MIRA INFORM REPORT

Report Date :

23.04.2011

IDENTIFICATION DETAILS

Name :	SMT. SHARANAMMA DIGGAVI MEMORIAL EDUCATIONAL TRUST
Registered Office :	Khandal – Itga Cross, Jewargi Roda, Gulbarga-585321, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.10.2006
Com. Reg. No.:	158/ 2006-07
PAN No.: [Permanent Account No.]	AAHTS3617E
Legal Form :	Trust
Line of Business :	Educational Trust.

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 trust. The members are reported to be resourceful and having satisfactory means. 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

LOCATIONS

Registered Office :	Khandal – Itga Cross, Jewargi Roda, Gulbarga-585321, Karnataka, India
Mobile No.:	91-9449069691 (Mr. Shivraj Diggavi)
School :	Plot No. 7, H No. 227/1, Khandal Village, Gulbarg, Karnataka, India

TRUSTEE

Name :	Mr. Basavaraj Veeranna Diggavi
Designation :	Trustee
Address :	Plot No. 38, Ghatge Layout, MSK Mills Road, Gulbarga, Karnataka, India
Date of Birth/Age :	41 Years
Qualification :	M.Sc.
Name :	Mr. Shivraj Veeranna Diggavi
Designation :	Trustee
Address :	Plot No. 38, Ghatge Layout, MSK Mills Road, Gulbarga, Karnataka, India
Date of Birth/Age :	39 Years
Qualification :	B.com
Name :	Mr. Nagarathamma Bajwaraj Diggavi
Designation :	Trustee
Address :	Plot No. 38, Ghatge Layout, MSK Mills Road, Gulbarga, Karnataka, India
Date of Birth/Age :	35 Years
Name :	Mrs. Premilabai Veeranna Diggavi
Designation :	Trustee
Date of Birth/Age :	57 Years
Name :	Mrs. Ambika Shivaraj Diggavi
Designation :	Trustee
Date of Birth/Age :	26 Years
Name :	Mr. Shivanand Gollappa Nagur
Designation :	Trustee
Date of Birth/Age :	40 Years
Name :	Mr. Baburao Hirigyappa Melinamani
Designation :	Trustee
Date of Birth/Age :	40 Years

BUSINESS DETAILS

Line of Business :

Educational Trust.

GENERAL INFORMATION

Bankers :	State Bank of Hyderabad, Vidya Nagar, Gulbarga Corporation Bank, Gulbarga, Vidyanagar Branch
Facilities :	Cash Credit Rs. 6.300 Millions (Against Deposits)

Banking Relations :	--
Auditors :
Name :	Ishwar Kinagi and Company Chartered Accountant
Address :	F2, First Floor, Asian Plaza, Sardar Vallabhai Patel Chowk, Station Road Gulbarga-585102, Karnataka, India
Tel. No.:	91-8472-223135 91-8472- 225659 (Residential)

CAPITAL STRUCTURE

As on 31.03.2010

Particulars	Amount Rs. in Millions	Amount Rs. in Millions
As per L.B.S.	1.628
Add: Receipts during the year	1.811
Total		3.439

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars	31.03.2010	31.03.2009	31.03.2008
LIABILITIES
CAPITAL FUND	0.000	0.109	0.546
SMT. SHARANAMMA DIGGAVI MEMORIAL EDUCATIONAL TRUST	3.439	1.628	0.140
VEHICLES LOANS
Mahindra and Mahindra Financial Services Limited, Gulbarga	0.696	1.294	1.602
Tata Motors, Gulbarga	0.780	1.456	0.000
Employees Provident Fund	0.048	0.000	0.000
TOTAL	4.963	4.487	2.288
ASSETS
Fixed Assets	3.894	4.457	2.283
Income and Expenditures Account	0.369	0.000	0.000
S.G.V. Boy’s Hostel	0.664	0.000	0.000
Cash in Hand	0.036	0.030	0.005
TOTAL	4.964	4.487	2.288

PROFIT & LOSS ACCOUNT

Particulars	31.03.2010	31.03.2009	31.03.2008
EXPENDITURES
To Salaries	1.505	1.112	0.394
To Uniforms	0.334	0.289	0.030
To Teaching Aids and Materials	0.221	0.243	0.000
To Tour Expenses	0.169	0.154	0.050
To Medical Expenses	0.013	0.000	0.002
To Xerox Expenses	0.000	0.000	0.002
To Diesel Expenses	1.401	0.664	0.207
To Insurance of Vehicles	0.000	0.202	0.076
To Vehicles Repairs and Maintenance	0.369	0.136	0.009
To Interest on Vehicles Loans	0.326	0.684	0.035
To Functions and Celebration	0.153	0.115	0.023
To Electricity Charges	0.124	0.000	0.000
To Telephone and Mobile Charge	0.088	0.000	0.000
To Insurance and Mobile Charges	0.071	0.000	0.000
To Printing and Stationery	0.071	0.055	0.044
To Building Rent	0.0000	0.000	0.042
To Miscellaneous Expenses	0.054	0.020	0.009
To Generator and Electrical Expenses	0.047	0.000	0.000
To Travelling Expenses	0.036	0.038	0.003
To Exam fees	0.000	0.032	0.000
To R.T.O Taxes	0.029	0.034	0.006
To Advertisement	0.018	0.015	0.000
To Sports Expenses	0.000	0.037	0.017
To Postage and Courior charges	0.002	0.001	0.002
To Depreciation	0.683	0.764	0.315
To Excess of Income over Expenditure	0.000	0.000	0.546
TOTAL	5.714	4.595	1.812
INCOME
By Fees Collection	4.836	2.158	0.218
By Special Coaching Fees	0.000	0.000	0.447
By Other Fees	0.000	0.000	0.162
By Grant form Smt. Sharanamma Diggavi Memorial Educational Trust	0.400	2.000	0.000
By Salary Grant	0.000	0.000	0.393
By Maintenance Grant	0.000	0.000	0.592
By Excess of Expenditure over Income	0.478	0.437	0.000
TOTAL	5.714	4.595	1.812

LOCAL AGENCY FURTHER INFORMATION

PROJECT REPORT

INTRODUCTION:

Subject is a Educational Trust, was formed in the year 2006 with a main object to promote and establish educational institutions at all levels under the name “SHREE GURU VIDYA PEETHA “and trust is registered both under Indian trust Act and income tax Act and trust’s income is exempt u/s 12A of the income tax Act. Gulbarga is a divisional head quarter of districts of Gulbarga, Bidar, Raichur, Bellary and Koppal. Gulbarga city is growing very fast from all angles i.e., educationally, commercially and industrially. Today Gulbarga is well known as educational centre or educational hub. In Gulbarga there are two Medical Colleges and two more medical colleges are coming up, five Engineering Colleges, good number of Science, Commerce, Arts, Law, MBA, MCA, BCA, BBM and other technical and professional colleges are situated. Though there are good number of nursery, primary, higher primary, high Schools and junior colleges are situated in Gulbarga but quality and standard education in primary and high school education is given by three or four educational institutions. One among them is “SHREE GURU VIDYA PEETHIA”. Shree Guru Vidya Peetha is residential cum day primary, high school and junior college started in the academic year 2007-08 and situated on a land of 48 acres with beautiful green campus at Khanadal ltga Cross, Jewargi Road, Gulbarga. The Students strength of the Shree Guru Vidya Peetha is 900 Numbers for the academic year 2010-11. They constructed School, College arid hostel buildings from their own sources of fees and development funds. Because of increase in strength they are unable to provide and manage the hostel facility to many students. To overcome this situation they have decided to expand the hostel facilities and to construct a new hostel building to meet the needs of students.

BIO-DATA:

Smt. Sharanamma Diggavi Memorial Educational Trust consists of seven trustees and the trustees are having good knowledge and experience in educational field. The trustees Shri Basavaraj V. Diggavi and Shivaraj V. Diggavi are the key persons in managing the trust with their 10 years vast experience in the educational field and Shri Basavraj Diggavi himself is a lecturer in maths.

COST OF THE PROJECT AND SOURCES OF FINANCE:

“SHREE GURU VIDYA PEETHA” has invested gross amount of Rs.97.000 Millions in schools, hostel, staff quarter buildings, school buses, furniture and equipments during the period from 2006 to till December 2010. Further to meet present needs decided to go for new hostel building and provide furniture and fixtures to hostel buildings. The additional project cost and sources of investment are being worked out as below.

A. COST OF PROJECT

1. Hostel Building	Rs. 46.000 Millions
2. Furnitures and Fixtures	Rs. 10.000 Millions
	Rs. 56.000 Millions

B. SOURCES OF FINANCE

i. Own Capital	Rs. 26.000 Millions
ii. Term Loan from Bank	Rs. 30.000 Millions
	Rs. 56.000 Millions

LOCATION:

The hostel building measuring 46133 sqft. buildup area of basement, ground and first floor is proposed to be constructed on a lease hold land on plot No. 7 situated in land Sy. No. 227/1 at Khand.al - ltga Cross, Jewargi Road, Gulbarga and where in School, Staff quarters, other hostel buildings are situated. Shree Guru Vidya Peetha Campus is well planned and designed, located in a semi hill place, outskirt of Gulbarga City and at a distance of 8 K.M from the City centre. Campus is very convenient to students, visiting parents and others and moreover they are having there own transportation facility with more than 40 school buses running. The detail estimate and plan of the hostel building is enclosed separately.

PROSPECTS:

The place Gulbarga is Division Headquarter is growing very fast both educationally and commercially and moreover city is called as educational hub with all kinds of schools and colleges from nursery to medical, engineering and other technical and professional colleges. As on date population of the city is 15 akhs and district is around 30 lakhs. Residential Schools with quality education facility are very few. Even today upper middle class and parents will send their children to big cities and other places for the education of primary and high school standards inspite of all kinds of hurdles and difficulties faced by the children during study period. To overcome this situation the trustees have established SHREE GURU VIDYA PEETHA”. Shree Guru Vidya Peetha is one among the best quality education provider in the City. Though the trustees started the nursery, primary and high school with an object of limited seats with teaching facility of around 300 students per annum. But within a span of three years there was heavy pressure from parents to increase the intake capacity. Management has increased the intake capacity of the day students, but they were unable to increase the residential students intake capacity due to non availability of hostel facilities. In the academic year 2010-2011 the total strength of the students both residential and day is around 900 students. Management has received 2000 applications for admission to nursery standards, VIII Std and P.U — I for the year 2010-2011, but they have provided fresh admission to only 350 students. Such was the fresher from parents for the academic year 2010- 2011. Because of heavy pressure, the trustees after considering the demand decided to construct the hostel building with all modern facilities.

FINANCIAL STABILITY AND PROFITABILITY:

Strength of Shree Guru Vidya Petha for the academic year 2010-2011 is 900 students in nursery to XII Std. After construction of hostel building the strength in the next academic year will increase by 300 students and every year proportionately there will be increase in the strength of students as worked out separately.

Assumptions on. financial stability, profitability and profitability statements are worked out. The proposed project is technically feasible and economically viable and hence it is an acceptable proposition in the banking terms.

CASH FLOW:

The Cash flow statement is worked out.

REPAYMENT OF LOAN AND INTEREST

The term loan of Rs. 30.000 Millions will be repaid in 7 years and interest will be paid as and when due, the details are worked out.

DEPRECIATION:

Depreciation on building, School buses and furnitures on written down value method is worked out.

DETAILS OF PAYMENT OF LOAN AND INTEREST

(Rs. in Millions)

Term Loan	Term Loan	Year	Interest @ 13.5%
Term Loan	30.000	1^st	4.050
Less: Repayment	4.300
	25.700	2^nd	3.470
Less: Repayment	4.300
	21.400	3^rd	2.889
Less: Repayment	4.300
	17.100	4^th	2.309
Less: Repayment	4.300
	12.800	5^th	1.728
Less: Repayment	4.300
	8.500	6^th	1.148
Less: Repayment	4.300
	4.200	7^th	0.567
Less: Repayment	4.200
	Nil

DETAIL OF DEPRECIATION UNDER WRITTEN DOWN VALUE METHOD

(Rs. in Millions)

Particulars	Building @ 10%	School Buses @ 15%	Other Assets @ 10%	Total
Existing	62.500	7.055	3.600
Additions	46.000	--	10.000
	108.500	7.055	13.600
1^st Year Depreciation	10.850	1.058	1.360	13.268
W.D.V.	97.650	5.997	12.240
2^nd Year Depreciation	9.765	0.900	1.224	11.889
W.D.V	87.885	5.097	11.016
3^rd Year Depreciation	8.789	0.765	1.1.2	10.655
W.D.V	79.097	4.333	9.914
4^th Year Depreciation	7.910	0.650	0.991	9.551
W.D.V	71.187	3.683	8.923
5^th Year Depreciation	7.119	0.552	0.892	8.563
W.D.V.	64.068	3.130	8.031
6^th Year Depreciation	6.406	0.470	0.803	7.679
W.D.V	57.661	2.661	7.228
7^th Year Depreciation	5.766	0.399	0.723	6.888
	51.895	2.262	6.505

PROJECTED PROFITABILITY STATEMENT

(Rs. in Millions)

Particulars	1^st year	2^nd Year	3^rd Year	4^th Year	5^th Year	6^th Year
No. of Students	1200	1300	1400	1500	1600	1600
Fees Collection	66.000	74.000	94.000	107.000	120.000	125.000
Development Fund (1/3)	3.300	3.300	4.200	4.200	4.200	4.300
Total (A)	69.300	77.300	98.200	111.200	124.200	129.300
EXPENSES
Salaries to Staff	19.000	21.400	29.500	33.400	37.300	38.900
Teaching Aids and Materials	2.900	3.200	4.400	5.000	5.600	5.800
Schools, College and Hostel Maintenance Expenses	18.900	21.300	29.300	33.100	37.000	38.500
Vehicle Maintenance Expenses	5.700	6.500	8.900	10.100	11.200	11.700
Function and Celebrations	0.900	1.100	1.500	1.700	1.900	1.900
Administration and Contingency Expenses	1.300	1.500	2.000	2.300	2.600	2.700
Interest on Vehicle Loan	0.425	0.425	0.425	--	--	--
Interest on Term Loan	4.050	3.470	2.889	2.308	1.728	1.147
Depreciation	13.268	11.889	10.655	9.551	8.563	7.679
Total (B)	66.443	70.784	89.569	97.459	105.891	108.326
Profit C ( A-B)	2.857	6.516	8.631	13.741	18.309	20.974

CALCULATION OF DEBT SERVICE COVERAGE RATIO

(Rs. in Millions)

Particulars	1^st year	2^nd Year	3^rd Year	4^th Year	5^th Year	6^th Year
Profit	2.857	6.516	8.631	13.741	18.309	20.974
Add:
1. Interest on Vehicle Loan	0.425	0.425	0.425	--	--	--
2. Interest on Term Loan	4.050	3.470	2.889	2.308	1.728	1.147
3. Depreciation	13.268	11.889	10.655	9.551	8.563	7.679
4. Students Security Deposit	5.000	5.000	10.000	10.000	12.500	12.500
5. Development Fund (2/3)	6.700	6.700	8.300	8.300	8.300	8.700
Total (D)	32.300	34.000	40.900	43.900	49.400	51.000
LOAN OBLIGATIONS (DEBT)
1. Interest on Vehicles Loan	0.425	0.425	0.425	--	--	--
2. Interest on Loans	4.050	3.470	2.889	2.308	1.728	1.147
3. Vehicle Loan Installment	2.350	2.350	2.300	--	--	--
4. Term Loan Installments	4.300	4.300	4.300	4.300	4.300	4.300
5. Students Security Deposit	6.000	6.000	7.500	7.500	8.750	9.000
Total (E)	17.125	16.545	17.414	14.105	14.778	14.447
D.S.C.R = D/E	11.89	2.05	2.34	3.11	3.34	3.53
And Average D.S.C.R	2.87

CASH FLOW STATEMENT

(Rs. in Millions)

Particulars	P.O.P	1^st year	2^nd Year	3^rd Year	4^th Year	5^th Year
INFLOW
1. Net Profit	--	2.857	6.516	8.631	13.741	18.309
2. Increase in Capital	26.000	--	--	--	--	--
3. Add: Depreciation	--	13.268	11.889	10.655	9.551	8.563
4. Increase in Term Loan	30.000	--	--	--	--	--
5. Increase in Student Security Deposit	--	5.000	5.000	10.000	10.000	12.500
6. Development Fund (2/3)	--	6.700	6.700	8.300	8.300	8.300
TOTAL INFLOW OF CASH	56.000	27.825	30.105	37.586	41.592	47.672
OUTFLOW
1. Increase in Capital Assets	56.000	--	--	--	--	--
2. Decrease in Term Loans	--	4.300	4.300	4.300	4.300	4.300
3. Vehicle Loan Repayment	--	2.350	2.350	2.300	--	--
4. Decrease in Student Security Deposit	--	6.000	6.000	7.500	7.500	8.750
TOTAL OUTFLOW OF CASH	56.000	12.650	12.650	14.100	11.800	13.050
SURPLUS AVAILABLE	--	15.175	17.455	23.486	29.792	34.622
CUMULATIVE SURPLUS	--	15.175	32.630	56.116	85.908	120.530

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MR. BASVARAJ DIGGAVI

(Trustee)

IMMOVABLE PROPERTY	APPLICANT
Address of the property / With Survey No. Door No. etc.	Plot No. 2521, Dariyapur, Kotnoor (D) Land, Sy No. 227/2 NA Land Khandal Village
Description : Land/ Site. Building	Land and Site
Whether Free hold/ lease hold	Free hold
Type of property: Commercial/ residential/ Agricultural	Residential
Area/ Extent of land	Plot 50 X 80 Land Sacres
Mortgaged for availing loan if any, details thereof	No.
PRESENT MARKET/ ASSESSED VALUE	RS. 11.500 MILLIONS
VEHICLES OWNED
Model/ Make	2006 Tractor
Date of Purchase	29.03.2006
PRESENT MARKET VALUE	RS. 0.300 MILLION
OTHER ASSETS
Jewellery 100 Grams Gold	Rs. 0.180 Millions
TOTAL ASSETS	RS. 11.980 MILLIONS
TOTAL LIABILITIES	NIL
NET WORTH	RS. 11.980 MILLIONS

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MR. SHIVRAJ DIGGAVI

(Trustee)

IMMOVABLE PROPERTY	APPLICANT
Address of the property / With Survey No. Door No. etc.	Plot No. 2522 Dariyapur Kotnoor (D) Gulbarga
Description : Land/ Site. Building	Site
Whether Free hold/ lease hold	Free hold
Type of property: Commercial/ residential/ Agricultural	Residential
Area/ Extent of land	Plot 50 X 80 Land Sacres
Mortgaged for availing loan if any, details thereof	No.
PRESENT MARKET/ ASSESSED VALUE	RS. 2.500 MILLIONS
OTHER ASSETS
Jewellery 100 Grams Gold	Rs. 0.160 Million
Cash in Hand	Rs. 0.144 Million
TOTAL ASSETS	RS. 2.804 MILLIONS
TOTAL LIABILITIES	NIL
NET WORTH	RS. 2.804 MILLIONS

STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MR. NAGRATHNAMMA DIGGAVI

(Trustee)

IMMOVABLE PROPERTY	APPLICANT
Address of the property / With Survey No. Door No. etc.	Land S5 No. 226 At Khandal Land, Sy. No. 228, Situated at Khandal
Description : Land/ Site. Building	Land
Whether Free hold/ lease hold	Free hold
Type of property: Commercial/ residential/ Agricultural	Agricultural
Area/ Extent of land	24 Acres
Mortgaged for availing loan if any, details thereof	No.
PRESENT MARKET/ ASSESSED VALUE	RS. 15.600 MILLIONS
VEHICLES OWNED
Model/ Make	2006 JD 2TIPPER2006
Date of Purchase	22.11.2006, 30.11.2006, 22.12.2006
PRESENT MARKET VALUE	RS. 1.400 Millions Rs. 0.700 Million Rs. 0.750 Million
OTHER ASSETS
Jewellery 150 grams Gold	Rs. 0.270 Million
Cash in Hand	Rs. 0.125 Million
TOTAL ASSETS	RS. 18.845 MILLIONS
TOTAL LIABILITIES	NIL
NET WORTH	RS. 18.845 MILLIONS

STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MRS. PREMILABAI DIGGAVI

(Trustee)

IMMOVABLE PROPERTY	APPLICANT
Address of the property / With Survey No. Door No. etc.	Plot No. 38, Ghatge Layout, MSK Mills Road, Gulbarga
Description : Land/ Site. Building	Building
Whether Free hold/ lease hold	Free hold
Type of property: Commercial/ residential/ Agricultural	Residential
Area/ Extent of land	40 X 60
Mortgaged for availing loan if any, details thereof	No.
PRESENT MARKET/ ASSESSED VALUE	RS. 3.000 MILLIONS
VEHICLES OWNED
PRESENT MARKET VALUE	RS. 0.650 MILLION
OTHER ASSETS
Jewellery 100 Grams Gold	Rs. 0.450 Millions
Cash in hand	Rs. 0.252 Million
TOTAL ASSETS	RS. 4.352 MILLIONS
TOTAL LIABILITIES	NIL
NET WORTH	RS. 4.352 MILLIONS

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MRS. AMBIKA DIGGAVI

(Trustee)

OTHER ASSETS
Jewellery 100 Grams Gold	Rs. 0.180 Millions
Cash in Hand	Rs. 0.175 Million
TOTAL ASSETS	RS. 0.355 MILLION
TOTAL LIABILITIES	NIL
NET WORTH	RS. 0.355 MILLION

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MR. SHIVANAND NAGUR

(Trustee)

IMMOVABLE PROPERTY	APPLICANT
Address of the property / With Survey No. Door No. etc.	2 Acres Naland, Sy. No. 1008/1
Description : Land/ Site. Building	Land
Whether Free hold/ lease hold	Free hold
Type of property: Commercial/ residential/ Agricultural	Commercial
Area/ Extent of land	2 Acres
Mortgaged for availing loan if any, details thereof	No.
PRESENT MARKET/ ASSESSED VALUE	RS. 3.000 MILLIONS
OTHER ASSETS
Jewellery 200 Grams Gold	Rs. 0.360 Millions
TOTAL ASSETS	RS. 3.360 MILLIONS
TOTAL LIABILITIES	NIL
NET WORTH	RS. 3.360 MILLIONS

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

MR. BABURAO H

(Trustee)

OTHER ASSETS
Jewellery 100 Grams Gold	Rs. 0.270 Millions
TOTAL ASSETS	RS. 0.270 MILLION
TOTAL LIABILITIES	NIL
NET WORTH	RS. 0.270 MILLION

VALUATION REPORT

GENERAL

Purpose of Valuation

To assess the present market value

Name of the reported owner with

Mrs. Nagaratnamma w/ o Basawaraj Diggavi

Document produced for perusal

Gift deed No. 7763/2007-08 dated 10.12.2007, Layout Plan, NA copy and approved plan

BRIEF DESCRIPTION OF THE PROPERTY

Details of Land

The property is a non agricultural lands with layout approval by town planning Authority vide No. 15/2010-11/ 1017-22 dated 12.10.2010. As per the approval Layout the extent of land 09 acres 11 Guntas is bifurcated as follows:

a) Residential area

20557 sq. mtrs Say 221193 sq.ft.

b) Garden and playground area

4074 sq.mtrs Say 43836 sq.ft.

c) CA Area

1976.5 sq.mtrs Say 21267 sq.ft.

d) Parking Area

1306.5 sq.mtrs say 14058 sq.ft

e) Roads

9620.0 sq.mtrs Say 103511 sq.ft

Details of Development

At present the building have been constructed on P.N. 1, 4, 8, 9, 10 and 11 and Construction is in progress on P.No. 07

Extent of Land Considered for Valuation

With respect to the layout and actual at site, the extent of land considered for valuation is 20557 sq.mtrs. (221193 sq.ft.)

Present Usage

At present the proposed structures are put in use for education institution, the education institution in the name of Shree Guru Veedhya Peeth. *from LKG to PUC IInd Year)

Construction Permission

Construction permission has been availed form Gram Panchayat Khandal as a whole towards Sy. No. 227/1 quoting individual room sizes etc.

If this report is to be used fro any Bank purpose, state the name of the bank and branch, if known

Corporation Bank Vidya Nagar Branch Gulbarga

DESCRIPTION OF THE PROPERTY

Postal address of the property with

Sy. No. 227/1, Khandal village Tq. And District Gulbarga

Location of the property

Plot No. / Nagar

P.No. 1 to 12

S.F. No./ TS No. / RS No.

Sy. No. 227.1 of Khandal

Village/ Block

Khandal

District / Muncipality/ Corporation

Gulbarga

Boundaries of the property

Considering overall area Sy. No. 227/1

East

Sy. No. 228 of Khandal Village

West

Sy. MNo. 227/2 of Khandal Village

North

Sy. No. 226 of Khandal Village

South

Bullock Cart road

Property is presently occupied by

Self

If occupied by both By assuming the entire building is let out

1) What is the probable monthly rent

Rs. 0.040 Million

2) What is the advance amount

Nil

PROCEDURE OF VALUATION

Valuation details

Discussed part A, B, C, D, E and F

PART B- LAND

Extent as per document

221193 sq.ft

Extent of site as per actual

221193 sq.ft.

Characteristics of the site

* What is the character of the locality

Residential

* What is the classification of the locality

Agricultural Fields

* Road facilities are available

Available

* What is the width of the road

30 ft.

* Any factors which effect the marketability of the land

Marketability of the property is Good

Valuation of adopting GLR

1. Guideline rate as obtained

Rs. 18/ sq.ft.

2. Value of Land adopting

Rs. 3.981 Millions

3. Value by adopting PMR prevailing market rate

Rs. 60/ sq.ft to Rs. 70/ sq.ft

Unit rate adopted in this valuation After considering the characteristics of the subject plot

Rs. 60/sq.ft.

Value of land by adopting PMR 221193 sq.ft. X Rs. 60/ ft

Rs. 13.272 Millions (B)

PART C- BUILDING

Type of Construction

RCC. Framed structure

Quality of Construction

Good

Appearance of Building

Common

Maintenance of building

Good

Plinth area

GF 702 sq.ft. FF: 790 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	702 sft.	--	702 sq.ft
FF	2009	RCC	790 sft	--	790 sft.
--	--	--	--	--	--
--	--	Total	1492 sft.	--	1492 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	702 sft.	790 sq.ft
Year of Construction	2009	2009
Age of Building	1^st Year	1^st Year
Residential life	79 years	79 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	Nil	Nil
Replacement rate of construction	800/ sq.ft.	750/ sq.ft.
Replacement value	Rs. 0.562 Million	Rs. 0.593 Million
Depreciation value	--	--
Present value of the building	Rs. 0.562 Million	Rs. 0.593 Million
Total Value of the building	Rs. 1.154 Millions Say Rs. 1.154 Millions

Plot No. 9 (QTRS)

Types of Construction

RCC Framed Structure

Quality of Construction

Good

Appearance of building

Common

Maintenance of building

Good

Plinth Area

FG 702 sq.ft. FF. 790 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	702 sft.	--	702 sq.ft
FF	2009	RCC	790 sft	--	790 sft.
--	--	--	--	--	--
--	--	Total	1492 sft.	--	1492 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	702 sft.	790 sq.ft
Year of Construction	2009	2009
Age of Building	1^st Year	1^st Year
Residential life	79 years	79 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	Nil	Nil
Replacement rate of construction	800/ sq.ft.	750/ sq.ft.
Replacement value	Rs. 0.562 Million	Rs. 0.593 Million
Depreciation value	--	--
Present value of the building	Rs. 0.562 Million	Rs. 0.593 Million
Total Value of the building	Rs. 1.154 Millions Say Rs. 1.154 Millions

PLOT NO. 10 (QTRS)

Types of Construction

RCC Framed Structure

Quality of Construction

Good

Appearance of building

Common

Maintenance of building

Good

Plinth Area

FG 702 sq.ft. FF. 790 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	702 sft.	--	702 sq.ft
FF	2009	RCC	790 sft	--	790 sft.
--	--	--	--	--	--
--	--	Total	1492 sft.	--	1492 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	702 sft.	790 sq.ft
Year of Construction	2009	2009
Age of Building	1^st Year	1^st Year
Residential life	79 years	79 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	Nil	Nil
Replacement rate of construction	800/ sq.ft.	750/ sq.ft.
Replacement value	Rs. 0.562 Million	Rs. 0.593 Million
Depreciation value	--	--
Present value of the building	Rs. 0.562 Million	Rs. 0.593 Million
Total Value of the building	Rs. 1.154 Millions Say Rs. 1.154 Millions

PLOT NO. 11 (QTRS)

Types of Construction

RCC Framed Structure

Quality of Construction

Good

Appearance of building

Common

Maintenance of building

Good

Plinth Area

FG 702 sq.ft. FF. 790 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	702 sft.	--	702 sq.ft
FF	2009	RCC	790 sft	--	790 sft.
--	--	--	--	--	--
--	--	Total	1492 sft.	--	1492 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	702 sft.	790 sq.ft
Year of Construction	2009	2009
Age of Building	1^st Year	1^st Year
Residential life	79 years	79 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	Nil	Nil
Replacement rate of construction	800/ sq.ft.	750/ sq.ft.
Replacement value	Rs. 0.562 Million	Rs. 0.593 Million
Depreciation value	--	--
Present value of the building	Rs. 0.562 Million	Rs. 0.593 Million
Total Value of the building	Rs. 1.154 Millions Say Rs. 1.154 Millions

PLOT NO. 4 (HOSTEL)

Types of Construction

RCC Framed Structure

Quality of Construction

Good

Appearance of building

Common

Maintenance of building

Good

Plinth Area

GF 11713 sq.ft. FF: 11713 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	11713 sft.	--	11713 sq.ft
FF	2009	RCC	11713 sft	--	11713 sft.
--	--	--	--	--	--
--	--	Total	11713 sft.	--	11713 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	11713 sft.	11713 sq.ft
Year of Construction	2009	2009
Age of Building	1^st Year	1^st Year
Residential life	79 years	79 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	Nil	Nil
Replacement rate of construction	700/ sq.ft.	700/ sq.ft.
Replacement value	Rs. 8.199 Millions	Rs. 8.199 Millions
Depreciation value	--	--
Present value of the building	Rs. 8.199 Millions	Rs. 8.199 Millions
Total Value of the building	Rs. 16.398 Millions Say Rs. 16.400 Millions

PLOT NO. 1 (HOSTEL)

Types of Construction

RCC Framed Structure

Quality of Construction

Good

Appearance of building

Common

Maintenance of building

Good

Plinth Area

GF 11713 sq.ft. FF: 11713 sq.ft.

Floor	Year of Construction	Roof	Plinth Area
			Main Portion A	Cantilevered Portion B	Total A + 50% of B
GF	2009	RCC	11713 sft.	--	11713 sq.ft
FF	2009	RCC	11713 sft	--	11713 sft.
--	--	--	--	--	--
--	--	Total	11713 sft.	--	11713 sft.

Permission No. and Date: Permissued by Gram Panchayat Khandal

Value of building is estimated by adopting suitable unit plinth area rate depending upon the specification. Depreciation is calculated by straight line method assuming a salvage value of 10%

VALUATION OF BUILDING

Description	Ground Floor	First Floor
Specification Foundation	RCC Footing	--
Floor Finish	Vitrified Flooring	Vitrified flag
Superstructure	Brick masonary	Brick masonary
Roof	RCC	RCC
Doors	Teak/ Mathi Wood	Teak/ Mathi Wood
Windows	Teak/ Mathi Wood	Teak/ Mathi Wood
Weathering Course	--	--
Plinth Area	11713 sft.	11713 sq.ft
Year of Construction	2008	2008
Age of Building	2 Years	2 Years
Residential life	78 years	78 years
Total Life	80 years	80 years
Depreciation Percentage (assuming salvage value 10%)	2.25%	2.25%
Replacement rate of construction	700/ sq.ft.	700/ sq.ft.
Replacement value	Rs. 8.199 Millions	Rs. 8.199 Millions
Depreciation value	Rs. 0.184 Million	Rs. 0.184 Million
Present value of the building	Rs. 8.015 Millions	Rs. 8.015 Millions
Total Value of the building	Rs. 16.029 Millions Say Rs. 16.000 Millions

PART- D AMENITIES AND EXTRA ITEMS

Ornamental front/ Pooja Door

--

Open Striarcase

--

Wardrobes, showcase, wooden cupboards

--

Interior decorations

--

Architectural elevation works

--

False ceiling works

--

Head room

--

Separate toilet room

--

TOTAL

NIL

PART E- SERVICES (VALUE AFTER DEPRECIAITON)

Deep Bre

Rs. 0.040 Million

TOTAL

RS. 0.040 MILLION

PART F – ABSTRACT VALUE

Description	Value by Adopting
	GLR	PMR
Land	Rs. 3.981 Millions	Rs. 13.272 Millions
Building	--	--
Plot No. 8	--	Rs. 1.154 Millions
Plot No. 9	--	Rs. 1.154 Millions
Plot No. 10	--	Rs. 1.154 Millions
Plot No. 11	--	Rs. 1.154 Millions
Plot No. 4	--	Rs. 16.400 Millions
Plot No. 1	--	Rs. 16.000 Millions
Amenities	--	Rs. Nil
Services	--	Rs. 0.040 Million
	Total	Rs. 50.728 Millions
	Say	Rs. 50.700 Millions

ABSTRACT VALUES

Type of Values

Value

FAIR MARKET VALUE

RS. 50.700 MILLIONS

GOVERNMENT VALUE AS PER SUB- REGISTER

RS. 41.437 MILLIONS

DISTRESS VALUE

RS. 43.100 MILLIONS

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

Fixed Assets:

· School Buses

· Library Books

· Furnitures

· Computers

· Musical Instruments

· Sports Equipments

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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.90

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.