MIRA INFORM REPORT

Report Date :

29.12.2008

IDENTIFICATION DETAILS

Name :	N SATISHKUMAR AND COMPANY
Registered Office :	1603, Panchratna, Opera House, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	30.09.1974
IEC No.:	0388045107
PAN No.: [Permanent Account No.]	AAAFN1084F
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners.
Line of Business :	Manufacture, Exporter and Importer of Cut and Polish Diamond

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 a well established and reputed concern in its field. Trade relations are fair. Business is active. Partners are reported as experienced, respectable and having satisfactory means of their own. No complaints have been heard. It would be advisable to take adequate securities while dealings with the subject.

INFORMATION PARTED BY

Name :	Mr. Nikunj Mbhansali
Designation :	Accountant
Contact No.:	91-9322187200
Date :	26.12.2008

LOCATIONS

Registered Office :	1603, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23612523/ 23691188/ 3615721
Mobile No.:	91-9322187200/ 9821717747
Fax No.:	91-22-23641154
E-Mail :	nsatish@vsnl.com
Location :	Owned
Factory 1 :	402/502 Diamond House Kesarba Market Gotala Wadi, Katargam Surat, India
Tel. No.:	91-261-2532424
E-Mail :	nsatish@vsnl.com
Area :	5400 sq. ft.
Location :	Owned
Factory 2 :	16-18/601 Diamond House Kesarba Market, Gotala Wadi, Katargam Surat, India
Tel. No.:	91-261-2532424
E-Mail :	nsatish@vsnl.com
Area :	4000 sq. ft.
Location :	Leased
Factory 3:	2^nd and 3^rd Floor, Sukhdev Complex Near Torrent Power Nandu Doshi Ni Wadi Vasta Devdi Road, Surat, India
Tel. No.:	91-261-2532424
E-Mail :	nsatish@vsnl.com
Area :	20000 sq. ft.
Location :	Leased

PARTNERS

Name :	Mr. Narendra V. Shah
Designation :	Partner
Address :	A/ 201, Hamilto Building 9, Labnum Road, Gamdevi Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	57 years
Qualification :	Inter Science
Experience :	35 years
Name :	Mr. Ramniklal V. Shah
Designation :	Partner
Address :	403, Chandan Bala Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	52 years
Qualification :	F Y B Com
Experience :	32 years
Name :	Mr. Jayantilal V. Shah
Designation :	Partner
Address :	22-D, Bharat Mahal Doongrsy Road, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	60 years
Qualification :	SSC
Experience :	35 years
Name :	Mr. Vinay J. Shah
Designation :	Partner
Address :	163, Samrat Ashok R. R. Thakkar Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	37 years
Qualification :	SYJC
Experience :	15 years
Name :	Mr. Miten N. Shah
Designation :	Partner
Address :	A/207, Hamilto Building 9, Labnum Road, Gamdevi Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	35 years
Qualification :	B. Com
Experience :	12 years
Name :	Mr. Samit M. Shah
Designation :	Partner
Address :	303, Sulsa Apartment, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	35 years
Qualification :	B. Com
Experience :	12 years
Name :	Mr. Vikas J. Shah
Designation :	Partners
Address :	22-D, Bharat Mahal Doongrsy Road, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	32 years
Qualification :	B. Com
Experience :	10 years

KEY EXECUTIVES

Name :	Mr. Nikunj Mbhansali
Designation :	Accountant

BUSINESS DETAILS

Line of Business :	Manufacture, Exporter and Importer of Cut and Polish Diamond
Exports :
Products :	Cut and Polished Diamonds
Countries :	Europe Japan USA Belgium Hong Kong
Imports :
Products :	Rough Diamonds
Countries :	Belgium Israel
Terms :
Selling :	L/C, Cash and Credit (30-60-90 days)
Purchasing :	Cash (90 days)

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Cut and Polished Diamonds	CT.	7500	4000

GENERAL INFORMATION

Suppliers :	Crystal Gems Diajewel Lotus Gems Arjav Diamonds Nv., Brilliant Gems Bvba Diamond Creation NV Diarough NV Gembel European Sales NV Rosy Blue Sunrajgems BVBA Bright Star Exp. Private Limited Om Shiv Diamonds Reliance Ricl A/C Samyak Diamonds Surat Sundry Creditors Sarin Technology India Private Limited Orgem
Customers :	Wholesalers, Retailers and End Users Amipi Insurance Tarana Gems R. R. J. Enterprises Alif Trading Company (KK) Ashi Diamonds LLC Bass Premier Company DSM Jewelers LLC Diavin Limited Dow Gems Insurance Earth Diamonds Insurance Ideal Jewellery Private Limited Inter Diam Pte. Limited Java Trading Limited K D Khothari and Compnay Navshila Jewellery Private Limited R. N. Enterprises Savin Diamonds Corporation Shahar Freilich Diamonds Limited Ojas Exports
No. of Employees :	311 (Office – 11 and Factory – 300)
Bankers :	State Bank of India, 144, Majestic Shopping Center, JSS Road, Mumbai - 400004, Maharashtra, India ICICI Bank Bank of India Surat State Bank of India
Facilities :	Rs.300.000 Millions from State Bank of India

Banking Relations :	Satisfactory
Auditors :
Name :	Borkar and Muzmudar Chartered Accountant
Address :	21/168, Annd Nagar, On CHS Anand Nagar Lane, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-66899999
Fax No.:	91-22-66899990
Email :	contact@bnmca.com
Memberships :	Gem & Jewellery Export Promotion Council
Associates/Subsidiaries :	Ojas Exports 1603, Panchratna, Mama Parmanand Marg, Opera House, Mumbai - 400004, Maharashtra, India (Importer & Exporter)

CAPITAL STRUCTURE

DETAILS PF PARTNER CAPITAL ACCOUNT

Name of Partners	% of PSR	Opening Balance as on 01.04.2007	Addition During the period	Withdrawals during the period	Profit for the current year	Closing Balance as on 31.03.2008
Narendra V. Shah	20%	30.781	0.816	2.328	2.285	31.554
Ramnik V. Shah	30%	34.620	0.245	3.025	3.427	35.266
Vinay J. Shah	10%	9.105	7.709	5.656	1.142	12.300
Jayntilal V. Shah	10%	13.282	4.298	5.596	1.142	13.127
Miten N. Shah	10%	8.715	9.241	3.919	1.142	15.180
Vikas Shah	10%	9.662	3.057	0.891	1.142	12.971
Samit M. Shah	10%	9.641	4.780	2.513	1.142	13.050
Total		115.806	30.146	23.928	11.422	133.448

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] Share Capital		133.448	114.058	86.082
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		133.448	114.058	86.082
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		305.022	229.751	128.224
TOTAL BORROWING		305.022	229.751	128.224
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		438.470	343.809	214.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.585	23.287	10.681
Capital work-in-progress		0.000	0.000	6.872
INVESTMENT		4.784	17.091	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	356.712	310.358	0.000
	Sundry Debtors	242.596	210.107	111.056
	Cash & Bank Balances	0.720	2.264	0.000
	Other Current Assets	1.134	0.804	184.159
	Loans & Advances	16.515	9.979	1.334
Total Current Assets		617.677	533.512	296.549
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	208.006	229.961	99.607
	Provisions	6.570	0.120	0.189
Total Current Liabilities		214.576	230.081	99.796
Net Current Assets		403.101	303.431	196.753
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		438.470	343.809	214.306

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		905.172	675.724	403.972
Other Income		26.959	4.229	0.217
Total Income		932.131	679.953	404.189
Profit/(Loss) Before Tax		17.793	15.077	8.523
Provision for Taxation		6.370	0.000	0.000
Profit/(Loss) After Tax		11.423	15.077	8.523
Expenditures :
	Cost of Goods Sold	861.059	623.621	375.522
	Salaries, Wages, Bonus, etc.	0.375	0.512	0.364
	Partners Remuneration	1.680	0.000	0.000
	Payment to Auditors	0.084	0.104	0.016
	Insurance Expenses	0.134	0.014	0.041
	Depreciation & Amortization	2.838	2.762	1.938
	Other Expenditure	48.168	37.863	17.785
Total Expenditure		914.338	664.876	395.666

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	1.23	2.22	2.11
Net Profit Margin (PBT/Sales)	(%)	1.97	2.23	2.11
Return on Total Assets (PBT/Total Assets}	(%)	2.74	2.71	2.77
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.10
Debt Equity Ratio (Total Liability/Networth)		3.89	4.03	2.65
Current Ratio (Current Asset/Current Liability)		2.88	2.32	2.97

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

[RS IN MILLIONS]

PARTICULARS	2008-09 Estimated	2009-10 Projected
Local Sales
Sales – Export (Including Deemed Exports to SEZs)	1100.000	1350.000
Total Gross Sales	1100.000	1350.000
Less Excise Duty
Net Sales	1100.000	1350.000
Growth in Sales	21.53%	22.73%
COST OF SALES
Raw Materials [Including stores and other items used in the process of manufacture]
[a] Imported	1040.000	1232.500
[b] Local Purchases	0.000	0.000
Stores and Spares
[a] Imported	0.000	0.000
[b] Indigenous	0.000	0.000
Power and Fuel	0.000	0.000
Direct labour	33.500	43.500
Cut and Polished diamonds purchases (Trading Activity)
Other Manufacturer Expenses	0.000	0.000
Depreciation	3.000	3.000
Other Expenses	0.000	0.000
Repair and Maintenance
SUB TOTAL	1076.500	1279.000
Add : Opening Stocks – in – process	0.000	0.000
Sub Total	1076.500	1279.000
Deduct : Closing Stock – in – Process	0.000	0.000
Cost of production	1076.500	1279.000
Add : Opening Stock of finished goods	91.900	148.500
Sub – total	1168.400	1427.500
Deduct: Closing Stock – in - finished goods	148.500	178.500
Total Cost of Sales	1019.900	1249.000
Gross Profit/ Sales	7.28%	7.48%
Selling general and administrative expenses	30.000	37.500
Other Expenses	0.000	0.000
SUB – TOTAL	1049.900	1286.500
Operation profit before interest	50.100	63.500
Interest on Working Capital Finance	25.000	30.000
Interests on Term Loans	0.000	0.000
Other Interests	0.000	0.000
Total Interests	25.000	30.000
Operating profit after interest	25.100	33.500
Add : Other Non-Operating Income	0.000	0.000
Profit before tax / Loss	25.100	33.500
Provision for taxes (Taxes Paid + tax provision + tax charges to partner’s capital accounts)	8.400	11.000
Net profit / loss (PAT)	16.700	22.500
Cash Accruals	19.700	25.500
Dividend paid + IT on Dividend/ Withdrawals in case of Partnership Firms/ Sole Proprietorship
Retained Profit	16.700	22.500
Retained Cash Profits	19.700	25.500
RM Content in production	89.92%	89.31%
PBDIT	53.100	66.500
PBDIT/ Sales	4.83%	4.93%
Operating Profit/ Sales	2.28%	2.48%
PBT/ Sales	2.28%	2.48%
PAT/ Sales	1.52%	1.67%
Cash Accruals/ Sales	1.79%	1.89%

ANALYSIS OF BALANCE SHEET

[Rs in Millions]

PARTICULARS	2008-09 Estimated	2009-10 Projected
CURRENT LIABILITIES
Short – Term Loans from Applicant Bank including BP and BD	300.000	330.000
Short – Term Loans from Other Banks including BP and BD	0.000	0.000
Sub Total	300.000	330.000
Deposits Payable within 1 years
Sundry creditors (for local purchases)	0.000	0.000
Sundry creditors (Imports)	212.300	248.000
Sundry creditors (Ibour)	0.000	0.000
Net Provision for Taxation	0.000	0.000
MVAT/ TDS etc Payable	0.000	0.000
Other Statutory Liabilities	0.000	0.000
Overdue Term Liabilities	0.000	0.000
Installments of Term Loans	0.000	0.000
Other current Liabilities and Provisions	4.800	5.000
Credit For Expenses	0.000	0.000
Creditors For Others	4.800	5.000
Provision	0.000	0.000
SUB – TOTAL	217.100	253.00
TOTAL CURRENT ASSETS	517.100	583.000
TERM LIABILITIES
DTL	0.000	0.000
Preference Shares	0.000	0.000
Term loans from others Banks	0.000	0.000
Deferred Payment	0.000	0.000
Term deposit	0.000	0.000
Other Term Liabilities	5.000	5.000
Unsecured Loans from Partners (Trated as Quasi Equity)	5.000	5.000
Unsecured Loans from Others (Not Treated as Quasi Equity)	0.000	0.000
TOTAL TERM LIABILITIES	5.000	5.000
TOTAL OUTSIDE LIABILITIES	522.100	588.000
NET WORTH
Paid up Capital	137.600	162.600
Share Premium Account	0.000	0.000
Revaluation Reserve	0.000	0.000
Adjustment for Previous Year Costs	0.000	0.000
Other Reserve	0.000	0.000
DTL	0.000	0.000
Profit/ Loss A/C	45.000	67.500
NET WORTH	182.600	230.100
TOTAL LIABILITIES	704.700	818.100
CURRENT ASSETS
Cash and Bank Balance	1.000	1.500
Government and other Trustee securities	0.000	0.000
Fixed deposit with bank	0.000	0.000
Domestic Receivables	0.000	0.000
Export receivables [Including bills purchased / discounted by banks]	323.100	376.500
Deferred  receivables [due within one year]	0.000	0.000
Imported Raw materials	200.000	232.500
Indigenous Raw materials	0.000	0.000
Stock – in – process	0.000	0.000
Finished Goods	148.500	178.500
Other consumable spares
Imported	0.000	0.000
Indigenous	0.000	0.000
Advances to suppliers	0.000	0.000
TDS/ VAT Receivables	0.000	0.000
Net Advance Payment of Taxes	0.000	0.000
Other Current Assets	1.000	1.000
Prepaid Expenses	0.000	0.000
Other Current Assets	1.000	1.000
O/S Exch. Rate	0.000	0.000
Other Receivables	0.000	0.000
TOTAL CURRENT ASSETS	673.600	790.000
FIXED ASSETS
Gross Block	28.000	28.000
Depreciation to date	10.500	13.500
NET BLOCK	17.500	14.500
OTHER NON – CURRENT ASSETS
Investments / book / debts / advances / deposits which are not Current Assts
Others Investments in Subsidiary	0.000	0.000
Others companies / affiliates	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
FD under Lien	0.000	0.000
BDB Deposit	8.300	8.300
Others	0.000	0.000
Deposit	0.500	0.500
Other non – current assets	4.800	4.800
TOTAL OTHER NON – CURRENT ASSETS	13.600	13.600
Intangible assets [Patents, goodwill, prelim, expenses, bad / doubtful debts Not provided for etc.]	0.000	0.000
TOTAL ASSETS	704.700	818.100

VALUE OF FRINGE BENEFITS IN TERMS OF SECTION 115 WC READ WITH SECTION 115WB FOR THE ASSESMENT YEAR 2008-09

(RS. IN MILLIONS)

Section under which chargeable to Fringe Benefit Tax	Name	Amount of expenditure incurred or payment made	Percentage expenditure/ Payment being fringe benefits	Value of fringe benefits
115WB(1)(b)	Free or concessional ticket provided by the employer for private journeys of this employees or their family members	-	100%	-
115WB(1)(c)	Any contribution by the employer to any approved Superannuation fund for employees (see Note1)	-	100%	-
115WB(2)(A)	Entertainment	-	20%	-
115WB(2)(B)	Provision of Hospitality of every kind by the employer to any person (see Note 2)	-	20% (see Note 3)	-
115WB(2)(C)	Conference (Other than fee for participation by the employees in any conference) (See Note 4)	-	20%	-
115WB(2)(D)	Sales promotion including publicity (see Note 5)	-	20%	-
115WB(2)(E)	Employees’ Welfare (see Note 6)	-	20%	-
115WB(2)(F)	Conveyance, tour and travel (see Note 7)	1.803	5% (See Note 8)	0.090
115WB(2)(G)	Use of hotel, boarding and lodging facilities	-	20% (See Note 9)	-
115WB(2)(H)	Repair, Running (including fuel), maintenance of motor cars and the amount of depreciation thereon	0.273	20% (see Note 10)	0.055
115WB(2)(I)	Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon	-	20% (See Note 11)	-
115WB(2)(J)	Use of Telephone (Including mobile phone) other than expenditure on leased telephone lines	0.314	20%	0.063
115WB(2)(K)	Maintenance of any accommodation in the nature of guest house other than accommodation used for training purpose	-	20%	-
115WB(2)(L)	Festival Celebrations	-	50%	-
115WB(2)(M)	Use of health club and similar facilities	-	50%	-
115WB(2)(N)	Use of any other club facilities	-	50%	-
115WB(2)(O)	Gifts	-	50%	-
115WB(2)(P)	Scholarships	-	50%	-
115WB(2)(Q)	Tour and Travel (Including foreign travel) (see Note 12)	-	20%	-
Total		2.390		0.208

NOTES:

1. For Assessment year 2008-09 and subsequent assessment years, the value of fringe benefits in respect of contribution by the employer to an approved superannuation fund shall be the amount of contribution which exceeds Rs.0.100 Million in respect of each

2. Expenditure on hospitality does not include the following :-

(i) any expenditure on, or payment for, food or beverage provided by the employer to his employees in office or factory;

(ii) any expenditure on, or payment through paid vouchers which are not transferable and usable only at eating joints or outlets

3. In the case of an employer engaged in the business of hotel 5% shall be substituted for 20%. In addition to this, in the case of an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substituted for 2.

4. For the purpose of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purpose of conference.

5. The following expenditure on advertisement shall not be considered as expenditure on sales promotion including publicity.

(i) the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system.

(ii) The expenditure on the holding of, or the participation in any press conference or business convention, fair or exhibition.

(iii) The expenditure on sponsorship of any sport event or any other event organized by any Government agency or trade association or body.

(iv) The expenditure on the publication in any print or electronic media of any notice required to be published by or under any law or by an order of a court or Tribunal

(v) The expenditure on advertisement by way of signs, art work, painting, banners, awnings, direct mail, electric spectaculars, kiosks, hoardings, bill boards or by way of such other medium of advertisement.

(vi) The expenditure byway of payment of any advertising agency for the purpose of clause (i) to (v) above

(vii) The expenditure on distribution of free samples of medicines or of medical equipment, to doctors (not be considered as expenditure or sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

(viii) The expenditure by way of payment to any person of repute for promoting the sale of goods or services for the business of the employer (not to be considered as expenditure on sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

6. For the purpose of this clause, any expenditure incurred or payment made to fulfill any statutory obligation or mitigate occupational hazards or provide first aid facilities in the hospital or dispensary run by the employer shall not be considered as expenditure for employee’s welfare

7. For assessment year 2007-08 and subsequent assessment years, clause (F) of sub-section (2) of section 115WB refers to expense of ‘conveyance’

8. In the case of an employer engaged in the business of construction, or in the business of manufacture of production of pharmaceuticals or computer software, 5% shall be substituted for 20%

9. In the case of an employer engaged in the business of manufacture or production of pharmaceuticals or computer software, 5% shall be substituted for 20% Besides, in the case on an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substituted for assessment year 2007-08 and subsequent assessment years

10. In the case of and employer engaged in the business of carriage or passengers or goods by motor car, 5% shall be substituted for 20%

11. In the case of an employer engaged in the business of carriage of passengers or goods by aircraft, ‘Nil’ shall be substituted for 20%

12. This clause is applicable for assessment year 2007-08 and subsequent assessment years”.

NAME OF PARTNERS AND THEIR PROFIT SHARING RATIOS FOR THE YEAR ENDED 31^ST MARCH 2008

Name of Partners	Profit Ratio
Narendra V. Shah	20%
Rammiklal V. Shah	30%
Vinay Jayantilal Shah	10%
Jayantilal V. Shah	10%
Miten Narendrakumar Shah	10%
Vikas Jayantilal Shah	10%
Samit Mahendrakumar Shah	10%
Total	100.00%

PARTICULAR OF LOAN/ DEPOSITS EXCEEDING RS.0.020 TAKEN OR ACCEPTED FOR THE ENDED ON 31^ST MARCH 2008

(RS. IN MILLIONS)

Name and address of depositors and Income Tax No.	Opening balance as on 01.04.2007	Additional during the year	Payment during the year	Closing Balance as on 31.03.2008	Maximum Due During the Yyear	Mode of Payment
Ojas Exports 1603, Panchratna, Opera House, Mumbai – 400004, India PAN No.: AAAFO0489R	NIL	0.250	0.250	NIL	0.250	Cheque
Virchand Punamchand and Company 126/128 Sheikh Memon Street, Zaveri Bazar, Mumbai – 400002, India PAN No.: AAAFV5107B	NIL	1.500	NIL	1.500	1.500	-
Mahendra Punamchand Shah 126/128 Sheikh Memon Street, Zaveri Bazar, Mumbai – 400002, India PAN No.: AAAHM3619M	NIL	3.500	NIL	3.500	3.500	-

VALUATION OF REPORT ON MARKET VALUE

1.Valuation Sought by the and Purpose for Which Valuation Made	State Bank of India, Diamond Branch, Majestic Shopping Center, Opera House, Charni Road (East), Mumbai – 400004t, to sanction financial assistance to party.
2.Date as on which Valuation is Made	219^th January 2007
3.Name of the Owners and 4.If the property is under joint ownership co-ownership share of each owner, is the share undivided	Ownership
5.Brief Description of the Property	Office Unit No.1603 16^th Floor, Panchratna Co-op Housing Society Limited, Mama Parmanand Marg, Near Roxy Cinema, Opera House, Mumbai – 400004, India
6. Location Street, Ward No.	Mama Parmanand Marg, Opera House,
7.Survey Plot No. of Land	Cadastral Suvery No. 1/1487 and 6/1487 of Girgaum Division
8.It the Property Situated in residential/ Commercial/ Mixed/ Industrial Area	Predominantly Commercial and Party Residential Area.
9. Classification of locality – High Class/ Middle Class/ Poor Class.	Higher Middle Class of Locality.
10.Proximity to civic amenities like schools offices, Hospitals, Market Cinemas etc.	All Civic Amenities are situated within reach
11.Means and Proximity to surface Communication by which the locality is served	By Road. BEST Buses/ Taxes are available for transport. 3 to 5 minutes walking distance from chain – road station.

Considering to above point, I adopt the rate of unit is Rs.1600.00 per Sq. Feets (Super Built up Area)

So estimated value of Unit = 9466 sq. feets X Rs.1600 per Sq. feets

= 01 51, 45, 600.00

Say = 5.100 Millions

Note: Relisable Value of the Property = Rs.13.000 Millions

Distress Value of the Property = Rs.11.500 Millions

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VALUATION REPORT OF IMMOVABLE PROPERTY

GENERAL INFORMATION:

1.Purpose for Which Valuation Made	To ascertain present FMV for State Bank of India, Diamond Branch.
2.Date on which Visit Made	15.08.2008
3.Name of the Owners	Ojas Exports
4.If the property is under joint ownership co-ownership share of each owner, is the share undivided	Partnership firm
5.Brief Description of the Property	Shop Nos. 16/17/18 Ground Floor, Diamond House, Building No. A/2, Keshrba Market, Gotalawadi, On Plot No.417/A, T. P. Scheme No.03, Katargam, Surat They referred to the Xerox copy of following provided to them. Agreement dated 18.10.2003 between J J Land Corporation (Seller) and Ojas Exports (Purchaser) Previous Valuation report dated 31.05.2005 of Shree Ajit B Gohil. Brief Description: The Shop Nos. 16/17/18 Ground Floor in Building No. A/2 of Diamond House situated at above address, is about 2 kms from surat railway station. All civic amenities are nearby and within easy reach. The building of Lower Ground + 8 upper floors. It is a RCC frame structure with RCC beams, columns, Slabs etc having RCC staircase and 2 lifts to access upper floors. Land Mark: Kesharba Market Boundaries: East: Katar Gam Road West: Road North: 120’ ft Road South: Shivam Town Amenities of the property: Green Kota tiles flooring in all rooms, Granite Pantry Platform, full height glazed tiles dado in toile, Wooden flush doors and aluminum sliding windows, Indian W. C. and bath, Coacealed wiring and plumbing etc. Accommodation: The accommodation provided in shops is open Area, 1 Cabin, 1 Pantry, 1 Toilet etc. As per Measurement the Carpet Area is 939 sq. ft. As per agreement super Built up area is 1555 sq. ft. which is considered for valuation. Notes and Disclaimer: They consider the area given in the agreement, declared by the party and submitted for registration with the government authorities as final for valuation purpose. Any area that is not started in the agreement is not considered for valuation. Their valuation is based on their experience and knowledge and this is an opinion only and does not stand as a guarantee for the value it can fetch if disposed, due to any emergency, in future. The legal documents pertaining to the ownership of the above said property has been referred to on its face value and that is presumed that Bank has got the same verified through its legal counsel. They do not certify the veracity of the documents. This report does not certify valid or legal or marketable title of any of the parties over the property. Their report does not cover verification of ownership, title clearance, or legality and subject to adequacy of engineering/ structural design. Copy of the approved plans not given for their verification and the same may be obtained from the owner. Their valuation is only for the use of the party to whom it is addressed and no responsibility is accepted to any third party for the whole of any part of its contents. Encumbrances of Loan, Government and other dues, stamp duty, registration charges etc. if any are not considered in the valuation. They have assumed that the assets are free from encumbrances.
6. Location Street, Ward No.	Shop Nos. 16/17/18 Ground Floor, Diamond House, Building No. A/2, Keshrba Market, Gotalawadi, On Plot No.417/A, T. P. Scheme No.03, Katargam, Surat
7.Survey Plot No. of Land	R. S. No. 437/3, F P No.417/A
8.It the Property Situated in residential/ Commercial/ Mixed/ Industrial Area	Commercial Area
9. Classification of locality – High Class/ Middle Class/ Poor Class.	Middle Class
10.Proximity to civic amenities like schools offices, Hospitals, Market Cinemas etc.	All civic amenities are nearby and within easy reach.
11.Means and Proximity to surface Communication by which the locality is served	Taxi, Bus, Auto and Private vehicles etc.
12. a) Is the property owner occupied, tenant, or both	Vacant at the time of their visit
b) If partly occupied, specify portion and extent of area under owner occupation.	Vacant at the time of their visit
13. Name and Registration No. of Co-Op. Housing Society.	N.A.
14. Share Certificate No. and Face values.	Details not available

SALES AND MARKETABILITY

1. Give instance of sale of immovable property in the locality on a separate sheet including the name and address of the property, registration No., Sale price and area land sold.	Sales instances are not available readily so to find market rate, Estate agents/ builders and other relevant agencies of area were contacted.
2. Market Rates adopted	Prevalent Market Rate: Rs.2500/- to Rs.3000/- per sq. ft. Rate adopted for valuation: Rs.2700/- per sq. ft. Factors considered for valuation: Location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply of demand, local nearby enquiry, market feed back of investigation.
3. If sale instances are not available or relied upon, basis of arriving at the land rate.	Enquired with local architects and real estate consultants about the current market rates in that area and on this basis property is valued under “Selling Price Method.”

PRESENT FAIR MARKET VALUATION:

Valuation = Area X Rate

Super Built up Area	1555 sq. ft.
Rate adopted for valuation	Rs.2700/- per sq. ft.
Value	Rs.4.199 Millions

REALISABLE SALES VALUE:

Rs.3.359 Millions

TECHNICAL DETAILS FOR THE PREMISES

No. of Floors and height of each floor	Lower Ground + Ground + 8 Upper Floor
Location and Plinth Area	Shop No.16, 17, 18, Ground Floor, Carpet Area – 939 sq. ft. – Measurement Super Built up Area – 1555 sq. ft. – As per Agreement
Year of Construction	Years – 1997 Age of Building 11 years
Estimated Future/ Residual Life	49 years (Subject to proper and regular maintenance of the building)
Type of Construction	RCC Framed Structure
Type of Foundations	RCC Footings
WALLS
External Walls	9” thick brick masonry walls both sides plastered
Partitions	4 1/2” thick brick masonry walls both sides plastered
Door and Windows (Floor-wise)	Wooden Flush doors and Aluminum sliding windows
Flooring (Floor-wise)	Green Kota Flooring
Finished and Maintenance	Average
Roofing and Terracing	RCC Slab Roof
Special Architectural or decorative features	Normal
Internal Wiring surface or conduit	Open Wiring
Class of fitting superior/ Ordinary/ Poor	Ordinary
Sanitary Installations	2 Indian W. C.
Compound wall	Exist Along the boundary of Building
No. of lifts and capacity	2 Lifts
Underground Sump	Exists
Capacity	Sufficient as per requirement
Type of Construction	RCC
Overhead Tank	Existing
Where located	On Terrace
Capacity	Sufficient as per requirement
Type of Construction	RCC
Pumps Nos. and their horsepower	2 Pumps
Road and paving within the compound, approx area.	Plain Cement Concrete paving
Sewage disposal, whether connected to public sewers. If Septic tanks provided, no and capacity.	As per local norms
Regards to aesthetics and environment	Normal
Safety Considerations fires, earthquakes, and tides	Not Found

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

VALUATION REPORT OF IMMOVABLE PROPERTY

GENERAL INFORMATION:

1.Purpose for Which Valuation Made	To ascertain present FMV for State Bank of India, Diamond Branch.
2.Date on which Visit Made	15.08.2008
3.Name of the Owners	N Satish Kumar and Company
4.If the property is under joint ownership co-ownership share of each owner, is the share undivided	Partnership firm
5.Brief Description of the Property	Office No. 502, 5^th Floor, Diamond House, Building No.A/2, Kesharba Market, Gotalawadi, On Plot No.417/A, T P Scheme No. 03, Katargam, Surat, India They referred to the Xerox copy of following provided to them. Agreement dated 29.03.2003 between J J Land Corporation (Seller) and N Satish Kumar and Company (Purchaser) Previous Valuation report dated 31.05.2005 of Shree Ajit B Gohil. Brief Description: The Office No. 502, on 5^th Floor in Building No.A/2, of , Diamond House, situated at above address, is about 2 kms from surat railway station. All civic amenities are nearby and within easy reach. The building of Lower Ground + 8 upper floors. It is a RCC frame structure with RCC beams, columns, Slabs etc having RCC staircase and 2 lifts to access upper floors. Land Mark: Kesharba Market Boundaries: East: Katar Gam Road West: Road North: 120’ ft Road South: Shivam Town Amenities of the property: Green Kota tiles flooring in all rooms, Granite Pantry Platform, full height glazed tiles dado in toile, Wooden flush doors and aluminum sliding windows, Indian W. C. and bath, Coacealed wiring and plumbing etc. Accommodation: The accommodation provided in office 4 working area, 2 cabins, 2toilets, 3 Urinary etc As per Measurement the Carpet Area is 2322 sq. ft. As per agreement super Built up area is 2668 sq. ft. which is considered for valuation. Notes and Disclaimer: Unit No. 502 on 5^th Floor, and 402 on 4^th floor are accessible to each other but here value of unit 502 is only given. They consider the area given in the agreement, declared by the party and submitted for registration with the government authorities as final for valuation purpose. Any area that is not started in the agreement is not considered for valuation. Their valuation is based on their experience and knowledge and this is an opinion only and does not stand as a guarantee for the value it can fetch if disposed, due to any emergency, in future. The legal documents pertaining to the ownership of the above said property has been referred to on its face value and that is presumed that Bank has got the same verified through its legal counsel. They do not certify the veracity of the documents. This report does not certify valid or legal or marketable title of any of the parties over the property. Their report does not cover verification of ownership, title clearance, or legality and subject to adequacy of engineering/ structural design. Copy of the approved plans not given for their verification and the same may be obtained from the owner. Their valuation is only for the use of the party to whom it is addressed and no responsibility is accepted to any third party for the whole of any part of its contents. Encumbrances of Loan, Government and other dues, stamp duty, registration charges etc. if any are not considered in the valuation. They have assumed that the assets are free from encumbrances.
6. Location Street, Ward No.	Office No. 502, 5^th Floor, Diamond House, Building No.A/2, Kesharba Market, Gotalawadi, On Plot No.417/A, T P Scheme No. 03, Katargam, Surat, India
7.Survey Plot No. of Land	R. S. No. 437/3, F P No.417/A
8.It the Property Situated in residential/ Commercial/ Mixed/ Industrial Area	Commercial Area
9. Classification of locality – High Class/ Middle Class/ Poor Class.	Middle Class
10.Proximity to civic amenities like schools offices, Hospitals, Market Cinemas etc.	All civic amenities are nearby and within easy reach.
11.Means and Proximity to surface Communication by which the locality is served	Taxi, Bus, Auto and Private vehicles etc.
12. a) Is the property owner occupied, tenant, or both	Owned Occupied
b) If partly occupied, specify portion and extent of area under owner occupation.	Owned Occupied
13. Name and Registration No. of Co-Op. Housing Society.	N.A.
14. Share Certificate No. and Face values.	Details not available

SALES AND MARKETABILITY

1. Give instance of sale of immovable property in the locality on a separate sheet including the name and address of the property, registration No., Sale price and area land sold.	Sales instances are not available readily so to find market rate, Estate agents/ builders and other relevant agencies of area were contacted.
2. Market Rates adopted	Prevalent Market Rate: Rs.2000/- to Rs.2500/- per sq. ft. Rate adopted for valuation: Rs.2200/- per sq. ft. Factors considered for valuation: Location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply of demand, local nearby enquiry, market feed back of investigation.
3. If sale instances are not available or relied upon, basis of arriving at the land rate.	Enquired with local architects and real estate consultants about the current market rates in that area and on this basis property is valued under “Selling Price Method.”

PRESENT FAIR MARKET VALUATION:

Valuation = Area X Rate

Super Built up Area	2668 sq. ft.
Rate adopted for valuation	Rs.2200/- per sq. ft.
Value	Rs.5.870 Millions

REALISABLE SALES VALUE:

Rs.4.695 Millions

TECHNICAL DETAILS FOR THE PREMISES

No. of Floors and height of each floor	Lower Ground + Ground + 8 Upper Floor
Location and Plinth Area	Office No. 502, 5^th Floor, Carpet Area – 2322 sq. ft. – Measurement Super Built up area – 2668 s. ft. – As per agreement
Year of Construction	Years – 1997 Age of Building 11 years
Estimated Future/ Residual Life	49 years (Subject to proper and regular maintenance of the building)
Type of Construction	RCC Framed Structure
Type of Foundations	RCC Footings
WALLS
External Walls	9” thick brick masonry walls both sides plastered
Partitions	4 1/2” thick brick masonry walls both sides plastered
Door and Windows (Floor-wise)	Wooden Flush doors and Aluminum sliding windows
Flooring (Floor-wise)	Green Kota Flooring
Finished and Maintenance	Average
Roofing and Terracing	RCC Slab Roof
Special Architectural or decorative features	Normal
Internal Wiring surface or conduit	Open Wiring
Class of fitting superior/ Ordinary/ Poor	Ordinary
Sanitary Installations	2 Indian W. C.
Class of Fittings superior colored/ Superior White/ Ordinary	Ordinary
Compound wall	Exist Along the boundary of Building
No. of lifts and capacity	2 Lifts
Underground Sump	Exists
Capacity	Sufficient as per requirement
Type of Construction	RCC
Overhead Tank	Existing
Where located	On Terrace
Capacity	Sufficient as per requirement
Type of Construction	RCC
Pumps Nos. and their horsepower	2 Pumps
Road and paving within the compound, approx area.	Plain Cement Concrete paving
Sewage disposal, whether connected to public sewers. If Septic tanks provided, no and capacity.	As per local norms
Regards to aesthetics and environment	Normal
Safety Considerations fires, earthquakes, and tides	Not Found

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

VALUATION REPORT OF IMMOVABLE PROPERTY

GENERAL INFORMATION:

1.Purpose for Which Valuation Made	To ascertain present FMV for State Bank of India, Diamond Branch.
2.Date on which Visit Made	15.08.2008
3.Name of the Owners	N Satish Kumar and Company
4.If the property is under joint ownership co-ownership share of each owner, is the share undivided	Partnership firm
5.Brief Description of the Property	Office No. 402, 4^th Floor, Diamond House, Building No.A/2, Kesharba Market, Gotalawadi, On Plot No.417/A, T P Scheme No. 03, Katargam, Surat, India They referred to the Xerox copy of following provided to them. Agreement dated 29.03.2003 between J. J. Land Corporation (Seller) and N Satish Kumar and Company (Purchaser) Previous Valuation report dated 31.05.2005 of Shree Ajit B Gohil. Brief Description: The Office No. 402, on 4^th Floor in Building No.A/2, of , Diamond House, situated at above address, is about 2 kms from surat railway station. All civic amenities are nearby and within easy reach. The building of Lower Ground + 8 upper floors. It is a RCC frame structure with RCC beams, columns, Slabs etc having RCC staircase and 2 lifts to access upper floors. Land Mark: Kesharba Market Boundaries: East: Katar Gam Road West: Road North: 120’ ft Road South: Shivam Town Amenities of the property: Green Kota tiles flooring in all rooms, Granite Pantry Platform, full height glazed tiles dado in toile, Wooden flush doors and aluminum sliding windows, Indian W. C. and bath, Coacealed wiring and plumbing etc. Accommodation: The accommodation provided in office 4 working area, 2 cabins, 2toilets, 3 Urinary etc As per Measurement the Carpet Area is 2322 sq. ft. As per agreement super Built up area is 2668 sq. ft. which is considered for valuation. Notes and Disclaimer: Unit No. 402 on 4^th Floor, and 502 on 5^th floor are accessible to each other but here value of unit 402 is only given. They consider the area given in the agreement, declared by the party and submitted for registration with the government authorities as final for valuation purpose. Any area that is not started in the agreement is not considered for valuation. Their valuation is based on their experience and knowledge and this is an opinion only and does not stand as a guarantee for the value it can fetch if disposed, due to any emergency, in future. The legal documents pertaining to the ownership of the above said property has been referred to on its face value and that is presumed that Bank has got the same verified through its legal counsel. They do not certify the veracity of the documents. This report does not certify valid or legal or marketable title of any of the parties over the property. Their report does not cover verification of ownership, title clearance, or legality and subject to adequacy of engineering/ structural design. Copy of the approved plans not given for their verification and the same may be obtained from the owner. Their valuation is only for the use of the party to whom it is addressed and no responsibility is accepted to any third party for the whole of any part of its contents. Encumbrances of Loan, Government and other dues, stamp duty, registration charges etc. if any are not considered in the valuation. They have assumed that the assets are free from encumbrances.
6. Location Street, Ward No.	Office No. 402, 4^th Floor, Diamond House, Building No.A/2, Kesharba Market, Gotalawadi, On Plot No.417/A, T P Scheme No. 03, Katargam, Surat, India
7.Survey Plot No. of Land	R. S. No. 437/3, F P No.417/A
8.It the Property Situated in residential/ Commercial/ Mixed/ Industrial Area	Commercial Area
9. Classification of locality – High Class/ Middle Class/ Poor Class.	Middle Class
10.Proximity to civic amenities like schools offices, Hospitals, Market Cinemas etc.	All civic amenities are nearby and within easy reach.
11.Means and Proximity to surface Communication by which the locality is served	Taxi, Bus, Auto and Private vehicles etc.
12. a) Is the property owner occupied, tenant, or both	Owned Occupied
b) If partly occupied, specify portion and extent of area under owner occupation.	Owned Occupied
13. Name and Registration No. of Co-Op. Housing Society.	N.A.
14. Share Certificate No. and Face values.	Details not available

SALES AND MARKETABILITY

1. Give instance of sale of immovable property in the locality on a separate sheet including the name and address of the property, registration No., Sale price and area land sold.	Sales instances are not available readily so to find market rate, Estate agents/ builders and other relevant agencies of area were contacted.
2. Market Rates adopted	Prevalent Market Rate: Rs.2000/- to Rs.2500/- per sq. ft. Rate adopted for valuation: Rs.2200/- per sq. ft. Factors considered for valuation: Location and locality, facilities and amenities, quality of construction, residual life of building, business potential, supply of demand, local nearby enquiry, market feed back of investigation.
3. If sale instances are not available or relied upon, basis of arriving at the land rate.	Enquired with local architects and real estate consultants about the current market rates in that area and on this basis property is valued under “Selling Price Method.”

PRESENT FAIR MARKET VALUATION:

Valuation = Area X Rate

Super Built up Area	2668 sq. ft.
Rate adopted for valuation	Rs.2200/- per sq. ft.
Value	Rs.5.870 Millions

REALISABLE SALES VALUE:

Rs.4.695 Millions

TECHNICAL DETAILS FOR THE PREMISES

No. of Floors and height of each floor	Lower Ground + Ground + 8 Upper Floor
Location and Plinth Area	Office No. 402, 4^th Floor, Carpet Area – 2322 sq. ft. – Measurement Super Built up area – 2668 s. ft. – As per agreement
Year of Construction	Years – 1997 Age of Building 11 years
Estimated Future/ Residual Life	49 years (Subject to proper and regular maintenance of the building)
Type of Construction	RCC Framed Structure
Type of Foundations	RCC Footings
WALLS
External Walls	9” thick brick masonry walls both sides plastered
Partitions	4 1/2” thick brick masonry walls both sides plastered
Door and Windows (Floor-wise)	Wooden Flush doors and Aluminum sliding windows
Flooring (Floor-wise)	Green Kota Flooring
Finished and Maintenance	Average
Roofing and Terracing	RCC Slab Roof
Special Architectural or decorative features	Normal
Internal Wiring surface or conduit	Open Wiring
Class of fitting superior/ Ordinary/ Poor	Ordinary
Sanitary Installations	2 Indian W. C.
Class of Fittings superior colored/ Superior White/ Ordinary	Ordinary
Compound wall	Exist Along the boundary of Building
No. of lifts and capacity	2 Lifts
Underground Sump	Exists
Capacity	Sufficient as per requirement
Type of Construction	RCC
Overhead Tank	Existing
Where located	On Terrace
Capacity	Sufficient as per requirement
Type of Construction	RCC
Pumps Nos. and their horsepower	2 Pumps
Road and paving within the compound, approx area.	Plain Cement Concrete paving
Sewage disposal, whether connected to public sewers. If Septic tanks provided, no and capacity.	As per local norms
Regards to aesthetics and environment	Normal
Safety Considerations fires, earthquakes, and tides	Not Found

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

MR. JAYANTILAL V. SHAH (PARNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.19.053 Millions
Borrowed :	-
Total :	Rs.19.053 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1]Partner’s Capital		19.053
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		19.053
LOAN FUNDS
1] Secured Loans		5.635
2] Unsecured Loans		0.000
TOTAL BORROWING		5.635
DEFERRED TAX LIABILITIES		0.000
TOTAL		24.688
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.110
Capital work-in-progress		0.000
INVESTMENT		1.066
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.145
	Other Current Assets	15.283
	Loans & Advances	5.084
Total Current Assets		20.512
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		20.512
MISCELLANEOUS EXPENSES		0.000
TOTAL		24.688

MR. VIKAS J. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.13.918 Millions
Borrowed :	-
Total :	Rs.13.918 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		13.918
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		13.918
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		2.898
TOTAL BORROWING		2.898
DEFERRED TAX LIABILITIES		0.000
TOTAL		16.816
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.454
Capital work-in-progress		0.000
INVESTMENT		1.306
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.089
	Other Current Assets	12.953
	Loans & Advances	1.014
Total Current Assets		14.056
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		14.056
MISCELLANEOUS EXPENSES		0.000
TOTAL		16.816

MR. MITEN N. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.16.339 Millions
Borrowed :	-
Total :	Rs.16.339 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		16.339
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		16.339
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		9.247
TOTAL BORROWING		9.247
DEFERRED TAX LIABILITIES		0.000
TOTAL		25.586
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.385
Capital work-in-progress		0.000
INVESTMENT		6.722
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.081
	Other Current Assets	17.926
	Loans & Advances	1.803
Total Current Assets		19.810
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2.587
	Provisions	0.744
Total Current Liabilities		3.331
Net Current Assets		16.479
MISCELLANEOUS EXPENSES		0.000
TOTAL		25.586

MR. NARENDRA V. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.35.508 Millions
Borrowed :	-
Total :	Rs.35.508 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		35.508
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		35.508
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		35.508
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.669
Capital work-in-progress		0.000
INVESTMENT		1.501
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.346
	Other Current Assets	31.554
	Loans & Advances	0.438
Total Current Assets		32.338
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		32.338
MISCELLANEOUS EXPENSES		0.000
TOTAL		35.508

MR. RAMNIKLAL V. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.44.217 Millions
Borrowed :	-
Total :	Rs.44.217 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		44.217
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		44.217
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		44.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.749
Capital work-in-progress		0.000
INVESTMENT		0.474
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.411
	Other Current Assets	41.514
	Loans & Advances	0.069
Total Current Assets		41.994
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		41.994
MISCELLANEOUS EXPENSES		0.000
TOTAL		44.217

MR. VINAY J. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.21.577 Millions
Borrowed :	-
Total :	Rs.21.577 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21.577
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		21.577
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		21.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.340
Capital work-in-progress		0.000
INVESTMENT		0.270
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.035
	Other Current Assets	14.799
	Loans & Advances	2.133
Total Current Assets		16.967
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		16.967
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.577

MR. SAMIT M. SHAH (PARTNER)

PARTNERS CAPITAL ACCOUNT

(RS. IN MILLIONS)

Capital Investment :
Owned :	Rs.25.265 Millions
Borrowed :	-
Total :	Rs.25.265 Millions

BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		25.265
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		25.265
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		25.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.032
Capital work-in-progress		0.000
INVESTMENT		2.582
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.336
	Other Current Assets	18.856
	Loans & Advances	3.459
Total Current Assets		22.651
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		22.651
MISCELLANEOUS EXPENSES		0.000
TOTAL		25.265

TRADE REFERENCE:

• B. Arunkumar & Company, Mumbai, Maharashtra, India
• B. Vijaykumar & Company, Mumbai, Maharashtra, India
• Bhansali & Company, Mumbai, Maharashtra, India
• Blue Star, Mumbai, Maharashtra, India

FIXED ASSETS:

• Fax Machine
• Weight Balance Machine
• Diamond Planner Machine
• Microscope Machine
• Air – Condition
• Refrigerator
• Telephone Systems
• Television
• Mobile Purchases
• Office Equipment
• Furniture and Fixture
• Computers
• Plant and Machinery
• Office Premises

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.47.89
UK Pound	1	Rs.70.84
Euro	1	Rs.67.37

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	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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