MIRA INFORM REPORT

Report No. :	503839
Report Date :	11.05.2018

IDENTIFICATION DETAILS

Name :	CHADHA STEELS
Registered Office :	H. No.2485, Street No 3, Janta Nagar, Ludhiana – 141001, Punjab
Mobile No.:	91-9815390098 [Mr. Sunil Kumar]
Country :	India
Financials (as on) :	Not Available
Date of Establishment :	15.03.2018
Capital Investment :	Not Divulged
IEC No.: [Import-Export Code No.]	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	03AJNPA5010G1ZX
PAN No.: [Permanent Account No.]	AJNPA5010G
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer of Bicycle and Tractor Parts from Scrap Metal Sheets. (Proposed Activity) [Confirmed by Management] ]
No. of Employees :	07 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

NB

Credit Rating	Explanation	Rating Comments
NB	New Business	No recommendation can be done due to business in infancy stage

Status :	New Business
Payment Behaviour :	Unknown
Litigation :	Exists

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 11.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Sunil Kumar
Designation :	Chief Executive Officer
Contact No.:	91-9815390098
Date :	07.05.2018

LOCATIONS

Registered Office/ Factory/ Godown :	2485, Street No 3, Janta Nagar, Ludhiana – 141001, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-9815390098 [Mr. Sunil Kumar]
Fax No.:	Not Available
Area:	900 Sq. Ft.
Location :	Rented
Locality :	Industrial [As per site visit]

SOLE PROPRIETOR

Name :	Mrs. Asha Chadha
Designation :	Proprietor
Address:	House No. 188, Ranchi Colony, Threekey Road, Tharike, Ludhiana – 142021, Punjab, India
Date of Birth/ Age:	07.05.1980
Qualification:	HSC [12+1]
Experience:	2 Years
Aadhaar No.:	8801 7563 1266
PAN No.:	AJNPA5010G

KEY EXECUTIVES

Name :	Mr. Sunil Kumar
Designation :	Chief Executive Officer
Date of Birth/ Age:	06.07.1975
PAN No.:	ALIPK6714G

BUSINESS DETAILS

Line of Business :	Manufacturer of Bicycle and Tractor Parts from Scrap Metal Sheets. (Proposed Activity) [Confirmed by Management] ]
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

· Vinod Washel House

· R K Thind Auto Parts

· Singla Steel

Customers :

Wholesalers and Retailers

· Rakesh Cycle India

· K T Traders

No. of Employees :

07 [Approximately]

Bankers :

Bank Name:	Bank of India
Branch:	579-R, Model Town, Ludhiana SMT City, Centre, Ludhiana, Punjab, India
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Auditors :	Not Yet Appointed
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	· Hari Om Steel Traders Address: Shop No.; 31-A, Super Cycle market, Abadi Chet Singh Nagar, Opposite Kawality Dharam Kanda, Gill Road, Ludhiana, Punjab, India Line of Business: Trading of Scrap Metal Sheets (Iron/steel)

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Available
Borrowed :	Not Available
Total :	Not Available

LEGAL CASES

Case Details

Case Type

Comp

Filing No.

802/2013     Filing date: 07-03-2011

Registration No.

7576/2013     Registration date: 14-10-2011

Case code

205800008022013

CASE STATUS

First Hearing Date

06-06-2011

Next Hearing Date

03-11-2014

Purpose of Hearing

Trial Evidence

Court No & Judge

11 - Civil Judge

Petitioner(s) & Advocate(s)

Petitioner - JASMINE ENTERPRISES

Address - INDIA0

Advocate - 

Respondent(s) & Advocate(s)

Respondent - M/S CHADHA STEELS

Address - INDIA0

Advocate - 

ACTS

Under Act(s)	---
Under Section(s)	---
Subject

LOWER COURT INFORMATION

Court No & Name	---
Case No & Year	---
Case Decision Date	--

History Of Case Hearing

Regn. No.	Judge	Business on Date	Hearing Date	Purpose of Hearing
7576/2013	Civil Judge	06-06-2011	06-06-2011	Appearance
7576/2013	Civil Judge	10-08-2011	10-08-2011	Appearance
7576/2013	Civil Judge	14-11-2011	14-11-2011	Appearance
7576/2013	Civil Judge	01-02-2012	01-02-2012	Appearance
7576/2013	Civil Judge		02-04-2012	Appearance
7576/2013	Civil Judge	02-04-2012	29-05-2012	Notice & Record
7576/2013	Civil Judge	29-05-2012	21-12-2012	Trial Evidence
7576/2013	Civil Judge	21-12-2012	21-05-2013	Trial Evidence
7576/2013	Civil Judge	21-05-2013	13-09-2013	Trial Evidence
7576/2013	Civil Judge	13-09-2013	20-11-2013	Trial Evidence
7576/2013	Civil Judge	20-11-2013	02-01-2014	Trial Evidence
7576/2013	Civil Judge	02-01-2014	26-03-2014	Trial Evidence
7576/2013	Civil Judge	26-03-2014	29-04-2014	Trial Evidence
7576/2013	Civil Judge	29-04-2014	13-06-2014	Trial Evidence
7576/2013	Civil Judge	13-06-2014	14-08-2014	Trial Evidence
7576/2013	Civil Judge	14-08-2014	03-11-2014	Trial Evidence

Case Transfer Details Between The Courts

Regn. No.	Transfer Date	From Court No  & Judge	To Court No  & Judge
7576/2013	14-10-2011	15 - Civil Judge	11 - Civil Judge

FINANCIAL ANALYSIS

[all figures are in INR Million]

NEW BUSINESS

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	Yes
5	Buyer visit details	Yes
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	No
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	No
22	Conduct of the banking account	--
23	Financials, if provided	No
24	Capital in the business	No
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	No
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	CHADHA STEELS
Address :	H No. 2485, Street No 3, Janta Nagar, Ludhiana – 141001, Punjab, India
Contact No.:	91-9815390098
Person to whom we met:	Mr. Sunil Kumar [Chief Executive Officer]
Name Board :	Not Sighted
Location:	Easy
Landmark (If Any):	Near Vishivkarma Industries Private Limited
Total Floors of the Building :	Ground Floor + 1
Subject situated on:	Ground Floor
Locality:	Industrial
Area of Premises :	900 Sq. Ft.
Area :	Neutral
No. of employees seen at premises:	02 [Approx.]
Proof of visit:	Photos

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BREAK EVEN ANALYSIS

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
Sale value of the product	60.000	68.000	78.000	90.000	105.000
Variable expenses
Raw material	56.111	63.732	73.312	84.816	99.217
Cons, stores and spares	0.000	0.000	0.000	0.000	0.000
Power, water and salary	0.256	0.294	0.339	0.389	0.448
Wages and salary	0.785	0.903	1.038	1.194	1.373
Other manufacturing expenses	0.086	0.099	0.114	0.131	0.150
Other factory overheads	0.000	0.000	0.000	0.000	0.000
Total – Variable expenses	57.238	65.028	74.802	86.530	101.188
Contribution	2.762	2.972	3.198	3.470	3.812
Fixed and semi-fixed expenses
Depreciation	0.102	0.087	0.088	0.075	0.064
Selling and admin. Expenses	0.829	0.978	1.154	1.362	1.607
Intt. On TL Debt and DPC	1.281	1.281	1.281	1.281	1.281
Total - Fixed and semi-fixed expenses	2.212	2.346	2.523	2.718	2.952
Operating Profit	0.551	0.626	0.674	0.752	0.860
Break-even point	80%	79%	79%	78%	77%

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
Gross Sales
Domestic sales	60.000	68.000	78.000	90.000	105.000
Export sales	0.000	0.000	0.000	0.000	0.000
Other operating /revenue income	0.000	0.000	0.000	0.000	0.000
Total	60.000	68.000	78.000	90.000	105.000
Net sales	60.000	68.000	78.000	90.000	105.000
% age rise in net sales as compared to prev. year	--	13.33%	14.71%	15.38%	16.67
Cost of Sales:
i) Raw-materials (including stores and other items used in the process of manufacture)	618.000	64.464	74.334	86.040	100.748
(a) imported	0.000	0.000	0.000	0.000	0.000
(b) Technical Services	618.000	64.464	74.334	86.040	100.748
ii) Other spares
(a) imported	--	--	--	--	--
(b) indigenous	0.000	0.000	0.000	0.000	0.000
iii) Power and fuel	0.256	0.294	0.339	0.389	0.448
Direct labour factory wages and salaries	0.785	0.903	1.038	1.194	1.373
Other manufacturing expenses	0.086	0.099	0.114	0.131	0.150
Depreciation	0.102	0.087	0.088	0.075	0.640
Other costs	0.000	0.000	0.000	0.000	0.000
Sub-total	63.029	65.847	75.912	87.829	102.783
Add: Opening stocks in process	0.000	1.286	1.370	1.577	1.825
Sub-total	63.029	67.133	77.282	89.406	104.608
Deduct: Closing stocks in process	1.286	1.370	1.577	1.825	2.135
Cost of production	61.743	65.763	75.705	87.581	102.473
Add: Opening stocks of finished goods	0.375	4.778	5.426	6.241	7.217
Sub-total	62.148	70.541	81.131	93.822	109.696
Deduct: Closing stocks of finished goods	4.778	5.426	6.241	7.217	8.138
Sub-total	57.340	65.115	74.890	86.605	101.252
Selling, general and administrative expenses	0.829	0.978	1.154	1.362	1.607
SUB-TOTAL	58.169	66.093	76.044	87.967	102.859
Operating Profit Before Interest	1.831	1.907	1.956	2.033	2.141
Interest on CC	1.281	1.281	1.281	1.281	1.281
Interest on term loan	0.000	0.000	0.000	0.000	0.000
Operating Profit after Interest	0.550	0.626	0.675	0.752	0.860
i) Add: Other non-operating expenses
a) Interest 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) Deduct: Other non-operating expense	0.000	0.000	0.000	0.000	0.000
Net of other non-operating income/ expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax/loss	0.550	0626	0.675	0.752	0.860
Provision for taxes	0.000	0.000	0.000	0.000	0.000
Net Profit/loss	0.550	0626	0.675	0.752	0.860
Retained profit	0.550	0626	0.675	0.752	0.860
Retained profit/net profit (%)	100.00%	100.00%	100.00%	100.00%	100.00%

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ANALYSIS OF BALANCE SHEET

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
CURRENT LIABILITIES
Short term borrowings from banks(including bills parched and discounted and the excess borrowings
placed on repayment basis)
(i) From applicant bank	12.500	12.500	12.500	12.500	12.500
(ii) From other banks	--	--	--	--	--
(iii) (of which BP & BD)	--	--	--	--	--
Sub-Total (A)	12.500	12.500	12.500	12.500	12.500
Short-term borrowings from others	--	--	--	--	--
Sundry Creditors(Trade)	1.368	1.318	3.114	1.803	2.112
Advance payments from customers/deposits from dealers	1.050	1.096	1.126	1.196	1.253
Provision for taxation	0.000	0.000	0.000	0.000	0.000
Dividend payable	0.000	0.000	0.000	0.000	0.000
Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000
Deposit/instalments of term loans/ DPG debenture, etc. (due within one year)	0.000	0.000	0.000	0.000	0.000
Other current liabilities and provisions (due within one year)	0.126	0.145	0.167	0.192	0.220
a) Other payables	--	--	--	--	--
Sub-Total	1.26	0.145	0.167	0.192	0.220
Total Current liabilities	15.044	15.059	16.907	15.691	16.085
TERM LIABILITIES
Debentures (not maturing within one year)	--	--	--	--	--
Preferences shares (redeemable after one year)	--	--	--	--	--
Term loans (excluding instalments payable within one year)	0.000	0.000	0.000	0.000	0.000
Deferred payment credits (excluding instalments payable within one year)	0.000	0.000	0.000	0.000	0.000
Term deposits/ unsecured loans	2.500	3.000	3.200	3.500	3.500
Other term liabilities	0.000	0.000	0.000	0.000	0.000
Total term liabilities	2.500	3.000	3.200	3.500	3.500
Total outside liabilities	17.544	18.059	21.107	19.191	19.585
Net worth
Operating capital	0.000	4.854	6.254	7.466	8.392
General reserve	0.000	0.000	0.000	0.000	0.000
Revaluation reserve	0.000	0.000	0.000	0.000	0.000
Other reserves (excluding provisions)	0.000	0.000	0.000	0.000	0.000
Surplus(+) or deficit(-)in Profit & Loss Account	0.550	0.626	0.675	0.752	0.860
Additions	4.500	1.000	0.800	0.500	0.800
Withdrawals	(0.196)	(0.226)	(0.263)	(0.326)	(0.396)
Salary and interest on capital	0.000	0.000	0.000	0.000	0.000
NET WORTH	4.854	6.254	7.466	8.392	9.656
TOTAL LIABILITIES	22.398	24.313	27.573	27.583	29.241
CURRENT ASSETS
Cash and Bank balance	0.874	0.671	1.100	0.362	1.176
Investments (other than long term)
i) Fixed deposits with banks	0.000	0.000	0.000	0.000	0.000
ii) Receivables other than deferred and export (including bills purchased and discounted by bankers)	10.000	12.750	13.000	13.125	10.938
Instalments of deferred receivables (due within one year)	9.927	9.482	10.915	12.627	14.771
Inventory :
(i) Raw materials (including stores & other items used in process of manufac.)
(a) Imported	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	3.863	2.686	3.097	3.585	4.198
(ii) Stocks-in-process	1.286	1.370	1.577	1.825	2.135
(iii) Finished goods	4.778	5.426	6.241	7.217	8.438
(iv) Other consumables
a)Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000	0.000	0.000
Advances to suppliers of raw materials and stores/ spares	0.000	0.000	0.000	0.000	0.000
Advance payment of taxes	0.000	0.000	0.000	0.000	0.000
Other current assets
a) Misc. assets	0.998	0.323	0.975	0.190	0.957
Prepaid exp.	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	21.799	23.726	27.074	27.159	28.881
FIXED ASSETS
Gross block (land and (building, machinery, constr. in progress etc.) construction-in-progress, etc.)	0.700	0.775	0.775	0.775	0.775
Depreciation to Date	0.102	0.188	0.276	0.351	0.415
Net block	0.599	0.587	0.499	0.424	0.360
OTHER NON-CURRENT ASSETS
Investments/Book debts/ advances /deposits which are not current assets
(i) (a) Investments in subsidiary companies/affiliates	0.000	0.000	0.000	0.000	0.000
(b) Others	0.000	0.000	0.000	0.000	0.000
(ii) Advances to suppliers of capital goods/ contractors	0.000	0.000	0.000	0.000	0.000
iii) Others	0.000	0.000	0.000	0.000	0.000
Non-consumable stores and spares	0.000	0.000	0.000	0.000	0.000
Other non-current assets including dues from directors from directors	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON-CUR ASSETS	0.000	0.000	0.000	0.000	0.000
Intangible Assets (Patents. Goodwill, Preliminary & formation expenses, bad & doubtful debts not provided for, etc.)
TOTAL ASSETS	22.398	24.313	27.573	27.583	29.241
TANGIBLE NETWORTH	4.854	6.254	7.466	8.392	9.656
NET WORKING CAPITAL	6.755	8.667	10.167	11.468	12.796
Current Ratio	1.45	1.58	1.60	1.73	1.80
Total Outside Liabilities/ Tangible Net Worth	0.361	0.289	0.269	0.229	0.203
Total Term Liabilities/ Tangible Net Worth	0.052	0.048	0.043	0.042	0.036

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FUND FLOW STATEMENT

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
SOURCES
Net Profit	0.626	0.675	0.752	0.860
Depreciation	0.087	0.088	0.075	0.064
Increase in Capital	4.854	1.400	1.212	0.926
Increase In Term Liabilities [include public deposit]	0.500	0.200	0.300	0.000
Decrease in
i.) Fixed Assets	--	--	--	--
ii.) Other Non-Current Assets	--	--	--	--
Others	--	--	--	--
Total	6.067	2.363	2.339	1.850
USES
Net Loss	--	--	--	--
Decrease in Term Liabilities [include public deposit]	--	--	--	--
Decrease in Quasi Capital	--	--	--	--
Increase in
i) Fixed Assets	0.075	0.000	0.000	0.000
ii) Other Non-current assets	0.000	0.000	0.000	0.000
Dividend Payment	0.000	0.000	0.000	0.000
Others	4.080	0.863	1.038	0.522
Total	4.155	0.863	1.038	0.522
Long Term Surplus/ Deficit	1.912	1.500	1.301	1.328
Increase/decrease in Current Assets	1.927	3.348	0.085	1.722
Increase/decrease in Current Liabilities other than Bank Borrowings	0.015	1.848	(1.216)	0.394
Increase/decrease in Working Capital Gap	1.912	1.500	1.301	1.328
Net Surplus / deficit	0.000	0.000	0.000	0.000
Increase/decrease in Bank Borrowings	0.000	0.000	0.000	0.000
Increase/decrease in Net Sales	8.000	10.000	12.000	15.000
Break-up of (4)
Increase/decrease in raw material	(1.177)	0.411	0.488	0.613
Increase/decrease in Receivables
Domestic	2.750	0.250	0.125	(2.187)
Exports	0.000	0.000	0.000	0.000
Increase/decrease in stock and spares	0.000	0.000	0.000	0.000
Increase/decrease in Other Current Assets	(0.378)	1.665	(1.752)	1.765
Sub Total	1.927	3.348	0.085	1.722

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CASH FLOW STATEMENT

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
Sources
Net profit	0.626	0.675	0.752	0.860
Depreciation	0.087	0.088	0.075	0.064
Increase in capital	4.854	1.400	1.212	0.924
Increase in term liabilities [Including public deposit]	0.500	0.200	0.300	0.000
Decrease in
Fixed assets	--	--	--	--
Other non-current assets	--	--	--	--
Others	--	--	--	--
Total	6.067	2.363	2.339	1.850
USES
Net loss	--	--	--	--
Decrease in term liabilities [Including public deposit]	--	--	--	--
Increase in
Fixed assets	0.075	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000	0.000
Dividend payments	0.000	0.000	0.000	0.000
Others	4.080	0.863	1.038	0.522
Total	4.155	0.863	1.038	0.522
Opening balance of cash and bank	0.874	0.671	1.100	0.362
Long term surplus/deficit	1.912	1.500	1.301	1.328
Increase/ decrease in current assets [Other than cash and Bank]	2.130	2.919	0.823	0.908
Increase/ decrease in current liabilities [Other than bank borrowings]	0.015	1.848	91.216	0.394
Increase/ decrease in bank borrowings	0.000	0.000	0.000	0.000
Closing Balance of cash and bank	0.671	1.100	0.362	1.176

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COMPARATIVE STATEMENT OF CURRENT ASSETS

AND CURRENT LIABILITIES

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
CURRENT ASSETS
Raw materials (including stores & other items used in the process of manufacture)
(a) Imported	0.000	0.000	0.000	0.000	0.000
(months' consumption)	0.00	0.00	0.00	0.00	0.00
(b) Indigenous	3.863	2.686	3.097	3.585	4.198
(months' consumption)	(0.75)	(0.50)	(0.50)	(0.50)	(0.50)
Other consumable spares excluding those included under item
(a) Imported	0.000	0.000	0.000	0.000	0.000
(months' consumption)	0.00	0.00	0.00	0.00	0.00
(b) Indigenous	0.000	0.000	0.000	0.000	0.000
(months' consumption)	0.00	0.00	0.00	0.00	0.00
Stocks-in-process	1.286	1.370	1.577	1.825	2.135
(months' cost of production)	(0.25)	(0.25)	(0.25)	(0.25)	(0.25)
Finished Goods	4.778	5.426	6.241	7.217	8.438
(months' cost of sales)	(1.00)	(1.00)	(1.00)	(1.00)	(1.00)
Receivables other than export and deferred receivables (including bills purchased and discounted by bankers)	10.000	12.750	13.000	13.125	10.938
(months' domestic sales excluding deferred payment sales)	(2.00)	(2.25)	(2.00)	(1.75)	(1.25)
Export receivables (including bills purchased and discounted 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
Advances to suppliers of raw materials etc.	0.000	0.500	1.084	0.855	1.039
Other current assets including cash and bank balances and deferred receivables due within one year
a) Cash and bank balances	0.874	0.671	1.100	0.362	1.175
b) Other current assets	0.998	0.323	0.975	0.190	0.957
Total Current Assets	21.799	23.726	27.074	27.159	28.881
CURRENT LIABILITIES
Creditors for purchases of raw materials & stores and consumable spares	1.368	1.318	3.114	1.803	2.112
(months' purchases)	(0.25)	(0.25)	(0.50)	(0.25)	(0.25)
Advances from customers	1.050	1.096	1.126	1.196	1.253
Statutory Liabilities	0.000	0.000	0.000	0.000	0.000
Other current liabilities
i) Other current liabilities and provisions (due to one year)	0.126	0.145	0.167	0.192	0.220
Sub-Total	2.544	2.559	4.407	3.191	3.585

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
FIRST METHOD OF LENDING
Total current asset	21.799	23.726	27.074	27.159	28.881
Other current liabilities [Other than bank borrowing]	2.544	2.559	4.407	3.191	3.585
Working capital GAP	19.255	21.167	22.667	23.968	25.296
Minimum Stipulated net working capital 25% of total current assets other than Export Receivable	4.814	5.292	5.667	6.992	6.324
Actual/Projected net working capital [45 in Form III]	6.755	8.667	10.167	11.468	12.796
Item 3 minus Item 4	14.441	15.875	17.000	17.976	18.972
Item 3 minus Item 5	12.500	12.500	12.500	12.500	12.500
Maximum permissible bank finance (Item 6 or 7, whichever is lower)	12.500	12.500	12.500	12.500	12.500
Excess Borrowings, if any representing short/ all in NWC	--	--	--	--	--
SECOND METHOD OF LENDING
Total current assets (form-IV-9)	21.799	23.726	287.074	27.159	28.881
Other current liabilities [Other than bank borrowings]	2.544	2.559	4.407	3.191	3.585
Working capital gap	19.255	21.167	22.667	23.968	25.296
Minimum Stipulated net working capital 25% of total current assets other than Export Receivable	5.450	5.932	23.968	6.790	7.220
Actual/Projected net working capital [45 in Form III]	6.755	8.667	10.167	11.468	12.796
Item 3 minus Item 4	13.805	15.236	15.899	17.178	18.076
Item 3 minus Item 5	12.500	12.500	12.500	12.500	12.500
Maximum permissible bank finance (Item 6 or 7, whichever is lower)	12.500	12.500	12.500	12.500	12.500
Excess Borrowings, if any representing short/ all in NWC [4-5]	--	--	--	--	--

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PERFORMANCE AND FINANCIAL INDICATORS

(INR IN MILLION)

PARTICULARS	OPERATING YEARS
	2019 (Projected)	2020 (Projected)	2021 (Projected)	2022 (Projected)	2023 (Projected)
Net sales	60.000	68.000	78.000	90.000	105.000
PBT	0.550	0.626	0.675	0.752	0.860
PBT sales%	0.92	0.92	0.87	0.84	0.82
PAT	0.550	0.626	0.675	0.752	0.860
Cash accruals	0.652	0.713	0.763	0.827	0.924
Paid up capital	0.00	48.54	62.54	74.66	83.92
TNW	48.54	62.	74.66	83.92	96.56
TOL/TNW	3.61	2.89	2.69	2.29	2.03
Current ratio	1.45	1.58	1.60	1.73	1.80
Growth in sales %	--	13.33%	14.71%	15.38%	16.67%

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NETWORTH STATEMENT

MR. SUNIL KUMAR [GUARANTOR]

(INR IN MILLION)

DETAILS OF ASSETS

Bank

Bank	Branch	S/B/C/D a/c No.	Present Balance
Bank of India	Ludhiana, Punjab	652710110006928	500.000
Corporation Bank	Ludhiana, Punjab	301700101002343	700.000

IMMOVABLE PROPERTY:

Assets	Own/joint name	Area	Free hold or lease hold	Location /address	Purchase cost	Present value
Commercial	Owned	100 Sq. Ft.	--	H. No.: 188, Panch Colony, Ludhiana, Punjab, India	--	4.500
Residential	Owned	300Sq. Ft	--	H. No.: 188, Panch Colony, Ludhiana, Punjab, India	--	15.000

MOVABLE PROPERTY:

Insurance policies:

Name of company and branch	Policy No.:	Dt. Of issue	Sum assured	Surrender value	Annual premium	Premium paid upto
Sud Life	01060126	22.02.2017	0.541	--	50982	2018
LIC of India	300373214	28.09.2005	0.400	--	10472	2017
LIC of India	301951697	28.03.2010	0.950	--	45638	2018

Investment in Govt. securities like bond/PPF/NSC/KVP/IVP, etc.

Bond/ certificate no.	Nature of securities	Dt. of Purchase	Issuing office	Face value	Due date
SGB00000101739965-1017399660 [Gold Bond]	--	12.05.2017	Bank of India	0.030	12.05.2025
IB000001020373796-1020373805 [Gold Bond]	--	28.07.2017	Bank of India	0.030	28.07.2025

Vehicles :

Type of vehicle	Registration	Model	Present value
Car	PB-10-LL 6587	2013	0.700

Jewellery;

Particulars	Quantity	Valuation
Gold	330 GM	1.200
Others (Cash)	--	0.500

LIABILITY

Borrower:

Borrowed from	Purpose of loan	Amt. of loan	Security	Repayment terms
Bank of India	Business	9.000	Ludhiana, Punjab	--
Magma Housing	H-L	5.500		15 Years

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relation	Address
Asha Chadha	Housewife	Married	H. No. 186 Ranchi Colony, Ludhiana, Punjab
Akansha Chadha	Student	Daughter
Anshul Chadha	Student	Son

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

NETWORTH STATEMENT

MR. ASHA CHADHA [PROPRIETOR]

(INR IN MILLION)

DETAILS OF ASSETS

Bank

Bank	Branch	S/B/C/D a/c No.	Present Balance
Karnataka Bank Limited	Ludhiana	4527000100351301	600.000

IMMOVABLE PROPERTY:

Assets	Own/joint name	Area	Free hold or lease hold	Location /address	Purchase cost	Present value
Commercial	Owned	50 Sq. Ft.	--	Shop No.31A, Cycle Market Gill Road, Ludhiana, Punjab, India	--	7.500

Jewellery;

Particulars	Quantity	Valuation
Gold	335 GM	1.200
Others (Cash)	--	0.500

OTHER INVESTMENTS/ASSETS - INR 3.240 MILLION

As Guarantor

Name of the person to whom guarantor	Name of the bank/ financial institution	Guarantee Amount	Present status of a/c	Outstanding balance
Hari Om Steel Traders	Bank of India	9.000	--	--
Sunil Kumar	Magma Housing	5.500	--	5.200

LEGAL HEIRS/ FAMILY PARTICULARS

Name	Occupation	Relations	Age	Address
Akansha Chadha	Student	Daughter	16	H. No. 186 Ranchi Colony, Ludhiana, Punjab
Anshul Chadha	Student	Son	18

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COMPANY PROFILE

The company is newly formed proprietorship firm of Mrs. Asha Chadha w/o Mr. Sunil Kumar Office cum Godown of the firm is located at H. No. 2485, street No. 3, Janta Nagar, Ludhiana which is taken on rent vide rent agreement dated 15.01.2018 for 11 months period with renewal clause. Mr. Sunil Kumar, proposed Gurantor is proprietor of Hari Om Steel Traders, a trading, firm of metal scraps is availing credit facility of INR 9.000 million from their Kochar Market Branch, Since 2016. Proprietor Mrs. Asha Chadha is having experience in the line of business as she assisted her husband in the firm Hari Om Steel Traders. Mr. Sunil Kumar will help her in the proposed activity. The firm will procure the raw material (scrap metal sheet) from Pune, Delhi and Kapurthala and after processing the finished goods will be sold in Punjab region.

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VALUATION REPORT

(GENERAL DETAILS)

Date of Valuation	05.03.2018
Name of the Owner	MR. SUNIL KUAMR S/O SHOBHA RAM
Location of the property	Abadi Ranchi Colony, Near Ekjot Garments, Village Threeke, Ludhiana, Punjab, India

Fair Market Value of the property

INR 14.503 Million

Realizable Value of the property

INR 12.328 Million

Forced/Distress sale value of the property

INR 10.152 Million

Govt. Registration Value of the property

Construction	INR 4.003 Million
Value pf plot – 300 Sq. yds INR 3100 per sq yqyd	INR 0.930 Million
Total	INR 4.933 Million
Say	INR 4.933 Million

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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	INR
US Dollar	1	INR 67.37
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	VAR
Report Prepared by :	ARC

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.