MIRA INFORM REPORT

Report No. :	302163
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	AVADH AGRO
Registered Office :	At Block No. 100, Survey No. 144, L K Road, Vakwel, Fort Songadh, District Tapi – 394670, Gujarat
Country :	India
Financials (as on) :	25.12.2014 (Provisional)
Date of Incorporation :	04.10.2014
Capital Investment :	Rs. 7.572 Millions
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAYFA9164H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer and Trader of Rice Mill and Related Products.
No. of Employees :	25 (Approximately) [In Office: 5 + In Factory: 20]

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new partnership concern and establishing itself gradually. Mr. Sarjubhai R. Agarwal partner provided all information. Trade relations are reported to be improving. Business is active. Payment terms are unknown. The concern can be considered for business dealings on a fully 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Sarjubhai Ramjilal Agrawal
Designation :	Partner
Contact No.:	91-9825132239
Date :	07.01.2015

LOCATIONS

Registered Office/ Factory :	At Block No. 100, Survey No. 144, L K Road, Vakwel, Fort Songadh, District Tapi – 394670, Gujarat, India
Tel. No.:	91-2624-221239/ 221539/ 221094
Mobile No.:	91-9825132239/ 9879083645 (Mr. Sarjubhai Ramjilal Agrawal)
Fax No.:	Not Available
E-Mail :	dipeshagrawal@gmail.com
Area :	122195 Sq. Ft. (Registered)
Location :	Owned (Registered)
Location :	Owned (Factory)

PARTNERS

Name :	Mr. Sarjubhai Ramjilal Agrawal
Designation :	Partner
Address :	249, Main Road, Dakisn Faliyu, Junagam, Fort Songah, District Tapi – 394670, Gujarat, India
Date of Birth/Age :	04.09.1966
Qualification :	Graduation
Experience :	30 Years
PAN No.:	ABAPA6920A
Voter ID No.:	LMJ2418713
Name :	Mr. Dipeshbhai Ashokbhai Agrawal
Designation :	Partner
Address :	249, Main Road, Dakisn Faliyu, Junagam, Fort Songah, District Tapi – 394670, Gujarat, India
Date of Birth/Age :	08.10.1984
Qualification :	M.B.A (Finance)
Experience :	6 Years
PAN No.:	AMIPA0525C
Voter ID No.:	LMJ2418739
Profile :	Mr. Dipeshbhai Ashokbhai Agrawal aged about 30 year has done his MBA in Finance from Mumbai University. He brings modem thinking and expertise in the firm' Under his guidance the family has diversified familybusinessinthefieldofrealestateandconstructions.Currentlyhe is partner in the firm Shiddhi enterprises which has constructing the biggest residential cum commercial project in Fort Songadh.
Name :	Mr. Vivek Sarjubhai Agrawal
Designation :	Partner
Address :	249, Main Road, Dakisn Faliyu, Junagam, Fort Songah, District Tapi – 394670, Gujarat, India
Date of Birth/Age :	13.08.1993
Qualification :	Graduation
Experience :	1 Year
PAN No.:	BKUPA6659N
Voter ID No.:	TNA1757939
Profile :	Vivek Sarjubhai Agrawal aged about 21 year has done his Graduation. He has starting working in the family business since last year, and is learning the ropes very well. In such a short span of time he has taken up the responsibilities of daily collections and logistics of the family owned firm. For the said proposal firm is requesting the Bank of lndia to provide fund for this Proposal.

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Rice Mill and Related Products.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit (30 Days and 60 Days)
Purchasing :	Cash

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Rice	Tons	7200 Annum

GENERAL INFORMATION

Suppliers :

Reference:	NOT APPLICABLE
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Wholesalers and Retailers

Reference:	NOT APPLICABLE
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

25 (Approximately) [In Office: 5 + In Factory: 20]

Bankers :

Bank Name:	State Bank of India
Branch:	Fort Songadh, Tapi, Gujarat, India
Name of the Person (with Designation):	M.D. Shah (Branch Manager)
Contact Number:	91-2624-222036
Name of Account Holder:	AVADH AGRO
Account Number:	33683307554
Account Since (Date/ Year of A/c Opening):	25.02.2014
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Nil
Account Operation:	Either/ Survivor
Remarks: --

Bank of India

Address: Fort Songadh, Tapi, Gujarat, India

Facilities :

Rs 14.700 Millions (From Bank of India)

Auditors :
Name :	Mitesh Prasaht and Company Chartered Accountants
Address :	Office No. 3, Ashirwad Residency, Fort Songadh, District Tapi – 394670, Gujarat, India
Mobile No.:	91-8980414418/ 9033415739
E-Mail :	miteshprashantco@gmail.com
PAN No:
Memberships :	--
Collaborators :	--
Sister Concern:	Agrawal Traders Address: 249, Main Road, Junagam, Fort Songadh, Dist Tapi – 394670, Gujarat, India Line of Business : Agriculture produce traders

CAPITAL STRUCTURE

As on 25.12.2014

Capital Investment :
Owned :	Rs. 7.572 Millions
Borrowed :	--
Total :	Rs. 7.572 Millions

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		25.12.2014 (Provisional)
SHAREHOLDERS FUNDS
1] Partners Capital		7.572
2] Share Application Money		0.000
3] Profit and Loss Account		0.000
4] (Accumulated Losses)		(0.046)
NETWORTH		7.526
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		7.526
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.969
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.000
	Other Current Assets	0.332
	Loans & Advances	0.000
Total Current Assets		0.332
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.775
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		1.775
Net Current Assets		(1.443)
MISCELLANEOUS EXPENSES		0.000
TOTAL		7.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		25.12.2014 (Provisional)
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Nagarpalika Construction Fees	0.046
		TOTAL	0.046
	PROFIT/ (LOSS) AFTER TAX		(0.046)

KEY RATIOS

PARTICULARS		25.12.2014 (Provisional)
Net Profit Margin (PAT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.49)
Return on Investment (ROI) (PBT/Networth)		(0.49)
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		0.19

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm till 25.12.2014	Yes
12]	Profitability till 25.12.2014	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

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

COST OF PROJECT

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
Machinery Cost	4.000
Factory building with all the amenities	6.000
Land	5.100
Working Capital	10.000
Total Cost of Project	25.100

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

MEANS OF FINANCE

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
Capital	10.400
Bank Term loan	7.200
Cash Credit	7.500
Total Means of Finance	25.100

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

DEBT SERVICE COVERAGE RATIO CALCULATION

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
		Projected	Projected	Projected	Projected	Projected	Projected
1	Profit After Tax (PAT)	(0.535)	1.222	1.460	1.841	2.189	2.532
2	Interest on Term loan	0.206	0.793	0.671	0.544	0.417	0.291
3	Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
4	Earnings before Interest & Depreciation but after Taxes (1+2+3)	0.271	3.139	3.116	3.248	3.363	3.486
5	Term Loan Installment	0.000	0.831	1.108	1.108	1.108	1.108
6	Interest on Term Loan	0.206	0.793	0.671	0.544	0.417	0.291
	Debt Service Coverage Ratio [4/(5+6)]	1.31	1.93	1.75	1.97	2.21	2.49
	Average DSCR	2.33

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PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
LIABILITIES
Capital	9.865	11.086	12.546	14.387	16.577	18.509
Secured and Unsecured Loans
Secured Loans less installment due next year	6.369	5.262	4.154	3.046	1.938	0.831
Current Liabilities and Provisions
Installment Due in Next Year	0.831	1.108	1.108	1.108	1.108	1.108
Cash/Credit	3.500	7.500	10.000	10.000	10.000	10.000
Sundry Creditors	0.024	0.108	0.123	0.128	0.136	0.140
TOTAL LIABILITIES	20.589	25.063	27.930	28.669	29.758	30.587
ASSETS
Fixed Assets	14.500	13.375	12.390	11.528	10.771	10.108
Current Assets, Loans and Advances
Cash and Cash Equivalents	0.156	0.258	0.269	0.345	0.367	0.442
Inventory	5.625	6.375	7.586	8.434	9.840	10.332
Sundry Debtors	0.308	5.055	7.685	8.363	8.781	9.705
TOTAL ASSETS	20.589	25.063	27.930	28.669	29.758	30.587

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PROJECTED PROFIT AND LOSS ACCOUNT

(AS ON 31.03.2014)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
Income
Turnover
Sales	3.750	45.000	51.000	53.550	56.228	59.039
Expenditure
Add: Opening Stock	0.000	5.625	6.375	7.586	8.434	9.840
Raw Material	0.000	5.625	6.375	7.586	8.434	9.840
Add: Purchases	8.891	39.285	44.880	46.642	49.480	50.968
Add: Direct Expenses	0.113	1.350	1.530	1.607	1.689	1.771
Electricity Expenses	0.056	0.675	0.765	0.803	0.843	0.886
Labour and Wages	0.034	0.405	0.459	0.482	0.506	0.531
Packing Expenses	0.006	0.068	0.077	0.080	0.084	0.089
Carriage Inward	0.011	0.135	0.153	0.161	0.169	0.177
Other Mfg Expenses	0.006	0.068	0.077	0.080	0.084	0.089
Less: Closing Stock	5.625	6.375	7.586	8.434	9.840	10.332
Raw Material	5.625	6.375	7.586	8.434	9.840	10.332
Gross Profit	0.372	5.115	5.801	6.149	6.466	4.791
Gross Profit Ratio	9.91%	11.37%	11.38%	11.48%	11.50%	11.50%
Add: Administrative Expenses	0.030	0.360	0.378	0.397	0.417	0.438
Add: Selling and Distribution expenses	0.038	0.450	0.510	0.536	0.562	0.590
Total Expenditure	3.446	40.695	46.087	48.333	50.740	53.275
Earnings before Interest, Depreciation and Tax	0.304	4.305	4.913	5.217	5.487	5.763
EBIDT TO TURNOVER	8.11%	9.57%	9.63%	9.74%	9.76%	9.76%
Interest on Secured loan	0.206	0.793	0.671	0.544	0.417	0.291
Interest on C/C	0.033	0.859	1.145	1.145	1.145	1.145
Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
Earnings after Interest and Depreciation	(0.535)	1.529	2.112	2.665	3.168	3.664
Tax on Profit	0.000	0.307	0.653	0.823	0.979	1.132
Profit after Tax	(0.535)	1.222	1.460	1.841	2.189	2.532
PAT TO TURNOVER	(14.28)%	2.71%	2.86%	3.44%	3.89%	4.29%

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FINANCIAL SNAPSHOT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
		Projected 1 Month	Projected	Projected	Projected	Projected	Projected
1	Capital	9.865	11.086	12.546	14.387	16.577	18.509
2	Add reserves and surplus	0.000	0.000	0.000	0.000	0.000	0.000
3	Tangible Net Worth (1+2)	9.865	11.086	12.546	14.387	16.577	18.509
4	Term liabilities including unsecured loans	6.369	5.262	4.154	3.046	1.938	0.831
5	Unsecured loans	0.000	0.000	0.000	0.000	0.000	0.000
6	Capital Employed (3+4)	16.234	16.348	16.700	17.434	18.515	19.339
7	Net Fixed Assets block	14.500	13.375	12.390	11.528	10.771	10.108
8	Other Non Curret Assets	0.000	0.000	0.000	0.000	0.000	0.000
9	Current Assets	6.089	11.688	15.540	17.141	18.987	20.479
10	Current liabilites	4.355	8.715	11.231	11.235	11.243	11.247
11	Net Current Assets (8-9)	1.734	2.973	4.310	5.906	7.744	9.233
	Operational Data
1	Gross Sales	3.750	45.000	51.000	53.550	56.228	59.039
2	Less Excise duty	0.000	0.000	0.000	0.000	0.000	0.000
3	Net Sales (1-2)	3.750	45.000	51.000	53.550	56.228	59.039
4	of which export sales	0.000	0.000	0.000	0.000	0.000	0.000
5	of which other income	0.000	0.000	0.000	0.000	0.000	0.000
6	Direct/manufacturing expenses	3.378	39.885	45.199	47.401	49.761	52.247
7	Admin and Selling expenses	0.068	0.810	0.888	0.932	0.979	1.028
8	Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
9	Interest	0.239	1.651	1.816	1.689	1.562	1.436
10	Net Profit Before tax (3-6-7-8-9)	(0.535)	1.529	2.112	2.665	3.168	3.664
11	Taxes	0.000	0.307	0.653	0.823	0.979	1.132
12	Net Profit After tax (10-11)	(0.535)	1.222	1.460	1.841	2.189	2.532

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FINANCIAL RATIOS

(RS. IN MILLIONS)

SR. NO.	RATIOS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
		Projected	Projected	Projected	Projected	Projected	Projected
1	PAT/Net Sales	(14.28)%	2.71%	2.86%	3.44%	3.89%	4.29%
2	PAT/Capital Employed	(3.30) %	7.47%	8.74%	10.56%	11.82%	13.09%
3	PAT/Total Net Worth	(5.43) %	11.02%	11.63%	12.80%	13.21%	13.68%
4	Current Ratio	1.40	1.34	1.38	1.53	1.69	1.82
5	Debt Equity Ratio (TOL/TNW) excluding quasi capital	1.08	1.25	1.22	0.98	0.79	0.65

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BREAK EVEN ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
	Projected	Projected	Projected	Projected	Projected	Projected
Sales	3.750	45.000	51.000	53.550	56.228	59.039
Variable Cost
Raw Materials Consumed	3.266	38.535	43.669	45.794	48.075	50.476
Direct Expenses	0.113	1.350	1.530	1.607	1.689	1.771
Administrative Expenses	0.030	0.360	0.378	0.397	0.417	0.438
Selling and Distribution expenses	0.038	0.450	0.510	0.536	0.562	0.590
Contribution	0.304	4.305	4.913	5.217	5.487	5.763
Fixed Cost
Interest	0.239	1.651	1.816	1.689	1.562	1.436
Depreciation on Assets	0.600	1.125	0.985	0.863	0.756	0.664
Total Fixed Cost	0.839	2.776	2.801	2.552	2.319	2.099
Profit	(0.535)	1.529	2.112	2.665	3.168	3.664
Margin of safety in Sales Rs	(6.601)	15.978	21.926	27.355	32.466	37.534
PV Ratio (Profit to Volume Ratio)	8.11	9.57	9.63	9.74	9.76	9.76
Break Even Sales	10.351	29.022	29.074	26.195	23.762	21.505

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PROJECTED CASH FLOW

(RS. IN MILLIONS)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
SOURCES OF FUNDS
Capital Introduction	10.400	0.000	0.000	0.000	0.000	(0.600)
Profit After Taxation	(0.535)	1.222	1.460	1.841	2.189	2.532
Loan From Bank	7.200	0.000	0.000	0.000	0.000	0.000
Cash Credit From Bank	3.500	4.000	2.500	0.000	0.000	0.000
Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
Increase In Current Liabilities	0.024	0.083	0.015	0.005	0.008	0.004
Total Sources	21.189	6.430	4.960	2.709	2.953	2.600
APPLICATION OF FUNDS
Loan Principal Repayments	0.000	0.831	1.108	1.108	1.108	1.108
Additions To Assets	15.100	0.000	0.000	0.000	0.000	0.000
Increase In Current Assets	5.933	5.497	3.841	1.526	1.824	1.416
Total Application	21.033	6.327	4.949	2.633	2.932	2.524
Net Cash and Cash Equivalents Balance	0.156	0.103	0.011	0.076	0.022	0.076
Opening Balance of Cash and Cash Equivalents	0.000	0.156	0.258	0.269	0.345	0.367
Closing Balance of Cash & Cash Equivalents	0.156	0.258	0.269	0.345	0.367	0.442

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PRIMARY AND COLLATERAL SECURITY

(RS. IN MILLIONS)

SECURITY:

The firm will be giving the hypothecation of plant and machinery, factory shed, stocks, book debts and other current assets as security and personal guarantee of the partners and Ashokbhai Ramjilal Agrawal having adequate net worth. Details are as follows:

PARTICULARS	PROPOSED
Machinery	4.000
Factory Shed with Land	36.500
Stock (Average of projected Eight Years)	10.721
Book Debts (Average of projected Eight years)	7.599
Total	58.820

GUARANTOR

PARTICULARS	PROPOSED
Sarjubhai Ramjilal Agrawal	12.500
Dipeshbhai Ashokbhai Agrawal	2.500
Vivek Sarjubhai Agrawal	0.300
Ashokbhai Ramjilal Agrawal	15.000
Total	30.300

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

CAPACITY UTILISATION

(RS. IN MILLIONS)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
	Projected	Projected	Projected	Projected	Projected	Projected
Sales	3.750	45.000	51.000	53.550	56.228	59.039
Rate/kg	15.00	15.00	15.00	15.00	15.00	15.00
Sale Qty (Tones)	250.00	3000.00	3400.00	3570.00	3748.50	3935.93
Full Capacity	7200.00	7200.00	7200.00	7200.00	7200.00	7200.00
Capacity Utilization	3.47%	41.67%	47.22%	49.58%	52.06%	54.67%

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
1. Gross sales - (i) Domestic sales	3.750	45.000	51.000	53.550	56.228	59.039
(ii) Export sales	--	--	--	--	--	--
(iii) Other Revenue Income	--	--	--	--	--	--
Add other revenue income	--	--	--	--	--	--
Total	3.750	45.000	51.000	53.550	56.228	59.039
Less excise duty	--	--	--	--	--	--
3. Net sales (item 1 - item 2)	3.750	45.000	51.000	53.550	56.228	59.039
4. % age rise (+) or fall (-) in net sales as compared to previous year (annualised)	100.00%	0.00%	13.33%	5.00%	5.00%	5.00%
5. Cost of sales
i) Raw materials (including stores & spares and other items used in the process of manufacture
(a) Imported	--	--	--	--	--	--
(b) Indigenous	3.266	38.535	43.669	45.794	48.075	50.476
ii) Other spares
(a) Imported	--	--	--	--	--	--
(b) Indigenous	--	--	--	--	--	--
iii)Power and fuel	--	--	--	--	--	--
iv) Direct Expenses	0.113	1.350	1.530	1.607	1.687	1.771
v) Other mfg. expenses	--	--	--	--	--	--
vi) job Work charges
vi) Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
vii) SUB-TOTAL (i to vi)	3.978	41.010	46.184	48.263	50.518	52.911
viii) Add: Opening stocks-in-process	--	--	--	--	--	--
Sub-total	3.978	41.010	46.184	48.263	50.518	52.911
ix) Deduct: Closing stocks-in-process	--	--	--	--	--	--
x) Cost of Production	3.978	41.010	46.184	48.263	50.518	52.911
xi) Add : Opening stock of Finished goods	--	--	--	--	--	--
Sub-total	3.978	41.010	46.184	48.263	50.518	52.911
xii) Deduct closing stock of Finished goods	--	--	--	--	--	--
xiii) SUB-TOTAL (Total cost of sales)	3.978	41.010	46.184	48.263	50.518	52.911
Gross Profit	(0.228)	3.990	4.817	5.287	5.710	6.128
6. Selling, general and adm. expenses	0.068	0.810	0.888	0.932	0.979	1.028
7. SUB-TOTAL (5+6)	4.046	41.820	47.072	49.196	51.497	53.939
8. Operating profit before interest(3-7)	(0.296)	3.180	3.929	4.354	4.731	5.100
9. Interest	0.239	1.651	1.816	1.689	1.562	1.436
10.Operating profit after interest(8-9)	(0.535)	1.529	2.112	2.665	3.168	3.664
11. (i) Add other non-operating income
(a) Export Incentives	--	--	--	--	--	--
(b) Trading sales (Exports)	--	--	--	--	--	--
(c) Trading stock (net)	--	--	--	--	--	--
(d) Other Income	--	--	--	--	--	--
Sub-total (income)	--	--	--	--	--	--
(ii) Deduct other non-operating exp.
(a) Pre. Expenses (w.off)	--	--	--	--	--	--
(b) Loss on sale of fixed assets	--	--	--	--	--	--
(c) Loss in investment	--	--	--	--	--	--
(d) Bad debts written off	--	--	--	--	--	--
Sub-Total (Expenses)	--	--	--	--	--	--
(iii) Net of other non-operating income/expenses	--	--	--	--	--	--
12. Profit before tax/loss {10+11(iii)}	(0.535)	1.529	2.112	2.665	3.168	3.664
13. Provision for taxes	--	0.307	0.653	0.823	0.979	1.132
Provision for deferred tax	--	--	--	--	--	--
FBT	--	--	--	--	--	--
14. Net profit/loss (12-13)	(0.535)	1.222	1.460	1.841	2.189	2.532
15. (a) Dividend & Dividend Tax	--	--	--	--	--	--
(b) Rate	0%	0%	0%	0%	0%	0%
16. Retained profit (14-15)	--	1.222	1.460	1.841	2.189	2.532
17. Retained profit/Net profit (% age)	0%	100%	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
CURRENT LIABILITIES
1.Short-term borrowings from banks (incld. bills purchased discounted and excess borrowing placed on repayment basis)
(i) From applicant bank	3.500	7.500	10.000	10.000	10.000	10.000
(ii) From other banks	--	--	--	--	--	--
(iii) (of which BP & BD)
(i) From applicant bank	--	--	--	--	--	--
(ii) From other banks	--	--	--	--	--	--
Sub total (A)	3.500	7.500	10.000	10.000	10.000	10.000
2. Sundry creditors- Capital Goods, Spares & other expenses	--	--	--	--	--	--
3. Sundry creditor	0.024	0.108	0.123	0.128	0.136	0.140
4. Advance payments from customers/dep. from dealers	--	--	--	--	--	--
5. Provision for taxation	--	--	--	--	--	--
6. Dividend payable	--	--	--	--	--	--
7. Other statutory liabilities (due within one year)	--	--	--	--	--	--
8. Deposits/Instalments of term loans/ DPGs/ Debentures, etc. (due within one year)	0.831	1.108	1.108	1.108	1.108	1.108
9. Other current liabilities and provisions (due in 1yr.) (Specify major items)	--	--	--	--	--	--
b. Other Current Liabilities (repayment of unsecured loans)	--	--	--	--	--	--
Other Current Liabilities [Sub-total (B)]	0.855	1.215	1.231	1.235	1.243	1.247
10. Total Current Liabilities(total of 1 to 9 excl 1(iii)	4.355	8.715	11.231	11.235	11.243	11.247
TERM LIABILITIES
11. Debentures (not maturing within 1 yr.)	--	--	--	--	--	--
12. Preference shares (redeemable after 1yr.)	--	--	--	--	--	--
13. Term loans (excld instalments payable within 1 yr.)	6.369	5.262	4.154	3.046	1.938	0.831
14. Deferred Payment Credit excluding instt. due within 1 yr.)	--	--	--	--	--	--
15. Term deposits (repayable after 1 yr.)	--	--	--	--	--	--
16.Other term liabilities(unsecured loans)	--	--	--	--	--	--
17. TOTAL TERM LIABILITIES	6.369	5.262	4.154	3.046	1.938	0.831
18. Total Outside Liabilities(item 10 +17)	10.724	13.977	15.384	14.282	13.182	12.078
NET WORTH
19.Capital	9.865	11.086	12.546	14.387	16.577	18.509
20.General reserve	--	--	--	--	--	--
21. Reserve for deferred tax liability	--	--	--	--	--	--
22.Other reserves (excluding provisions)	--	--	--	--	--	--
23.Surplus(+) or deficit(-) in P&L account	--	--	--	--	--	--
23(a).Others - Share Premium	--	--	--	--	--	--
23(b). Deferred tax	--	--	--	--	--	--
24. NET WORTH	9.865	11.086	12.546	14.387	16.577	18.509
25. TOTAL LIABILITIES	20.589	25.063	27.930	28.669	29.758	30.587
ASSETS
CURRENT ASSETS
26.Cash and bank balances	0.156	0.258	0.269	0.345	0.367	0.442
27.Investments (other than long term investments)
(i) Government and other Trustee securities	--	--	--	--	--	--
(ii)Fixed deposits with bank and Others	--	--	--	--	--	--
28.(i) Receivables other than deferred and export (including bills purchased and discounted by banks)	0.308	5.055	7.685	8.363	8.781	9.705
(ii) Export receivables (incld bills purchased and dis.by bank)	--	--	--	--	--	--
29. Instalments of deferred receivables (due within 1 yr.)	--	--	--	--	--	--
30.Inventory:
(i) Raw materials (including stores and other items used in the process of manufacture)	5.625	6.375	7.586	8.434	9.840	10.332
a)Imported	--	--	--	--	--	--
b)Indigenous	--	--	--	--	--	--
(ii) Works-in-process	--	--	--	--	--	--
(iii)Finished goods	--	--	--	--	--	--
(iv) Other consumable spares
a)Imported	--	--	--	--	--	--
b)Indigenous	--	--	--	--	--	--
31.Advances to suppliers of raw materials & stores/spares	--	--	--	--	--	--
32.Advance payment of taxes	--	--	--	--	--	--
33.Other current assets
- stock of traded goods	--	--	--	--	--	--
- Others	--	--	--	--	--	--
34. TOTAL CURRENT ASSETS (total of 26 to 33)	6.089	11.688	15.540	17.141	18.987	20.479
35. Gross Block (land and building, machinery, work-in-process)	15.100	14.500	13.375	12.390	11.528	10.771
36.Depreciation to date	0.600	1.125	0.985	0.863	0.756	0.664
37. NET BLOCK (35-36)	14.500	13.375	12.390	11.528	10.771	10.108
OTHER NON-CURRENT ASSETS
38. Investments/ book debts/ adv./ deposits which are not Current Assets	--	--	--	--	--	--
(i) a) Investments in subsidiary companies/ affiliates	--	--	--	--	--	--
b) Others
(ii) Advances to suppliers of capital goods and contractors	--	--	--	--	--	--
(iii) Deferred receivables	--	--	--	--	--	--
(iv) Others-Debtors >6 months	--	--	--	--	--	--
- Security deposit	--	--	--	--	--	--
- Loans and advances for others	--	--	--	--	--	--
39. Non-consumables stores and spares	--	--	--	--	--	--
40.Other non-current assets incl. dues from directors	--	--	--	--	--	--
41. TOTAL OTHER NON-CURR.ASSETS	--	--	--	--	--	--
42. Intangible assets (patents, goodwill, prelim. exp. bad/ doubtful expenses not provided for, etc.)	--	--	--	--	--	--
43. TOTAL ASSETS (34+37+41+42)	20.589	25.063	27.930	28.669	29.758	30.587
44. TANGIBLE NET WORTH (24-42)	9.865	11.086	12.546	14.387	16.577	18.509
45. NET WORKING CAPITAL(17+24)-(37+41+42)	1.734	2.973	4.310	5.906	7.744	9.232
46. Current Ratio	1.40	1.34	1.38	1.53	1.69	1.82
47. Total Outside Liabilities/ Tangible Net Worth	1.09	1.26	1.23	0.99	0.80	0.65
48. Total Term Liabilities/Tangible Net Worth	0.65	0.47	0.33	0.21	0.12	0.04

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
1. SOURCES
a) Net profit (after tax)	--	1.222	1.460	1.841	2.189	2.532
b) Depreciation	0.600	1.125	0.985	0.863	0.756	0.664
c) Increase in capital	10.400	--	--	--	--	--
d) Increase in term liabilities, including public deposits	10.700	4.000	2.500	--	--	--
e) Decrease in : i) Fixed assets	--	--	--	--	--	--
ii) Other non-current assets	--	--	--	--	--	--
f) Others	--	--	--	--	--	--
g) TOTAL	21.700	6.347	4.944	2.704	2.946	3.196
2. USES
a) Net loss	0.535	--	--	--	--	--
b) Decrease in term liabilities, including public deposits	--	1.108	1.108	1.108	1.108	1.108
c) Increase in : i) Fixed asset	15.100	--	--	--	--	--
ii) Depreciation adjustment	--	--	--	--	--	--
iii) Other non-current assets	--	--	--	--	--	--
d) Dividend payment	--	--	--	--	--	--
e) Others	--	--	--	--	--	0.600
f) TOTAL	15.635	1.108	1.108	1.108	1.108	1.708
3. Long term surplus / deficit	6.065	5.239	3.837	1.596	1.838	1.488
4. Increase / Decrease in current assets*	6.089	5.599	3.852	1.601	1.846	1.492
5. Increase / Decrease in current liabilities other then bank borrowings	0.024	0.360	0.015	0.005	0.008	0.004
6. Increase / Decrease in working capital gap	6.065	5.239	3.837	1.596	1.838	1.488
7. Net surplus(+) / deficit(-)	--	--	--	0.000	0.000	--
8. Increase / Decrease in Bank borrowings	--	4.000	2.500	--	--	--

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
I. CURRENT ASSETS
1.Raw materials including stores and other items used in the process of manufacturing
(a) Imported : Amount	--	--	--	--	--	--
: Month's consumption	--	--	--	--	--	--
(b) Indigenous : Amount	5.625	6.375	7.586	8.434	9.840	10.332
: Month's consumption	20.67	1.99	2.08	2.21	2.46	2.46
2. Other consumable spares, excldg. those included in (1) above
(a) Imported : Amount	--	--	--	--	--	--
: Month's consumption	--	--	--	--	--	--
(b) Indigenous : Amount	--	--	--	--	--	--
: Month's consumption	--	--	--	--	--	--
3. Stocks-in-process : Amount	--	--	--	--	--	--
Month's cost of Sales	--	--	--	--	--	--
4. Finished goods : Amount	--	--	--	--	--	--
Month's cost of Sales	--	--	--	--	--	--
5. Receivables other than export and defered receivables (Incldg. bills purchased and discounted by bank)
: Amount	0.308	5.055	7.685	8.363	8.781	9.705
: Month's Domestic Sales (includg. Deferred payment sales)	0.99	1.35	1.81	1.87	1.87	1.97
6. Export receivables (incldg. bills purchased and disc.)
: Amount	0.000	0.000	0.000	0.000	0.000	0.000
: Month's export Sales	--	--	--	--	--	--
7. Advance to suppliers of materials and stores/ spares, consumables	0.000	0.000	0.000	0.000	0.000	0.000
8. Other current assets includg. cash and bank balances and deferred receivables due within one year (specify major items)	0.156	0.258	0.269	0.345	0.367	0.442
: Cash and bank balances	0.156	0.258	0.269	0.345	0.367	0.442
: Investment except long-term investment of def. receivables	--	--	--	--	--	--
: Others	--	--	--	--	--	--
9. TOTAL CURRENT ASSETS	6.089	11.688	15.540	17.141	18.987	20.479
II. CURRENT LIABILITIES
(Other than bank borrowing for working capital)
10. Creditors for purchase of raw materials, stores and consumable spares : Amount	0.024	0.108	0.123	0.128	0.136	0.140
: Month's purchase	--	--	--	--	--	--
11. Advance from customers	--	--	--	--	--	--
12. Statutory liabilities	--	--	--	--	--	--
13. Other current liabilities-specify major items
a) Sundry Creditors for Capital Goods	--	--	--	--	--	--
b) Dividend payable	--	--	--	--	--	--
c) Instalments of TL, DPS and public deposits	0.831	1.108	1.108	1.108	1.108	1.108
d) Other current liabilities and provisions	--	--	--	--	--	--
14. TOTAL	0.855	1.215	1.231	1.235	1.243	1.247

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
		Projected	Projected	Projected	Projected	Projected	Projected
1	Total Current Assets	6.089	11.688	15.540	17.141	18.987	20.479
2	Other Current Liabilities (Other than bank Borrowings)	0.855	1.215	1.231	1.235	1.243	1.247
3	Working capital Gap (1-2)	5.234	10.473	14.310	15.906	17.744	19.232
4	Min. stipulated net working capital 25% of WCG/25% of total C.A.	1.308	2.618	3.577	3.976	4.436	4.808
5	Actual projected net working capital	1.734	2.973	4.310	5.906	7.744	9.232
6	Item 3 minus item 4	3.925	7.855	10.732	11.929	13.308	14.424
7	Item 3 minus item 5	3.500	7.500	10.000	10.000	10.000	10.000
8	Maximum permissible Bank finance (item 6 or 7 whichever is lower)	3.500	7.500	10.000	10.000	10.000	10.000
9	Excess borrowings representing shortfall in NWC (5-4)	0.425	0.355	0.732	1.929	3.308	4.424

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

ASSESSED BANK FINANCE - PROJECTED BALANCE SHEET METHOD

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
1. Total Current Assets	6.089	11.688	15.540	17.141	18.987	20.479
2. Other Current Laibilities	0.855	1.215	1.231	1.235	1.243	1.247
3. Working Capital Gap	5.234	10.473	14.310	15.906	17.744	19.232
4. Net Working Capital (Actual/Projected)	1.734	2.973	4.310	5.906	7.744	9.232
5. Assessed Bank Finance	3.500	7.500	10.000	10.000	10.000	10.000
5. NWC/TCA (%)	28.48	25.43	27.73	34.45	40.79	45.08
6. OCL/TCA (%)	14.04	10.40	7.92	7.21	6.55	6.09
7. Sundry Creditors/TCA (%)	0.40	0.92	0.79	0.75	0.71	0.68
8. ABF/TCA (%)	57.48	64.17	64.35	58.34	52.67	48.83
9. Inventory/ Net Sales (Days)	--	--	--	--	--	--
10. Receivables/ Gross Sales (Days)	30.00	41.00	55.00	57.00	57.00	60.00
11. Sundry Creditors/ Purchases (Days)	2.72	1.02	1.03	1.02	1.03	1.01

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected 1 Month	Projected	Projected	Projected	Projected	Projected
Net Sales	3.750	45.000	51.000	53.550	56.228	59.039
PBT	(0.535)	1.529	2.112	2.665	3.168	3.664
PAT	(0.535)	1.222	1.460	1.841	2.189	2.532
PAT/ Net Sales (%)	(14.28)	2.71	2.86	3.44	3.89	4.29
Paidup Capital	9.865	11.086	12.546	14.387	16.577	18.509
TNW	9.865	11.086	12.546	14.387	16.577	18.509
TOL/TNW	1.09	1.26	1.23	0.99	0.80	0.65
CR	1.40	1.34	1.38	1.53	1.69	1.82
PBT/ TTA (%)	(2.60)	6.10	7.56	9.30	10.65	11.98
Net Sales /TTA (times)	0.18	1.80	1.83	1.87	1.89	1.93
Operating Expenses/ Net Sales (%)	114.28	96.60	95.86	95.02	94.37	93.79
BB/TTA (%)	17.00	29.92	35.80	34.88	33.60	32.69
Inv+Rec/ Net Sales (Days)	30.00	41.00	55.00	57.00	57.00	60.00
TTA	20.589	25.063	27.930	28.669	29.758	30.587
Operating Expenses	4.285	43.471	48.888	50.885	53.059	55.375
Inv+Rec	0.308	5.055	7.685	8.363	8.781	9.705
BB	3.500	7.500	10.000	10.000	10.000	10.000

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS UNDER PBS METHOD

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected	Projected	Projected	Projected	Projected	Projected
Total Current Assets	6.089	11.688	15.540	17.141	18.987	20.479
Other Current Liabilities	0.855	1.215	1.231	1.235	1.243	1.247
Working Capital Gap	5.234	10.473	14.310	15.906	17.744	19.232
NWC (Actual/Proj)	1.734	2.973	4.310	5.906	7.744	9.232
ABF	3.500	7.500	10.000	10.000	10.000	10.000
NWC/TCA (%)	28.48	25.43	27.73	34.45	40.79	45.08
OCL/TCA (%)	14.04	10.40	7.92	7.21	6.55	6.09
Sundry Creditors/TCA (%)	0.40	0.92	0.79	0.75	0.71	0.68
ABF/TCA (%)	57.48	64.17	64.35	58.34	52.67	48.83
Inventories/ Net Sales (Days)	75.52	51.71	54.29	57.49	63.88	63.87
Receivables/ Gross Sales (Days)	30.00	41.00	55.00	57.00	57.00	60.00
Sundry Creditor/ Purchases (Days)	2.72	1.02	1.03	1.02	1.03	1.01
PBDIT/Intt (Times)	1.27	2.61	2.71	3.09	3.51	4.01
PAT/Net Sales (%)	(14.28)	2.71	2.86	3.44	3.89	4.29
ROCE (%)	1.48	17.18	17.59	18.20	18.44	18.84
Net Sales	3.750	45.000	51.000	53.550	56.228	59.039
Gross Sales	3.750	45.000	51.000	53.550	56.228	59.039
Receivables	0.308	5.055	7.685	8.363	8.781	9.705
Inventory	5.625	6.375	7.586	8.434	9.840	10.332
Purchases	3.266	38.535	43.669	45.794	48.075	50.476
Sundry Creditors	0.024	0.108	0.123	0.128	0.136	0.140
PBDIT	0.304	4.305	4.913	5.217	5.487	5.763
Interest	0.239	1.651	1.816	1.689	1.562	1.436
TTA	20.589	25.063	27.930	28.669	29.758	30.587
Cash Accruals	0.065	2.347	2.444	2.704	2.946	3.196
PBT/NS (%)	(14.28)	3.40	4.14	4.98	5.63	6.21

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

RATIO ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
	Projected	Projected	Projected	Projected	Projected	Projected
Net Sales	3.750	45.000	51.000	53.550	56.228	59.039
(Exports)	0.000	0.000	0.000	0.000	0.000	0.000
Operating Profit	(0.535)	1.529	2.112	2.665	3.168	3.664
PBT	(0.535)	1.529	2.112	2.665	3.168	3.664
PBT/Net Sales (%)	(14.28)	3.40	4.14	4.98	5.63	6.21
PAT	(0.535)	1.222	1.460	1.841	2.189	2.532
Cash Accruals	0.065	2.347	2.444	2.704	2.946	3.196
PBDIT	0.304	4.305	4.913	5.217	5.487	5.763
PUC	9.865	11.086	12.546	14.387	16.577	18.509
TNW	9.865	11.086	12.546	14.387	16.577	18.509
Adjusted TNW	9.865	11.086	12.546	14.387	16.577	18.509
TOL/TNW	1.09	1.26	1.23	0.99	0.80	0.65
TOL/ adjusted TNW	1.09	1.26	1.23	0.99	0.80	0.65
Current Ratio	1.40	1.34	1.38	1.53	1.69	1.82

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NETWORTH STATEMENT

MR. SARJUBHAI RAMJILAL AGRAWAL

(RS. IN MILLIONS)

(AS ON 31.03.2014)

SR. NO.	PARTICULARS	AMOUNT
	ASSETS
1.	Capital in Proprietor firm (Agrawal Traders) net of all liabilities	6.392
2.	Land at Vankvel (Market Value Approx)	30.000
	LIABILITIES
3.	Education Loan	1.740
	Net Worth	34.652

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NETWORTH STATEMENT

MR. DIPESHBHAI ASHOKBHAI AGRAWAL

(RS. IN MILLIONS)

(AS ON 31.03.2014)

SR. NO.	PARTICULARS	AMOUNT
	ASSETS
1.	Capital in partnership firm Siddhi Enterprise	7.118
	LIABILITIES
2.	Unsecure Loans	4.732
	Net Worth	2.386

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NETWORTH STATEMENT

MR. ASHOKBHAI RAMJILAL AGRAWAL

(RS. IN MILLIONS)

(AS ON 31.03.2014)

SR. NO.	PARTICULARS	AMOUNT
	ASSETS
1.	Capital in Proprietor firms (Ashok Trading Company and Agrawal Trading Company)	9.633
2.	Residential House (Market Value Approx.)	20.000
	LIABILITIES
3.	Home Loan	1.500
4.	Education Loan	0.900
	Net Worth	27.233

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NETWORTH STATEMENT

MR. VIVEK SARJUBHAI AGRAWAL

(RS. IN MILLIONS)

(AS ON 30.10.2014)

Net Worth

0.300

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PROJECT REPORT

PROJECT DETAILS

Project	Rice mill
Partners	Sarjubhai Ramjilal Agrawal, Dipeshbhai Ashokbhai Agrawal and Vivekbhai Sarjubhai Agrawal
Address	At Block No. 100, Survey No. 144, L K Road, Vankwel, Taluka Fort Songadh, District Tapi – 394670, Gujarat, India
Machinery suppliers	Srirama Industries, Hyderabad
Land Area	122240 Sqft
Built-up Area	6041 Sqft
Machinery Capacity (In tones)	Hourly	Daily	Yearly (300 days)
	3	24	7200
Machine Delivery Schedule	15 days from the date of loan disbursed
Projected date of commencement of production	45 days from the date of Machine Received
Moratorium Period of 6 Months	From the date of loan disbursed

SR. NO.	PARTICULARS		AMOUNT
1.	Total Estimated Cost of Project
	Machinery Cost		4.000
	Factory building with all the amenities		6.000
	Land		5.100
		(A)	15.100
2.	Cost incurred till 31.12.2014
	Factory building and Electricity 3 phase connection		2.100
	Land		5.100
		(B)	7.200
3.	Cost to be incurred	C (A-B)	7.900

LIST OF PROPOSED SUPPLIERS AND CUSTOMERS:

THEIR MAJOR SUPPLIERS

The firm procures raw materials from the local suppliers (farmers) only and interstate purchases from Maharashtra. The raw material is easily available to the firm in requisite quantity.

THEIR MAJOR CUSTOMERS

The firm has surveyed the market very well and learned that the demand is very high in the south Gujarat as there aere very few rice mill in the area. With their past experience and the business networth of the family firm, they are already supplying other agriculture produce in the span of more than 300 kms, For Eg: Surat, Vapi, Valsad, Ahmedabad, and as well as in Maharashtra.

ABOUT RICE INDUSTRY

Rice milling is the oldest and the largest agro processing industry of the country. It has a turnover of more than Rs. 255000.000 millions per annum. It processes about 85 million tons of paddy per year and provides staple food grain and other valuable products required by over 60% of the population. Paddy grain is milled either in raw condition or after parboiling, mostly by single hullers of which over 82,000 are registered in the country. Aparl from it there are also a large number of unregistered single hulling units in the country.

PRODUCT AND ITS MANUFACTURING PROCESS

Rice is the staple food for almost 65% of the population in India. Paddy in its raw form cannot be consumed by human beings. It needs to be suitably processed for obtaining rice. Rice milling is the process which helps in removal of hulls and barns from paddy grains to produce polished rice. Rice forms the basic primary processed product obtained from paddy and this is further processed for obtaining various secondary and tertiary products.

MANUFACTURING PROCESS

The basic rice milling processes consist of the following process.

Pre Cleaning: Removing all impurities and unfilled grains from paddy.

De-stoning: Separating small stones from paddy.

Parboiling (Optional): Helps in improving the nutritional quality by gelatinization of starch inside the rice grain. It improves the milling recovery percent during deshelling and polishing / whitening operation.

Husking: Removing husk from paddy.

Husk Aspiration: Separating the husk from brown rice/ unhusked paddy.

Paddy Separation: Separating the unhusked paddy from brown rice.

Whitening: Removing all or part of the bran layer and germ from brown rice.

Polishing: Improving the appearance of milled rice by removing the remaining bran particles and by polishing the exterior of the milled kernel.

Length Grading: Separating small and large brokens frorn head rice.

Blending: Mixing head rice with predetermined amount of brokens, as required by the customer.

Weighing and bagging: Preparing the milled rice for transport to the customer.

FOOD PROCESSING INDUSTRY OVERVIEW

Sector overview

The Indian food processing industry accounts for 32% of the country's total food market. Estimated to be worth USD 121 billion. It is one of the largest industries in India, and is ranked fifth in terms of production, consumption and exports. The industry employs 13 million people directly and 35 million people indirectly. It accounts for 74% of manufacturing GDP, nearly 13% of India's exports and 6% of total industrial investment. Currently growing at more than 10% per annum, it is expected to touch USD 194 billion by 2015.

Sector Outlook

It is widely acknowledged that there is immense potential in the Indian food processing sector, largely because of the small base that it occupies at the moment, According to the Ministry of Food Processing Industries. India is the largest producer of wheat and rice, and also accounts for about 10% of global fruit production. Industry has seen significant growth and changes over the past few years, driven by changing trends in markets, consumer segments and regulations. These trends' such as changing demographics, growing population and rapid urbanization are expected to continue in the future and, therefore, will shape the demand for value added products and thus for food processing industry in India. The Govemment of India's focus towards food processing industry as a priority sector is expected to ensure policies to support investment in this sector and attract more FDL India, having access to vast pool of natural resources and growing technical knowledge base, has strong comparative advantages over other nations in this industry.

The food processing sector in India is clearly an attractive sector for investment and offers significant growth potential to investors. There is a huge opportunity to develop S&T capability and R&D in the sector. There is a need to train the unskilled labor force, need for development across various human resource profiles. India can hamess all the opportunities present in food processing sector only when its labor force is educated and skilled. The government needs to strengthen its skill development program; new training institutes should be open up, which are in tune with market demand.

The development of infrastructure facilities like cold chain, road facilities, and power will strengthen the food processing industry. It will have a very positive sign on perishable food products industry, such as fruit and vegetable, dairy industry, meat and poultry segment. The food processing industry is all set to drive Indian economy to higher growth, only need is to pay due attention on technological development of field, and generation of skilled manpower.

SWOT ANALYSIS

STRENGTH

· Extensive experience of the partners in food processing industry

· Favorable location of the firm's manufacturing facility in Fort Songadh, Tapi, in proximity to raw material suppliers.

· Various Govenment incentives to the food processing industry.

WEAKNESS

The Medium size of the unit may limit the use of advance and expensive technologies, however promoters have ability to manage various resources on account of their extensive experience in the industry

OPPORTUNITIES

Positive demand outlook of food processing industry on account of growing population, rapid urbanization, India’s vast pool of natural resources and growing technical knowledge base.

THREAT

Entry of the Big players i.e. Reliance, Adani, Future Group, etc. in this industry with a large scale of operation, advanced technologies and skilled man power may lead to competitive advantage. However India's wide geographical area and growing population always have market for small players also.

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VALUATION REPORT

PART: I GENERAL DETAILS

Purpose for valuation

To asses present open fair market value for collateral security purpose from Bank of India, Songadh Branch, Tapi

Date as on which valuation is made

22^nd December, 2014

Date of site visit for valuation of IP

19^th December, 2014

Name of the reported owner

Mr. Sarju Ramjibhai Agrawal

If the property is under joint ownership

Reported sole ownership

a. Are the shares undivided

No

Brief description of the property

Industrial large size land with different type of sheds are constructed

Location, Wad No., Street No.

Vankwel, “Avadh Agro”, L.K. Road, Vankwel Village, Songadh, Taluka Songadh, District Tapi, Gujarat, India

T.P No./ F. P. No./ R. S. No./ Block No./ Ward No./ Nondh No.

Survey No. 144, Block No. 100 Paiki Ease Side

Plot No.

Not Applicable

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

Mixed Area

Is the IP bears the same detail/ description as mentioned in the documents/ title deed

Yes

Classified of locality-Upper Class/ Middle Class/ Poor Class

Middle Class

Is the property situated in an unauthorized/ authorized colony

Authorized Estate

Is the any part of IP is under encroachment

No

Proximity to civic amenities like Schools, Shops, Markets, Cinemas, etc.

All amenities are available within 2 KM Approx.

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

By road transportation such as Bus, Car, Rickshaw, etc.

Area of land supported by documentary proof, Shape dimensions and physical features

Rectangular Shape with 11356.50 Sq. Mts. i.e. 122195.94 Sq. Ft. as per Sale Deed and Mts. as per Physical Measurement

Roads or Streets on which the land is abutting

Property is abutting on Morkat Village Road

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

Not Applicable

Is there any restrictive covenant in regard to use of land?

Yes, Industrial

Are there any agreement of easement If so, attach copies

As per verbal information furnished by the client and as per their visual observation at the time of site inspection the premise is free from any easement

Does the land fall in an area included in any T.P. Scheme or any Development plan of Government Bodies

Not Applicable

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

Not Known

Has the whole or part of the land been notified for acquisition by any notification

Not Known

Is the construction/ built up property is as per the plan approved by the competent authority

Yes plan is sanctioned by Songadh Nagar Palika Tharav No. 56, Dated 23/01/2014

(i) Is the building owner occupied/ tenanted/ both:extent of area under owner occupation

Vacant (Owner Occupied)

(ii) If partly owner occupied, specify portion and extent of area under owner occupation

Not Applicable

What is F.S.I. permissible and % actually utilized?

1.0 and Proposed

Is it freehold or leasehold land

Freehold

(i) Names of tenants/ lessees/ licensees, etc.

Not Applicable

(ii) Portions in their occupation

Not Applicable

(iii) Monthly/ Annual Rents/ License Fee, etc paid

Not Applicable

(iv) Gross amount receive 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 gases built in wardrobes, etc. or for service charges? If so give detail

Not Applicable

Give detail of water and electricity charges, if any, to be borne by the owner

Not Provided

Has the tenants to bear the whole or part of the cost of repairs and maintains? Give particulars

Not Applicable

If a lift is installed, who has to bear the cost of maintenance and operation – Owner or Tenant?

Not Applicable

If a pump 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 space like entrance hall, stairs, passage, compound, etc. – Owner or Tenant?

Not Applicable

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

Not Provided

Is the building insured? If so give policy No. and the annual premium

Bank has to take

Whether physical possession of the property can be taken by the bank in case of need without any litigation

Yes

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

No

Land rate adopted in this valuation

Rs. 250/- per Sq. Ft.

What is new jantri land rate of the subject property for registration purpose

Rs. 300/- per Sq. Mt.

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

Considering the location of the property, it’s for industrial utility, potential demand for such plots, other factors affecting prevailing market rate, estimate rate as Rs. 250/- per Sq. Ft. after making local inquiry.

Year of commencement of construction and year of completion

New Construction

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

Not Known

For items of work done on contract produce copies of agreements

Not Applicable

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

Not Applicable

Factors on which due importance is given for valuation

The Right to Sell/ Transfer/ Lease of the property.

The marketability, utility, demand and supply of land in the surrounding area.

The land rates as evident from true sale instances of comparable land found upon market inquiry.

Nature of land, size, location and social factors affecting the plot.

Nature of land i.e. Freehold

Factors affecting valuation of building

Design of Building, parking facilities, common open area, road type, loading unloading facilities and other infrastructure available (Superior/ medium/ ordinary)

Age, remaining useful economies life of the building.

Modern Technology and material used in construction and its impact on cost of construction.

(LOCATION OF FIX ASSET)

Subject is a large size industry situated at Vankwel. Surrounding area is covered by mixed premises. Suraj Enterprise, Suraj Cement Product, Honda Show Room are famous landmarks near to the subjected property. Middle class locality is occupied in the surrounding vicinity.

PART II – VALUATION APPROACH

Valuation of the property by Land and Building method:

The property under consideration is an industrial building along with large size land having area 11,356.50 Sq.Mts. I.e. 1,22,195.94 Sq.Ft. situated at Avadh Agro, Vankwel.

The industrial different types of sheds are constructed.

1st part ground floor double height A.C. shed is having size of 50’0” wide and 120’0” in length. The built up area 6000.00 Sq. Ft. Approx.

2nd part ground floor single height A.C. shed is having size of 29’0” wide and 60’00” in length. The built up area of single height A.C. shed is 1740.00 Sq. Ft. Approx.

3rd part single height open A.C. shed is having size of 29’0” wide and 60’0” in length. The built up area of single height open A.C. shed is 1740.00 Sq. Ft. Approx.

Office building and labour quarters are proposed hence not considered in current assignment.

At the time of site inspection it is found that office building, labour quarters, roads and part of the compound wall are proposed.

Specifications:

Smooth plaster is provided on 9” thick walls. I.P.S. flooring is made available. M.S. ventilators are provided for light and ventilation purpose. 03 Nos. of shutters are provided. Four sides wire fencing.

III – 1. Valuation of land

Each plot of the land has great influence on the use on which the land is put, depending upon the availability and demand of land in a particular locality. The market value of the estate is governed by many factors including its location, situation, size and shape, frontage and depth, return frontages, width of roadways, topography of the land, elevation, nature and type of the soil, soil conditions, development of the land, services available such as water supply, sewage disposal, roads, communication, available market, schools, hospitals, parks and other recreation centers, etc.

After considering the location, locality and other factors affecting the market value of the property along with demand and supply schedule and local inquiries made in the local market, it is learnt that the demand for such large size land is good enough in the area. The prevailing market rate of plots having equivalent specification and amenities is estimated in the range of Rs. 200/- to Rs. 300/- per Sq. Ft. estimate market value of the property under consideration as discussed in the report.

III – 2. Rate analysis of industrial building :

They have calculated the total quantity of the building materials used in the industrial building than calculated the item rate per unit for the each items used in the building. This has given the total cost then adding the reasonable profit, they divided the cost by the total built up area to get replacement cost per Sq. Ft. by doing this exercise, they arrived at the average cost of per Sq. Ft. for the built up area. The average cost of Industrial Building comes to Rs. 700/- for double ht. shed, Rs. 400/- for single ht. shed and Rs. 250/- for single ht. open shed as per facilities provided in such completed structure for the valuing of the structure in the open market.

A) Depreciated industrial double height shed analysis

1. Replacement cost of industrial shed with services having built up area 6000.00 Sq. Ft. @ Rs. 700/- per Sq. Ft.	Rs. 4.200 Millions
2. Age of the shed	New Construction
3. Estimated future shed life	30 Years if maintained well
4. Depreciation percentage	Nil
5. Gross Depreciation	Nil
6. Depreciated shed Value	Rs. 4.200 Millions

B) Depreciated industrial single height shed analysis

1. Replacement cost of industrial shed with services having built up area 1740.00 Sq. Ft. @ Rs. 400/- per Sq. Ft.	Rs. 0.696 Million
2. Age of the shed	New Construction
3. Estimated future shed life	30 Years if maintained well
4. Depreciation percentage	Nil
5. Gross Depreciation	Nil
6. Depreciated shed Value	Rs. 0.696 Million

C) Depreciated industrial single height open shed analysis

1. Replacement cost of industrial shed with services having built up area 1740.00 Sq. Ft. @ Rs. 250/- per Sq. Ft.	Rs. 0.435 Million
2. Age of the shed	New Construction
3. Estimated future shed life	30 Years if maintained well
4. Depreciation percentage	Nil
5. Gross Depreciation	Nil
6. Depreciated shed Value	Rs. 0.435 Million

III – 3. Gross fix assets value analysis

3.1. Depreciated building value as per III – 2 – A – 6	Rs. 4.200 Millions
3.2. Depreciated building value as per III – 2 – B – 6	Rs. 0.696 Million
3.3. Depreciated building value as per III – 2 – C – 6	Rs. 0.435 Million
Total	Rs. 5.331 Millions
3.4. Value of land having area 11,356.50 Sq. Mts. i.e. 1,22,195.94 Sq. Ft. @ Rs. 250/- per Sq. Ft.	Rs. 30.549 Millions
Gross composite value	Rs. 35.880 Millions
Say	Rs. 35.500 Millions

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

“Market Value is the estimated amount for which a property should exchange hands on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

1. The aforesaid Market Value is normally realizable in an ideal perfect market scenario where both parties gets minimum 3 to 6 months time for the transaction.

2. For present purpose of valuation marketability may be reduced as the consideration (sale amount) has to be through the cheque payments. i.e. “by Accounted Money” and within short period of time.

3. It is a well-established fact that a hung parallel economy operates in normal Property transactions. The cost may be required to be incurred in advertising and management of sale process. The purchaser would like to have advantage in terms of discount as he would be paying accounted money that too within 30 days. Hence the Realizable value would be lower than the ideal market value because of above cited factors.

4. The Realizable value of the property generally discounted 10% for residential property, 15% for Commercial and gala type Industrial property and 20% for large and medium size type industrial property as compare to fair market value.

The estimated open fair market value of the said property as discussed in the report with existing condition and specification is Rs. 35.500 Millions as on 22^nd December, 2014 and after completion of proposed civil work of Rs. 7.170 Millions its value will be Rs. 42.670 Millions.

Realizable value of the said property is Rs. 28.000 Millions and after completion of proposed civil work its value will be Rs. 34.000 Millions.

Distress sale value of the said property is Rs. 24.500 Millions and after completion of proposed civil work its value will be Rs. 29.500 Millions.

Insurable building value of the said property is Rs. 15.000 Millions after completion of proposed work.

The Jantri Value of the said property is (Land Area 11,356.50 Sq. Mts. @ Rs. 300/- per Sq. Mt.) Rs. 0.515 Million plus construction part (881.04 Sq. Mts. @ Rs. 8,200/- per Sq. Mt.) Rs. 7.225 Millions Hence gross Jantri value is (Rs. 0.515 + Rs. 7.254) Rs. 7.769 Millions

TECHNICLA DETAILS

Number of floors and height of each floor

Industrial different type of sheds are constructed, 35’ 28’ and 16’

Plinth area floor wise

As discussed in report

Year of construction

New construction

Estimated future life

30 years Approx.

Type of construction-load bearing/ R.C.C. frame/ Steel frame

R.C.C.

Type of Foundation

R.C.C. Foundation

Walls

Plinth

9” thick

Ground floor

9” thick

Super structure above ground floor

9” thick

Partition

4” thick

Doors, windows and shutters (floor wise)

Ground floor

Sufficient Nos. of M.S. ventilators and 3 Nos. of shutters available

Flooring (floor wise)

Ground floor

I.P.S. Flooring

Finishing (floor wise)

Ground floor

Smooth plaster

Roofing and terracing

A.C. shed

Special Architectural feature, if any

Not Available

Internal wiring type surface or conduit

Open wiring

Class of fittings: superior/ ordinary/ poor

Ordinary

Sanitary Installations

a)

i) No. of water closets

Not Available

ii) No. of lavatory basins

Not Available

iii) No. of urinals

Not Available

iv) No. of sinks

Not Available

v) No. of bath tubs

Not Available

vi) No. of bidets

Not Available

vii) No. of geysers

Not Available

b) Class of fittings

Not Applicable

Colored/ Superior/ White/ Ordinary

Compound Wall

i) Height of Length

4 Sides Available

ii) Type of Construction

Wire Fencing

No. of lifts and capacity

Not Available

Underground pump –

Capacity and type of construction

Not Available

Overhead tank

i) Where located

Proposed

ii) Capacity

Proposed

iii) Type of construction

Proposed

Pumps No. and their horsepower

As per industrial need

Roads and Paving within the compound approximate area and type of paving

Rough Road

Sewage disposal-whether connected to public sewers. It septic tank provided No. and capacity

Connected to public sewer

Four sides of the property

BOUNDARIES	AS PER SITE	AS PER SALE DEED
North	Entry and Village Road	Road
South	Block No. 106	Block No. 106 and 107
East	Railway Track	Adj. Railway Track
West	Remain part of block No. 100	Block No. 100 Paiki

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.62.40
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	MRI

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.