MIRA INFORM REPORT

Report No. :	351464
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	DARSHAK INDUSTRIES
Registered Office :	36, Kalpataru Estate, Nikol Ring Road, Near Torrent Power Sub Station, Opposite Kathwada GIDC, Nikol, Ahmedabad – 382350, Gujarat
Mobile No.:	91-9925159546 [Mr. Hareshbhai Panchal]
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2011
Capital Investment :	Rs. 1.062 Million
IEC No.:	Not Divulged
TIN No.:	24075106982
PAN No.: [Permanent Account No.]	AMTPP5891R
Legal Form :	Sole Proprietary Concern
Line of Business :	Subject is engaged in Fabrication of Machinear and Parts.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 proprietary concern established in the year 2011. It is engaged in the business of Fabrication of Machinear and Parts. It has moderate track record. The concern has minimal scale of operations marked by minimum sales turnover of Rs. 5.082 Million in the financial year 2015. Further, it has small amount of capital investment. However, the concern has decent profitability along with zero debt balance sheet profile. Trade relations are fair. Business is active. Payments are slow but correct. The concern can be considered for business dealings with some 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Hareshbhai C. Panchal
Designation :	Proprietor
Contact No.:	91-9925159546
Date :	28.11.2015

LOCATIONS

Registered Office :	36, Kalpataru Estate, Nikol Ring Road, Near Torrent Power Sub Station, Opposite Kathwada GIDC, Nikol, Ahmedabad – 382350, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9925159546 [Mr. Hareshbhai C. Panchal]
Fax No.:	Not Available
Area :	650 Sq. ft.
Location :	Rented
Factory :	122/2/1, Shree Krishna Industrial Estate, Near Radheshyam Estate SPRR, Odhav, Ahmedabad, Gujarat, India

SOLE PROPRIETOR

Name :	Mr. Hareshbhai C. Panchal
Designation :	Proprietor
Address :	B-12, Bansari Apartment, Ambica Nagar, Odhav, Ahmedabad, Gujarat, India
Date of Birth/Age :	01.06.1975
Qualification :	10^th Std.
Experience :	20 Years
PAN No.:	AMTPP5891R
Voter ID :	MCS6353437

BUSINESS DETAILS

Line of Business :	Subject is engaged in Fabrication of Machinear and Parts.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit [30 Days and 60 Days]
Purchasing :	Credit [30 Days]

DETAILS OF THE ITEMS MANUFACTURED

Sr. No.	Items Manufactured	Capacity per Annum Qty
1	Fabrication of Machinear and Parts	3600 Nos.

GENERAL INFORMATION

Suppliers :

Reference:	Siddheswari Steel Traders
Name of the Person (Designation):	Mr. Mineshbhai Patel [Proprietor]
Contact Number:	91-9426076614
Since how long known:	5 Years
Maximum limit dealt:	Rs. 0.300 Million [per month]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	No complaints as such. They are happy with payment behaviour and market goodwill.

Reference:	Daksh Traders
Name of the Person (Designation):	Mr. Manilal Chaudhari
Contact Number:	91-9426516116
Since how long known:	5 Years
Maximum limit dealt:	Rs. 0.500 Million [per month]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	They are satisfied with payment behaviour and market goodwill.

· Chaitali Steel Traders [91-9925011346]

· Khodiyar Steel Corporation [91-9426076614]

Customers :

OEMs and Others

· I & J Machinery

70, Gajanand Ind. Estate, Near Zaveri Estate, Kathwada -Singarva Road, Kathwada, Ahmedabad – 382430, Gujarat, India

Mobile No.: 91-9558802859

E-Mail: ijmachine@gmail.com

· Ronak Machine Tools

· Air Mak Industries [91-9979893635]

· R.K. Engineering [91-9925018690]

Reference:	Darshan Enterprises
Name of the Person (Designation):	Mr. Shailesh Bagul
Contact Number:	91-9909707687
5	6 Years
Maximum limit dealt:	Rs. 0.600 Million [per month]
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	They are happy with product quality and delivery behaviour. No complaints.

Reference:	Darshan Industries
Name of the Person (Designation):	Mr. Naresh [Proprietor]
Contact Number:	91-9879029300
Since how long known:	6 Years
Maximum limit dealt:	Rs. 0.200 Million [per month]
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	They are satisfied with product quality and delivery behaviour. No complaints as such.

No. of Employees :

5 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Bapunagar, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Vijay
Contact Number:	91-79-65210592
Name of Account Holder:	Darshak Industries
Account Number:	093005501013
Account Since (Date/ Year of A/c Opening):	30.11.2011
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Number is continuously ringing.

Auditors :
Name :	Mr. Dineshbhai C. Patel Chartered Accountant
Address :	N H No 8, Virat Nagar, Ahmedabad, Gujarat, India
Mob. No.:	91-9426076342
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 31.03.2015

PARTICULARS	AMOUNT IN MILLION	PARTICULARS	AMOUNT IN MILLION
Withdrawals	0.180	Balance b/f	0.857
LIC	0.032	This year profit	0.417
Balance c/f	1.062
Total	1.274	Total	1.274

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		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Capital Account		1.062	0.857
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.062	0.857
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.062	0.857
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.662	0.425
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.276	0.196
	Sundry Debtors	0.065	0.127
	Cash & Bank Balances	0.009	0.059
	Other Current Assets	0.000	0.000
	Loans & Advances	0.050	0.050
Total Current Assets		0.400	0.432
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.400	0.432
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.062	0.857

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Sales	5.082	3.805
		Other Income	0.000	0.000
		TOTAL	5.082	3.805
Less	EXPENSES
		Cost of Goods sold	3.734	2.813
		Worker Salary	0.288	0.335
		Wages	0.265	0.033
		VAT A/c	0.055	0.016
		Electricity Expenses	0.040	0.030
		Office Expenses	0.016	0.014
		Conveyance	0.017	0.012
		Rent Expenses	0.096	0.096
		Office Staff Salary	0.036	0.020
		Other Expenses	0.080	0.073
		TOTAL	4.627	3.442
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.455	0.363
Less/ Add	DEPRECIATION/ AMORTISATION		0.038	0.040
	NET PROFIT		0.417	0.323

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	8.21	8.49
Return on Total Assets (PBT/Total Assets}	(%)	39.27	37.69
Return on Investment (ROI) (PBT/Networth)		0.39	0.38
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.00	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Capital Account	0.857	1.062
Reserves & Surplus	0.000	0.000
Net worth	0.857	1.062
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	3.805	5.082
		33.561

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	3.805	5.082
Profit	0.323	0.417
	8.49%	8.21%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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CREDIT FACILITIES [PROPOSED]

(RS. IN MILLION)

TYPE OF FACILITIES	AMOUNT IN MILLION
Term Loan	1.320

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

STATEMENT OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2015
As per Profit and Loss Account		0.417
Less: LIC		0.032
		-------------
GROSS TAXABLE INCOME		0.385
Income Tax Payable	0.013
Add: Education Cess	0.001
	-------------
	0.014
Add: Interest	0.000
	-------------
Income Paid	0.014

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COST OF PROJECT

(RS. IN MILLION)

Description	Incurred	Proposed to be incurred	Grand Total	Margin	Eligible Term Loan
Land and Building	0.000	0.000	0.000	100.00	0.000
Plant and Machinery	0.000	1.670	1.670	25.00	1.253
GEB + Rent Deposit	0.000	0.100	0.100	100.00	0.000
Erection and Commissioning	0.000	0.000	0.000	100.00	0.000
Working Capital Margin	0.000	0.266	0.266	100.00	0.000
Total Capital Expenditures	0.000	2.036	2.036		1.253

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PROPOSED MEANS OF FINANCE

(RS. IN MILLION)

Description	Already Raised	Proposed to be Raised	Grand Total
Capital	0.000	0.786	0.786
Unsecured Loans	0.000	0.000	0.000
Term Loans	0.000	1.250	1.250
Total	0.000	2.036	2.036

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PROJECTIONS OF PERFORMANCE, PROFITABILITY AND PERFORMANCE

(RS. IN MILLION)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
INCOME
Sales	7.115	8.538	9.392	9.861	10.354
Job Work Sale	0.000	0.000	0.000	0.000	0.000
NET INCOME	7.115	8.538	9.392	9.861	10.354
EXPENDITURE
Raw Material Consumed	4.980	5.976	6.574	6.903	7.248
Salaries and Wages	0.825	0.990	1.088	1.197	1.317
Power and Fuel	0.056	0.067	0.074	0.081	0.089
Rent	0.134	0.148	0.163	0.179	0.197
Other Manufacturing Expenses	0.098	0.118	0.129	0.136	0.143
Adm. and Selling	0.137	0.165	0.181	0.190	0.200
Depreciation	0.350	0.297	0.253	0.215	0.183
TOTAL COST OF PRODUCTION	6.581	7.761	8.462	8.901	9.376
Finance Charges
Interest on Term Loan	0.054	0.143	0.110	0.077	0.045
Interest on Working Capital	0.031	0.062	0.062	0.062	0.062
TOTAL EXPENDITURE	6.666	7.966	8.635	9.041	9.483
Net Profit	0.449	0.572	0.757	0.820	0.871
Provision for Taxation	0.018	0.023	0.030	0.033	0.044
Profit after Tax	0.431	0.549	0.727	0.787	0.827
Less: Drawing	0.000	0.500	0.600	0.650	0.700
Profit transferred to B/s	0.431	0.049	0.127	0.137	0.127
Depreciation added back	0.350	0.297	0.253	0.215	0.183
Net Cash Accruals	0.781	0.347	0.379	0.352	0.310

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

PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
LIABILITIES
Capital	0.986	1.286	1.286	1.286	1.286
Surplus of Profit and Loss	0.431	0.480	0.607	0.744	0.871
Working Capital Limit	0.500	0.500	0.500	0.500	0.500
Term Loans	1.188	0.938	0.688	0.438	0.188
Unsecured Loans	0.000	0.000	0.000	0.000	0.000
TOTAL	3.104	3.203	3.080	2.967	2.844
ASSETS
Fixed Assets
Gross Block	2.333	2.333	2.333	2.333	2.333
Depreciation Reserve	0.350	0.647	0.900	1.115	1.298
Net Block	1.983	1.686	1.433	1.218	1.035
Investments	0.000	0.100	0.100	0.100	0.100
Current Assets Loans and Advances
Debtors	0.292	0.351	0.386	0.405	0.426
Inventories	0.585	0.702	0.772	0.811	0.851
Cash and Bank Balance	0.101	0.182	0.217	0.267	0.273
Loans and Advances	0.250	0.300	0.300	0.300	0.300
TOTAL	1.228	1.535	1.675	1.783	1.850
Less: Current Liabilities and Provisions
Sundry Creditors for Goods	0.107	0.117	0.127	0.133	0.140
Provisions	0.000	0.000	0.000	0.000	0.000
Advance from Customers	0.000	0.000	0.000	0.000	0.000
Other Liabilities	0.000	0.000	0.000	0.000	0.000
TOTAL	0.107	0.117	0.127	0.133	0.140
Net Current Assets	1.121	1.418	1.547	1.650	1.710
Miscellaneous Expenditure	0.000	0.000	0.000	0.000	0.000
TOTAL	3.104	3.203	3.080	2.967	2.845

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DSCR CALCULATION

(RS. IN MILLION)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
Profit after Tax	0.431	0.549	0.727	0.787	0.827
Depreciation	0.350	0.297	0.253	0.215	0.183
Cash Accruals	0.781	0.847	0.979	1.002	1.010
Add: Interest on TL	0.054	0.143	0.110	0.077	0.045
Sub-Total	0.835	0.989	1.089	1.080	1.055
TL Installment	0.063	0.250	0.250	0.250	0.250
Interest on TL	0.054	0.143	0.110	0.077	0.045
Sub-Total	0.117	0.393	0.360	0.327	0.295
DSCR	7.15	2.52	3.03	3.30	3.58
Average DSCR [6 Years ]	4.12

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
1	Gross Sales
	1. Domestic Sales	7.115	8.538	9.392	9.861	10.354
	2. Export Sales	0.000	0.000	0.000	0.000	0.000
	Total	7.115	8.538	9.392	9.861	10.354
2	Less: Excise Duty / Sales Tax	0.000	0.000	0.000	0.000	0.000
3	Net Sales	7.115	8.538	9.392	9.861	10.354
4	%age rise (+) or fall (-) in net sales as compared to previous year	40%	20%	10%	5%	5%
5	Cost of Sales
	1. Raw Material [Including stores and other items used in the process of manufacture]
	- Imported	0.000	0.000	0.000	0.000	0.000
	- Indigenous	5.565	6.093	6.644	6.941	7.288
	2. Rent	0.134	0.148	0.163	0.179	0.197
	3. Power and Fuel	0.056	0.067	0.074	0.081	0.089
	4. Direct Labour	0.825	0.990	1.088	1.197	1.317
	5. Other manufacturing expenses	0.098	0.118	0.129	0.136	0.143
	6. Depreciation	0.350	0.297	0.253	0.215	0.183
	Sub-total [1 + 6]	7.028	7.713	8.351	8.750	9.217
	7. Add: Opening stock in process	0.000	0.000	0.000	0.000	0.000
	Sub-total	7.028	7.713	8.351	8.750	9.217
	8. Less: Closing Stock in process	0.000	0.000	0.000	0.000	0.000
	Cost of Production	7.028	7.713	8.351	8.750	9.217
	9. Add: Opening stock of finished goods	0.000	0.585	0.702	0.772	0.811
	Sub-total	7.028	8.298	9.053	9.522	10.028
	10. Less: Closing Stock of finished goods	0.585	0.702	0.772	0.811	0.851
	Cost of Sales	6.443	7.596	8.281	8.711	9.176
	Gross Profit	0.671	0.942	1.110	1.150	1.178
6	Selling, General & Administrative Expenses	0.137	0.165	0.181	0.190	0.200
7	Sub-total	6.581	7.761	8.462	8.901	9.376
8	Operating Profit before Interest	0.534	0.777	0.929	0.960	0.978
9	Interest	0.086	0.205	0.172	0.140	0.107
10	Operating Profit after Interest	0.449	0.572	0.757	0.820	0.871
11	1. Add: Other Non-Operating Income
	Write backs	0.000	0.000	0.000	0.000	0.000
	Other Income	0.000	0.000	0.000	0.000	0.000
	Sub-total [Income]	0.000	0.000	0.000	0.000	0.000
	2. Deduct: Other Non-Operating Expenses
	Write off	0.000	0.000	0.000	0.000	0.000
	Other Expenses	0.000	0.000	0.000	0.000	0.000
	Previous years adj.	0.000	0.000	0.000	0.000	0.000
	Sub-total [Expenses]	0.000	0.000	0.000	0.000	0.000
	3. Net off Other Non-Operating Income/ Expenses [Net off]	0.000	0.000	0.000	0.000	0.000
12	Profit before Tax	0.449	0.572	0.757	0.820	0.871
13	Provision for Taxes	0.018	0.023	0.030	0.033	0.044
14	Net Profit [12-13]	0.431	0.549	0.727	0.787	0.827
15	Equity Dividend Paid	0.000	0.500	0.600	0.650	0.700
	Dividend Rate	--	--	--	--	--
16	Retained Profit [14-15]	0.431	0.049	0.127	0.137	0.127
17	Retained Profit / Net Profit (%age)	100.00%	8.96%	17.41%	17.45%	15.39%
	Net Cash Accruals	0.781	0.347	0.379	0.352	0.310

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
	CURRENT LIABILITIES
1	Short term borrowings from banks [including bills purchased and discounted and the excess borrowings placed on repayment basis]
	From Applicant Bank	0.500	0.500	0.500	0.500	0.500
	From Other Bank	0.000	0.000	0.000	0.000	0.000
	(Of which BP and BD)
	Sub Total (A)	0.500	0.500	0.500	0.500	0.500
2	Short term borrowings from others	0.000	0.000	0.000	0.000	0.000
3	Deposits [maturing within 1 year]	0.000	0.000	0.000	0.000	0.000
4	Sundry Creditors [Trade]	0.107	0.117	0.127	0.133	0.140
5	Unsecured Loans	0.000	0.000	0.000	0.000	0.000
6	Advance payments from customers/ deposits from dealers	0.000	0.000	0.000	0.000	0.000
7	Interest and other charges accrued but not due for payment	0.000	0.000	0.000	0.000	0.000
8	Provision for Taxation	0.000	0.000	0.000	0.000	0.000
9	Dividend Payable	0.000	0.000	0.000	0.000	0.000
10	Other Statutory Liabilities [due within one year [TDS/ sales Tax]]	0.000	0.000	0.000	0.000	0.000
11	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)
	- Term Loan installment	0.000	0.000	0.000	0.000	0.000
12	Other Current Liabilities & Provisions (due within one year)	0.000	0.000	0.000	0.000	0.000
	Sub Total [B]	0.107	0.117	0.127	0.133	0.140
13	TOTAL CURRENT LIABILITIES	0.607	0.617	0.627	0.633	0.640
	TERM LIABILITIES
14	Debentures [not maturing within one year]	0.000	0.000	0.000	0.000	0.000
15	Redeemable preference shares [not maturing within 1 year but of maturity not exceeding 12 year]	0.000	0.000	0.000	0.000	0.000
16	Term loans [Excluding Inst. Payable within 1 year]	1.188	0.938	0.688	0.438	0.188
17	Deferred Payment Credits (excl. instalments due within one year)	0.000	0.000	0.000	0.000	0.000
18	Term Deposits (repayable after one year)	0.000	0.000	0.000	0.000	0.000
19	Other Term Liabilities:	0.000	0.000	0.000	0.000	0.000
20	TOTAL TERM LIABILITIES	1.188	0.938	0.688	0.438	0.188
21	TOTAL OUTSIDE LIABILITIES	1.794	1.554	1.315	1.071	0.827
	NET WORTH
22	Ordinary Share Capital	0.986	1.286	1.286	1.286	1.286
23	Share Application Money	0.000	0.000	0.000	0.000	0.000
24	General Reserve	0.000	0.000	0.000	0.000	0.000
25	Investment All. Reserve	0.000	0.000	0.000	0.000	0.000
26	Other Reserves (excluding provisions) [subsidy]	0.000	0.000	0.000	0.000	0.000
27	Surplus (+) or deficit (-) in Profit & Loss Account	0.431	0.480	0.607	0.744	0.871
28	NETWORTH	1.417	1.766	1.892	2.030	2.157
29	TOTAL LIABILITIES	3.211	3.320	3.207	3.100	2.984
	CURRENT ASSETS
30	Cash & Bank balances	0.101	0.182	0.217	0.267	0.273
31	Investments [other than long term investments eg. Sinking fund etc.]
	- Govt. and other trustee securities	--	--	--	--	--
	- Fixed Deposits with banks	0.000	0.000	0.000	0.000	0.000
32	Receivables other than Deferred and Export	0.292	0.351	0.386	0.405	0.426
	Export Receivables	0.000	0.000	0.000	0.000	0.000
33	Installments of deferred receivables [due within 1 year]	0.000	0.000	0.000	0.000	0.000
34	Inventory
	(i) Raw materials [including stores and other items used in the process of manufacture]
	- Imported	0.000	0.000	0.000	0.000	0.000
	- Indigenous	0.000	0.000	0.000	0.000	0.000
	(ii) Stock-in-process	0.000	0.000	0.000	0.000	0.000
	(iii) Finished Goods	0.585	0.702	0.772	0.811	0.851
	(iv) Other consumable spares	--	--	--	--	--
35	Advance to suppliers of Raw materials & stores/spares	0.000	0.000	0.000	0.000	0.000
36	Advance payment of taxes	--	--	--	--	--
37	Other current assets	0.250	0.300	0.300	0.300	0.300
38	TOTAL CURRENT ASSETS	1.228	1.535	1.675	1.783	1.850
	FIXED ASSETS
39	Gross Block	2.333	2.333	2.333	2.333	2.333
40	Depreciation to date	0.350	0.647	0.900	1.115	1.298
41	Net Block (35-36)	1.983	1.686	1.433	1.218	1.035
	OTHER NON-CURRENT ASSETS
42	Investments/book debts /advances deposits which are not current assets
	Investments in subsidiary companies	--	--	--	--	--
	Others	0.000	0.100	0.100	0.100	0.100
	Advance to suppliers of capital good/ spares and contractors for capital expenditure	0.000	0.000	0.000	0.000	0.000
	Deferred receivables [other than those maturing within one year]	0.000	0.000	0.000	0.000	0.000
	Others	0.000	0.000	0.000	0.000	0.000
43	Non-Consumable Stores/ Spares	0.000	0.000	0.000	0.000	0.000
44	Other Miscellaneous Assets including dues from directors	0.000	0.000	0.000	0.000	0.000
45	Total Other Non-Current Assets [Total of 42 to 44]	0.000	0.100	0.100	0.100	0.100
46	Intangible assets	0.000	0.000	0.000	0.000	0.000
47	Total Assets [Total of 38, 41, 45 and 46]	3.211	3.320	3.208	3.101	2.985
48	Tangible Net worth [28-46]	1.417	1.766	1.892	2.030	2.157
49	Net Working Capital [38-13]	0.621	0.918	1.047	1.150	1.210
50	Current Ratio	2.02	2.49	2.67	2.82	2.89
51	Total Outside Liab./ Tangible Networth	1.27	0.88	0.69	0.53	0.38
52	Total Term Liab./ Tangible Networth	0.84	0.53	0.36	0.22	0.09

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

FUND FLOW STATEMENT

(RS. IN MILLION)

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
SOURCES
Profit before tax [item 10 of Part A of form II]	0.449	0.572	0.757	0.820	0.871
Add: Depreciation [item 4 vii of part A of Form II]	0.350	0.297	0.253	0.215	0.183
Misc. Exp. w/off	0.000	0.000	0.000	0.000	0.000
Gross Funds generated	0.799	0.870	1.010	1.035	1.054
Less: Taxes paid/ payable [relating to the year]	0.018	0.023	0.030	0.033	0.044
Less: Dividend paid/ payable [relating to the year]/ Tr. To General reserve	0.000	0.500	0.600	0.650	0.700
Less: Misc. Exp. w/off	0.000	0.000	0.000	0.000	0.000
Less: Issue of Bonus Share	0.000	0.000	0.000	0.000	0.000
Less: Directors Remuneration	0.000	0.000	0.000	0.000	0.000
Sub-total – Net Funds generated	0.781	0.347	0.379	0.352	0.310
Increase in capital	0.986	0.300	0.000	0.000	0.000
Increase in Share Appl. Money	0.000	0.000	0.000	0.000	0.000
Increase in Depreciation reserve [Receipt of Subsidy]	0.000	0.000	0.000	0.000	0.000
Increase in Term Loans/ debentures/ Deferred payment liabilities	1.188	0.000	0.000	0.000	0.000
Increase in other term Liabilities	0.000	0.000	0.000	0.000	0.000
Decrease in Fixed Assets	0.000	0.000	0.000	0.000	0.000
Decrease in inter-corporate investments and advances	0.000	0.000	0.000	0.000	0.000
Decrease in other non-current assets	0.000	0.000	0.000	0.000	0.000
Sub-total	2.173	0.300	0.000	0.000	0.000
Increase in short-term bank borrowings [including bills purchased and discounted by bankers]	0.500	0.000	0.000	0.000	0.000
Increase in other current liabilities	0.107	0.010	0.011	0.006	0.007
Decrease in inventory	0.000	0.000	0.000	0.000	0.000
Decrease in receivables [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000	0.000
Decrease in Receivables [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000	0.000
Decrease in other current assets [including cash and bank balances]	0.000	0.000	0.000	0.000	0.000
Sub-total	0.607	0.010	0.011	0.006	0.007
TOTAL FUNDS AVAILABLE	3.561	0.657	0.390	0.358	0.317
USES
Increase in fixed assets	2.333	0.000	0.000	0.000	0.000
Decrease in Share capital	0.000	0.000	0.000	0.000	0.000
Decrease in Share Appl. Money	0.000	0.000	0.000	0.000	0.000
Decrease in Term Loans/ debentures/ Deferred payment liabilities	0.000	0.250	0.250	0.250	0.250
Decrease in other term liabilities	0.000	0.000	0.000	0.000	0.000
Decrease in depreciation reserve [Sale of Asset]	0.000	0.000	0.000	0.000	0.000
Increase in Inter-corporate Investment and advances	0.000	0.000	0.000	0.000	0.000
Increase in Other non-current asset	0.000	0.100	0.000	0.000	0.000
Sub-total	2.333	0.350	0.250	0.250	0.250
Decrease in short term bank borrowings [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000	0.000
Decrease in other current liabilities	0.000	0.000	0.000	0.000	0.000
Increase in Inventory	0.585	0.117	0.070	0.039	0.041
Increase in receivables	0.292	0.058	0.035	0.019	0.020
Increase in other current assets [incl. cash and bank balance]	0.351	0.131	0.035	0.050	0.006
Sub-total	1.228	0.306	0.140	0.108	0.067
Total Funds used	3.561	0.656	0.390	0.358	0.317
SUMMARY
Long term Sources	2.954	0.647	0.379	0.352	0.310
Less: Long Term Uses	2.333	0.350	0.250	0.250	0.250
Surplus [+]/ Short fall [-]	0.621	0.297	0.129	0.102	0.060
Short term Sources	0.607	0.010	0.011	0.006	0.007
Less: Short Term Uses	1.228	0.306	0.140	0.108	0.067
Surplus [+]/ Short fall [-]	(0.621)	(0.296)	(0.130)	(0.102)	(0.060)

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
1	CURRENT ASSETS
	Raw materials [including stores and other items used in the process of manufacturer]
	Imported	0.000	0.000	0.000	0.000	0.000
	Days consumption	--	--	--	--	--
	Indigenous	0.000	0.000	0.000	0.000	0.000
	Days consumption	60	0.00	0.00	0.00	0.00
	Chemicals	0.000	0.000	0.000	0.000	0.000
	Other consumable spares [excluding those included under items]	0.000	0.000	0.000	0.000	0.000
	% of total inventory and days consumption	--	--	--	--	--
	Stock in process	0.000	0.000	0.000	0.000	0.000
	Days consumption	0.00	0.00	0.00	0.00	0.00
	Finished Goods	0.585	0.702	0.772	0.811	0.851
	Days consumption	15	30	30	30	30
	Receivables other than Deferred and Export receivables [including bills purchased and discounted by bankers]	0.292	0.351	0.386	0.405	0.426
	Days domestic sales excluding deferred payment sales	8	15	15	15	15
	Export Receivables [including bills purchased and discounted by bankers]	0.000	0.000	0.000	0.000	0.000
	Advance to suppliers of Raw materials & stores/spares	0.000	0.000	0.000	0.000	0.000
	Other Current Assets [including cash and bank balances and deferred receivables due within 1 year]	0.351	0.482	0.517	0.567	0.573
	TOTAL CURRENT ASSETS [To agree with items 38 in Form IIIA]	1.228	1.535	1.675	1.783	1.850
2	CURRENT LIABILITIES
	[Other than bank borrowings for working capital]
	Creditors for purchase of raw materials and stores and consumable spares	0.107	0.117	0.127	0.133	0.140
	[Days purchase]	4	7	7	7	7
	Advance from Customers	0.000	0.000	0.000	0.000	0.000
	Dividend Payable	0.000	0.000	0.000	0.000	0.000
	Other Statutory Liabilities	0.000	0.000	0.000	0.000	0.000
	Other Current Liabilities [major items to be specified individually]	0.000	0.000	0.000	0.000	0.000
	- Short term Borrowings	0.000	0.000	0.000	0.000	0.000
	Sub Total [To agree with sub-total [8] in Form IIIA]	0.107	0.117	0.127	0.133	0.140
3	Working Capital Gap	1.121	1.418	1.547	1.650	1.710
4	Actual/ Projected bank borrowings for working capital including bills purchased and discounted and expenses borrowing placed on repayment basis [to agree with sub-total [A] in form IIIA]	0.500	0.500	0.500	0.500	0.500
5	Total Current Liabilities [to agree with item 13 in Form IIIA]	0.607	0.617	0.627	0.633	0.640
6	Net Working Capital [to agree with item 49 in form IIIA]	0.621	0.918	1.047	1.150	1.210

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

SECOND METHOD OF LENDING

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20
1	Total Current Assets (Form IV)	1.228	1.535	1.675	1.783	1.850
2	Other Current Liabilities	0.107	0.117	0.127	0.133	0.140
3	Working Capital Gap	1.121	1.418	1.547	1.650	1.710
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables	0.307	0.384	0.419	0.446	0.462
5	Actual/Projected net working capital	0.621	0.918	1.047	1.150	1.210
6	Item 3 minus item 4	0.814	1.034	1.129	1.204	1.247
7	Item 3 minus item 5	0.500	0.500	0.500	0.500	0.500
8	Maximum permissible bank finance (item 6 or 7)	0.500	0.500	0.500	0.500	0.500
9	Excess borrowings, if any representing short fall in NWC	0.00	0.00	0.00	0.00	0.00

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

NETWORTH STATEMENT

MR. HARESHBHAI PANCHAL

(RS. IN MILLION)

BANK ACCOUNT

Bank	Branch	S/B, C/D A/c.	Last 6 months avg. bal.
ICICI Bank Limited	Bapunagar, Ahmedabad, Gujarat, India	093005501013	0.200

DETAILS OF ASSETS

VEHICLES

Type of Vehicle	Registration No.	Model	Year to make	Cost at the time of Purchase	RC Book details	Present Value
Bike	GJ1JR2324	Honda Deluxe	2008	0.048	Yes	0.020

JEWELLERY

Type	Quantity	Valuation [approx.]
Gold	50 Gm	0.125
Silver	2 Kg	0.070

CAPITAL INVESTED IN BUSINESS: RS. 1.062 MILLION

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status
Panchal Hareshbhai C.	Business	Self	40	Married
Panchal Chandrikaben H.	Housewife	Wife	39	Married
Panchal Pooja H.	Study	Daughter	16	Unmarried
Panchal Jinal H.	Study	Daughter	14	Unmarried
Panchal Darshak H.	Study	Son	10	Unmarried

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

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-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. 66.81
UK Pound	1	Rs. 100.37
Euro	1	Rs. 70.68

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

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

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

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