Bellasis Road, Tardeo, Mumbai - 400034, Maharashtra, India
Mobile No.:	91-9920227444/ 9820786565

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.416	0.262	0.225
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.516	0.362	0.325
(3) Non-Current Liabilities
(a) long-term borrowings	3.205	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.205	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	4.000	0.000	0.000
(b) Trade payables	1.205	0.000	0.000
(c) Other current liabilities	0.012	0.012	0.001
(d) Short-term provisions	0.082	0.016	0.000
Total Current Liabilities (4)	5.299	0.028	0.001
TOTAL	9.020	0.390	0.326
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.217	0.066	0.000
(c) Trade receivables	1.241	0.119	0.000
(d) Cash and cash equivalents	1.895	0.205	0.326
(e) Short-term loans and advances	5.667	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9.020	0.390	0.326
TOTAL	9.020	0.390	0.326

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	8.252	0.660	0.000
		Other Income	0.065	0.036	0.000
		TOTAL (A)	8.317	0.696	0.000
Less	EXPENSES
		Cost of Materials Consumed	7.276	0.528	0.000
		Employees benefits expense	0.216	0.040	0.000
		Other expenses	0.605	0.075	0.001
		TOTAL (B)	8.097	0.643	0.001
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.220	0.053	(0.001)
Less	FINANCIAL EXPENSES (D)		0.001	0.001	0.000
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.219	0.052	(0.001)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		0.219	0.052	(0.001)
Less	TAX (H)		0.065	0.016	0.000
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		0.154	0.036	(0.001)
	Earnings/ [Loss] Per Share (Rs.)		15.38	3.60	(0.11)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.85	5.17	0.00
Net Profit Margin (PBT/Sales)	(%)	2.65	7.88	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.43	13.33	(0.31)
Return on Investment (ROI) (PBT/Networth)		0.42	0.14	0.00
Debt Equity Ratio (Total Debt/Networth)		13.96	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.70	13.93	326.00

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	0.100	0.100	0.100
Reserves & Surplus	0.225	0.262	0.416
Net worth	0.325	0.362	0.516
Long-term borrowings	0.000	0.000	3.205
Short term borrowings	0.000	0.000	4.000
Total borrowings	0.000	0.000	7.205
Debt/Equity ratio	0.000	0.000	13.963

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	0.000	0.660	8.252
			1,150.303

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	0.000	0.660	8.252
Profit/ [Loss]	(0.001)	0.036	0.154
		5.45%	1.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	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	No
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)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	0.205	0.000
Others	3.000	0.000
SHORT TERM BORROWINGS
Others	4.000	0.000
Total	7.205	0.000

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

D.S.C.R. ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
Cash accruals	8.663	9.411	9.154	8.939	9.751	10.578
Any cash inflow (eg. sales tax deferral, subsidy )	--	--	--	--	--	--
Interest on TL / Deferred Loans	0.772	1.842	1.407	0.972	0.537	0.160
Repayment Obligations of TL	--	--	--	--	--	--
Repayment of other deferred Loans	--	--	--	--	--	--
Total Repayment	0.772	1.842	1.407	0.972	0.537	0.160
Net Debt Service Coverage Ratio (DSCR)
Gross Debt Service Coverage Ratio (DSCR)	12.22	6.11	7.51	10.20	19.17	67.32
Average Net DSCR	9.96
Average Gross DSCR	5.48

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RATIO ANALYSIS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
		2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
	RATIOS
1	Growth in Sales	1264%	10%	8%	8%	8%	8%
2	Gross Profit Ratio	12.65%	13.04%	11.06%	10.05%	10.21%	10.29%
3	PBDIT	14.650	17.421	16.778	16.172	17.012	17.817
4	PBDIT/sales	13.01%	14.07%	12.54%	11.19%	10.90%	10.57%
5	Operating Profits/Sales	8.10%	7.72%	7.27%	6.83%	7.31%	7.47%
6	PBT/Sales	8.19%	7.82%	7.36%	6.92%	7.40%	7.55%
7	PAT/Sales	5.74%	5.48%	5.15%	4.84%	5.18%	5.28%
8	Cash Accruals/ Sales	7.69%	7.60%	6.84%	6.19%	6.25%	6.28%
9	Sales/Equity	7.05	5.44	4.51	3.94	3.49	3.14
10	Sales / TTA	1.73	1.81	1.82	1.84	1.83	1.81
11	Interest Coverage (Interest/ PBDIT)	26.09%	34.81%	32.45%	30.03%	24.98%	21.37%
12	PBDIT / Interest (Times)	4.55	3.41	3.59	3.82	4.48	5.21
13	Deferred Debt/ Equity	0.89	0.49	0.28	0.14	0.05	--
14	TOL/Equity	3.07	2.01	1.48	1.15	0.90	0.74
15	Current Ratio (CA / CL)	1.33	1.52	1.67	1.81	1.96	2.14
16	Current Ratio excluding TL Installments	1.33	1.52	1.67	1.81	1.96	2.14
17	CA / TTA (%)	71.07%	76.40%	81.12%	84.79%	87.91%	90.75%
18	Inventory + Receivables as days of Net Sales	124	114	123	125	123	123
19	Bank Borrowings/ Current Assets	48.72%	42.99%	37.65%	33.73%	30.07%	26.62%
20	RM content in sales	84%	82%	85%	86%	86%	86.31%
21	ROCE (PBDIT including Other income/TTA)	22.55%	25.43%	22.78%	20.56%	19.99%	19.13%

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

BREAK EVEN ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	Variable	Provisional	Projection	Projection	Projection	Projection	Projection
	%	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
BREAK EVEN POINT
Sales		112.600	123.860	133.769	144.470	156.028	168.510
Variable Cost
I. Raw Material	100.00%	105.844	101.565	115.041	125.689	135.744	146.604
ii. Consumables	100.00%	--	--	--	--	--	--
iii. Direct Labour	60.00%	0.249	0.297	0.321	0.347	0.374	0.404
iv. Power and Fuel	60.00%	0.173	0.201	0.217	0.234	0.253	0.273
v. Selling Expenses	10.00%	0.036	0.025	0.027	0.028	0.056	0.116
vi. Other Variable Costs		--	--	--	--	--	--
Total Variable Costs		106.302	102.088	115.606	126.297	136.428	147.397
Percent of Sales		94%	82%	86%	87%	87%	87%
Fixed Costs		(2.820)	12.214	8.444	8.309	8.189	8.521
Break Even Level of Sales		(50.425)	69.485	62.187	66.054	65.192	68.006
Percentage to Sales		(45%)	56%	46%	46%	42%	40%
Cash Break Even of Sales		(89.837)	54.529	45.543	50.602	51.881	54.660
		(80%)	44%	34%	35%	33%	32%

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
		2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
1	i. Domestic Sale	112.600	123.860	133.769	144.470	156.028	168.510
	ii. Export Sale	--	--	--	--	--	--
1	Total Gross Sales	112.600	123.860	133.769	144.470	156.028	168.510
2	Less : Excise Duty	--	--	--	--	--	--
3	Net Sales (1-2)	112.600	123.860	133.769	144.470	156.028	168.510
4	Growth in sales	1264%	10%	8%	8%	8%	8%
	Cost of Sales
5	a. Raw Material (Imported)	--	--	--	--	--	--
	b. Raw material (Indigenous)	105.844	101.565	115.041	125.689	135.744	146.604
	c. Stores & Spares (Imported)	--	--	--	--	--	--
	d. Stores & Spares (Indigenous)	--	--	--	--	--	--
6	Power & Fuel	0.289	0.334	0.361	0.390	0.421	0.455
7	Direct Labour	0.415	0.495	0.535	0.578	0.624	0.674
8	Repairs and maintenance	0.118	0.102	0.115	0.126	0.136	0.147
9	Other Mfg. Expenses	2.016	2.031	2.301	2.514	2.715	2.932
10	Depreciation	2.204	2.629	2.260	1.944	1.672	1.672
11	Others expenses	0.305	0.025	0.025	0.025	0.025	0.025
a	Bank Charges & Commission	0.175	0.025	0.025	0.025	0.025	0.025
b	Installation Expenses	0.130	--	--	--	--	--
c		--	--	--	--	--	--
d		--	--	--	--	--	--
	Sub Total	111.191	107.182	120.638	131.265	141.337	152.509
12	Add: Opening Stock in Process	--	8.700	8.348	9.455	10.331	11.157
	Sub Total	111.191	115.881	128.986	140.721	151.668	163.666
13	Deduct : Closing Stock in Process	8.700	8.348	9.455	10.331	11.157	12.050
	Cost of Production	102.492	107.534	119.531	130.390	140.511	151.616
14	Add: Opening Stock of Finished Goods	0.217	4.350	4.174	4.728	5.165	5.579
	Sub Total	102.709	111.883	123.705	135.118	145.676	157.195
15	Deduct : Closing Stock OF Finished Goods	4.350	4.174	4.728	5.165	5.579	6.025
	Sub Total (Total Cost of Sales)	98.359	107.709	118.977	129.952	140.098	151.170
16	Gross profit	14.241	16.151	14.792	14.518	15.930	17.340
	Gross Profit/ Sales	12.65%	13.04%	11.06%	10.05%	10.21%	10.29%
17	Selling Expenses	0.359	0.250	0.270	0.275	0.565	1.157
18	Administrative Expenses	1.545	1.239	0.134	0.144	0.156	0.169
	Sub Total	100.263	109.198	119.381	130.372	140.818	152.496
19	Operating Profit before interest	12.337	14.662	14.388	14.098	15.210	16.014
	a. Interest on CC.	2.447	3.263	3.263	3.263	3.263	3.263
	b. Interest on TL	0.772	1.842	1.407	0.972	0.537	0.160
	c. Other interests	--	--	--	--	--	--
20	Total Interest	3.219	5.104	4.669	4.234	3.799	3.422
21	Operating Profit after Interest	9.118	9.558	9.719	9.864	11.411	12.592
22	Add: Other non-operating Income	--	--	--	--	--	--
a	Interest/Dividend/Royalties etc.	--	--	--	--	--	--
b	Other income	0.109	0.130	0.130	0.130	0.130	0.130
c		--	--	--	--	--	--
d		--	--	--	--	--	--
	Sub Total	0.109	0.130	0.130	0.130	0.130	0.130
23	Deduct other non-operating expenses	--	--	--	--	--	--
a	Interest/Dividend/Royalties etc.	--	--	--	--	--	--
b	Other Expenses	--	--	--	--	--	--
c	Intangibles written off -1	--	--	--	--	--	--
d	Professional Fees	--	--	--	--	--	--
e
	Sub Total	--	--	--	--	--	--
24	Net of other non-operating Income/Expenses	0.109	0.130	0.130	0.130	0.130	0.130
25	Profit before Tax /Loss (PBT)	9.227	9.688	9.849	9.994	11.541	12.722
26	Provision for Taxes	2.768	2.906	2.955	2.998	3.462	3.817
27	Net Profit/Loss (PAT)	6.459	6.782	6.894	6.996	8.078	8.906
28	Cash Accruals	8.663	9.411	9.154	8.939	9.751	10.578
29	Dividend paid + IT on Dividend	--	--	--	--	--	--
30	Retained Profit	6.459	6.782	6.894	6.996	8.078	8.906
31	Retained Cash Profits	8.663	9.411	9.154	8.939	9.751	10.578
32	RM Content in sales	84%	82%	85%	86%	86%	86%
33	PBDIT	14.650	17.421	16.778	16.172	17.012	17.817
34	PBDIT/Sales	13.01%	14.07%	12.54%	11.19%	10.90%	10.57%
35	Operating Profits/Sales	8.10%	7.72%	7.27%	6.83%	7.31%	7.47%
36	PBT/Sales	8.19%	7.82%	7.36%	6.92%	7.40%	7.55%
37	PAT/Sales	5.74%	5.48%	5.15%	4.84%	5.18%	5.28%
38	Cash Accruals/ Sales	7.69%	7.60%	6.84%	6.19%	6.25%	6.28%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
		2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
	LIABILITIES
	Current Liabilities
1	Short Term loans from Applicant Bank including BP & BD	22.500	22.500	22.500	22.500	22.500	22.500
	Short Term loans From Other banks including BP &BD	--	--	--	--	--	--
	Sub Total (A)	22.500	22.500	22.500	22.500	22.500	22.500
2	Short Term Borrowings from Others	--	--	--	--	--	--
3	Sundry Creditors (Trade)	9.526	9.141	10.354	11.312	12.217	13.194
4	Advance Payment from Customers	--	--	--	--	--	--
5	Net Provision for Taxation (if positive)	--	--	--	--	--	--
6	Dividend Payable	--	--	--	--	--	--
7	Other Statutory Liabilities (Due within one Year)	--	--	--	--	--	--
8	Overdue Term Liabilities
9	Installments of term Loan/ DPGs/ Deposits/ debentures due within next year	--	--	--	--	--	--
10	Other Current Liabilities & Provisions (due within one year)	2.768	2.906	2.955	2.998	3.462	3.817
a	Expenses Payable	--	--	--	--	--	--
b	Income tax Provisions	2.768	2.906	2.955	2.998	3.462	3.817
c		--	--	--	--	--	--
d		--	--	--	--	--	--
11	Sub Total (B)	12.294	12.047	13.309	14.310	15.679	17.011
12	TOTAL CURRENT LIABILITIES	34.794	34.547	35.809	36.810	38.179	39.511
	TERM LIABILITIES
13	Debentures (not maturing within one Year)	--	--	--	--	--	--
14	Preference Shares (redeemable after 1 year)	--	--	--	--	--	--
15	Term Loan from Bank(Less next Year Installments)	14.200	11.200	8.200	5.200	2.200	--
16	Term Loan from Other Banks/Installments (excluding installments due next Year)	--	--	--	--	--	--
17	Deferred Payments Credits (excluding installments due next Year)	--	--	--	--	--	--
16	Term deposits (excluding installments due next Year)	--	--	--	--	--	--
18	Other term Liabilities	--	--	--	--	--	--
A		--	--	--	--	--	--
B	Unsecured Loan	--	--	--	--	--	--
C		--	--	--	--	--	--
19	TOTAL TERM LIABILITIES	14.200	11.200	8.200	5.200	2.200	--
20	TOTAL OF OUTSIDE LIABILITIES	48.994	45.747	44.009	42.010	40.379	39.511
	NET WORTH
21	Share Capital	0.100	0.100	0.100	0.100	0.100	0.100
22	General Reserve	--	--	--	--	--	--
23	Revaluation Reserve	--	--	--	--	--	--
24	Adjustments for previous Year costs	--	--	--	--	--	--
25	Other reserves (excluding Provisions)	--	--	--	--	--	--
26	Others	9.267	9.267	9.267	9.267	9.267	9.267
A	Capital reserve	--	--	--	--	--	--
B	Profit & Loss A/c (op)	0.262	0.262	0.262	0.262	0.262	0.262
C	Quasi Capital	9.005	9.005	9.005	9.005	9.005	9.005
27	Surplus (+) or deficit (-) in Profit & Loss a/c	6.613	13.394	20.289	27.285	35.363	44.269
28	NET WORTH	15.980	22.761	29.656	36.652	44.730	53.636
29	TOTAL LIABILITIES	64.974	68.508	73.664	78.662	85.109	93.147
	ASSETS
	Current Assets
1	Cash & Bank Balances	0.294	0.309	1.308	3.752	8.696	14.196
2	Govt. & other Trustee securities	--	--	--	--	--	--
3	Fixed Deposits with Banks	--	--	--	--	--	--
4	Domestic Receivables including BP/BD	25.335	26.011	30.767	33.951	35.886	38.757
5	Export Receivables including BP/BD)	--	--	--	--	--	--
6	Deferred receivables(due within one year)	--	--	--	--	--	--
7	Imported Raw Material	--	--	--	--	--	--
8	Indigenous Raw material	--	--	--	--	--	--
9	Stock in Process	8.700	8.348	9.455	10.331	11.157	12.050
10	Finished Goods	4.350	4.174	4.728	5.165	5.579	6.025
11	Imported Consumables	--	--	--	--	--	--
12	Indigenous consumables	--	--	--	--	--	--
a.	Packing Material	--	--	--	--	--	--
13	Advances to Suppliers	1.500	7.500	7.500	7.500	7.500	7.500
14	Net Advance Payment of Taxes (if positive)	--	--	--	--	--	--
15	Other Current Assets (specify major items)	6.000	6.000	6.000	6.000	6.000	6.000
a	Loans and Advances	6.000	6.000	6.000	6.000	6.000	6.000
b	Prepaid Car Insurance	--	--	--	--	--	--
c	EEFC Account	--	--	--	--	--	--
d	Duty drawback receivable	--	--	--	--	--	--
16	TOTAL CURRENT ASSETS	46.178	52.341	59.758	66.698	74.818	84.528
	FIXED ASSETS
17	Gross Block (Land & Building Machinery	21.000	21.000	21.000	21.000	21.000	21.000
18	Add Capital expenditure in work-in-process	--	--	--	--	--	--
19	Depreciation to Date	2.204	4.833	7.093	9.037	10.709	12.381
20	Net Block	18.796	16.167	13.907	11.963	10.291	8.619
21	OTHER NON CURRENT ASSETS
a	Investments in Sub. cos./ affiliates	--	--	--	--	--	--
b	Investment in Others	--	--	--	--	--	--
c	Advance to suppliers of Capital goods & Contractors	--	--	--	--	--	--
d	Deferred Receivables(Maturing after a year)	--	--	--	--	--	--
e	Other Non-current investments	--	--	--	--	--	--
f	Non Consumable Stores & Spares	--	--	--	--	--	--
g	Long outstanding dues & Other non-Current Assets / dues from Directors	--	--	--	--	--	--
h	Deposits	--	--	--	--	--	--
i	EMD For Tender	--	--	--	--	--	--
	TOTAL OTHER NON CURRENT ASSETS	--	--	--	--	--	--
22	Intangible Assets
a	Preliminary Expenses	--	--	--	--	--	--
b	Deferred Revenue expenditures	--	--	--	--	--	--
c	Other Intangibles (patents, goodwill, etc.)	--	--	--	--	--	--
d		--	--	--	--	--	--
e		--	--	--	--	--	--
23	Total Intangible Assets	--	--	--	--	--	--
24	TOTAL ASSETS	64.974	68.508	73.664	78.662	85.109	93.147
49	TANGIBLE NET WORTH (TNW)	15.980	22.761	29.656	36.652	44.730	53.636
50	NET WORKING CAPITAL (NWC)	11.384	17.795	23.949	29.888	36.639	45.017
	MOVEMENT OF TNW
	Opening TNW	3.721	15.980	22.761	29.656	36.652	44.730
	Plough back of profit	6.459	6.782	6.894	6.996	8.078	8.906
	Increase in capital/reserves	5.800	0.000	0.000	0.000	0.000	0.000
	Intangibles written off	--	--	--	--	--	--
	Closing TNW	15.980	22.761	29.656	36.652	44.730	53.636
	Current Ratio	1.33	1.52	1.67	1.81	1.96	2.14
	Debt/Equity	0.89	0.49	0.28	0.14	0.05	--
	TOL/Equity	3.07	2.01	1.48	1.15	0.90	0.74
	Current Assets/Tangible Assets	71.07%	76.40%	81.12%	84.79%	87.91%	90.75%
	ROCE (PBDIT incl. Other income/TTA)	0.23	0.25	0.23	0.21	0.20	0.19
	Inventory + Receivables as days of Net Sales	124	114	123	125	123	123
	ADDITIONAL INFORMATION
	a. Arrears of Depreciation	--	--	--	--	--	--
	b. Contingent Liabilities	--	--	--	--	--	--
	c. Arrears of Cumulative Dividends	--	--	--	--	--	--
	d. Gratuity Liability not Provided for	--	--	--	--	--	--
	e. Dispute Custom/Excise/ Tax Liabilities	--	--	--	--	--	--
	f. Other Liabilities not provided for	--	--	--	--	--	--

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
		2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
1	LONG TERM SOURCES
	Profit after Tax	6.459	6.782	6.894	6.996	8.078	8.906
	Depreciation	2.204	2.629	2.260	1.944	1.672	1.672
	Intangibles written off	--	--	--	--	--	--
	Increase in capital and reserves	5.800	0.000	--	0.000	0.000	0.000
	Increase in Term Liability	14.200	--	--	--	--	--
	i. Decrease in Fixed Assets	--	--	--	--	--	--
	ii. Decrease in Other non-current assets	--	--	--	--	--	--
	Total	28.663	9.411	9.154	8.939	9.751	10.578
2	LONG TERM USES
	Net Loss	--	--	--	--	--	--
	Increase in Intangibles	--	--	--	--	--	--
	Decrease in Capital and Reserves/ Share Buybacks	--	--	0.000	--	--	--
	Decrease in Term Liabilities	--	3.000	3.000	3.000	3.000	2.200
	i. Increase in Fixed Assets	21.000	--	--	--	--	--
	Increase in Non-Current Assets	--	--	--	--	--	--
	iii. Increase in Intangibles	--	--	--	--	--	--
	Dividend paid	--	--	--	--	--	--
	Total	21.000	3.000	3.000	3.000	3.000	2.200
	Surplus/ Deficit	7.663	6.411	6.154	5.939	6.751	8.378
3	SHORT TERM SOURCES
	Increase in Bank Borrowings	22.500	--	--	--	--	--
	Increase in other Current Liabilities	6.996	--	1.262	1.001	1.369	1.332
	Decrease in Inventory	--	0.528	--	--	--	--
	Decrease in Receivables	--	--	--	--	--	--
	Decrease in Cash/ Deposits/ Government Securities	1.601	--	--	--	--	--
	Decrease in Other Current Assets	--	--	--	--	--	--
	Total	31.097	0.528	1.262	1.001	1.369	1.332
4	SHORT TERM USES
	Increase in Inventory	12.832	--	1.661	1.313	1.240	1.339
	Increase in Receivables	24.095	0.676	4.756	3.184	1.936	2.871
	Increase in Cash/ Deposits/ Government Securities	--	0.015	0.999	2.444	4.944	5.500
	Increase in Other Current Assets	1.833	6.000	--	--	--	--
	Decrease in Other Current Liabilities	--	0.247	--	--	--	--
	Decrease in Bank Borrowings	--	--	--	--	--	--
	Total	38.760	6.938	7.416	6.941	8.119	9.710
	SUMMARY OF FUND FLOW ANALYSIS
	Long Term Sources	28.663	9.411	9.154	8.939	9.751	10.578
	Long Term Uses	21.000	3.000	3.000	3.000	3.000	2.200
	Surplus /Deficit (i-ii)	7.663	6.411	6.154	5.939	6.751	8.378
	Short term sources	31.097	0.528	1.262	1.001	1.369	1.332
	Short term uses	38.760	6.938	7.416	6.941	8.119	9.710
	Surplus /Deficit (iii-iv)	(7.663)	(6.411)	(6.154)	(5.939)	(6.751)	(8.378)

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
		2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
A.	WORKING CAPITAL ASSESSMENT
1	Stock of Imported RM-Days Consumption	--	--	--	--	--	--
2	Stock of Indigenous RM - Days Consumption	--	--	--	--	--	--
	Imported Consumables - (Days Consumption)	--	--	--	--	--	--
	Indigenous Consumables - (Days Consumption)	--	--	--	--	--	--
3	Stock in process- (Days of Cost of Production)	31	28	29	29	29	29
4	Finished Goods - (Days Cost of Sales)	16	14	15	15	15	15
5	Total Inventory	13.049	12.522	14.183	15.496	16.736	18.074
6	Total Inventory/Sales (days)	42	37	39	39	39	39
7	Domestic receivables (Days Gross dom. Sales)	82	77	84	86	84	84
8	Export Receivables - (Days Exports)	--	--	--	--	--	--
9	Total Receivables	25.335	26.011	30.767	33.951	35.886	38.757
	Total Receivables/Gross Sales (days)	82	77	84	86	84	84
10	Creditors - (days Consumption)	33	33	33	33	33	33
	Total Current Assets	46.178	52.341	59.758	66.698	74.818	84.528
	FINANCED BY
	Sundry Creditors % of Current Assets	20.63%	17.46%	17.33%	16.96%	16.33%	15.61%
	Other Current Liabilities % of Current Assets	5.99%	5.55%	4.94%	4.49%	4.63%	4.52%
	Bank Finance % of Current Assets	48.72%	42.99%	37.65%	33.73%	30.07%	26.62%
	NWC % to Current Assets	24.65%	34.00%	40.08%	44.81%	48.97%	53.26%
		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
	BY PBS METHOD
	Total Current assets	46.178	52.341	59.758	66.698	74.818	84.528
	Other Current Liabilities	12.294	12.047	13.309	14.310	15.679	17.011
	Working Capital gap	33.884	40.295	46.449	52.388	59.139	67.517
	Net Working capital	11.384	17.795	23.949	29.888	36.639	45.017
	Bank Finance	22.500	22.500	22.500	22.500	22.500	22.500

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

KEY INDICATORS

(RS. IN MILLIONS)

PARTICULARS	Provisional	Projection	Projection	Projection	Projection	Projection
	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
Net Sales	112.600	123.860	133.769	144.470	156.028	168.510
Operating Profit	9.118	9.558	9.719	9.864	11.411	12.592
(Net) Other income	0.109	0.130	0.130	0.130	0.130	0.130
PBDIT/Sales	13.01%	14.07%	12.54%	11.19%	10.90%	10.57%
PBT/Sales	8.19%	7.82%	7.36%	6.92%	7.40%	7.55%
PAT	6.459	6.782	6.894	6.996	8.078	8.906
PAT/Net Sales	5.74%	5.48%	5.15%	4.84%	5.18%	5.28%
Cash Accruals	8.663	9.411	9.154	8.939	9.751	10.578
Cash Accruals/Sales	7.69%	7.60%	6.84%	6.19%	6.25%	6.28%
Paid up Capital (PUC)	0.100	0.100	0.100	0.100	0.100	0.100
TNW	15.980	22.761	29.656	36.652	44.730	53.636
Adjusted TNW (TNW-Investment in associates)	15.980	22.761	29.656	36.652	44.730	53.636
TOL/TNW	3.07	2.01	1.48	1.15	0.90	0.74
TOL/Adjusted TNW	3.07	2.01	1.48	1.15	0.90	0.74
C/R	1.33	1.52	1.67	1.81	1.96	2.14
C/R excluding T/L installments due in 1 year	1.33	1.52	1.67	1.81	1.96	2.14
Net Sales/TTA (Times)	1.73	1.81	1.82	1.84	1.83	1.81
PBT/TTA (%)	14.20%	14.14%	13.37%	12.71%	13.56%	13.66%
Operating costs/Sales (%)	91.90%	92.28%	92.73%	93.17%	92.69%	92.53%
Bank Finance / Current Assets (%)	48.72%	42.99%	37.65%	33.73%	30.07%	26.62%
Inv + Rec. /N.S. (DAYS)	124	114	123	125	123	123
NWC / CA (%)	24.65%	34.00%	40.08%	44.81%	48.97%	53.26%

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

NETWORTH STATEMENT

MR. RAJENDRA CHAVAN

(RS. IN MILLIONS)

PARTICULARS	Amount
ASSETS
Bungalow at Mira Bhayander	10.265
Receivables	0.205
Bank and Cash Balance	0.138
TOTAL ASSETS	10.608
LIABILITIES
Payables	0.039
TOTAL LIABILITIES	0.039
NETWORTH	10.569

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

NETWORTH STATEMENT

MR. SUNIL SINGH

(RS. IN MILLIONS)

PARTICULARS	Amount
ASSETS
Receivables	0.981
Gold Jewellery	0.293
Investments	0.237
Loans and Advances	0.433
Stock in hand	2.038
Bank and Cash Balance	0.197
TOTAL ASSETS	4.179
LIABILITIES
Payables	0.097
TOTAL LIABILITIES	0.097
NETWORTH	4.082

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INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 23/15, Mirashi Nagar, Near Ankur Hospital, Kanjur Marg [East], Mumbai – 400042, Maharashtra, India to the present address.

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

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. 60.54
UK Pound	1	Rs. 99.73
Euro	1	Rs. 79.54

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	1
--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		26

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.