MIRA INFORM REPORT

Report No. :	318827
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :		MARSHALL MULTIVENTURES (INDIA) PRIVATE LIMITED

Registered Office :		A-212, Pranik Chambers, 3rd Floor, Saki Vihar Road, Sakinaka Junction, Andheri [East], Mumbai - 400072, Maharashtra
Mobile No.:	91-9167108062 [Mr. Akshay Agarwal]

Country :		India

Financials (as on) :		31.03.2014

Date of Incorporation :		10.01.2014

Com. Reg. No.:		11-251954

Capital Investment / Paid-up Capital :		Rs. 0.100 Million

CIN No.: [Company Identification No.]		U74999MH2014PTC251954

TAN No.: [Tax Deduction & Collection Account No.]		MUMM44877A

PAN No.: [Permanent Account No.]		AAJCM0177G

Legal Form :		Private Limited Liability Company

Line of Business :		Manufacturer of S.S. Sheets and Rods by Melting Scrap.

No. of Employees :		5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company incorporated during 10^th January 2014, and it is yet to establishing itself gradually. Mr. Akshay Agarwal, Chartered Accountant has provided general information to us and claimed that company will start its business operations after loan sanction from the bank. As per the status in the Registrar of Companies, business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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. Akshay Agarwal
Designation :	Chartered Accountant
Contact No.:	91-9167108062
Date :	21.04.2015

LOCATIONS

Registered Office :	A-212, Pranik Chambers, 3rd Floor, Saki Vihar Road, Sakinaka Junction, Andheri [East], Mumbai - 400072, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9825048031 [Mr. Mahendrabhai Mansingbhai Chaudhari] 91-9167108062 [Mr. Akshay Agarwal]
Fax No.:	Not Available
E-Mail :	punitgoyalagrawal@yahoo.in atlaseva@gmail.com marshallmultivnt@gmail.com
Location :	Rented

Factory :	535, GIDC, Savli, P.O. Manjusar, Ta. Savli, Vadodara, Gujarat, India
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mahendrabhai Mansingbhai Chaudhari

Designation :

Additional director

Address :

10, Panchvati Society, Opposite Mayur Society, Lalbaug Highway Road, Baroda - 390004, Gujarat, India

Date of Birth/Age :

22.05.1961

Qualification :

Chemical Engineer

Experience :

30 Years

Date of Appointment :

30.12.2014

PAN No.:

AAQPC1314F

Passport No.:

H8191339

Profile :

Mr. Mahendrabhai Chaudhary has already promoted his proprietorship concern Apex Engineering Works. He possesses very good reputation and experience of sales and marketing.

Mr. Mahendrabhai Chaudhary has done chemical engineering and having business experience more than 30 years in the field of business. Om Shakti Engineering Private Limited in the year 1985 which is into manufacturing of various plant and machinery. Apex Engineering Is ISO certified firm. He has also promoted a partnership firm Apex Associates which is involved into trading of industrial gases.

DIN No.:

00190633

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24911GJ1992PTC018315	NOVA INDUSTRIAL GASES PRIVATE LIMITED	Whole-time director	21-09-1992	21-09-1992	01-11-2009	Active	NO
2	U26109GJ1993PTC020725	NOVA INFO GLASS PRIVATE LIMITED	Director	26-11-1993	26-11-1993	-	Active	NO
3	U31900GJ2008PTC052650	OHM SHAKTI ENGINEERING PRIVATE LIMITED	Director	16-01-2008	16-01-2008	-	Active	NO
4	L26100GJ1992PLC017070	PUR OPALE CREATIONS LIMITED	Director	30-09-2008	01-06-2008	-	Active	NO
5	U74999MH2010PTC236943	FEATHER TOUCH GLASS PRIVATE LIMITED	Director	30-09-2011	31-07-2010	16-04-2012	Active	NO
6	U74999MH2014PTC251954	MARSHALL MULTIVENTURES (I) PRIVATE LIMITED	Additional director	30-12-2014	30-12-2014	-	Active	NO

Name :

Mr. Mahesh Jagmohandas Mehta

Designation :

Additional director

Address :

204, P.V. Mandlink Nagar, B/1, S.V. Road, Malad West, Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

03.04.1954

Qualification :

B.SC (Chemistry)

Experience :

35 Years

Date of Appointment :

30.12.2014

PAN No.:

AACPM1064A

Profile :

Mr. Mahesh Mehta holds a bachelor degree on B.SC (Chemistry) and having 35 years of versatile experience in the field of various businesses. He has experience of last 12 years in the field of marketing, having a good connection with the customers and enjoying admirable market reputation. He has worked with most reputed companies of Gulf countries e.g. Al-Fanaoos Trading Company, Muscat. He will be mainly responsible for marketing and day to day operations.

DIN No.:

03022314

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH2010PTC236943	FEATHER TOUCH GLASS PRIVATE LIMITED	Director	12-05-2010	12-05-2010	Active	NO
2	U74999MH2014PTC251954	MARSHALL MULTIVENTURES (I) PRIVATE LIMITED	Additional director	30-12-2014	30-12-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Akshay Agarwal
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Dhiraj Dwarkadas Babruwan Mantri	5000	50.00
Shaunak Sanjay Bodke	5000	50.00

Total	10000	100.00

AS ON 30.09.2014

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

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of S.S. Sheets and Rods by Melting Scrap.

Products/ Services :	The plant is to melt scrap of S.S. & other metal and convert it into S.S. Ingot. After getting S.S. Ingot, it goes to rolling mills and converted into S.S. sheets and rods as per our requirement. We have tie-up with certain rolling mills on job work basis. The major raw material requirements of the plants are as below: Ø S.S Ø Magnesium Ø CRC, etc.

Brand Names :	--

Agencies Held :	--

Exports :
Products :	--
Countries :	--

Imports :
Products :	--
Countries :	--

Terms :
Selling :	Others

Purchasing :	Others

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Others

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

5 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Mahalaxmi Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Credit Limit = 17.500 Million
Account Operation:	--
Remarks:	--

Facilities :


Auditors :
Name :	Agarwal Akshay and Associates Chartered Accountants
Address :	Post Office Road, Sumerpur (Pali), Sumerpur – 306902, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AIGPA2961G

Related Parties :	· Nova Info Glass Private Limited Address: 10, Panchvati Society, Opp Indra Complex, Manjaipur, Vadodara, Gujarat – 390010 Activity: Export, Wholesale Trading and marketing of Glass Container, Table ware glass products and other glass products including own brand products. · Apex Associates Address: 2/B, Indra Complex, Manjalpur Highway, Manjalpur, Baroda - 390004, Gujarat, India · OHM Shakti Engineering Private Limited Address: 10, Panchvati Society, Lalbaug Highway Road, Manjalpur, Vadodara – 390004, Gujarat, India Activity: Manufacturing of Plant and Machinery used in glass products.

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital			0.100
(b) Reserves & Surplus			0.000
(c) Money received against share warrants			0.000

(2) Share Application money pending allotment			0.000
Total Shareholders’ Funds (1) + (2)			0.100

(3) Non-Current Liabilities
(a) Long-term borrowings			0.000
(b) Deferred tax liabilities (Net)			0.000
(c) Other long term liabilities			0.000
(d) long-term provisions			0.000
Total Non-current Liabilities (3)			0.000

(4) Current Liabilities
(a) Short term borrowings			0.000
(b) Trade payables			0.000
(c) Other current liabilities			0.008
(d) Short-term provisions			0.000
Total Current Liabilities (4)			0.008

TOTAL			0.108

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets			0.000
(ii) Intangible Assets			0.000
(iii) Capital work-in-progress			0.000
(iv) Intangible assets under development			0.000
(b) Non-current Investments			0.000
(c) Deferred tax assets (net)			0.000
(d) Long-term Loan and Advances			0.000
(e) Other Non-current assets			0.000
Total Non-Current Assets			0.000

(2) Current assets
(a) Current investments			0.000
(b) Inventories			0.000
(c) Trade receivables			0.000
(d) Cash and cash equivalents			0.085
(e) Short-term loans and advances			0.000
(f) Other current assets			0.023
Total Current Assets			0.108

TOTAL			0.108

KEY RATIOS

PARTICULARS				31.03.2014

Debt Equity Ratio (Total Debt/Networth)				0.00

Current Ratio (Current Asset/Current Liability)				13.50

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	No
12]	Profitability for last three years	No
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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

COMPUTATION OF TOTAL INCOME

MR. MAHENDRABHAI MANSINGBHAI CHAUDHARI

(RS. IN MILLION)

PARTICULARS	2013-2014

Income Heads		Income before Set off		Income after Set off

Income from Salary		0.200		0.200

Income from House Property		0.031		0.031

Income from Business or Profession		0.441		0.441

Income from Other Sources		0.057		0.057
				------------
Gross Total Income				0.729

Less: Deduction under Chapter VIA				0.049
				------------
Total Income				0.680

Rounding off u/s 288A				0.680

Income Taxable at Normal Rate			0.680
Income Taxable at Special Rate			0.000

TAX CALCULATION
Basic Exemption Limit		0.200

Tax at Normal Rates		0.066

Total Tax				0.066

Add: Education Cess				0.001
				------------
Total				0.067

Add: Secondary and Higher Education Cess				0.001
				------------
Total				0.068
Add: Interest				0.005
u/s 234A 2716 [4M]	0.002
u/s 234B 2016 [8M]	0.002
u/s 234C [207+417+231]	0.001

Less: Tax Deposited u/s 140A				0.073
				------------
AMOUNT PAYABLE				0.000

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

COMPUTATION OF TOTAL INCOME

MR. MAHESH JAGMOHANDAS MEHTA

(RS. IN MILLION)

PARTICULARS	2013-2014

PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.220

MAHESH J. MEHTA
Profit before Tax as per Profit and Loss Account		0.220
		-------------
		0.220

INCOME FROM OTHER SOURCES			0.001
Interest Bank SB Account		0.001
		-------------
Total		0.001
			-------------
GROSS TOTAL INCOME			0.221

LESS: DEDUCTIONS UNDER CHAPTERVIA
80 D Medical Insurance Premia		0.004
		-------------
Total Deductions			0.004
			-------------
TOTAL INCOME			0.217
Total Income rounded off u/s 288A			0.217

COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Million	0.000
Tax on Rs. 0.017 Million (0.217 – 0.200) @ 10%	0.002

Tax on Rs. 0.217 Million		0.002
		-------------
		0.002
Less: Rebate u/s 87A		0.002
		-------------
TAX PAYABLE		0.000

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

APEX ENGINEERING WORKS

(PROP. MR. MAHENDRABHAI MANSINGBHAI CHAUDHARI)

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Capital		4.774	2.077
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4.774	2.077
LOAN FUNDS
1] Secured Loans		4.400	4.013
2] Unsecured Loans		1.716	2.649
TOTAL BORROWING		6.116	6.662
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		10.890	8.739

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.243	3.600
Capital work-in-progress		0.000	0.000

INVESTMENT		0.094	0.069
DEFERRED TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.456	2.462
	Sundry Debtors	8.421	9.309
	Cash & Bank Balances	0.060	0.037
	Other Current Assets	0.027	0.000
	Loans & Advances	0.751	0.429
Total Current Assets		13.715	12.237
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.619	7.156
	Other Current Liabilities	3.543	0.003
	Provisions	0.000	0.008
Total Current Liabilities		10.162	7.167
Net Current Assets		3.553	5.070

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		10.890	8.739

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

APEX ENGINEERING WORKS

(PROP. MR. MAHENDRABHAI MANSINGBHAI CHAUDHARI)

PROFIT AND LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Sales	4.823	8.947
		Other Income	1.161	(0.434)
		TOTAL	5.984	8.513

Less	EXPENSES
		Cost of Goods sold	2.371	4.791
		Direct Expenses	0.625	0.000
		Indirect Expenses Bank Interest	0.158	0.000
		Bonus	0.046	0.046
		Electricity Bill	0.090	0.000
		Interest on Fixed Deposit	0.065	0.000
		Legal Expense	0.030	0.000
		Municipal Tax	0.038	0.000
		Petrol – Diesel Expense	0.091	0.000
		Salary	0.475	0.615
		Sales Promotion Account	0.098	0.006
		Telephone Bill	0.069	0.068
		Term Loan Interest	0.468	0.000
		Vat Tax Adjustment [Disallowed]	0.050	0.000
		Other Expenses	0.277	1.610
		TOTAL	4.951	7.136

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial Expenses)	1.377

Less	FINANCIAL EXPENSES			1.032

	PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION		1.033	0.345

Less/ Add	DEPRECIATION/ AMORTISATION		0.647	0.592

	PROFIT/ (LOSS) BEFORE TAX		0.386	(0.247)

Less	TAX		NA	0.000

	PROFIT/ (LOSS) AFTER TAX		NA	(0.247)

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.		PARTICULARS	ESTIMATED 2016	PROJECTED 2017	PROJECTED 2018	PROJECTED 2019

1		GROSS SALES
	i)	Sales
		a) Domestic Sales	108.000	118.800	130.680	143.748
		b) Sub-total [a]	108.000	118.800	130.680	143.748
		c) %age rise (+) or fall (-) in net sales as compared to previous year	100.00%	10.00%	10.00%	10.00%

		Total	108.000	118.800	130.680	143.748

	ii)	Other income
		a) Damage and Shortage - Net	--	--	--	--
		b) Cash assistance	--	--	--	--
		c) Commission/Brokerage/interest	0.100	0.120	0.144	0.173
		d) Sub-total [a+b+c]	0.100	0.120	0.144	0.173

		Total [i] + [ii]	108.100	118.920	130.824	143.921

2		COST OF SALES
	i)	Purchases	87.000	78.550	86.305	94.661
		Imported	--	--	--	--
		Domestic	87.000	78.550	86.305	94.661

	ii)	Other Manufacturing expenses	31.500	34.650	38.115	41.927

	iii)	Sub-total [i + ii]	118.500	113.200	124.420	136.587

	iv)	Add: Opening stock RM and WIP	--	9.000	9.500	10.000

	v)	Sub-total [iii + iv]	118.500	122.200	133.920	146.587

	vi)	Less: Closing Stock RM and WIP	9.000	9.500	10.000	10.325

	viii)	Add: Opening stock of Finished goods	--	7.500	8.000	8.500

	ix)	Less: Closing Stock of Finished goods	7.500	8.000	8.500	9.000

	vii)	Sub-total [Total cost of sales] [v - vi]	102.000	112.200	123.420	135.762

3		Selling, General and Administrative Expenses (including bonus payments)	0.600	0.700	0.800	0.900

4		Operating Profit before interest and Depreciation [1(iii)-2(vii)-3]	5.500	6.020	6.604	7.259

5		Interest Expenses - Interest on WC	2.240	2.380	2.520	2.660

6		Depreciation	0.075	0.064	0.054	0.046

7		Operating profit after interest and depreciation [4-5-6]	3.185	3.576	4.030	4.553

8		(i) Add other non-operating income
		(a) Sundry Balances Written back	--	--	--	--
		(b) Exchange gain/loss	--	--	--	--
		(c) Interest on FD	--	--	--	--
		(d) Excess Received	--	--	--	--
		(e) Discount Received	--	--	--	--
		(f) Interest on IT Refund	--	--	--	--
		(g) Misc. Income	--	--	--	--
		Subtotal (income)	--	--	--	--

		(ii) Deduct other non-operating expense
		(a) Directors Remuneration	--	--	--	--
		(b) Interest on Partners' capital	--	--	--	--

		Subtotal (expenses)	--	--	--	--

		(iii) Net of other non-operating incomes/expenses (net of 8(i) and 8(ii))	--	--	--	--

9		Profit before tax/loss (7+8(iii))	3.185	3.576	4.030	4.553

10		Provision for tax	0.984	1.105	1.245	1.407
		Deferred Tax	--	--	--	--

11		Net Profit / (Loss) [9-10]	2.201	2.471	2.785	3.146

12		(i) Equity dividend paid/ Drawings	--	--	--	--
		(ii) Dividend Rate	--	--	--	--

13		Retained Profit [11-12]	2.201	2.471	2.785	3.146

14		Retained Profit / Net Profit (%age)	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATED 2016	PROJECTED 2017	PROJECTED 2018	PROJECTED 2019

	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	17.500	17.500	17.500	17.500
	(ii) From other banks	--	--	--	--
	(iii) of which EP and BD	--	--	--	--

	Sub Total (A)	17.500	17.500	17.500	17.500

2	Short term borrowings from others	--	--	--	--

3	Sundry Creditors - Trade	0.953	1.076	1.182	1.297

4	Advance payments from customers/ deposits from dealers	--	--	--	--

5	Provision for Taxation	0.984	1.105	1.245	1.407

6	Dividend Payable	--	--	--	--

7	Other statutory liabilities (due within one year)	--	--	--	--

8	Deposits/Instalments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--	--	--

9	Other current liabilities and Provisions (due within one year)	--	--	--	--

	Sub Total (B)	1.938	2.181	2.428	2.704

10	TOTAL CURRENT LIABILITIES [total of 1 to 9]	19.438	19.681	19.928	20.204

	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)-	--	--	--	--

14	Deferred tax	--	--	--	--

15	Term deposits (repayable after one year)	--	--	--	--

16	Other term liabilities
	(a) Unsecured loans	--	--	--	--
	(b) Secured Loans	--	--	--	--

17	TOTAL TERM LIABILITIES (Total of 11 to 16)	--	--	--	--

18	TOTAL OUTSIDE LIABILITIES [10+17]	19.438	19.681	19.928	20.204

	NET WORTH
19	Capital	5.000	5.000	5.000	5.000

20	Reserves and Surplus	--	2.201	2.471	2.785

21	Quasi Equity	2.500	2.500	2.900	2.900

22	Withdrawals	--	--	--	--

23	Surplus (+) or deficit (-) in Profit and Loss Account	2.201	2.471	2.785	3.146

24	NET WORTH	9.701	12.172	13.156	13.831

25	TOTAL LIABILITIES [18+24]	29.138	31.853	33.083	34.034

	CURRENT ASSETS
26	Cash and Bank balances	0.100	0.125	0.150	0.175

27	Fixed Deposit	--	--	--	--

28	Receivables	12.102	13.800	14.035	14.178

30	Inventories
	(i) RM and WIP	9.000	9.500	10.000	10.325
	(ii) Finished Goods	7.500	8.000	8.500	9.000

31	Advance to suppliers of Raw materials and stores/spares	--	--	--	--

32	Advance tax	--	--	--	--

33	Other current assets	0.012	0.066	0.092	0.095

34	TOTAL CURRENT ASSETS [Total 26 to 33]	28.713	31.492	32.776	33.773

	FIXED ASSETS
35	Gross Block (land and building machinery, vehicles, work-in-progress)	0.500	0.500	0.500	0.500

36	Depreciation to date	0.075	0.139	0.193	0.239

37	NET BLOCK (35-36)	0.425	0.361	0.307	0.261

38	Investments/book debts /advances deposits which are not current assets	--	--	--	--

	i.(a)Investments in subsidiary companies/ affiliates	--	--	--	--
	Equity Share in Vijay Bank	--	--	--	--
	Shares in Citizen Co-op Bank	--	--	--	--
	Investment in house	--	--	--	--

	ii. Advances to suppliers of capital goods and contractors	--	--	--	--

	iii. Deferred receivables (maturity exceeding one year)	--	--	--	--

	iv. Others	--	--	--	--

39	Long term loans and advances	--	--	--	--

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 and 42)	29.138	31.853	33.083	34.034

44	Tangible net worth (24-42)	9.701	12.172	13.156	13.831

45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	9.276	11.811	12.849	13.570

46	Current Ratio [34/10]	1.48	1.60	1.64	1.67

47	Total Outside Liabilities / Net worth (18/44)	3.05	2.29	2.23	2.11
	Quasi	2.00	1.62	1.51	1.46

	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) Other liabilities not provided for	--	--	--	--

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

FUND FLOW STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATED 2016	PROJECTED 2017	PROJECTED 2018	PROJECTED 2019

1	SOURCES
	[a] Net profit (after tax)	2.201	2.471	2.785	3.146
	[b] Depreciation	0.075	0.064	0.054	0.046
	Partners' Salary and interest	--	--	--	--
	[c] Increase in Capital	5.000	--	--	--
	[d] Increase in Term Liabilities (incl. Public deposits)	--	--	--	--
	[e] Decrease in
	[i] Fixed Assets	0.500	--	--	--
	[ii] Other non-current Assets	--	--	--	--
	[f] Others (Unsecured Loans)	2.500	--	0.400	--

	[g] Total	10.276	2.535	3.239	3.192

2	APPLICATION
	[a] Net Loss	--	--	--	--
	[b] Decrease in Term Liabilities (Incl. Public deposits)	--	--	--	--
	[c] Increase in
	[i] Fixed Assets	--	--	--	--
	[ii] Other non-current Assets	--	--	--	--
	[d] Withdrawals	--	--	--	--
	[e] Others (Unsecured loans)	--	--	--	--

	[f] Total	--	--	--	--

3	Long Term Surplus (+) / Deficit (-) (1 minus 2)	10.276	2.535	3.239	3.192

4	Increase/ (Decrease) in current assets * ( As per details given below)	28.713	2.778	1.285	0.997

5	Increase/ (Decrease) in current Liabilities other than bank borrowings	1.938	0.243	0.247	0.276

6	Increase/ (Decrease) in working capital Gap	26.776	2.535	1.038	0.721

7	Net Surplus (+) / deficit (-) (Difference of 3 and 6)	(16.500)	--	2.201	2.471

8	Increase/ (Decrease) in Bank Borrowings	17.500	--	--	--

	* Break up of (4)
	[i] Increase/ (Decrease) in Raw material	9.000	0.500	0.500	0.325
	[ii] Increase/ (Decrease) in Stock in process	--	--	--	--
	[iii] Increase/ (Decrease) in finished goods	7.500	0.500	0.500	0.500
	[iv] Increase/ (Decrease) in Receivables
	[a] Domestic	12.102	1.698	0.234	0.143
	[b] Export	--	--	--	--
	[iii] Increase/ (Decrease) in stores and spares	--	--	--	--
	[iii] Increase/ (Decrease) in other Current Assets	0.112	0.080	0.050	0.029

	Total	28.713	2.778	1.285	0.997

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATED 2016	PROJECTED 2017	PROJECTED 2018	PROJECTED 2019

	A. CURRENT ASSETS:
1	Cash and Bank Balances	0.100	0.125	0.150	0.175
	Fix Deposit	--	--	--	--

2	Investments (other than long term investments)	--	--	--	--

3	(i) Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	12.102	13.800	14.035	14.178

4	Instalments of deferred receivable (due within one year)	--	--	--	--

5	Inventories
	(i) RM and WIP	9.000	9.500	10.000	10.325
	(ii) Finished Goods	7.500	8.000	8.500	9.000

6	Advance to suppliers of Raw materials and stores/spares	--	--	--	--

7	Advance payment of taxes	--	--	--	--

8	Other current assets	0.012	0.066	0.092	0.095

9	TOTAL CURRENT ASSETS [1 to 8]	28.713	31.492	32.776	33.773
	(To agree with item 34 in Form III)

	B. CURRENT LIABILITIES (Other than bank borrowings for working capital)
10	Short term borrowings from others	--	--	--	--

11	Sundry Creditors - Trade	0.953	1.076	1.182	1.297

12	Advance payments from customers/ deposits from dealers	--	--	--	--

13	Provision for Tax	0.984	1.105	1.245	1.407

14	Dividend Payable	--	--	--	--

15	Other statutory liabilities (due within one year)	--	--	--	--

16	Deposits/Instalments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--	--	--

17	Other Current Liabilities and Provisions (due within one year)	--	--	--	--

18	TOTAL CURRENT LIABILITIES [10 to 17]	1.938	2.181	2.428	2.704
	(To agree with sub-total B-Form III)

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLION)

SR. NO.	PARTICULARS	ESTIMATED 2016	PROJECTED 2017	PROJECTED 2018	PROJECTED 2019
1	Total Current Assets (Form IV)	28.713	31.492	32.776	33.773

2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	1.938	2.181	2.428	2.704

3	Working Capital Gap (WCP) (1-2)	26.776	29.311	30.349	31.070

4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	7.178	7.873	8.194	8.443

5	Actual/ Projected net working capital (45 in form III)	9.276	11.811	12.849	13.570

6	Item 3 minus item 4	19.597	21.438	22.155	22.626

7	Item 3 minus item 5	17.500	17.500	17.500	17.500

8	Maximum permissible bank finance (item 6 or 7 whichever is less)	17.500	17.500	17.500	17.500

9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--	--	--

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

FINANCIAL DETAILS

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19
		Estimated	Projection	Projection	Projection
a)	Paid up Capital :
	- Equity	5.000	5.000	5.000	5.000
	- Preference Share	--	--	--	--

b)	Tangible Networth	9.701	12.172	13.156	13.831

c)	Reserves and Surplus	--	2.201	2.471	2.785
	Unsecured Loans	--	--	--	--

d)	Adjusted TNW	9.701	12.172	13.156	13.831

e)	Medium and Long Term Loans	--	--	--	--
	Unsecured Loans from directors	--	--	--	--

f)	Capital Employed	9.701	12.172	13.156	13.831

g)	Current Assets	28.713	31.492	32.776	33.773

h)	Current Liabilities	19.438	19.681	19.928	20.204
	NWC (g-h)	9.276	11.811	12.849	13.570

i)	Net Block	0.425	0.361	0.307	0.261

j)	Net sales : Domestic	108.000	118.800	130.680	143.748
	Exports	--	--	--	--

	Total	108.000	118.800	130.680	143.748

k)	Other Income	0.100	0.120	0.144	0.173

l)	EBIDTA	5.500	6.020	6.604	7.259

m)	Interest	2.240	2.380	2.520	2.660

n)	Gross Profit/(Loss)	5.500	6.020	6.604	7.259

o)	Taxes	0.984	1.105	1.245	1.407

p)	Cash Accruals	2.276	2.535	2.839	3.192

q)	Depreciation	0.075	0.064	0.054	0.046

r)	Net Profit/(Loss)	2.201	2.471	2.785	3.146

s)	Accumulated Losses	--	--	--	--

t)	Net Profit/Capital Employed (%)	22.69%	20.30%	21.17%	22.75%

	RATIOS :
u)	Current Ratio	1.48	1.60	1.64	1.67

v)	Debt/Equity :
	Term liabilities / Adjusted TNW	0.00	0.00	0.00	0.00
	TOL/ Adjusted TNW	3.05	2.29	2.23	2.11
	TOL/Quasi Equity	2.00	1.62	1.51	1.46

w)	Profitability%: PAT/Net Sales	2.04	2.08	2.13	2.19

y)	DSCR for Term Loan	--	--	--	--
	Interest Coverage	2.46	2.53	2.62	2.73

z)	Inventory + Receivables/ Sales (%)	26.48	26.35	24.90	23.31

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

NETWORTH STATEMENT

MR. MAHENDRABHAI MANSINGBHAI CHAUDHARI

(RS. IN MILLION)

SR. NO.	PARTICULARS	31.03.2014

1	Investment in Companies
a	Apex Engineering Works	4.774
b	Apex Associates	0.112
c	Jay Trading Corporation	0.005

2	Investment in Immovable Properties	5.000

3	Gold and Jewelleries	1.000

	TOTAL	10.891

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

NETWORTH STATEMENT

MR. MAHESH JAGMOHANDAS MEHTA

(RS. IN MILLION)

SR. NO.	PARTICULARS	31.03.2014

A	Immovable Assets	0.000

B	Movable Assets
	Investment	0.100
	Loans and Advances	1.500
	Cash and Bank Balances	0.526
	Jewellery and Ornaments	1.000
	Other Assets	0.620

	Total (B)	3.746

	Total Assets (A + B)	3.746

C	Liabilities
	Loans and Advances	0.000

	Total (C)	0.000

	NETWORTH	3.746

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VALUATION REPORT

(GENERAL DETAILS)

Purpose of Valuation

For Financial Review by Bank

Date of Valuation/ Inspection

January 21, 2015

Name of the Owner(s)

Mr. Narayanbhai Keshvlal Sapkal

Shares of joint owners

Description of the Property

The subject property is Residential Duplex admeasuring plot area 150.20 Sq. Mt. or Say 1616.15 Sq. ft.

Location of Property

Plot No. C/80, Balgopal Township, Near Sai Chokdi, Darbar Chokdi Road, Manjalpur, Vadodara

Surrounded by

North

South

East

West

Plot No. C-24

13.00 Mt. Road

Plot No. C-81

Plot No. C-79

Address as per Revenue Record

R.S. No. 275, C.S. No. 325 of Mouje Village Vadsar Reg. Sub District and District Vadodara

Whether Residential/ Industrial/ Commercial/ Mixed Area

Residential

Classification of Locality i.e. High/ Middle/ Poor Class

Higher Middle Class

Proximity of Civic amenities like School, Hospital/ Offices etc.

All amenities are available nearby

Means and Proximity of Communication/ Transportation

Auto, Taxi, Telephone and Bus are available nearby

Distance from Railway Station/ S.T. Depot/ Center of City

About 6-7 km from Vadodara Railway Station

Area of Plot

150.20 Sq. Mt. or Say 1616.15 Sq. ft.

Road on which the land is abutting

Off Darbar Chokdi Road

Is it freehold / leasehold land?

If leasehold than details of premium

Is there any statute in regard to use of land

Residential

Are there any agreements of easements?

Does the land fall in an area included in any TPS or any Dev. Plan of Govt. or any Statutory Body? Give Details

Has any contribution been made towards development or is any demand for such contribution still outstanding?

Has the whole or part of the land been notified for acquisition by Govt. or any statutory body? Give Date of notification

Technical Details of the Building

Is the land owner-occupied / tenanted / both

Owner-Occupied

If partly owner-occupied, then, portion and extend of area under owner occupancy

Floor space index, permissible and actual utilized

Year of construction / Age of the building

About in year 2004-05

STATEMENT OF VALUATION

Valuation as on January 21, 2015, Residential Duplex, situated at Plot No. C/80, Balgopal Township, Near Sai Chokdi, Darbar Chokdi Road, Manjalpur, Vadodara; belongs to Mr. Narayanbhai Keshvlal Sapkal.

	AREA SQ. FT.	RATE PER SQ. FT.	VALUE IN MILLION

Plot of Land	1616.15	6600.00	10.667

Construction
[at Depreciated rate as per age and present condition]
Ground and First Floor	1268.82	1450.00	1.840

Other Amenities

Lump-sum depreciated Value of compound paving, compound wall, raised Garden, MS Gate, underground and Overhead Water Tank, Granite Kitchen Platform, Service Platform, Good Quality of Electrical and bathroom fittings, Terrace Flooring, Stair cabin etc.	0.800

Lump-sum depreciated Value for Fixed Wooden Cupboards and loft covers, wooden dowers in Kitchen, wooden Hand Railing, POP Ceiling in living room and all bedrooms at Ground Floor and First Floor, good Interior work etc.	0.700

Fair Market Value	14.005

Fair Market Value (Say)	14.000

Realizable Value	12.500

Jantry Value (For Land)	Not Available

TECHNICAL DETAILS

No. of floors

Ground floor plus First floor

Plinth Area [As per IS 3864-1966] Built up Area

Floor	Area [In Sq. Mt.]
Ground Floor	52.43
First Floor	65.49

Total	117.92

Year of construction

About in year 2004-05

Estimated total life

55 years

Type of construction-load bearing walls/ RCC Frame

Load Bearing Structure with RCC Beams and Coolum

Walls

Brick Masonry Wall

Type of foundations

Spread Footing

Partitions

Brick Masonry Wall

Doors and Windows

Wooden frame wooden doors and glazed windows with safety grill

Flooring

Marble Flooring

Finishing

Inside smooth cement plaster and outside sand face plaster

Roofing

RCC Slab

Special Architectural feature

POP false ceiling

Internal wiring surface or conduit

Conduct type wiring

Fitting-Superior/ Ordinary

Superior

Sanitary installation

Yes, Provided

Class of Fittings Superior Colored/ Superior / Ordinary

Superior

Compound wall

Yes, three side provided

Height and Length

7’ ft. Height

Type of Construction

Brick Masonry Wall

No. of Lifts and Capacity

Nil

Underground sump – capacity and type of construction

Yes

Overhead Tank

Yes

Where located

On Terrace

Pumps nos. and their HP

Yes

Roads and paving within the compound, approx. area and type of paving

Kota Stone Paving with raised Garden

Sewage disposal

Connected to local sewerage line.

Whether the building is constructed as per plan approved by the competent authority

Yes, Building is constructed, approved by Town Development Officer, Vadodara Municipal Corporation, vide order no. L-284/2003-04, dated 04.03.2003.

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Moey 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. 62.82
UK Pound	1	Rs. 93.85
Euro	1	Rs. 67.59

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	BVA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Unit