MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	INDRAPUJA TEXTILE PRIVATE LIMITED
Registered Office :	23/25, Champa Galli, 2^nd Floor, Near M J Market, Kalbadevi, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.12.2010 (Unaudited)
Date of Incorporation :	10.03.2006
Com. Reg. No.:	11-160422
CIN No.: [Company Identification No.]	U17110MH2006PTC160422
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07135C
PAN No.: [Permanent Account No.]	AABCI4826L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing and Trading in Textile Goods.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject seems to be an established company having moderate track records. Company’s profitability is low. The valuation report and networth statement parted is of less value than the proposal amount. Trade relations are reported as fair. No complaints have been heard from indirect 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. Sanjay Jain
Designation :	Banking and Financial Executive
Date :	04.02.2011
Name :	Mr. Hitesh Jain
Designation :	Manager
Contact No.:	91-9967395953/ 9323081922
Date :	04.02.2011

LOCATIONS

Registered Office :	23/25, Champa Galli, 2^nd Floor, Near M J Market, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22411581/ 22413795/ 32468669
Mobile No.:	91-9967395953/ 9323081922 – (Mr. Hitesh Jain) 91-9388886305 – (Mr. Vinod Jain)
Fax No.:	91-22-22413795
E-Mail :	kamdarconsultants@gmail.com dileep_prithvi@hotmail.com jain_shk@yahoo.co.in vinod.indrapuja@gmail.com indrapuja@vsnl.net
Area :	600 sq. ft.
Location :	Rented
Factory :	S. No.5, Hissa No.2/1, Building No.1216/3 and 4, Udyan Nagar, Kamatghar, Bhiwandi – 421302, India
Area :	23672 sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Mahendrakumar Pukhraj Jain
Designation :	Director
Address :	21 23, Vijaywadi Kansara Building, 3^rd Floor, Chira Bazar, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	05.07.1962
Qualification :	SSC
Experience :	18 years
Date of Appointment :	10.03.2006
Name :	Mr. Indermal Veerchand Jain
Designation :	Director
Address :	Shreeji Bhavan, Block No.37, 4^th Floor, Gazdar Street, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	06.11.1937
Qualification :	SSC
Experience :	55 years
Date of Appointment :	10.03.2006

KEY EXECUTIVES

Name :	Mr. Sanjay Jain
Designation :	Banking and Financial Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Indermal Veerchand Jain	40000
Kantaben Indermal Jain	30000
Shailesh Indermal Jain	40000
Sangeeta Shailesh Jain	30000
Rita Haresh Jain	30000
Hitesh Indermal Jain	50000
Anamika Hitesj Jain	30000
Jayantilal Veerchandji Jain	90000
Basiben Jayantilala Jain	20000
Paresh Jayantilala Jain	50000
Jyotin Paresj Jain	20000
Hitendra Jayantilal Jain	50000
Dimple Hitendra Jain	20000
Mahendrakumar Pukhraj Jain	60000
Urmila Mahendra Jain	10000
Vinod Pukhraj Jain	90000
Sheela Vinod Jain	10000
Kapil Mahendra Jain	30000
Adin Mahendra Jain	30000
Kunal Vinod Jain	25000
Total	755000

(AS ON 30.09.2009)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading in Textile Goods.
Products :	Textile Goods
Brand Name :	‘Indrapuja’
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (90 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production
Shirting Fabrics and Blouse Piece Material	25,97,269.44 Meter.

GENERAL INFORMATION

Suppliers :

Name of the Customers	Location	Relationship (No. of years)	Credit Period Allowed
Supeema Cottons Private Limited	16, Anantwadi 4th Floor, Room No.53, Bhuleshwar, Mumbai-400002.	2 years	90 Days
Tuni Textiles Mills	63/71, Dadiseth Agari Lane, 3rd Floor, Room No.13, Kalbadevi Road, Mumbai-400002.	2 years	90 Days
Sbubham Yarns	17/19, Samseth Street, Karani House, 2nd Floor, Room No.19, Mumbai-400002	5 years	90 Days
Naraindas and Company	R.J. Market, Shop No. 15 Ground Floor, 347, Kalbadevi Road, Mumbai-400002.	3 years	90 Days
Suam Overseas Private Limited	77/9 1, Dabnel Industrial, Co. Op. Soc., Nani Daman-396210	2 years	90 Days

Customers :

Wholesalers

Name of the Customers	Location	Relationship (No. of years)	Credit Period Allowed
Vijayalaxmi Textile	9, Arunachala Ansari Street, P. S. K. Complex Salem - 636001	7 to 8 years	90 Days
Rozzi Club	Prabhat Colony Road, H/11, Naik Chawl, Juku Club, Santactuz (W), Mumbai-400055.	3 years	90 Days
Asha Embrodary	51/53, Vithalwadi Ground Floor, Kalbadevi Road, Mumbai-400002	3 years	90 Days
Dev Garments	Room No.1193, Gate No. 5, Opposite Savera Theatre, Malwani Colony, Malad (W), Mumbai.	3 years	90 Days
Sundha Man Enterprise 91-9930534264	21, Ashish Industrial Estate, Gokhale Road, Dadar (W), Mumbai-400025.	3 years	90 Days

No. of Employees :

9 (Office – 4 and Factory – 5)

Bankers :

· Corporation Bank

68/72, Babu Genu Road, Kalbadevi Road, Mumbai – 400002, Maharashtra, India

Facilities :

Bank	Nature of Credit Facility	Sanctioned Loan Amount	Outstanding Balance as on 31.12.2010
Corporation Bank	Cash Credit	Rs.32.500 Millions	Rs.31.267 Millions

Secured Loans	31.12.2010	31.03.2010
	(Rs. In Millions)
Cash Credit from:
Corporation Bank, Kalbadevi Road Branch (Secured against hypothecation of stock and Book debts of the company and personal guarantee of all directors)	35.561	27.070
Total	35.561	27.070
Unsecured Loans	31.12.2010	31.03.2010
	(Rs. In Millions)
From Directors	23.045	1.149
From Shareholders and Relatives		18.860
Total	23.045	20.009

Banking Relations :	--
Auditors :
Name :	Dileep and Prithvi Chartered Accountant
Address :	Office No. 4-A, Dahabukar Building, 3^rd Floor, 480 Kalbadevi Road, Kalbadevi Post Office Lane, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22071184/ 85/ 22071102
Fax No.:	91-22-22071102
Email :	cadileepprithvi@gmail.com

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
755000	Equity Share	Rs.10/- each	Rs.7.550 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (Unaudited)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.550	7.550	7.550	7.550
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		1.821	1.307	0.813	0.590
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		9.371	8.857	8.363	8.140
LOAN FUNDS
1] Secured Loans		35.561	27.070	22.602	23.265
2] Unsecured Loans		23.045	20.009	19.620	20.965
TOTAL BORROWING		58.606	47.079	42.222	44.230
DEFERRED TAX LIABILITIES		0.000	0.064	0.046	0.027
TOTAL		67.977	56.000	50.631	52.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.055	0.691	0.714	0.435
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.044	42.303	37.456	27.763
	Sundry Debtors	61.061	48.320	35.567	27.840
	Cash & Bank Balances	0.964	0.777	0.167	0.318
	Other Current Assets	3.057	0.00	0.000	0.000
	Loans & Advances	2.635	4.085	4.208	5.347
Total Current Assets		109.761	95.485	77.398	61.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	41.134	39.140	26.371	8.253
	Other Current Liabilities	1.057	0.705	0.606	0.778
	Provisions	0.659	0.375	0.592	0.407
Total Current Liabilities		42.850	40.220	27.569	9.438
Net Current Assets		66.911	55.265	49.829	51.830
MISCELLANEOUS EXPENSES		0.011	0.044	0.088	0.132
TOTAL		67.977	56.000	50.631	52.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (Unaudited)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	152.284	161.059	125.102	123.888
		Other Income	0.000	0.192	0.348	0.076
		Closing Stock	42.044	0.000	0.000	0.000
		TOTAL (A)	194.328	161.251	125.450	123.964
Less	EXPENSES
		Cost of Goods Sold	137.689	144.875	112.210	112.299
		Opening Stock	42.303	0.000	0.000	0.000
		Office and Administrative Overheads	6.311	6.072	4.940	2.829
		Selling, Marketing and Distribution Overhead	2.333	3.080	1.700	1.049
		Bad Debts W/off	0.000	0.267	0.000	0.000
		Auditor Remuneration	0.000	0.078	0.039	0.039
		Preliminery Expenses W/off	0.033	0.044	0.044	0.044
		TOTAL (B)	188.669	154.416	118.933	116.260
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.659	6.835	6.517	7.704
Less	FINANCIAL EXPENSES (D)		4.877	6.004	6.057	7.243
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.782	0.831	0.460	0.461
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.048	0.045	0.034	0.022
	PROFIT BEFORE TAX (E-F) (G)		0.734	0.786	0.426	0.439
Less	TAX (H)		0.220	0.292	0.204	0.192
	PROFIT AFTER TAX (G-H) (I)		0.514	0.494	0.222	0.247
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	0.813	0.247	0.344
	BALANCE CARRIED TO THE B/S		--	1.307	0.469	0.591
	Earnings Per Share (Rs.)		0.68	0.65	0.29	0.33

KEY RATIOS

PARTICULARS		31.12.2010 (Unaudited)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.26	0.31	0.15	0.20
Net Profit Margin (PBT/Sales)	(%)	0.48	0.49	0.34	0.35
Return on Total Assets (PBT/Total Assets}	(%)	0.66	0.82	0.55	0.71
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		10.83	9.86	8.35	6.59
Current Ratio (Current Asset/Current Liability)		2.56	2.37	2.81	6.49

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2011	31.03.2012
	(Estimated)	(Projected)
Gross Sales
Sales – Domestic	180.000	200.000
Sales – Export	0.000	0.000
Less: Excise Duty	0.000	0.000
Net Sales	180.000	200.000
% rise [+] or fall [-] in net sales as compared to previous year	11.76%	11.11%
COST OF SALES
Raw Materials [Including stores and other items used in the process of manufacture]
[a] Imported	122.699	136.083
[b] Indigenous	0.000	0.000
Other Spares
[a] Imported	0.000	0.000
[b] Indigenous	0.000	0.000
Power and fuel	0.539	0.599
Direct Labour (Wages)	14.845	16.395
Other Manufacturing Expenses	24.533	27.159
Depreciation	0.066	0.099
Sub Total	162.683	180.335
Add : Opening Stocks - of Stock in Process	0.000	0.000
Sub Total	162.683	180.335
Deduct : Closing Stock of Stock in Process	0.000	0.000
Cost of Production	162.683	180.335
Add : Opening Stocks - of Finished Goods	34.420	35.100
Sub Total	197.104	215.435
Deduct : Closing Stock of Finished Goods	35.100	35.300
Total Cost of Sales	162.004	180.135
Selling, General and Administrative Expenses	11.085	12.317
Sub – Total	173.088	192.452
Operating Profit Before Interest	6.912	7.548
Interest	6.057	6.301
Operating Profit After Interests	0.854	1.247
Add: Other non-operating income	0.123	0.100
Sub Total (Income)	0.123	0.100
Less: Other Non-operating Expenses	0.044	0.000
Sub Total (Expenses)	0.044	0.000
Net of other Non-operating Income/ expenses	0.081	0.100
Profit before tax / loss	0.935	1.347
Provisions for Taxes	0.281	0.404
Net Profit/Loss	0.655	0.943
Retained Profit	0.655	0.943
Retained Profit/Net profit (%)	100%	100%

BALANCE SHEET

(RS. IN MILLIONS)

CURRENT LIABILITIES	31.03.2011	31.03.2012
	(Estimated)	(Projected)
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
I] from Applicant Bank	32.500	32.500
II] From Others Banks	0.000	0.000
III] (Of Which BP and BD)	0.000	0.000
Sub – Total	32.500	32.500
Short-term borrowing from other	0.000	0.000
Sundry Creditor (Trade)	32.600	32.500
Advance/Payment from Customers/Deposit from dealers	0.175	0.200
Provision for Taxation	0.281	0.404
Dividend Payable	0.000	0.000
Other Statutory liabilities (due within one year)	0.700	0.800
Deposits/installments of term loans/DPG debentures etc	0.000	0.000
Other current liabilities and provisions (due within one year) (specify major items)	3.219	4.777
Sub-Total	36.975	38.681
TOTAL CURRENT LIABILITIES	69.475	71.181
TERM LIABILITIES
Debenture (not maturing within one year)	0.000	0.000
Preference shares redeemable after one year	0.000	0.000
Term loan (excluding) installments	0.000	0.000
Unsecured Loans and Deposits	0.000	0.000
Deferred payment credits (Excluding installments due within one year)	0.000	0.000
Term deposit (repayable after one year)	0.000	0.000
Other term liabilities	20.009	20.009
TOTAL TERM LIABILITIES	20.009	20.009
TOTAL OUTSIDE LIABILITIES	89.483	91.190
NET WORTH
Ordinary Share Capital	7.550	7.550
General Reserve	0.000	0.000
Revaluation Reserve	0.000	0.000
Other Reserve (Capital Reserve)	0.000	0.000
Surplus (+) or Deficit (-) in Profit and loss account	1.962	2.905
TOTAL NET WORTH	9.512	10.455
TOTAL LIABILITIES	98.995	101.645
ASSETS CURRENT ASSETS
Cash and Bank Balances	0.800	0.850
Investment (other than long) term Investment	0.000	0.000
I) Receivables other than deferred and exports	48.675	50.000
(Including bill purchased and discounted by bankers)
Installment of deferred receivables (Due within 1 year)	0.000	0.000
Inventory:
Raw Materials (including stores and other items used in the process of manufacture)
[a] Imported	0.000	0.000
[b] Indigenous	9.200	10.200
Stock-in-traders	0.000	0.000
Finished Goods	35.100	35.300
Advances to supplier of raw material and stores/spares	0.200	0.200
Advance Payment of Tax	0.281	0.404
Other current assets	3.750	3.800
TOTAL CURRENT ASSETS	98.005	100.754
FIXED ASSETS
Gross Block	1.168	1.168
Depreciation to Date	0.177	0.276
Net Block	0.990	0.891
OTHER NON-CURRENT ASSETS
Investment/Book debts/adv/depo which are not current assets
a) investment in subsidiary com/Affi	0.000	0.000
b) Others	0.000	0.000
Advance to Suppliers of capital goods and contractors	0.000	0.000
Deferred receivables	0.000	0.000
Others	0.000	0.000
Other Investment/ Deposit Loans	0.000	0.000
Non-Consumables Stores and spares	0.000	0.000
Other non-current assets incldg. Dues from directors	0.000	0.000
TOTAL THER NON-CURRENT ASSETS	0.000	0.000
Intangible Assets (patents, goodwill) prelim exp bad/doubtful debts not provided for etc.	0.000	0.000
TOTAL ASSETS	98.995	101.645
Tangible Net Worth	9.512	10.455
Net Working Capital	28.531	29.573
Current ratio	1.41	1.42
TOTAL OUTSIDE LIABILITIES/ TANGIBLE NET WORTH	9.41	8.72

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
Raw Materials
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	9.200	10.200
Months Consumption	(0.90)	(0.90)
Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	0.000	0.000
Months Consumption	0.000	0.000
Stock in process	0.000	0.000
Months cost of production	0.000	0.000
Finished goods	35.100	35.300
Months cost of sales	(2.60)	(2.35)
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	48.675	50.000
Months domestic sales	(3.25)	(3.00)
Export receivables [including bills purchased and discounted by bankers]	0.000	0.000
Months export sales	0.000	0.000
Advances to suppliers of raw materials and stores/ spares consumable	0.200	0.200
Other current Assets including cash and bank balances and deferred receivable due within one year	4.830	5.054
TOTAL CURRENT ASSETS	98.005	100.754
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares	32.600	32.500
Months Purchases	(3.15)	(2.85)
Advances from customers	0.175	0.200
Statutory Liabilities	0.981	1.204
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	3.219	4.777
TOTAL	36.975	38.681
Bank Borrowing for working Capital	32.500	32.500
Total Current Liabilities	69.475	71.181

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COMPUTATION OF FLEXIBLE BANK FINANCE

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
FIRST METHOD OF LENDING
Total current assets	98.005	100.754
Other Current Liabilities [Other than bank borrowings]	36.975	38.681
Working capital gap [WCG]	51.031	62.073
Net Working Capital (Actual/ Projected)	28.531	29.573
Flexible Bank finance (FBF)	32.500	32.500
Net working capital to TCA (%)	29.11%	29.35%
Flexible Creditors to TCA (%)	33.16%	32.26%
Sundry Creditors to TCA (%)	33.26%	32.26%
Net Sales	180.000	200.000
Inventories to Net Sales (Days)	90	83
Inventory to Cost of Sales (Days)	100	92
Receivable to Gross Sales (Days)	99	91
Sundry Creditors to Purchases (Days)	96	87

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
FIRST METHOD OF LENDING
Total current assets	98.005	100.754
Other Current Liabilities [Other than bank borrowings]	36.975	38.681
Working capital gap [WCG]	61.031	62.073
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	24.501	25.189
Actual / Projected net working capital	28.531	29.573
Item 3 minus item 4	36.529	36.881
Item 3 minus item 5	32.500	32.500
Maximum permissible bank finance [item 6 or 7, whichever is lower]	32.500	32.500
Excess borrowings, if any representing shortfall in NWC	--	--

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

FUNDS FLOW STATEMENT

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
SOURCES
Net Profit (After Tax)	0.655	0.943
Depreciation	0.066	0.099
Increase in Capital	0.000	0.000
Increase in Term Liabilities	0.000	0.000
Decrease in:
- Fixed Assets	0.000	0.000
- Other Non Current Assets	0.000	0.000
- Intangible Assets	0.044	0.000
SUB TOTAL	0.764	1.042
USES
Net Loss	0.000	0.000
Decrease in Capital	0.000	0.000
Decrease in Term Liabilities (Including Public deposits)	0.000	0.000
Increase in:
- Fixed Assets	0.365	0.000
- Other Non Current Assets	0.000	0.000
- Intangible Assets	0.000	0.000
Others	0.000	0.000
SUB TOTAL	0.365	0.000
Long Term Surplus (+) Deficit (-)	0.399	1.042
Increase/ decrease in Current Assets	2.521	2.749
Increase/ decrease in current Liabilities other than Bank Borrowings	(3.309)	1.707
Increase / Decrease in Working Capital Gap	5.829	1.043
Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	(5.430)	(0.000)
Increase / Decrease in Bank Borrowings	5.430	0.000
INCREASE / DECREASE IN NET SALES	18.941	20.000
BREAK UP OF (4)
Increase/ Decrease in Raw Materials	1.317	1.000
Increase/ Decrease in Stocks in Process	0.000	0.000
Increase/ Decrease in Finished Goods	0.680	0.200
Increase/ Decrease in Receivables
- Domestic	0.355	1.325
- Export	0.000	0.000
Increase/ Decrease in Stores and Spares	0.000	0.000
Increase/ Decrease in Other current Assets	0.168	0.224
TOTAL INCREASE/ DECREASE IN CURRENT ASSETS	2.521	2.749

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE GUARANTOR: MR. HITERNDRAKUMAR JAYANTILAL JAIN

(RS. IN MILLIONS)

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in Which Investment is made	Sudiksha Textiles Indrapuja Textile Private Limited
Date of Investment	31.03.2010
Present Value of Investment	Rs.0.242 Million Rs.0.500 Million

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.

Name of the Bank/ company where deposits are held	Corporation Bank
Date of Deposits	31.03.2010
Nature of Deposits	Saving A/c
Present Value of Deposits	Rs.0.009 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Shares
Present Value	Rs.0.266 Million

OTHER ASSETS

Other Assets if any	0.118
Total Value of Assets	Rs.0.118 Million

TOTAL ASSETS

RS.1.135 MILLION

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AN OTHER BORROWINGS

Name of the Banks/ Institution	Indrapuja Polycot
Nature / Type of Loan	Unsecured Loans
Date of Loans	31.03.2010
Amount of Loan Availed	0.369
Amount of Outstanding (Total Liabilities)	Rs.0.369 Million

NET WORTH

RS.0.766 MILLION

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE GUARANTOR: MR. HITESHKUMAR INDERMAL JAIN

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Address of the property with survey No./Door No. etc.	S. No. 5, Hissa No.2/1, Building No.1216/3, Udyan Nagar, Kamatghar, Bhiwandi, Mumbai, Maharashtra, India
Description: Land/ Site/ Building	Factory, Building
Whether Freehold/ Leasehold	Freehold
Commercial/ Residential/ Agricultural	Industrial
Area / extent of Land	186.451 sq. mtr.
Mortgaged for Availing loan if any, details thereof	Mortgaged with Corporation Bank (Kalbadevi Branch)
Present Market/ Assessed Value	Rs.9.738 Millions

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in Which Investment is made	Divya Textiles Indrapuja Textile Private Limited Indrapuja Textile Private Limited (Loan)
Date of Investment	31.03.2010
Present Value of Investment	Rs.0.131 Million Rs.0.500 Million Rs.0.103 Million

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.

Name of the Bank/ company where deposits are held	Cosmos Co-op Bank Corporation Bank Bank of Baroda Meena Rajesh Shah
Date of Deposits	31.03.2010
Nature of Deposits	Saving A/c FDR A/C Loan and Advances
Present Value of Deposits	Rs.0.309 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Equity Shares
Present Value	Rs.0.321 Million

OTHER ASSETS

Other Assets if any	0.086
Total Value of Assets	Rs.0.086 Million

TOTAL ASSETS

RS.11.188 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AN OTHER BORROWINGS

Name of the Banks/ Institution	Indrapuja Polycot Pareshkumar J. Shah Sundry Loans
Nature / Type of Loan	Unsecured Loans and Advances
Amount of Loan Availed	0.259 0.050 0.253
Amount of Outstanding (Total Liabilities)	Rs.0.559 Million

NET WORTH

RS.10.629 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE GUARANTOR: MR. HITESHKUMAR INDERMAL JAIN

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Address of the property with survey No./Door No. etc.	S. No. 5, Hissa No.2/1, Building No.1216/4, Udyan Nagar, Kamatghar, Bhiwandi, Mumbai, Maharashtra, India
Description: Land/ Site/ Building	Factory, Building
Whether Freehold/ Leasehold	Freehold
Commercial/ Residential/ Agricultural	Industrial
Area / extent of Land	327 sq. mtr.
Mortgaged for Availing loan if any, details thereof	Mortgaged with Corporation Bank
Present Market/ Assessed Value	Rs.18.668 Millions

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in Which Investment is made	Indrapuja Polycot
Date of Investment	31.03.2010
Present Value of Investment	Rs.(0.101) Million

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.

Name of the Bank/ company where deposits are held	Corporation Bank
Date of Deposits	31.03.2010
Nature of Deposits	Current A/c
Present Value of Deposits	Rs.0.006 Million

OTHER ASSETS

Cash in Hand	0.085
Other Assets if any	10.725
Total Value of Assets	Rs.10.810 Millions

TOTAL ASSETS

RS.29.383 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTIONS AN OTHER BORROWINGS

Name of the Banks/ Institution	From Friends and Relatives TDS Payable on Interests
Nature / Type of Loan	Unsecured Loans TDS Payable
Date of Loan	31.03.2010
Amount of Loan Availed	10.875 0.041
Amount of Outstanding (Total Liabilities)	Rs.10.916 Millions

NET WORTH

RS.18.467 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE GUARANTOR: MR. INDERMAL VEERCHAND JAIN

(RS. IN MILLIONS)

INVESTMENT IN BUSINESS CAPITAL

Name of the Company/ firm/ concern in Which Investment is made	Indrapuja Textile Private Limited (Shares) Indrapuja Textile Private Limited (Loan)
Date of Investment	31.03.2010
Present Value of Investment	Rs.0.400 Million Rs.0.578 Million

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.

Name of the Bank/ company where deposits are held	Corporation Bank
Date of Deposits	31.03.2010
Nature of Deposits	Saving A/c
Present Value of Deposits	Rs.0.051 Million

OTHER ASSETS

Other Assets if any	0.107
Total Value of Assets	Rs.0.107 Million

TOTAL ASSETS

RS.1.136 MILLION

NET WORTH

RS.1.136 MILLION

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VALUATION REPORT

PART I – QUESTIONNAIRE

GENERAL INFORMATION

Purpose for which valuation is made	To determine the fair market value for loan purpose from Corporation Bank, Kalbadevi Branch.
Date on which Valuation is made	13^th day of January, 2010
Name of the Owner/ Owners	Mr. Mahendrakumar Pukhraj Jain
If the Property is under joint ownership / co-ownership, share of each such owner. Are the shares undivided?	Ownership
Brief description of the property/ Location, Street, Ward No./ Survey / Plot No. of land	Exiting Constructed factory Building No.1216/4 along with. Land situated on Plot bearing Survey No.5, Hissa No.2/1, Kamat Ghar, Near Narpoli Police Station, Udyan Nagar, B1iwandi, Dist. Thane.
Is the Property situated in residential / commercial /mixed area / industrial area	Industrial Area.
Classification of locality-high class / middle class / poor class.	Middle class of locality
Proximity to civic amenities, like schools, hospitals, offices, markets, cinemas, etc.	All civic amenities are nearby.
Means and Proximity to surface communication by which the locality is served	Buses, rickshaws and taxies are available. About 3 to 4 krns. from Bhiwandi S. T. Depot.
LAND
Area of land supported by documentary proof. Shape, dimensions and physical features.	327 sq. mts.
Roads, Streets or Lanes on which the land is abutting.	Abuts on Udyan Nagar.
Is it freehold or lease-hold land?	Freehold
If lease-hold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease.	Not applicable.
IMPROVEMENTS
Furnish technical details of the building on a separate sheet.	Nothing Special.
Is the building owner-occupied / tenanted / both?	Owner occupied.
What is the Floor Space Index permissible and percentage actually utilized?	Floor Space Index is practically fully consumed.
RENTS
Give details of water and electricity charges, if any, to be borne by the owner	Owner bears the cost of water and electricity charges.
Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars.	Owner bears the cost of external repair and maintenance.
If a lift is installed, who is to bear the cost of maintenance and operation — owner or tenant?	There is no lift.
If a pump is installed, who has to bear the cost of maintenance and operation- owner or tenant?	There is one pump installed and owner bears the cost of repair and maintenance.
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. owner or tenant?	Owner bears the cost.
What is the amount of property tax? Who is to bear it? Give details with documentary proof.	Owner have to pay the property tax.
Is the building insured? if so, give the Policy No., amount for which it is insured and the annual premium.	Owner have to insure the building and pay the premium.
SALES
Land rate adopted in this valuation	Constructed area Rs.1,200/- per sq. ft.
COST OF CONSTRUCTION
Year of commencement of construction and year of completion.	2001 - 2002
What was the method of construction by contract/by employing labour directly / both?	The Owner has constructed the factory building in their own way.

VALUATION REPORT

Valuation Report of the Existing Constructed Factory Building No.1216/4 along with Land situated on Plot bearing Survey No.5, Hissa No.2/1, Karnat Ghar, Near Narpoli Police Station, Udyan Nagar, Bhiwandi, Owned by Mr. Mahendrakumar Pukiiaraj Jain.

Existing Constructed Factory Building No.1216/4 along with Land situated on Plot bearing Survey No.5, Hissa No.2/1, Kamat Ghar, Near Narpoli Police Station, Udyan Nagar, Bhiwandi, to determine fair market value for loan purpose from Corporation Bank, Kalbadevi Branch. Being an Approved Valuer as well as on the panel of Corporation Bank, they have prepared the Valuation Report, which is as follows:-

The above said Plot is admeasuring 327 sq.mts. On the said plot, the owner has constructed R.C.C. Factory building.

The above said R.C.C. factory Building is of basement with mezzanine floor, ground with mezzanine floor plus one upper floor. Basement, consists of working area, store room and one staircase. Mezzanine floor consists of working area. Ground floor consists of working area, one cabin, balcony, toilet and one staircase. Mezzanine floor consists of working area, attached corridor and toilet. First floor consists of working area, attached corridor and one toilet. There is a terrace above first floor which consists of partly kitchen and partly open terrace.

The built up area of the basement floor is 2,765 sq. ft., mezzanine floor is 2,540 sq. ft., ground floor is 3,222 sq. ft., mezzanine floor above the ground floor is 3,222 sq. ft. and first floor is 3,222 sq. ft. The area of partly kitchen is 586 sq. ft. and partly open terrace is 2,636 sq. ft. Thus the total built up area of the factory building is 15,557 sq. ft. The height basement, each floor and is 10’-0”.

The above said Factory building is constructed in the year 2001 -2002 having estimated further future life of 50 to 55 years. The land of the property is freehold.

The construction of the building is of heavy R.C.C. construction, as the building is situated on the slop of hill. It is of ‘B’ grade, having R.C.C. frame structure, R.C.C. beams, columns, slabs, lintels and chhajjas, having brick walls for external as well as internal partition. The ‘workmanship and the specifications are of standard quality, using standard quality of materials as their specifications.

The situation of the property is about 3 to 4 kms. from Bhiwandi S. T. Depot. All the civic amenities like market, school, bank, hospital, etc are near by. The said premises are surrounded by factory buildings in Industrial area of middle class of locality.

The Valuation ‘of any real estate property is the value that the property will fetch if sold in the open market under hypothetically ideal condition and in vacant possession with clear marketable title, on this 13^th day of January, 2010.

The legal documents pertaining to the ownership of the above said property has been referred to on it’s face value and that it is presumed that the bank will get the same verified through it’s legal advisors.

They have inspected, examined and surveyed the surrounded area and noted the price of land, wages of labour, cost of materials and the quality of construction, position, situation, location and condition of the premises, they hereby value Rs.1,200/- per sq.ft. built up area, which comes to :-

15,557 sq. ft. X Rs.1,200/- = Rs.18.668 Millions

REALISABLE VALUE:

Realisable Value of any real estate property, if the property would fetch, if sold in the open market for quick return for any reason such as : -

1. Dispute in the parties/partners.

2. Dispute in between family members.

3. Defective titles of the property.

The amount and the price of the said property will fetch 15% less than the Fair Market Value, because of immediate investment of the purchaser and also take maximum advantage of dispute between the parties, which will be:-

15% of Rs.1,86,68,400/- = Rs.28,00,260/-

Rs.1,86,68,400/- - Rs.28,00,260/- = Rs.1,58,68,140/-

DISTRESS SELL VALUE:

Distress Sell Value of any real estate property is the property would fetch, if sold in the open market for any reason such as : -

1. Frustration in the family

2. Financial problems

3. requirement of liquid cash

The amount and the price of the said property will fetch 30% less than the Fair Market Value, which will be:

30% of Rs.1,86,68,400/-- = Rs.56,00,520/-

Rs.1,86,68,400/- - Rs.56,00,520/- = Rs.1,30,67,880/-

TECHNICAL DETAILS

No. of floors and heights of each floor	Basement with Mezzanine floor, Ground with Mezzanine plus one upper floor.
Plinth area floor wise (as per IS 3861 -1966)	Not Applicable.
Year of Construction	2001 — 2002.
Estimated future life	Further 50 to 55 years.
Type of construction — load Bearing walls / RCC frame / Steel frame	R.C.C. frame structure
Type of foundations	R.C.C. foundations.
Walls
(a) Basement and plinth (b) Ground floor (c) Superstructure above ground floor	External walls are 9” brick walls and internal walls are 6” brick walls.
Partitions	Brick walls partitions.
Doors and windows (floor wise)	Rolling shutters, collapsible doors, teak wood doors and M. S. steel windows are provided.
Flooring (floor wise) (a) Ground floor (b) 1st floor (c) 2nd floor etc.	Kota flooring.
Finishing (floor-wise) (a) Ground floor (b) 1^st floor (c) 2^nd floor etc.	Sand faced cement plaster externally and neeru faced cement plaster internally.
Roofing and terracing	R.C.C. roofing on the terraced paved with I.P.S.
Special architectural or Decorative features, if any	Nothing special.
Internal wiring Surface or conduit	Open wiring and fittings are of standard quality.
Class of fittings Superior / Ordinary / Poor	Fittings are of standard quality.
Sanitary installations
(1) No. of water closer (ii) No. of lavatory basins (iii) No. of urinals (iv) No. of sinks (v) No. of bath tubs (vi) No. of bidets (Vii) No. of geysers	There is one toilet on each floor, each having wash basin, three taps and w. C. Pan etc. having glazed tiles as flooring as well as dado.
Class of fitting Superior coloured / Superior White / Ordinary	Fittings are of standard quality.
Compound wall Height and length	There is no compound wall.
No. of lifts and capacity	There is no lift.
Underground sump-capacity and type of construction	Underground suction tank is provided and it is of R.C.C. construction.
Over-head tank (i) Where located (ii) Capacity (iii) Type of construction	R.C.C. Overhead tank is provided and it is of required capacity by Municipal Corporation.
Pumps-No. and their horse power	There is one pump.
Roads and paving within the compound approximate area and type of paving	Cement concrete paving is provided in the compound.
Sewage Disposal-whether connected to public sewers, if septic tanks provided No. and capacity	To the public sewer.

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

VALUATION REPORT

PART I – QUESTIONNAIRE

GENERAL INFORMATION

Purpose for which valuation is made	To determine the fair market value for loan purpose from Corporation Bank, Kalbadevi Branch.
Date on which Valuation is made	13^th day of January, 2010
Name of the Owner/ Owners	Mr. Hitesh Indramal Jain
If the Property is under joint ownership / co-ownership, share of each such owner. Are the shares undivided?	Ownership
Brief description of the property/ Location, Street, Ward No./ Survey / Plot No. of land	Exiting Constructed factory Building No.1216/3 along with Land situated on Plot bearing Survey No.5, Hissa No.2/1, Kamat Ghar, Near Narpoli Police Station, Udyan Nagar, B1iwandi, Dist. Thane.
Is the Property situated in residential / commercial /mixed area / industrial area	Industrial Area.
Classification of locality-high class / middle class / poor class.	Middle class of locality
Proximity to civic amenities, like schools, hospitals, offices, markets, cinemas, etc.	All civic amenities are nearby.
Means and Proximity to surface communication by which the locality is served	Buses, rickshaws and taxies are available. About 3 to 4 krns. from Bhiwandi S. T. Depot.
LAND
Area of land supported by documentary proof. Shape, dimensions and physical features.	186.45 sq. mts.
Roads, Streets or Lanes on which the land is abutting.	Abuts on Udyan Nagar.
Is it freehold or lease-hold land?	Freehold
If lease-hold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease.	Not applicable.
IMPROVEMENTS
Furnish technical details of the building on a separate sheet.	Nothing Special.
Is the building owner-occupied / tenanted / both?	Owner occupied.
What is the Floor Space Index permissible and percentage actually utilized?	Floor Space Index is practically fully consumed.
RENTS
Give details of water and electricity charges, if any, to be borne by the owner	Owner bears the cost of water and electricity charges.
Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars.	Owner bears the cost of external repair and maintenance.
If a lift is installed, who is to bear the cost of maintenance and operation — owner or tenant?	There is no lift.
If a pump is installed, who has to bear the cost of maintenance and operation- owner or tenant?	There is one pump installed and owner bears the cost of repair and maintenance.
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. owner or tenant?	Owner bears the cost.
What is the amount of property tax? Who is to bear it? Give details with documentary proof.	Owner has to pay the property tax.
Is the building insured? if so, give the Policy No., amount for which it is insured and the annual premium.	Owner has to insure the building and pay the premium.
SALES
Land rate adopted in this valuation	Constructed area Rs.1,200/- per sq. ft.
COST OF CONSTRUCTION
Year of commencement of construction and year of completion.	2001 - 2002
What was the method of construction by contract/by employing labour directly / both?	The Owner has constructed the factory building in their own way.

VALUATION REPORT

Valuation Report of the Existing Constructed Factory Building No.1216/3 along with Land situated on Plot bearing Survey No.5, Hissa No.2/1, Karnat Ghar, Near Narpoli Police Station, Udyan Nagar, Bhiwandi, Owned by Mr. Hitesh Indarmal Jain.

Existing Constructed Factory Building No.1216/3 along with Land situated on Plot bearing Survey No.5, Hissa No.2/1, Kamat Ghar, Near Narpoli Police Station, Udyan Nagar, Bhiwandi, to determine fair market value for loan purpose from Corporation Bank, Kalbadevi Branch. Being an Approved Valuer as well as on the panel of Corporation Bank, they have prepared the Valuation Report, which is as follows:-

The above said Plot is admeasuring 186.45 sq.mts. On the said plot, the owner has constructed R.C.C. Factory building.

The above said R.C.C. factory Building is of basement floor, ground with mezzanine floor plus one upper floor. Basement consists of working area, factory area, one cabin and one staircase. Ground floor consists of two office cabins, staff working area and one staircase. Mezzanine floor consists of working area, store area, attached balcony and one toilet. First floor consists of working area and one toilet.

The built up area of the basement floor is 1,848 sq. ft., ground floor is 2,089 sq. ft., mezzanine floor above the ground floor is 2,089 sq. ft. and first floor is 2,089 sq. ft. Thus the total built up area of the factory building is 8,115 sq. ft. The height basement is 12’0” and the height of each upper floor is 10’-0”.

The above said Factory building is constructed in the year 2001 - 2002 having estimated further future life of 50 to 55 years. The land of the property ‘is freehold.

The construction of the building is of heavy R.C.C. construction, as the building is situated on the slop of hill. It is of ‘B’ grade, having R.C.C. frame structure, R.C.C. beams, columns, slabs, lintels and chhajjas, having brick walls for external as well as internal ‘partition. The workmanship and the specifications are of standard quality, using standard quality of materials as their specifications.

The situation of the property is about 3 to 4 krns. from Bhiwandi S. T. Depot. All the civic amenities like market, school, bank, hospital, etc. are’ nearby. The said premise is surrounded by factory buildings in Industrial area of middle class, of locality.

The Valuation of any real estate property is the value that the property will fetch if sold in the open market under hypothetically ideal condition and in vacant possession with clear marketable title, on this 13^th day of January, 2010.

The legal documents pertaining to the ownership of the above said property has been referred to on it’s face value and that it is presumed that the bank will get the same verified through it’s legal, advisors.

They have inspected, examined and surveyed the surrounded area and noted the. price of land, wages of labour, cost of materials and the quality of construction, position, situation, location and condition of the premises, they hereby value @ Rs.1,200/- per sq. ft. built up area, which comes to :-

8,115 sq. ft. X Rs.1,200/- = Rs.97,38,000/-

REALISABLE VALUE:

Realisable Value of any real estate property, if the property would fetch, if sold in the open market for quick return for any reason such as : -

1. Dispute in the parties/partners.

2. Dispute in between family members.

3. Defective titles of the property.

The amount and the price of the said property will fetch 15% less than the Fair Market Value, because of immediate investment of the purchaser and also take maximum advantage of dispute between the parties, which will be:

15% of Rs.97,38,000/- Rs.14,60,700/-

Rs.97,38,000/- - Rs.14,60,700/- = Rs.82,77,300/-

DISTRESS SELL VALUE:

Distress Sell Value of any real estate property is the property would fetch, if sold in the open market for any reason such as : -

1. Frustration in the family

2. Financial problems

3. Urgent requirement of liquid cash

The amount and the price of the said property will fetch 30% less than the Fair Market Value, which will be:

30% of Rs.97,38,000/- = Rs.29,21,400/-

Rs.97,38,000/- - Rs.29,21,400/- Rs.68,16,600/-

TECHNICAL DETAILS

No. of floors and heights of each floor	Basement, Ground with Mezzanine floor plus one upper floor.
Plinth area floor wise (as per IS 3861 -1966)	Not Applicable.
Year of Construction	2001 — 2002.
Estimated future life	Further 50 to 55 years.
Type of construction — load Bearing walls / RCC frame / Steel frame	R.C.C. frame structure
Type of foundations	R.C.C. foundations.
Walls
(a) Basement and plinth (b) Ground floor (c) Superstructure above ground floor	External walls are 9” brick walls and internal walls are 6” brick walls.
Partitions	Brick walls partitions.
Doors and windows (floor wise)	Rolling shutters, collapsible doors, teak wood doors and M. S. steel windows are provided.
Flooring (floor wise) (a) Ground floor (b) 1st floor (c) 2nd floor etc.	Kota flooring.
Finishing (floor-wise) (a) Ground floor (b) 1^st floor (c) 2^nd floor etc.	Sand faced cement plaster externally and neeru faced cement plaster internally.
Roofing and terracing	R.C.C. roofing on the terraced paved with I.P.S.
Special architectural or Decorative features, if any	Nothing special.
Internal wiring Surface or conduit	Open wiring and fittings are of standard quality.
Class of fittings Superior / Ordinary / Poor	Fittings are of standard quality.
Sanitary installations
(1) No. of water closer (ii) No. of lavatory basins (iii) No. of urinals (iv) No. of sinks (v) No. of bath tubs (vi) No. of bidets (Vii) No. of geysers	There is one toilet on each floor, each having wash basin, three taps and W. C. Pan etc. having glazed tiles as flooring as well as dado.
Class of fitting Superior coloured / Superior White / Ordinary	Fittings are of standard quality.
Compound wall Height and length	There is no compound wall.
No. of lifts and capacity	There is no lift.
Underground sump-capacity and type of construction	Underground suction tank is provided and it is of R.C.C. construction.
Over-head tank (i) Where located (ii) Capacity (iii) Type of construction	R.C.C. Overhead tank is provided and it is of required capacity by Municipal Corporation.
Pumps-No. and their horse power	There is one pump.
Roads and paving within the compound approximate area and type of paving	Cement concrete paving is provided in the compound.
Sewage Disposal-whether connected to public sewers, if septic tanks provided No. and capacity	To the public sewer.

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

BUSINESS ACTIVITY

Profile (Nature of Activity)

Subject has been incorporated on 10th March 2006 vide certificate No. U17110MH2006PTC160422 issued by Asst. Registrar of Companies, Maharashtra, Mumbai. It has been promoted by Mr. Mahendrakumar P. Jam and Mr. Indermal V. Jam and they are the directors of the company. The main object of the company is to carry on business of manufacturing, weaving, dyeing, colouring, cutting, buying, selling, importing, exporting, marketing, supplying and to deal in all kinds of textile goods, dress materials, fabrics, fibres, clothes and yarns. At present, the company is active in manufacturing through job work and trading of shifting fabrics and blouse piece material. Company deals in various types and qualities of shifting fabrics and blouse material of cotton and synthetic fabrics. Company is selling to wholesalers located in various part of the country. The group is in this business since more than 30 years. Earlier the group was operating through various proprietorships in family member’s name. However in the year 2006, with the commencement of business in this company, all the others proprietorships has been closed.

Premises · Owned · Leased (If so, monthly rent to be stated)

a) Land and Building no. 1216/3, at S. No.5, H. No.2/1, Mauje Kamatghar, Bhiwandi – 421302 admeasuring 186.45 sq. mtrs with built up area of about 8,115 sq. ft. owned by Mr. Hiteshkumar I. Jam and valuing Rs.9.738 Millions. b) Land and Building No. 1216/4, at S.No.-5, H.No.2/1, Mauje Kamatghar, Bhiwandi – 421302 admeasuring 327 sq. mtrs with built up area of about 15,557 sq. ft. owned by Mr. Mahendrakumar P. Jam and valuing and valuing Rs.18.668 Millions. Office at 23/25, Champa Galli, 2nd Floor, Mumbai – 400002 admeasuring around 600 sq. ft. of carpet area and owned by family under Pugri System.

PERSONAL ASSETS OF THE PROPRIETOR / PARTNERS / DIRECTORS:

Name	Description of the Assets owned by them	Amount (Rs. in Millions)	Whether offered as Security
Mr. Mahendrakumar P. Jam	1. Land and Building No. 1216/4, at S.No.-5, H.No.2/1, Mauje Kamatghar, Bhiwandi – 421302 admeasuring 327 sq. mtrs with built up area of about 15,557 sq. ft.	18.668	Collateral Security With Corporation Bank

INSURANCE DETAILS

Unit’s Assets Covered	Policy No./ Cover Note	Validity	Sum Assured	Risk Covered
Stocks	260800/46/10/7500000047	Midnight of 29/05/2011	Rs.10.000 Millions	Burglary B. P.
Stocks- Rs.12.500 Millions and Machinery Rs.3.000 Millions	260800/46/10/7500000048	Midnight of 29/05/2011	Rs.15.500 Millions	Burglary B. P.
Stock	260800/11/10/3100000116	Midnight of 29/05/2011	Rs.1.000 Millions	Standard Fire and Special Perils. Earthquake
Stock	260800/11/10/3100000120	Midnight of 28/05/2011	Rs.12.000 Millions	Standard Fire and Special Perils. Earthquake
Stock	260800/11/10/3100000121	Midnight of 29/05/2011	Rs.15.000 Millions	Floater Policy with Earthquake
Building No.1216/ 3 with electrical installation	260800/11/10/3100000396	Midnight of 06/12/2011	Rs.15.000 Millions	Standard Fire and Special Perils. Earthquake
Building No.1216/4 with electrical installation	260800/11/10/3100000397	Midnight of 01/12/2011	Rs.20.000 Millions	Standard Fire and Special Perils. Earthquake

FINANCIAL ANALYSIS

Last available financial statement (Year ended dd/mm/yyyy)	31.03.2010
Recent summary financials (upto a period not more than two months old)	31.12.2010
Advance Taxes Paid	Rs.0.200 Millions (31.03.2010)
Change in borrowings (from FY 31.03.2009 to FY 31.03.2010)	From Rs.22.500 Millions to Rs.32.500 Millions
Debtors Position (At last month end31.12.2010 specify amount > 90 days)	Total Rs.61.716 Millions Upto 90 Days – Rs.39.481 Millions
Creditors Position (At last month end 31.12.2010 specify all suppliers not paid for more than 90 days)	Rs.18.225 Millions
Stock Position (at last month end 31.12.2010)	Rs.42.044 Millions
Drawing Power	Rs.32.5000 Millions
Any other material development	NA
Whether the critical ratios conforms to the bench mark stipulation	Current Ratio	1.25
	Debt-Equity Ratio	2.00:1
	DSCR	1.50
	TOL / TNW	4:1
	Promoter’s Contribution	25%

FOR MANUFACTURING ENTITIES / FACTORY SITE (S):

Location of Plot, accessibility, proximity to other units	Land and Building No. 1216/3 and 4, at S.No.-5,H.No.2/1 , Mauje Kamatghar, Bhiwandi— 421302 admeasuring 186.45 sq. mtrs and 327 sq. Mtrs with built up area of about 8,115 sq. ft. and 15,557 sq. ft. respectively. The site is well connected by road and rail transport and is 50 kms. away from Kalbadevi, Mumbai which is the nearest main market for the textile product.
Principal raw material(s) and sources	Various types of Yams. These are sourced from various suppliers and manufacturers for these yams. All the yarn suppliers are having office and godown in and around Bhiwandi and Mumbai.
Manufacturing Process	Raw material (different qualities of yarns) are arranged vertically on a beam one by one in the order as per design plan through the warping machine and then by manually and then it is sent to labourers for weaving. Then this beam is put to looms wherein fabrics weaving process is performed by passing horizontal yam as per the design. This weaved fabrics is then sent for checking, clipping, measuring and weighting. All these functions can be and are normally completed by the manufacturer at the manufacturing place itself. Then these grey fabrics (unwashed fabrics) are sent to process house for washing and printing, as may be required, after it comes to godown, it is packed and dispatched as per order.
Major branded and imported machines, installed	NA
Pollution Control: Any pollutants being generated and their disposal	No pollutants generated.
Power: Connected load and back up availability	Company is having power connection from Torento power company. Power connected load at factory site is 40 HP.

OTHER PARTICULARS

Months (during the current year)	Purchases	Sales
	(Rs. In Millions)
April 2010	14.490	20.348
May 2010	7.581	13.970
June 2010	9.766	16.929
July 2010	11.120	20.725
August 2010	10.737	18.527
September 2010	10.729	17.996
October 2010	12.034	12.839
November 2010	7.312	15.835
December 2010	12.374	21.502
Documents verified

SWOT ANALYSIS OF THE UNIT

STRENGTHS a) Existing profit making company. b) Established product, company identity and client base. c) Strong financials, key ratios and satisfactory credit record. d) Promoters have long experience in the same line of business. e) The unit is located in Bhiwandi and Kalbadevi, Mumbai which are well known area for textile market and having all the infrastructural amenities. f) Favourable government policies in view of 5% interest subsidy under Technology Upgradation Fund Scheme (TUFS) of Govt. of India and 10% Capital subsidy for processing of yarns and fabrics. Exemption from CST and VAT.

WEAKNESS a) Competition in market.

OPPORTUNITIES a) Opportunity to increase sales and market reach. b) Firm can further increase its own manufacturing capacity by installing additional looms which will further increase its sales and profitability,

THREATS a) Competition from new entrants. b) Any change in the fiscal or monetary policies of the Government of India may have an adverse effect on the firm. c) Change in customer preferences. One has to be careful and sense the choice of the customers in the right direction. d) Economic slowdown

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TRADE REFERENCE:

· Sundha Maa Enterprise

21, Ashish Industrial Estate, Gokhale Road, Dadar (West), Mumbai – 400025, Maharashtra, India

· Rozzi Club

Prabhat Colony Road, H/11, Naik Chawl Juku Club, Santacruz (West), Mumbai – 400055, Maharashtra, India

· Asha Embrodary

51/53, Vithalwadi, Ground floor, Kalbadevi Road, Mumbai – 400002, Maharashtra, India

· Dev Garments

Room No.1193, Gate No.5, Opposite Savera Threatre Malwani Colony, Malad (West), Mumbai, Maharashtra, India

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FORM 8:

Corporate identity number of the company	U17110MH2006PTC160422
Name of the company	Indrapuja Textile Private Limited
Address of the registered office or of the principal place of business in India of the company	23/25, Champa Galli, 2^nd Floor, Near M J Market, Kalbadevi, Mumbai – 400002, Maharashtra, India kamdarconsultants@gmail.com
This form is for	Modification of charges
Type of charge	Book Debts Movable Property (Not being Pledge) Others: current Assets and Stocks
Particular of charge holder	Corporation Bank Kalbadevi Road, Mumbai – 400002, Maharashtra, India Adlalwani@rediffmail.com
Nature of instrument creating charge	Supplemental common deed of Hypothecation of Movable/ Assets/ Debts.
Date of instrument Creating the charge	22.03.2010
Amount secured by the charge	Rs.32.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As stipulated by Bank From Time to Time. Terms of repayment: As stipulated by Bank From Time to Time. Margin: As stipulated by Bank From Time to Time. Extent and Operation of the charge: First charge (Present and Future) Total Cash Credit Limit = Rs.32.500 Millions Others: As stipulated by Bank From Time to Time.
Particulars of the property charged	First charge (Present and Future) – Hypothecation of all stock in trade/ Goods/ inventories kept at borrower place/ premises or wherever else or in transit Hypothecation of all Book debts and receivable. Hypothecation of all current and Movable Assets of the company.
Particulars of the present modification	By this modification total cash credit limit rnhanc3ed to Rs.32.500 Millions, securities are continued as given by original as well as modification, terms and conditions.

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.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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.