MIRA INFORM REPORT

Report No. :	313029
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	DAS INDUSTRIES
Registered Office :	Das Compound, Ghorbunder Village, Near RTO Office, Mira Road, Thane – 401107, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Establishment :	01.01.2009
Capital Investment :	Rs. 29.778 Millions
PAN No.: [Permanent Account No.]	AAHFD9087H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturing of Footwear.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

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

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Upendra Ravi Das
Designation :	Partner
Contact No.:	91-9870299999
Date :	20.03.2015

LOCATIONS

Registered Office :	Das Compound, Ghorbunder Village, Near RTO Office, Mira Road, Thane – 401107, Maharashtra, India
Tel. No.:	91-22-28455125
Mobile No.:	91-9870299999 [Mr. Upendra Ravi Das]
Fax No.:	91-22-28458614
E-Mail :	upendradas7@gmail.com
Area :	55000 Sq. ft.
Locality :	Industrial

PARTNERS

Name :	Mr. Upendra Ravi Das
Designation :	Partner
Address :	1503, Challenger Tower, Thakur Village, Kandivli [East], Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	26.01.1980
Qualification :	HSC
Experience :	15 Years
PAN No.:	BKBPD1729D
Background :	Presently he is partner of Das Industries, which has business of which was engaged in manufacturing of various types of Shoes, Chappals and Sandals.
Name :	Mr. Kapil Lattu Das
Designation :	Partner
Address :	1503, Challenger Tower, Thakur Village, Kandivli [East], Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	15.01.1983
Qualification :	SSC
Experience :	10 Years
PAN No.:	ALUPD2250N
Background :	Presently he is partner of Das Industries, which has business engaged in manufacturing of various types of Shoes, Chappals and Sandals.
Name :	Mr. Prakash Lattu Das
Designation :	Partner
Address :	20A, Sankesh Cooperative Society, Mira Bhayander Road, District Thane – 401107, Maharashtra, India
Date of Birth/Age :	15.05.1986
Qualification :	SSC
Experience :	7 Years
PAN No.:	BLLPD1857P
Background :	Presently he is partner of Das Industries, which has business engaged in manufacturing of various types of Shoes, Chappals and Sandals.

BUSINESS DETAILS

Line of Business :	Manufacturing of Footwear.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

GENERAL INFORMATION

Suppliers :

Reference:	Rajan Camical
Name of the Person (Designation):	Mr. Rajan Agrawal
Contact Number:	91-22-28898540
Since how long known:	--
Maximum limit dealt:	--
Experience:	Payment Behaviour = Below Average Market Goodwill = Below Average Overall = Below Average
Remark	They are not satisfied with the payment behavior of company. Dues are pending since last 2 years.

· Jiwan Lal Enterprises

Mr. Dinesh bhai

· Jeevanlal Bechardas, Mumbai

· Varun Industries, Mumbai

· Harman Group, Mumbai

· Razdan Group, Mumbai

· Aman Sales, Mumbai

· Mayur Foam, Mumbai

· A M Packers, Mumbai

· Tappu Bhai and Samat Bhai, Mumbai

· Shubuff, Mumbai

· Navnirman Packaging etc.

Customers :

Reference:	Hind Shoes, Mumbai
Name of the Person (Designation):	Mr. Anil Ghosh
Contact Number:	91-8877126960
Since how long known:	10 Years
Maximum limit dealt:	Rs. 5.000 Millions [Per Month]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	Good Company. No Complaints

· Kokil Footwear

Mr. Kokil Das [91-9939800800]

· Nivas Sales, New Delhi

· B K Chappals, Mumbai

· Karim Bhai and Sons Leather, Mumbai

· Nitish Enterprises, Mumbai

· Banik Shoes, Mumbai

· Rishi Footwear, Mumbai

· Deshmukh Agencies, Mumbai

· Ravidas Industries, Mumbai

· New Apsara Footwear, Mumbai

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of India

Mira Road, Thane, Maharashtra, India

Facilities :

--

Auditors :
Name :	K.S. Subrahmanyam Chartered Accountants
Address :	Flat No. 4, Ground Floor, Pawan Palace, Near RNP Park, Bhayander [East], Thane – 401101, Maharashtra, India
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 29.778 Millions
Borrowed :	--
Total :	Rs. 29.778 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		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner’s Capital		29.778	24.098	19.140
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.778	24.098	19.140
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.778	24.098	19.140
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.736	4.148	4.861
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.689	23.057	20.874
	Sundry Debtors	36.481	36.961	30.489
	Cash & Bank Balances	0.767	0.689	0.435
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.630	1.528	1.440
Total Current Assets		64.567	62.235	53.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.525	42.285	38.959
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		39.525	42.285	38.959
Net Current Assets		25.042	19.950	14.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		29.778	24.098	19.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	260.248	236.362	214.874
		Other Income	0.000	0.000	0.000
		TOTAL	260.248	236.362	214.874
Less	EXPENSES
		Cost of Goods sold	224.578	205.070	39.482
		Transportation	4.528	4.016	3.588
		Wages	6.582	5.968	5.415
		Labour charges paid	8.791	7.082	154.345
		Conveyance Expenses	0.583	0.503	0.452
		Salaries	1.207	1.120	1.016
		Electricity Charges	1.080	0.970	0.881
		Repair and Maintenance	0.701	0.785	0.458
		Office Expenses	0.726	0.657	0.602
		Petrol and Diesel Expenses	0.916	0.802	0.412
		Business Promotional Expenses	0.616	0.493	0.287
		Salary to Partners	1.440	1.320	1.200
		Interest on Capital	2.892	2.297	1.971
		Other Expenses	2.247	2.265	1.830
		TOTAL	256.887	233.348	211.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.361	3.014	2.935
Less/ Add	DEPRECIATION/ AMORTISATION		0.813	0.713	0.850
	NET PROFIT		2.548	2.301	2.085

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.98	0.97	0.97
Return on Total Assets (PBT/Total Assets}	(%)	3.68	3.47	3.59
Return on Investment (ROI) (PBT/Networth)		0.09	0.10	0.11
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.63	1.47	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partner’s Capital	19.140	24.098	29.778
Profit & Loss Account	0.000	0.000	0.000
Net worth	19.140	24.098	29.778
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	214.874	236.362	260.248
		10.000	10.106

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	214.874	236.362	260.248
Net Profit	2.085	2.301	2.548
	0.97%	0.97%	0.98%

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 for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

DAS INDUSTRIES

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
INCOME FROM BUSINESS AND PROFESSION
Net Profit as per Profit and Loss Account	2.548
GROSS TOTAL INCOME	2.548
Less: Deduction under Chapter VI-A	0.000
	-------------
Net Total Income	2.548
Tax Payable	0.764
Add: Education Cess @ 3%	0.023
	-------------
TOTAL TAX PAYABLE	0.787

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

DAS INDUSTRIES

PROVISIONAL PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2015
	SALES
		Sales	287.363
		Other Income	0.000
		TOTAL	287.363
Less	EXPENSES
		Cost of Goods sold	248.309
		Transportation	5.016
		Wages	7.240
		Labour charges paid	9.671
		Conveyance Expenses	0.656
		Salaries	1.330
		Electricity Charges	1.190
		Repair and Maintenance	0.977
		Office Expenses	0.765
		Petrol and Diesel Expenses	0.973
		Business Promotional Expenses	0.667
		Salary to Partners	1.470
		Interest on Capital	2.429
		Other Expenses	2.845
		TOTAL	283.538
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.825
Less/ Add	DEPRECIATION/ AMORTISATION		0.692
	NET PROFIT		3.133

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

REQUIREMENT FOR LOAN

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
EXISTING LOAN
Working Capital
OD / CC Facility	2.500
Term Loan Requirements
Term Loan	0.000	2.500
	-----------------	-----------------
Total		2.500
LOAN REQUIREMENT
Working Capital Requirement
OD / CC Facility	50.000
Term Loan Requirements
Term Loan	60.000	110.000
	-----------------	-----------------
Total		110.000

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

DEBT SERVICE COVERAGE RATIO [DSCR]

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
I)	Net Profit	10.956	13.537	16.116	19.041	21.753
II)	Depreciation	11.046	9.368	7.955	6.759	5.745
III)	Total Interest	14.391	13.579	12.650	11.587	10.372
	(A) TOTAL (I+II+III)	36.393	36.483	36.721	37.387	37.870
I)	Interest payable on C.C.	6.750	6.750	6.750	6.750	6.750
II)	Interest payable on Term Loan	7.641	6.829	5.900	4.837	3.622
III)	Principal repayment on Term Loan	5.653	6.466	7.395	8.457	9.673
	(B) TOTAL (I+II)	20.045	20.045	20.045	20.045	20.045
	DSCR (A/B)	1.82	1.82	1.83	1.87	1.89
	Average DSCR	2.00

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
1	Gross Sales
	Sales - Local Sales	318.479	350.327	385.359	423.895	466.285
	Sub Total	318.479	350.327	385.359	423.895	466.285
2	Less : Excise Duty	0.000	0.000	0.000	0.000	0.000
3	Net Sales	318.479	350.327	385.359	423.895	466.285
4	%age rise (+) or fall (-) in net sales as compared to previous year	10.00	10.00	10.00	10.00	10.00
5	Cost of Sales
	(i) Cost of Raw Materials-Local	233.159	264.895	299.885	331.773	368.351
	(ii) Transport and Electricity Expenses	6.786	7.465	8.212	9.033	9.936
	(iii) Wages and Labour	18.601	20.461	22.507	24.758	27.234
	(vi) Depreciation	11.046	9.368	7.955	6.759	5.745
	(vi) SUB TOTAL (i to vi)	269.592	302.189	338.559	372.323	411.266
	(ix) Add : Opening Stock	39.597	34.002	33.112	37.486	41.472
	Sub Total	309.189	336.191	371.670	409.809	452.737
	(x) Less : Closing Stock and WIP	34.002	33.112	37.486	41.472	46.044
	(xi) SUB TOTAL	275.187	303.080	334.185	368.337	406.694
6	(i) Selling, General and Administrative Expenses	9.750	10.481	11.267	12.112	13.021
7	SUB TOTAL (5 +6)	284.937	313.561	345.452	380.450	419.714
8	Operating Profit before Interest (3 - 7)	33.542	36.766	39.907	43.445	46.570
9	Interest Cost – Bank	14.391	13.579	12.650	11.587	10.372
	Interest Cost - Partners	3.499	3.849	4.234	4.657	5.123
10	Operating Profit after Interest	15.651	19.338	23.023	27.201	31.075
11	(i) Add: Other non-operating Income
	(a) Export Incentives	0.000	0.000	0.000	0.000	0.000
	(b) Interest on Bank FDs	0.000	0.000	0.000	0.000	0.000
	(c) Other Income	0.000	0.000	0.000	0.000	0.000
	Sub Total (Income)	0.000	0.000	0.000	0.000	0.000
	(ii) Less: Other non-operating Exps.
	(a) Misc. Expenses Written Off	0.000	0.000	0.000	0.000	0.000
	Sub Total (expenses)	0.000	0.000	0.000	0.000	0.000
	(iii) Net other non-operating income/exps.	0.000	0.000	0.000	0.000	0.000
	[net of 11(i) and 11(ii)]
12	Profit / Loss Before Tax [10+11(iii)]	15.651	19.338	23.023	27.201	31.075
13	(i) Provision for taxes
	Income Tax	4.695	5.801	6.907	8.160	9.323
	Deferred Tax	0.000	0.000	0.000	0.000	0.000
	Previous Years Adjustment	0.000	0.000	0.000	0.000	0.000
14	Net Profit / Loss (12-13)	10.956	13.537	16.116	19.041	21.753
15	(a) Equity dividend paid	0.000	0.000	0.000	0.000	0.000
	(b) Dividend Rate (%)	0.00	0.00	0.00	0.00	0.00
16	Retained Profit (14-15)	10.956	13.537	16.116	19.041	21.753
17	Retained Profit (%)	100.00	100.00	100.00	100.00	100.00
18	Net Profit Ratio	3.44	3.86	4.18	4.49	4.67

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
	CURRENT LIABILITIES
1	Short term borrowings from Bank (Including bill purchased and excess borrowing placed on repayment basis)
	(i) From applicant Banks	50.000	50.000	50.000	50.000	50.000
	(ii) From other Banks	0.000	0.000	0.000	0.000	0.000
	(of which BP and BD)	0.000	0.000	0.000	0.000	0.000
	Sub Total (A)	50.000	50.000	50.000	50.000	50.000
2	Short term borrowings from others	0.000	0.000	0.000	0.000	0.000
3	Sundry Creditors (Trade)	19.164	18.144	17.254	19.088	21.193
	(Day's Purchase)	30.00	25.00	21.00	21.00	21.00
4	Advance payments from customers/ deposits from dealers	0.000	0.000	0.000	0.000	0.000
5	Provision for Taxation	4.695	5.801	6.907	8.160	9.323
6	Dividend payable	0.000	0.000	0.000	0.000	0.000
7	Other statutory liabilities (due within one year)	4.266	4.272	4.274	4.606	4.897
8	Deposits/installments of term loans/ DPGs / debentures etc. (due within one year)	0.000	0.000	0.000	0.000	0.000
9	Other current liabilities and provisions (due within one year)
	(Creditors for Expenses)	2.928	3.201	3.499	3.825	4.183
	(Creditors for Capital Goods)	0.000	0.000	0.000	0.000	0.000
	Sub Total (b)	31.053	31.417	31.933	35.680	39.595
10	TOTAL CURRENT LIABILITIES	81.053	81.417	81.933	85.680	89.595
	(Total of items 1 to 9)
	TERM LIABILITIES
11	Debentures (not maturing within one year)	0.000	0.000	0.000	0.000	0.000
12	Preference Shares (redeemable after one year)	0.000	0.000	0.000	0.000	0.000
13	Term loans (excluding installments payable within one year)	53.476	47.010	39.615	31.158	21.485
14	Deferred payment credit (excluding installments due within one year)	0.000	0.000	0.000	0.000	0.000
15	Unsecured Loan (Director Loan (Quasi))	0.000	0.000	0.000	0.000	0.000
16	Deferred Tax Liabilities	0.000	0.000	0.000	0.000	0.000
17	TOTAL TERM LIABILITIES	53.476	47.010	39.615	31.158	21.485
	(Total of items 11 to 16)
18	TOTAL OUTSIDE LIABILITIES	134.529	128.427	121.548	116.838	111.080
	(Total of items 10 and 17)
19	Capital	36.593	35.348	41.673	36.245	48.427
20	General Reserve	0.000	0.000	0.000	0.000	0.000
21	Other Reserve	0.000	0.000	0.000	0.000	0.000
22	Share Application Money	0.000	0.000	0.000	0.000	0.000
23	Profit and Loss Account	0.000	0.000	0.000	0.000	0.000
24	NET WORTH	36.593	35.348	41.673	36.245	48.427
	(Total of item 19 to item23)
25	TOTAL LIABILITIES	171.122	163.774	163.222	153.083	159.506
	(Total of item 18 to item24)
	ASSETS
26	Cash and Bank balance	1.442	1.154	1.464	1.098	1.406
27	Investments (other than long term)
	(i) Govt. and other trustee securities	0.000	0.000	0.000	0.000	0.000
	(ii) FDs with Banks	0.000	0.000	0.000	0.000	0.000
	(iii) Other Investments	0.000	0.000	0.000	0.000	0.000
28	(i) Receivable other than deferred and exports	65.441	67.186	68.626	58.068	63.875
	(including bill purchased/ discd by bank)	75.00	70.00	65.00	50.00	50.00
	(ii) Export receivable (including bill purchased/discd by bank)	0.000	0.000	0.000	0.000	0.000
29	Installments of deferred receivables (due within one year)	0.000	0.000	0.000	0.000	0.000
30	Inventory and stock of RM	34.002	33.112	37.486	41.472	46.044
31	Advances to suppliers of materials / spares	1.500	1.650	1.815	1.997	2.196
32	Advance payment of taxes	4.226	5.221	6.216	7.344	8.390
33	Other Current Assets (Loans, Advances and Deposits and TDS (net))	2.054	2.362	2.480	4.729	4.966
34	TOTAL CURRENT ASSETS	108.665	110.685	118.087	114.707	126.876
	(Total of items 26 to 33)
	FIXED ASSETS
35	Gross block	73.503	62.457	53.090	45.135	38.375
36	Depreciation	11.046	9.368	7.955	6.759	5.745
37	NET BLOCK (35-36)	62.457	53.090	45.135	38.375	32.630
	OTHER NON-CURRENT ASSETS
38	Investment which are not current assets
	(i) (a) Investment in subsidiary company	0.000	0.000	0.000	0.000	0.000
	(b) Others	0.000	0.000	0.000	0.000	0.000
	(ii) Advance to suppliers for capital goods	0.000	0.000	0.000	0.000	0.000
	(iii) Deferred receivables	0.000	0.000	0.000	0.000	0.000
	(iv) Others	0.000	0.000	0.000	0.000	0.000
39	Non consumables stores and spares	0.000	0.000	0.000	0.000	0.000
40	Miscellaneous Exp. To the extent not W/off	0.000	0.000	0.000	0.000	0.000
41	TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000
	(Total of items 38 to 40)
42	Intangible Assets (patents, goodwill etc.)	0.000	0.000	0.000	0.000	0.000
43	TOTAL ASSETS	171.122	163.774	163.222	153.083	159.506
	(Total of items 34,37,41 and 42)
44	TANGIBLE NETWORTH (24-42)	36.593	35.348	41.673	36.245	48.427
45	NET WORKING CAPITAL (34-10)	27.612	29.268	36.154	29.028	37.282
46	Current Ratio (34/10)	1.34	1.36	1.44	1.34	1.42
47	TOTAL OUTSIDE LIABILITIES / TANGIBLE NET WORTH (18/44)	3.68	3.63	2.92	3.22	2.29
	ADDITIONAL INFORMATION
(A)	Arrears of depreciation	0.000	0.000	0.000	0.000	0.000
(B)	Contingent liabilities:
	(i) Arrears of cumulative dividends	0.000	0.000	0.000	0.000	0.000
	(ii) Gratuity liability not provided for	0.000	0.000	0.000	0.000	0.000
	(iii) Disputed excise/ custom/tax liability	0.000	0.000	0.000	0.000	0.000
	(iv) Other liabilities not provided for	0.000	0.000	0.000	0.000	0.000

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
1	SOURCES
	(a) Net profit (after tax)	10.956	13.537	16.116	19.041	21.753
	(b) Deprecation	11.046	9.368	7.955	6.759	5.745
	(c) Increase in capital	(6.915)	(1.246)	6.326	(5.428)	12.182
	(d) Increase in term liability (including public deposits)	(5.653)	(6.466)	(7.395)	(8.457)	(9.673)
	(e) Decrease in :
	(i) Fixed assets	0.000	0.000	0.000	0.000	0.000
	(ii) Other non-current assets	0.000	0.000	0.000	0.000	0.000
	(f) Others	0.000	0.000	0.000	0.000	0.000
	TOTAL (item a to f)	9.434	15.192	23.002	11.914	30.007
2	USES
	(a) Net loss	0.000	0.000	0.000	0.000	0.000
	(b) Decrease in term liabilities (including public deposits)	5.653	6.466	7.395	8.457	9.673
	(c) Increase in :
	(i) Fixed assets	(6.353)	(11.046)	(9.368)	(7.955)	(6.759)
	(ii) Other non-current assets	0.000	0.000	0.000	0.000	0.000
	(d) Dividend payments	0.000	0.000	0.000	0.000	0.000
	(e) Others	0.000	0.000	0.000	0.000	0.000
	TOTAL (item a to e)	(0.699)	(4.580)	(1.973)	0.502	2.913
3	Long term surplus deficit	10.133	19.772	24.975	11.412	27.094
	(item 1 minus item 2)
4	Increase/decrease in current assets	3.059	2.874	13.216	(9.951)	22.548
	(as per details given below)
5	Increase/decrease in current liabilities other than bank borrowings	4.227	0.364	0.516	3.747	3.915
6	Increase/decrease in working capital gap	(1.522)	1.656	6.886	(7.126)	8.254
7	Net surplus/deficit	11.655	18.116	18.089	18.538	18.839
	(difference of 3 and 6)
8	Increase/decrease in Bank borrowings	0.000	0.000	0.000	0.000	0.000
	INCREASE / DECREASE IN NET SALES	28.953	31.848	35.033	38.536	42.390
	Break up of item 4
	(i) Increase/Decrease in Raw material	0.000	0.000	0.000	0.000	0.000
	(ii) Increase/Decrease in Stock in Process	0.000	0.000	0.000	0.000	0.000
	(iii) Increase/Decrease in Finished Goods	(5.595)	(0.890)	4.374	3.986	4.572
	(iv) Increase/Decrease in receivables
	(a) Domestic	5.949	1.745	1.440	(10.558)	5.807
	(b) Export	0.000	0.000	0.000	0.000	0.000
	(v) Increase/Decrease in stores and spares	0.000	0.000	0.000	0.000	0.000
	(vi) Increase/Decrease in other current assets	2.704	2.020	7.402	(3.379)	12.169
	Total of item (i) to (vi)	3.059	2.874	13.216	(9.951)	22.548

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
A	CURRENT ASSETS
1	Raw Material
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months Consumption:	--	--	--	--	--
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000
	Months Consumption:	0.00	0.00	0.00	0.00	0.00
2	Other consumable spares, excluding those included in 1 above
	(a) Imported	0.000	0.000	0.000	0.000	0.000
	Months Consumption:	--	--	--	--	--
	(b) Indigenous (Packing Material)	0.000	0.000	0.000	0.000	0.000
	Months Consumption:	--	--	--	--	--
3	Stock in process	0.000	0.000	0.000	0.000	0.000
	Months cost of production	--	--	--	--	--
4	Finished goods, Raw Material, Spares and Stores	34.002	33.112	37.486	41.472	46.044
	Months cost of sales	1.75	1.50	1.50	1.50	1.50
5	Receivable other than export and deferred receivables (including bills purchased and discounted by bankers)	65.441	67.186	68.626	58.068	63.875
	Months domestic sales (excluding deferred payment sales)	75.00	70.00	65.00	50.00	50.00
6	Export receivables (including bills purchased and discntd by bankers	0.000	0.000	0.000	0.000	0.000
	Months export sales	0.00	0.00	0.00	0.00	0.00
7	Advances to supplier of raw materials and stores/spares, consumable	1.500	1.650	1.815	1.997	2.196
8	Other current Assets including cash and bank balances and deferred receivable due within one year	7.722	8.737	10.161	13.171	14.762
9	TOTAL CURRENT ASSETS	108.665	110.685	118.087	114.707	126.876
	(To agree with item 34 of Form III)
B	CURRENT LIABILITIES
	(Other than bank borrowing for working capital)
10	Creditors for purchases
	(i) Indigenous material	19.164	18.144	17.254	19.088	21.193
	(Month's purchase)	0.99	0.82	0.69	0.69	0.69
11	Advances from customers	0.000	0.000	0.000	0.000	0.000
12	Statutory liabilities	4.266	4.272	4.274	4.606	4.897
13	Other current liability including short term borrowing, dividend payable, installment of TL, DPG, public deposit, debentures etc.	7.624	9.002	10.406	11.985	13.505
14	TOTAL	31.053	31.417	31.933	35.680	39.595
	To agree with sub total (B) in Form III

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
1	Total Current Assets (9 in Form-IV)	108.665	110.685	118.087	114.707	126.876
2	Other Current Liabilities (other than bank borrowings) (item 14 of Form -IV)	31.053	31.417	31.933	35.680	39.595
3	Working Capital Gap (WCG) [1-2]	77.612	79.268	86.154	79.028	87.282
4	Mini. Stipulated net working capital i.e. 25% of WCG or 25% of total current assets	27.166	27.672	29.522	28.677	31.719
	Method of lending (II)
5	Actual / projected net working capital	27.612	29.268	36.154	29.028	37.282
6	Item 3 minus item 4	50.445	51.596	56.632	50.351	55.563
7	Item 3 minus item 5	50.000	50.000	50.000	50.000	50.000
8	Maximum permissible Bank Finance (item 6 or 7 whichever is lower)	50.000	50.000	50.000	50.000	50.000
9	Excess borrowings representing short fall in Net Working Capital	(0.445)	(1.596)	(6.632)	(0.351)	(5.563)

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FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016 Estimates	2017 Projection	2018 Projection	2019 Projection	2020 Projection
1	Networth	36.593	35.348	41.673	36.245	48.427
2	Unsecured Loan	0.000	0.000	0.000	0.000	0.000
3	Total Turnover	318.479	350.327	385.359	423.895	466.285
4	Profit Before Depreciation and Tax	33.542	36.766	39.907	43.445	46.570
5	Depreciation	11.046	9.368	7.955	6.759	5.745
6	Net Profit (after Tax)	10.956	13.537	16.116	19.041	21.753
7	Return on Net Worth	29.94%	38.30%	38.67%	52.53%	44.92%
8	Stock in Trade	34.002	33.112	37.486	41.472	46.044
9	Sundry debtors	65.441	67.186	68.626	58.068	63.875
10	Sundry Creditors	19.164	18.144	17.254	19.088	21.193

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NETWORTH STATEMENT

MR. KAPIL LATTU DAS

(AS ON 31.03.2014)

(RS. IN MILLIONS)

PARTICULARS	BOOK VALUE	MARKET VALUE
STATEMENT OF ASSETS
Furniture and Fixtures	0.021	0.017
Computer	0.001	0.005
Plant and Machinery	1.497	1.123
Motor Vehicles	0.017	0.018
Deposits	0.100	0.100
Sundry Debtors	0.874	0.786
Stock in trade	1.406	2.109
Loans and advances with Current Assets	0.571	0.571
Cash and Bank	0.107	0.107
TOTAL ASSETS [A]	4.594	4.836
STATEMENT OF LIABILITIES
Sundry Creditors	2.034	2.034
TOTAL LIABILITIES [B]	2.034	2.034
TOTAL NETWORTH [A - B]	2.560	2.802

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NETWORTH STATEMENT

MR. PRAKASH LATTU DAS

(AS ON 31.03.2014)

(RS. IN MILLIONS)

PARTICULARS	BOOK VALUE	MARKET VALUE
STATEMENT OF ASSETS
Furniture and Fixtures	0.025	0.015
Computer	0.001	0.005
Plant and Machinery	1.769	1.062
Air Conditioner	0.023	0.014
Mobile	0.040	0.024
Motor Vehicles	0.859	0.515
Investments	0.213	0.213
Deposits	0.100	0.100
Sundry Debtors	1.011	0.607
Gold Jewellery	0.052	2.094
Stock in trade	0.987	1.235
Loans and advances with Current Assets	0.289	0.289
Cash and Bank	0.092	0.092
TOTAL ASSETS [A]	5.461	6.265
STATEMENT OF LIABILITIES
Unsecured Loans	0.050	0.050
Machinery Loan	1.000	1.000
Car Loan	0.712	0.712
Sundry Creditors	0.501	0.501
TOTAL LIABILITIES [B]	2.263	2.263
TOTAL NETWORTH [A - B]	3.198	4.002

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NETWORTH STATEMENT

MR. UPENDRA RAVI DAS

(AS ON 31.03.2014)

(RS. IN MILLIONS)

PARTICULARS	PURCHASE VALUE	MARKET VALUE
STATEMENT OF ASSETS
Furniture and Fixtures	0.247	0.223
Laptop and Printers	0.042	0.017
Land and Building [Factory]	22.500	220.000
Air Conditioner	0.041	0.034
Mobile	0.065	0.042
TV and Fridge	0.137	0.123
Motor Vehicle	0.080	0.065
Investments in Das Industries	10.177	15.651
Insurance – SUDLIF	0.500	0.500
SBI – LIFE	0.500	0.500
Land and House [Bihar]	0.200	0.700
Gold Jewellery	0.909	0.909
Cash and Bank	0.026	0.025
TOTAL ASSETS [A]	35.424	238.789

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PROFILE

INTRODUCTION

Mumbai being the industrial hub of India is having very good prospects for growth of industries. The city is being surrounded by all types of industries, specially Engineering and electrical units like ABB Limited, CEAT India Limited, Jindal, Epcos, Simense and Captrihance etc. All these are reputed Engineering and Electrical goods manufacturing units.

These District is a prominent industrial nerve centre of the state of Maharashtra. All the big corporate houses have established their manufacturing units in and around Thane City and surrounding areas.

Das Compound is situated at Ghodbundar Village Road adjacent to Mumbai Ahmedabad highway, in Mira Road which forms part of Thane District. This Industrial estate is equipped with all the Infrastructural facilities like power, water etc.

CONSTITUTION

Subject is a Partnership Firm incorporated under the Companies Act, 1956 on 01.01.2009. The present Directors of the Company are as under:

Mr. Upendra Das

Mr. Prakash Das

Mr. Kapil Das

GOVERNMENT APPROVALS

The company has already obtained all the government approvals from the Government Authorities required for the above company, which are as follows:

Partnership Deed Dated = 01.01.2009

Permanent Account No. = AAHFD9087H

Sales Tax No. = 27881076843

MARKETING

The Major demand in non leather footwear sector in India is for chappals [Hawai and Eva] as it is the cheapest footwear available in India. The chappals have captured 70% of demand in rural areas, the same being used as multipurpose footwear.

Earlier in the rural areas, rubber based hawai chappals were used because there was no other substitute before them. Up to year 2002 the demand of rubber hawai was on increasing side, because at that time Eva Injection products were very costly and far from the reach of rural people. After 2002, the demand of Eva Injection products was on increasing trends as rural people too adopted these products. Nowadays 70% demand of rubber based footwear has been replaced by Eva Footwear. Eva Footwear is light in weight, durables and has cosmetic appeal as compared to traditional Hawai Chappal.

According to the survey conducted by the Delhi Footwear Market News and Footwear Today the demand of Eva Injection products would increase with increase in production, because in India, no other cheap and durable footwear is available in Indian market.

If they assume the demand of chappal on the basis of population the demand will be as below in future.

1	Population of India	15000 Lacs
2	70% of Population wear footwear	10500 Lacs
3	50% of 1050 million people only wear chappals	5250 Lacs
4	A person who wear only chappals meeds two pairs of chappals per year	10500 Lacs Pairs
5	525 millions people need one pair chappal per year	5250 Lacs Pairs
	Total Demand	15750 Lacs Pairs

As per the market studies by the footwear experts based on the above estimates the demands are as follows:

35% people like Rubber Chappals	5250 Lacs Pairs
65% people like Eva Injected Chappals and fabrication Footwear	9750 Lacs Pairs
Assuming that 30% of people like Eva Injected footwear	--

The Company is having good reputation in the market. The Company is dealing with various dealers in Maharashtra as well as in India.

MANUFACTURING PROCESS

Initial take required Leather and Coloured and after colouring the Leather put in the die which is already set in the machine as per the customer requirement and coloured it with the help of the various chemicals then finish and packing. The product is ready for the dispatch.

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

LIMITS PROPOSED

(RS. IN MILLIONS)

NATURE OF FACILITY	EXISTING	MARGIN	EFFECTIVE ROI/ COMMISSION
WCFBL - Cash Credit	3.000	25%	3.65% over base rate presently 13.85% p.a.
Hypothecation Stock
Book Debts 90 Days	1.500	40%
Maximum WCFBL	3.000

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

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Air Conditioner

· Computer and Printers

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. 62.29
UK Pound	1	Rs. 93.02
Euro	1	Rs. 67.36

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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

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

RATING EXPLANATIONS

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

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

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