MIRA INFORM REPORT

Report Date :

21.04.2011

NOTE:

The registered office of the company has been shifted from E-14/A, Gazipur Dairy Farm, Gazipur, Delhi – 110096, India, to the present address w.e.f. 22.01.2010.

IDENTIFICATION DETAILS

Name :	MOHAN MILKFOODS PRIVATE LIMITED
Registered Office :	32-A, DDA Flats, Ghazipur Dairy Farms, Near State Bank, Ghazipur, New Delhi – 110096
Country :	India
Financials (as on) :	31.12..2010
Date of Incorporation :	21.05.2008
Com. Reg. No.:	20-178416
CIN No.: [Company Identification No.]	U15203DL2008PTC178416
TAN No.: [Tax Deduction & Collection Account No.]	DELM18336D
PAN No.: [Permanent Account No.]	AAFCM6896C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Trader of Desi Ghee, Lactose Powder, Way Powder, SMP and Milk.

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 company having satisfactory track. Trade relations are reported as fair. Business is active. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect or market sources. 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. Brij Agarwal
Designation :	Director
Contact No.:	91-9412227375
Date :	02.04.2011

LOCATIONS

Registered Office :	32-A, DDA Flats, Ghazipur Dairy Farms, Near State Bank, Ghazipur, New Delhi – 110096, India
Mobile No.:	91-9412227375 (Mr. Brij Agarwal)
E-Mail :	caashishgoel@yahoo.co.in ecorpservices@yahoo.co.in mohan_group10@yahoo.com
Factory :	Syana Road, Bulandshahr – 203001, Uttar Pradesh, India
Tel. No.:	91-5732-261206
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Brij Mohan Agarwal
Designation :	Director
Address :	House No.24, Mohalla Civil Lines, Prtem Nagar, Bulandshahr – 203001, Uttar Pradesh, India
Date of Birth/Age :	30.08.1964
Date of Appointment :	21.05.2008
Name :	Mr. Vijendra Kumar
Designation :	Director
Address :	House No.24, Mohalla Civil Lines, Prtem Nagar, Bulandshahr – 203001, Uttar Pradesh, India
Date of Birth/Age :	08.07.1968
Date of Appointment :	21.05.2008
Name :	Mr. Sanjeev Kumar
Designation :	Director
Address :	46-A, Civil Lines, Prem Nagar, Bulandshahr – 203001, Uttar Pradesh, India
Date of Birth/Age :	01.07.1969
Date of Appointment :	21.05.2008
Name :	Mr. Ajay Kumar
Designation :	Director
Address :	37/2, Civil Lines, Prem Nagar, Bulandshahr – 203001, Uttar Pradesh, India
Date of Birth/Age :	01.07.1969
Date of Appointment :	21.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Brij Mohan	207650
Vijendra Kumar	267330
Sanjeev Kumar	330590
Ajay Kumar	192090
Dr. Kuchroo Singh, Aligarh	15000
Vijay Kumar Agarwal, Bulandshahr	30877
Vimal Kumar, Delhi	25000
Bala Rani, Bulandshahr	4456
Nilima Goyal, Bulandshahr	2952
Bisan Swaroop, Bulandshahr	8632
Shalini Agarwal, Bulandshahr	5613
Kallu Mal Jee (HUF)	8736
Brijmohan (HUF)	17365
Vijendra Kumar (HUF)	14259
Sanjeev Kumar (HUF)	15730
Ajay Kumar (HUF)	13832
Kallu Mal Jee (Ind.)	5790
Alka Rani, Bulandshahr	3417
Meenakshi Agarwal	3771
Rukman Devi, Bulandshahr	3417
P.K. Jain, Bulandshahr	9006
Total	1185513

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	91.00
Other top fifty shareholders	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Desi Ghee, Lactose Powder, Way Powder, SMP and Milk.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

150 (Approximately)

Bankers :

· Syndicate Bank

48-A, Civil Lines, Bulandshahar – 203001, Uttar Pradesh, India

· Corporation Bank

Branch Bulandshahar, Uttar Pradesh, India

· Bank of Baroda

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)
Cash Credit A/c from Syndicate Bank	41.047
Term Loan From Bank of Baroda	0.058
Term Loan From Syndicate Bank	0.031
Total	41.136

Banking Relations :	--
Auditors :
Name :	Ashish Goel and Associates Chartered Accountant
Address :	14/41, Sarai Gusai, Behind Raj Rajeshwar Mandir, Bulandshahr – 203001, Uttar Pradesh, India
Tel No.:	91-5732-255080
Mobile No.:	91-9412657298
Email :	caashishgoel@yahoo.co.in ashishgoelca@rediffmail.com
Associates/ Subsidiary :	· Mohan Cold Store and General Mills · Mohan Industries (Sales Depot), Delhi · Mohan Industries (Sales Depot), Silvassa · Mohan Dairy

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1185513	Equity Share	Rs.10/- each	Rs.11.855 Millions

(AS ON 31.12.2010)

Paid-up Capital : Rs.46.080 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (9 months)	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		46.080	11.855	0.200
2] Share Application Money		0.000	28.775	0.000
3] Reserves & Surplus		10.346	9.452	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.426	50.082	0.200
LOAN FUNDS
1] Secured Loans		49.250	41.136	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		49.250	41.136	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		105.676	91.218	0.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.155	25.055	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.239	5.217	0.000
DEFERREX TAX ASSETS		0.021	0.020	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.949	44.849	0.000
	Sundry Debtors	35.313	66.753	0.000
	Cash & Bank Balances	0.543	2.917	0.009
	Other Current Assets	0.524	3.403	0.000
	Loans & Advances	0.000	0.292	0.000
Total Current Assets		92.329	118.214	0.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.477	45.637	0.000
	Other Current Liabilities	1.208	10.406	0.006
	Provisions	1.540	1.422	0.000
Total Current Liabilities		16.225	57.465	0.006
Net Current Assets		76.104	60.749	0.003
MISCELLANEOUS EXPENSES		0.157	0.177	0.197
TOTAL		105.676	91.218	0.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (9 months)	31.03.2010	31.03.2009
	SALES
		Income	272.828	337.525	0.000
		Other Income	0.022	0.141	0.000
		TOTAL (A)	272.850	337.666	0.000
Less	EXPENSES
		Operating Expenses	259.418	325.486	0.000
		Administrative and Other Expenses	4.810	5.710	0.006
		TOTAL (B)	264.228	331.196	0.006
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.622	6.470	(0.006)
Less	FINANCIAL EXPENSES (D)		4.302	4.218	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.320	2.252	(0.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.985	2.085	0.000
	PROFIT BEFORE TAX (E-F) (G)		1.335	0.167	(0.006)
Less	TAX (H)		0.441	0.107	0.000
	PROFIT AFTER TAX (G-H) (I)		0.894	0.060	(0.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.894	0.060	(0.006)
	Earnings Per Share (Rs.)		0.75	0.05	0.00

KEY RATIOS

PARTICULARS		31.12.2010 (9 months)	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.33	0.02	0.00
Net Profit Margin (PBT/Sales)	(%)	0.49	0.05	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.15	0.12	(66.67)
Return on Investment (ROI) (PBT/Networth)		0.02	0.00	(0.03)
Debt Equity Ratio (Total Liability/Networth)		1.16	1.97	0.03
Current Ratio (Current Asset/Current Liability)		5.69	2.06	1.50

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2011	2012
	(Projected)
Gross Sales
- Domestic	600.000	655.000
- Export	0.000	0.000
Other Revenue Receipts	0.130	0.250
Less Excise Duty	0.000	0.000
Net Sales	600.130	655.250
% age rise or fall in net sales as compared to previous year	2.44	9.18
Cost of Sales
Raw material consumption
- Imported	0.000	0.000
- Indigenous	577.000	629.100
Power & Fuel	6.575	7.090
Stores	0.000	0.000
Direct Labour	2.000	2.200
Other Manufacturing Expenses	0.700	0.850
Depreciation	2.500	2.500
Sub – Total	588.775	641.740
Add: Opening Stock – in - Process	0.000	0.000
Sub Total	588.775	641.740
Deduct: Opening Stock – in - Process	0.000	0.000
Cost of Production	588.775	641.740
Add: Opening Stock of Finished	44.849	55.000
Sub Total	633.624	696.740
Deduct: Closing Stock of Finished	55.000	65.000
Sub Total (Total Cost of Sales)	578.624	631.740
Gross Profit	21.506	23.510
Gross Profit Ratio	3.58	3.59
Interests	8.500	9.000
Other Financial Charges	0.000	0.000
Selling, General and Administrative Expenses	5.990	6.383
Operating Profit After Interests	7.016	8.127
Add: Other Non-Operating Income	0.000	0.000
Deduct: Other Non-Operating Expenses	0.000	0.000
Net of Other Non-Operating Income / Expenses	0.000	0.000
Profit Before Tax/Loss	7.016	8.127
Provision for Taxes	0.000	0.000
Net Profit/(Loss)	7.016	8.127
Dividend	0.000	0.000
Retained Profit	7.016	8.127
Retained Profit/ Net Profit (Percentage)	100%	100%
Net Profit/ Net Sales (%)	1.17	1.24

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2011	2012
LIABILITIES	(Projected)
CURRENT LIABILITIES
Short term borrowings from banks (Incld bills purchased and discounted and the excess borrowings placed on repayment basis)
i) From applicant bank Incldg. FCNR	0.000	0.000
ii) From other banks	60.000	60.000
iii) (of which BP & BD )	0.000	0.000
Sub Total (A)	60.000	60.000
Short term borrowings from Other	0.000	0.000
Sundry Creditors (Trade)	42.000	24.000
Advance payments from customers /deposits from dealers & Lease Deposits	0.000	0.000
Provision for taxes	0.000	0.000
Dividend payable	0.000	0.000
Other statutory liabilities (Due within one year)	0.000	0.000
Deposits/ Installments of term loans/ DPGs/debentures etc (due within one year)	0.000	0.000
Other current liabilities and provisions (Due within one year) specify major items	1.500	2.000
SUB TOTAL (B)	43.500	26.000
TOTAL CURRENT LIABILITIES	103.500	86.000
TERM LIABILITIES
Debentures (not maturing within 1 year)	0.000	0.000
Preference shares (redeemable after one year)	0.000	0.000
Term loans from Other Banks/ Fis	0.075	0.000
Deferred payments credits (exclusive of installments payable within one year)	0.000	0.000
Term deposits (repayable after 1 year)	0.000	0.000
Other term liabilities (Creditors for Capital Goods for MSRTC)	0.000	0.000
TOTAL TERM LIABILITIES	0.075	0.000
TOTAL OUTSIDE LIABILITIES	103.575	86.000
NETWORTH
Share Capital	60.118	83.516
Share Application Money	0.000	0.000
Share Premium	0.000	0.000
Deferred Tax Liability	0.000	0.000
10 % Convertible Debentures	0.000	0.000
Surplus/Deficit in Profit and Loss A/c	0.000	0.000
Unsecured Loans from Directors and Associates	0.000	0.000
TOTAL NET WORTH	60.118	83.516
TOTAL LIABILITIES	163.693	169.516
ASSETS
CURRENT ASSETS
Cash and Bank Balances	0.000	0.000
Investments (other than long term investments)
i) Government and other trustee securities	6.490	7.050
ii) Fixed deposits with Bank	0.000	0.000
iii) Margin Money with Bank	0.000	0.000
Receivables (including bills purchased and discounted by banks)
- Domestic	15.000	15.000
- Export	0.000	0.000
Installments of deferred receivables (due within one year)	0.000	0.000
Inventory
Raw Material
- Imported	0.000	0.000
- Indigenous	0.000	0.000
Work in Progress	0.000	0.000
Finished Goods	59.500	65.000
Stores	0.000	0.000
Advances to suppliers of merchandise	50.000	50.000
Interest accrued/ appreciation in value of debt mutual funds	0.000	0.000
Other current assets	10.347	12.610
TOTAL CURRENT ASSETS	141.337	149.660
FIXED ASSETS
Gross Block	24.856	22.356
Depreciation	2.500	2.500
Net Block	22.356	19.856
OTHER NON-CURRENT ASSETS
Investments/book debts/ advances/ deposits, which are not current assets
a. Investments in Shares in other companies	0.000	0.000
b. Investment in mutual funds	0.000	0.000
Advances to suppliers of cap. goods	0.000	0.000
Deferred receivables	0.000	0.000
Others	0.000	0.000
Non consumable stores	0.000	0.000
Other non-current assets including advances to Subsidiaries	0.000	0.000
Total Other Non-Current Assets	0.000	0.000
Intangible Assets/ Deferred Revenue Expenditure	0.000	0.000
TOTAL ASSETS	163.693	169.516
Tangible Net Worth (TNW)	60.118	83.516
Net Working Capital	37.837	63.660
Current Ratio	1.37	1.74
Total Outside Liabilities/ TNW	1.72	1.03
Total Outside Liabilities - QE / TNW + QE	1.72	1.03

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

FUNDS FLOW STATEMENT

(RS IN MILLIONS)

Particulars	2011	2012
	(Projected)
SOURCES
Profit Before Tax	7.016	8.127
Add: Depreciation	2.500	2.500
Gross Funds Generated	9.516	10.627
Less: Taxes Paid / Payable (Relating to the year)	0.000	0.000
Less: Dividend Paid / Payable (Relating to the year)	0.000	0.000
Sub-Total Net Funds Generated (A)	9.516	10.627
Increase in Capital	10.035	23.398
Increase in Term Loans/Debentures Deferred Payment Liabilities	0.000	0.000
Increase in Other Term Liabilities	0.000	0.000
Decrease in Fixed Assets	0.000	0.000
Increase in Other Reserve	0.000	0.000
Decrease in Intangible Assets	0.000	0.000
Decrease in Other Non-Current Assets	0.000	0.000
Sub-Total (B)	10.035	23.398
Increase in Other Short Term/Bank Borrowings	0.000	0.000
Increase in Sundry Creditors	0.000	0.000
Increase in Other Current Liabilities	0.000	0.000
Decrease in Inventory	0.000	0.000
Decrease in Receivables (Including Bills purchased and discounted by Bankers)	0.000	0.000
Decrease in Other Current Assets (Including cash and Bank balances)	0.000	0.000
Sub-Total (C)	0.000	0.000
TOTAL FUNDS GENERATED ( A + B + C)	19.551	34.025

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

COMPUTATION OF MAXIMUM PERMISSIBLE FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	2011	2012
	(Projected)
Total Current Assets	141.337	149.660
Other Current Liabilities (Other than bank Borrowings)	43.500	26.000
Working Capital Gap	97.837	123.660
Minimum required net working capital (25% of Current Assets) as per II nd method of lending	35.334	37.415
Actual/ Projected net working capital	37.837	63.660
MPBF	60.000	60.000
Excess Borrowing	0.000	0.000
Holding (No. Months)
Raw Materials	0.00	0.00
Stock in Process	0.00	0.00
Finished Goods	37.53	37.56
Receivable	0.00	0.000
Purchases	577.000	629.100
(Consumption + Closing – Opening)
Creditors	0.000	0.000

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

MOHAN COLD STORE AND GENERAL MILLS

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Head Office A/c		5.159	0.421	95.409
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		5.159	0.421	95.409
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	6.056	5.555
TOTAL BORROWING		0.000	6.056	5.555
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.159	6.477	100.964
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.780	4.972	100.479
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	0.032
	Cash & Bank Balances	0.189	1.283	1.077
	Other Current Assets	0.447	0.449	0.888
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.636	1.732	1.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.257	0.227	1.512
Total Current Liabilities		0.257	0.227	1.512
Net Current Assets		0.379	1.505	0.485
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.159	6.477	100.964

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
	SALES
		Income	2.198	2.332	6.866
		Other Income	0.000	0.000	0.000
		TOTAL (A)	2.198	2.332	6.866
Less	EXPENSES
		Car Running and Maintenance	0.022	0.022	0.063
		Contribution to EPF	0.016	0.015	0.032
		Electricity Expenses	1.212	1.166	3.442
		General Running and Maintenance	0.213	0.135	0.322
		Loading and Unloading Expenses	0.141	0.105	0.516
		Miscellaneous Expenses	0.036	0.041	0.168
		Oil and Gas Expenses	0.043	0.017	0.117
		Printing and Stationery	0.012	0.013	0.026
		Repairs and Maintenance	0.022	0.013	0.210
		Salary	0.131	0.129	0.241
		Wages	0.121	0.101	0.281
		Other Expenses	0.031	0.157	0.129
		TOTAL (B)	2.000	1.914	5.547
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.198	0.418	1.319
Less	FINANCIAL EXPENSES (D)		0.001	0.212	0.411
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.197	0.206	0.908
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.193	0.198	0.444
	NET PROFIT (E-F) (G)		0.004	0.008	0.464

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

MOHAN INDUSTRIES (SALES DEPOT), DELHI

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Head Office A/c		0.022	0.415	0.425
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		0.022	0.415	0.425
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		0.022	0.415	0.425
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
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	0.346	0.345
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.029	0.069	0.080
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.029	0.415	0.425
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.007	0.000	0.000
Total Current Liabilities		0.007	0.000	0.000
Net Current Assets		0.022	0.415	0.425
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.022	0.415	0.425

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
	SALES
		Income	0.374	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.374	0.000	0.000
Less	EXPENSES
		Salary Expenses	0.009	0.009	0.030
		Miscellaneous Expenses	0.002	0.002	0.005
		Freight Outwards	0.015	0.000	0.000
		Other Expenses	0.345	0.000	0.000
		TOTAL	0.371	0.011	0.035
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.003	(0.011)	(0.035)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	NET PROFIT		0.003	(0.011)	(0.035)

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

MOHAN INDUSTRIES (SALES DEPOT), SILVASSA

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Head Office A/c		0.038	0.059	0.045
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		0.038	0.059	0.045
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		0.038	0.059	0.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.001	0.001	0.001
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	0.037	0.058	0.044
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.037	0.058	0.044
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other 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		0.037	0.058	0.044
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.038	0.059	0.045

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2010 (6 Months)	30.09.2009 (6 Months)	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Salary Expenses	0.012	0.012	0.024
		Rent	0.009	0.009	0.018
		TOTAL	0.021	0.021	0.042
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.021)	(0.021)	(0.042)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	NET PROFIT		(0.021)	(0.021)	(0.042)

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

MOHAN DAIRY

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		30.09.2009	31.03.2009
SHAREHOLDERS FUNDS
1] Partner’s Capital A/c		9.776	264.336
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		9.776	264.336
LOAN FUNDS
1] Secured Loans		41.122	40.077
2] Unsecured Loans		5.215	5.117
TOTAL BORROWING		46.337	45.194
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		56.113	309.530
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.812	187.724
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.889	34.681
	Sundry Debtors	14.753	123.384
	Cash & Bank Balances	1.596	1.896
	Other Current Assets	0.369	1.069
	Loans & Advances	0.271	0.350
Total Current Assets		49.878	161.380
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	21.063	39.488
	Other Current Liabilities	0.000	0.000
	Provisions	0.514	0.086
Total Current Liabilities		21.577	39.574
Net Current Assets		28.301	121.806
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		56.113	309.530

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		30.09.2009	31.03.2009
	SALES
		Income	248.167	323.014
		Other Income	0.008	0.000
		TOTAL (A)	248.175	323.014
Less	EXPENSES
		Cost of Goods Sold	238.560	297.226
		Wages	0.977	1.987
		Electricity Expenses	1.749	6.392
		Salary	0.836	1.197
		Travelling and Conveyance	0.072	0.144
		Telephone Expenses	0.021	0.065
		Running and Maintenance	0.092	0.634
		Insurance Expenses	0.096	0.131
		Remuneration	0.140	0.020
		Other Expenses	1.379	2.446
		TOTAL (B)	243.922	310.242
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.253	12.772
Less	FINANCIAL EXPENSES (D)		3.531	6.995
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.722	5.777
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.163	4.523
	PROFIT BEFORE TAX (E-F) (G)		0.559	1.254
Less	TAX (H)		0.175	NA
	PROFIT AFTER TAX (G-H) (I)		0.384	NA

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

STATEMENT OF ASSETS AND LIABILITIES

MR. KALLU MALL

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods (Private) Limited	0.524
Mohan Food and Allied Industries	0.755
Total	1.279

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Present Market Value
Mr. Kallu Mall	Residential House at Bulandshahr	10.000

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.103	0.150

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Furniture	0.076
Jewellery	0.200
Cash in Hand	0.100
Total	0.376

TOTAL ASSETS

RS.11.805 MILLIONS

NET WORTH

RS.11.805 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MR. BRIJ MOHAN

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods Private Limited	2.077
Total	2.077

LIFE INSURANCE POLICY

Policy No.	Name of the Company	Date of Starting	Annual Premium	Sum Assured
560910424	LIP	28.06.00	0.027	0.267
560147946	LIP	28.08.96	0.005	0.065
251154255	LIP	28.01.94	0.009	0.102
562133957	LIP	28.02.02	0.018	0.141
250399028	LIP	28.03.90	0.004	0.082
260724420	LIP	15.03.93	0.005	0.083
562505257	LIP	28.03.04	0.006	0.035
371791112	MNYLICL	30.04.09	0.032	0.033
--
			0.106	0.808

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Present Market Value
Mr. Brij Mohan	Residential House of Rs.15.000 Millions	5.000

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.150	0.225

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Furniture	0.275
Vehicles	0.150
Jewellery	0.825
Cash in Hand	0.115
Total	1.365

LIABILITIES

BORROWING FROM OTHER

Name of the Lender	Amount Borrowed
Bank of Baroda	0.386
Total	0.386

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

STATEMENT OF ASSETS AND LIABILITIES

MR. VIJENDER KUMAR

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods Private Limited	2.673
Total	2.673

LIFE INSURANCE POLICY

Policy No.	Name of the Company	Date of Starting	Annual Premium	Sum Assured
560909852	LIP	14.06.00	0.026	0.257
251154254	LIP	28.01.94	0.008	0.132
260446277	LIP	27.03.91	0.007	0.132
260721557	LIP	13.03.93	0.005	0.086
562133933	LIP	28.03.02	0.017	0.137
562506355	LIP	25.03.04	0.027	0.163
			0.090	0.907

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Present Market Value
Brij Mohan Vijender Kumar Meenakshi	1/3 shares of Residential House Total Value = Rs.15.000 Millions	5.000

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.056	0.150

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Furniture	0.477
Jewellery	0.650
Cash in Hand	0.210
Total	1.337

TOTAL ASSETS

RS.10.067 MILLIONS

LIABILITIES

BORROWING FROM OTHER

Name of the Lender	Amount Borrowed	Details of Security Furnished
Bank of Baroda	0.386	Housing Loan
Total

NET WORTH

RS.9.681 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MR. SANJEEV KUMAR

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods Private Limited	3.306
Mohan Food and Allied Industries	1.093
Total	4.399

LIFE INSURANCE POLICY

Policy No.	Name of the Company	Date of Starting	Annual Premium	Sum Assured
560909853	LIP	14.06.00	0.025	0.255
251154253	LIP	28.01.94	0.007	0.113
251154252	LIP	28.01.94	0.004	0.061
260721898	LIP	28.03.93	0.005	0.086
562132173	LIP	28.03.02	0.017	0.136
562506354	LIP	28.03.04	0.027	0.161
			0.085	0.812

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.166	0.200

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Furniture	0.100
Jewellery	0.550
Cash in Hand	0.175
Total	0.825

TOTAL ASSETS

RS.6.236 MILLIONS

NET WORTH

RS.6.236 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MR. AJAY KUMAR

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods Private Limited	1.921
Total	1.921

LIFE INSURANCE POLICY

Policy No.	Name of the Company	Date of Starting	Annual Premium	Sum Assured
260720697	LIP	28.05.92	0.006	0.108
560910146	LIP	15.06.00	0.025	0.252
560037360	LIP	28.01.94	0.005	0.080
251154256	LIP	28.01.94	0.007	0.107
260446278	LIP	27.03.91	0.007	0.131
560037867	LIP	15.09.94	0.003	0.054
562133934	LIP	18.03.02	0.017	0.133
			0.070	0.862

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.189	0.250

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Furniture	0.210
Jewellery	0.475
Cash in Hand	0.125
Total	0.810

TOTAL ASSETS

RS.3.846 MILLIONS

NET WORTH

RS.3.846 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MRS. SHALINI AGARWAL

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in which investment is made	Amount Invested
Mohan Milk Foods Private Limited	0.337
Mohan Foods and Allied Industries	2.464
Total	2.801

LIFE INSURANCE POLICY

Policy No.	Name of the Company	Date of Starting	Annual Premium	Sum Assured
562416501	LIP	27.05.03	0.015	0.106
466055159	MNYLICL	26.03.08	0.024	0.048
61047921	MNYLICL	28.12.96	0.009	0.133
562128403	LIP	28.12.01	0.007	0.066
466055159	MNYLICL	26.03.08	0.024	0.048
			0.079	0.401

GOVERNMENT SECURITIES/ NATIONAL SAVING CERTIFICATES/ SHARES OF LISTED COMPANIES / UNITS TRUST OF INDIA

Description of Security	Face Value	Market Value
NSC’s	0.084	0.125

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/ JEWELS ETC.

Nature/ Details of Assets	Market Value of Assets
Jewellery	0.825
Cash in Hand	0.150
Total	0.975

TOTAL ASSETS

RS.4.302 MILLIONS

NET WORTH

RS.4.302 MILLIONS

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

VALUATION REPORT ON IMMOVABLE PROPERTY

VALUATION REPORT OF THE PROPERTY BELONGING TO MR. BIJENDRA KUMAR S/O MR. KALLU MAL

Purpose of Valuation	To assess the fair market value for corporation Bank (A/c M/s Mohan Milk Foods Private Limited)
Valuation done by	Er. B. P. Verma (Chartered Engineers), Panel Valuer of Banks
Date of Visit to the site	14.03.2011
Date of Valuation	16.03.2011

PART – A DETAIL IN RESPECT OF PROPERTY

Name of person’s in whose name’s the property stands registered			Mr. Bijendra Kumar S/o Mr. Kallu Mal
Survey/ Municipal No. of the property			Khet No.64
Situation of the Property			Village – Heera Pur, Post – Naya Gaon Siyana Road, Bulandshahr (Uttar Pradesh)
Proximity to Civic Amenities			Within 3-4 Km
Boundaries of Property
As per Sale Deed / Legal Report				As per Site
North		M/s Agrawal Dal Mill		Plot of Lala Darshan
South		Other’s Property		Property of Mr. Bijendra Kumar (Guest House etc.) and Mr. Kallu Mal (Dairy Plant)
East		Property Mrs. Shalini Agrawal		Property of Mr. Bijendra Kumar (Main Office)
West		Other’s Property		Property of Mrs. Shalini Agrawal (Cold Storage)
Classification of location as per development authority/ Town Planning Department (Residential/ Commercial/ Industrial)			Industrial
Is the Property Owner occupied, tenanted or both			Owner Occupied
Whether lease hold or freehold			Freehold
Nature of property (Residential / Commercial/ Mixed Industrial)			Mixed
Age of Building and year of construction			Approx. 19 years during 1990-91
Estimated future life/ Residual life of building			31 years
Area of land (In sq. ft.) In case of agricultural land in Heet)			1 Beegha 10 Biswa i.e. 4537.50 sq. yd. or 3793.90 sq. mtr.
Plinth area of the Building
Cold Storage			14089.57 sq. ft. (each floor) Total 7 floor Total 98627 sq. ft.
Machine/ Generator Room			2153 sq. ft.
Ice/ Fruit Chamber			3108 sq. ft.
Cooling Tower			1396 sq. ft.
Godown			2704 sq. ft.
Labour quarters etc.			3080 sq. ft.
Potato drying area
a. Ground floor (R.B.C. slab roof) b. First floor (A.C.C. Sheet roof)			4823.97 sq. ft. 4823.97 sq. ft.
Number of floors of the Building			Cold Storage -Seven Drying area - Two Other Building - Single and Two
Height of each floor of the Building			Cold Storage - 56’ (Total) Machine/ Generator room – 14’ Ice Chamber - 12-14’ Labour quarters – 9’-10’ Potato Drying area GF -20’ F.F. - 8’-12’ Rest -10’ to 14’
Type of construction (Road bearing walls or RCC framed structure)			Load bearing walls and R.C.C. framed structure
Type of foundation			B.B.C.C. and Spread foundation
Type of walls			Brick work in Cement Sand mortar.
Type of doors and windows			Iron Shutters, insulated doors, iron and wooden doors and windows
Type of flooring			Cemented and Tile flooring
Type of finishing			Ordinary
Roofing and Roof terracing			Asbestos shed, R.B.C. slabs and wooden frame work
Special Architectural or decorative features, if any			No
Whether external or internal wiring			External
Class of Electrical Fittings (Special / Ordinary or Poor)			Ordinary
Class of sanitary and water supply fittings (Special / Ordinary or Poor)			Ordinary
Sewerage Disposal			By drain line to septic tank.
PART – B COMPUTATION OF VALUATION
Municipal Valuation for tax purpose if available.			Not Available
Circle rates of land in the area as prescribed			Rs.1500/- per sq. mtr. To Rs.2500/- per sq. mtr.
Market rate of land (per sq. ft.) in the locality			Rs.3500/- per sq. yd.
Value of land			Rs.15881250/- say Rs.15.881 Millions
Valuation of Built up area (Residential)			Rs.36.889 Millions
Total Value of the Property (Residential)			Value of Land = Rs.15.881 Millions Value of Built up area = Rs.36.889 Millions Total Value = Rs.52.770 Millions
Net Value			Rs.40.154 Millions
Fair Market Value			Rs.40.150 Millions
Realizable value @ 85%			Rs.34.128 Millions
PART – C VALUATION REPORT DETAILS OF COST OF BUILT UP AREA
Description	Built up area in sq. ft.		Present Rate per sq. ft.		Amount (Rs. In Millions)
Cold Storage	98627		300/-		29.588
Machine/ Generator Room	2153		550/-		1.184
Ice/ Fruit Chamber	3108		450/-		1.399
Cooling Tower	1396		250/-		0.349
Godown	2704		350/-		0.946
Labour Quarters	3080		250/-		0.770
Potato Drying Shed
Ground Floor (RBC Slab)	4823.97		400/-		1.930
First Floor (ACC Sheet)	4823.97		150/-		0.724
Total					36.889
Depreciation 0.9 X C X A D= -------------------- N Where. salvage value has been taken 1 0% C = Reproduction cost A = Age of Building in years N = Life of Building (Total) 0.9 X 368,89 X19 So, ------------------------- = Rs.12.616 Millions 50 Hence depreciated value will be Rs. (36889 -126.16) Rs.24.273 Millions N.B. Approach road through the plot of Shri Bijendra Kumar (Plot No. 59 and 151) N.B. 1] The basis for adopting rate of land, cost of construction and rate of depreciation A. Land i] Land Use: Residential/ Commercial ii] Land Rate: Rate of land have been taken after considering Govt. circle rates and prevailing market rates in the area. B. Cost of construction: Nil for open plot C. Depreciation: No depreciation had been considered on open plot. Depreciation for built up area has been calculated as per method mentioned in depreciation head. 2] Fair market Value and Realizable value in case of distress sale or forced sale. Fair market value: Fair market value has been taken on die basis of prevailing rate in the area. Realizable value: Realizable value oldie property has been taken 85% of the fair market value. Cost of built up area has been taken on the basis of rate of current cost of construction to cubical content of the building.

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

VALUATION REPORT ON IMMOVABLE PROPERTY

VALUATION REPORT OF THE PROPERTY BELONGING TO MR. KALLU MAL S/O LATE MR. PYARE LAL

Purpose of Valuation	To assess the fair market value for corporation Bank (A/c M/s Mohan Milk Foods Private Limited)
Valuation done by	Er. B. P. Verma (Chartered Engineers), Panel Valuer of Banks
Date of Visit to the site	14.03.2011
Date of Valuation	16.03.2011

PART – A DETAIL IN RESPECT OF PROPERTY

Name of person’s in whose name’s the property stands registered			Mr. Kallu Mal S/o Late Mr. Pyare Lal
Survey/ Municipal No. of the property			Khet No.65
Situation of the Property			Village – Heera Pur, Post – Naya Gaon Siyana Road, Bulandshahr (Uttar Pradesh)
Proximity to Civic Amenities			Within 3-4 Km
Boundaries of Property
As per Sale Deed / Legal Report				As per Site
North		Property of Mrs. Shalini Agrawal		Property of Mr. Bijendra Kumar (Cold Storage)
South		Property of Mr. Bijendra Kumar		Property of Mr. Bijendra Kumar (Godown)
East		Property of M/s Rama Dairy		Property of M/s Rama Dairy and M/s Amit Dairy
West		Property of Mr. Bijendra Kumar		Property of Mr. Bijendra Kumar (Guest House etc)
Classification of location as per development authority/ Town Planning Department (Residential/ Commercial/ Industrial)			Industrial
Is the Property Owner occupied, tenanted or both			Owner Occupied
Whether lease hold or freehold			Freehold
Nature of property (Residential / Commercial/ Mixed Industrial)			Mixed
Age of Building and year of construction			Approx. 19 years during 1990-91
Estimated future life/ Residual life of building			56 years
Area of land (In sq. ft.) In case of agricultural land in Heet)			1 Beegha 5 Biswa i.e. 3781.25 sq. yd. ie 3161.58 sq. mtr.
Plinth area of the Building
A. Ground Floor 1. Ghee Section/ SMP Section/ Dryer Section/ Refrigeration section/ Office / Laboratory 2. Evaporator Room			11860 sq. ft. 1350 sq. ft.
B. First Floor			10780 sq. ft.
Number of floors of the Building			Two
Height of each floor of the Building			Dryer section 80’ Evaporator section 58’ Other building 12’-14’
Type of construction (Road bearing walls or RCC framed structure)			Load bearing walls and R.C.C. framed structure
Type of foundation			B.B.C.C. and Spread foundation
Type of walls			Brick work in Cement Sand mortar.
Type of doors and windows			Iron rolling Shutters, iron and wooden door and windows.
Type of flooring			Kota Stone Flooring
Type of finishing			Ordinary
Roofing and Roof terracing			R.B.C. slabs/ RCC Shed
Special Architectural or decorative features, if any			No
Whether external or internal wiring			External
Class of Electrical Fittings (Special / Ordinary or Poor)			Ordinary
Class of sanitary and water supply fittings (Special / Ordinary or Poor)			Ordinary
Sewerage Disposal			By drain line to septic tank.
PART – B COMPUTATION OF VALUATION
Municipal Valuation for tax purpose if available.			Not Available
Circle rates of land in the area as prescribed			Rs.2000/- per sq. mtr.
Market rate of land (per sq. ft.) in the locality			Rs.3500/- per sq. yd.
Value of land			Rs.13234375/- say Rs.13.235 Millions
Valuation of Built up area (Residential)			Rs.13.533 Millions
Total Value of the Property (Residential)			Value of Land = Rs.13.235 Millions Value of Built up area = Rs.13.533 Millions Total Value = Rs.26.768 Millions
Net Value			Rs.23.683 Millions
Fair Market Value			Rs.23.685 Millions
Realizable value @ 85%			Rs.20.132 Millions
PART – C VALUATION REPORT DETAILS OF COST OF BUILT UP AREA
Description	Built up area in sq. ft.		Present Rate per sq. ft.		Amount (Rs. In Millions)
Ground Floor	11860		550/-		6.523
Evaporator Section	1350		1200/-		1.620
First Floor	10780		500/-		5.390
Total					13.533
Depreciation 0.9 X C X A D= -------------------- N Where. salvage value has been taken 1 0% C = Reproduction cost A = Age of Building in years N = Life of Building (Total) 0.9 X 135.33 X19 So, ------------------------- = Rs.3.085 Millions 75 Hence depreciated value will be Rs. (135.33 -30.85) Rs.10.448 Millions N.B. Approach road through the plot of Shri Bijendra Kumar (Plot No. 59 and 151) N.B. 1] The basis for adopting rate of land, cost of construction and rate of depreciation A. Land i] Land Use: Residential/ Commercial ii] Land Rate: Rate of land have been taken after considering Govt. circle rates and prevailing market rates in the area. B. Cost of construction: Nil for open plot C. Depreciation: No depreciation had been considered on open plot. Depreciation for built up area has been calculated as per method mentioned in depreciation head. 2] Fair market Value and Realizable value in case of distress sale or forced sale. Fair market value: Fair market value has been taken on die basis of prevailing rate in the area. Realizable value: Realizable value oldie property has been taken 85% of the fair market value. Cost of built up area has been taken on the basis of rate of current cost of construction to cubical content of the building.

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VALUATION REPORT ON IMMOVABLE PROPERTY

VALUATION REPORT OF THE PROPERTY BELONGING TO MR. BIJENDRA KUMAR S/O MR. KALLU MAL

Purpose of Valuation	To assess the fair market value for corporation Bank (A/c M/s Mohan Milk Foods Private Limited)
Valuation done by	Er. B. P. Verma (Chartered Engineers), Panel Valuer of Banks
Date of Visit to the site	14.03.2011
Date of Valuation	16.03.2011

PART – A DETAIL IN RESPECT OF PROPERTY

Name of person’s in whose name’s the property stands registered			Mr. Bijendra Kumar S/o Mr. Kallu Mal
Survey/ Municipal No. of the property			Khet No.59 and 51
Situation of the Property			Village – Heera Pur, Post – Naya Gaon Siyana Road, Bulandshahr (Uttar Pradesh)
Proximity to Civic Amenities			Within 3-4 Km
Boundaries of Property
As per Sale Deed / Legal Report				As per Site
North		M/s Agrawal Dal Mill		M/s Agrawal Dal Mill
South		Rama Dairy		M/s Rama Dairy
East		Siyana Road		Siyana Road
West		Property of Mrs. Shalini Agrawal		Property of Mr. Bijendra Kumar (Cold Storage)
Classification of location as per development authority/ Town Planning Department (Residential/ Commercial/ Industrial)			Commercial and Industrial
Is the Property Owner occupied, tenanted or both			Owner Occupied
Whether lease hold or freehold			Freehold
Nature of property (Residential / Commercial/ Mixed Industrial)			Mixed
Age of Building and year of construction			Approx. 19 years during 1990-91
Estimated future life/ Residual life of building			41 years (Average)
Area of land (In sq. ft.) In case of agricultural land in Heet)			18 Beegha 6 Biswa 13 Kachwansi i.e. 2772.79 sq. yd. or 2318.39 sq. mtr.
Plinth area of the Building
Generator Room (Shed)			382.30 sq. ft.
Ice Plan/ Machine Room			2015.46 sq. ft.
Weighing Platform			602.13 sq. ft.
Office/ Shops			2145 sq. ft.
First Floor (Office)			1985.50 sq. ft.
Number of floors of the Building			Two
Height of each floor of the Building			10’ to 12 ‘
Type of construction (Road bearing walls or RCC framed structure)			Load bearing walls
Type of foundation			B.B.C.C. and Spread foundation
Type of walls			Brick work in Cement Sand mortar.
Type of doors and windows			Iron rolling Shutters, iron and wooden door and windows.
Type of flooring			Cemented, Tiles and Marble Stone Flooring
Type of finishing			Ordinary
Roofing and Roof terracing			R.B.C. slabs/ ACC Sheets Shed
Special Architectural or decorative features, if any			No
Whether external or internal wiring			External
Class of Electrical Fittings (Special / Ordinary or Poor)			Ordinary
Class of sanitary and water supply fittings (Special / Ordinary or Poor)			Ordinary
Sewerage Disposal			By drain line to septic tank.
PART – B COMPUTATION OF VALUATION
Municipal Valuation for tax purpose if available.			Not Available
Circle rates of land in the area as prescribed			Rs.2000/- per sq. mtr. (Industrial) Rs.8000/- per sq. mtr. (Commercial)
Market rate of land (per sq. ft.) in the locality			Rs.7000/- per sq. yd.
Value of land			Rs.19409530/- say Rs.19.410 Millions
Valuation of Built up area (Residential)			Rs.3.719 Millions
Total Value of the Property (Residential)			Value of Land = Rs.19.410 Millions Value of Built up area = Rs.3.719 Millions Total Value = Rs.23.129 Millions
Net Value			Rs.22.069 Millions
Fair Market Value			Rs.22.070 Millions
Realizable value @ 85%			Rs.18.760 Millions
PART – C VALUATION REPORT DETAILS OF COST OF BUILT UP AREA
Description	Built up area in sq. ft.		Present Rate per sq. ft.		Amount (Rs. In Millions)
Ground Floor
Generator Room	382.30		300/-		0.115
Ice Plant/ Machine Room	2015.46		550/-		1.109
Weighing Plat form	602.13		550/-		0.331
Office and Shops	2145		500/-		1.072
First Floor	1985.50		550/-		1.092
Total					3.719
Depreciation 0.9 X C X A D= -------------------- N Where. salvage value has been taken 1 0% C = Reproduction cost A = Age of Building in years N = Life of Building (Total) 0.9 X 37.19 X19 So, ------------------------- = Rs.1.060 Million 60 Hence depreciated value will be Rs. (37.19 -10.60) Rs.2.659 Millions N.B. 1] The basis for adopting rate of land, cost of construction and rate of depreciation A. Land i] Land Use: Residential/ Commercial ii] Land Rate: Rate of land have been taken after considering Govt. circle rates and prevailing market rates in the area. B. Cost of construction: Nil for open plot C. Depreciation: No depreciation had been considered on open plot. Depreciation for built up area has been calculated as per method mentioned in depreciation head. 2] Fair market Value and Realizable value in case of distress sale or forced sale. Fair market value: Fair market value has been taken on die basis of prevailing rate in the area. Realizable value: Realizable value oldie property has been taken 85% of the fair market value. Cost of built up area has been taken on the basis of rate of current cost of construction to cubical content of the building.

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VALUATION REPORT ON IMMOVABLE PROPERTY

VALUATION REPORT OF THE PROPERTY BELONGING TO MR. BIJENDRA KUMAR S/O MR. KALLU MAL

Purpose of Valuation	To assess the fair market value for corporation Bank (A/c M/s Mohan Milk Foods Private Limited)
Valuation done by	Er. B. P. Verma (Chartered Engineers), Panel Valuer of Banks
Date of Visit to the site	14.03.2011
Date of Valuation	16.03.2011

PART – A DETAIL IN RESPECT OF PROPERTY

Name of person’s in whose name’s the property stands registered			Mr. Bijendra Kumar S/o Mr. Kallu Mal
Survey/ Municipal No. of the property			Khet No.64 M
Situation of the Property			Village – Heera Pur, Post – Naya Gaon Siyana Road, Bulandshahr (Uttar Pradesh)
Proximity to Civic Amenities			Within 3-4 Km
Boundaries of Property
As per Sale Deed / Legal Report				As per Site
North		Property Mrs. Shalinmi Agrawal		Property Mr. Shalini Agrawal (Cold Storage)
South		Other’s Property		Other’s Property
East		Property Mr. Kallu Mal		Property of Mr. Kallu Mal
West		Other’s Property		Other’s Property
Classification of location as per development authority/ Town Planning Department (Residential/ Commercial/ Industrial)			Industrial
Is the Property Owner occupied, tenanted or both			Owner Occupied
Whether lease hold or freehold			Freehold
Nature of property (Residential / Commercial/ Mixed Industrial)			Mixed
Age of Building and year of construction			Approx. 19 years during 1990-91
Estimated future life/ Residual life of building			31 years at an average
Area of land (In sq. ft.) In case of agricultural land in Heet)			2 Beegha 8 Biswa 16 Kachwansi i.e. 7266.05 sq. yd. or 6075.29 sq. mtr.
Plinth area of the Building
Boiler Section (Shed) Boiler Section (R.B.C. Slab) Office Guest House (First floor) Guest House (Second Floor) Building 3^rd floor			1561.06 sq. ft. 1193.71 Sq. ft. 380 sq. ft. 380 sq. ft. 380 sq. it. 245 sq. ft.
Number of floors of the Building			Single and Four
Height of each floor of the Building			8’ to 10’ and 24’ (Boiler section)
Type of construction (Road bearing walls or RCC framed structure)			Load bearing walls
Type of foundation			B.B.C.C. and Spread foundation
Type of walls			Brick work in Cement Sand mortar.
Type of doors and windows			Iron Rolling Shutters, Iron and wooden doors and windows
Type of flooring			Cemented and Tile flooring
Type of finishing			Ordinary
Roofing and Roof terracing			R.B.C. slabs, CGI Sheets
Special Architectural or decorative features, if any			No
Whether external or internal wiring			External
Class of Electrical Fittings (Special / Ordinary or Poor)			Ordinary
Class of sanitary and water supply fittings (Special / Ordinary or Poor)			Ordinary
Sewerage Disposal			By drain line to septic tank.
PART – B COMPUTATION OF VALUATION
Municipal Valuation for tax purpose if available.			Not Available
Circle rates of land in the area as prescribed			Rs.1500/- per sq. mtr.
Market rate of land (per sq. ft.) in the locality			Rs.2500/- per sq. yd.
Value of land			Rs.181651250/- say Rs.18.165 Millions
Valuation of Built up area (Residential)			Rs.1.712 Millions
Total Value of the Property (Residential)			Value of Land = Rs.18.165 Millions Value of Built up area = Rs.1.712 Millions Total Value = Rs.19.877 Millions
Net Value			Rs.19.292 Millions
Fair Market Value			Rs.19.292 Millions
Realizable value @ 85%			Rs.16.398 Millions
PART – C VALUATION REPORT DETAILS OF COST OF BUILT UP AREA
Description	Built up area in sq. ft.		Present Rate per sq. ft.		Amount (Rs. In Millions)
Boiler Section (Shed)	1561.06		250/-		0.390
Boiler Section (RBC shed)	1193.71		500/-		0.597
Office	380		500/-		0.190
Guest House (First Floor)	380		600/-		0.228
Guest House (Second Floor)	380		550/-		0.209
Building 3^rd Floor	245		400/-		0.098
Total					1.712
Depreciation 0.9 X C X A D= -------------------- N Where. salvage value has been taken 1 0% C = Reproduction cost A = Age of Building in years N = Life of Building (Total) 0.9 X 17.12 X19 So, ------------------------- = Rs.0.585 Million 50 Hence depreciated value will be Rs. (17.12- 5.85) Rs.1.127 Million N.B. Approach road through the plot of Shri Bijendra Kumar (Plot No. 59 and 151) N.B. 1] The basis for adopting rate of land, cost of construction and rate of depreciation A. Land i] Land Use: Residential/ Commercial ii] Land Rate: Rate of land have been taken after considering Govt. circle rates and prevailing market rates in the area. B. Cost of construction: Nil for open plot C. Depreciation: No depreciation had been considered on open plot. Depreciation for built up area has been calculated as per method mentioned in depreciation head. 2] Fair market Value and Realizable value in case of distress sale or forced sale. Fair market value: Fair market value has been taken on die basis of prevailing rate in the area. Realizable value: Realizable value oldie property has been taken 85% of the fair market value. Cost of built up area has been taken on the basis of rate of current cost of construction to cubical content of the building.

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VALUATION REPORT ON IMMOVABLE PROPERTY

VALUATION REPORT OF THE PROPERTY BELONGING TO MRS. SHALINI AGRAWAL W/O SANJEEV KUMAR AGRAWAL

Purpose of Valuation	To assess the fair market value for corporation Bank (A/c M/s Mohan Milk Foods Private Limited)
Valuation done by	Er. B. P. Verma (Chartered Engineers), Panel Valuer of Banks
Date of Visit to the site	14.03.2011
Date of Valuation	16.03.2011

PART – A DETAIL IN RESPECT OF PROPERTY

Name of person’s in whose name’s the property stands registered			Mrs. Shalini Agrawal W/o Sanjeev Kumar Agrawal
Survey/ Municipal No. of the property			Khet No.64 M
Situation of the Property			Village – Heera Pur, Post – Naya Gaon Siyana Road, Bulandshahr (Uttar Pradesh)
Proximity to Civic Amenities			Within 3-4 Km
Boundaries of Property
As per Sale Deed / Legal Report				As per Site
North		M/s Agrawal Dal Mill		Khet of Mr. Kallu Mal
South		Property of Mr. Kallu Mal		Property of Mr. Bijendra Kumar (Guest House and Boiler House etc)
East		Property of Mr. Bijendra Kumar		Property of Mr. Bijendra Kumar (Cold Storage)
West		Property of Mr. Bijendra Kumar		Khet of Mrs. Bijendra Kumar
Classification of location as per development authority/ Town Planning Department (Residential/ Commercial/ Industrial)			Industrial
Is the Property Owner occupied, tenanted or both			Owner Occupied
Whether lease hold or freehold			Freehold
Nature of property (Residential / Commercial/ Mixed Industrial)			Mixed
Age of Building and year of construction			Approx. 13 years during 1996-97
Estimated future life/ Residual life of building			37 years
Area of land (In sq. ft.) In case of agricultural land in Heet)			1 Beegha 19 Biswa 9 Biswansi 4 Kachwansi i.e. 5968.32 sq. yd. or 4990.23 sq. mtr.
Plinth area of the Building
Cold Storage Machine Room Ice Chamber Cooling Tower			12492.50 sq. ft. (Each floor) Total 7 floors Total 87447.50 sq. ft. 1615 Sq. ft. 1367 sq. ft. 1361 sq. ft.
Potato Drying area Ground floor (R.R.C. Slab roof) First floor (A.C.C. Sheet roof)			10108.62 sq. ft. 10108.62 sq. ft.
Number of floors of the Building			Cold storage Seven Drying area Two Other Building Single
Height of each floor of the Building			Cold Storage 56’ (Total) Machine room 14’ Ice chamber 12’-14’ Cooling Tofler 12’-14’ Potato Drying area G.F. 20’ F.F. 8’-12’
Type of construction (Road bearing walls or RCC framed structure)			Load bearing walls and RCC Framed Structure
Type of foundation			B.B.C.C. and Spread foundation
Type of walls			Brick work in Cement Sand mortar.
Type of doors and windows			Iron Rolling and Insulated Doors
Type of flooring			Cemented and Brick Flooring
Type of finishing			Ordinary
Roofing and Roof terracing			Asbestos Shed, R.B.C. Slabs and Wooden Framed Work
Special Architectural or decorative features, if any			No
Whether external or internal wiring			External
Class of Electrical Fittings (Special / Ordinary or Poor)			Ordinary
Class of sanitary and water supply fittings (Special / Ordinary or Poor)			Ordinary
Sewerage Disposal			By drain line to septic tank.
PART – B COMPUTATION OF VALUATION
Municipal Valuation for tax purpose if available.			Not Available
Circle rates of land in the area as prescribed			Rs.1500/- per sq. mtr.
Market rate of land (per sq. ft.) in the locality			Rs.2500/- per sq. yd.
Value of land			Rs.14920800/- say Rs.14.921 Millions
Valuation of Built up area (Residential)			Rs.33.638 Millions
Total Value of the Property (Residential)			Value of Land = Rs.14.921 Millions Value of Built up area = Rs.33.638 Millions Total Value = Rs.48.559 Millions
Net Value			Rs.40.688 Millions
Fair Market Value			Rs.40.690 Millions
Realizable value @ 85%			Rs.34.586 Millions
PART – C VALUATION REPORT DETAILS OF COST OF BUILT UP AREA
Description	Built up area in sq. ft.		Present Rate per sq. ft.		Amount (Rs. In Millions)
Cold Storage	87447.50		300/-		26.234
Machine Room	1615		550/-		0.888
Ice Chamber	1367		450/-		0.615
Cooling Tower	1361.06		250/-		0.340
Potato Drying Area
Ground Floor (RBC Slab)	10108.62		400/-		4.044
First Floor (ACC Sheet)	10108.62		150/-		1.516
Total					3.3.637
Depreciation 0.9 X C X A D= -------------------- N Where. salvage value has been taken 1 0% C = Reproduction cost A = Age of Building in years N = Life of Building (Total) 0.9 X 336.38 X13 So, ------------------------- = Rs.7.871 Millions 50 Hence depreciated value will be Rs. (33.638- 7.871) Rs.25.767 Millions N.B. Approach road through the plot of Shri Bijendra Kumar (Plot No. 59 and 151) N.B. 1] The basis for adopting rate of land, cost of construction and rate of depreciation A. Land i] Land Use: Residential/ Commercial ii] Land Rate: Rate of land have been taken after considering Govt. circle rates and prevailing market rates in the area. B. Cost of construction: Nil for open plot C. Depreciation: No depreciation had been considered on open plot. Depreciation for built up area has been calculated as per method mentioned in depreciation head. 2] Fair market Value and Realizable value in case of distress sale or forced sale. Fair market value: Fair market value has been taken on die basis of prevailing rate in the area. Realizable value: Realizable value oldie property has been taken 85% of the fair market value. Cost of built up area has been taken on the basis of rate of current cost of construction to cubical content of the building.

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TRADE REFERENCE:

· Mother Dairy

· Delhi Milk Skim

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FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Trucks

· Furniture and Fixtures

· Computers

· Typewriter

· Mobile Phone

· Shop

· Air Conditioner

· Telephone Instrument

· Motor Cycle

· Scooter

· Tractor

· Invertors

· Refrigerator

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 records 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.44.38
UK Pound	1	Rs.72.56
Euro	1	Rs.63.92

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.