MIRA INFORM REPORT

Report Date :

24.12.2008

IDENTIFICATION DETAILS

Name :	ANJ ENTERPRISE
Registered Office :	106/107, Rajiv Gandhi Commercial Complex, Ekta Nagar, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	September – 2005
PAN No.: [Permanent Account No.]	ABGPM7142Q
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturer of Modler and Wooden Furniture

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an established concern in its field. Proprietor is reported as experienced, respectable and having satisfactory means of his own. Trade relations are fair. Business is active. No complaints have been heard. The concern can be considered for normal business dealings. It would be advisable to take adequate securities while dealing with the subject.

INFORMATION PARTED BY

Name :	Mr. Uday Shah
Designation :	Chartered Accountant
Contact No.:	91-9821163149
Date :	23.12.2008

LOCATIONS

Registered Office :	106/107, Rajiv Gandhi Commercial Complex, Ekta Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-66916292/ 91/ 26730367/ 65127101/ 7102
Mobile No.:	91-9819338101/ 9821163149
Fax No.:	91-22-66916293/ 28071271
E-Mail :	info@kularia.net uday@anj.co.in ashok@kularia.net info@anj.co.in
Website :	http://www.anj.co.in
Area :	300 sq. ft.
Location :	Owned
Corporate Office :	B – 308, Veena Sitar CHS, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Factory :	Unit No. 112-D, Chrkop Industrial Estate, Mumbai – 400067, Maharashtra, India
Area :	6500 sq. ft.
Location :	Owned
Factory :	Unit No.13 AB, Charkop Industrial Estate, Mumbai – 400067, Maharashtra, India
Area :	9000 sq. ft.
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Magharam C. Kularia
Designation :	Proprietor
Address :	703- C, Suresh Smruti, Prathmesh Complex, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	54 years

BUSINESS DETAILS

Line of Business :	Manufacturer of Modler and Wooden Furniture
Imports :
Products :	Furniture
Countries :	Malaysia China
Terms :
Selling :	Credit (30-90 days)
Purchasing :	L/C, Cash and Credit (30-90 days)

GENERAL INFORMATION

Suppliers :	Aditya Logistics Azad Transport Compnay Banshi Jain and Associates Best Machine and Tools Conprotech Services Dewoo Transport Services First Flight Couries Limited Meladi Computers Niteen Parulekar Architects Private Limited Neoteric Communication Sagar Octroi Company Star Travels Woodmaster India Machine Private Limited Lakhara Interior Works Rainbow Enterprises Alfa Carpeting Company Arc Trends Sys Private Limited Aryaman Comnstruction Private Limited Clean Coat Private Limited Ego Slooring Private Limited GSC Toughened Glass Private Limited Jajoo Architectural Glass (Private) Limited Mark Joint Venture Impex Private Limited MPP Technologies Private Limited Neelam Metal NLDK Timbers Private Limited Om Marble Traders Paras Marble Industries Private Limited
Customers :	End Users and Multinational and BPO Accenture Services Private Limited Agility Logistics Private Limited Avaya Global Limited BKC Construction Private Limited BMC – Software Capgemini Consulting India Private Limited DLF Satyam Edifice Architects Private Limited Electronica Finance Limited United Healthcare India Private Limited Vaibhav Medical and Education Foundation
No. of Employees :	130 (Office – 3 and Factory – 100)
Bankers :	Corporation Bank Andheri (East), Mumbai, Maharashtra, India

Banking Relations :	-
Auditors :
Name :	Banshi Jain and Associates Chartered Accountant
Address :	404/405, Imperial Plaza, Dr. K B. Hedgewar Marg, Opposite Amarsons, Off Linking Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Tel. No.:	91-22-26511213/ 26511215
Fax No.:	91-22-26511197
Email :	bjaa@rediffmail.com bjaa.ca@gmail.com
Associates/Subsidiaries :	ANJ Infrastructure ANJ Turnkey Project 106/107, Rajiv Gandhi Commercial Complex, Ekta Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India

CAPITAL STRUCTURE

Particulars	31.03.2008 (Rs. In Millions)	Particulars	31.03.2008 (Rs. In Millions)
To Drawings	1.304	By Balance b/d	31.521
To Wealth Tax	0.002	By Profit as per P and L A/C	61.397
To Advance Tax	6.685	By Capital Introduce	7.884
To PPF	0.070	By Car Loan	0.495
To TDS Receivable 2007-08	15.070	By Jay Kularia	0.263
To TDS Receivable 2006-07	7.528		101.56
To Capital Withdrawals rf to personal a/c	0.725
To Shop at Nokha Mandi – 1	0.215
To Shop at Nokha Mandi – 4	0.196
To Balance c/d	69.765
Total	101.560	Total	101.560

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		69.765	31.521	9.585
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.765	31.521	9.585
LOAN FUNDS
1] Secured Loans		18.047	2.970	1.150
2] Unsecured Loans		3.304	0.000	0.000
TOTAL BORROWING		21.351	2.970	1.150
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		91.116	34.491	10.735
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.923	13.646	2.500
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.527	4.089	0.006
	Sundry Debtors	120.620	60.203	16.002
	Cash & Bank Balances	0.372	8.536	1.726
	Other Current Assets	0.000	15.399	6.340
	Loans & Advances	35.224	8.052	2.393
Total Current Assets		187.743	96.279	26.467
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	136.483	75.434	18.232
	Provisions	0.067	0.000	0.000
Total Current Liabilities		136.550	75.434	18.232
Net Current Assets		51.193	20.845	8.235
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		91.116	34.491	10.735

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		597.742	268.195	39.251
Other Income		2.290	1.944	1.235
Total Income		600.032	270.139	40.486
Profit/(Loss) Before Tax		61.397	24.733	4.976
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		61.397	24.733	4.976
Expenditures :
	Cost of Goods Sold	323.061	155.953	21.233
	Labour Charges	175.727	75.280	11.837
	Salaries, Wages, Bonus, etc.	7.323	3.905	0.324
	Bank and Financial Charges	1.094	0.320	0.006
	Interest	0.677	0.123	0.037
	Insurance Expenses	0.552	0.015	0.141
	Power & Fuel	0.472	0.000	0.000
	Depreciation & Amortization	2.278	0.840	0.218
	Other Expenditure	27.451	8.970	1.714
Total Expenditure		538.635	245.406	35.510

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	10.23	9.16	12.29
Net Profit Margin (PBT/Sales)	(%)	10.27	9.22	12.68
Return on Total Assets (PBT/Total Assets}	(%)	26.97	22.50	17.18
Return on Investment (ROI) (PBT/Networth)		0.88	0.78	0.52
Debt Equity Ratio (Total Liability/Networth)		2.26	2.49	2.02
Current Ratio (Current Asset/Current Liability)		1.37	1.28	1.45

LOCAL AGENCY FURTHER INFORMATION

PROFIT AND LOSS ACCOUNTS

(RS. IN MILLIONE)

PARTICULARS	31.03.2009 [Projection]	31.03.2010 [Projection]
Gross Sales
Sales – Export	0.000	0.000
Sales – Domestic	1000.000	1200.000
Sub Total (Gross Sales)	1000.000	1200.000
Less Excise Duty	0.000	0.000
Add: Other Operating Income	0.000	0.000
Net Sales	1000.000	1200.000
Increases in Net Sales (%)	67.31%	20.00%
Cost of Sales
Raw Materials Consumed
[a] Imported	0.000	0.000
[b] Indigenous	550.000	660.000
Other Spares Consumed
[a] Imported	0.000	0.000
[b] Indigenous	0.000	0.000
Power and Fuel	0.000	0.000
Direct Labour and Wages	300.000	360.000
Other Direct Expenses	8.000	10.000
Depreciation	5.200	4.5000
Sub Total	863.200	1034.500
Add : Opening Stocks-in-process	19.200	25.000
Less: Closing Stocks-in-process	25.000	31.000
Sub Total	857.400	1028.500
COP As % of Gross Sales	85.74%	85.71%
Add : Opening Stock of finished goods	0.000	0.000
Less: Closing Stock of finished goods	0.000	0.000
Total Cost of Sales	857.400	1028.500
Cost of Sales As % of Gross Sales	85.74%	85.71%
Selling general and administrative expenses	61.900	74.300
Profit Before Interests and Tax (PBIT)	80.700	97.200
PBIT as % of Gross Sales	8.07%	8.10%
Interests and Other Finance Charges	3.500	3.800
Interests and Finance Charges As % of Sales	0.35%	0.32%
Operation profit before interest (PBT)	77.200	93.400
PBT as % of Sales	7.72%	7.78%
Non – Operating Items
Add : other non-operating income
Interests INC	3.000	3.300
Other	0.100	0.200
Prior year tax Adjustment	0.000	0.000
Total Non-Operating Income	3.100	3.500
Deduct Other Non-Operating Expenses
Prem. Expenses W/Off	0.000	0.000
Prior Year Adjustment	0.000	0.000
Loss on Sale of Investment	0.000	0.000
Misc. Expenses	0.000	0.000
Deferred Tax Provision W/o	0.000	0.000
Total Non-Operating Expenses	0.000	0.000
Profit before tax / Loss	80.300	96.900
Deferred Tax Liabilities	0.000	0.000
Provision for Taxes	0.000	0.000
Net Profit After Tax	80.300	96.900
PAT As % of Gross Sales	8.03%	8.08%
Equity Dividend Paid	0.000	0.000
Retained Profit	80.300	96.900

ANALYSIS OF BALANCE SHEET

[RS IN MILLIONS]

PARTICULARS	31.03.2009 [Projection]	31.03.2010 [Projection]
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
Bank – From applicant Bank	50.000	50.000
Bank – From Other Bank	0.000	0.000
Sub Total	50.000	50.000
Sundry Creditor (Trade)	80.000	88.000
Creditors for Expenses	24.000	28.000
Short Term Borrowing from Others/ Commercial Paper	0.000	0.000
Provision for Taxations	0.000	0.000
Dividend Payable	0.000	0.000
Other Statutory Liabilities [due within one year]	80.000	10.000
Installments of Term Loans/ Deferred Payment Creditors/ Debentures/ Deposits/ Redeemable Preference Shares [due within one year]	0.000	0.000
Other Provisions	0.000	0.000
Other liabilities – Advance From Customers	25.000	28.000
Sub – Total	137.000	154.000
Total Current Liabilities	187.000	204.000
TERM LIABILITIES
Loans from Director’s Friends and relatives	3.000	3.000
Preference Shares Capital (Redeemable after 1 years)
Term loans (Excluding installments payable within one year)	0.000	0.000
Sales Tax Interests Free Loan	0.000	0.000
Creditors for Capital Goods	0.000	0.000
Other Term Liabilities	0.000	0.000
Term Deposits (Repayable after 1 years)	0.000	0.00
Sales Tax Deferment	0.000	0.000
Total Term Liabilities	3.000	3.000
Partner’s Capital Account	100.000	120.000
General Reserve	0.000	0.000
Other Reserve (Excluding Provisions)	0.000	0.000
Surplus (+) or deficit (-) in P and L Account	0.000	0.000
Revaluation Reserve	0.000	0.000
Differed Tax Liability	0.000	0.000
Sate Subsidy	0.000	0.000
NEW WORTH	100.000	120.000
TOTAL LIABILITIES	290.000	327.000
Current Portion of Long Term Debt	0.000	0.000
Off Balance Sheet Debt	0.000	0.000
CURRENT ASSETS:
Cash and Bank Balance	1.700	2.500
INVESTMENTS (Other than Long Term)	0.000	0.000
Government and other Trustee securities	0.000	0.00
Fixed deposit with bank	25.000	28.000
Receivables	0.000	0.000
Receivables other than deferred and exports [Domestic]	165.000	180.000
Export receivables	0.000	0.0000
(*Retention Money/ Sec. Deposit)	0.000	0.000
Inventory
Raw materials [Including stores and other items used in the process of manufacture]
Imported	0.000	0.000
Indigenous	0.000	0.000
Stock – in – process	25.000	31.000
Finished Goods	0.000	0.000
Stores Spares and Fuel	0.000	0.000
Advance to Suppliers of Raw materials	20.000	20.000
Advance Payment to Tax	0.000	14.000
Other Current Assets
Prepaid Expenses/ Deposits with Excise
Advances Receivable In Cash	10.000	10.000
Others	3.000	4.800
Sales Tax on Works Contracts	0.000	0.000
Stock at Site – Proj. Based Funding
Total Current Assets	249.70	290.300
FIXED ASSETS:
Land	0.000	0.000
Building	31.500	29.000
Plant and Machinery	9.000	7.700
Furniture and Fixture	5.000	4.500
Fixed Assets	0.000	0.000
Capital Works in Progress	0.000	0.000
Less: Depreciation	5.200	4.500
Net Block	40.300	36.700
Other Non Current Assets
Investments in subsidiary Companies/ affiliates	0.000	0.000
Others Investment	0.000	0.000
Advances to suppliers of capital goods and contractors	0.000	0.000
Deferred receivables [maturity exceeding one year]	0.000	0.000
Margin Money Kept with banks	0.000	0.000
Debtors (6 Months)	0.000	0.000
Investment in Mutual Funds	0.000	0.000
Non consumable stores and spares	0.000	0.000
Other No Current assets including dues from directors	0.000	0.000
Total Other Non- Current Assets	0.000	0.000
Intangible Assets: (Patent, Goodwill Prilim Expenses, Bad/ Doubtfull Expenses not provided for)	0.000	0.000
TOTAL ASSETS	290.000	327.000

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

PARTICULARS	31.03.2009 [Projection]	31.03.2010 [Projection]
BUILD UP OF CURRENT ASSETS
Raw Materials – Indigenous– Amount	0.00	0.00
Months Consumption	0.00	0.00
Consumable spares - Indigenous– Amount	0.00	0.00
Months Consumption	0.00	0.00
Stock in Process – Amount	25.00	31.00
Months cost of production	0.35	0.36
Finished goods – Amount	0.00	0.00
Months cost of sales	0.00	0.00
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers] – Amount	165.00	180.00
Months domestic sales	1.98	1.80
BUILD UP OF CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases – Amount	80.000	88.000
Month’s Purchases	1.75	1.60

CALCULATION OF MAXIMUM PERMISSIBLE BANK FINANCE

(RS IN MILLIONS)

PARTICULARS	31.03.2009 [Projection]	31.03.2010 [Projection]
Second Method of Lending
Total Current Assets	249.700	290.300
Other Current Liabilities [Other than Bank Borrowings and TL Installments due within one Year]	137.000	154.000
Working Capital Gap	112.700	136.300
Min Stipulated Net Working Capital [25 % of Total current assets excluding export receivables]	62.425	72.575
Actual / projected NWC	62.700	86.300
Item 3 Minus Item 4	50.275	63.725
Item 3 Minus Item 5	50.000	50.000
Maximum Permissible Bank Finance [Lower of 6 or 7]	50.000	50.000
Excess borrowings representing shortfall in NWC	Nil	Nil

PARTICULARS	31.03.2009 [Projection]	31.03.2010 [Projection]
OPERATING SECTOR
Sales	1000.000	1200.000
Debtors [Trade]	44.400	15.000
CASH FROM SALES	955.600	1185.000
Costs – Interest And Finance Charges	3.500	3.800
Expenses On Stocks Purchases	550.000	660.000
Trade Creditors	12.800	[8.000]
Manufacturing Expenses	308.000	370.000
CASH COST OF SALES	874.300	1025.800
Expenses For Inc./ Dec. In Stocks	0.00	0.00
CASH FROM ASSETS CONVERSION CYCLE	81.300	159.200
Selling, General And Administrative Expenses	61.900	74.300
Advance Payments	4.000	14.000
Advance Received	0.000	0.000
Taxation	0.000	0.000
Dividends	0.000	0.000
CASH FROM OPERATIONS	15.400	70.900
Other Current Assets	11.000	1.800
Other Current Liabilities	[9.100]	[5.000]
Other Income / Expenses [Net]	[3.100]	[3.500]
NET CASH FROM OPERATIONS	16.600	77.600
INVESTMENT SECTOR
Capital Expenditure	5.600	0.900
Investment In Group Companies	0.000	0.000
Intang / Other Term Assets	0.000	0.000
CASH BEFORE FUNDING	11.000	76.700
FINANCING SECTOR
Dues To Banks	32.200	0.000
Short Term Debts	0.000	0.000
Term Debts	[0.300]	0.000
Equity	30.200	20.000
Other Loans And Receivables	[80.300]	[96.900]
TOTAL	[18.200]	[76.900]
MOVEMENT IN CASH ASSETS	[7.200]	[0.200]
Cash And Bank Balance	1.300	0.800
Investments [Other Than Long Term]	[4.500]	3.000
MOVEMENTS IN CASH ASSETS	[3.200]	3.800

STATEMENT OF FINANCIAL CONDITION

Particulars	31.03.2009 [Projection]	31.03.2010 [Projection]
	A PROFILE ANALYSIS (RS IN MILLIONSE)
TOTAL ASSETS [TANGIBLE]	290.000	327.000
TOTAL OUTSIDE LIABILITIES	190.000	207.000
TANGIBLE NETWORTH	100.000	120.000
NET SALES	1000.000	1200.000
PBDIT	85.900	101.700
OPERATING PROFIT [PBIT]	80.700	97.200
NET PROFITS	80.300	96.900
GROSS CASH ACCRUALS	85.500	101.400
NET WORKING CAPITAL	62.700	86.300
	B LIQUIDITY ANALYSIS
CURRENT RATIO	1.34	1.42
QUICK RATIO	1.20	1.27
	C. PROFITABILITY ANALYSIS
PBDIT / SALES [%]	8.59%	8.48%
PBIT / NET SALES [%]	8.07%	8.10%
NET PROFIT / SALES [%]	8.03%	8.08%
RETURN ON ASSETS [%]	8.03%	8.08%
RETAINED PROFIT / NET PROFIT [%]	27.69%	29.63%
RETURN ON NET WORTH [%]	100.00%	100.00%
	80.30%	80.75%
	D. ACTIVITY ANALYSIS [IN DAYS]
RECEIVABLE TURNOVER – DOMESTIC	60	55
INVENTORY TURNOVER	9	9
ACCOUNTS PAYABLES TURNOVER	53	49
FIXED ASSETS TURNOVER RATIO	24.81	32.70
	E. GROWTH RATIONS
NET SALES GROWTH [%]	67.31%	20.00%
NET PROFIT GROWTH [%]	30.78%	20.67%
NET WORTH GROWTH [%]	43.27%	20.00%
	F. LEVERAGE RATIO
TOL / TANG. NET WORTH	0.190	0.173
INTEREST COVER	2.454	2.676
PROFIT AFTER TAX	80.300	96.900
DEPRECIATION	5.200	4.500
DIVIDENDS	0.000	0.000
FUNDS FROM OPERATIONS	85.500	101.400
LONG TERM SOURCES
CHANGE IN CAPITAL	30.200	20.000
NET CHANGE IN RESERVE	(80.300)	(96.900)
CHANGE IN TERM LONGS	(0.300)	0.000
TOTAL [SOURCE (+) / DEFECIT (-)]	35.100	24.500
LONG TERM USES
NET CHANGE IN FIXED ASSETS	5.600	0.900
CHANGE IN OTHER NON CURRENT ASSETS [INCLUDING INVESTMENTS]	0.000	0.000
CHANGE IN INVESTMENTS IN GROUP COMPANIES	0.000	0.000
CHANGE IN INTANGIBLES	0.000	0.000
CONTRIBUTION TO WORKING CAPITAL	29.500	23.600
SHORT TERM USES
CHANGE IN NET WORKING ASSETS	54.200	35.000
CHANGE IN OTHER CURRENT ASSETS	11.000	1.800
SHORT TERM SOURCES
CHANGE IN OTHER CURRENT LIABILITIES	0.300	17.000
CHANGE IN BANK BORROWINGS / LOANS	32.200	0.000
NET DEFICIT / SURPLUS IN S T SOURCES	(32.700)	(19.800)
NET MOVEMENT IN LIQUID ASSETS	(3.200)	3.800
CHANGE IN CASH	1.3000	0.800
CHANGE IN MARKETABLE INVESTMENTS	(4.500)	3.000
NET MOVEMENT IN LIQUID ASSETS	(3.200)	3.800

DETAILS OF PURCHASES AND SALES FOR THE YEARS 2008-2009

(Rs. In Millions)

MONTH	PURCHASES	SALES
April 2008	22.613	13.019
May 2008	33.490	18.477
June 2008	26.857	119.167
July 2008	32.994	50.728
August 2008	35.189	60.959
September 2008	44.943	90.937
October 2008	28.474	40.567
Grand Total	224.560	393.854

DETAILS OF DEBTORS AND CREDITORS FOR THE YEARS 2008-2009

(Rs. In Millions)

MONTH	DEBTORS	CREDITORS
April 2008	82.745	51.281
May 2008	6.328	48.214
June 2008	70.919	35.388
July 2008	75.578	45.464
August 2008	64.019	40.958
September 2008	88.199	43.751
October 2008	64.462	49.994
Grand Total	452.250	315.050

VALUATION OF INDUSTRIAL ASSETS

Lands	Land is leveled one with occupancy rights in Government Industrial Estate, Charkop, Kandivli (West), Mumbai – 400067, India
Name of the Owners	Mr. Magharam C. Kularia Mr. Ashok M. Kularia
Location	Premises is located in Government Industrial Estate, Charkop, Kandivli (West), Near Hindustan Naka, Mumbai – 400067, India
Land Area	856 sq. ft.
Compound Wall	There is 7’ high plastered Brick Compound wall with chain link fencing, along periphery of the plot. There are 2 M.S. Gates at the Entrance.
Land is bounded a under	On or towards the East: Sama Studio (13 Co) On or towards the West: (Plot No.2) On or towards the North: Prakash Garage (Plot No.16) On or towards the South: AIF Engineering (Plot No.14 ABC)
BUILDING
Main Building	Load Bearing Structure with A.C. Sheet Roofing having maximum height of 30’ Carpet Area: 74’ x 54’ = 4366 sq. ft. Built up Area: 1.2 x 4366 = 5240 sq. ft.
Front Shed	Lean to roof Structure with IPS Flooring (15’ high) 59’6’ x 19 = 1130 sq. ft. Built up Area: 1.2’ x 1130’ = 1356 sq. ft.
Side Shed	Lean to roof Structure with IPS Flooring (20’ high) 19’ 4’ x 115’ = 2222 sq. ft. Built up Area: 1.2’ x 2222 = 2666 sq. ft.
Rear Shed	Lean to roof Structure (20’ high) with IPS Flooring 62’ x 20’ = 1240 sq. ft. Built up Area: 1.2’ x 1240 = 1488 sq. ft. Total Area of side sheds (1356+2666+1488) = 5510 Considering location, above specifications. Present market trends unit rate of Rs.6000/- sq. ft. Area and Rs.2000/- sq. ft. Built – up area for main building and side sheds reply is adopted for valuation of Industrial Premises
VALUATION
Main Building	5240 x 6000 = 31.440 Millions
Side Sheds	5510 x 2000 = 11.020 Millions
	= 42.460 Millions
Total	Rs.42.500 Millions

VALUATION OF PLANT AND MACHINERY

(ALL MACHINES ARE IN WORKING CONDITIONS)

Description of the Equipment along with specification and year of Installation	Qty.	Fair Market Value (Rs In Millions)
Edge Bending Machine – Optimat KDN 330 Make Homag India (Private) Limited (2006)	1	0.120
Hot Press Machine with Dust Collection Make Wood Master (I) Machines (Private) Limited (2006)	1	0.400
Hot Press Machine Make Jai Industries (2008)	1	0.860
Flexi Press Machine V/H – 22/03 3X440V/ 50 HZ (Make Markjoint Venture Impex Private Limited) (2006)	1	0.460
Drawer Assembly Machine – W – ZMV (Make Markjoint Venture Impex Private Limited) (2006)	1	0.018
Hammer – HGBH and GSH 2 kg (Make S. B. Corporation) (2006)	2	0.008
Post Forming Machine (Make Module Engineering Company) (2006)	1	0.250
Oplimat CH 03/32/M Bean Saw Machine (Make Homag India Private Limited) (2006)	1	1.200
Bag Filter – Dust Coller (Make – Apcon System Apft – 16 (SP) 5 HP/ 2800 RPM Capacity 4000 CMH) (2007)	1	0.085
Hammer – GBH2 – 18E (Make – Caple Traders) (2007)	3	0.005
Pneumatic Stapler (Make Kaymo Fasterners – FA 8016 F 1 B) (2007)	2	0.025
Mini Router (Timer) Bosch Make (2008)	4	0.022
Cutter Machine (Make Caple Traders) (2008)	6	0.062
Grinder for Cutting and Sewing (Make Caple Traders) (2008)	5	0.013
SI 300 Nova Panel SAW Maual (Make Jai Industries) (2008)	1	0.460
Hammer (Make – Hitachi) (2006)	2	0.160
Silding Panelsaw – Model J – 634 14’ (Make Jai Industries) (2008)	1	0.160
Tilting Arbopur – Cutter Model J – 634 14’ (Make Jai Industries) (2008)	1	0.026
Surface Planner Cum Thickness Planner Model J – 1013 (2008) (Jai Industries)	1	0.052
Drilling Machine – Optimat NB 65/3 (Make Homag India Private Limited) (2008)	1	1.200
Edge Bander Model J – 3000 (Make Jai Industries) (2008)	1	0.170
Pnumatic – Clamping for sliding (Make Jai Industries) (2008)	1	0.022
Dust Collector (2HP Single Bag – Canist Type), Model DC – 21 (Make Jai Industries) (2008)	1	0.062
Dust Single Bag – Canist Type, Model DC – 21 (Make Jai Industries) (2008)	2	0.120
PS – 3200 – Panaso Cutting Machine (Make Jai Industries)	1	0.500
Plainer Machine (Make Sandeep Industries)	1	0.040
Compressor (BIG) – 7.5 HP (Make – Cromption)	1	0.080
Compressor (BIG) – 7.5 HP (Make –Toyo)	1	0.040
Moulder Machine (Make Wood Master)	1	0.160
TOTAL		7.862

SUMMARY OF VALUATION

Description	Fair Market Value in Millions
Land and Premises thereon at Plot No. 13 AB Government Industrial Estate, Charkop, Kandivli (West), Mumbai – 400067	42.500
	0
Machinery at Plot No. D- 112 and 13 AB Government Industrial Estate, Charkop, Kandivli (West), Mumbai – 400067	7.862
Total	50.362
Say	50.400

REPORT OF VALUATION OF IMMOVABLE PROPERTY

(GENERAL INFORMANTION)

Name of the Party/ Purchaser and Address	Mr. Magharam C. Kularia Mrs. Naini M. Kularia Premises No. 410 and 411, 4^th Floor, Janki Centre, Plot No. 29, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Purpose of Valuation	Bank Purpose – Business Loan, Corporation Bank, Versova Branch
List of Documents Produced for perusal	Purchase Agreement
Date of Inspection:/ Valuation	26.11.2008
Approximate distance from the Branch to the property	1 Km
Situation/ Location/ Brief description of the landsite and brief description of the building	This commercial property is @ 2.5 Km from Andheri Rly Station. Area is mixed locality i.e. Residential / Commercial
Boundaries of the property	Property is abutting Veera Desai Road
Property Tax Details	Borne by Owners Proportionately Thought Society.
Assuming the entire property is let out, the probable monthly rent and advance building rent	Rs.38000/- to Rs.40000/- p.m.
BUILDING:
Type of Construction	R.C.C.
Quality of Construction	Good
Appearance of the building	Good
Number of Floor	Ground + 7 Stories (With Lift)
Maintenance of the Building	Good
Description of the Building
Foundation	R.C.C.
Superstructure	R.C.C.
Roof	R.C.C.
Doors	Wooden Flush Door
Windows	Aluminium Windows
Sanitary Fittings	Europian Toilet
Flooring	Granite Tiles
Electricity Supply	Conealed Wiring
Total Plinth Area	1000 sq. ft.
Year of Construction	1995
Balance Residual Life of the Building Estimated	37 years with periodic structural Audit and regular maintenance
VALUATION
This commercial Premises No 410 and 411 is situated on 4^th Floor Both premises are merged together to from larger furnished office premises with A.C. Unit. Measurements are taken at site are as under:- 32’ x 24.6” = 785 sq. ft. Super Built up area – 500 + 500 = 1000 sq. ft. (As per agreement) Mrs. Naini Magharam Kularia Owner of Premises No.410 Mr. Magharama C. Kularia Owner of Premises No.411 Considering Location, Above Specification, age of the Building Present Market Trends, Unit rate of Rs.12000/- sq. ft. of super Built up area is adopted for valuation. Valuation = 12000 x 1000 = 12.000 Millions

DETAILS OF STOCK IN TRADE:

Assesses firm is engaged in the business of carpentory and Interior Decorator. It purchases various types and difference qualities of raw materials eg. Plywood, Wood, Hardware, Tiles and marbles, Electrical Materials etc. It is explained that day to day quantitative details of various items is not maintained; therefore it is not possible to furnish the details in the manner called for in the firm.

Closing Stock of Raw Materials and WIP is Rs.16.973 Millions

ACCOUNTING RATIOS WITH CALCULATION AS FOLLOWS: (Rs. In Millions)

[a] Gross Profit/ Turnover

Gross Profit 93.960

--------------- X 100 = ----------- X 100 = 15.72 %

Turnover 597.742

[b] Net Profit/ Turnover

Net Profit 61.397

-------------- X 100 = -------------- X 100 = 10.27%

Turnover 597.742

[c] Stock-in-trade/ Turnover

Stock in trade 19.243

------------------- X 100 = ------------- X 100 = 3.22%

Turnover 597.742

MR. MAGHARAM C. KULARIA (PROPRIETOR)

(RS. IN MILLIONS)

PERSONAL CAPITAL ACCOUNTS

Particulars	31.03.2008	Particulars	31.03.2008
To Drawings	1.144	By Balance b/d	42.481
To Share of FBT	0.002	By Interests Income
To Wealth Tax	0.002	Bank Interests	0.001
To Advance Tax	6.685	Interests on Income Tax Refund	0.000
To PPF	0.070	Interests on FDR	0.0256
To Loss on Partnership Firm (Kularia Associates)	0.092	By Rental Income (Bhayander’s Flat)	0.029
To TDS Receivable 2007-08	15.070	By Profit From ANJ Enterprises	61.397
To TDS Receivable 2006-07	7.528	By Income Tax Refund	0.007
To Share of Firm Tax	0.444
To Balance c/d	72.904
Total	103.941	Total	103.941

PERSONALBALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		72.904	42.481	22.299
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		72.904	42.481	22.299
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.834	0.019	0.018
TOTAL BORROWING		0.834	0.019	0.018
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		73.738	42.500	22.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.386	2.378	2.030
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		69.818	3.295	0.092
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.097	0.086	0.088
	Other Current Assets	0.000	32.032	13.101
	Loans & Advances	0.437	4.709	7.006
Total Current Assets		0.534	36.827	20.195
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		0.534	36.827	20.195
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		73.738	42.500	22.317

MR. JAY M. KULARIA (MINNOR)

(RS. IN MILLIONS)

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		4.603	4.280
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4.603	4.280
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1.883	2.146
TOTAL BORROWING		1.883	2.146
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		6.486	6.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.408	4.407
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.336
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.530	0.102
	Other Current Assets	0.000	0.000
	Loans & Advances	1.548	1.581
Total Current Assets		2.078	1.683
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		2.078	1.683
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		6.486	6.426

TRADE REFERENCE:

• D L F Assets Private Limited – Delhi
• Royaltra India Limited – Andheri

FIXED ASSETS

• Building (Owned – Rs.6.400 Millions)
• Building and Furniture
• Furniture and Fixture
• Office Equipment
• Land
• Tools and Equipment
• Motor Car
• Machinery
• Mobile Purchases
• Camera
• Telephone Instrument
• Computer
• Computer Cable

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.48.49
UK Pound	1	Rs.71.89
Euro	1	Rs.67.86

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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