MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	OMSHAKUNTALA COLD STORAGE PRIVATE LIMITED
Registered Office :	2K-15, Block No. 2K, Krishna Nagar, District Bharatpur – 321001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Date of Incorporation :	15.01.2014
Com. Reg. No.:	17-044832
Capital Investment / Paid-up Capital :	Rs. 12.500 Millions
CIN No.: [Company Identification No.]	U63020RJ2014PTC044832
PAN No.: [Permanent Account No.]	AABCO9529J
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Cold Storage facilities for preservation of potatoes and other perishable products.
No. of Employees :	16 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and establishing itself gradually. Mr. Bhupendra Singh, Director provided general information and also confirmed that the company started its business activity from March 2014. The company expects an average turnover from its first year of operation. As per the available financial of 2014, the company has recorded some financial expenses which has resulted into accumulated losses. However, capital base of the company is satisfactory. Trade relations are reported to be improving. Business is active. Payment terms are unknown. The company can be considered for business dealings on a fully safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

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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 willfully 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.

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. Bhupender Singh
Designation :	Director
Contact No.:	91-9414024117
Date :	22.09.2014

LOCATIONS

Registered Office :	2K-15, Block No. 2K, Krishna Nagar, District Bharatpur – 321001, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-9414024117 [Mr. Bhupendra Singh] 91-9412257192 [Mr. Ashish Jain]
Fax No.:	Not Available
E-Mail :	yogesh753@hotmail.com bhajjusolanki@gmail.com
Factory :	Kh No.152, Mauza Abhupara, Tehsil Kirawali, Agra, Uttar Pradesh, India

DIRECTORS

AS ON 29.08.2014

Name :	Mrs. Krishna Singh
Designation :	Director
Address :	2 KA 15 Housing Board, Bharatpur - 321001, Rajasthan, India
Date of Birth/Age :	01.06.1978
Qualification :	Graduate
Experience :	10 Years
Date of Appointment :	15.01.2014
Brief Description :	The times have changed radically, and the Indian woman of today is no longer reconciled to her traditional role as a mere housewife, a mother or a daughter. Perhaps the change in attitudes and the increasing demands for a better status in life and a more important role in national life are the cumulative result of all relevant factors operating simultaneously. In the light of the above facts Smt. Krishna Singh has decided to be director in Om Shakuntala Cold Storage Private Limited. With the past experience of the field her managerial capabilities can be easily deduced. She has also been engaged in serving the society by imparting knowledge to students as being a member of educational society namely “Maharaja Surajmal Educational Society” at Bharatpur and running two colleges at Bharatpur under the name of the society.
DIN No.:	06769603
Name :	Mr. Dharmendra Singh
Designation :	Director
Address :	58A.36.4, Jyoti Nagar, Agra Tehsil-Agra, Agra – 282001, Uttar Pradesh, India
Date of Birth/Age :	20.04.1974
Qualification :	Graduate
Experience :	25 Years
Date of Appointment :	15.01.2014
Brief Description :	Alongwith his father Dharmendra Singh has also been engaged in agriculture activities at Agra. He has also observed the problem faced by the farmers of nearby areas in storage of potatoes and other perishable product. His experience in this line of activity shall give an edge to the entire project. The identification of the project has also been done by the directors of the company keeping in view the existing / potential demand for Cold Storages in the area, which falls in the potato growing belt. Moreover the company has already given Rs. 8.125 Millions as advance for purchase of cold storage.
DIN No.:	06769598
Name :	Mr. Bangali Singh
Designation :	Director
Address :	58A.36.4, Jyoti Nagar, Agra Tehsil-Agra, Agra – 282001, Uttar Pradesh, India
Date of Birth/Age :	15.06.1949
Qualification :	Graduate
Experience :	30 Years
Date of Appointment :	15.01.2014
Brief Description :	Mr. Bangali Singh has also been involved in agriculture activities. He has been in liaison with various farmers of his area and community to have requested to provide additional storage facilities in the area. Considering the problems faced by the farmers of the area the directors have decided to purchase existing cold storage.
DIN No.:	06769587
Name :	Mr. Bhupender Singh
Designation :	Director
Address :	2 KA 15 Housing Board, Bharatpur - 321001, Rajasthan, India
Date of Birth/Age :	01.01.1986
Qualification :	P. Hd
Experience :	15 Years
Date of Appointment :	15.01.2014
Brief Description :	Mr. Bhupendra Singh is well - known personality of Bharatpur. He is one of the most experienced directors of the company. He is basically agriculturist and is cultivating own potatoes. He and his family members are one of the reputed farmers of the area. Considering the shortage of storage capacity in the Agra and growing cultivation of potatoes he has decided to purchase an existing cold storage in the Agra. Mr. Bhupendra Singh is pillar of experience and commercial sense in the project Thus under the supervision and guidance of the director, management of the unit may be considered satisfactory.
DIN No.:	05236426

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.08.2014

Names of Shareholders	No. of Shares
Bangali Singh	2500
Dharmendra Singh	2500
Krishna Singh	327500
Bhupendra Singh	92600
Brajesh	103500
Diya Indoliya	182000
Harendra Sharma	27400
Harendra Singh	100000
Jogendra Singh	95000
Ashok	30000
Lal Singh	162000
Roshan	25000
Shiv Devi	100000
Total	1250000

AS ON 29.08.2014

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

BUSINESS DETAILS

Line of Business :

Providing Cold Storage facilities for preservation of potatoes and other perishable products.

PRODUCTION STATUS

Installed Capacity

72450 Qtls.

GENERAL INFORMATION

No. of Employees :

16 (Approximately)

Bankers :

· Bank of India

NH-2, Runkata, Agra, Uttar Pradesh, India

Facilities :

Credit Limit = Rs. 31.300 Millions (Term Loan of Rs 19.500 Millions and Working Capital Limit of Rs. 11.800 Millions)

(Rs. In Millions)

SECURED LOANS	31.03.2014 [Provisional]
LONG-TERM BORROWINGS
Term Loans from Bank of India (Secured by Cold storage Land, Building, Plant and Machinery)	17.500
SHORT TERM BORROWINGS
Loans repayable on demand	9.421
Total	26.921

Banking Relations :	--
Auditors :
Name :	Saket Jain and Company Chartered Accountants
Address :	192, Jaipur House, Agra, Uttar Pradesh, India
Tel. No.:	91-562-2810138
Mobile No.:	91-9412257192/ 9058027205
Fax No.:	91-562-2810138
E-Mail :	saketjain_co@yahoo.com

CAPITAL STRUCTURE

AS ON 31.03.2014 [PROVISIONAL]

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 [Provisional]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500
(b) Reserves & Surplus	(0.764)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	11.736
(3) Non-Current Liabilities
(a) long-term borrowings	24.900
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	24.900
(4) Current Liabilities
(a) Short term borrowings	9.421
(b) Trade payables	0.000
(c) Other current liabilities	2.011
(d) Short-term provisions	0.000
Total Current Liabilities (4)	11.432
TOTAL	48.068
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.546
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.341
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	34.887
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	7.963
(e) Short-term loans and advances	5.218
(f) Other current assets	0.000
Total Current Assets	13.181
TOTAL	48.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]
	SALES
		Revenue from Operations	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		Cost of Materials Consumed	0.076
		Employees benefits expense	0.018
		Other expenses	0.652
		TOTAL (B)	0.746
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.746)
Less	FINANCIAL EXPENSES (D)		0.083
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.829)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.276
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.105)
Less	TAX (H)		(0.341)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.764)
	Earnings/ (Loss) Per Share (Rs.)		(2.93)

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.32)
Return on Investment (ROI) (PBT/Networth)		(0.09)
Debt Equity Ratio (Total Debt/Networth)		2.92
Current Ratio (Current Asset/Current Liability)		1.15

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 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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	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

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 (Provisional)
LONG-TERM BORROWINGS
Loans and Advances from Related Parties	3.300
Other Loans and advances	4.100
Total	7.400

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

ABF ASSESSMENT

(RS. IN MILLIONS)

PARTICULARS	2015	2016	2017	2018	2019	2020	2021
	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
Total CA	17.388	19.805	21.933	23.910	25.864	27.810	29.682
Other CL (Except Bank Borrowing)	2.550	2.560	2.870	3.080	3.290	3.600	0.110
Working Capital Gap	14.838	17.245	19.063	20.830	22.574	24.210	29.572
Net Working Capital (Act./Proj)	3.038	5.445	7.263	9.030	10.774	12.410	17.772
Assessed Bank Finance	11.800	11.800	11.800	11.800	11.800	11.800	11.800
NWC to TCA (%)	17.47	27.49	33.11	37.77	41.66	44.63	59.87
Bank Finance to TCA (%)	67.86	59.58	53.80	49.35	45.62	42.43	39.75
Sundry Creditors To TCA (%)	0.29	0.30	0.32	0.33	0.35	0.36	0.37
Other CL to TCA (%)	14.38	12.62	12.77	12.55	12.37	12.59	0.00
Inv. To Net sales (days)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Rec. to Gross Sales (days)	555.06	577.69	628.07	678.44	728.82	779.20	829.58
S. Cr. To purchases (days)	103.90	118.44	138.18	157.92	177.66	197.40	217.14
NWC to TCA (%)	17.47	27.49	33.11	37.77	41.66	44.63	59.87
Bank Finance to TCA %	67.86	59.58	53.80	49.35	45.62	42.43	39.75
Other CL to TCA (%)	14.67	12.93	13.09	12.88	12.72	12.94	0.37

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	2015	2016	2017	2018	2019	2020	2021
	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
Domestic Sales (Gross)	10.324	10.868	10.868	10.868	10.868	10.868	10.868
Export Sales	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Net Sales	10.324	10.868	10.868	10.868	10.868	10.868	10.868
% rise/fall (-) in net sales	--	5.26	0.00	0.00	0.00	0.00	0.00
Operating Profit	1.084	2.043	2.603	3.144	3.680	4.210	4.743
Profit Before tax	1.044	2.003	2.563	3.104	3.640	4.210	4.743
PBT/ Sales (%)	10.11	18.43	23.58	28.56	33.49	38.74	43.64
Profit After Tax	1.044	2.003	2.025	2.452	2.876	3.326	3.747
Cash Accrual	4.260	4.868	4.577	4.727	4.905	5.136	5.362
Paid Up Capital	12.500	12.500	12.500	12.500	12.500	12.500	12.500
TNW	11.861	13.904	15.969	18.460	21.376	24.702	28.449
Adjusted TNW	11.861	13.904	15.969	18.460	21.376	24.702	28.449
TOL/TNW (times)	3.11	2.48	2.00	1.58	1.22	0.93	0.69
Adjusted TOL/TNW	3.11	2.48	2.00	1.58	1.22	0.93	0.69
NWC	3.038	5.445	7.263	9.030	10.774	12.410	17.772
Current Ratio	1.21	1.38	1.50	1.61	1.71	1.81	2.49
OTHER RATIOS
Operating Cost/ sales %	89.50	81.20	76.05	71.07	66.14	61.26	56.36
Net Sales /TTA (times)	0.21	0.22	0.23	0.23	0.23	0.23	0.23
PBDIT	6.430	6.790	6.763	6.735	6.706	6.716	6.685
EFFICIENCY RATIOS
Net Sales/ Total Tangible Assets (times)	0.21	0.22	0.23	0.23	0.23	0.23	0.23
PBT/ Total Tangible Assets (%)	2.14	4.14	5.35	6.52	7.65	8.83	9.89
Operating Cost to sales (%)	89.50	81.20	76.05	71.07	66.14	61.26	56.36
Bank Finance/ Current Assets (%)	67.86	59.58	53.80	49.35	45.62	42.43	39.75
Inventory+ Receivables to Net Sales (days)	555.06	577.69	628.07	678.44	728.82	779.20	829.58

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2015	2016	2017	2018	2019	2020	2021
			PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1		GROSS SALES
	i.	Domestic sales	10.324	10.868	10.868	10.868	10.868	10.868	10.868
	ii.	Export sales	--	--	--	--	--	--	--
		Add other revenue income
		Total	10.324	10.868	10.868	10.868	10.868	10.868	10.868
2		Less: Excise Duty	--	--	--	--	--	--	--
		Deduct other items
3		Net sales ( item 1 - item 2 )	10.324	10.868	10.868	10.868	10.868	10.868	10.868
4		% age rise (+) or fall (-) in net sales compared to previous year (annualised)	--	5.26%	--	0.00%	0.00%	0.00%	0.00%
5		COST OF SALES
	i.)	Raw materials (including stores and other items used in the process of manufacture)	0.176	0.185	0.185	0.185	0.185	0.185	0.185
		(a) Imported	--	--	--	--	--	--	--
		(b) Indigenous	0.176	0.185	0.185	0.185	0.185	0.185	0.185
	ii)	Other spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		(a) Imported	--	--	--	--	--	--	--
		(b) Indigenous	--	--	--	--	--	--	--
	iii)	Power and fuel	1.809	1.904	1.904	1.904	1.904	1.904	1.904
	iv)	Direct Labour (Factory wages and salary)	0.696	0.713	0.731	0.750	0.768	0.787	0.807
	v)	Other Manufacturing Expenses	0.864	0.909	0.918	0.928	0.938	0.949	0.960
	vi)	Depreciation	3.216	2.865	2.553	2.275	2.029	1.810	1.615
	vii)	SUB TOTAL (I TO VI)	6.760	6.576	6.291	6.042	5.824	5.635	5.471
	viii)	ADD: Opening stocks-in-Process)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Sub-total	6.760	6.576	6.291	6.042	5.824	5.635	5.471
	ix)	Deduct : Closing stocks-in-process	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	x)	Cost of Production	6.760	6.576	6.291	6.042	5.824	5.635	5.471
	xi)	Add : Opening stock of finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		SUB-TOTAL	6.760	6.576	6.291	6.042	5.824	5.635	5.471
	xii)	Deduct closing stock of finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	xiii)	SUB-TOTAL (Total cost of Sales)	6.760	6.576	6.291	6.042	5.824	5.635	5.471
6		Selling general and administrative expenses	0.310	0.326	0.326	0.326	0.326	0.326	0.326
7		SUB-TOTAL (5+6)	7.070	6.902	6.617	6.368	6.150	5.961	5.797
8		Operating profit before interest (3-7)	3.254	3.965	4.250	4.500	4.717	4.906	5.070
9		Interest	2.170	1.923	1.648	1.356	1.037	0.696	0.328
10		Operating profit after interest (8-9)	1.084	2.043	2.603	3.144	3.680	4.210	4.743
11	(i)	Add other non-operating income
	(a)		--	--	--	--	--	--	--
	(b)		--	--	--	--	--	--	--
	(c)		--	--	--	--	--	--	--
	(d)		--	--	--	--	--	--	--
		Sub-total ( income )	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(ii)	Deduct other non-operating expenses
	(a)	P&P expense including all book entries written off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b)		0.040	0.040	0.040	0.040	0.040	0.000	0.000
	(c)		0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(d)		--	--	--	--	--	--	--
		Sub-total ( expenses )	0.040	0.040	0.040	0.040	0.040	0.000	0.000
	(iii)	Net of other non-operating income/expenses	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	0.000	0.000
12		Profit before tax/loss[10+11(iii)]	1.044	2.003	2.563	3.104	3.640	4.210	4.743
13		Provision for taxes	0.000	0.000	0.538	0.652	0.764	0.884	0.996
14		Prior Years Adjustment(if any)#	--	--	--	--	--	--	--
15		Net Profit/Loss for the year (12-13)	1.044	2.003	2.025	2.452	2.876	3.326	3.747
16		(a) Equity dividend paid-amt (Already paid+ B.S. provision)	--	--	--	--	--	--	--
		(b) Dividend Rate	--	--	--	--	--	--	--
17		Retained profit (14-15)	1.044	2.003	2.025	2.452	2.876	3.326	3.747
18		Retained Profit/ Net Profit (% age)	100.00	100.00	100.00	100.00	100.00	100.00	100.00

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2015	2016	2017	2018	2019	2020	2021
			PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
		CURRENT LIABILITIES
1		Short-term borrowings from Banks (including bills purchased, discounted and excess borrowing placed on repayment basis)
		(i) From applicant banks	11.800	11.800	11.800	11.800	11.800	11.800	11.800
		(ii) From other banks	--	--	--	--	--	--	--
		(iii) Of which BP and BD	--	--	--	--	--	--	--
		SUB TOTAL	11.800	11.800	11.800	11.800	11.800	11.800	11.800
2		Short term borrowings from others	--	--	--	--	--	--	--
3		Sundry Creditors (Trade)	0.050	0.060	0.070	0.080	0.090	0.100	0.110
4		Advance payments from customers/ deposits from dealers	--	--	--	--	--	--	--
5		Provision for taxes	--	--	--	--	--	--	--
6		Dividend payable	--	--	--	--	--	--	--
7		Other statutory liabilities (due within one year)	--	--	--	--	--	--	--
8		Deposits/installments of term loans/DPGs/ Debentures, etc. (due within one year)	2.500	2.500	2.800	3.000	3.200	3.500	--
9		Other current liabilities and provisions (due within 1 Year) (specify major items)
	(i)	Provisions (due within 1 Year)	--	--	--	--	--	--	--
	(ii)		--	--	--	--	--	--	--
	(iii)		--	--	--	--	--	--	--
	(iv)		--	--	--	--	--	--	--
		SUB-TOTAL (B)	--	--	--	--	--	--	--
		TOTAL CURRENT LIABILITIES	14.350	14.360	14.670	14.880	15.090	15.400	11.910
11		Debentures (not maturing within one year)	--	--	--	--	--	--	--
12		Preference shares (redeemable after one year)	--	--	--	--	--	--	--
13		Term loans (excluding installment payable within one year)	15.000	12.500	9.700	6.700	3.500	--	--
14		Deferred Payment Credits (excluding installments due within one year)	--	--	--	--	--	--	--
15		Term deposits (repayable after one year)	7.590	7.590	7.590	7.590	7.590	7.590	7.590
16		Other term liabilities	--	--	--	--	--	--	--
17		TOTAL TERM LIABILITIES	22.590	20.090	17.290	14.290	11.090	7.590	7.590
18		TOTAL OUTSIDE LIABILITIES	36.940	34.450	31.960	29.170	26.180	22.990	19.500
		NET WORTH
19		Ordinary Share Capital	12.500	12.500	12.500	12.500	12.500	12.500	12.500
20		General Reserve	--	--	--	--	--	--	--
21		Revaluation Reserve	--	--	--	--	--	--	--
22		Other reserve (excluding provisions)	--	--	--	--	--	--	--
23		Surplus (+) or deficit (-) in Profit and Loss Account	(0.479)	1.524	3.549	6.000	8.876	12.202	15.949
24		Others (specify)
	(i)	Deferred Tax Liability	--	--	--	--	--	--	--
	(ii)		--	--	--	--	--	--	--
	(iii)		--	--	--	--	--	--	--
	(iv)		--	--	--	--	--	--	--
25		NET WORTH	12.021	14.024	16.049	18.500	21.376	24.702	28.449
26		TOTAL LIABILITIES	48.961	48.474	48.009	47.670	47.556	47.692	47.949
		ASSETS
27		Cash and bank balances	1.428	2.335	2.953	3.420	3.864	4.300	4.662
28		Fixed Deposits with Banks
	(i)	Receivables other than deferred and exports (include bills purchased and discounted by Banks)	15.700	17.200	18.700	20.200	21.700	23.200	24.700
	(ii)	Export receivables (include bills purchased and discounted by banks)	--	--	--	--	--	--	--
29		Installments of deferred receivables (due within one year)	--	--	--	--	--	--	--
30		Inventory:
	(i)	Raw materials (including stores and other items used in the process of manufacture)
		(a) Imported	--	--	--	--	--	--	--
		(b) Indigenous	--	--	--	--	--	--	--
		(ii) Stock-In-Process	--	--	--	--	--	--	--
		(iii) Finished goods	--	--	--	--	--	--	--
		(iv) Other Consumable Spares
		(a) Imported	--	--	--	--	--	--	--
		(b) Indigenous	--	--	--	--	--	--	--
31		Advance to suppliers of raw materials and stores and spares	--	--	--	--	--	--	--
32		Advance payment of taxes	--	--	--	--	--	--	--
33		Other Current assets (Specify major items)	0.260	0.270	0.280	0.290	0.300	0.310	0.320
		Other Current assets	0.260	0.270	0.280	0.290	0.300	0.310	0.320
34		TOTAL CURRENT ASSETS	17.388	19.805	21.933	23.910	25.864	27.810	29.682
35		Gross Block (Land and Building machinery, work-in-process)	35.175	35.175	35.175	35.175	35.175	35.175	35.175
36		Depreciation to date	3.762	6.626	9.179	11.455	13.484	15.294	16.908
37		NET BLOCK	31.413	28.549	25.996	23.720	21.691	19.881	18.267
		OTHER NON-CURRENT ASSETS
38		Investment/ book debts/ advances/ deposits which are not current assets
	(i)	a) Investment in subsidiary Co./affiliates	--	--	--	--	--	--	--
		b) Other Investments	--	--	--	--	--	--	--
	(ii)	Advances to suppliers of capital goods and contractors	--	--	--	--	--	--	--
	(iii)	Deferred receivables (maturity exceeding one year)	--	--	--	--	--	--	--
	(iv)	Others (a) Debtors> 6 months	--	--	--	--	--	--	--
		(b) Security Deposits	--	--	--	--	--	--	--
		(c) Others	--	--	--	--	--	--	--
39		Non-consumables stores and spares	--	--	--	--	--	--	--
40		Other non-current assets including dues from Directors	--	--	--	--	--	--	--
41		TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000	0.000	0.000
42		Intangible assets (patents, goodwill, prelim. expenses, bad/ doubtful exp. not provided for etc.)	0.160	0.120	0.080	0.040	0.000	0.000	0.000
43		TOTAL ASSETS (34+37+41+42)	48.961	48.474	48.009	47.670	47.556	47.692	47.949

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FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.		SOURCES	2015	2016	2017	2018	2019	2020	2021
			PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1
	a.	Net Profit (After Tax)	1.044	2.003	2.025	2.452	2.876	3.326	3.747
	b.	Depreciation	3.216	6.080	2.553	2.276	2.029	1.810	1.614
	c	Increase in Capital	(1.044)	(2.003)	(2.025)	(2.452)	(2.876)	(3.326)	(3.747)
	d.	Increase in TL. including public deposits	0.000	0.000	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	0.000	0.000
		ii.) Other Non-Current Assets	0.040	0.080	0.040	0.040	0.040	0.000	0.000
	f	Others	1.044	3.047	2.025	2.452	2.876	3.326	3.747
	g.	TOTAL	4.300	9.207	4.618	4.768	4.945	5.136	5.361
2		USES
	a.	Net Loss	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	b.	Decrease in Term Liabilities including Public Deposit	2.500	5.000	2.800	3.000	3.200	3.500	0.000
	c.	Increase in
		i) Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		ii) Other Non-current assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	d.	Dividend Payment	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	e	Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	f	TOTAL	2.500	5.000	2.800	3.000	3.200	3.500	0.000
		(SUMMARY)
1	I	Long Term Surplus/Deficit	1.800	4.207	1.818	1.768	1.745	1.636	5.361
2	ii	Increase/ Decrease in Current Assets	2.350	4.767	2.127	1.977	1.955	1.946	1.872
3	iii	Increase/ Decrease in CL other than BB	0.550	0.560	0.310	0.210	0.210	0.310	(3.490)
4	iv	Increase/ Decrease in WC Gap	1.800	4.207	1.817	1.767	1.745	1.636	5.362
5	v	Net Surplus (+) Deficit (-)	0.000	0.000	0.000	0.000	0.000	0.000	(0.001)
6	vi	Increase/ Decrease in Bank Borrowings	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Long Term Sources	4.300	9.207	4.618	4.768	4.945	5.136	5.361
		Long Term Uses	2.500	5.000	2.800	3.000	3.200	3.500	0.000
		Surplus/Deficit	1.800	4.207	1.818	1.768	1.745	1.636	5.361

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FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015	2016	2017	2018	2019	2020	2021
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
a)	Paid up Capital :
	- Equity	12.500	12.500	12.500	12.500	12.500	12.500	12.500
	- Preference Share	--	--	--	--	--	--	--
b)	Tangible Net worth (Excl. rev. reserve and Net of Intangible Assets)	11.861	13.904	15.969	18.460	21.376	24.702	28.449
c)	Investment in companies	--	--	--	--	--	--	--
d)	Adjusted TNW	11.861	13.904	15.969	18.460	21.376	24.702	28.449
e)	Capital Employed	34.451	33.994	33.259	32.750	32.466	32.292	36.039
f)	Net Block	31.413	28.549	25.996	23.720	21.691	19.881	18.267
g)	Net sales : Domestic	10.324	10.868	10.868	10.868	10.868	10.868	10.868
	Exports	--	--	--	--	--	--	--
h)	Other Income	--	--	--	--	--	--	--
i)	EBIDTA / PBIDTA	6.430	6.825	6.798	6.770	6.743	6.716	6.685
j)	Interest	2.170	1.923	1.648	1.356	1.037	0.696	0.328
k)	Gross Profit/ Loss (PBDT)	4.260	4.903	5.150	5.414	5.706	6.020	6.358
l)	Taxes	0.000	0.000	0.538	0.652	0.764	0.884	0.996
m)	Cash Accruals	4.260	4.903	4.612	4.762	4.942	5.136	5.362
n)	Depreciation and Pre-op Expenses	3.236	2.885	2.573	2.295	2.049	1.810	1.615
o)	Net profit/loss	1.024	2.018	2.040	2.467	2.893	3.326	3.747
p)	Net Profit/Capital Employed (%)	2.97	5.94	6.13	7.53	8.91	10.30	10.40
q)	Current Assets	17.388	19.805	21.933	23.910	25.864	27.810	29.682
r)	Current Liabilities	14.350	14.360	14.670	14.880	15.090	15.400	11.910
	RATIOS :
s)	Current Ratio	1.21	1.38	1.50	1.61	1.71	1.81	2.49
t)	Debt/Equity :
	Total Term Liabilities / TNW	1.90	1.44	1.08	0.77	0.52	0.31	0.27
	Total Outside Liabilities / TNW	3.11	2.48	2.00	1.58	1.22	0.93	0.69
	Debt/Quasi Equity :
	Total Term Liabilities / TNW	1.50	1.24	1.03	0.83	0.64	--	--
	Total Outside Liabilities / TNW	--	--	--	--	--	--	--
u)	Profitability%: PAT/Net Sales	9.92	18.57	18.77	22.70	26.62	30.61	34.48
v)	DSCR a) Company as a whole	--	--	--	--	--	--	--
	b) For specific TL	--	--	--	--	--	--	--
w)	Interest Coverage	2.96	3.53	3.78	4.49	5.73	8.38	17.37
x)	Inventory + Receivables/ Sales (days)	555	578	628	678	729	779	830

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PROJECT REPORT

Project Cost

Rs. 39.590 Millions [Including margin money for working capital]

MEANS OF FINANCE

SR. NO.	PARTICULARS	AMOUNT IN MILLIONS
1	Share Capital	12.500
2	T/L from Bank	19.500
3	Unsecured Loans from friends and relatives	7.590
	TOTAL	39.590

Break Even Point	64.09%
Average D.S.C.R.	1.52
I.S.C.R.	3.06

INTRODUCTION

These techno economic feasibility reports relates to a Cold Storage being established in the name and style of Om Shakuntala Cold Storage Private Limited with its registered office at 2K-15, Block No.2K, Krishna Nagar, Bharatpur and site at Kh. No. 152, Mauza Abhuapara, Tehsil Kirawali, District Agra with the installed capacity of preserving 72450Qtls. of potatoes and other perishable products.

In India private sector continues to occupy significant place in the economy. India’s population is so large that any plan of nationalized industry and agriculture in its entirety is out of question. That is why the Government of India is emphasizing on the need of small scale industry. Thus with the emphasized promotion of Government to the small scale sector and enduring benefits in the cold storage units, the directors of Om Shakuntala Cold Storage Private Limited have decided to purchase cold storage unit for preservation of potatoes and other perishable items.

The scope of Cold Storage in potato growing belt is very large. The cultivation of agriculture produce especially of potatoes is increasing day by day. Since potatoes are grown and cultivated for a certain period of time and consumed throughout the year, it becomes necessary to preserve the excess crop during non-cultivation period for consumption. Looking to the positive demand supply equation in that area the directors have decided to diversify in the field of Cold Storage. The installed capacity of the cold storage shall be 72450 Qtls. The project as per analysis given in the report seems to be technically feasible and economically viable.

ADMINISTRATION

While the overall working of the cold storage will be supervised by the directors, suitable skilled / unskilled staff will be inducted for the venture. The unit will employ refrigeration engineer. The work will be conducted under his responsibility for achieving targets, cost control, quality control, plant performance and its maintenance. He will be assisted by 2 Machine Operators and there will few more staff members for accounts, supervision and other activities of the unit.

TECHNICAL SPECIFICATION AND CAPACITY

The proposed project is being undertaken for the preservation of potatoes and other product. The plant is expected to preserve 72450 Qtls. of potatoes per annum using single shift operation per day and 250 working days in a year.

The Details of proposed two chambers are given below:-

Ist Chamber	18.90*39.02*15.35 Cu. meter
IInd Chamber	18.90*39.02*15.35 Cu. meter

Total capacity in cubic meters is 22640.57 cubic meters

Therefore Storage Capacity: 22640.57 cubic meters x 3.20 = 72450 qtls.

PROCESSING

The Cold Storage will utilize ammonia gas refrigeration process system. The unit’s operation will be carried out as follows: -

a) Potatoes will be brought in the Cold Storage premises. The potato bags thereafter will be transferred manually to the chamber.

b) Cold Storage will constitute of small enclosures, arranged on RCC columns and beams. The chamber will be well insulated by fiber glass to protect transmission of heat from outside.

c) Refrigeration of Cold Storage space will be effected by ammonia refrigeration plant.

The chamber is pre-cooled up to 40 F before loading. Thereafter constant temperature between 34F and 36F is maintained. The temperature is physical checked at an interval of 4 hours from technical standpoint; effective cooling maintenance and requisite temperature in the Cold Storage are crucial. As a result requisite compressors and proper insulation is being put in place.

RAW MATERIALS

Main Raw material required to run the Cold Storage are as follows:-

a) Water

b) Ammonia Gas

c) Compressor Oil

Water shall be supplied from Submersible pump already installed at site. Ammonia Gas and Compressor Oil will be purchased from Agra and local market and it is available at competitive price in open market.

ELECTRIC LOAD

170 KVA Electric Load has already been taken for the Cold Storage. For the standby arrangements for Generator has already been made.

INFRASTURAL REQUIREMENTS

A) Land, Building, Plant and Machinery

The land for the proposed project is situated at Kh. No 152, Mauza Abhupara, Tehsil Kirawali, District Agra and is in the name of Mr. Totaram and Mr. Brijesh Kumar (Directors of Amar Prakash Sheetgrah Private Limited). While the building and plant and machinery of cold storage is in the name of Amar Prakash Sheetgrah Private Limited. Their company is purchasing the cold storage (Land, building and Plant and machinery) from Union Bank of India, banker of Amar Prakash Sheetgrah Private Limited under an auction scheme. The bank has agreed to sell the cold storage at Rs.32.500 Millions + stamp duty on sale consideration. Out of Rs 32.500 Millions Rs 8.125 Millions has already been given as advance by their company to the bank.

B) Margin Money for Working Capital

Margin Money for working capital includes amount that shall be borne by the company for giving advance to the farmers at the time of storage of the potatoes. The Margin money for working capital is taken at 25 % margin. The detailed calculation for the Advance to be given to the farmers is given in the financial part of the project report.

C) Other Current Assets and Securities

Other current assets and securities to the extent of Rs. 0.250 Million include expenditure to be incurred on various Government Securities and security deposits and various departments like electricity, etc.

D) Interest during Construction Period (IDCP)

It has been envisaged that the cold storage shall be able to start its commercial activities by the February 2014.Hence the cold storage shall be required to incur expenditure towards IDCP to the tune of Rs. 0.400 Million on the funds borrowed from bank.

E) Preliminary and Pre – operative Expenses

Preliminary and Pre – operative expenditure to the extent of Rs. 0.200 Million is assumed to be incurred by the cold storage before starting its commercial activities.

F) Permissions and Licenses

Since the company is purchasing existing cold storage which is already having all requisite permissions and licenses. The same shall be transferred in the name of new company after execution of sale deed for purchase of cold storage.

G) Bank Finance

The company requires a total term loan of Rs. 19.500 Millions for purchase of existing cold storage land, building, plant and machinery.

Further the unit also proposes for a working capital limit of Rs. 10.300 Millions for advance to farmers and Rs.1.500 Millions for expenses. The working capital limit has been calculated on 25 % and OD Limit has been calculated @ 40% margin respectively. The remaining contribution shall be made by the company in the form of Share Capital and unsecured loan from directors and shareholders.

Their company was incorporated with Authorized Capital of Rs.0.500 Million (50000 Equity Shares of Rs.10/- each) and has Paid up Capital of Rs.0.100 Million (10000 Equity Shares of Rs.10/- each). For the purpose of the above project the directors proposes to increase the authorized capital to Rs.125.00 so that the remaining requirement of funds for the project can be met out by issuing more equity shares to enhance the viability of the project. The Company shall complete the formalities with ROC for increase in the authorized capital before sanction of credit facilities from the bank.

The repayment of the Bank’s term loan shall start from November 2014 in seven graded installments. Since the unit shall be able to commence its commercial production by February 2014.

SCOPE OF COLD STORAGE

Agra – Gwalior belt is rich in cultivation of potatoes and a number of cold storages are functioning successfully in that area. The existing capacity of the Cold Storages in that area is not sufficient to preserve the potatoes cultivated in that area. Thus there is a huge gap between crop of potato and preservation capacity of potato. In view of the essentially low tech. - nature of the activity and the satisfactory track record of the directors the project is considered to be technically feasible and economically viable.

The sandy soil of the area is suitable for potato cultivation. Thus there is ample of potential for more cold storage units in that area. The scope of the project coupled with the strong financial and agricultural background of the directors will provide and an edge to the entire operations of the unit. Hence, they conclude that there will be no problem of market for this unit.

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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	10501887	28/02/2014	1,500,000.00	BANK OF INDIA	RUNAKTA BRANCH, AGRA, UTTAR PRADESH - 282007, INDIA	C06070338
2	10501880	28/02/2014	10,300,000.00	BANK OF INDIA	RUNAKTA BRANCH, AGRA, UTTAR PRADESH - 282007, INDIA	C06069090
3	10501884	28/02/2014	19,500,000.00	BANK OF INDIA	RUNAKTA BRANCH, AGRA, UTTAR PRADESH - 282007, INDIA	C06069777

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CORPORATE INFORMATION

Subject is primarily engaged in the Cold Storage Business. The Company has its registered office at 2K-15, Block No. 2K, Krishna Nagar, Bharatpur and operates primarily in India.

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

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] 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. 60.87
UK Pound	1	Rs. 99.63
Euro	1	Rs. 78.23

INFORMATION DETAILS

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

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.