MIRA INFORM REPORT

Report No. :	319387
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	BALAJI FOODS
Registered Office :	8-2-53/3/6/2, Kalki Tower, Maruti Nagar, Champapeth, Hyderabad – 500059, Telangana
Tel. No.:	91-8790000039 [Mr. Shashank Gupta]
Country :	India
Financials (as on) :	--
Date of Establishment :	30.12.2014
Capital Investment :	Not Divulged
IEC No.:	Not Available
PAN No.: [Permanent Account No.]	AAOFB6052H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Papads and Pallets.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new partnership concern establishing itself gradually. Mr. Shashank Gupta (Chief Executive Officer) has given the information. It has started in the year December 2014. Further he claimed that the subject is going to start its commercial activities from October 2015. Trade relations are improving. Business is active. Payment terms are reported to be unknown. The concern can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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. Shashank Gupta
Designation :	Chief Executive Officer
Contact No.:	91-8790000039
Date :	07.05.2015

LOCATIONS

Registered Office :	8-2-53/3/6/2, Kalki Tower, Maruti Nagar, Champapeth, Hyderabad – 500059, Telangana, India
Tel. No.:	Not Available
Mobile No.:	91-8790000039 [Mr. Shashank Gupta]
Fax No.:	Not Available
E-Mail :	srk_foods22@yahoo.com
Location :	Rented
Factory :	Sy. No. 518, Elkanta (V), Farooqnagar (M), Mahabubnagar District Telangana, India
Location :	Owned

PARTNERS

Name :	Mrs. Sonia Gupta
Designation :	Partner
Address :	17-1-391/T/250, Saraswathi Nagar, Saidabad, Hyderabad – 500059, Telangana, India
Name :	Mrs. Preeti Gupta
Designation :	Partner
Address :	17-1-391/T/250, Saraswathi Nagar, Saidabad, Hyderabad – 500059, Telangana, India
Date of Birth/Age :	01.01.1989
PAN No.:	AVPPG9440G

KEY EXECUTIVES

Name :	Mr. Shashank Gupta
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Manufacturer of Papads and Pallets.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit [30 days]
Purchasing :	Credit [30 days]

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Dealers and Distributor

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Dilsukhnagar Branch, Hyderabad, Andhra Pradesh, India
Person Name (with Designation):	Mr. Somshekhar [Chief Manager] Mr. Girikumar [Credit Department]
Contact Number:	91-9885335888 [Mr. Somshekhar] 91-9949584024 [Mr. Girikumar] 91-40-24060384
Name of Account Holder:	Balaji Foods
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	2014
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Applied
Account Operation:	New Account
Remarks: Not Divulged

Facilities :

--

Auditors :
Name :	SJR and Associates Chartered Accountants
Address :	No. 16-11-740/1/G-4, Shailaja Estates, Gaddiannaram, Dilsukhnagar, Hyderabad – 500060, Andhra Pradesh, India
Tel. No.:	91-40-24155567
E-Mail :	sjreddy.ca@gmail.com
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· SRK Food Products Private Limited · Sonia Foods · Krishna Foods · Allied Food Products · Venkateshwara Foods · Quality Sweets and Namkeens · Priya Trading Company · Gunal Foods Private Limited

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	Not Divulged
Total :	Not Divulged

FINANCIAL DATA

[all figures are in Rupees Million]

NEW BUSINESS

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

LOCAL AGENCY FURTHER INFORMATION

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

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

COST OF PROJECT

(RS. IN MILLION)

SR. NO.	PARTICULARS	AMOUNT
1	Plant and Machinery	37.566
2	Equipments	3.664
3	Electricals	3.474
4	Working Capital Margin	7.000
	TOTAL	51.704

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MEANS OF FINANCE

(RS. IN MILLION)

SR. NO.	PARTICULARS	AMOUNT
1	Share Holders Funds
	- Share Capital	14.204
2	Loans
	Term Loans	32.500
	Working capital	5.000
	TOTAL	51.704

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DEBT SERVICE COVERAGE RATIO (DSCR)

(RS. IN MILLION)

PARTICULARS	2015-16 (Projected)	2016-17 (Projected)	2017-18 (Projected)	2018-19 (Projected)	2019-20 (Projected)	2020-21 (Projected)
Net Profit after Tax	1.605	2.609	4.352	5.768	7.109	8.386
Add
- Depreciation	2.096	6.223	5.306	4.525	3.860	3.293
- Interest Term Loan	4.732	4.263	3.444	2.686	1.927	1.169
Total	8.433	13.094	13.102	12.979	12.897	12.849
DEBT
- Interest Term Loan	4.732	4.263	3.444	2.686	1.927	1.169
- Principal repayment of TL	--	5.417	5.417	5.417	5.417	5.417
Total	4.732	9.679	8.861	8.102	7.344	6.586
DSCR	1.78	1.35	1.48	1.60	1.76	1.95
Average DSCR	1.69

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PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2015-16 (Projected)	2016-17 (Projected)	2017-18 (Projected)	2018-19 (Projected)	2019-20 (Projected)	2020-21 (Projected)
SOURCES OF FUNDS
Share Capital	14.204	14.204	14.204	14.204	14.204	14.204
- Profit and Loss A/c	1.605	3.714	7.066	11.335	16.444	22.330
Term Loans	32.500	27.083	21.667	16.250	10.833	5.417
Current Liabilities
- Bank OD	5.000	5.000	5.000	5.000	5.000	5.000
- Sundry Payables	0.159	0.238	0.249	0.264	0.280	0.296
TOTAL	53.467	50.238	48.186	47.052	46.760	47.246
APPLICATION OF FUNDS
Fixed Assets (Gross Block)	44.704	42.608	36.385	31.079	26.554	22.694
Less: Depreciation	2.096	6.223	5.306	4.525	3.860	3.293
Net Block	42.608	36.385	31.079	26.554	22.694	19.400
Current Assets
- Receivables	6.070	8.286	8.700	9.135	9.592	10.071
- Stock	4.131	4.544	4.999	5.499	6.048	6.653
- Other Current Assets	--	--	--	--	--	--
- Cash and Bank Balance	0.659	1.023	3.408	5.865	8.427	11.122
TOTAL	53.467	50.238	48.186	47.052	46.760	47.246

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

PROJECTED PROFIT & LOSS ACCOUNT

(RS. IN MILLION)

PARTICULARS	2015-16 (Projected)	2016-17 (Projected)	2017-18 (Projected)	2018-19 (Projected)	2019-20 (Projected)	2020-21 (Projected)
Operating Capacity	40%	65%	65%	65%	65%	65%
Months	7	12	12	12	12	12
INCOME
Sales	30.670	52.330	54.947	57.694	60.579	63.607
Less: Vat @ 5%	1.533	2.617	2.747	2.885	3.029	3.180
Net Sales	29.136	49.714	52.199	54.809	57.550	60.427
DIRECT EXPENDITURE
Raw Material Cost	19.830	29.398	30.868	32.720	34.683	36.764
Other Manufacturing cost	1.345	2.273	2.383	2.503	2.628	2.759
Total	21.174	31.671	33.252	35.223	37.311	39.524
Add: Opening Stock	0.000	4.131	4.544	4.999	5.499	6.048
Less: Closing Stock	4.131	4.544	4.999	5.499	6.048	6.653
Total Cost of Sales	17.043	31.258	32.797	34.723	36.761	38.919
Operating Profit	12.093	18.456	19.402	20.086	20.788	21.508
Salaries and Wages	2.741	3.654	3.837	4.029	4.230	4.441
Administration expenses	0.153	0.161	0.169	0.178	0.186	0.196
Depreciation	2.096	6.223	5.306	4.525	3.860	3.293
Total	4.990	10.038	9.312	8.731	8.277	7.931
Interest on
- Term Loan	4.732	4.263	3.444	2.686	1.927	1.169
- Working Capital Loan	0.350	0.700	0.700	0.700	0.700	0.700
Total	5.082	4.963	4.144	3.386	2.627	1.869
PBT	2.021	3.456	5.946	7.969	9.884	11.709
Income tax	0.416	0.847	1.594	2.201	2.775	3.323
PAT	1.605	2.609	4.352	5.768	7.109	8.386
Drawings	--	0.500	1.000	1.500	2.000	2.500
Retained Profit	1.605	2.109	3.352	4.268	5.109	5.886
Cash Accruals	3.701	8.331	8.658	8.794	8.969	9.179

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PROJECTED CASH FLOW STATEMENT

(RS. IN MILLION)

PARTICULARS	2015-16 (Projected)	2016-17 (Projected)	2017-18 (Projected)	2018-19 (Projected)	2019-20 (Projected)	2020-21 (Projected)
CASH INFLOW
Increase in Capital	14.204	--	--	--	--	--
Net Profit After Tax	1.605	2.109	3.352	4.268	5.109	5.886
Depreciation	2.096	6.223	5.306	4.525	3.860	3.293
Increase Term Loans	32.500	--	--	--	--	--
Increase in working capital	5.000	--	--	--	--	--
Increase in Current Liabilities	0.159	0.079	0.012	0.015	0.016	0.017
TOTAL	55.563	8.410	8.670	8.808	8.985	9.196
CASH OUTFLOW
Increase in Fixed Assets	44.704	--	--	--	--	--
Repayment of Term Loan	--	5.417	5.417	5.417	5.417	5.417
Increase in Receivables	6.070	2.216	0.414	0.435	0.457	0.480
Increase in stock	4.131	0.413	0.454	0.500	0.550	0.605
Increase in Current Assets	--	--	--	--	--	--
TOTAL	54.905	8.045	6.285	6.352	6.423	6.501
Opening Balance	--	0.659	1.023	3.408	5.865	8.427
Surplus / (Deficit)	0.659	0.365	2.385	2.457	2.562	2.695
Closing Balance	0.659	1.023	3.408	5.865	8.427	11.122

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projected	2016-17 Projected	2017-18 Projected	2018-19 Projected	2019-20 Projected	2020-21 Projected
1	Gross Sales
	Domestic Sales	30.670	52.330	54.947	57.694	60.579	63.607
	Export Sales	--	--	--	--	--	--
	Discount and Incentives received	--	--	--	--	--	--
	Total Sales	30.670	52.330	54.947	57.694	60.579	63.607
2	Less: Excise Duty, VAT	1.533	2.617	2.747	2.885	3.029	3.180
3	Net Sales (Item 1 - Item 2)	29.136	49.714	52.199	54.809	57.550	60.427
4	Percentage rise (+) or fall (-) in sales	--	70.63%	5.00%	5.00%	5.00%	5.00%
5	Cost of Sales
	Purchases (including stores and spares and other items used in the process of manufacture)	19.830	29.398	30.868	32.720	34.683	36.764
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	19.830	29.398	30.868	32.720	34.683	36.764
	Consumables
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
	Direct expenses	1.345	2.273	2.383	2.503	2.628	2.759
	Depreciation	2.096	6.223	5.306	4.525	3.860	3.293
	Sub Total	23.270	37.893	38.558	39.748	41.171	42.817
	Add: Opening Stock in Process	--	--	--	--	--	--
	Sub Total	23.270	37.893	38.558	39.748	41.171	42.817
	Deduct: Closing Stock in Process	--	--	--	--	--	--
	Cost of Production	23.270	37.893	38.558	39.748	41.171	42.817
	Add: Opening Stock Finished Goods	--	4.131	4.544	4.999	5.499	6.048
	Sub Total	23.270	42.025	43.102	44.747	46.670	48.865
	Deduct: Closing Stock Finished Goods	4.131	4.544	4.999	5.499	6.048	6.653
	Total cost of sales	19.139	37.480	38.103	39.248	40.621	42.212
6	Selling, general and administrative expenses	2.894	3.815	4.006	4.206	4.416	4.637
7	Sub Total	22.033	41.295	42.109	43.454	45.038	46.849
8	Operating Profit before Interest (3-7)	7.103	8.418	10.090	11.355	12.512	13.578
9	Interest and finance charges	5.082	4.963	4.144	3.386	2.627	1.869
10	Operating Profit after Interest (8-9)	2.021	3.456	5.946	7.969	9.884	11.709
11	Other non-operating income
	(a) Misc. Income	--	--	--	--	--	--
	(b)	--	--	--	--	--	--
	(c)	--	--	--	--	--	--
	(d)	--	--	--	--	--	--
	Sub-total (Income)	--	--	--	--	--	--
12	Deduct non-operating expenses
	(b)	--	--	--	--	--	--
	Sub-total (expenses)	--	--	--	--	--	--
13	Net of other non-operating income and expenses [11-12]	--	--	--	--	--	--
13	Profit/ Loss before Tax [10+13]	2.021	3.456	5.946	7.969	9.884	11.709
14	Provision for taxes
	(a) Current Tax	0.416	0.847	1.594	2.201	2.775	3.323
	(b) Deferred Tax	--	--	--	--	--	--
	Sub Total (I+II+III)	0.416	0.847	1.594	2.201	2.775	3.323
15	Net Profit/Loss after tax (13-14)	1.605	2.609	4.352	5.768	7.109	8.386
16	Drawings	--	0.500	1.000	1.500	2.000	2.500
17	Retained Profit	1.605	2.109	3.352	4.268	5.109	5.886
18	Retained Profit/ Net Profit (%)	100%	81%	77%	74%	72%	70%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projected	2016-17 Projected	2017-18 Projected	2018-19 Projected	2019-20 Projected	2020-21 Projected
	CURRENT LIABILITIES
1	Short term borrowings from banks (including bills purchased, discounted and excess borrowings placed on repayment basis)
	(I) From Applicant Bank	5.000	5.000	5.000	5.000	5.000	5.000
	(II) From other Banks	--	--	--	--	--	--
	(III) Of which BP and BD	--	--	--	--	--	--
	SUB TOTAL (A)	5.000	5.000	5.000	5.000	5.000	5.000
2	Short term borrowings from others	--	--	--	--	--	--
3	Sundry Creditors (Trade)	0.159	0.238	0.249	0.264	0.280	0.296
4	Advance payments from customers / deposits from dealers	--	--	--	--	--	--
5	Provision for taxes	--	--	--	--	--	--
6	Dividend payable	--	--	--	--	--	--
7	Other statutory liabilities (due within one year)	--	--	--	--	--	--
8	Deposits/instalments of term loans / DPGS / Debentures, etc. (due within one year)	--	5.417	5.417	5.417	5.417	5.417
9	Other current liabilities and provisions (due within one year. Specify major items)	--	--	--	--	--	--
	SUB TOTAL (B)	0.159	5.654	5.666	5.681	5.697	5.713
10	TOTAL CURRENT LIABILITIES	5.159	10.654	10.666	10.681	10.697	10.713
	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)	32.500	21.667	16.250	10.833	5.417	0.000
14	Deferred Payment Credits (excluding instalments due within one year)	--	--	--	--	--	--
15	Term Deposits (repayable after one year)	--	--	--	--	--	--
16	Other Term Liabilities	--	--	--	--	--	--
17	TOTAL TERM LIABILITES	32.500	21.667	16.250	10.833	5.417	0.000
18	TOTAL OUTSIDE LIABILITIES	37.659	32.321	26.916	21.514	16.113	10.713
	NET WORTH
19	Capital	14.204	14.204	14.204	14.204	14.204	14.204
20	Surplus (+) or Deficit (-) in Profit and Loss Account	1.605	3.714	7.066	11.335	16.444	22.330
21	(a) Others (specify)	--	--	--	--	--	--
22	NET WORTH	15.809	17.918	21.270	25.538	30.647	36.533
23	TOTAL LIABILITIES	53.467	50.238	48.186	47.052	46.760	47.246
	CURRENT ASSETS
26	Cash and Bank Balances	0.659	1.023	3.408	5.865	8.427	11.122
27	Investments (Other than long term investment)
	(a) Government and other Trustee Securities	--	--	--	--	--	--
	(b) Fixed Deposits with Banks	--	--	--	--	--	--
28	(a) Receivables other than deferred and exports (include bills purchased and discounted by banks)	6.070	8.286	8.700	9.135	9.592	10.071
	(b) Export Receivables (include bills purchased and discounted by banks)	--	--	--	--	--	--
29	Instalments of deferred receivables (due within one year)	--	--	--	--	--	--
30	Inventory	4.131	4.544	4.999	5.499	6.048	6.653
	(a) Raw Materials (including stores and other items used in the process of manufacture)
	- Imported	--	--	--	--	--	--
	- Indigenous	--	--	--	--	--	--
	(b) Stock in Process	--	--	--	--	--	--
	(c) Finished Goods	4.131	4.544	4.999	5.499	6.048	6.653
	(d) Other Consumable Spares
	- Imported	--	--	--	--	--	--
	- Indigenous	--	--	--	--	--	--
31	Advances to suppliers of Raw Materials and Stores and Spares	--	--	--	--	--	--
32	Advance payment of Taxes	--	--	--	--	--	--
33	Other Current Assets (Specify major items)	--	--	--	--	--	--
	Others	--	--	--	--	--	--
34	TOTAL CURRENT ASSETS	10.860	13.853	17.107	20.499	24.067	27.846
	FIXED ASSETS
35	Gross Block	44.704	42.608	36.385	31.079	26.554	22.694
36	Less: Depreciation to date	2.096	6.223	5.306	4.525	3.860	3.293
37	Net Block	42.608	36.385	31.079	26.554	22.694	19.400
	Capital work in progress	--	--	--	--	--	--
	OTHER NON CURRENT ASSETS
38	Investments / Book debts / Advances/ Deposits which are not Current Assets
	(a) Investments in Subsidiary Companies / Affiliates	--	--	--	--	--	--
	(b) Other investments	--	--	--	--	--	--
	(c) Advances to suppliers of capital goods and contractors	--	--	--	--	--	--
	(d) Deferred Receivables (Maturity exceeding one year)	--	--	--	--	--	--
	(e) Others
	- Debtors more than 6 months	--	--	--	--	--	--
	- Security Deposits	--	--	--	--	--	--
	- Others
39	Non Consumable Stores and Spares	--	--	--	--	--	--
40	Other non-current assets (including dues from Directors)	--	--	--	--	--	--
41	TOTAL OTHER NON-CURRENT ASSETS	--	--	--	--	--	--
42	INTANGIBLE ASSETS	--	--	--	--	--	--
43	TOTAL ASSETS (34+37+41+42)	53.467	50.238	48.186	47.052	46.760	47.246
44	Investments in Associates	--	--	--	--	--	--
45	Net Working Capital	5.701	3.199	6.441	9.818	13.370	17.133
	Current Ratio	2.11	1.30	1.60	1.92	2.25	2.60
	TNW	15.809	17.918	21.270	25.538	30.647	36.533
	TOL / TNW	2.38	1.80	1.27	0.84	0.53	0.29

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CALCULATION OF MAXIMUM PERMISSIBLE BANK FINANCE

(2ND METHOD)

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projected	2016-17 Projected	2017-18 Projected	2018-19 Projected	2019-20 Projected	2020-21 Projected
1	Total Current Assets	10.860	13.853	17.107	20.499	24.067	27.846
2	Total Current Liabilities (CL) (Except Bank Borrowings & TL Instalments due within one year)	0.159	0.238	0.249	0.264	0.280	0.296
3	Working Capital Gap	10.701	13.616	16.857	20.234	23.787	27.550
4	Minimum stipulated Net Working Capital (25% of Total Current Assets excluding Export Receivables)	2.715	3.463	4.277	5.125	6.017	6.962
5	Actual/ Projected NWC	5.701	8.616	11.857	15.234	18.787	22.550
6	Item 3 - 4	7.986	10.152	12.581	15.110	17.770	20.588
7	Item 3 - 5	5.000	5.000	5.000	5.000	5.000	5.000
8	Maximum Permissible Bank Finance (Lower of 6 and 7)	5.000	5.000	5.000	5.000	5.000	5.000
9	Excess Borrowings Representing Shortfall in NWC	0.000	0.000	0.000	0.000	0.000	0.000

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected	2017-18 Projected	2018-19 Projected	2019-20 Projected	2020-21 Projected
Domestic Sales (Gross)	30.670	52.330	54.947	57.694	60.579	63.607
Export Sales	--	--	--	--	--	--
Net Sales	29.136	49.714	52.199	54.809	57.550	60.427
Percentage rise/fall in net sales	--	70.63%	5.00%	5.00%	5.00%	5.00%
Net Profit Growth (%)	--	62.55%	66.83%	32.54%	23.24%	17.96%
PBDIT	9.199	14.641	15.396	15.880	16.372	16.871
Operating Profits (PBIT)	7.103	8.418	10.090	11.355	12.512	13.578
Profit Before Tax (PBT)	2.021	3.456	5.946	7.969	9.884	11.709
PBT/Net Sales	6.94%	6.95%	11.39%	14.54%	17.18%	19.38%
Profit After Tax (PAT)	1.605	2.609	4.352	5.768	7.109	8.386
Cash Accrual (After dividend)	3.701	8.331	8.658	8.794	8.969	9.179
Total Tangible Assets (TTA)	53.467	50.238	48.186	47.052	46.760	47.246
Total Outside Liabilities	37.659	32.321	26.916	21.514	16.113	10.713
Paid up Capital	14.204	14.204	14.204	14.204	14.204	14.204
TNW	15.809	17.918	21.270	25.538	30.647	36.533
TOL/TNW (Times)	2.38	1.80	1.27	0.84	0.53	0.29
Debt Equity Ratio (Times)	2.37	1.79	1.25	0.83	0.52	0.29
NWC	5.701	3.199	6.441	9.818	13.370	17.133
Current Ratio	2.11	1.30	1.60	1.92	2.25	2.60
Quick Ratio	1.30	0.87	1.14	1.40	1.68	1.98
Adjusted TNW	15.809	17.918	21.270	25.538	30.647	36.533
Adjusted TOL/TNW	2.38	1.80	1.27	0.84	0.53	0.29
OTHER RATIOS
Operating Cost/Net Sales (%)	75.62%	83.07%	80.67%	79.28%	78.26%	77.53%
Net Sales/TTA (times)	0.54	0.99	1.08	1.16	1.23	1.28
PBDIT	9.199	14.641	15.396	15.880	16.372	16.871
EFFICIENCY RATIOS
Net Sales/Total Tangible Assets	0.54	0.99	1.08	1.16	1.23	1.28
PBT/Total Tangible Assets (%)	3.78%	6.88%	12.34%	16.94%	21.14%	24.78%
Bank Finance/Current Assets (%)	46.04%	36.09%	29.23%	24.39%	20.78%	17.96%
Inventory + Receivables to Net Sales (Days)	127.79	94.20	95.79	97.45	99.19	101.02
RISK RATING RELATED RATIOS
Current Ratio	2.11	1.30	1.60	1.92	2.25	2.60
TOL / TNW (Times)	2.38	1.80	1.27	0.84	0.53	0.29
PBDIT/Interest (Times)	1.81	2.95	3.72	4.69	6.23	9.03
PAT/Net Sales (%)	5.51	5.25	8.34	10.52	12.35	13.88
ROCE (%) (PBDIT/TA)	17.21	29.14	31.95	33.75	35.01	35.71
(INV+REC)/Sales (Days)	121.40	89.49	91.00	92.58	94.23	95.97
INVENTORY & RECEIVABLES HOLDING LEVELS
Finished Goods	4.131	4.544	4.999	5.499	6.048	6.653
Holding Period in Months	2.59	1.45	1.57	1.68	1.79	1.89
Holding Period in Days	78.78	44.25	47.88	51.14	54.35	57.53
Receivables
(A) Indigenous	6.070	8.286	8.700	9.135	9.592	10.071
Holding Period in Months	2.38	1.90	1.90	1.90	1.90	1.90
Receivables (Total)	6.070	8.286	8.700	9.135	9.592	10.071
Holding Period in Days	72.24	57.79	57.79	57.79	57.79	57.79
Sundry Creditors	0.159	0.238	0.249	0.264	0.280	0.296
Holding Period in Days	2.74	2.74	2.74	2.74	2.74	2.74

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

NETWORTH STATEMENT

MR. SUMIT GUPTA

(RS. IN MILLION)

DESCRIPTION	AMOUNT IN MILLION
ASSETS
Plot bearing Plot Nos. 11, 12 and 13 in Sector 8, Sy. Nos. 104 and 105, Situated at Jalapur (V), Pochampally (M), Nalgonda District admeasuring 624 Sq. yds.	9.000
Plot bearing Plot No. 395, Sy. No. 156, Situated at Majeedpur (V), Hayathnagar (M), Ranga Reddy District admeasuring 200 Sq. yds.	3.000
Investment in Priya Trading Company as on 31.03.2014	2.526
Investment in Himalaya Foods as on 31.03.2014	1.320
Investment in Gunal Foods Private Limited Equity	1.650
Unsecured Loans	6.150
Cash and Bank balances	0.500
TOTAL ASSETS	24.146

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

NETWORTH STATEMENT

MR. SONIA GUPTA

(RS. IN MILLION)

DESCRIPTION	AMOUNT IN MILLION
ASSETS
Residential flat bearing Flat No. 408, 4^th Floor of Tirumala Towers, H. No. 17-1-391/T/130, 131, 132, 133 in Sy. No. 137/1, 137/2 and 137/5, situated at Sankeshwara Bazar, Saidabad, Hyderabad	3.500
Gold and Jewellery	1.875
Cash and Bank balances	0.100
TOTAL ASSETS	5.475

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

NETWORTH STATEMENT

MR. PREETI GUPTA

(RS. IN MILLION)

DESCRIPTION	AMOUNT IN MILLION
ASSETS
Plot No. 2 and 3 in Sector No. 5, in Sy. Nos. 104 and 105, situated at Adi Balaji Nagar in Jalapur (V), B. Pochampally Revenue (M), Nalgonda District, admeasuring 1200 Sq. Yds.	4.000
Gold and Jewellery	1.750
Cash and bank balances	0.050
TOTAL ASSETS	5.800

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

BUSINESS PROFILE

PROMOTERS:

Mrs. Priyanka Gupta, W/o. Sumit Gupta, completed BA from Aliged University, now she is looking after her uncle’s family business such as Trading of Food Products in name of M.P. Food Products. She is working as a marketing team in SRK Food Products Private Limited. Promoters for SRK Food Products Private Limited, are Mr. Harish Chandra Gupta S/o. Nanda Kishore Gupta and Mrs. Prathibha Devi W/o. Harish Chandra Gupta.

The promoters of Gunal Food Products Private Limited, are Mrs. Priyanka Gupta Daughter in Law of Mr. Harish Gupta and Mrs. Susheela Devi, mother of Mr. Harish Gupta.

Mr. Harish Chandra Gupta, aged about 55 years, purchased a land in the year 2006 at bongloor (V), Ibrahimpatnam and setup a manufacturing industry related to Food Products. He has an decades of experience in the field of food related products and carrying the business in the names of his family members, such as:

Sonia Foods, Prop: Harish Chandra Gupta, carrying the business of manufacturing of food products in his name and has achieved a turnover of Rs.12.500 Million during the financial year 2013-14 and projecting a turnover of Rs.15.000 Million for the current financial year. Capital investment in the above said business as on 31.03.2014 is Rs.5.500 Million.

Quality Sweets and Namkeens, Prop: Prathibha Devi, carrying the business of manufacturing of food products. Mr. Harish Gupta Carrying the business in his wife name and has achieved a turnover of Rs.13.000 Million during the financial year 2013-14. Capital investment in the above said business as on 31.03.2014 is Rs.4.500 Million.

Priya Trading Company, Prop: Sumit Gupta, carrying the business of Trading of food products. Mr. Harish Gupta Carrying the business in his son name and has achieved a turnover of Rs.31.000 Million during the financial year 2013-14. Capital investment in the above said business as on 31.03.2014 is Rs.4.000 Million.

Krishna Foods, Prop: Shashank Gupta, carrying the business of manufacturing of food products. Mr. Harish Gupta Carrying the business in his Son in Law name and has achieved a turnover of Rs.14.700 Million during the financial year 2013-14. Capital investment in the above said business as on 31.03.2014 is Rs.4.500 Million.

SRK Food Products Private Limited, represented by its Managing Director Mr. Harish Chandra Gupta, carrying the business of manufacturing of food products. Mr. Harish Gupta Carrying the business in company name and has achieved a turnover of Rs.15.000 Million during the financial year 2013-14. Reserves and Surplus as on 31.03.2014 is Rs.13.700 Million.

Mr. Harish Gupta, also carrying the business related to food products, in his other family members names, such as M.P. Food Products, S.M Food Products and Himalaya Foods etc.

Mr. Harish Gupta aged 53 years, born in Uttar Pradesh, Dist.: Moradabad migrated to Hyderabad in the year 2000. He started manufacturing of fryums and corn puff in a small industry in an unorganized way. Subsequently he started Sonia Foods in the year 2006 as a company with passion and dedication for innovation, expertise and satisfaction. Customers recognized them as the manufacturer of outstanding quality, exceptional taste and value for money ready to eat snacks comprising fryums, corn puffs, kurkure etc.  They market their products all across India with a vision of getting into exports successively accomplishing Indian markets. With this stature comes both responsibility and opportunity. Their responsibility is to be an ethical corporate citizen-but their opportunity is something far greater, and is embodied in their Purpose. Their Purpose, Values and Principles are the building blocks of their culture. Their Purpose unifies them in a shared vision, their Values classify their behaviors toward each other and their Principles articulate their beliefs about business. They will provide branded products and services of superior quality and value that enhance the lives of the consumers, now and for generations to come. As a result, consumers will reward them with leadership sales, profit and value creation, allowing their people, their associates and the communities in which they live and work to flourish. Successively, started SRK Food Products in the year 2006 with a vision of making it big and converted the same into SRK Food Products Private Limited in the year 2011.

MARKETING STRATEGY:

Raw material required for final production will be procured from the existing dealers/distributors and others dealing with the respecting products. As the promoters having experience in the food manufacturing industry, with the experience they will procure quality of materials with the best market rates. Promoters opinion that with their experience they can easily identify the quality of materials in the market.

They supply their manufactured products to the distributors/dealers based on their requirements. They are in contact with the distributors/dealers for the last 10 years and doing continues business with them by supplying food products which are manufactured in their plant. They are very much confident on their products with respect to quality and prompt supply of products in time. Some of the distributors/dealers in different states are given below:

SR. NO.	NAME OF DISTRIBUTORS/DEALERS	STATES
1	Hubli Sweets	Karnataka
2	Diamond Traders	Bangalore
3	Ayyappa Trading Co.	Chennai
4	Jainuddin Traders	Coimbatore
5	Ridwan Traders	Tamilnadu
6	Punam Punch	Lathore
7	Lingaraj Trading Co	Barampoor
8	Payal Foods	Bhuvaneshwar
9	Ashok Upparpalli	Telangana
10	Bhumaiah Agencies	Hyderabad

As a general business practice they extend the credit period of 30 to 45 days to the distributors/dealers. As they are procuring the materials from the distributors/dealers directly they have to make the payments on purchase. This is where the Working capital need is being arises.

They are employing a well-qualified and experienced Site Engineer in their plant. Further, technical supervisors are also being employed to monitor the day to day production activities.

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

VALUATION REPORT

(GENERAL DETAILS)

Purpose of which the valuation is made

Bank of India

Valuation required by

Manager

Bank of India, Dilsukhnagar Branch

Date of Inspection

04.04.2015

Date on which the valuation is made

11.04.2015

List of Documents produced for perusal

1) Copy of Sale Deed vide Doct no. 4789/14 dated 09.07.2014 at SRO Farooq nagar, Value as per deed at Rs. 0.588 Million

2) Copy of Approved Plan vide dated: 11.011.2014, issued by Grampanchyat Farroqnagar.

3) Copy of Land conversion from agricultural to non-agricultural purpose vide no Q/7480/2014 dated 25.10.2014 issued by RDO, Mahabubnagar an extent Ac 1-07 Gts.

4) No objection certificate for establishing Priya trading issued by Panchayath secretary Elikatta dated 25.11.2014

[All the above Xerox copy are persued and returned herewith]

Scope of Valuation

Extent of Land as per deed: Ac 1-07 Gts

Extent of Land

5687 Sq. yds. / 4754.90 Sq. Mt.

Less road effected area

741.4 Sq. yds. / 619.92 Sq. Mt.

Net area to be considered

4945.6 Sq. yds. / 4134.98 Sq. Mt. / Ac 1.0218 Cents

Structures: Shed and RCC Structures

Under Construction

Permitted area

Godown shed area

2527 Sq. Mt. / 27200 Sq. ft.

Existing area

Godown shed area

6250 Sq. ft. (50’ x 125’)

Remaining proposed area to be constructed

20950 Sq. ft.

Age of the building : Under Construction

Residual life of the building: [60 years after completion]

Present / Expected Rent from the Property

Rs. 35000/-

Inspection was conducted in the presence of

Owner’s representative

Name of the owners and his/her address with phone no. [Details of share of each owner in case of joint ownership]

Priya Trading Company

Rep by Mr. Sumit Gupta

Brief Description of the property

The subject property is an industrial shed under construction in an extent of land with area of Ac 1-07 Gts. There is one industrial ACC lean shed for godown purpose. As on date bore laid and Brick work and plastering completed. Pillars raised and sheet rods for roof also completed. Remaining works are under progress. The site is located in developing industrial locality in Elikatta (V) under Farooqnagar Mandal, Mahaboobnagar District. The site is around 0.6 km from main road and 6.5 km from Shadnagar bus stop.

Location of the property

Plot No. / Survey No.

Sy. No. 518

Door No.

Elikatta (V) and G.P.

T.S. No. / Village/ Colony

--

House Number

--

Mandal/District

Farooqnagar (M), Mahaboobnagar District

Postal Address of the property

Same as above

City / Town

City

Residential

Commercial area

Industrial area

Industrial area

Classification of the area

High/ Middle/ Poor

Middle Class

Urban/ Sub Urban/ Rural

Semi-Urban

Coming under corporation limit/ Village panchayat/ Municipality

G.P. Limits

Permit No.

Approved dated: 11.11.2014, issued by Grampanchyat Farooqnagar

Whether covered under any State/ Central Government enactments (e.g. Urban Land Ceiling Act) or notified under agency area Scheduled area/ cantonment area

No

Boundaries of the property

Deed

North	Sy. No. 518
South	Sy. No. 518
East	50’ wide road (Sy. No. 518)
West	Land of Quality Sweets and Namkins [Sy. No. 821]

Boundaries of the property

As per existing

North	Internal Road
South	Neighbours property
East	50’ wide road
West	Land of Quality Sweets and Namkins

Extent of site

As per Deed

Ac 1 – 07 gts

As per Sanctioned Plan – after road effected

4945.6 Sq. yds / Ac 1.0218 Cents

Extent of the site considered for valuation

4945.6 Sq. yds / Ac 1.0218 Cents

Whether occupied by the owner/ tenant? Since how long?

Under Construction

Rent received per month

--

CHARACTERISTICS OF THE SITE

Classification of Locality

Middle Class

Development of surrounding area

Developing Industrial Zone

Possibility of frequent flooding

No

Feasibility to the Civic amenities like School, Hospital, Bus stop, Market etc.

Within a distance of 2-4 km

Level of land with Teopographical condition

Leveled land

Shape of land

Irregular in shape

Type of use to which it can be put

Industrial

Any use restriction

No

Is plot in Town Planning approved layout

--

Corner plot or Intermittent plot

Intermittent plot

Road facilities

Available

Type of Road available at present

Eastern road

Width of road is it below 20 ft. or more than 20 ft.

50’ wide road

Is it a Land-Locked Land?

No

Water Potentially

Available

Underground sewerage system

Underground – proposal

Power supply is available in the site

Yes

Advantages of the site

--

General Remarks, if any

Nil

Guideline rate obtained from the Registrar’s Office (an evidence thereof)

(Rs. 300000 per acre @ Ac 1.0218 cents)

Rs. 300000 per acre, dt; 01.04.2013

Rs. 0.306 Million as per Government Land Value

Shed [6250 Sq. ft. x Rs. 530/-]

Rs. 3.313 Million

Remaining proposed area to be constructed [20950 Sq. ft x Rs. 530/-]

Rs. 11.104 Million

Total government value of the property incl. building

Rs. 14.723 Million

Or say Rs. 14.722 Million

Assessed / adopted rate of valuation

Rs. 2200000/- per acre

Estimated Value of the land

[Rs. 2200000/- per acre @ Ac 1.0218 gts]

Rs. 2.248 Million

PART B [VALUATION OF BUILDING]

TECHNICAL DETAILS

Type of Building

[Residential/ Commercial/ Industrial]

Industrial Shed

Type of construction

[Load bearing/ RCC/ Steel framed]

Load bearing/ steel framed

Year of construction

Under construction

Number of floors and height of each floor including basement, if any

20’ height

Plinth area

Shed - 6250 Sq. ft. – existing

Condition of the building

Exterior-Excellent, Good, Normal, Poor

Under Construction

Interior-Excellent, Good, Normal, Poor

Under Construction

Specifications

This is a RCC Framed Structure Building

Foundations and Basement

CRS masonry with RCC footings

Super Structure

Brick Masonry in C.M.

Plastering

In C.M.

Flooring

Pending

Roof, Staircase etc.

ACC Sheet roof

Doors

--

Windows

--

Services

Borewell with motor, sump with motor, compound wall with gate etc.

Electrical

Normal

Sanitary

Available

Water Supply

Bore well with motor

DETAILS OF VALUATION

I. AREAS

Total Area of shed and RCC structure	6250 Sq. ft.
Rate	Rs. 800/- per Sq. ft. [after completion] Rs. 700/- per Sq. ft. [as on date]
Value of shed [6250 Sq. ft. x Rs. 800/-]	Rs. 5.000 Million [after completion]
Value of shed [6250 Sq. ft. x Rs. 700/-]	Rs. 4.375 Million [as on date]

II. AREAS

Remaining proposed areas to be constructed	20950 Sq. ft.
Rate	Rs. 800/- per Sq. ft. [after completion]
Value of shed [20950 sq. ft. x Rs. 800/-]	Rs. 16.760 Million [after completion]

Stage of construction:

As on date brick work completed. Sheds columns raised. Roof rods for ACC sheet also completed. Around 85% of work is completed.

TOTAL ABSTRACT OF THE ENTIRE PROPERTY

Part A Land Value	Rs. 2.248 Million
Part B Shed [after completion]	Rs. 5.000 Million
	---------------------------------
	Rs. 7.248 Million
Part A Land Value	Rs. 2.248 Million
Part B Shed [as on date]	Rs. 4.375 Million
	---------------------------------
	Rs. 6.623 Million

TOTAL ABSTRACT OF THE ENTIRE PROPERTY [after completion]

Part A Land Value	Rs. 2.248 Million
Part B Constructed Shed	Rs. 5.000 Million
Part C Proposed areas [after completion]	Rs. 16.760 Million
	---------------------------------
Total	Rs. 24.008 Million

Fair Market Value as on 11.04.2015	Rs. 24.008 Million [after completion]
Fair Market Value as on 11.04.2015	Rs. 6.623 Million [as on date]

The Distress value or Forced sale value for the said property could be due to various factors like location in Developed Residential area, conditions of the building, Maintenance, accessibility, sentimental reasons, Vasthu conditions, shape of land and other factors etc. Keeping in view of the above few facts, 20% less than Fair Market Value.

The Distress value, as on 11.04.2015 [80%]	Rs. 19.206 Million [after completion]
Government value of the property	Rs. 14.722 Million

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

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. 64.05
UK Pound	1	Rs. 99.04
Euro	1	Rs. 71.76

INFORMATION DETAILS

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

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.