MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	HARIKRUPA CONSTRUCTION COMPANY
Registered Office :	15, Madhav Shopping Center, Opposite Municipal Garden, B/h Vasna Bus Stand, Vasna, Ahmedabad – 380007, Gujarat
Country :	India
Financials (as on) :	25.09.2014 [Provisional]
Year of Establishment :	01.04.2007
Capital Investment :	Rs. 9.840 Millions
PAN No.: [Permanent Account No.]	AAEFH7412B
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Construction Activities.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual 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

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

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

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

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

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

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

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had 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. Amrish
Designation :	Chief Executive Officer
Contact No.:	91-9099972602
Date :	27.09.2014

LOCATIONS

Registered Office :	15, Madhav Shopping Center, Opposite Municipal Garden, B/h Vasna Bus Stand, Vasna, Ahmedabad – 380007, Gujarat, India
Tel. No.:	91-79-26602689
Mobile No.:	91-9099972602 [Mr. Amrish] 91-9825026428 [Mr. Jatin Gunvantbhai Patel] 91-9426080294 [Mr. Pranav Mahendrabhai Shah]
Fax No.:	91-79-26602689
E-Mail :	harikrupacon@ymail.com
Area :	385.09 Sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Jatin Gunvantbhai Patel
Designation :	Partner
Address :	174, Patel Vas, Near Ramji Mandir, Vasna, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	02.05.1975
Qualification :	B. Com
Experience :	13 Years
Name :	Mr. Pranav Mahendrabhai Shah
Designation :	Partner
Address :	B/12, Silver Coin Apartment, Near Shreyas Railway Crossing, Near Jaydeep Tower, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	03.07.1968
Qualification :	B.E. Civil
Experience :	23 Years

KEY EXECUTIVES

Name :	Mr. Amrish
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Construction Activities.
Terms :
Selling :	Others
Purchasing :	Others

GENERAL INFORMATION

Suppliers :	· Bhavani Engineers Dipeshwari Traders Galaxy Engineering Works Prabhat Transport Matangi Corporation Arihant Agencies Baneshwari Transport Service
Customers :	Others
No. of Employees :	12 (Approximately)
Bankers :	· The Kalupur Commercial Cooperative Bank Limited Near Ratnasagar Flat, Kesariyaji Char Rasta, Jivraj Mehta Hospital Road, Vasna, Ahmedabad – 380007, Gujarat, India Tel. No.: 91-79-26632894/ 26611279 · State Bank of India APMC Vasna, Near Vasna Octroi Naka, Vasna, Ahmedabad – 380055, Gujarat, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Rupesh Mehta and Associates Chartered Accountants
Address :	B 1005-1006, Solitaire Corporate Park, Beside Divya Bhaskar House, S.G. Highway, Makarba, Ahmedabad – 380051, Gujarat, India
Tel. No.:	91-79-40038090
Mobile No.:	91-7567898090
E-Mail :	admin@carupeshmehta.com

CAPITAL STRUCTURE

PARTNERS CAPITAL ACCOUNT AS ON 25.09.2014 [PROVISIONAL]

[RS. IN MILLIONS]

PARTICULARS	01.04.2014 to 25.09.2014
Jatinbhai G. Patel	4.570
Pranavbhai M. Shah	5.270
Total	9.840

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		01.04.2014 to 25.09.2014 [Provisional]	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		9.840	9.840	6.999
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		5.132	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.972	9.840	6.999
LOAN FUNDS
1] Secured Loans		1.467	1.858	2.500
2] Unsecured Loans		1.922	1.272	0.870
TOTAL BORROWING		3.389	3.130	3.370
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.361	12.970	10.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.891	0.720	0.753
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.750	1.000	0.130
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.231	6.231	5.916
	Sundry Debtors	2.030	0.389	1.364
	Cash & Bank Balances	0.606	0.578	4.841
	Other Current Assets	2.957	0.721	0.141
	Loans & Advances	16.156	17.427	5.726
Total Current Assets		27.980	25.346	17.988
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.539	7.113	8.065
	Other Current Liabilities	5.721	6.012	0.339
	Provisions	0.000	0.971	0.098
Total Current Liabilities		11.260	14.096	8.502
Net Current Assets		16.720	11.250	9.486
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.361	12.970	10.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2014 to 25.09.2014 [Provisional]	31.03.2014	31.03.2013
	SALES
		Income	12.172	101.896	85.688
		Other Income	0.032	0.136	0.084
		TOTAL (A)	12.204	102.032	85.772
Less	EXPENSES
		Cost of Goods sold	3.347	9.099	57.178
		Direct Expenses	2.166	84.469	19.621
		Indirect Expenses	0.821	0.015	0.060
		Administrative Expenses	0.194	0.502	1.297
		Payment to employees	0.077	1.532	1.959
		Rent, Rates and Taxes	0.033	0.632	0.554
		Repair and Maintenance	0.010	0.011	0.025
		Partner’s Interest	0.000	0.679	0.448
		Partner’s Remuneration	0.000	1.600	2.409
		Donation	0.000	0.026	0.001
		TOTAL (B)	6.648	98.565	83.552
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.556	3.467	2.220
Less	FINANCIAL EXPENSES (D)		0.423	0.427	0.536
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.133	3.040	1.684
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.136	0.144
	PROFIT BEFORE TAX (E-F) (G)		5.133	2.904	1.540
Less	TAX (H)		0.000	0.906	0.477
	PROFIT AFTER TAX (G-H) (I)		5.133	1.998	1.063

KEY RATIOS

PARTICULARS		01.04.2014 to 25.09.2014 [Provisional]	31.03.2014	31.03.2013
PAT / Total Income	(%)	42.06	1.96	1.24
Net Profit Margin (PBT/Sales)	(%)	42.17	2.85	1.80
Return on Total Assets (PBT/Total Assets}	(%)	17.78	11.14	8.22
Return on Investment (ROI) (PBT/Networth)		0.34	0.30	0.16
Debt Equity Ratio (Total Debt/Networth)		0.23	0.32	0.48
Current Ratio (Current Asset/Current Liability)		2.48	1.80	2.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	01.04.2014 to 25.09.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partner’s Capital	6.999	9.840	9.840
Profit and Loss Account	0.000	0.000	5.132
Net worth	6.999	9.840	14.972
Secured Loans	2.500	1.858	1.467
Unsecured Loans	0.870	1.272	1.922
Total borrowings	3.370	3.130	3.389
Debt/Equity ratio	0.481	0.318	0.226

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	01.04.2014 to 25.09.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	85.688	101.896	12.172
		18.915	(88.054)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	01.04.2014 to 25.09.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	85.688	101.896	12.172
Profit	1.063	1.998	5.133
	1.24%	1.96%	42.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	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	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

MR. JATIN GUNVANTBHAI PATEL

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Capital Account		10.833
2] Share Application Money		0.000
3] Profit and Loss Account		0.000
4] (Accumulated Losses)		0.000
NETWORTH		10.833
LOAN FUNDS
1] Secured Loans		0.703
2] Unsecured Loans		17.811
TOTAL BORROWING		18.514
DEFERRED TAX LIABILITIES		0.000
TOTAL		29.347
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.915
Capital work-in-progress		0.000
INVESTMENT		9.923
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.541
	Other Current Assets	0.491
	Loans & Advances	17.477
Total Current Assets		18.509
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		18.509
MISCELLANEOUS EXPENSES		0.000
TOTAL		29.347

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

BHOOMI DEVELOPERS

[PROP. MR. PRANAV M. SHAH]

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Capital Account		0.489
2] Share Application Money		0.000
3] Profit and Loss Account		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.489
LOAN FUNDS
1] Secured Loans		2.798
2] Unsecured Loans		4.732
TOTAL BORROWING		7.530
DEFERRED TAX LIABILITIES		0.000
TOTAL		8.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.687
Capital work-in-progress		0.000
INVESTMENT		3.806
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1.362
	Cash & Bank Balances	0.715
	Other Current Assets	0.000
	Loans & Advances	1.449
Total Current Assets		3.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		3.526
MISCELLANEOUS EXPENSES		0.000
TOTAL		8.019

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO		PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
1		GROSS INCOME
	i)	Sales [Net of returns]
		a) Domestic Sales	120.000	125.000	130.000
		b) Export Sales	0.000	0.000	0.000
		c) Sub-total [a]	120.000	125.000	130.000
		d) %age rise (+) or fall (-) in net sales as compared to previous year	17.77	4.17	4.00
	ii)	Other income
		a) Duty drawback	0.000	0.000	0.000
		b) Cash assistance	0.000	0.000	0.000
		c) Commission/ Brokerage/interest	0.220	0.356	0.576
		d) Sub-total [a+b+c]	0.220	0.356	0.576
		Total [i] + [ii]	120.220	125.356	130.576
2		COST OF SALES
	i)	Purchases	69.259	73.000	74.000
	ii)	Other trading expenses [carriage inward, commission and brokerage on purchase]	41.000	39.000	43.000
	iii)	Sub-total [i + ii]	110.259	112.000	117.000
	iv)	Add: Opening stock	6.230	7.500	9.000
	v)	Sub-total [iii + iv]	116.489	119.500	126.000
	vi)	Less: Closing Stock	7.500	9.000	12.500
	vii)	Total cost of sales [v - vi]	108.989	110.500	113.500
3		Selling, General and Administrative Expenses	5.500	6.000	6.500
4		Operating Profit before Interest and Depreciation [1(iii)-2(vii)-3]	5.731	8.856	10.576
5		Interest	0.564	1.110	1.410
6		Depreciation	0.116	0.096	0.081
7		Operating profit after interest and depreciation [4-5-6]	5.051	7.650	9.085
8	(i)	Add other non-operating income
		(a) Other Income	0.000	0.000	0.000
		(b) Other than above	0.000	0.000	0.000
		(c) Subtotal (income)	0.000	0.000	0.000
	(ii)	Deduct other non-operating expense
		(a)	--	--	--
		(b) Other than above	--	--	--
		Subtotal (expenses)	--	--	--
	(iii)	Net of other non-operating incomes/ expenses (net of 8(i) and 8(ii))	0.000	0.000	0.000
9		Profit before tax/loss (7+8(iii))	5.051	7.650	9.085
10		Provision for Taxes	1.515	2.295	2.726
11		Net Profit / (Loss) [9-10]	3.536	5.355	6.359
12		(i) Equity dividend paid	0.000	0.000	0.000
		(ii) Dividend Rate	0.000	0.000	0.000
13		Retained Profit [11-12]	3.536	5.355	6.359
14		Retained Profit / Net Profit (%) (13/11)** In case of firms, drawing made during the year by proprietors/ partners	100	100	100

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO	PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	7.000	7.000	7.000
	(ii) From other banks	0.000	0.000	0.000
	(iii) of which BP and BD	0.000	0.000	0.000
	Sub Total (A)	7.000	7.000	7.000
2	Short term borrowings from others	0.000	0.000	0.000
3	Sundry Creditors (Trade)	9.000	11.000	12.000
4	Advance payments from customers/deposits from dealers	0.000	0.000	0.000
5	Provision for Taxation	1.515	2.295	2.726
6	Dividend Payable	0.000	0.000	0.000
7	Other statutory liabilities (due within one year)	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
9	Other current liabilities and Provisions (due within one year)	1.175	0.387	0.500
	Sub Total (B)	11.690	13.682	15.226
10	Total Current Liabilities [total of 1 to 9]	18.690	20.682	22.226
TERM LIABILITIES
11	Debentures (not maturing within one year)	0.000	0.000	0.000
12	Preference Shares (redeemable after one year)	0.000	0.000	0.000
13	Term loans (excluding instalments payable within one year)	0.000	0.000	0.000
14	Deferred Payment Credits (excl. instalments due within one year)	0.000	0.000	0.000
15	Term deposits (repayable after one year)	0.000	0.000	0.000
16	From Directors and Relatives	2.000	2.500	2.000
17	Other term liabilities	0.955	0.000	0.000
18	Total Term Liabilities (Total of 11 to 17)	2.955	2.500	2.000
19	Total Outside Liabilities [10+178	21.645	23.182	24.226
NET WORTH
20	Ordinary Share Capital	11.076	13.432	15.792
21	General Reserve	--	--	--
22	Revaluation reserves	--	--	--
23	Other reserves (excluding provisions)	--	--	--
24	Surplus (+) or deficit (-) in Profit & Loss Account	0.000	0.000	0.000
25	Net worth	11.076	13.432	15.792
26	TOTAL LIABILITIES [18+24]	32.721	36.614	40.018
CURRENT ASSETS
27	Cash and Bank balances	1.218	1.407	2.192
28	Investment [Other than long-term investments]
	(i) Government and Other Trust Securities	1.000	1.000	1.000
	(ii) Fixed Deposits	0.000	0.000	0.000
29	(i) Receivables other than deferred and exports [including bills purchased and discounted by banks]	0.500	0.700	0.900
	(ii) Export receivables [Including bills purchased/ discounted by banks]	0.000	0.000	0.000
30	Instalments of deferred receivable [due within one year]	0.000	0.000	0.000
31	Inventory
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	0.000	0.000	0.000
	(b) Indigenous	--	--	--
	(ii) Stock-in-process	--	--	--
	(iii) Finished Goods	7.500	9.000	12.500
	(iv) Other consumable stores
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--
32	Advance to suppliers of Raw materials and stores/spares	18.000	19.000	18.000
33	Advance payment of taxes	1.900	2.500	2.000
34	Other current assets	2.000	2.500	3.000
35	Total Current Asset [Total 27 to 34]	32.118	36.107	39.592
FIXED ASSETS
36	Gross Block (land and building machinery vehicles work-in-progress)	0.719	0.603	0.507
37	Depreciation to date	0.116	0.096	0.081
38	NET BLOCK (36-37)	0.603	0.507	0.426
39	Investments/book debts /advances deposits which are not current assets
	i.(a) Investments in subsidiary companies/ affiliates	0.000	0.000	0.000
	(b)Others	0.000	0.000	0.000
	ii. Advances to suppliers of capital goods and contractors	0.000	0.000	0.000
	iii. Deferred receivables (maturity exceeding one year)	0.000	0.000	0.000
	iv. Others	0.000	0.000	0.000
40	Obsolete stock	0.000	0.000	0.000
41	Other non-current assets (incl. Dues from director)	0.000	0.000	0.000
42	Total other non-current assets (Total of 39 to 41)	0.000	0.000	0.000
43	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	0.000	0.000	0.000
44	TOTAL ASSETS (Total of 35+38+42+43)	32.721	36.614	40.018
45	Tangible net worth (25-43)	11.076	13.432	15.792
46	Net working Capital [(18+25)-(38+42+43)] Tally with (35-10)	13.428	15.425	17.366
47	Current Ratio [34/10]	1.72	1.75	1.78
48	Total outside liabilities / Net worth (19/45)	1.95	1.73	1.53
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--	--
	B. Contingent Liabilities:
	(a) Arrears of cumulative dividends	--	--	--
	(b) Gratuity liability not provided for	--	--	--
	(c) Disputed excise/ customs/tax liabilities	--	--	--
	(d) Bills accepted/ guarantees extended to accommodate associates/ sister concerns or other third parties	--	--	--
	(e) Other liabilities not provided for	--	--	--

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
1	Sources
	[a] Net Profit (After Tax)	3.536	5.355	6.359
	[b] Depreciation	0.116	0.096	0.081
	[c] Increase in Capital	(2.300)	(3.000)	(4.000)
	[d] Increase in Term Liabilities (including Public deposits)	0.881	0.000	0.000
	[e] Decrease in
	[i] Fixed Assets	0.000	0.000	0.000
	[ii] Other non-current Assets	0.000	0.000	0.000
	[f] Others	0.000	0.000	0.000
	[g] Total	2.233	2.451	2.440
2	Uses
	[a] Net Loss	0.000	0.000	0.000
	[b] Decrease in Term Liabilities (Including Public deposits)	0.000	0.455	0.500
	[c] Increase in
	[i] Fixed Assets	0.000	0.000	0.000
	[ii] Other non-current Assets	0.000	0.000	0.000
	[d] Dividend payments	0.000	0.000	0.000
	[e] Others	0.000	0.000	0.000
	[f] Total	0.000	0.455	0.500
3	Long Term Surplus (+) / Deficit (-) (1 - 2)	2.233	1.996	1.940
4	Increase/ [Decrease] in current assets	5.771	3.989	3.485
5	Increase/ [Decrease] in current Liabilities other than Bank Borrowings	(3.462)	1.992	1.544
6	Increase/ [Decrease] in working capital Gap	9.233	1.997	1.941
7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	7.000	0.001	0.001
8	Increase/ [Decrease] in
	[a] Bank Borrowings	(7.000)	0.000	0.000
	[b] Net Sales	18.106	5.000	5.000
	* Break up of (4)
[i]	Increase/ [Decrease] in
	[i] Raw material	0.000	0.000	0.000
	[ii] Stock in process	0.000	0.000	0.000
	[iii] Finished Goods	1.270	1.500	3.500
[ii]	Increase/ [Decrease] in Receivables
	[a] Export	0.000	0.000	0.000
	[b] Domestic	0.111	0.200	0.200
[iii]	Increase/ [Decrease] in stores and spares	0.000	0.000	0.000
[iv]	Increase/ [Decrease] in other Current Assets	3.111	1.789	(0.715)

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
	A. CURRENT ASSETS:
1	Stock in trade	7.500	9.000	12.500
	[Months cost of sales]	1.32	1.51	2.13
2	Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	0.500	0.700	0.900
	[Months domestic sales]	0.05	0.07	0.08
3	Export receivable (incl. Bills purchased and discounted)	0.000	0.000	0.000
	[Months export sales]	--	--	--
4	Advance to suppliers of Raw materials and stores/spares, consumables	18.000	19.000	18.000
5	Other current assets including cash and bank balances and deferred receivables due within one year [specify major items]	6.118	7.407	8.192
6	Total Current Assets (To agree with item 34 in Form III)	32.118	36.107	39.592
	B. CURRENT LAIBILITES
	(Other than bank borrowings for working capital)
7	Sundry Creditors [Trade]	9.000	11.000	12.000
	[Months purchases]	1.56	1.81	1.95
8	Advance payments from customers/deposits from dealers	0.000	0.000	0.000
9	Statutory Liabilities	1.515	2.295	2.726
10	Other current liabilities [Specify major items such as Short-term borrowings, unsecured loans, dividend payable, instalments of TL, DPG, Public deposits, debentures, etc.]	1.175	0.387	0.500
11	Total Current Liabilities (To agree with sub-total B-Form III)	11.690	13.682	15.226

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[FORM V]

(RS. IN MILLIONS)

SR. NO	PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
1	Total Current Assets (6 in Form IV)	32.118	36.107	39.592
2	Other Current Liabilities (other than bank borrowings) (2 to 9 of Form III)	11.690	13.682	15.226
3	Working Capital Gap (WCP) (1-2)	20.428	22.425	24.366
4	Minimum stipulated net working Capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export Receivables to be excluded under both methods)	5.107	5.606	6.092
5	Actual/projected net working capital (46 in form III)	13.428	15.425	17.366
6	Assessed Bank Finance (3-4)	15.321	16.819	18.274
7	Item 3 minus item 5	7.000	7.000	7.000
8	Maximum permissible bank finance (item 6 or 7 whichever is lower)	7.000	7.000	7.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	(8.321)	(9.819)	(11.274)

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[FORM VII METHOD]

(RS. IN MILLIONS)

SR. NO	PARTICULARS	31.03.2015 [Estimated]	31.03.2016 [Projected]	31.03.2017 [Projected]
1	Total Current Assets (6 in Form IV)	32.118	36.107	39.592
2	Other Current Liabilities (other than bank borrowings) (2 to 9 of Form III)	11.690	13.682	15.226
3	Working Capital Gap (WCP) (1-2)	20.428	22.425	24.366
4	Minimum stipulated net working Capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export Receivables to be excluded under both methods)	8.030	9.027	9.898
5	Actual/projected net working capital (46 in form III)	13.428	15.425	17.366
6	Assessed Bank Finance (3-4)	12.398	13.398	14.468
7	Item 3 minus item 5	7.000	7.000	7.000
8	Maximum permissible bank finance (item 6 or 7 whichever is lower)	7.000	7.000	7.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	(5.398)	(6.398)	(7.468)

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NETWORTH STATEMENT

HARIKRUPA CONSTRUCTION COMPANY

(RS. IN MILLIONS)

This is to certify that Harikrupa Construction Company situated at 15, Madhav Shopping Centre, Opposite Municipal Garden, Near Vasna Bus Stand, Ahmedabad – 380007, Gujarat, India having PAN No. AAEFH7412B have networth of Rs. 9.840 Millions as on 31.03.2014.

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TRADE REFERENCES

· Arihant Agencies

Address: 302, Jaydeep Tower, Near Shreyas Crossing, Paldi, Ahmedabad – 380007, Gujarat, India

Contact No.: 91-9825008298

Contact Person: Mr. Praful B. Shah

· Arihant Steel

Address: Near Gupta Nagar Bus Stop, Old Octroi Naka, Vasna, Ahmedabad – 380007, Gujarat, India

Contact No.: 91-9825325559

Contact Person: Mr. Dipak Shah

· Matangi Corporation

Address: 202, Jupiter House, Maninagar Char Rasta, Maninagar, Ahmedabad – 380008, Gujarat, India

Contact No.: 91-9825045420

Contact Person: Mr. Sanjay A. Pathak

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FIXED ASSETS

· Centering Material

Computer

Digital Camera

Furniture

Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.43
UK Pound	1	Rs. 99.73
Euro	1	Rs. 77.93

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.