MIRA INFORM REPORT

Report No. :	314531
Report Date :	21.04.2015

IDENTIFICATION DETAILS

Name :		WARIS COTTON
Registered Office :		S. No. 401/A, Village Bhojwa, Ta. Viramgam, District Ahmedabad – 382150, Gujarat
Tel. No.:	91-7777906707 [Mr. Mohaddis]
Country :		India
Financials (as on) :		31.12.2014 (Provisional)
Year of Establishment :		12.07.2010
Capital Investment :		Rs. 9.552 Million
PAN No.: [Permanent Account No.]		AABFW1587D
Legal Form :		Partnership Concern with an Unlimited Liability of the Partners
Line of Business :		Manufacturer of Cotton Bales and Cotton Seeds from Raw Cotton.
No. of Employees :		13 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a partnership concern with limited operational history, commencing its commercial operations from April 2012; having moderate track record. The concern possesses a moderate financial profile marked by acceptable capital structure along with slight working capital intensive operations. Management has witnessed a better increase in its revenue base, whereas has reported a low net profitability as well as margins from its operations during FY14. The ratings also take into consideration, the partnership nature of the business and the concentration of ownership of business land in the name of an individual partner which does not become the firms property simply by being used for the purpose of the partnership, further which may not be considered as firms asset subsequently may act as a threat in relation to any dispute among the partners which may land the entity into loose-loose situation leading to dissolution at times. Moreover, the cotton prices have started rising in the past couple of months helped by Cotton Corporation of India’s procurement of crop and lower yield estimates due to erratic rainfall which may somehow positively back the projected growth. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the concern can be considered for business dealings with 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Mohaddis
Designation :	Manager and Overall In-charge
Contact No.:	91-7777906707
Date :	13.04.2015

LOCATIONS

Registered Office/ Factory :	S. No. 401/A, Village Bhojwa, Ta. Viramgam, District Ahmedabad – 382150, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-7777906707 [Mr. Mohaddis]
Fax No.:	Not Available
E-Mail :	wariscotton123@gmail.com
Location :	Owned

PARTNERS

Name :	Mr. Ibrahimbhai U. Shaikh
Designation :	Partner
Address :	29, Khadiya, Raiyapur Road, Viramgam, Ahmedabad – 382150, Gujarat, India
Date of Birth/Age :	27.06.1962
PAN No.:	BSEPS6909K
Voter ID :	GJ/09/063/097421
Name :	Mr. Altafhusen Shaikh
Designation :	Partner
Address :	Khadiya, Viramgam, Ahmedabad, Gujarat, India
Date of Birth/Age :	23.11.1964
PAN No.:	BFCPS3617F
Name :	Mr. Niyazahmed U. Shaikh
Designation :	Partner
Address :	Khadiya, Viramgam, Ahmedabad, Gujarat, India
Date of Birth/Age :	01.03.1967
PAN No.:	BCUPS1040R
Voter ID :	GJ/09/063/097422
Name :	Mr. Altamas Altafhusen Shaikh
Designation :	Partner
Address :	29, Raiyapur Road, (Opposite Addans Masjid), Ad Miyas Tekro, Viramgam, Ahmedabad – 382150, Gujarat, India
Date of Birth/Age :	03.06.1992
PAN No.:	CVVPS8715C
Voter ID :	UTG1766435

KEY EXECUTIVES

Name :	Mr. Mohaddis
Designation :	Manager and Overall In-charge

BUSINESS DETAILS

Line of Business :	Manufacturer of Cotton Bales and Cotton Seeds from Raw Cotton.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit [30 days and 60 days]
Purchasing :	Cash

PRODUCTION STATUS

Products	Installed Capacity	Actual Production
Cotton Bales	1280664 Kgs.	426909 Kgs.
Cotton Seeds	1707552 Kgs.	569212 Kgs.

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Mulchandbhai and Sons

Address: Golwadi Road, Viramgam, Ahmedabad, Gujarat, India

Contact Person: Mr. Dilipbhai Vaniya

Contact No.: 91-9825082794

· Mulchandbhai and Sons

Address: B-507, Ganesh Plaza, Opposite Navrangpura Bus Stand, Navrangpura, Ahmedabad – 380009, Gujarat, India

Contact Person: Mr. Rameshbhai Shah

Contact No.: 91-79-26569996/ 26447462

No. of Employees :

13 (Approximately)

Bankers :

Bank Name:	The Viramgam Mercantile Co-operative Bank Limited
Branch:	Mohanbhai Patel Marg, Viramgam - 382150, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. N.S. Patel (Manager)
Contact Number:	91-2715-233238
Name of Account Holder:	Waris Cotton
Account Number:	1464
Account Since (Date/ Year of A/c Opening):	10.04.2012
Average Balance Maintained (Optional):	Rs. 3.000 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	CC [Hypothecation]
Account Operation:	Any two jointly
Remarks:	Hypothecation against Cotton, Cotton Bales, Cotton Seeds, etc.

Bank Name:	State Bank of India
Branch:	V. P. Road, Viramgam, J.K. Super Market, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Vijaykumar Soni
Contact Number:	91-2715-233641
Name of Account Holder:	Waris Cotton
Account Number:	34279017174
Account Since (Date/ Year of A/c Opening):	07.10.2014
Average Balance Maintained (Optional):	Rs. 0.010 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	No
Account Operation:	Any two jointly
Remarks:	Not Divulged

Bank Name:	The Viramgam Mercantile Co-operative Bank Limited
Branch:	Mohanbhai Patel Marg, Viramgam - 382150, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. N.S. Patel (Manager)
Contact Number:	91-2715-233238
Name of Account Holder:	Waris Cotton
Account Number:	91
Account Since (Date/ Year of A/c Opening):	22.12.2011
Average Balance Maintained (Optional):	Outstanding Rs. 1.133 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	Term Loan
Account Operation:	Any two jointly
Remarks:	Machinery Loan sanction = Rs. 3.000 Million, Despose Loan = Rs. 1.500 Million.

Bank Name:	The Viramgam Mercantile Co-operative Bank Limited
Branch:	Mohanbhai Patel Marg, Viramgam - 382150, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. N.S. Patel (Manager)
Contact Number:	91-2715-233238
Name of Account Holder:	Waris Cotton
Account Number:	2775
Account Since (Date/ Year of A/c Opening):	14.12.2011
Average Balance Maintained (Optional):	Rs. 0.005 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	No
Account Operation:	Any two jointly
Remarks:	Satisfactory

Bank Name:	The Mehsana Urban Co-operative Bank Limited
Branch:	Ramji Mandir, Parkota, Viramgam, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. N.K. Patel (Manager)
Contact Number:	91-2715-234645
Name of Account Holder:	Waris Cotton
Account Number:	00221101000700
Account Since (Date/ Year of A/c Opening):	24.09.2010
Average Balance Maintained (Optional):	Rs. 0.010 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	NA
Account Operation:	Any two jointly
Remarks:	Satisfactory

· ICICI Bank Limited

Address: Mandal Road, Robhort Ciment, Bhojava, Viramgam, Ahmedabad, Gujarat, India

Account No.: 098905001345

Account Open Date: 30.12.2013

Facilities :

SECURED LOANS	31.12.2014 (Rs. In Million)	31.03.2014 (Rs. In Million)
Term Loan – The Viramgam Mer. Co-op. Bank	1.141	1.110
Cash Credit - The Viramgam Mer. Co-op. Bank	3.065	2.971
Total	4.206	4.081

Auditors :
Name :	A.M.N. and Company Chartered Accountants
Associates/Subsidiaries :	· Bharat Industries Address: GIDC, Viramgam, Ahmedabad, Gujarat, India Activity: Manufacturer of Wire, Wire Draw, etc. · Bharat Steel Corporation Address: GIDC, Viramgam, Ahmedabad, Gujarat, India Activity: Trader of Wire.

CAPITAL STRUCTURE

AS ON 31.12.2014 [PROVISIONAL]

SR. NO.	PARTICULARS	AMOUNT IN MILLION
1	Mr. Ibrahimbhai U. Shaikh	2.659
2	Mr. Altafbhai U. Shaikh	3.851
3	Mr. Niyazahmed U. Shaikh	2.556
4	Mr. Altamas A. Shaikh	0.486
	Total	9.552

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		9.552	8.989	7.538	2.107
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit and Loss Account		0.100	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		9.652	8.989	7.538	2.107
LOAN FUNDS
1] Secured Loans		4.206	4.081	4.322	1.537
2] Unsecured Loans		0.000	0.000	0.000	0.000
TOTAL BORROWING		4.206	4.081	4.322	1.537
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		13.858	13.070	11.860	3.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.720	6.721	7.511	2.136
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.075
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.430	28.635	9.362	0.000
	Sundry Debtors	3.828	1.536	3.258	0.000
	Cash & Bank Balances	0.132	0.125	0.339	1.515
	Other Current Assets	0.000	0.182	0.230	0.617
	Loans & Advances	0.150	0.000	0.000	0.000
Total Current Assets		25.540	30.478	13.189	2.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.018	23.394	8.502	0.736
	Other Current Liabilities	0.384	0.726	0.000	0.000
	Provisions	0.000	0.009	0.338	0.000
Total Current Liabilities		18.402	24.129	8.840	0.736
Net Current Assets		7.138	6.349	4.349	1.396
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.037
TOTAL		13.858	13.070	11.860	3.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	24.092	47.637	17.764	--
		Other Income	0.000	0.197	0.000	--
		TOTAL	24.092	47.834	17.764	--
Less	EXPENSES
		Cost of Goods sold	21.379	42.494	15.152	--
		Interest to Partners	0.253	0.494	0.414	--
		Remuneration to Partners	0.396	0.245	0.160	--
		Sundry Expenses	0.000	0.000	0.037	--
		Electric Bill Expenses	0.209	0.426	0.157	--
		Interest	0.329	0.436	0.439	--
		Labour Majuri Expenses	0.203	0.439	0.205	--
		Salary	0.198	0.216	0.102	--
		Trade Discount	0.000	0.197	0.074	--
		Other Expenses	1.025	2.095	0.299	--
		TOTAL	23.992	47.042	17.039	--
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.100	0.792	0.725	--
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.773	0.707	--
	NET PROFIT		0.100	0.019	0.018	--

KEY RATIOS

PARTICULARS		31.12.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.42	0.04	0.10	--
Return on Total Assets (PBT/Total Assets}	(%)	0.31	0.05	0.09	--
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00	--
Debt Equity Ratio (Total Debt/Networth)		0.44	0.45	0.57	0.73
Current Ratio (Current Asset/Current Liability)		1.39	1.26	1.49	2.90

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Partners’ Capital	2.107	7.538	8.989
Profit and Loss Account	0.000	0.000	0.000
Net worth	2.107	7.538	8.989
Secured Loans	1.537	4.322	4.081
Unsecured Loans	0.000	0.000	0.000
Total borrowings	1.537	4.322	4.081
Debt/Equity ratio	0.729	0.573	0.454

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	17.764	47.637
		168.166

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	17.764	47.637
Profit	0.018	0.019
	0.10%	0.04%

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

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

SUMMARY OF INCOME

MR. IBRAHIMBHAI U. SHAIKH

(RS. IN MILLION)

PARTICULARS	2013-2014
Salary			0.000
Business and Profession			0.206
Other Sources			0.000
Gross Total Income			0.206
Total Deductions			0.012
			-------------
Total Income			0.194
Agriculture Income			0.163
Tax Due			0.000
Exempt Income			0.006
Salary Income
Total Salary			0.000
Business and Profession Remuneration from Firms
WARIS COTTON
Remuneration	0.074
Interest	0.132
Net		0.206
Net Income			0.206
Section 80 Deductions
Section 80D (Medical Premia)		0.011
Relationship to Assessee Medical Premium		0.011
Total			0.011
Income Tax
Agriculture Income			0.163
Total Income			0.194
Basic Exemption			0.200
Income Tax			0.000
Payable			0.000
Exempt Income
Agriculture Income		0.163
Net			0.163

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

COMPUTATION OF INCOME

MR. NIYAZAHMED U. SHAIKH

(RS. IN MILLION)

PARTICULARS	2012-2013
PROFIT AND GAINS OF BUSINESS OR PROFESSION
Profit before tax as per Profit and Loss Account		0.031
Add: Disallowable / Additions
Depreciation treated separately		0.034
Less: Deductions / Expenses claimed
Depreciation as per Statement		0.034
		-------------	0.031
INCOME FROM SHARE IN PROFIT OF FIRMS
20.00% share of profit from the Firm
Bharat Industries
Raiyapur
Viramgam
Ahmedabad
As computed in firms case	0.006
Remuneration	0.150
Interest	0.054
		0.210
15.00% share of profit from the Firm
Warish Cotton
Mandal Road
Viramgam
Ahmedabad
As computed in firms case	0.004
Remuneration	0.016
Interest	0.197
		0.217
Less: Share of Profit exempted u/s 10(2A)		0.010
Less: Deductions/ Expenses claimed expenses		0.014	0.402
SUMMARY OF TOTAL INCOME
Profit and Gains of Business or Profession
Own Business or Profession		0.031
Share in Profit/ Loss Firms		0.402
			0.433
			-------------
GROSS TOTAL INCOME			0.433
Less: Deductions under Chapter VI-A
Deduction u/s 80-C
School/ College Tution Fee paid for Child	0.031
Life Insurance Premium (LIP)	0.009
Allowable Deduction u/s 80-C	-------------	0.040
Deduction u/s 80-D
Medical Insurance Premium	0.010
Allowable Deduction u/s 80-D	-------------	0.010
		-------------
Total Deductions under Chapter VI-A			0.050
			-------------
NET TOTAL INCOME			0.383
AGRICULTURE INCOME FOR RATE PURPOSE
Sale of Produces		0.143
Less: Deductions/ Expenses claimed Expenses		0.035
		-------------	0.108
CALCULATION OF TAX (Case of Male)
Tax on Total Income		0.018
Add: Education Cess ………………@ 2.00%		0.001
Secondary and Higher Education Cess ………………@ 1.00%		0.000
		0.019
Add: Interest u/s 234-A for 8 months @ 1.00%	0.002
Interest u/s 234-B
On 18900 for 12 months @ 1.00%	0.002
Interest u/s 234-C
For Shortfall in 1^st Inst.	0.000
For Shortfall in 2^nd Inst.	0.001
For Shortfall in 3^rd Inst.	0.000	0.005
		-------------
Less: Self-Assessment Tax paid on 25.03.2014		0.024
BSR: 0000497 CIN: 00004
Net Tax Refundable (Subject to interest u/s 244A)			0.000

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

SUMMARY OF INCOME

MR. ALTAFHUSEN SHAIKH

(RS. IN MILLION)

PARTICULARS	2013-2014
Salary			0.000
Business and Profession			0.271
Other Sources			0.000
Gross Total Income			0.271
Total Deductions			0.061
Total Income			0.210
Agriculture Income			0.253
Tax Due			0.000
Exempt Income			0.006
Salary Income
Total Salary			0.000
Business and Profession Remuneration from Firms
WARIS COTTON
Remuneration	0.073
Interest	0.198
Net		0.271
Net Income			0.271
Section 80 Deductions
Sec 80C		0.052
	0.052
Section 80D (Medical Premia)		0.009
Relationship to Assessee Medical Premium
	0.009
Total			0.061
Income Tax
Agriculture Income			0.253
Total Income			0.210
Basic Exemption			0.200
Income Tax (Before Tax Credit u/s 87A)			0.026
Tax Credit u/s 87A			0.001
Income tax			0.025
Agriculture Relief			0.025
Payable			0.000
Exempt Income
Agriculture Income		0.253
Net			0.253

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

SUMMARY OF INCOME

MR. ALTAMAS ALTAFHUSEN SHAIKH

(RS. IN MILLION)

PARTICULARS	2013-2014
Salary			0.000
Business and Profession			0.061
Other Sources			0.000
Gross Total Income			0.061
Total Income			0.061
Tax Due			0.000
Exempt Income			0.001
Salary Income
Total Salary			0.000
Business and Profession Remuneration from Firms
WARIS COTTON
Remuneration	0.037
Interest	0.024
Net		0.061
Net Income			0.061
Section 80 Deductions
Total			0.000
Income Tax
Total Income			0.061
Basic Exemption			0.200
Income Tax			0.000
Payable			0.000

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

COST OF PROJECT

(RS. IN MILLION)

PARTICULARS	EXISTING AMOUNT	PROPOSED AMOUNT	TOTAL AMOUNT
Land and Site Development
Factory Land	1.700	--	1.700
Buildings
Factory Building	2.245	1.629	3.874
Plant and Machineries
Indigenous Machineries	4.142	4.523	8.665
Tools, Jigs and Fixture	0.114	--	0.114
Total Capital Cost of Project	8.201	6.152	14.353
Margin Money for Working Capital	3.187	2.581	5.768
TOTAL COST OF PROJECT	11.388	8.733	20.121

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

MEANS OF FINANCE

(RS. IN MILLION)

PARTICULARS	EXISTING AMOUNT	PROPOSED AMOUNT	TOTAL AMOUNT
Partners’ Capital
All Partners	8.989	2.000	10.989
Total Partners Capital	8.989	2.000	10.989
Depreciation Fund	1.480	--	1.480
Long/ Medium Term Borrowings
VIMCO Bank	0.919	--	0.919
Proposed Bank	--	3.300	3.300
Total Long/ Medium Term Borrowings	0.919	3.300	4.219
Unsecured Loans/ Deposits
From Farmers - Creditors	--	3.433	3.433
Total Unsecured Loans/ Deposits	--	3.433	3.433
TOTAL MEANS OF FINANCE	11.388	8.733	20.121

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

PROFITABILITY AND NET CASH ACCRUALS

(RS. IN MILLION)

PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
Revenue / Income / Realisation
Gross Sales Realisation	54.037	81.055	83.218	84.298	85.379	86.459
Less: Excise Duties/ Levies	--	--	--	--	--	--
Net Sales Realisation	54.037	81.055	83.218	84.298	85.379	86.459
Total Revenue / Income / Realisation	54.037	81.055	83.218	84.298	85.379	86.459
Expenses/ Cost of Products/ Services/ Items
Main Material Cost
Manufacturing Item	43.811	65.717	67.469	68.346	69.222	70.098
Consumables, Stores, etc.	0.540	0.811	1.732	2.143	2.254	2.465
Employees Expenses	1.462	1.535	1.611	1.692	1.777	1.865
Power/ Electricity Expenses	0.811	1.216	1.248	1.264	1.281	1.297
Depreciation	1.508	1.299	1.119	0.965	0.832	0.719
Partners Remuneration	0.525	0.550	1.075	1.100	1.125	1.150
Partners Interest on Capital	0.350	0.375	0.800	0.825	0.850	0.875
Total Cost of Manufacture	49.007	71.503	75.054	76.335	77.341	78.469
Add: Opening stock W.I.P.	--	--	--	--	--	--
Less: Closing stock W.I.P.	--	--	--	--	--	--
Net Cost of Output/ Services	49.007	71.503	75.054	76.335	77.341	78.469
Add: Opening stock of Finished Goods	28.635	25.695	21.417	21.295	21.589	21.908
Less: Closing stock of Finished Goods	25.695	21.417	21.295	21.589	21.908	22.257
Cost of Output of Goods sold	51.947	75.781	75.176	76.042	77.021	78.120
Gross Profit	2.090	5.274	8.042	8.256	8.358	8.339
Administration Expenses	1.823	2.644	3.219	3.862	3.906	3.951
Financial Charges
Long/ Medium Term Borrowings	0.085	0.406	0.300	0.221	0.142	0.063
On Working Capital Borrowings	0.047	1.560	1.560	1.560	1.560	1.560
Total Financial Charges	0.132	1.966	1.860	1.781	1.702	1.623
Selling Expenses	--	--	2.000	1.600	1.500	1.200
Total Cost of Sales	53.902	80.391	82.255	83.285	84.129	84.894
Net Profit before Taxes	0.135	0.664	0.963	1.013	1.250	1.565
Tax on Profit	0.028	0.191	0.283	0.298	0.371	0.468
Net Profit after Taxes	0.108	0.474	0.680	0.715	0.879	1.096
Depreciation added back	1.508	1.299	1.119	0.965	0.832	0.719
Net Cash Accruals	1.615	1.772	1.799	1.680	1.711	1.816

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

SOURCES AND DISPOSITION OF FUNDS

(RS. IN MILLION)

PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
SOURCES OF FUNDS
Net Profit before Tax with Interest Charges added back but after Depreciation Provision	0.267	2.630	2.823	2.794	2.952	3.188
Partners’ Capital	--	--	--	--	--	--
Depreciation	1.508	1.299	1.119	0.965	0.832	0.719
Increase in Long/ Medium Term Proposed – Proposed Bank	--	--	--	--	--	--
Increase in Unsecured Loans Proposed-from-Farmers	--	--	--	--	--	--
Increase in Bank Borrowings for Working Capital	0.029	10.000	--	--	--	--
Increase in Current Liabilities	(6.412)	(13.644)	0.651	0.516	0.504	0.496
TOTAL SOURCES OF FUNDS	(4.608)	0.285	4.593	4.275	4.288	4.403
DISPOSITIONS OF FUNDS
Increase in Capital Expenses	--	--	--	--	--	--
Increase in Current Assets	(3.550)	(3.771)	2.565	1.828	1.341	0.863
Decrease in Long/ Medium Term Existing-VIMCO Bank	0.460	0.459	--	--	--	--
Proposed – Proposed Bank	--	0.495	0.660	0.660	0.660	0.660
Decrease in Unsecured Loans	--	--	--	--	--	--
Interest/ Financial Expenses	0.132	1.966	1.860	1.781	1.702	1.623
Taxes on Profit	0.028	0.191	0.283	0.298	0.371	0.468
TOTAL DISPOSITION	(2.930)	(0.660)	5.368	4.567	4.074	3.614
Opening Balance	2.705	1.027	1.973	1.198	0.906	1.120
Net Surplus/ Deficit	(1.678)	0.946	(0.775)	(0.292)	0.214	0.789
Closing Balance	1.027	1.973	1.198	0.906	1.120	1.909

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

PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
LIABILITIES
Capital at the Beginning	8.989	11.096	11.569	12.249	12.964	13.843
Add: Net Profit after Taxes	0.107	0.473	0.680	0.715	0.879	1.097
Add: Additions to Capital	2.000	--	--	--	--	--
Capital at the end of the year	11.096	11.569	12.249	12.964	13.843	14.940
Long/ Medium Term Borrowings
Existing VIMCO Bank	0.459	--	--	--	--	--
Proposed- Proposed Bank	3.300	2.805	2.145	1.485	0.825	0.165
Unsecured Loans/ Deposits
Proposed-from Farmer-Creditors	3.433	3.433	3.433	3.433	3.433	3.433
Bank Borrowing for Working Capital	3.000	13.000	13.000	13.000	13.000	13.000
Current Liabilities
Sundry Creditors	--	--	--	--	--	--
Other Current Liabilities	17.907	4.263	4.915	5.431	5.935	6.431
Total Current Liabilities	17.907	4.263	4.915	5.431	5.935	6.431
TOTAL LIABILITIES	39.195	35.070	35.742	36.313	37.036	37.969
ASSETS
Fixed Assets
Gross Block	14.353	14.353	14.353	14.353	14.353	14.353
Less: Depreciation	2.988	4.287	5.406	6.371	7.203	7.922
Net Block	11.365	10.066	8.947	7.982	7.150	6.431
Current Assets
Stock on hand	25.695	21.417	21.295	21.589	21.908	22.257
Receivables	0.901	1.351	1.387	1.405	1.423	1.441
Cash and Bank Balances	1.027	1.973	1.198	0.906	1.120	1.909
Other Current Assets	0.207	0.263	2.915	4.431	5.435	5.931
Total Current Assets	27.830	25.004	26.795	28.331	29.886	31.538
TOTAL ASSETS	39.195	35.070	35.742	36.313	37.036	37.969

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

PROFITABILITY RATIOS, DSCR, DEBT EQUITY, ETC.

(RS. IN MILLION)

PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
Profit percentages to Net Sales
Gross Profit	2.090	5.274	8.042	8.256	8.358	8.339
% of GP to Net Sales	3.87	6.51	9.66	9.79	9.79	9.65
P.B.I.D.T.	1.775	3.929	3.942	3.759	3.784	3.907
% of PBIDT to Net Sales	3.28	4.85	4.74	4.46	4.43	4.52
Net Profit before Taxes	0.135	0.664	0.963	1.013	1.250	1.565
% of NPBT to Net Sales	0.25	0.82	1.16	1.20	1.46	1.81
Net Profit after Taxes	0.107	0.473	0.680	0.715	0.879	1.097
% of NPAT to Net Sales	0.20	0.58	0.82	0.85	1.03	1.27
Net Cash Accruals	1.615	1.772	1.799	1.680	1.711	1.816
% of Cash Accruals to Net Sales	2.99	2.19	2.16	1.99	2.00	2.10
Debt Service Coverage Ratio
Funds available to Service Debts
Net Profit after Taxes	0.107	0.473	0.680	0.715	0.879	1.097
Depreciation Charges	1.508	1.299	1.119	0.965	0.832	0.719
Interest on Long/ Medium Term	0.085	0.406	0.300	0.221	0.142	0.063
Total	1.700	2.178	2.099	1.901	1.853	1.879
Debt Service Obligations
Repayment of Long/ Medium Term	0.460	0.954	0.660	0.660	0.660	0.660
Interest on Long/ Medium Term	0.085	0.406	0.300	0.221	0.142	0.063
Total	0.545	1.360	0.960	0.881	0.802	0.723
D.S.C.R. (Individual)	3.12	1.60	2.19	2.16	2.31	2.60
D.S.C.R. (Cumulative)	3.12	2.04	2.09	2.10	2.14	2.20
D.S.C.R. (Overall)	2.46
Indebtedness Ratios Initial
Debt / Equity [Non Quasi]	0.65	0.54	0.46	0.38	0.31	0.24
Debt / Equity [Quasi]	0.26	0.19	0.14	0.09	0.05	0.01
TOL/ TNW [Non Quasi]	2.53	2.03	1.92	1.80	1.68	1.54
TOL/ TNW [Quasi]	1.70	1.34	1.28	1.21	1.14	1.07
Assets Turnover Ratio (x)	1.38	2.31	2.33	2.32	2.31	2.28
Interest Coverage PBIDT/ Int.	1.345	2.00	2.12	2.11	2.22	2.41

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

BREAK EVEN ANALYSIS

(RS. IN MILLION)

PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
Total Value of Output/ Services	54.037	81.056	83.218	84.298	85.379	86.460
Other Operating Income	--	--	--	--	--	--
Total Operating Income	54.037	81.056	83.218	84.298	85.379	86.460
Variable Cost of Output/ Services
Main Material Cost	43.811	65.717	67.469	68.346	69.222	70.098
Other Material Cost	--	--	--	--	--	--
Packing Material Cost	--	--	--	--	--	--
Interest on Working Capital	0.047	1.560	1.560	1.560	1.560	1.560
Sales Commission Variable Expenses	--	--	--	--	--	--
Less: W.I.P. Adjustments	--	--	--	--	--	--
Total Variable Cost	43.858	67.277	69.029	69.906	70.782	71.658
Net Contribution	10.179	13.779	14.189	14.392	14.597	14.802
Profit Volume Ratio [%]	18.83	16.99	17.05	17.07	17.09	17.12
Semi Fixed / Semi Variable Expenses / Semi Fixed Expenses
Employees Expenses	0.819	0.819	0.819	0.819	0.819	0.819
Power/ Electricity Expenses	0.001	0.001	0.001	0.001	0.001	0.001
Depreciation Charges	1.508	1.299	1.119	0.965	0.832	0.719
Deferred Expenses w/off	--	--	--	--	--	--
Interest Charges	0.085	0.406	0.300	0.221	0.142	0.063
Less: Misc. Income	--	--	--	--	--	--
Total Net Fixed Expenses	2.413	2.525	2.239	2.006	1.794	1.602
Total Net Cash Fixed Expenses	0.905	1.226	1.120	1.041	0.962	0.883
Semi Fixed Expenses [Semi-Fixed]
Consumables, Stores etc.	--	0.223	0.983	1.323	1.414	1.589
Partners Remuneration	--	0.012	0.280	0.293	0.306	0.319
Partners Interest on Capital	--	0.015	0.274	0.289	0.305	0.320
Administration and Selling Expenses	--	0.569	2.356	2.525	2.486	2.309
Total Semi Fixed Expenses	--	0.821	3.896	4.432	4.512	4.538
Semi Fixed Expenses [Variable]
Consumables, Stores etc.	0.540	0.587	0.748	0.819	0.839	0.875
Employees Expenses	0.642	0.715	0.791	0.872	0.957	1.045
Power/Electricity Expenses	0.809	1.214	1.246	1.262	1.279	1.295
Partners Remuneration	0.525	0.537	0.794	0.806	0.818	0.830
Partners Interest on Capital	0.350	0.359	0.525	0.535	0.544	0.554
Administration and Selling Expenses	1.823	2.074	2.862	2.936	2.919	2.841
Total Semi Fixed Expenses	4.690	5.488	6.968	7.233	7.359	7.444
Total Expenses	7.104	8.836	13.104	13.672	13.667	13.585
Total Cash Expenses	5.596	7.537	11.985	12.707	12.835	12.866
Cash Break Even Sales	29.707	44.336	70.291	74.428	75.072	75.151
Cash Margin of Safety	24.329	36.718	12.926	9.869	10.306	11.307
Break Even Sales	37.712	51.978	76.854	80.080	79.939	79.351
Margin of Safety	16.324	29.076	6.363	4.217	5.439	7.107

At Maximum Utilisation:	Year	7.00
[as % to Installed Capacity]
Cash B.E.P.	%	70.28
B.E.P.	%	73.63

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
1	Gross Sales
	a) Domestic Sales	54.037	81.055	83.218	84.298	85.379	86.459
	b) Export Sales	0.000	0.000	0.000	0.000	0.000	0.000
	Total	54.037	81.055	83.218	84.298	85.379	86.459
2	Less: Excise Duty	--	--	--	--	--	--
3	Net Sales [1-2]	54.037	81.055	83.218	84.298	85.379	86.459
4	%age rise (+) or fall (-) in net sales as compared to previous year	13.43	50	2.67	1.3	1.28	1.26
5	Cost of Sales
	i. Raw Material [including stores and other items used in the process of manufacture]
	- Imported	43.811	65.717	67.459	68.346	69.222	70.098
	- Indigenous	--	--	--	--	--	--
	ii. Other Spares
	- Imported	--	--	--	--	-	--
	- Indigenous	0.540	0.811	1.732	2.143	2.254	2.465
	iii. Power and Fuel	0.811	1.216	1.248	1.264	1.281	1.297
	iv. Direct Labour [Factory Wages and Salaries]	1.462	1.535	1.611	1.692	1.777	1.865
	v. Other Manufacturing Expenses	0.875	0.925	1.875	1.925	1.975	2.025
	vi. Depreciation	1.508	1.299	1.119	0.965	0.832	0.719
	vii. Sub-Total [i to vi]	49.007	71.503	75.054	76.335	77.341	78.469
	viii. Add: Opening stock in process	--	--	--	--	--	--
	Sub-Total	49.007	71.503	75.054	76.335	77.341	78.469
	ix. Less: Closing Stock in process	--	--	--	--	--	--
	x. Cost of Production	49.007	71.503	75.054	76.335	77.341	78.469
	xi. Add: Opening stock of Finished Goods	28.635	25.695	21.417	21.295	21.589	21.908
	Sub-Total	77.642	97.198	96.471	97.630	98.930	100.377
	xii. Less: Closing Stock of Finished Goods	25.695	21.417	21.295	21.589	21.908	22.257
	xiii. Sub-Total (Total Cost of Sales)	51.947	75.781	75.176	76.041	77.022	78.120
6	Selling, General & Administrative Expenses	1.823	2.644	5.219	5.462	5.406	5.151
7	Sub-Total [5+6]	53.770	78.425	80.395	81.503	82.428	83.271
8	Operating Profit before Interest [3.-7]	0.267	2.630	2.823	2.795	2.951	3.188
9	Interest	0.132	1.966	1.860	1.781	1.702	1.623
10	Operating profit after Interest [8-9]	0.135	0.664	0.963	1.014	1.249	1.565
11	(i) Add: Other non-operating income	--	--	--	--	--	--
	Sub-total (Income)	--	--	--	--	--	--
	(ii) Deduct: Other non-operating expense	--	--	--	--	--	--
	Sub-total (Expenses)	--	--	--	--	--	--
	(iii) Net of other non-operating incomes/ expenses (net of 8(i) & 8(ii))	--	--	--	--	--	--
12	Profit before Tax/Loss	0.135	0.664	0.963	1.014	1.249	1.565
13	Provision for Taxes	0.028	0.191	0.283	0.298	0.371	0.468
14	Net Profit [12-13]	0.107	0.473	0.680	0.716	0.878	1.097
15	(i) Equity dividend Paid	--	--	--	--	--	--
	(ii) Dividend Rate	--	--	--	--	--	--
16	Retained Profit	0.107	0.473	0.680	0.716	0.878	1.097
17	Retained profit / Net Profit (%age)	100	100	100	100	100	100

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From Applicant Bank	3.000	13.000	13.000	13.000	13.000	13.000
	(ii) From Other Banks	--	--	--	--	--	---
	(iii) of which BP & BD	--	--	--	--	--	---
	Sub-Total (A)	3.000	13.000	13.000	13.000	13.000	13.000
2	Short term borrowings from others	--	--	--	--	--	---
3	Sundry Creditors - Trade	--	--	--	--	--	---
4	Advance payments from Customers/ Deposits from dealers	--	--	--	--	--	---
5	Provision for Taxation	--	--	--	--	--	---
6	Dividend Payable	--	--	--	--	--	---
7	Other statutory liabilities (due within one year)	--	--	--	--	--	---
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.954	0.660	0.660	0.660	0.660	0.165
9	Other current liabilities & Provisions (due within one year) (Specify major items)
	Accrued Expenses	0.207	0.263	0.415	0.431	0.435	0.431
	Statutory Liabilities	--	--	--	--	--	---
	Misc. C/ Liability 3	3.500	4.000	4.500	5.000	5.500	6.000
	Misc. C/ Liability 4	0.200	--	--	--	--	---
	Creditors for RM	14.000	--	--	--	--	--
	Sub-Total (B)	18.861	4.923	5.575	6.091	6.595	6.596
	TOTAL CURRENT LIABILITIES [Total of 1 to 9]	21.861	17.923	18.575	19.091	19.595	19.596
	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--	--	--	--	---
12	Preference Shares (redeemable after one year)	--	--	--	--	--	---
13	Term loans (excluding instalments payable within one year)	2.805	2.145	1.485	0.825	0.165	0.000
14	Deferred Payment Credits (excluding instalments due within one year)	--	--	--	--	--	---
15	Term Deposits (excluding instalments payable within one year)	3.433	3.433	3.433	3.433	3.433	3.433
16	Other Term Liabilities	--	--	--	--	--	---
17	TOTAL TERM LIABILITIES (Total of 11 to 16)	6.238	5.578	4.918	4.258	3.598	3.433
18	TOTAL OUTSIDE LIABILITIES [10+17]	28.099	23.501	23.493	23.349	23.193	23.029
	NET WORTH
19	Ordinary Capital	11.096	11.569	12.249	12.965	13.843	14.940
20	General Reserve	--	--	--	--	--	--
21	Revaluation Reserve	--	--	--	--	--	--
22	Other Reserves (excluding provisions)	--	--	--	--	--	--
23	Surplus (+) or deficit (-) in Profit & Loss Account	--	--	--	--	--	--
24	NET WORTH	11.096	11.569	12.249	12.965	13.843	14.940
25	TOTAL LIABILITIES [18+24]	39.195	35.070	35.742	36.314	37.036	37.969
	CURRENT ASSETS
26	Cash & Bank balances	1.027	1.973	1.198	0.906	1.120	1.909
27	Investments [Other than long term investments]
	1. Government and Other Trustee Securities	--	--	--	--	--	--
	2. Fixed Deposits with Banks	--	--	--	--	--	--
28	i. Receivables other than Deferred and Exports [including Bills purchased / discounted by Banks]	0.901	1.351	1.387	1.405	1.423	1.441
	ii. Export Receivables [including Bills purchased / discounted by Banks]	--	--	--	--	--	--
29	Installment of Deferred Receivables [due within one year]	--	--	--	--	--	--
30	Inventory
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
	(ii) Stock-in-process	--	--	--	--	--	--
	(iii) Finished Goods	25.695	21.417	21.295	21.589	21.908	22.257
	(iv) Other consumable stores
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
31	Advance to suppliers of Raw materials & stores/spares	--	--	--	--	--	--
32	Advance payment of taxes	--	--	--	--	--	--
33	Other Current Assets
	Pre-paid Expenses	0.207	0.263	0.415	0.432	0.435	0.431
	Other Current Assets	--	--	--	--	--	--
	Misc. C/ Assets 2	--	--	--	--	--	--
	Misc. C/ Assets 5	0.000	0.000	2.500	4.000	5.000	5.500
34	TOTAL CURRENT ASSETS [Total 26 to 33]	27.830	25.004	26.795	28.332	29.886	31.538
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	14.353	14.353	14.353	14.353	14.353	14.353
36	Depreciation to date	2.988	4.287	5.406	6.371	7.203	7.922
37	NET BLOCK (35-36)	11.365	10.066	8.947	7.982	7.150	6.431
	OTHER NON-CURRENT ASSETS
38	Investments/ book debts/ advances deposits which are not current assets
	i.(a) Investments in subsidiary companies/ affiliates	--	--	--	--	--	--
	(b) Others	--	--	--	--	--	--
	ii. Advances to suppliers of capital goods & contractors	--	--	--	--	--	--
	iii. Deferred receivables (maturity exceeding one year)	--	--	--	--	--	--
	iv. Others	--	--	--	--	--	--
39	Non consumables stores & spare	--	--	--	--	--	--
40	Other non-current assets (incl. Dues from director)	--	--	--	--	--	--
41	TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	--	--	--	--	--	--
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--	--	--	--	--
43	TOTAL ASSETS (Total of 34, 37, 41 & 42)	39.195	35.070	35.742	36.314	37.036	37.969
44	Tangible Net Worth (24-42)	11.096	11.569	12.249	12.965	13.843	14.940
45	Net Working Capital [34 - 10]	5.969	7.081	8.220	9.241	10.291	11.942
46	Current Ratio	1.27	1.40	1.44	1.48	1.53	1.61
47	Total Outside Liabilities / Net Worth (18/44)	2.53	2.03	1.92	1.80	1.68	1.54

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

FUNDS FLOW STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
1	SOURCES
	[a] Net profit (after tax)	0.107	0.473	0.680	0.716	0.878	1.097
	[b] Depreciation	1.508	1.299	1.119	0.965	0.832	0.719
	[c] Increase in Capital	2.000	--	--	--	--	--
	[d] Increase in Term Liabilities (including Public deposits)	5.319	--	--	--	--	--
	[e] Decrease in
	[i] Fixed Assets	--	--	--	--	--	--
	[ii] Other non-current Assets	--	--	--	--	--	--
	[f] Others	--	--	--	--	--	--
	[g] Total	8.934	1.772	1.799	1.681	1.710	1.816
2	USES
	[a] Net Loss	--	--	--	--	--	--
	[b] Decrease in Term Liabilities (Incl. Public deposits)	--	0.660	0.660	0.660	0.660	0.165
	[c] Increase in
	[i] Fixed Assets	6.152	--	--	--	--	--
	[ii] Other non-current Assets	--	--	--	--	--	--
	[d] Dividend Payments	--	--	--	--	--	--
	[e] Others	--	--	--	--	--	--
	[f] Total	6.152	0.660	0.660	0.660	0.660	0.165
3	Long Term Surplus (+) / Deficit (-) [1-2]	2.782	1.112	1.139	1.021	1.050	1.651
4	Increase/ (Decrease) in current assets	(2.647)	(2.826)	1.791	1.537	1.554	1.652
5	Increase/ (Decrease) in Current Liabilities other than Bank Borrowings	(5.458)	(13.938)	0.652	0.516	0.504	0.001
6	Increase/ (Decrease) in Working Capital Gap	2.811	11.112	1.139	1.021	1.050	1.651
7	Net Surplus (+)/ Deficit (-) [Difference of 3 and 6]	(0.029)	(10.000)	--	--	--	--
8	Increase/ (Decrease) in Bank Borrowings	0.029	10.000	--	--	--	--
	Increase/ (Decrease) in Net Sales	6.400	27.018	2.163	1.080	1.081	1.080
	* Break up of (4)
1	Increase/ (Decrease) in Raw material	--	--	--	--	--	--
2	Increase/ (Decrease) in Stock in process	--	--	--	--	--	--
3	Increase/ (Decrease) in finished goods	(2.940)	(4.278)	(0.122)	0.294	0.319	0.349
4	Increase/ (Decrease) in Receivables
	[a] Domestic	(0.635)	0.450	0.036	0.018	0.018	0.018
	[b] Export	--	--	--	--	--	--
5	Increase/ (Decrease) in stores & spares	--	--	--	--	--	--
6	Increase/ (Decrease) in other Current Assets	0.928	1.002	1.877	1.225	1.217	1.285

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
	A. CURRENT ASSETS:
1	Raw Materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--	--	--	--
	Months Consumption	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
	Months Consumption	--	--	--	--	--	--
2	Other Consumable Spares, excluding those included in 1 above
	(a) Imported	--	--	--	--	--	--
	Months Consumption	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
	Months Consumption	--	--	--	--	--	--
3	Stock-in-process	--	--	--	--	--	--
	Months Cost of Production	--	--	--	--	--	--
4	Finished Goods	25.695	21.417	21.295	21.589	21.908	22.257
	Months Cost of Sales	4.05	2.68	2.68	2.68	2.68	2.68
5	Receivables other than deferred & exports (incl. Bills purchased & discounted by bankers)	0.901	1.351	1.387	1.405	1.423	1.441
	Months Domestic Sales excluding Deferred Sales	0.2	0.2	0.2	0.2	0.2	0.2
6	Export Receivables (incl. Bills purchased & discounted by banks)	--	--	--	--	--	--
	Months Export Sales	--	--	--	--	--	--
7	Advance to suppliers of Raw materials & stores/spares	--	--	--	--	--	--
8	Other current assets including Cash and Bank Balances and Deferred Receivables due within one year [Specify major items]	--	--	--	--	--	--
	Cash and Bank Balances	1.027	1.973	1.198	0.906	1.120	1.909
	Investments [Other than Long term Investments]
	1. Government and Other Trustee Securities	--	--	--	--	--	--
	2. Fixed Deposits with Banks	--	--	--	--	--	--
	Investments of Deferred Receivables [Due within one year]	--	--	--	--	--	--
	Advance Payment of Taxes	--	--	--	--	--	--
	Other Current Assets [Specify major items]
	Pre-paid Expenses	0.207	0.263	0.415	0.432	0.435	0.431
	Other Current Assets	--	--	--	--	--	--
	Misc. C/ Assets 2	--	--	--	--	--	--
	Misc. C/ Assets 5	--	--	2.500	4.000	5.000	5.500
9	TOTAL CURRENT ASSETS [To agree with item 34 in Form III]	27.830	25.004	26.795	28.332	29.886	31.538
	B. CURRENT LIABILITIES
	(Other than bank borrowings for working capital)
10	Creditors for Purchase of Raw Materials, Stores and Consumable Spares	--	--	--	--	--	--
	Months Purchase	--	--	--	--	--	--
11	Advances from Customer	--	--	--	--	--	--
12	Statutory Liabilities	--	--	--	--	--	--
13	Other Current Liabilities [Specify major items]
	Short term borrowings from others	--	--	--	--	--	--
	Provision for taxation	--	--	--	--	--	--
	Dividend payable deposits/ Installments of Term Loans/ DPGs/ Debentures etc. [Due within one year]	0.954	0.660	0.660	0.660	0.660	0.165
	Misc. Current Liabilities
	Accrued Expenses	0.207	0.263	0.415	0.431	0.435	0.431
	Statutory Liabilities	--	--	--	--	--	--
	Installment due within	--	--	--	--	--	--
	Misc. C/ Liability – 3	3.500	4.000	4.500	5.000	5.500	6.000
	Misc. C/ Liability – 4	0.200	--	--	--	--	--
	Creditors for RM	14.000	--	--	--	--	--
	TOTAL CURRENT LIABILITIES [To agree with Sub-total B in Form III]	18.861	4.923	5.575	6.091	6.595	6.596

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15 Estimates	2015-16 Projection	2016-17 Projection	2017-18 Projection	2018-19 Projection	2019-20 Projection
	FIRST METHOD OF LENDING
1	Total Current Assets (Form IV)	27.830	25.004	26.795	28.332	29.886	31.538
2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	18.861	4.923	5.575	6.091	6.595	6.596
3	Working Capital Gap (WCP) (1-2)	9.923	20.741	21.880	22.901	23.951	25.107
4	Minimum stipulated net working Capital - 25% of WCG/ total current assets other than Export Receivables (as at 28(ii) of form III)	2.481	5.185	5.470	5.725	5.988	6.277
5	Actual/Projected net working capital (45 in form III)	6.923	7.741	8.880	9.901	10.951	12.107
6	Item 3 minus item 4	7.442	15.556	16.410	17.176	17.963	18.830
7	Item 3 minus item 5	3.000	13.000	13.000	13.000	13.000	13.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	3.000	13.000	13.000	13.000	13.000	13.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--	--	--	--	--
	SECOND METHOD OF LENDING
1	Total Current Assets (Form IV)	27.830	25.004	26.795	28.332	29.886	31.538
2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	18.861	4.923	5.575	6.091	6.595	6.596
3	Working Capital Gap (WCP) (1-2)	9.923	20.741	21.880	22.901	23.951	25.107
4	Minimum stipulated net working Capital - 25% of WCG/ total current assets other than Export Receivables (as at 28(ii) of form III)	6.958	6.251	6.699	7.083	7.472	7.885
5	Actual/Projected net working capital (45 in form III)	6.923	7.741	8.880	9.901	10.951	12.107
6	Item 3 minus item 4	2.966	14.490	15.181	15.818	16.480	17.223
7	Item 3 minus item 5	3.000	13.000	13.000	13.000	13.000	13.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	2.966	13.000	13.000	13.000	13.000	13.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	0.035	--	--	--	--	--

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NETWORTH STATEMENT

MR. ALTAMAS ALTAFHUSEN SHAIKH

(RS. IN MILLION)

BANK

Bank	Branch	SB/ CD Account No.	Present Balance
Bank of India	Viramgam	--	0.001
The Mehsana Urban Co-operative Bank Limited	Viramgam	221001002638	--

DETAILS OF ASSETS

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Date of issue	Sum assured	Annual premium	Premium paid upto what period
ICICI Prudential Life Insurance	18530420	27.03.2014	0.500	0.050	Ten Years

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	31.12.2014
Waris Cotton	0.486

LIABILITIES

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Present Status of Account	Outstanding Balance
Waris Cotton	VIMCO Bank	4.590	STD	4.206

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NETWORTH STATEMENT

MR. NIYAZAHMED U. SHAIKH

(RS. IN MILLION)

BANK

Bank	Branch	SB/ CD Account No.
The Mehsana Urban Co-operative Bank Limited	Viramgam	537
Kotak Mahindra Bank Limited	Viramgam	375

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	Own	6028 Sq. Mt.	Freehold	S. No. 401/A, Bhojwa, Mandal Road, Viramgam	2.858	22.500	Yes with VIMCO
ii. Residential	--	--	--	--	--	--	--
Flat / House
Agri. Land	Joint	8600 Sq. Mt.	Freehold	S. No. 1354, Viramgam	NA	21.500	No
Others	--	--	--	--	--	--	--

JEWELLERY

Particulars	Quantity	Valuation (Approx.)
Gold	1.5	0.150

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	31.12.2014
Waris Cotton	2.555

LIABILITIES

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Present Status of Account	Outstanding Balance
Waris Cotton	VIMCO Bank	4.500	STD	4.206

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Noman N. Shaikh	Student	Son	18	Unmarried	Viramgam, Ahmedabad, Gujarat, India
Waris N. Shaikh	Student	Son	16	Unmarried	Viramgam, Ahmedabad, Gujarat, India

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NETWORTH STATEMENT

MR. ALTAFHUSEN SHAIKH

(RS. IN MILLION)

BANK

Bank	Branch	SB/ CD Account No.	Present Balance
The Mehsana Urban Co-operative Bank Limited	VGM Branch	00221001002740	0.001
State Bank of India	VGM Branch	31753620788	--

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--	--
ii. Residential	--	--	--	--	--	--	--
Flat / House
Agri. Land	Joint	8600 Sq. Mt.	Freehold	S. No. 1354, Viramgam, Ahmedabad, Gujarat, India	NA	21.500	No
Others	--	--	--	--	--	--	--

JEWELLERY

Particulars	Quantity	Valuation (Approx.)
Gold	--	0.210

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	31.12.2014
Waris Cotton	3.851

LIABILITIES

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Present Status of Account	Outstanding Balance
Waris Cotton	VIMCO Bank	4.500	STD	4.206

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Altamas A. Shaikh	Job	Son	23	Unmarried	Viramgam, Ahmedabad, Gujarat, India

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NETWORTH STATEMENT

MR. IBRAHIMBHAI U. SHAIKH

(RS. IN MILLION)

BANK

Bank	Branch	SB/ CD Account No.
The Mehsana Urban Co-operative Bank Limited	VGM	221001002739

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--	--
ii. Residential	--	--	--	--	--	--	--
Flat / House
Agri. Land	Joint	8600 Sq. Mt.	Freehold	S. No. 1354, Viramgam, Ahmedabad, Gujarat, India	NA	21.500	No
Others	--	--	--	--	--	--	--

VEHICLES

Type of Vehicle	Cost at the time of purchase	Present Value
Hero Passion	0.044	0.025

JEWELLERY

Particulars	Quantity	Valuation (Approx.)
Gold	--	0.200

CAPITAL INVESTED IN BUSINESS

Name of Firm/ Company	31.12.2014
Waris Cotton	2.658

LIABILITIES

AS GUARANTOR

Name of the person to whom Guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount	Present Status of Account	Outstanding Balance
Waris Cotton	VIMCO Bank	4.500	STD	4.206

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Mohaddis I. Shaikh	Business	Son	25	Unmarried	Viramgam, Ahmedabad, Gujarat, India
Parvej I. Shaikh	Job and Study	Son	23	Unmarried	Viramgam, Ahmedabad, Gujarat, India
Kamil I. Shaikh	Study	Son	17	Unmarried	Viramgam, Ahmedabad, Gujarat, India

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VALUATION REPORT FOR SAINATH HOTEL

SUBJECT: Report of Valuation of Immovable Property on 20.02.2015, R.S. No. 47, At Devpura, Ta. Vijapur, District Mehsana (N.G.), belonging to Soni Kiritbhai Govindbhai and Patel Bharatbhai Shivabhai.

PART I

INTRODUCTION: Pursuant to the Instruction received from Soni Kiritbhai Govindbhai, Inspected their Commercial Property Situated as per above on dated 20.02.2015 with a view to report to find out its market value for guarantor evidence in Loan Purpose.

GENERAL

Purpose for which Valuation is made

To find out its market value for loan purpose

Name of Firm

SAINATH HOTEL

Date of Valuation

20.02.2015

Name of Owner

Soni Kiritbhai Govindbhai

Year of Construction

2007

LAND DETAILS

This is a Non Agricultural Land Plot situated R.S. No. 47, At Devpura, Ta. Vijapur, District Mehsana (N.G.). It is freehold and its admeasuring is 5113.00 Sq. Mt. with plinth level and shape is rectangular.

Cost of Land

Area of Land X Rate Adopted 5113.00 Sq. Mt. X 3200.00 per Sq. Mt Rs. 16.362 Million

STRUCTURAL DETAILS

The Structural of SAINATH HOTEL having comprising of Dining Hall, Open Shed is describe as under:

STRUCTURE DETAILS

It is consist of brick load bearing structural R.C.C. Slab Roofing and G.I. Sheet Roofing Supported by fabricated purlins and truss is supported on brick wall internal smooth plaster work is provided. Iron Doors Z Section windows ventilation kotastone flooring, I.P.S. Flooring at open shed, well developed compound wall. Bath and WC is provided well furnitured and oil paint rollings provided for opening.

North: Vijapur-Himmatnagar Road	East: Road of Vanjarapura
South: Vanajarapura	West: Government Land

COST OF STRUCTURE

SR. NO.	NATURE OF CONSTRUCTION	BUILT UP AREA IN SQ. MT.	RATE PER SQ. MT.	VALUATION AMOUNT
1	Dinning Hall 12.70 x 06.30 x 4.50	80.01	5000.00	0.400
2	Open Shed (For Kitchen and Seating Purpose) 07.60 x 11.00 x 4.50	83.60	5000.00	0.418
3	Parlour	20.21	5000.00	0.101
4	Furniture Cost	L.S		1.200
5	Development of Compound Wall	L.S		1.500
	Total			3.619

Total Cost of Property

Cost of Land + Cost of Construction 16.362 + 3.619 Rs. 19.981 Million Say Rs. 20.000 Million

NOTE:

Fair Market Value	Rs. 20.000 Million
Realizable Value (25% Less than the Market Value)	Rs. 15.000 Million
Distress Value (40% less than the Market Value)	Rs. 12.000 Million

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VALUATION REPORT OF PROPERTY BELONGING TO BHARAT STEEL CORPORATION

Purpose for which valuation is made

For fair market value of property

Valuation done by

Naresh K. Shah [Government Reg. Valuer]

Date of Valuation is made

2th September, 2013

The name of person in whose name property stands registered

BHARAT STEEL CORPORATION

[Prop. Niyaz Ahmed Usmangani Shekh]

Location and Situation of the property

B/S No. 401/ Apaiki of Bholya, Viramgam, Ta-Viramgam, District Ahmedabad

Purpose of Valuation

Loan Purpose

Zone of the Property

Industrial Zone

Whether leasehold or freehold property

Leasehold property

Name of the Property

“Warish Cotton”

Area of the Land

Total area = 2422.0 Sq. Mt.

Value of the land

6028.0 Sq. Mt. at 3500.0 Rs./ Sq. Mt.

Value of Land = Rs. 21.098 Million

Value of Construction

R.C.C. WEIGHT BRIDGE ROOM

13.0 Sq. Mt. at 12000.0 Rs. / Sq. Mt.

That gives Rs. = 0.156 Million

OFFICE STORE, URINAL, W.C.

65.50 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 0.328 Million

(Load bearing, AC Roof)

STORE ROOM 03

553.72 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 2.769 Million

(A.C. Roof)

STORAGE PLATE FORM

80.0 Sq. Mt. at 1000.0 Rs./ Sq. Mt.

That gives Rs. = 0.080 Million

STORAGE ROOM

17.42 Sq. Mt. at 12000.0 Rs./ Sq. Mt.

That gives Rs. = 0.209 Million

(Load bearing, R.C.C. Slab)

BATH

4.75 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 0.024 Million

PRESS BUILDING

176.40 Sq. Mt. at 6000.0 Rs./ Sq. Mt.

That gives Rs. = 1.058 Million

(GIC Roof Height 8.82)

STORE ROOM 02, CLOCK ROOM

65.52 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 0.328 Million

STORE ROOM 03

92.44 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 0.462 Million

FACTORY SHED

478.40 Sq. Mt. at 6000.0 Rs./ Sq. Mt.

That gives Rs. = 2.870 Million

(GIC Roof)

STORE

11.78 Sq. Mt. at 12000.0 Rs./ Sq. Mt.

That gives Rs. = 0.141 Million

(RCC Slab)

STORE

10.60 Sq. Mt. at 5000.0 Rs./ Sq. Mt.

That gives Rs. = 0.053 Million

(GIC Roof)

DUST COLLECTION

10.94 Sq. Mt. at 12000.0 Rs./ Sq. Mt.

That gives Rs. = 0.131 Million

(RCC Slab)

UGW TANK

19000.0 Lt at 20 Rs. / Lt.

That gives Rs. = 0.380 Million

R.C.C. FOUNDATION FOR CHARKHA

That L.S. Rs. = 1.000 Million

R.C.C. FOUNDATION FOR

That L.S. Rs. = 0.300 Million

Value of Construction = Rs. 10.289 Million

Year in which the property was constructed

About Six (10.0) years old Construction

Deduction for depreciation at 10% less of the Construction value

Value of Construction	Rs. 10.289 Million
At 10% less	Rs. 1.029 Million
Total Value	Rs. 9.260 Million

Total value of the property

Value of land	Rs. 21.098 Million
Value of Construction	Rs. 9.260 Million
Value of Property	Rs. 30.358 Million

Please state the property used by the owner or hired out

By the Owner

The expected life of the Property

About 30 years in normal condition.

Whether repairing is required or not

Not

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TRADE REFERENCES

· Bharat Industries

· Bharat Steel Corporation

FIXED ASSETS

· Land and Building Construction

· Electric Fitting

· 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. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.