MIRA INFORM REPORT

Report No. :	305227
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	ASHISH TEX FAB
Registered Office :	318, 3rd Floor, Hubtown Viva, Western Express Highway, Near Shankar Wadi, Andheri [East], Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.12.2014 [Provisional]
Date of Establishment :	12.03.2010
Capital Investment :	Rs. 5.697 Millions [Provisional]
IEC No.:	Not Available
PAN No.: [Permanent Account No.]	ADOPA3483E
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer and Trader of Art Silk Cloths.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

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

NOTES :

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

ECGC Country Risk Classification List – 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. Basant Kumar Swain
Designation :	Chartered Accountant
Contact No.:	91-9909945444
Date :	05.02.2015

LOCATIONS

Registered Office :	318, 3rd Floor, Hubtown Viva, Western Express Highway, Near Shankar Wadi, Andheri [East], Mumbai – 400060, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9904707569 [Mr. Lalit Omprakash Agrawal] 91-9909945444 [Mr. Basant Kumar Swain]
Fax No.:	Not Available
E-Mail :	ashish_texfab@yahoo.com
Location :	Rented
Godown :	Plot No. 3, Revenue Survey No. 214 [215], TP No. 2, F P No. 9, Udhna, Surat, Gujarat, India

SOLE PROPRIETOR

Name :	Mrs. Kaushaliya Omprakash Agrawal
Designation :	Proprietor
Address :	E/ 411, Shripal Residency, Bhatar Road, Surat, Gujarat, India
Date of Birth/Age :	17.03.1951
Qualification :	Graduate
Experience :	More than 18 Years
PAN No.:`	ADOPA3483E
Profile :	Mrs. Kaushalya Omprakash Agarwal is a Proprietor of firm is engaged in the textile business since last many years. Firm engaged in the business of Trading and manufacturing of Art Silk Cloths. The proprietor and her family member have good reputation in the line of activity. Hence, she has acquired in depth knowledge of the industry and also she has a good repo in the market.

KEY EXECUTIVES

Name :	Mr. Basant Kumar Swain
Designation :	Chartered Accountant

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Art Silk Cloths.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

Reference:	Bindu Trends Private Limited
Name of the Person (Designation):	Mr. Vijay Jaganani [Chief Executive Officer]
Contact Number:	Not Divulged
Since how long known:	2 Years
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Excellent Delivery Behaviour = Excellent Overall = Excellent
Remark	Having good market reputation.

· Dinesh Textiles

Address: Maruti Industrial Estate, Navsari Road, Pandesara, Surat, Gujarat, India

Mobile No.: 91-9904177753

· Hunny Fashion

Address: 84, Vishal Ind. Society, U M Road, Surat, Gujarat, India

Mobile No.: 91-7359083777

· Shree Polyknitts Private Limited

Address: 238, Unity Estate, Pandesara, Surat, Gujarat, India

Mobile No.: 91-7698809997

Customers :

Wholesalers

Reference:	D S Textile
Name of the Person (Designation):	Mr. Ashokbhai [Proprietor]
Contact Number:	91-9320121521
Since how long known:	7 to 8 Months
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Excellent
Remark	Having good quality product and management is good.

· Jai Baba Creation

Address: Plot No. 7301/A, Road, No. 7, GIDC, Sachin, Surat, Gujarat, India

Mobile No.: 91-9374274840

· J.B. Enterprises

Address: 2005, Shree Shyam Textile Market, Ring Road, Surat, Gujarat, India

Mobile No.: 9825287751

· Roop Creation

Address: 2131, Radhakrishna Textile Market, Ring Road, Surat, Gujarat, India

Mobile No.: 91-9227508281

No. of Employees :

5 (Approximately)

Bankers :

Bank Name:	Deutsche Bank AG
Branch:	Goregaon Post Office, Goregaon [East], Mumbai – 400063, Maharashtra, India
Person Name (with Designation):	Mr. Abhishek Mathur [Branch Manager]
Contact Number:	Not Divulged
Name of Account Holder:	Ashish Tex Fab
Account Number:	000023446810019
Account Since (Date/ Year of A/c Opening):	27.11.2014
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Satisfactory
Remarks: --

Facilities :

--

Auditors :
Name :	AGKR and Company Chartered Accountants
Address :	110, Financial Super Market, 1^st Floor, 21^st Century Business Centre, Ring Road, Surat, Gujarat, India
Tel. No.:	91-261-2322412
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.12.2014 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 5.697 Millions
Borrowed :	--
Total :	Rs. 5.697 Millions

AS ON 31.03.2014

PARTICULARS	RS. IN MILLIONS	PARTICULARS	RS. IN MILLIONS
To Closing Balance	4.736	By Net Profit	0.192
		By Opening Capital	4.544
Total	4.736	Total	4.736

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2014 [9 Months] [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor Capital		5.697	4.736	4.544	4.401
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		5.697	4.736	4.544	4.401
LOAN FUNDS
1] Secured Loans		1.500	2.386	3.961	8.144
2] Unsecured Loans		3.043	0.000	0.000	0.000
TOTAL BORROWING		4.543	2.386	3.961	8.144
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		10.240	7.122	8.505	12.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.250	4.750	5.588	6.574
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.192	0.179	0.167
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.216	0.215	0.128	1.281
	Sundry Debtors	12.356	6.183	3.581	7.914
	Cash & Bank Balances	0.041	0.046	0.012	0.058
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans & Advances	0.316	0.051	0.035	0.034
Total Current Assets		36.929	6.495	3.756	9.287
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			1.002	3.469
	Other Current Liabilities		4.299	0.000	0.000
	Provisions		0.016	0.016	0.014
Total Current Liabilities		26.939	4.315	1.018	3.483
Net Current Assets		9.990	2.180	2.738	5.804
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		10.240	7.122	8.505	12.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2014 [9 Months] [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	96.096	58.117	42.913	55.086
		Other Income	0.000	2.226	2.652	0.012
		TOTAL	96.096	60.343	45.565	55.098
Less	EXPENSES
		Cost of Goods sold	94.059	57.928	42.915	51.280
		Direct Expenses	0.000	0.000	0.000	0.760
		Interest and Other Expenses	0.434	0.000	0.000	0.000
		Administrative and Office Expenses	0.643	0.000	0.000	0.000
		Interest paid	0.000	0.509	0.381	0.000
		Interest given	0.000	0.000	0.315	1.040
		Audit fees	0.000	0.016	0.016	0.014
		Bank charges	0.000	0.001	0.000	0.003
		Bank Processing Charges	0.000	0.000	0.000	0.069
		CGTMSE Fees	0.000	0.115	0.051	0.000
		Electricity Expenses	0.000	0.292	0.276	0.000
		General Expenses	0.000	0.042	0.045	0.066
		Insurance Expenses	0.000	0.007	0.013	0.014
		Legal and Professional Fees	0.000	0.009	0.000	0.039
		Office Expenses	0.000	0.038	0.035	0.077
		Repairs and Maintenance expenses	0.000	0.000	0.000	0.126
		Salary	0.000	0.325	0.314	0.238
		Travelling and Conveyance Expenses	0.000	0.030	0.042	0.072
		TOTAL	95.136	59.312	44.403	53.798
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.960	1.031	1.162	1.300
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.838	0.986	1.160
	NET PROFIT		0.960	0.193	0.176	0.140

KEY RATIOS

PARTICULARS		31.12.2014 [9 Months] [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.00	0.33	0.41	0.25
Return on Total Assets (PBT/Total Assets}	(%)	2.58	1.72	1.88	0.88
Return on Investment (ROI) (PBT/Networth)		0.17	0.04	0.04	0.03
Debt Equity Ratio (Total Debt/Networth)		0.80	0.50	0.87	1.85
Current Ratio (Current Asset/Current Liability)		1.37	1.51	3.69	2.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Proprietor Capital	4.401	4.544	4.736
Profit and Loss Account	0.000	0.000	0.000
Net worth	4.401	4.544	4.736
Secured Loans	8.144	3.961	2.386
Unsecured Loans	0.000	0.000	0.000
Total borrowings	8.144	3.961	2.386
Debt/Equity ratio	1.850	0.872	0.504

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	55.086	42.913	58.117
		(22.098)	35.430

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	55.086	42.913	58.117
Profit	0.140	0.176	0.193
	0.25%	0.41%	0.33%

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 three 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	No
17]	Major suppliers	Yes
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	No
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	No
34]	External Agency Rating, if available	No

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

COMPUTATION OF TOTAL INCOME

MRS. KAUSHALIYA OMPRAKASH AGRAWAL [PROPRIETOR]

(RS. IN MILLIONS)

PARTICULARS	2012-2013
SALARIES			0.500
Salary Income		0.000
Taxable Salary		0.500
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.176
ASHISH TEX FAB
Profit before tax as per profit and loss account		0.176
Add: Depreciation Disallowed		0.986
		-------------
		1.162
Less: Allowed Depreciation		0.986
		-------------
		0.176
			-------------
GROSS TOTAL INCOME			0.676
LESS: DEDUCTIONS UNDER CHAPTER – VI A
80 C Deduction		0.100
TOTAL DEDUCTIONS			0.100
			-------------
TOTAL INCOME			0.576
TOTAL INCOME ROUNDED OFF U/S 288A			0.576
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.250 Million	0.000
Tax on Rs. 0.250 Million [0.500 – 0.250] @ 10%	0.025
Tax on Rs. 0.076 Million [0.576 – 0.500] @ 20%	0.015
Tax on Rs. 0.576 Million		0.040
		-------------
		0.040
Add: Education Cess @ 2%		0.001
		-------------
		0.041
Add: Secondary and Higher Education Cess @ 1%		0.000
		-------------
		0.041
LESS: TAX DEDUCTED AT SOURCE
Contractors and Sub-Contractors	0.026
Other Interest	0.001
Salary	0.015	0.043
		-------------
TAX REFUNDABLE		(0.002)
TAX ROUNDED OFF U/S 288B		(0.002)

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

COMPUTATION OF TOTAL INCOME

MRS. RENU LALIT AGRAWAL [GUARANTOR]

(RS. IN MILLIONS)

PARTICULARS	2012-2013
SALARIES			0.300
Salary Income
Taxable Salary		0.300
INCOME FROM OTHER SOURCES			0.013
Bank Interest		0.014
Bank Charges		(0.001)
Total		0.013
			-------------
GROSS TOTAL INCOME			0.313
LESS: DEDUCTIONS UNDER CHAPTER – VI A
80 C Deduction		0.100
80 TTA Interest on Deposits in Saving Account		0.010
		-------------
Total Deductions			0.110
			-------------
TOTAL INCOME			0.203
TOTAL INCOME ROUNDED OFF U/S 288A			0.203
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Million	0.000
Tax on Rs. 0.003 Million [0.203 – 0.200] @ 10%	0.000
Tax on Rs. 0.203 Million		0.000
		-------------
		0.000
Add: Education Cess @ 2%		0.000
		-------------
		0.000
Add: Secondary and Higher Education Cess @ 1%		0.000
		-------------
		0.000
ADD: INTEREST PAYABLE
Interest u/s 234A	0.000
		0.000
		-------------
		0.000
Tax rounded off u/s 288B		0.000
LESS: SELF ASSESSMENT TAX U/S 140A
Indian Overseas Bank – 0271852 – 10721 – 31.03.2014	0.000	0.000
		-------------
TAX PAYABLE		0.000

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

COMPUTATION OF TOTAL INCOME

MR. LALIT OMPRAKASH AGRAWAL [GUARANTOR]

(RS. IN MILLIONS)

PARTICULARS	2012-2013
SALARIES			2.000
Taxable Salary		2.000
PROFITS AND GAINS FROM BUSINESS AND PROFESSION
BUSINESS INCOME			0.066
Profit before tax as per profit and loss account		0.066
Add: Depreciation Disallowed		1.021
		-------------
		1.087
Less: Allowed Depreciation		1.021
		-------------
		0.066
			-------------
GROSS TOTAL INCOME			2.066
LESS: DEDUCTIONS UNDER CHAPTER – VI A
80 C Deduction		0.100
TOTAL DEDUCTIONS			0.100
			-------------
TOTAL INCOME			1.966
TOTAL INCOME ROUNDED OFF U/S 288A			1.966
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Million	0.000
Tax on Rs. 0.300 Million [0.500 – 0.200] @ 10%	0.030
Tax on Rs. 0.500 Million [1.000 – 0.500] @ 20%	0.100
Tax on Rs. 0.966 Million [1.966 – 1.000] @ 30%	0.290
Tax on Rs. 1.966 Million		0.420
		-------------
		0.420
Add: Education Cess @ 2%		0.008
		-------------
		0.428
Add: Secondary and Higher Education Cess @ 1%		0.004
		-------------
		0.432
LESS: TAX DEDUCTED AT SOURCE
Contractors and Sub-Contractors	0.026
Other Interest	0.005
Salary	0.309	0.340
		-------------
		0.092
ADD: INTEREST PAYABLE
Interest u/s 234B	0.006
Interest u/s 234C	0.003	0.009
		-------------
		0.101
TAX ROUNDED OFF U/S 288B		0.101
LESS: SELF ASSESSMENT TAX U/S 140A
Indian Overseas Bank – 0271852 – 09339 – 30.09.2013	0.101	0.101
		-------------
TAX PAYABLE		0.000

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15 ESTIMATED	2015-16 PROJECTION
1	Gross Sales
	i) Domestic Sales / Job Work	127.500	153.000
	ii) Export Sales	0.000	0.000
	iii) Other Income	0.000	0.000
	Total	127.500	153.000
2	Less: Excise duty	--	--
3	Net Sales [1 - 2]	127.500	153.000
4	% age rise (+) or fall (-) in net sales as compared to previous year	111.34	20.00
5	COST OF SALES
	i) Raw Materials [including stores and other items in process of manufacture]
	- Imported	--	--
	- Indigenous	149.936	149.111
	ii) Other spares
	- Imported	--	--
	- Indigenous	--	--
	iii) Power and Fuel	0.300	0.325
	iv) Direct Labour [factory wages and salaries and job work]	--	--
	v) Other Manufacturing Expenses	--	--
	vi) Depreciation	0.038	0.032
	vii) Sub-total [i + vi]	149.598	148.754
	viii) Add: Opening Stock of raw material and WIP	--	--
	Sub-total	149.598	148.754
	ix) Deduct: Closing stock of raw material and WIP	--	--
	x) Cost of Production	149.598	148.754
	xi) Add: Opening stock of finished goods	0.215	25.000
	Sub-total	149.814	173.754
	xii) Deduct: Closing stock of finished goods	25.000	26.000
	xiii) Sub-total – Total Cost of Sales	124.814	147.754
6	Selling, General and Administrative Expenses	0.600	0.625
7	Sub-total [2+3]	125.414	148.379
8	Operating Profit before interest	2.086	4.621
9	Bank interest	0.765	3.000
10	Operating Profit after interest	1.321	1.621
11	(i) Add other non-operating income
	Subtotal (income)	--	--
	(ii) Deduct other non-operating expense
	(a) Remuneration	--	--
	(b) Preliminary Expenses	--	--
	Subtotal (expenses)	--	--
	(iii) Net of other non-operating incomes/ expenses (net of 11(i) & 11(ii))	--	--
12	Profit before tax/loss (10-11(iii))	1.321	1.621
13	Provision for tax	--	--
14	Net Profit / (Loss) [12-13]	1.321	1.621
15	(i) Equity dividend paid/ Drawings	--	--
16	Retained Profit [14-15]	1.321	1.621
17	Retained Profit / Net Profit (%age)	100.00%	100.00%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15 ESTIMATED	2015-16 PROJECTION
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	25.000	25.000
	(ii) From other banks	--	--
	(iii) of which EP & BD	--	--
	Sub Total (A)	25.000	25.000
2	Short term borrowings from others	--	--
3	Sundry Creditors - Trade	1.666	2.485
4	Advance payments from customers/deposits from dealers	--	--
5	Provision for Taxation [Net of advance tax]	--	--
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)	1.500	2.000
	Sub Total (B)	3.166	4.485
10	TOTAL CURRENT LIABILITIES [Total of 1 to 9]	28.166	29.485
	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 Payment Credits (excl. instalments due within one year)	--	--
15	Term deposits (repayable after one year)	--	--
16	Unsecured Loans
	- From friends and relatives	--	--
	- Others	--	--
17	Total Term Liabilities (Total of 11 to 16)	3.700	3.700
18	TOTAL OUTSIDE LIABILITIES [10+17]	31.866	33.185
	NETWORTH
19	Share Capital	4.736	6.057
20	Addition	--	--
21	Withdrawal	--	--
22	Surplus (+) or deficit (-) in Profit & Loss Account	1.321	1.621
23	NETWORTH	6.057	7.678
25	TOTAL LIABILITIES [18+24]	37.923	40.863
	CURRENT ASSETS
26	Cash & Bank balances	0.050	0.055
27	Investments [Other than long term investments]
	i) Government and other trustee securities	--	--
	ii) Fixed deposits with banks	--	--
28	i) Receivables other than deferred and exports [including Bills purchased and discounted banks]	12.573	14.450
	ii) Export receivable [including Bills purchased and discounted banks]	--	--
29	Installments of deferred receivable [due within one year]	--	--
30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.000	26.000
31	Advance to suppliers of Raw materials & stores/spares	--	--
32	Advance payment of taxes	--	--
33	Other current assets	0.088	0.178
34	TOTAL CURRENT ASSET [Total 26 to 33]	37.711	40.683
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	0.250	0.250
36	Depreciation to date	0.038	0.069
37	NET BLOCK (35-36)	0.213	0.181
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 tax assets	--	--
	iv. Security deposits/ tender deposits	--	--
	v. 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)	37.923	40.864
44	Tangible net worth (24-42)	6.057	7.678
45	Net working Capital [(17+24) - (37+41+42)] Totally with (34-10)	9.545	11.198
46	Current Ratio [34/10]	1.34	1.38
47	TOL / Networth	5.26	4.32
48	TOL / Quasi Networth	5.26	4.32
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--
	B. Contingent Liabilities:
	(a) Arrears of cumulative dividends	--	--
	(b) Gratuity liability not provided for	--	--
	(c) Disputed excise/ customs/tax liabilities	--	--
	(d) Bills accepted/ guarantees extended to accommodate associate/ sister concerns or other third parties	--	--
	(e) Other liabilities not provided for	--	--

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15 ESTIMATED	2015-16 PROJECTION
	A. CURRENT ASSETS:
1	Cash & Bank Balances	0.050	0.055
2	Investments (other than long term investments)
	(i) Government & other Trustee securities	--	--
	(ii) Fixed deposits with banks	--	--
3	(i) Receivables other than deferred & exports (incl. Bills purchased & discounted by banks)	12.573	14.450
	(ii) Export receivable (incl. Bills purchased & discounted by banks)	--	--
4	Instalments of deferred receivable (due within one year)	--	--
5	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.000	26.000
6	Advance to suppliers of Raw materials & stores/spares	--	--
7	Advance payment of taxes	--	--
8	Other current assets	0.088	0.178
9	TOTAL CURRENT ASSETS [1 to 8]	37.711	40.683
	(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	1.666	2.485
12	Advance payments from customers/ deposits from dealers	--	--
13	Provision for Tax	--	--
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 & Provisions (due within one year)	1.500	2.000
18	TOTAL CURRENT LIABILITIES [10 to 17]	3.166	4.485
	(To agree with sub-total B-Form III)

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15 ESTIMATED	2015-16 PROJECTION
1	Total Current Assets (Form IV)	37.711	40.683
2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	3.166	4.485
3	Working Capital Gap (WCP) (1-2)	34.545	36.198
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	9.428	10.171
5	Actual/ Projected net working capital (45 in form III)	9.545	11.198
6	Item 3 minus item 4	25.117	26.027
7	Item 3 minus item 5	25.000	25.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	25.000	25.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--

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NETWORTH STATEMENT

MRS. KAUSHALIYA OMPRAKASH AGRAWAL [PROPRIETOR]

(RS. IN MILLIONS)

PARTICULARS	NATURE	BOOK VALUE	MARKET VALUE
ASSETS
Fixed Assets
Other Fixed Assets	Movable	4.750	4.750
Investment	Movable	0.192	0.192
Current Assets
Gold Jewellery	Movable	0.000	3.000
Closing Stock	Movable	0.215	0.215
Sundry Debtors	Movable	6.183	6.183
Cash and Bank Balance	Movable	0.046	0.046
Loans and Advances	Movable	0.051	0.051
TOTAL [A]		11.437	14.437
LIABILITIES
Secured Loans
Loan		2.386	2.386
Current Liabilities
Sundry Creditors		4.299	4.299
Provisions
Audit Fees Payable		0.016	0.016
TOTAL [B]		6.701	6.701
NETWORTH [A - B]		4.736	7.736

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NETWORTH STATEMENT

MRS. RENU LALIT AGRAWAL [GUARANTOR]

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
ASSETS
Plot No. D-110 and D-111, Laxminarayan Industrial Park, Udhna Navsari Road, Surat	16.320
Investment in Insurance and Mutual Fund	0.730
Jewellery and Ornaments	3.065
Shares and Investments	1.300
Other Investments	3.400
Cash and Bank Balances	1.316
TOTAL [A]	26.131
LIABILITIES
TOTAL [B]	0.000
NETWORTH	26.131

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For ascertaining fair market value of the property to be offered to Bank of India

Date as on which valuation is made

16.09.2014

Name of the Owner

MRS. RENU LALIT AGRAWAL

It the property is under Joint Ownership/ Co Ownership Share of each such owner. Are the shares undivided?

Single Ownership

Brief description of the property

The subject property under valuation is cluster of two Industrial open plots situated at Plot Nos. D-110 and D-111, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Road, Udhna, Surat.

Location, Street, Ward No.

Plot Nos. D-110 and D-111, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Road, Udhna, Surat

Survey/Plot No. of Land

R.S. No. 1, Moje: Udhna, Ta. Surat City, District Surat.

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area

Mixed Area

Classification of Locality – High class/ Middle Class/ Poor class?

Middle Class

Proximity to civic amenities like School, Hospitals, cinema etc.

Within the radius of 1-2 kms

Means and proximity to surface communication by which the locality is served.

By Auto rickshaw/ City Bus/ Own vehicles

LAND

Area of land

Land Area = 3200 Sq. ft.

Roads, Street or Lanes on which the land is abutting

Udhna-Navsari Road

Is it freehold or leasehold land

Freehold

If leasehold, the name of lesser/ lessee nature of lease, dates of commencement and termination of lease and terms and renewal of lease

No

Is there any restrictive convenant in regard to the use of land? If so,

No

Are there any agreements of easements? If so

No

Does land fall in an area included in any town Planning Scheme or any Development Plan of Government or any statutory body? Give particulars

No

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

No

IMPROVEMENTS

Furnish technical details of the building on a separate sheet

Not Applicable

Is the Shop, owner-occupied/ tenanted/ both?

Open plot in possession of owner

If partly owner-occupied, specify portion and extent of area under owners occupation

Not Applicable

WHAT IS THE FLOOR SPACE INDEX

Permissible

Not Applicable

Percentage actually utilized GFI

Not Applicable

RENTS

Name of tenants/ lessees/ licenses etc.

Not Applicable

Portions in their occupation

Not Applicable

Monthly or annual rent/ compensation/ license fee

Not Applicable

Gross amount received for the whole property

Not Applicable

Are any of the occupants related to or close business associates of the owner?

Not Applicable

Is separate amount being recovered for the use of fixtures like fans, geysers, refrigerators cooking ranges, built in wardrobes etc. or for service charges? If so

Not Applicable

Give details of water and electricity charges if any to be borne by owner

Not Applicable

Has the tenant to bear the whole or part of the cost of maintenance and operation – owner or tenant?

Not Applicable

If a pump is installed, who has to bear the cost of maintenance and operation owner or tenant?

Not Applicable

Who has to bear the cost of electricity charges for lighting of common spaces like entrance hall, stairs, passages – owner/ tenant?

Not Applicable

What is the amount of property tax? Who is to bear it? Give details with documentary proof.

Details are not provided

Is building insured? If so

a) Policy No.

b) Amount

c) Annual Premium

Not Applicable

Is there any dispute between landlord and tenant regarding rent pending in a court of law

Not Applicable

Has any standard rent been fixed for the premises under any law relating to the control of rent

Not Applicable

SALES

Give instances of sales of immovable property in locality on separate sheet indicating name and address of the property, registration no., sale price and area of land sold

Sales instances are not relied upon but they have made substantial market inquiries before finalizing the rate.

Prevailing market rate adopted in this valuation

Rs. 5100/- per Sq. ft.

If sale instances are not available or not relied upon, the basis of arriving at the land rate

Inquiries made with various estate agencies, upcoming societies, builders, developers of nearby area, and other reliable sources.

Year of

Commencement of Construction

Not Applicable

Completion of Construction

Not Applicable

What was the method of construction by contract/ by employing labour directly/ both?

Not Applicable

For items of work done on contract produce copies of agreements

Not Applicable

For items of work done by engaging labour directly, give basic rates of materials and labour supported by documentary proof.

Not Applicable

BASIS OF VALUATION

The Market Value Definition, as per International Valuation Standards, which has been adopted in this Valuation Exercise is as follows:

“The Market Value is the estimated amount for which an Asset should exchange on the date of Valuation between a willing buyer and willing buyer and willing seller in an arm’s length transaction after proper marketing wherein the parties has each acted knowledgeably, prudently and without compulsion.”

Valuation of Land:

The Methodology is Sales Comparison Method in which due weightages have been given to factors such as:

· Demand and Prospective buyers for such sized plots of land.

Shape, Size, Prominence and Location of Land.

The Marketability, Utility, Demand and Supply of similar land in the surrounding area.

The Land rates as derived from the Sale instances of comparable instances found upon market enquiry.

The Land rates prevailing in nearby areas.

Legal and Physical Encumbrance on Land.

Freehold and Leasehold nature of land etc.

Usage – Residential, Commercial or Industrial

Locational Advantages / Disadvantages

Easements/ Covenants regarding the usage of land

Availability of basic facility and amenities

Areas of the subject plots are 3200 Sq. ft. Hence, documented area i.e. 3200 Sq. ft. adopted for the purpose of this valuation exercise.

After the detailed inspection, carrying out independent market survey/ inquiries, after having a complete overview of the prevailing rates of similar property sales, purchase, based upon their years of valuation experience and their independent judgment, they submit their tabulated calculations vide which they have determined the Fair Market Value of the property as on 15.09.2014 as mentioned hereunder.

Available for Sale instances:

Sale Instance Sr. No.	Particulars	Land Area in Sq. ft.	Total Consideration in Rs. in Millions	Prevailing rate in Rs.
A-1	One open Industrial Plot is available for sale in same Society.	1600 Sq. ft.	8.640	Rs. 5400/-
A-2	One open Industrial Plot is available for sale in City Industrial Society. It is located about 150 Mt. away from subject property.	1800 Sq. ft.	9.900	Rs. 5500/-

As above sale instance no. A-1 is comparable with property under valuation, they have adopted the same rate for the purpose of the valuation.

Market Rate	Rs. 5400/- per Sq. ft.
Less: 5% for negotiation	Rs. 270/- per Sq. ft.
Derived Market rate	Rs. 5130/- per Sq. ft.
Adopted rate	Rs. 5100/- per Sq. ft.
Land area in Sq. ft.	3200 Sq. ft.
Value of Land	Rs. 16.320 Millions

FAIR MARKET VALUE: Rs. 16.320 Millions as on 15.09.2014

It is the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller at an arm’s length transaction after proper marketing wherein the parties has each acted knowledgeably, prudently and without compulsion.

NET REALIZABLE VALUE: Rs. 14.688 Millions as on 15.09.2014

The value of an asset that can be realized by a company or entity upon the sale of the asset, less a reasonable prediction of the costs associated with either the eventual sale or the disposal of the asset in question.

DISTRESS VALUE: Rs. 13.056 Millions @ 80% of the Fair Market Value

The value of a property offered for immediate sale by its owner, who is under legal compulsion for immediate recovery of legal dues from him and where there is absolute urgency to liquidate assets in terms of Money is called the Distress Value of the property.

TECHNICAL DETAILS

No of floors and height

Not Applicable

Built up area

Not Applicable

Year of Construction

Not Applicable

Estimated future life

Not Applicable

Type of construction load bearing walls/ RCC frame steel frame

Not Applicable

Type of foundations

Not Applicable

Brick Masonry Walls

Not Applicable

Partitions

Not Applicable

Doors and Windows

Not Applicable

Flooring (Floor-wise)

Not Applicable

Finishing (Floor Wise)

Not Applicable

Roofing and Terracing

Not Applicable

Special architectural or decorative features, if any

Not Applicable

Internal Wiring – Surface or Conduit

Not Applicable

Class of fitting

Not Applicable

Sanitary Installations

- No. of water closets

- No. of lavatory basins

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Not Applicable

Class of fittings

Superior colored/ Superior white/ Ordinary

Not Applicable

Compound Wall

- Height and length

- Type of construction

Provided to Laxminarayan Industrial Park

8 feet

RCC frame structure

No of lift and carrying capacity

Not Applicable

Underground sump capacity and type of construction

Not Applicable

Overhead Tanks

- Where located

- Size

- Type of Construction

Not Applicable

--

--

--

Pump No. and their horse power

Not Applicable

Roads and Paving within the compound

- Approximate area and

- Type of paving

Not Provided

--

--

Sewage Disposal/ Whether connected to public sewer. If septic tanks provided no. and capacity

Not Applicable

Value of the property as per jantry

Rs. 3.121 Millions

Boundaries of the property

North: Plot No. D-109

South: Plot No. D-112

East: Internal Society Road

West: Plot No. C-110 and C-111

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

BRIEF PROFILE OF FIRM

Subject was established on 12.03.2010. The Firm incorporated with the main objective of Trading and manufacturing of Art Silk Cloths. Since its incorporation the firm was totally indulged in carrying on the activity of Trading and manufacturing of Art Silk Cloths. Further, Textile business is the traditional business of the proprietor. The proprietor’s Son Mr. Lalitji Agarwal manages the whole business.

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

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. 61.87
UK Pound	1	Rs. 94.07
Euro	1	Rs. 70.19

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.