MIRA INFORM REPORT

Report No. :	329042
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	KAST BHANJAN TEXTILES PRIVATE LIMITED
Registered Office :	203, Ganesh Nagar Society, Parvat Patia, Magob, Surat – 395 002, Gujarat
Tel. No.:	91-9016604815
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.09.2007
Com. Reg. No.:	04-051725
Capital Investment / Paid-up Capital :	Rs.5.680 million
CIN No.: [Company Identification No.]	U17122GJ2007PTC051725
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTK02229D
PAN No.: [Permanent Account No.]	AADCK1576D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Grey Fabric and Silk Cloth.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2007 engaged in the business as a manufacturer and trader of grey fabric and silk having a satisfactory track record. For the financial year ended 2015, company has low profitability margin. However, it has reported impressive growth in its sales turnover and profits. Further, rating takes into consideration company good financial position with fine networth base along with low borrowings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mayank Patel
Designation :	Accountant
Contact No.:	91-9016604815
Date :	26.06.2015

LOCATIONS

Registered Office :	203, Ganesh Nagar Society, Parvat Patia, Magob, Surat – 395 002, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9016604815 (Mr. Mayank Patel)
Fax No.:	Not Available
E-Mail :	girishpatel707@yahoo.in namsindia@ymail.com
Factory :	Plot No.156 to 164, Narayan Industrial Estate, Behind Pravin Lab, Village Jolva, Taluka Palsana, District Surat – 394 315, Gujarat, India
E-Mail :	client05modh@gmail.com
Location :	Owned
Branch Office :	1/5, Rajda Building, Room No.4, 3^rd Floor, Second Old Cross Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India
Location :	Leased

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Ashvinbhai Narayanbhai Patel

Designation :

Director

Address :

10, Jalaramnagar Society, Dumbhal, Surat – 395 010, Gujarat, India

Date of Birth/Age :

01.06.1968

Qualification :

Graduate

Experience :

More than 10 years

Date of Appointment :

12.09.2007

DIN No.:

01653480

PAN No.:

AICPP4470B

Election Commission Identity Card No.:

DBQ2348639

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17122GJ2007PTC051725	KAST BHANJAN TEXTILES PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
2	U17120GJ2013PTC075142	JAY GOGA TEXTILES PRIVATE LIMITED	Director	26/11/2013	26/11/2013	-	Active	NO

Name :

Mr. Bhagvanbhai Narayanbhai Patel

Designation :

Director

Address :

10, Jalaramnagar Society, Dumbhal, Surat – 395 010, Gujarat, India

Date of Birth/Age :

01.06.1963

Qualification :

Graduate

Experience :

More than 10 years

Date of Appointment :

12.09.2007

DIN No.:

01656388

PAN No.:

AIAPP6716G

Election Commission Identity Card No.:

DBQ2348621

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17122GJ2007PTC051725	KAST BHANJAN TEXTILES PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
2	U17120GJ2013PTC075142	JAY GOGA TEXTILES PRIVATE LIMITED	Director	26/11/2013	26/11/2013	-	Active	NO
3	U17291GJ2015PTC082850	SHREE KASHTBHANJAN KNITTING FAB PRIVATE LIMITED	Director	09/04/2015	09/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mayank Patel
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Ashvinbhai Patel	104200
Bhagvanbhai Patel	79240
Vipulbhai Patel	2410
Vishnubhai Limbachiya	10
Vinodkumar Patel	100
Sanjaykumar Patel	100
Sanjay Thakare	10
Ramilaben Limbachiya	10
Prakash Desai	10
Mukesh Patel	550
Jitendra Patel	10
Dharmendra Patel	13750
Harshadbhai Patel	10
Jayantpuri Goswami	10
Mangabhai Rathod	10
Nanda Thakare	10
Bharatbhai Patel	10
Kamleshbhai Patel	10
Amratbhai Rabari	10
Asvinbhai N. Patel (H.U.F.)	10
Babupuri Bava	1500
Manubhai Patel	100
Bhagvanbhai N. Patel (H.U.F.)	1000
Bhagwat Rawat	1500
Bhavesh Patel	80
Ganesh Patel	50
Brijeshkumar Patel	500
Darshikaben Patel	1250
Dasrathbhai Patel	1250
Hiralben Patel	1750
Jigneshbhai Patel	2500
Jitendra Patel	10
Manguben Patel	19490
Manishkumar Patel	500
Manjulaben Patel	26030
Mukeshbhai Patel	7500
Nayaben Patel	17500
Prahladbhai Patel	10000
Pushaben Patel	7500
Pushpaben Patel	20490
Anilbhai Patel	10
Rajeshbhai Patel	10
Rameshbhai N. Patel (H.U.F.)	8000
Rameshbhai Patel	13490
Shardaben Patel	7500
Dinesh Rathore	2500
Jignesh Patel	10
Vishnubhai Patel	2500
Total	355000

AS ON 30.03.2015

Names of Allottees	No. of Shares
Hajari Jaina Mochiram	3550
Mohanbhai Rathod	3550
Jashuben Rameshbhai Rathod	3550
Jignesh Manubhai Sunaka	3550
Dilip B. Prasad	3550
Sitaben C. Rathod	3550
Kailash Ramakanta Kabi	3550
Bherulal Bhawarlal Shah	3550
Gulabben Kanjibhai Rathod	3550
Keshavbhai Shahu	3550
Sanjaykumar Chhanabhai Rathod	3550
Maheshbhai Thakorbhai Rathod	3550
Ranjitbhai Mohanbhai Rathod	3550
Nikulkumar N. Trivedi	3550
Sureshkumar Bharat Mahato	3550
Lallubhai Keshavbhai Rathod	3550
Bhimacharan B. Barik	3550
Ganesh Ram	3550
Maheshbhai Chhotubhai Rathod	3550
Vaishali Bhagavat Raut	3550
Lakhan R. Rathod	3550
Birakishore J. Barik	3550
Ashok Mehta	3550
Devabhai Kikabhai Rathod	3550
Manubhai Ramdas Sunaka	3550
Rajesh Baboolal Nishad	3550
Vishnubhai Bhurabhai Rabari	3550
Raghvendra J. Dubey	3550
Bhagvat A. Raut	3550
Rajesh M. Singh	3550
Savita Amit Singh	3550
Parsotambhai Narayanbhai Patel	3550
Rathod Bahratbhai Maganbhai	3550
Uday Lal Yadav	3550
Ratikanta Kabi	3550
Suresh Kailash Shrilal	3550
Ganesh T. Parida	3550
Nitinbhai Ashokbhai Dhodiya	3550
Arjun Shrilal Nishad	3550
Radhakant A. Mohakad	3550
Narayan K. Singh	3550
Dienshbhai G. Rathod	3550
Rathod Rameshbhai	3550
Ishvarbhai Rathod	3550
Kanchanbhai Rathod	3550
Bharatbhai Rathod	3550
Ramilaben Rathod	3550
Babubhai S. Rathod	3550
Budhiyabhai S. Rathod	3550
Ranajitbhai D. Rathod	3550
Chunnu Ramskha	3550
Tuna Jena	3550
Bharatbhai B. Rathod	3550
Altafkhan Usmankhan Pathan	3550
Ramlal Ramkumar Pandey	3550
Gavit Jharu	3550
Harilal Magan Gavit	3550
Prashjit M. Majee	3550
Patel Prahalad Bhai	3550
Arvind Aduram Gupta	3550
Total	213000

AS ON 29.09.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Grey Fabric and Silk Cloth.
Products :	· Grey Fabric · Silk Cloth
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Vishnu Industries

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Amarnath Textiles Private Limited

· Vaman Textiles Private Limited

· Kavery Fashion

· Balaji Textile

· Devika Textile

· Hanuman Synthetics

· Harikrishna Textile

· Laxmikrupa Textile

· Minaxi Enterprise

· Shree Ganesh Textiles

· Yash Enterprise

· Nancy Fabrics Private Limited

· Shiv Enterprise

· Shree Umiya Yarn Private Limited

· Span Enterprise

Customers :

Reference :

Shree Shyam Fabrics

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Kamdhenu Silk Mills

· Mahaveer Sarees

· Mormugat Sarees

· Raghupati Enterprise

· Raghupati Silk Mills

· Ragupati Synthetics

· Jay Goga Textile Private Limited

· Monika Fashion

· Oswal Prints Private Limited

· Pankaj Creation

· Shiv Ashish Sarees

· Shree Raminarayan Fabrics

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Mahalaxmi Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Credit Limit: Rs.95.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Punjab National Bank

· Axis Bank Limited

· DCB Bank Limited

Facilities :

Secured Loans	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loans
From Banks
Bank of Baroda – Term Loan (947)	0.000	0.414
Bank of Baroda Loan (945)	0.000	0.420
SHORT-TERM BORROWINGS
Loans repayable on demand
From Banks
Bank of Baroda – CC A/c	0.000	11.501
Total	0.000	12.335

Banking Relations :	--
Auditors :
Name :	Modh and Company Chartered Accountants
Address :	3013, World Trade Centre, Ring Road, Surat – 395 002, Gujarat, India
Tel./ Fax No.:	91-261-3992829
Mobile No.:	91-9925602829/ 9374548904
E-Mail :	ca_kdm@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AAQFM4592H
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns :	Maa Bahuchar Enterprises Address: 10, Jalaramnagar Society, Dumbhal, Surat – 395 010, Gujarat, India Line of Business: Manufacturing of Grey Cloth. Hanuman Textiles Address: 10, Jalaramnagar Society, Dumbhal, Surat – 395 010, Gujarat, India Line of Business: Manufacturing of Grey Cloth.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
568000	Equity Shares	Rs.10/- each	Rs.5.680 million

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
355000	Equity Shares	Rs.10/- each	Rs.3.550 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	5.680	3.550	3.550
(b) Reserves & Surplus	35.115	5.837	5.451
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.795	9.387	9.001
(3) Non-Current Liabilities
(a) Long-term borrowings	5.919	6.860	8.560
(b) Deferred tax liabilities (Net)	0.091	0.091	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.010	6.951	8.560
(4) Current Liabilities
(a) Short term borrowings	0.000	11.501	11.302
(b) Trade payables	61.650	55.666	54.700
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.025	0.063	0.116
Total Current Liabilities (4)	61.675	67.230	66.118
TOTAL	108.480	83.568	83.679
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.141	13.767	11.400
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.500	2.500	2.500
(c) Deferred tax assets (net)	0.000	0.000	0.043
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.641	16.267	13.943
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.361	28.289	30.004
(c) Trade receivables	13.749	37.345	38.036
(d) Cash and cash equivalents	0.559	0.903	0.579
(e) Short-term loans and advances	0.170	0.764	1.117
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	40.839	67.301	69.736
TOTAL	108.480	83.568	83.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	275.242	234.038	137.035
		Other Income	0.001	0.000	0.000
		TOTAL	275.243	234.038	137.035
Less	EXPENSES
		Purchases of stock-in-trade	255.738	218.578	83.308
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.928	1.715	37.620
		Employee benefit expense	7.746	6.885	7.020
		Other expenses	3.510	2.607	3.339
		TOTAL	268.922	229.785	131.287
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.321	4.253	5.748
Less	FINANCIAL EXPENSES		1.522	1.110	3.782
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.799	3.143	1.966
Less/ Add	DEPRECIATION/ AMORTISATION		3.424	2.585	2.509
	PROFIT/ (LOSS) BEFORE TAX		1.375	0.558	(0.543)
Less	TAX		0.000	0.172	(0.203)
	PROFIT/ (LOSS) AFTER TAX		1.375	0.386	(0.340)
	Earnings/ (Loss) Per Share (Rs.)		2.42	1.09	(0.96)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.50	0.16	(0.25)
Operating Profit Margin (PBIDT/Sales)	(%)	2.30	1.82	4.19
Return on Total Assets (PBT/Total Assets}	(%)	1.30	0.69	(0.67)
Return on Investment (ROI) (PBT/Networth)		0.03	0.06	(0.06)
Debt Equity Ratio (Total Debt /Networth)		0.15	1.96	2.21
Current Ratio (Current Asset/Current Liability)		0.66	1.00	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.550	3.550	5.680
Reserves & Surplus	5.451	5.837	35.115
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	9.001	9.387	40.795
Long-term borrowings	8.560	6.860	5.919
Short term borrowings	11.302	11.501	0.000
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	19.862	18.361	5.919
Debt/Equity ratio	2.207	1.956	0.145

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	137.035	234.038	275.242
		70.787	17.606

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	137.035	234.038	275.242
Profit	0.340	0.386	1.375
	(0.25%)	0.16%	0.50%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Ashvinbhai N. Patel	2.937	0.130
Bhagvanbhai Patel	2.982	0.175
Asvinbhai N. Patel (H.U.F.)	0.000	0.223
Babupuri Bava	0.000	0.363
Bhagvanbhai N. Patel (H.U.F.)	0.000	0.256
Bhagwat A. Rawat	0.000	0.258
Bhavesh B. Patel	0.000	0.298
Bhumi Textiles	0.000	0.030
Brahmani Enterprise	0.000	0.180
Brijeshkumar D. Patel	0.000	0.100
Darshikaben L. Patel	0.000	0.096
Dasrathbhai L. Patel	0.000	0.286
Harshadbhai T. Patel	0.000	0.083
Hiralben B. Patel	0.000	0.260
Jayantpuri Goswami	0.000	0.139
Jitendra A. Patel	0.000	0.091
Jitendra J. Patel	0.000	0.228
Maheshbhai Rabari	0.000	0.063
Mangabhai D. Rathod	0.000	0.008
Manguben B. Patel	0.000	0.176
Manishkumar D. Patel	0.000	0.213
Manjulaben R. Patel	0.000	0.072
Manubhai Patel	0.000	0.126
Mukeshbhai T. Patel	0.000	0.051
Nandaben Thakare	0.000	0.129
Naynaben M. Patel	0.000	0.056
Prakashkumar A. Desai	0.000	0.049
Pushpaben A. Patel	0.000	0.103
Pushpaben G. Patel	0.000	0.112
Raghunandan Textiles	0.000	0.224
Rajesh M. Patel	0.000	0.193
Rameshbhai N. Patel	0.000	0.179
Rameshbhai N. Patel (H.U.F.)	0.000	0.223
Ramilaben B. Limbachiya	0.000	0.112
Sanjay U. Thakare	0.000	0.165
Sanjay V. Patel	0.000	0.054
Shardaben M. Patel	0.000	0.056
Vinodbhai M. Patel	0.000	0.007
Vipulbhai M. Patel	0.000	0.107
Vishnubhai B. Limbachiya	0.000	0.128
Vishnubhai K. Patel	0.000	0.224
Total	5.919	6.026

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

COMPUTATION OF TOTAL INCOME

FINANCIAL YEAR 2013-2014

(RS. IN MILLION)

PARTICULARS	2013-2014
PROFITS AND GAINS FROM BUSINESS AND PROFESSION			0.111
KAST BHANJAN TEXTILES PRIVATE LIMITED
Profit before tax as per profit and loss account		0.558
Add : Depreciation Disallowed		2.585
		3.143
Less : Allowed Depreciation		(3.032)
	Total	0.111
Gross Total Income			0.111
Total Income			0.111
Total Income Rounded off u/s 288 A			0.111
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs.0.111@30%		0.033
Add: Education Cess @2%		0.001	0.034
Add : Secondary and higher education cess @1%		0.000	0.000
TAX AS PER NORMAL PROVISION			0.034
Calculation of Books Profit U/S/ 115JB
Net Profit as shown in the Profit and Loss Account	0.386
Add : As per Books	2.584	2.970
Deduct : As per IT	(3.031)	(3.031)
	Total	(0.061)
Add : Interest Payable
Interest u/s 234 B		0.002
Interest u/s 234 C		0.002	0.004
Total			0.038
Tax Rounded off u/s 288 B			0.038
Less Self Assessment Tax u/s 140 A
State Bank of India – 0004329 – 02799 – 02.09.2014		0.038	0.038
Total Tax Payable			Nil

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

MAA BHUCHAR ENTERPRISE

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2014
OWNED FUNDS
1] Proprietors’ Account		1.667
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.667
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.141
TOTAL BORROWING		0.141
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.808
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.198
Capital work-in-progress		0.000
INVESTMENT		0.895
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.241
	Sundry Debtors	0.000
	Cash & Bank Balances	0.126
	Other Current Assets	0.000
	Loans & Advances	0.353
Total Current Assets		0.720
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities and Provisions	0.005
Total Current Liabilities		0.005
Net Current Assets		0.715
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.808

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

MAA BHUCHAR ENTERPRISE

PROFIT AND LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS	31.03.2014
	SALES
	Income	9.857
	Other Income	0.000
	TOTAL	9.857
Less	EXPENSES
	Cost of Goods Sold	9.411
	Audit Fees	0.004
	Account Fees	0.003
	Bank Charges	0.002
	Conveyance Expenses	0.031
	General Expenses	0.016
	Legal Fees	0.001
	Mobile Expenses	0.008
	Salary	0.120
	Stationary Expenses	0.002
	TOTAL	9.598
	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION	0.259
Less/ Add	DEPRECIATION/ AMORTISATION	0.008
	NET PROFIT/ (LOSS)	0.251

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

HANUMAN TEXTILES

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2014
OWNED FUNDS
1] Proprietors’ Account
1] Share Capital		1.601
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.601
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.719
TOTAL BORROWING		0.719
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.417
Capital work-in-progress		0.000
INVESTMENT		0.550
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.273
	Sundry Debtors	0.000
	Cash & Bank Balances	0.214
	Other Current Assets	0.000
	Loans & Advances	0.218
Total Current Assets		1.705
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities and Provisions	0.352
Total Current Liabilities		0.352
Net Current Assets		1.353
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.320

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

HANUMAN TEXTILES

PROFIT AND LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS	31.03.2014
	SALES
	Income	20.012
	Other Income	0.000
	TOTAL	20.012
Less	EXPENSES
	Cost of Goods Sold	19.563
	Audit Fees	0.004
	Account Fees	0.003
	Bank Charges	0.003
	Conveyance Expenses	0.066
	General Expenses	0.039
	Legal Fees	0.001
	Mobile Expenses	0.007
	Office Expenses	0.027
	Shop Maintenance	0.002
	Travelling Expenses	0.009
	Salary	0.048
	Stationary Expenses	0.000
	TOTAL	19.772
	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION	0.240
Less/ Add	DEPRECIATION/ AMORTISATION	0.000
	NET PROFIT/ (LOSS)	0.240

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

MR. ASHVINBHAI NARAYANBHAI PATEL

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2013	31.03.2012
OWNED FUNDS
1] Capital Account		1.265	0.989
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.265	0.989
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.719	0.719
TOTAL BORROWING		0.719	0.719
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.984	1.708
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.417	0.417
Capital work-in-progress		0.000	0.000
INVESTMENT		0.550	0.073
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.692	0.563
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.179	0.141
	Other Current Assets	0.027	0.024
	Loans & Advances	0.119	0.490
Total Current Assets		1.017	1.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		1.017	1.218
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.984	1.708

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

MR. ASHVINBHAI NARAYANBHAI PATEL

PROFIT AND LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	2.459	1.815
	Other Income	0.000	0.000
	TOTAL	2.459	1.815
Less	EXPENSES
	Cost of Goods Sold	2.197	1.604
	Bank Charges	0.001	0.000
	Salary Paid	0.036	0.035
	Conveyance Expenses	0.005	0.004
	Telephone Expenses	0.004	0.004
	General Expenses	0.002	0.001
	Stationary and Printing Expenses	0.001	0.001
	Professional Charges	0.001	0.002
	TOTAL	2.247	1.651
	NET PROFIT/ (LOSS)	0.212	0.164

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

MR. BHAGVANBHAI NARAYANBHAI PATEL

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2013	31.03.2012
OWNED FUNDS
1] Capital Account		1.354	1.075
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.354	1.075
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.141	0.141
TOTAL BORROWING		0.141	0.141
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.495	1.216
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.205	0.214
Capital work-in-progress		0.000	0.000
INVESTMENT		0.895	0.050
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.042	0.468
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.018	0.046
	Other Current Assets	0.013	0.010
	Loans & Advances	0.322	0.428
Total Current Assets		0.395	0.952
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.395	0.952
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.495	1.216

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

MR. BHAGVANBHAI NARAYANBHAI PATEL

PROFIT AND LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS	31.03.2013	31.03.2012
	SALES
	Income	2.394	1.950
	Other Income	0.000	0.000
	TOTAL	2.394	1.950
Less	EXPENSES
	Cost of Goods Sold	2.135	1.743
	Bank Charges	0.001	0.002
	Salary Paid	0.000	0.000
	Conveyance Expenses	0.008	0.008
	Telephone Expenses	0.000	0.000
	General Expenses	0.011	0.006
	Stationary and Printing Expenses	0.001	0.001
	Professional Charges	0.002	0.002
	Mobile Expenses	0.006	0.006
	Refreshment Expenses	0.006	0.006
	TOTAL	2.170	1.774
	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION	0.224	0.176
Less/ Add	DEPRECIATION/ AMORTISATION	0.009	0.010
	NET PROFIT/ (LOSS)	0.215	0.166

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

ASSESMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR NO		PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
1		GROSS SALES
	i)	Sales
		a) Domestic Sales	494.208	518.918	544.864
		b) Sub-total [a]	494.208	518.918	544.864
		c) %age rise (+) or fall (-) in net sales as compared to previous year	79.55%	5.00%	5.00%
		Total	494.208	518.918	544.864
	ii)	Other income
		a)Repairing	-	-	-
		b)Cash assistance	-	-	-
		c)Commission/Brokerage/interest	-	-	-
		d) Sub-total [a+b+c]	-	-	-
		Total [i] + [ii]	494.208	518.918	544.864
2		COST OF SALES
	i)	Purchases	489.207	480.242	505.637
		Imported	55.000	60.500	66.550
		Domestic	434.207	419.742	439.087
		Add: Opening RM	15.997	27.080	29.580
		Less: Closing RM	27.080	29.580	32.080
		Material consumed	478.124	477.742	503.137
	ii)	Other manufacturing expenses	15.815	16.605	17.436
	iii)	Sub-total [i + ii]	493.938	494.347	520.573
		Add: Opening W I P	1.333	2.707	2.709
	iv)	Less : Closing W I P	2.707	2.709	2.852
	v)	Sub-total [iii + iv]	492.565	494.345	520.429
		Add: Opening FG	11.998	33.737	33.859
	vi)	Less: Closing Stock FG	33.737	33.859	35.646
	vii)	Sub-total [Total cost of sales] [v - vi]	470.825	494.223	518.643
3		Selling, General & Administrative Expenses (including bonus payments)	2.471	2.595	2.724
4		Operating Profit before interest & Depreciation [1(iii)-2(vii)-3]	20.912	22.101	23.497
5		Interest Expenses - Bank Interest CC	12.635	13.300	13.300
		Bank interest on TL
6		DEPRECIATION	2.911	2.474	2.103
7		Operating profit after interest and depreciation [4-5-6]	5.366	6.327	8.094
8		(i) Add other non-operating income
		(a) Labour Charges received	-	-	-
		(b) Misc. income	-	-	-
		©Bank Charges
		Subtotal (income)	-	-	-
		(ii) Deduct other non-operating expense
		(a) Directors Remuneration
		(b) Interest on Partners' capital	-	-	-
		Subtotal (expenses)	-	-	-
		(iii) Net of other non-operating incomes/expenses (net of 8(i) & 8(ii))	-	-	-
9		Profit before tax/loss (7+8(iii))	5.366	6.327	8.094
10		Provision for tax	1.658	1.955	2.501
		Current Tax	1.658	1.955	2.501
		Deferred Tax
11		Net profit / (loss)[9-10]	3.708	4.372	5.593
12		(i) Equity dividend paid/ Drawings	-	-	-
		(ii) Dividend Rate
13		Retained Profit[11-12]	3.708	4.372	5.593
14		Retained profit / Net Profit (%age)	100%	100%	100%

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

ANALYSIS OF BALANCE SHEETS

(RS. IN MILLION)

SR NO	PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	95.000	95.000	95.000
	(ii) From other banks	-	-	-
	(iii) of which EP & BD	-	-	-
	Sub Total (A)	95.000	95.000	95.000
2	Short term borrowings from others
3	Sundry Creditors - Trade	9.382	9.210	9.697
4	Advance payments from customers/deposits from dealers	-	-	-
5	Provision for Taxation	1.658	1.955	2.501
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 & Provisions (due within one year)	0.030	0.035	0.040
	Sub Total (B)	11.071	11.200	12.239
10	Total Current Liabilities [total of 1 to 9]	106.071	106.200	107.239
	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	Deffered Tax Liabilities	-	-	-
15	Term deposits (repayable after one year)	-	-	-
16	Other term liabilities
	(a)Unsecured loans	15.219	15.219	15.219
	(b)Secured Loans
17	Total term liabilities (Total of 11 to 16)	15.219	15.219	15.219
18	Total Outside Liabilities [10+17]	121.289	121.419	122.457
	NET WORTH
19	Capital	10.000	10.000	10.00 0
20	General Reserve & Surplus	3.761	7.469	11.841
21	Security Premium A/c	87.945	87.945	87.945
22	Withdrawals	-	-	-
23	Surplus (+) or deficit (-) in Profit & Loss Account	3.708	4.372	5.593
24	Net worth	105.414	109.786	115.379
25	TOTAL LIABILITIES [18+24]	226.704	231.205	237.837
	CURRENT ASSETS
26	Cash & Bank balances	0. 609	0. 659	0.709
27	Deposit	-	-	-
28	Receivables(Domestic)	92.072	96.675	100.763
30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)	27.080	29.580	32.080
	(a) Imported
	(b) Indigenous	2.707	2.709	2.852
	(ii) Stock-in-process	-	-	-
	(iii) Other consumable stores
	(a) Imported	-	-	-
	(b) Indigenous	-	-	-
	(iv) Finished Goods	33.737	33.859	35.646
31	Advance to suppliers of Raw materials & stores/spares	-	-	-
32	Loans & Advances	-	-	-
33	Other current assets	0.646	0.344	0.511
34	Total Current asset [Total 26 to 33]	156.850	163.826	172.560
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	73.660	73.660	73.660
36	Depreciation to date	11.429	13.903	16.006
37	NET BLOCK (35-36)	62.231	59.757	57.654
38	Investments/book debts /advances deposits which are not current assets	7.622	7.622	7.622
	i.(a)Investments in subsidiary companies/ affiliates	-	-	-
	Share Investments	2.500	2.500	2.500
	ii. Advances to suppliers of capital goods & contractors	-	-	-
	iii. Deferred Tax assets	-	-	-
	iv. Others	5.122	5.122	5.122
39	Long term loans & advances	-	-	-
40	Other non-current assets (incl. Dues from director)	-	-	-
41	Total other non-current assets (Total of 38 to 40)	7.622	7.622	7.622
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	-	-	-
43	TOTAL ASSETS (Total of 34,37,41 & 42)	226.703	231.205	237.836
		-	-	-
44	Tangible net worth (24-42)	105.414	109.786	115.379
45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	50.780	57.626	65.322
46	Current Ratio [34/10]	1.48	1.54	1.61
47	Total outside liabilities / Net worth (18/44)	1.15	1.11	1.06
	Quasi	0.88	0.85	0.82
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	-	-	-
	B. Contingent Liabilities:	-	-	-
	(a)Arrears of cumulative dividends	-	-	-
	(b)Gratuity liability not provided for	-	-	-
	(c)Disputed excise/ customs/tax liabilities	-	-	-
	(d)Other liabilities not provided for	-	-	-

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

FUND FLOW STATEMENT

(RS. IN MILLION)

SR NO	PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
1	Sources
	[a] Net profit (after tax)	3.708	4.372	5.593
	[b] Depreciation	2.911	2.474	2.103
	Partners' Salary & interest	-	-	-
	[c] Increase in Capital	60.912	-	-
	[d] Increased in Term Liab. (incl. Public deposits)	-	-	-
	[e] Decrease in
	[i] Fixed Assets	-	-	-
	[ii] Other non-current Assets	-	-	-
	[f] Others (Unsecured Loans)	9.300	-	-
	[g] Total	76.831	6.846	7.696
2	Application
	[a] Net Loss	-	-	-
	[b] Decrease in Term Liab. (Incl. Public deposits)	48.739	-	-
	[c] Increase in
	[i] Fixed Assets	-	-	-
	[ii] Other non-current Assets	5.122	-	-
	[d] Withdrawals	-	-	-
	[e] Others (Unsecured loans)	-	-	-
	[f] Total	53.861	-	-
3	Long Term Surplus (+) / Deficit (-) (1 minus 2)	22.970	6.846	7.696
4	+ / (-) in current assets * ( As per details given below)	116.012	6.976	8.734
5	+ / (-) in current Liabilities other than bank borrowings	(1.958)	0. 130	1.038
6	+ / (-) in working capital Gap	117.969	6.846	7.696
7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	(95.000)	-	-
8	+ / (-) in Bank Borrowings	95.000	-	-
	* Break up of (4)
	[i] + / (-) in Raw material	27.080	2.500	2.500
	[ii] + / (-) in Stock in process	2.707	0.002	0.144
	[iii] + / (-) in finished goods	7.376	0.122	1.787
	[iv] + / (-) in Receivables
	[a] Domestic	78.323	4.604	4.087
	[b] Export	-	-	-
	[iii] + / (-) in stores & spares
	[iii] + / (-) in other Current Assets	0.526	(0.252)	0.217
	Total	116.012	6.976	8.734

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLION)

SR NO	PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
	A. CURRENT ASSETS:
1	Cash & Bank Balances	0.609	0.659	0.709
	Fix Deposit	-	-	-
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)	92.072	96.675	100.763
	(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)	27.080	29.580	32.080
	(a) Imported	-	-	-
	(b) Indigenous	2.707	2.709	2.852
	(ii) Stock-in-process	-	-	-
	(iii) Other consumable stores	-	-	-
	(a) Imported	-	-	-
	(b) Indigenous	-	-	-
	(iv) Finished Goods	33.737	33.859	35.646
6	Advance to suppliers of Raw materials & stores/spares	-	-	-
7	Advance payment of taxes	-	-	-
8	Other current assets	0.646	0.344	0.511
9	Total Current Assets [1 to 8]	156.850	163.826	172.560
	(To agree with item 34 in Form III)	156.850	163.826	172.560
	B. CURRENT LIABILITES (Other than bank borrowings for working capital)
10	Short term borrowings from others	-	-	-
11	Sundry Creditors - Trade	9.382	9.210	9.697
12	Advance payments from customers/deposits from dealers	-	-	-
13	Provision for Tax	1.658	1.955	2.501
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)	0.030	0.035	0.040
18	Total Current Liabilities [10 to 17]	11.071	11.200	12.239
	(To agree with sub-total B-Form III)	11.071	11.200	12.239

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

COMPUTATION OF MAXIMUM PERMISSIBLE

BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLION)

SR NO	PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
1	Total Current Assets (Form IV)	156.850	163.826	172.560
2	Other Current Liabilitites (other than bank borrowings) (14 of Form IV)	11.071	11.200	12.239
3	Working Capital Gap (WCP) (1-2)	145.780	152.626	160.322
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	39.213	40.957	43.140
5	Actual/projected net working capital (45 in form III)	50.780	57.626	65.322
6	Item 3 minus item 4	106.567	111.669	117.182
7	Item 3 minus item 5	95.000	95.000	95.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	95.000	95.000	95.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	-	-	-

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

FINANCIAL DETAILS

(RS. IN MILLION)

SR NO	PARTICULARS	2016 ESTIMATED	2017 PROJECTED	2018 PROJECTED
a)	Share capital	10.000	10.000	10.000
b)	Tangible Net worth	105.414	109.786	115.379
c)	Investment in cos(Of which in group cos)
d)	Adjusted TNW	105.414	109.786	115.379
e)	Net Block	62.231	59.757	57.654
f)	Net sales :	494.208	518.918	544.864
g)	Other Income	-	-	-
h)	EBIDTA	20.912	22.101	23.497
i)	Interest	12.635	13.300	13.300
j)	Gross Profit/(Loss)	5.366	6.327	8.094
k)	Taxes	1.658	1.955	2.501
l)	Cash Accruals	6.619	6.846	7.696
m)	Depreciation	2.911	2.474	2.103
n)	Net Profit/(Loss)	3.708	4.372	5.593
o)	Current Assets	156.850	163.826	172.560
p)	Current Liabilities	106.071	106.200	107.239
q)	RATIOS :
r)	Current ratio	1.48	1.54	1.61
	Debt/Equity :
s)	Term Liab./ Adjusted TNW	0.14	0.14	0.13
t)	TOL/ Adjusted TNW	1.15	1.11	1.06
	TOL/Quasi Equity	0.88	0.85	0.82
	Profitability%: PAT/Net Sales	0.75%	0.84%	1.03%
	Interest Coverage	1.52	1.51	1.58
u)	Inventory + Receivables/ Sales (%)	25.46%	25.16%	25.04%

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

NETWORTH STATEMENT

MR. ASHVINBHAI NARAYANBHAI PATEL

AS ON 31.03.2015

(RS. IN MILLION)

PARTICULARS	CURRENT MARKET VALUE
A. ASSETS
Deposit with Bank	--
Investment in gold / jewellery	1.746
Immovable properties	48.500
Investment in Stock/Bond/Security	0.020
Insurance Policy	--
Vehicle	--
Investment in Firm	0.050
Other Investment	1.221
Cash and Bank Balance	0.013
TOTAL OF ASSETS [A]	51.550
B. LIABILITIES
Unsecured Loan	0.719
TOTAL OF LIABILITIES [B]	0.719
NETWORTH [A-B]	50.831

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

NETWORTH STATEMENT

MR. BHAGVANBHAI NARAYANBHAI PATEL

AS ON 31.03.2015

(RS. IN MILLION)

PARTICULARS	CURRENT MARKET VALUE
A. ASSETS
Deposit with Bank	--
Investment in gold / jewellery	2.185
Immovable properties	35.000
Investment in Stock/Bond/Security	--
Insurance Policy	--
Vehicle	0.059
Investment in Firm	0.050
Other Investment	0.951
Cash and Bank Balance	0.003
TOTAL OF ASSETS [A]	38.248
B. LIABILITIES
Unsecured Loan	0.141
TOTAL OF LIABILITIES [B]	0.141
NETWORTH [A-B]	38.107

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

VALUATION REPORT

(RS. IN MILLION)

RN/VAL/SRT/2015-16/1133

Date: 22.05.2015

OWNER :

KAST BHANJAN TEXTILES PRIVATE LIMITED

VALUATION OF:

Plant and Machinery

BANKER:

Bank of India, Mahalaxmi Branch, Mumbai, Maharashtra, India

Purpose of Valuation

For ascertaining the Fair Market Value of Plant and Machinery.

Name of the Applicant for valuation

KAST BHANJAN TEXTILES PRIVATE LIMITED

Machinery are Installed At

Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

1 GENERAL OBSERVATION:

· They Rakesh Narula and Company Valuer of Plant and Machinery as well as Immovable Property have been appointed as Valuer by Bank of India for carrying out the valuation of Plant and Machinery situated at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India.

· The purpose of Valuation is to estimate the Fair Market Value, Net realizable Value and Distress Value of the Plant and Machinery of the company on "Going Concern" basis. The material date of valuation is 22th May, 2015.

· The basis of valuation, limitations, methodologies and conclusions etc. of this valuation exercise is being presented hereinafter in the form of a Report.

· List of information provided by client (Kastbhanjan Textiles Private Limited)

1. List of Machinery

2. Purchase Invoice of Machinery

2 ABOUT KASTBHANJAN TEXTTLES PRIVATE LIMITED

Plant and Machinery currently situated at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

3 METHODOLOGY OF PLANT AND MACHINERY VALUATION:

· They have personally inspected the plant and machinery of Kastbhanjan Textiles Private Limited which is currently installed at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

· The condition of the machines installed in the unit was verified personally in the presence of the representative of Kastbhanjan Textiles Private Limited and photographs were taken during the visit which are enclosed herewith.

· The value reported in the valuation report is on an 'asset' basis for individual item or machinery and realizable even, when all the assets of all the units of the company are sold as a "whole".

· The Market Value is 'in-situ' and on "going concern" basis.

· To arrive at replacement cost of the Machinery, the quotation/ purchase price was collected from the market and added suitable taxes and other duties to arrive at the cost of the various plant machinery and equipment’s.

· Depreciation was then deducted from the cost / Replacement cost depending upon its, life, condition and after studying the maintenance of the machinery. This was done to finally arrive at the Fair Market Value of the Machinery as on the date of their valuation exercise.

· In order to establish the level of above stated value at which the market reasonably expects to give an appropriate return from the use of the subject assets following points have been considered in order to calculate depreciation.

· Usage of Plant and Machinery.

· Make Capacity, Material etc.

· Efficiency of 0peration, No. of Shifts of Operation etc.

· Actual Working and Physical Condition

· Demand and Supply of such machines in the market.

· Depreciation on account of Physical wear and tear.

· Physical Life, Age, Remaining Useful Economic Life of Plant and Machinery.

· Present Day Availability and Marketability of such machines.

4 CONCLUSION:

FAIR MARKET VALUE: RS. 35.930 MILLION AS ON 21.05.2015

(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 had each acted knowledgeably, prudently and without compulsion.)

NET REALIZABLE VALUE: RS. 32.337 MILLION AS ON 21.05.2015

(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. 28.744 MILLION AS ON 21.05.2015

(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.)

DETAILS OF PLANT AND MACHINERY:

SR. NO.	PARTICULARS	YEAR	QTY.	FAIR MARKET VALUE RS IN MILLION
1	New Brand 60 MM. POT DAT. 576 Spindle Two For One Twister Machine. (10,000 to 14,000 RPM capacity) With all accessories	2015	6	6.030
2	Shuttleless Flexible Rapier Weaving Loom with std. Accessories having 165 CM Read Space	2015	32	10.400
3	Shuttleless Flexible Rapier Weaving Loom with std. Accessories having 165 CM Read Space	2015	36	11.700
4	Shuttleless Flexible Rapier Weaving Loom with std. Accessories having 165 CM Read Space	2015	24	7.800
Total				35.930

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

VALUATION REPORT

(RS. IN MILLION)

RN/VAL/SRT/2015-16/1133

Date: 22.06.2015

OWNER :

KAST BHANJAN TEXTILES PRIVATE LIMITED

VALUATION OF:

Plant and Machinery

BANKER:

Bank of India, Mahalaxmi Branch, Mumbai, Maharashtra, India

Purpose of Valuation

For ascertaining the Fair Market Value of Plant and Machinery.

Name of the Applicant for valuation

KAST BHANJAN TEXTILES PRIVATE LIMITED

Machinery are Installed At

Plot No.161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

1 GENERAL OBSERVATION:

· They Rakesh Narula and Company Valuer of Plant and Machinery as well as Immovable Property have been appointed as Valuer by Bank of India for carrying out the valuation of Plant and Machinery situated at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India.

· The purpose of Valuation is to estimate the Fair Market Value, Net realizable Value and Distress Value of the Plant and Machinery of the company on "Going Concern" basis. The material date of valuation is 22th June, 2015.

· The basis of valuation, limitations, methodologies and conclusions etc. of this valuation exercise is being presented hereinafter in the form of a Report.

· List of information provided by client (Kastbhanjan Textiles Private Limited)

3. List of Machinery

4. Purchase Invoice of Machinery

2 ABOUT KASTBHANJAN TEXTTLES PRIVATE LIMITED

Plant and Machinery currently situated at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

3 METHODOLOGY OF PLANT AND MACHINERY VALUATION:

· They have personally inspected the plant and machinery of Kastbhanjan Textiles Private Limited which is currently installed at Plot No. 161 to 164, Narayan Industrial Estate, Near Shri Ram Industrial, Jolva, Taluka Palsana, Surat-394305, Gujarat, India

· The condition of the machines installed in the unit was verified personally in the presence of the representative of Kastbhanjan Textiles Private Limited and photographs were taken during the visit which are enclosed herewith.

· The value reported in the valuation report is on an 'asset' basis for individual item or machinery and realizable even, when all the assets of all the units of the company are sold as a "whole".

· The Market Value is 'in-situ' and on "going concern" basis.

· To arrive at replacement cost of the Machinery, the quotation/ purchase price was collected from the market and added suitable taxes and other duties to arrive at the cost of the various plant machinery and equipment’s.

· Depreciation was then deducted from the cost / Replacement cost depending upon its, life, condition and after studying the maintenance of the machinery. This was done to finally arrive at the Fair Market Value of the Machinery as on the date of their valuation exercise.

· In order to establish the level of above stated value at which the market reasonably expects to give an appropriate return from the use of the subject assets following points have been considered in order to calculate depreciation.

· Usage of Plant and Machinery.

· Make Capacity, Material etc.

· Efficiency of 0peration, No. of Shifts of Operation etc.

· Actual Working and Physical Condition

· Demand and Supply of such machines in the market.

· Depreciation on account of Physical wear and tear.

· Physical Life, Age, Remaining Useful Economic Life of Plant and Machinery.

· Present Day Availability and Marketability of such machines.

4 CONCLUSION:

FAIR MARKET VALUE: RS. 7.216 MILLION AS ON 21.06.2015

(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 had each acted knowledgeably, prudently and without compulsion.)

NET REALIZABLE VALUE: RS.6.494 MILLION AS ON 21.06.2015

(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. 5.773 MILLION AS ON 21.06.2015

(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.)

DETAILS OF PLANT AND MACHINERY:

SR. NO.	PARTICULARS	YEAR	QTY.	FAIR MARKET VALUE RS IN MILLION
1	Used 60 MM. POT DAT. 576 Spindle Two For One Twister Machine with all accessories	2007	4	0.640
2	Used Shuttleless Flexible Rapier Weaving Loom with std. Accessories	2007	96	6.576
Total				7.216

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VALUATION REPORT

(RS. IN MILLION)

PART I: GENERAL

Purpose for which valuation is made

For ascertaining fair market value of the property

to be offered to Bank of India

Date on which valuation is made

18.05.2015

Name of the owner

Kashtabhanjan Textiles Private Limited

Directors are

Mr. Bhagvanbhai Narayanbhai Patel and Mr. Ashvinbhai Narayanbhai Patel

If the property is under joint ownership / Co-ownership, share of such Owner. Are the shares undivided

Ownership as above

Brief description of the properly

The subject property under valuation is cluster of Nine industrial plots along with four plots have ground plus three floors and two plots have ground plus one floored fully industrial construction on it. The property under valuation is situated in fully industrial society, which is known as "Nurayun Industrial Estate". It is abutting off. Bardoli Road at Jolva.

Narayan Industrial Estate is old developed fully Industrial Estate in this area. This area is one of the famous developed industrial area off Bardoli Road.

Location, Street, Ward No.

Plot No. 156 Near Shri Ram Road, Surat. to 164, Narayan Industrial Estate, Industrial Estate, Jolva, Bardoli Road, Surat, Gujarat, India

Survey / Plot No. of Land

R S No. 169, Block No. 206, Moje: Jolve, Taluka Palsana, Surat, Gujarat, India

Is the property situated in residential /commercial /mixed area llnd Area

Industrial areas

Classification of locality – high class / middle class / Poor class

Middle class

Proximity to civic amenities like

schools, hospital, offices, market,

cinemas etc.

Within the radius of 3-4 Km

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

By Auto rickshaw/City Bus/ Own vehicles

LAND

Area of land

Total Land Area: 15,371 sft

(As per copy of Sale Deed)

Roads, Streets or Lanes on which the land is abutting

Bardoli Road

Is it freehold or lease-hold land

Freehold

If lease - hold, 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 covenant in regard to the use of land If so, attach a copy of the covenant

No

Are there any agreements of easements If so, attach copies.

No

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

No

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

No

Attach a dimensioned site Plan

Society plan was approved by Nagar Nijojak Vide Letter No. BP/Jolva/Palsana/Surat/791/08 on date 05.05.2008

IMPROVEMENTS

Attach plans and elevations of all Structures standing on the land and a lay-out plan

Society plan was approved by Nagar Nijojak Vide Letter No. BP/Jolva/Palsana/Surat/791/08 on date 05.05.2008

(I) Is the property, owner-occupied / tenanted / both

Occupied by Owner

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

Not applicable

WHAT IS THE FLOOR SPACE INDEX

Permissible and

Within Permissible Limit

Percentage actually utilized GFI

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

--

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

--

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

--

Has the tenant to bear the whole or part of the cost of repairs and maintenance Give particulars

--

If a lift is installed who is to bear the cost of maintenance and operation owner or tenant

--

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

--

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

--

Is building insured If so, give (a) Policy No. (b) Amount Rs. (c) Annual premium

--

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

--

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

--

SALES

Give instance 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.2,800/- per sft

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

(a) Commencement of Construction

Plot No.157 to 160 in 2010

Plot No.161 and 162 in 2014

{b) Completion of Construction

Plot No.157 to 160 in 2011

Plot No.161 and 162 in 2015

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

Not Known

For items of work done on contract, produce copies of agreements

Not Applicable

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

ANNEXURE

No of floors and height

Plot No. 157 to 160 have ground plus three floored Construction and Plot No. 161 and 162 have ground plus one floored construction having RCC Slab roof with normal floor height.

Built-up area

Plot No. 157 to 160 - 21,760 SFT

Plot No. 161 and 162 - 5,440 SFT

Year of construction

Plot No. 157 to 160 in 2011

Plot No. 161 and162 in 2015

Estimated future life

36 years

Type of construction load walls/RCC frame/steel frame

RCC frame Structure

Type of foundations

Spread Footing

Brick Masonry Walls

9

Partitions

4.5

Doors (D) and windows (W)

M.S. olling shutter and M.S. Compressible grill at entrance. Partly Wooden frame wooden door and Partly M.S. frame M.S. doors. M.S. frame glassed windows

Finishing (floor wise)

Internal wall has smooth finish plaster with white wash finish

Flooring ((floor wise)

Paftl1'Rough Kota and Partly IPS flooring

Roofing and terrace

R.C.C. slab roof

Special architectural or decorative features, if any

No

(i) Internal wiring : surface or

conduit

Partly Surface and Partly Industrial wiring

(ii) Class of fitting

Ordinary

Sanitary installation

Provided as per requirement

No. of water closets

No. of lavatory basins

No. of urinals

--

No. of sinks

--

No. of bath tubs

--

No. of bidets

--

No. of geysers

--

Class of fittings Superior colored / Superior white / ordinary

Ordinary

Compound wall

Not Applicable

Height and length

Type of construction

No of lifts and carrying capacity

Not Applicable

Underground sump capacity and type of construction

Not Provided

Overhead tank

Provided

Where located

Terrace

Size

--

Type of construction

Sintex

Pumps - No. and their horse power

No

Roads and paving within the

compound

Approximate area and

Type of paving

Sewage disposal whether if septic tanks provided No and capacity.

Connected to local Drainage system

Value of the properly as per Jantri

Rs.28.777 Million

Boundaries oi the Property

North: Plot No. 165	East: Plot No.104 to 114
South: Plot No. 155	West : Internal Society Road

VALUATION REMARKS

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 seller in an arm’s length transaction after proper marketing wherein the parties had 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 industrial 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

Valuation of Building:

Valuation of the building has been worked out based upon the Depreciated Replacement Cost method by adopting the construction rates less depreciation based on its age and physical condition.

· The following factors considered while arriving at the Fair Market Value of the building are mentioned hereunder.

· Construction Design of Building Structures.

· Present usage of the building

· Present Physical condition, state of Repairs and Maintenance

· Type of Construction and General and Special Specifications.

· Age, balance useful economic life of the structures

· Cost of Building Materials and related construction supplies in the surrounding area.

· Latest trends in the Building Construction Technology and its impact on the Cost of Construction.

· Present Day Replacement cost of Equi-Utility Building structures.

· Depreciation for Physical wear and tear.

· Amenities provided

· Obsolescence

The Valuation is done by land Depreciated Replacement Cost and building method wherein the Value of land is added to the depreciated replacement cost of building to give the Total Market value of the property.

VALUATION OF LAND:

As per copy of documents, total area of the subject plots are 15371 SFT. Hence, documented Area i.e. 15371 SFT adopted for the purpose of this valuation exercise.

SALE INSTANCES

Sale Instances SR. No	Particulars	Land Area in SFT	Total Consideration IN Million	Prevailing Rate In Million
A-1	One industrial open plot is available for sale in same area. It is located about 400 mtr away from subject property.	1360 SFT	4.012	0.003
A-2	One industrial open plot is available for sale in same area. It is located about 1.20 km away from subject property.	1600 SFT	4.800	0.003

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.2,950/- per sft
Less 5% for negotiation	Rs.148/- per sft
Derived market rate	Rs.2,802/- per sft
Adopted Rate	Rs.2,800/- per sft
Land Area in SFT	15371 Sft
Market Value of Land	Rs.43.039 Million

VALUATION OF BUILDING

Specification of construction work

· RCC structure with brick masonry wall in cement sand mortar.

· Plot No.157 to 160 have Ground plus upper three floors and Plot No. 161 and 162 have ground plus one floored fully industrial building.

· RCC slab roofing with normal floor height.

· It has Partly Rough Kota and Partly IPS flooring.

· Overhead tank in terrace is provided.

· It has M.S. Rolling Shutter and M.S. Compressible grill at entrance. Partly wooden frame wooden door and partly M.S. frame M.S. doors. M.S. frame glassed windows.

· Smooth finished plaster with white wash.

· Partly Surface and partly industrial electric wiring.

· Local government supplies drainage as well water supply facilities in this area

By considering all above technical specifications, building is considered as a completed finishing work. Therefore, the replacement cost for the said premises is adopted as follow.

Description	Area	Unit Rate	Valuation	Depreciation	Net Valuation
Old RCC Construction	21760	1000	21.760	1.958	19.802
New RCC Construction	5440	1000	5.440	--	5.440
Fair Market Value of the above described properties					25.242

THEREFORE, MARKET VALUE OF INDUSTRIAL PROPERTY IS AS FOLLOWS:

I	Market Value of the Land	=	Rs.	43.039
ii	Depreciated Replacement Cost of Building	=	Rs.	25.242
	Total Market Value of the Premises	=	Rs.	68.280
	Say	=	Rs.	68.280

FAIR MARKET VALUE: Rs.68.280 Million as on 15-05-2015 (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 had each acted knowledgeably, prudently and without compulsion.)

NET REALIZABLE VALUE: RS. 61.452 MILLION AS ON 15-05-2015 (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.54.624 MILLION @ 80%o 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 properly.)

INSURABLE VALUE: RS. 27.200 MILLION

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

INDEX OF CHARGES:

No Charges Exist for Company.

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

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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 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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	SMN/ KVT/ SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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

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

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

RATING EXPLANATIONS

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

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