After making the champ, thought to reduce the size and make a slowflyer out of balsa.
Specification
5" wingspan
1.75" chord.
1.5 mm balsa
4mm gearbox
2ch tx rx
30mah lipo
50ohm act.
Finally, aiming for weight under 5g!!!

Below,Cutting out the tail fins.

Covering using thin plastic sheet and CA.

Best of luck friend!!

Which TX RX??

  Prabal

@sundram sir,Most probably the Microsystems from hk.

Covering is done by stretching the plastic and applying CA.
Tail fins glued.

Cool   At 5" WS its a tough bargain. All the best.

@kiran rc,
Good project.
Why not use tissue paper instead of plastic sheet?
You can get a smooth taut surface, by shrinking the tissue with water spray.
Best wishes.

Making the wing. Ribs are bent to structure and glued. The covering of the wing is done in the same way of that of tail fins. One thing to make sure that the plastic sheet should be crumbled so that the sticking becomes easy.

@sundram sir, I had already tried 9" span so thought to try this. Hope it flies well.

Iyer sir, tissue is not as strong as plastic. My last model with plastic covering flew great.  If I will use tracing paper kind of covering then I think it will be heavy. 

Good start Kiran 
5" is too small, it has to be a micro micro flyer!! weight is the biggest challenge here. You have to keep it as minimum as possible! Which motor are you using and what prop? Could you please post the link of the micro rx you are using?

@mmet2ami Thankyou,  you can checkout the Microsystems under radios and receiver section at hobbyking.There are a lot of rx and modules under that section. 

Wing covered and completed!

superb all the best you have to go super light .......whats the electronics total weight ......i suggest make it a free flight

Fuse stick is 1.5x2mm, glued to the tail section. Wing mounts/holder is attached to the stick.

Roman, thanks
Approximate weight
Airframe-0.5g
Motor with gb-1.1g
Rx-0.5g
Actuator-0.25g
Lipo-1 g
Misc-0.5g
Total- 3.85g
Approx. Auw wouldn't exceed 4 g

Wing mounted and the airframe is ready for electronics.

Another picture l, next to a pen to compare sizes.

well all i can say is.......you are doing well all the best...

Target AUW of 4gms is ideal for your build. All the best.

Thanks sir will surely keep it as light as possible.

Weight-0.49g!

nice ...great kiran you are 1 1/2inch smaller than the Plantraco Butterfly livingroom flyer ..... it weighs 3.8gram ,so like sir sundaram said 4grm is your lucky num. even lesser better.