MIRA INFORM REPORT

Report Date :

19.04.2011

Note: The correct name of the company is “SANT BABA GURDIP SINGH EDUCATIONAL SOCIETY”

IDENTIFICATION DETAILS

Name :	SANT BABA GURDIP SINGH EDUCATIONAL SOCIETY
Registered Office :	Bagga Parana Road, Chand Nawan Village, Moga-142001, Punjab
Country :	India
Financials (as on) :	31.03.2010
Year of Establishment :	2006
Legal Form :	Trustee
Line of Business :	Educational Institute

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 educational society. Trustees are reported to be experience and respectable businessmen. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect or market source. It would be advisable to take adequate securities while dealing with the subject.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Jagraj Singh
Designation :	Trustee
Contact No.:	91-9779166103
Date :	08.04.2011

LOCATIONS

Registered Office :	Bagga Parana Road, Chand Nawan Village, Moga-142001, Punjab, India
Tel. No.:	91-1636-271300
Mobile No.:	91-9779166103 (Mr. Jagraj Singh)
Area :	40000 sq.ft. (Owned)

TRUSTEES

Name :	Mr. Jagraj Singh
Designation :	Trustee
Address :	VPO- Dhurkot Chart Singh Wala, Tehsil + District Moga, Punjab, India
Date of Birth/Age :	41 Years
Name :	Mr. Manjeet Singh
Designation :	Trustee
Address :	VPO- Dhurkot Chart Singh Wala, Tehsil + District Moga, Punjab, India
Date of Birth/Age :	30 Years
Name :	Mr. Jasvinder Singh
Designation :	Trustee
Address :	Village- Darol Bhai, Tehsil District Moga, Punjab, India
Date of Birth/Age :	50 Years

BUSINESS DETAILS

Line of Business :	Educational Institute
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

No. of Employees :	Approximately 15
Bankers :	Corporation Bank, Moga Branch, Punjab, India

Banking Relations :	--
Auditors :
Name :	Lal and Sons Company Chartered Accountant
Address :	1^st Floor, Bank of Baroda Building, Railway Road, Moga-142001, Punjab, India
Tel. No.:	91-1636-222788
Fax No.:	91-1636-232688

CAPITAL STRUCTURE

As on 31.03.2010

Capital Investment :
Owned :	Rs. 0.976 Million
Borrowed :	--
Total :	Rs. 0.976 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.976	0.546	0.468
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		0.976	0.546	0.468
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.976	0.546	0.468
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.973	0.579	0.412
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	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.095	0.051	0.056
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.095	0.051	0.056
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.092	0.084	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.092	0.084	0.000
Net Current Assets		0.003	[0.033]	0.056
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.976	0.546	0.468

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Annual Charges)	0.445	0.339	0.000
		Other Income	1.431	1.006	0.746
		TOTAL	1.876	1.345	0.746
Less	EXPENSES
		Accounting Charges	0.022	0.018	0.022
		Advertisement	0.006	0.005	0.000
		Annual Function Fee	0.026	0.039	0.000
		Electricity and Generator Expenses	0.003	0.024	0.022
		Salary	1.051	0.951	0.690
		Miscellaneous and Photostat Expenses	0.024	0.018	0.000
		Other Expenses	0.160	0.105	0.011
		TOTAL	1.292	1.160	0.745
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.584	0.185	0.001
Less/ Add	DEPRECIATION/ AMORTISATION		0.153	0.108	0.000
	NET PROFIT		0.431	0.077	0.001

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	22.97	5.72	0.13
Net Profit Margin (PBT/Sales)	(%)	96.86	22.71	0.00
Return on Total Assets (PBT/Total Assets}	(%)	40.36	12.22	0.21
Return on Investment (ROI) (PBT/Networth)		0.44	0.14	0.002
Debt Equity Ratio (Total Liability/Networth)		0.09	0.14	0.00
Current Ratio (Current Asset/Current Liability)		1.03	0.61	0.00

LOCAL AGENCY FURTHER INFORMATION

STATEMENT OF ASSETS AND LIABILITIES

MR. JASWINDER SINGH

(Trustee)

DETAILS OF ASSETS OWNED

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Location/ Address of property (Please furnish full details with survey No., Door No. Etc.)	Extent of Land	Extent of Building Area constructed
Jaswinder Singh	Agricultural Land	Village Daroli Bhai District Moga	2.5 Acre 11 March	Nil
Jaswinder Sihngh	Residential House	Village Daroli Bhai District Moga	2.5 Acre 11 March	500 sq.ft.

Type of Property i.e. whether residential/ agricultural/ industrial/ commercial etc.	Details of documents conferring rights	Date of purchase of property	Original Purchase cost	Present Market value as on 15.11.2010
Agricultural	Ancestor Property	Ancestor Property	--	Rs. 5.000 Millions
Residential House	Registry	1997-98	Rs. 0.200 Million	Rs. 0.700 Million

OTHER ASSETS

Name/ Details of Assets	Market Value of assets as on	Details of Encumbrance, if any
Maruti Car Model 94	Rs. 0.040 Million	R.C. Copy

TOTAL ASSETS

Rs. 5.740. Millions

TOTALLIABILITIES

NIL

NETWORTH

Rs. 5.740. Millions

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

STATEMENT OF ASSETS AND LIABILITIES

MR. MANJIT SINGH

(Trustee)

DETAILS OF ASSETS OWNED

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Own Business of Auto Repair Shop at New Prabh Car Bazar, Opposite (G.T. Road) Moga, Punjab, India	Rs. 0.500 Million

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Location/ Address of property (Please furnish full details with survey No., Door No. Etc.)	Extent of Land	Extent of Building Area constructed
Manjit Singh	Shop	G.T.Road, Opposite V Mart, Moga	9 Marla	225 sq.ft.
Manjit Singh	Residential House	VPO- Dhurkot Chart Singh Wala, Tehsil + District Moga, Punjab, India	10 Marla	10 Marla

Type of Property i.e. whether residential/ agricultural/ industrial/ commercial etc.	Details of documents conferring rights	Date of purchase of property	Original Purchase cost	Present Market value as on 15.11.2010
Commercial Shop	Registry	2005	Rs. 0.800 Millions	Rs. 3.200 Million (Approximately)
Residential House	Within Red Lobhir Ancestor Property	Ancestor Property	--	Rs. 1.000 Million

OTHER ASSETS

Name/ Details of Assets	Market Value of assets as on	Details of Encumbrance, if any
Indica Car Model- 2011	Rs. 0.150 Million	R.C. Copy

TOTAL ASSETS

Rs. 4.350 Millions

TOTALLIABILITIES

NIL

NETWORTH

Rs. 4.350 Millions

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

STATEMENT OF ASSETS AND LIABILITIES

MR. JAGRAJ SINGH

(Trustee)

DETAILS OF ASSETS OWNED

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Own Business of Auto Repair Parts	Rs. 1.500 Millions

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Location/ Address of property (Please furnish full details with survey No., Door No. Etc.)	Extent of Land	Extent of Building Area constructed
Jagraj Singh	Shop	G.T.Road, Opposite V Mart, Moga	6 Marla	1000 sq.ft.
Jagraj Singh	Residential House	VPO- Dhurkot Chart Singh Wala, Tehsil + District Moga, Punjab, India	10 Marla	10 Marla

Type of Property i.e. whether residential/ agricultural/ industrial/ commercial etc.	Details of documents conferring rights	Date of purchase of property	Original Purchase cost	Present Market value as on 15.11.2010	Details of encumbrances, if any , on the property
Commercial Shop	Registry	2004	Rs. 0.500 Millions	Rs. 2.000 Million (Approximately)	Limit Rs. 0.200 Million (From Bank of India)
Residential House	Within Red Lobhir Ancestor Property	Ancestor Property	--	Rs. 1.000 Million	Nil

OTHER ASSETS

Name/ Details of Assets	Market Value of assets as on	Details of Encumbrance, if any
Indica Car Model- 2005	Rs. 0.200 Million	Registration

TOTAL ASSETS

Rs. 3.200 Millions

LIABILITIES

CREDIT LIMITS/ FACILITIES WITH FINANCIAL INSTITUTION AND BANKS

Name of the Institution/ Bank	Details of nature and extend of credit limits/ facilities enjoyed		Details of Securities furnished
	Nature of Credit Facility	Extent
Business Limit	W.C. Limit	Rs. 0.200 Million	Shop at G.T. Road Moga

TOTALLIABILITIES

Rs. 0.200 Million

NETWORTH

Rs. 3.000 Millions

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

PROPERTY VALUATION REPORT

I. GENERAL INFORMATION
Name of the Party/ Purchaser and address (with Door No. and Survey No.)	Sant Baba Gurdip Singh, Educational Society Registred Chand Nawan, Distress Moga (Deed No. 2064, Dated 09-10-2009)
Name/s of the reported owner/ Name/s of persons in whose name/s property registered and address	As mentioned above
Purpose of Valuation	Banking
Date of Inspection	26.10.2010
Date of Valuation	27.10.2010
Approximate distance from the branch to the property	Approximate 15 Km
Situation / location/ brief description of the land/ site and brief description of the building	Singha Wala Road, Chand Nawan, District Moga
Boundaries of the Property	North: Mr. Joginder Singh South: Mr. Balwant Singh East: Rasta West: Mr. Joginder Singh
Whether the building plan has been approved?	Yes
If yes, Date of approval, approving authority, and whether the building has been constructed as per the approved plan	As per Plan
II. VALUATION DETAILS
A. LAND
The total Area (Extent) of the Site/ land	7K 1M = 141M (Size -272.25 sq.ft) = 38387.25 sq.ft.
Description of the site/ Land
Character of Locality	Good
Classification	Middle
Development of surrounding areas	Yes 70%
Is the locality subjected to frequent flooding	No.
Feasibility to the civic amenities like School, Hospital, Offices, Markets etc.	Nearby
Shape of the land	As per map
Type of use to which it can be put	School Building
Any other restriction of usage	No
Nature of right, whether leasehold/ freehold	Freehold
Road Facility	Complete
Is it a corner plot	No
Water Supply/ Potentiality	No
Underground sewerage system	No
Any other sentimental/ social issue which may affect the value	No
Prevailing unit market rate	15000/- p/ marla = Rs. 67/ P/ sq.ft.
Prescribed rate by the local Authority	10000/p/marla
Unit rate adopted in this valuation	15000/p/marla= Rs. 67/P/ Sq.ft.
Valuation of the site/ land	38387.25 sq.ft. X 67/P/sq.ft. = 2.572 Millions
B. BUILDING
Type of Construction	GROUND FLOOR: 6656.87 sq.ft. area to be covered consisting of Classrooms, offices, Clerk room, hall etc with Lentil Roofing and incomplete Plastering , Flooring, Wood Work, Sanitation and Electrical Jobs etc.
Quality of Construction	Good
Appearance of the building	Good
Number of Floors	Ground Floor
Maintenance of the Building	Building under construction
Description of the building
a) Foundation	Yes Completed
b) Superstructure	Yes Completed
c) Roof	Yes Completed RBC
d) Doors	Not yet installed
e) Windows	Not Yet Installed
f) Sanitary fittings	Not yet Installed
g) Flooring	Not yet Completed
h) Electricity Supply	Yes
Total Plinth Area	6656.87 sq.ft.
Year of Construction	2007
Total life of the building estimated	47 Years
Depreciation value at the rate of	5%
Present value of the building	As under
6656.87 X 250	Rs. 1.664 Millions
Less: Depreciation @ 5%	Rs. 0.083 Million
Total Value	1.581 Millions
C. TOTAL VALUATION
Valuation of the land	Rs. 2.572 Millions
Valuation of the building	Rs. 1.581 Millions
Total	Rs. 4.153 Millions

Fixed Assets:

· Computer

· Building

· Water Cooler

· Generator

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.44.27
UK Pound	1	Rs.72.08
Euro	1	Rs.63.66

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.