MIRA INFORM REPORT

Report Date :

22.03.2011

IDENTIFICATION DETAILS

Name :	VIVA FAB
Registered Office :	H. No.1450, Rumit Compound, Kamatghar, Bhiwandi, Thane – 421302
Country :	India
Financials (as on) :	31.03.2010
Year of Establishment :	2004
IEC No.:	0304040037
PAN No.: [Permanent Account No.]	AFHPS5288J
Legal Form :	Sole Proprietory Concern.
Line of Business :	Manufacturer of Textile Fabric (Shirting Materials)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established concern having satisfactory track records. There appears some losses incurred in the company in 05-06, 06-07, marginal profit in 07-08. The financial statements of 08-09 are not audited. The networth statement of Ms. Rinkilal B Shah and Mr. Jigar Z. Shah, States of them being a guarantor for the sister concern “Mahavir Textile” and not the subject “Viva Fab”. However the valuation report is satisfactory and the rating of the subject is upgraded strictly on the basis of the valuation report provided by the bank. 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. Jigar Shah
Contact No.:	91-9320059929
Date :	16.03.2011

LOCATIONS

Registered Office/ Factory :	H. No.1450, Rumit Compound, Kamatghar, Bhiwandi, Thane – 421302, India
Mobile No.:	91-9320059929 (Mr. Jigar Shah)
E-Mail :	Jigarshah82@hotmail.com
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Bhagwanji Somchand Shah
Designation :	Proprietor
Address :	B/404, Himgiri Apartment, T. H. Kataria Marg, Mahim, Mumbai, Maharashtra, India
Date of Birth/Age :	05.02.1958
Experience :	18 years

BUSINESS DETAILS

Line of Business :	Manufacturer of Textile Fabric (Shirting Materials)
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (60 days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Textile Fabric	1400-2500 mtrs per loom per month	1400-2500 mtrs per loom per month

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Ashok Trading Company

· Dinesh Textiles

· Labhuram and Company

· N R Fabrics

· Navya Traders

· Shree Ganesh Textiles

· Sakaria Textiles India Private Limited

· Shree Shyam Saree Center

· Subh Collection

Suppliers :

· Alok Industries Limited

· Supreme Textiles

· Suraj Corporation

No. of Employees :

13 (Approximately) (Office – 3 and Factory – 10)

Bankers :

· Corporation Bank

Shivaji Park Branch, Mumbai, Maharashtra, India

· HDFC Bank

Facilities :

Bank	Nature o Credit Facility	Sanctioned Loans Amount (Rs. In Millions)	EMI
Corporation Bank, Shivaji Park Branch	Cash Credit Bank Guarantee Term Loan Forward Contract	Rs.1.000 Million Rs.1.000 Million Rs.3.000 Millions Rs.3.763 Millions	Rs.0.053 Million

Banking Relations :	--
Auditors :
Name :	Divyesh J. Shah and Associates Chartered Accountant
Address :	410-411, Parmeshwari Centre, M. M. Malaviya Road, Opposite Nandanvan Industrial Estate, Mulund, Mumbai, Maharashtra, India
Tel. No.:	91-22-25642056/ 25642057
Fax No.:	91-22-25642056
Email :	div_shah@eth.net
Associates/Subsidiaries :	· Alfa Textiles 145/B, Dr. Vegas Street, Room No.12, Kalbadevi, Mumbai, Maharashtra, India (Manufacturing of Textiles Fabrics) · Mahavir Textiles H. No.1082, Gala No. 1, Kamat Ghar, Bhiwandi – 421302, India (Manufacturing and Trading in Textiles Fabrics) · Raj Fabrics H. No. 1120, Gala No.1, Kamatghar, Bhiwandi, Thane – 421302, India (Manufacturing of Textiles) · Orange Creation H. No.1456, Om Compound, Behind Ratilal Compound, Kamatghar, Bhiwandi – 421302, India (Rental Income)

CAPITAL STRUCTURE

PARTY LEDGER – CAPITAL ACCOUNT

(RS. IN MILLIONS)

PARTY NAME – BSS – BHAGWANJI S. SHAH

Party Name Narration	Debit Amount	Credit Amount	Balance Amount
Opening Balance	1.315		1.315
Corporation Bank (CC – 90002)	0.100		1.415
Corporation Bank	0.300		1.715
Corporation Bank (CC -90002)		0.200	1.515
Corporation Bank		0.080	1.435
Profit and Loss A/c	0.043		1.478
Closing Balance		1.478
Total	1.758	1.758

PARTY NAME – TDSR – TDS RECEIVABLE

Party Name Narration	Debit Amount	Credit Amount	Balance Amount
Opening Balance	0.000		0.000
Raj Fabrics (loom Rent Receivable)	0.012		0.012
Raj Fabrics (loom Rent Receivable)	0.012		0.024
Raj Fabrics (loom Rent Receivable)	0.012		0.036
Raj Fabrics (loom Rent Receivable)	0.014		0.050
Raj Fabrics (loom Rent Receivable)	0.014		0.065
Raj Fabrics (loom Rent Receivable)	0.014		0.079
Raj Fabrics (loom Rent Receivable)	0.002		0.081
Raj Fabrics (loom Rent Receivable)	0.002		0.083
Raj Fabrics (Loom Rent Receivable) Being bill No. 0000000001	0.002		0.085
Raj Fabrics (Loom Rent receivable)	0.002		0.086
Raj Fabrics (Loom Rent Receivable) being Bill No. 0000000002	0.002		0.088
Closing Balance	0.002		0.090
		0.090
Total	0.090	0.090

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		(1.568)	(0.647)	(1.078)
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		(1.568)	(0.647)	(1.078)
LOAN FUNDS
1] Secured Loans		2.910	0.000	1.050
2] Unsecured Loans		8.645	4.720	5.282
TOTAL BORROWING		11.555	4.720	6.332
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.987	4.073	5.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.185	4.704	5.543
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	(3.144)	(0.925)	0.192
	Other Current Assets	0.052	0.000	0.000
	Loans & Advances	0.000	(0.251)	0.000
Total Current Assets		(3.092)	(1.176)	0.192
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.106	0.037	0.481
	Other Current Liabilities	0.000	0.087	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.106	0.124	0.481
Net Current Assets		(3.198)	(1.052)	(0.289)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.987	3.655	5.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	0.000	0.000	6.240
		Other Income	1.148	1.054	0.985
		TOTAL (A)	1.148	1.054	7.225
Less	EXPENSES
		Factory License Fees	0.001	0.000	0.000
		Grey Purchases	0.000	0.000	1.390
		Weaving Charges	0.000	0.000	0.513
		Electricity Charges	0.000	0.000	0.245
		Insurance Charges	0.019	0.018	0.015
		Membership Fees	0.002	0.000	0.000
		Professional Fees	0.000	0.022	0.000
		Maharashtra Pollution Control	0.003	0.000	0.000
		Premises Rent A/c	0.162	0.162	0.162
		Professional Tax	0.003	0.003	0.000
		Payment to Auditors	0.000	0.000	0.007
		Other Expenditure	0.000	0.000	2.466
		TOTAL (B)	0.190	0.205	4.798
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.958	0.849	2.427
Less	FINANCIAL EXPENSES (D)		0.599	0.678	0.718
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.359	0.171	1.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.401	0.839	1.601
	PROFIT BEFORE TAX (E-F) (G)		(0.042)	(0.668)	0.108

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(3.66)	(63.38)	1.49
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	1.73
Return on Total Assets (PBT/Total Assets}	(%)	(0.42)	(18.93)	1.88
Return on Investment (ROI) (PBT/Networth)		0.03	1.03	(0.10)
Debt Equity Ratio (Total Liability/Networth)		(7.44)	(7.49)	(6.32)
Current Ratio (Current Asset/Current Liability)		(29.17)	(9.48)	0.40

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(RS IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16
	Estimated	Projections
Gross Sales
Domestic Sales	14.728	55.339	58.798	62.257	65.715	65.715
Rental Sales	0.000	0.000	0.000	0.000	0.000	0.000
Total	14.728	55.339	58.798	62.257	65.715	65.715
Less : Excise Duty	0.000	0.000	0.000	0.000	0.000	0.000
Net Sales	14.728	55.339	58.798	62.257	65.715	65.715
% age rise (+) or fall (-) in net sales compared t previous year (annualized)	1275.48%	275.73%	6.25%	5.88%	5.56%	0.00%
Other Operating Income
Export Incentives	0.000	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000	0.000
Total - Other Operating Income	0.000	0.000	0.000	0.000	0.000	0.000
Total Operating Income	14.728	55.339	58.798	62.257	65.715	65.715
Cost of Sales
Raw Material
Imported	0.000	0.000	0.000	0.000	0.000	0.000
Indigenous	4.208	20.773	22.759	24.145	25.531	25.731
Stores and Spares	0.000	0.000	0.000	0.000	0.000	0.000
Employees Cost	0.000	0.000	0.000	0.000	0.000	0.000
Power and Fuel	1.578	5.929	6.300	6.670	7.041	7.041
Direct Labour (Factory Wages and Salary)	3.156	13.044	13.860	14.675	15.490	15.490
Repairs and Maintenance	0.000	0.000	0.000	0.000	0.000	0.000
Other Manufacturing Expenses	0.526	2.174	2.310	2.446	2.582	2.582
Depreciation	3.065	3.690	3.137	2.666	2.266	1.926
Sub Total	12.533	45.611	48.365	50.602	52.910	52.770
Add: Opening Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000
Deduct : Closing Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000
Cost of Production	12.533	45.611	48.365	50.602	52.910	52.770
Add : Opening Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Deduct : Closing Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total [Total Cost of Sales]	12.533	45.611	48.365	50.602	52.910	52.770
Selling general and Administrative Expenses	0.589	4.427	4.704	5.603	6.572	6.572
Sub Total	13.122	50.038	53.069	56.205	59.481	59.341
Opening Profit Before Interest	1.606	5.301	5.729	6.051	6.234	6.374
Interest	1.500	3.600	3.400	3.100	2.900	2.700
Operating Profit after Interest	0.106	1.701	2.329	2.951	3.334	3.674
Non Operating Income	0.000	0.000	0.000	0.000	0.000	0.000
Non Operating Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Net of Non Operating Income and Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Profit before Tax/ Loss [PBT]	0.106	1.701	2.329	2.951	3.334	3.674
Provision for taxes	0.000	0.000	0.000	0.000	0.000	0.000
Provision for Deferred Taxes	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit / Loss [PAT]	0.106	1.701	2.329	2.951	3.334	3.674
Retained Profit	0.106	1.701	2.329	2.951	3.334	3.674
Retained profit / Net Profit (% age)	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

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BALANCE SHEET

[RS IN MILLIONS]

Particulars	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16
	Estimated	Projections
CURRENT LIABILITIES
Short term borrowings from banks (Including bills purchased, discounted and excess borrowings placed on repayment bases)
From applicant bank	5.000	5.000	5.000	5.000	5.000	5.000
From other banks	0.000	0.000	0.000	0.000	0.000	0.000
Of which BP&BD	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total (A)	5.000	5.000	5.000	5.000	5.000	5.000
Short term borrowings from others	0.000	0.000	0.000	0.000	0.000	0.000
Sundry creditors(trade)	1.700	1.800	1.400	1.200	1.000	0.800
Advance payments from customers/deposits from dealers	0.000	0.000	0.000	0.000	0.000	0.000
Provision for taxation	0.000	0.000	0.000	0.000	0.000	0.000
Dividend payable/expenses payable	0.000	0.000	0.000	0.000	0.000	0.000
Other statutory liabilities(payable within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Deposits/ Installments of term loans/ DPGs/ debentures, etc.(due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Term Loan – I (40008)	0.000	0.000	0.000	0.000	0.000	0.000
Term Loans – II (100002)	0.632	0.632	0.632	0.472	0.000	0.000
Term Loans – New	0.441	0.661	0.661	0.661	0.551	0.000
Other current liabilities and provisions(due within one year)--specify major items	0.007	0.007	0.007	0.007	0.007	0.007
SUB TOTAL (B)	2.780	3.100	2.700	2.340	1.558	0.807
TOTAL CURRENT LIABILITIES (A + B)	7.780	8.100	7.700	7.340	6.558	5.807
Term Liabilities
Debentures (Not Maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000
Preference Shares Capital	0.000	0.000	0.000	0.000	0.000	0.000
Term Loans From Banks/ FIs
Term Loan – I (40008)	0.000	0.000	0.000	0.000	0.000	0.000
Term Loans – II (100002)	1.736	1.104	0.472	0.000	0.000	0.000
Term Loans – New	2.534	1.873	1.212	0.551	0.000	0.000
Deferred Tax Liability	0.000	0.000	0.000	0.000	0.000	0.000
Unsecured Loans from Directors (Redeemable after one year)	0.000	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL TERM LIABILITIES	4.270	2.977	1.684	0.551	0.000	0.000
TOTAL OUTSIDE LIABILITIES	12.050	11.077	9.384	7.891	6.558	5.807
Net Worth
Capital Account	0.505	1.681	3.290	5.329	7.633	10.172
Quasi Equity	22.500	21.500	20.000	18.000	16.000	13.500
General Reserve	0.000	0.000	0.000	0.000	0.000	0.000
Shares Premium Account	0.000	0.000	0.000	0.000	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	0.000	0.000	0.000	0.000	0.000	0.000
Differed Tax Liability	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL NET WORTH	23.005	23.181	23.290	23.329	23.633	23.672
TOTAL LIABILITIES	35.055	34.258	32.674	31.220	30.191	29.479
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.240	0.373	0.979	1.234	1.501	2.505
Receivable Other than Exports	8.416	10.376	11.123	11.881	12.650	12.760
Installment of deferred receivable (due with in one year)	0.000	0.000	0.000	0.000	0.000	0.000
INVENTORY:
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000	0.000	0.000	0.000
Indigenous	1.800	2.600	2.800	3.000	3.200	3.300
Stock – in – process	0.000	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000	0.000	0.000	0.000
Other current assets	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	10.456	13.349	14.902	16.115	17.351	18.565
FIXED ASSETS
Gross Block	31.261	31.261	31.261	31.261	31.261	31.261
Depreciation to date	6.662	10.352	13.489	16.155	18.421	20.347
NET BLOCK	24.599	20.909	17.772	15.106	12.840	10.914
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000	0.000	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000	0.000
Intangible Assets	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	35.055	34.258	32.674	31.221	30.191	29.479
TANGIBLE NET WORTH	23.005	23.181	23.290	23.329	23.633	23.672
NET WORKING CAPITAL	2.676	5.249	7.202	8.774	10.793	12.758
Current Ratio	1.34	1.65	1.94	2.20	2.65	3.20
TOL/ TNW	0.52	0.48	0.40	0.34	0.28	0.25

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16
	Estimated	Projections
A. CURRENT ASSETS
Raw Materials (including Stores and other items used in the process of manufacture)
a. Imported	0.000	0.000	0.000	0.000	0.000	0.000
Month’s Consumption	0.000	0.000	0.000	0.000	0.000	0.000
b. Indigenous	1.800	2.600	2.800	3.000	3.200	3.300
Month’s Consumption	1.50	1.50	1.48	1.49	1.50	1.54
Other Consumable spares, excluding those included in 1 above
a. Imported	0.000	0.000	0.000	0.000	0.000	0.000
Months’ consumption	0.000	0.000	0.000	0.000	0.000	0.000
b. Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
Months’ consumption	0.000	0.000	0.000	0.000	0.000	0.000
Stock-in-process	0.000	0.000	0.000	0.000	0.000	0.000
Months’ Cost of Production	0.000	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Month’s cost of Sales	0.000	0.000	0.000	0.000	0.000	0.000
Receivables other than export and deferred receivables (Including bills purchased and discounted by bankers)	8.416	10.376	11.123	11.881	12.650	12.760
Months’ Domestic sales: Excluding deferred payment sales	2.00	2.25	2.27	2.29	2.31	2.33
Export Receivables (Including bills purchased and discounted)	0.000	0.000	0.000	0.000	0.000	0.000
Month’s Export Sales	--	--	--	--	--	--
Advances to suppliers of raw materials and stores/ spares, consumables	0.000	0.000	0.000	0.000	0.000	0.000
Other current assets including cash and bank balances and deferred receivables due within one year	0.240	0.373	0.979	1.234	1.501	2.505
TOTAL CURRENT ASSETS	10.456	13.349	14.902	16.115	17.351	18.565
B. CURRENT LIABILITIES
(Other than bank borrowings for working capital)
Creditors for purchase of raw materials, stocks and consumables spares	1.700	1.800	1.400	1.200	1.000	0.800
Month’s Purchase	0.99	1.00	0.73	0.59	0.47	0.37
Advances from Customers	0.000	0.000	0.000	0.000	0.000	0.000
Statutory Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
Other Current Liabilities
Creditors for Expenses	0.007	0.007	0.007	0.007	0.007	0.007
Provision for taxation	0.000	0.000	0.000	0.000	0.000	0.000
Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
Term Loan Installments due within 12 Months
Term Loan – I	0.000	0.000	0.000	0.000	0.000	0.000
Term Loan – II	0.632	0.632	0.632	0.472	0.000	0.000
Term Loan – III	0.441	0.661	0.661	0.661	0.551	0.000
TOTAL CURRENT LIABILITIES	2.780	3.100	2.700	2.340	1.558	0.807

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16
	Estimated	Projections
FIRST METHOD OF LENDING
Total current assets	10.456	13.349	14.902	16.115	17.351	18.565
Other Current Liabilities [Other than bank borrowings]	2.780	3.100	2.700	2.340	1.558	0.807
Working capital gap [WCG]	7.676	10.249	12.202	13.775	15.793	17.758
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	1.919	2.562	3.050	3.444	3.948	4.439
Actual / Projected net working capital	2.676	5.249	7.202	8.774	10.793	12.758
Item 3 minus item 4	5.757	7.687	9.151	10.331	11.845	13.318
Item 3 minus item 5	5.000	5.000	5.000	5.000	5.000	5.000
Maximum permissible bank finance [item 6 or 7, whichever is lower]	5.000	5.000	5.000	5.000	5.000	5.000
Excess borrowings, if any representing shortfall in NWC	--	--	--	--	--	--
SECOND METHOD OF LENDING
Total current assets	10.456	13.349	14.902	16.115	17.351	18.565
Other Current Liabilities [Other than bank borrowings]	2.780	3.100	2.700	2.340	1.558	0.807
Working capital gap [WCG]	7.676	10.249	12.202	13.775	15.793	17.758
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	2.614	3.337	3.725	4.029	4.338	4.641
Actual / Projected net working capital	2.676	5.249	7.202	8.774	10.793	12.758
Item 3 minus item 4	5.062	6.912	8.476	9.746	11.455	13.117
Item 3 minus item 5	5.000	5.000	5.000	5.000	5.000	5.000
Maximum permissible bank finance [item 6 or 7, whichever is lower]	5.000	5.000	5.000	5.000	5.000	5.000
Excess borrowings, if any representing shortfall in NWC	--	--	--	--	--	--

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16
	Estimated	Projections
SOURCES
Net Profit	0.106	1.701	2.329	2.951	3.334	3.674
Depreciation	3.065	3.690	3.137	2.666	2.266	1.926
Increase in Capital	1.967	0.000	0.000	0.000	0.000	0.000
Increase in Term Liabilities (Including Public Deposits)	13.846	0.000	0.000	0.000	0.000	0.000
Decrease in
i. Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000
ii. Other non-current assets	0.052	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	21.028	5.391	5.466	5.617	5.600	5.600
USES
Net Loss	0.000	0.526	0.720	0.912	1.030	1.135
Decrease in Term Liabilities (Including Public Deposits)	0.000	1.293	1.293	1.133	0.551	0.000
Increase in
i. Fixed Assets	14.479	0.000	0.000	0.000	0.000	0.000
ii. Other Non- Current Assets	0.000	0.000	0.000	0.000	0.000	0.000
Other – Depreciation	0.000	1.000	1.500	2.000	2.000	2.500
TOTAL	14.479	2.819	3.513	4.045	3.581	3.635
Long Term Surplus(+)/ Deficit (-) (1-2)	6.549	2.572	1.953	1.572	2.019	1.965
Increase/ Decrease in current assets (as per details given below)	10.099	2.893	1.553	1.213	1.237	1.214
Increase/ Decrease in Current Liabilities other than bank borrowings	2.051	0.320	(0.400)	(0.360)	(0.782)	(0.751)
Increase/ Decrease in working Capital Gap	8.048	2.573	1.953	1.573	2.019	1.965
Net Surplus/ Deficit (-) (3-6)	(1.499)	(0.000)	0.001	(0.001)	0.000	0.000
Increase/ Decrease in bank borrowings	1.499	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in NET SALES	13.658	40.611	3.459	3.459	3.459	0.000
Breakup of Item- 4
Increase/ decrease in Raw Materials	1.800	0.800	0.200	0.200	0.200	0.100
Increase/ Decrease in Stocks –in-process	0.000	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Receivables
a) Domestic	8.416	1.960	0.747	0.758	0.770	0.110
b) Export	0.000	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Stores and Spares	0.000	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Other Current Assets	(0.117)	0.133	0.606	0.255	0.267	1.004

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

MR. BHAGWANJI SOMCHAND SHAH

CAPITAL ACCOUNTS

(RS. IN MILLIONS)

Particulars	Debit	Credit
By Opening Balance		5.611
To TDS Account	0.024
To Viva Fab	0.144
To New India Assurance (Mediclaim)	0.012
By LIC Survival Benefit		0.050
By Jamnagar Capital Account		0.100
To LIC of India Premium A/c	0.039
To Drawing A/c	0.080
By Profit and Loss A/c		0.647
	0.299	6.408
To Closing Balance	6.109	--
Total	6.408	6.408

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.109	5.611
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		6.109	5.611
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		2.778	3.029
TOTAL BORROWING		2.778	3.029
DEFERRED TAX LIABILITIES		0.000	0.000
Suspense Account		0.017	0.017
TOTAL		8.904	8.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.055	6.520
Capital work-in-progress		0.000	0.000
INVESTMENT		3.282	3.122
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.046	0.168
	Cash & Bank Balances	0.054	0.055
	Other Current Assets	0.059	0.024
	Loans & Advances	0.022	0.000
Total Current Assets		0.181	0.247
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.478	1.133
	Other Current Liabilities	0.136	0.099
	Provisions	0.000	0.000
Total Current Liabilities		1.614	1.232
Net Current Assets		(1.433)	(0.985)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		8.904	8.657

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Dividend	0.066	0.066	0.058
		Short Term Shares Profit	0.000	0.000	0.126
		Flat Rent A/c	0.046	0.044	0.044
		Godown Rent Rec. A/c	0.184	0.149	0.151
		Godown Rent rec. of Antop Hill	0.101	0.063	0.066
		Joint Property Rent A/c	0.148	0.212	0.145
		Long Term Capital Gain	0.095	0.000	0.022
		Power Looms Rent A/c	0.014	0.014	0.014
		Profit from Vimal Textiles	0.000	0.103	0.001
		Profit from Viva Fab	(0.042)	(0.669)	0.108
		Property Rent A/c (H. No. 659, Bhiwandi)	0.059	0.059	0.048
		Twisting Rent A/c	0.008	0.008	0.008
		Warping Rent	0.026	0.026	0.026
		TOTAL	0.705	0.075	0.817
Less	EXPENSES
		Bank Charges	0.001	0.000	0.001
		Interest A/c	0.057	0.239	0.151
		TOTAL	0.058	0.239	0.152
	Net Profit/(Loss)		0.647	(0.164)	0.665

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

STATEMENT OF ASSETS AND LIABILITIES

(MR. RINKAL B. SHAH)

ASSETS

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Name of the Owner	Description	Type of Property	Original Cost	Market Value
Rinkal B. Shah	Rajlaxmi N / 3	Godown	0.351	0.702
Total			0.351	0.702

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Annual Premium	Sum Assured (Rs. In Millions)
10.10.2001	891072074	0.24	0.500
26.10.2002	891319113	0.24	0.500
01.09.2004	892535221	0.20	0.500
15.05.2005	892924802	0.20	0.500
28.03.2009	893849621	0.23	1.000
28.03.2010	894377106	0.44	2.000
Total			5.000

OTHER ASSETS

Nature of Assets	Market Value (Rs. In Millions)
Bank Balance	0.033
Cash	0.003
Debtors	0.016
Investment	0.779
Loans and Advances	2.354
Machinery	0.126
Other Current Assets	0.011
PPF	1.950
Total	5.272

TOTAL ASSETS

RS.10.974 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
Jitendra Shah (HUF)	0.022
Ratilal S. Shah (HUF)	0.022
Somchand M. Shah	0.022
Vijal D. Shah	0.015
Total	0.081

NET WORTH

RS.10.893 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

(MR. JIGAR Z. SHAH)

ASSETS

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Name of the Owner	Description	Type of Property	Original Cost	Market Value
Jigar Z. Shah	Rajlaxmi N / 10	Godown	0.371	0.742
Jigar Z. Shah	Rajlaxmi L/ 8	Godown	0.372	0.744
Total			0.743	1.486

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Annual Premium	Sum Assured (Rs. In Millions)
10.10.2001	891072044	0.24	0.500
15.01.2003	891319114	0.24	0.500
01.09.2004	892535058	0.20	0.500
24.07.2005	892924781	0.20	0.500
16.03.2006	892932883	0.20	0.500
28.03.2009	893849015	0.22	1.000
28.03.2010	894376703	0.42	2.000
Total			5.500

OTHER ASSETS

Nature of Assets	Market Value (Rs. In Millions)
Bank Balance	0.024
Cash	0.011
Debtors	0.037
Investment	1.582
Loans and Advances	3.488
Machinery	0.072
Other Current Assets	0.064
PPF	2.022
Total	7.300

TOTAL ASSETS

RS.14.286 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
Godown Deposit	0.032
Sundry Creditors	0.005
Total	0.037

NET WORTH

RS.14.249 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

(MS. VIJAYA B. SHAH)

ASSETS

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Name of the Owner	Description	Location	Type of Property	Original Cost	Market Value
Vijaya B. Shah	Flat	Mulund	Residential	0.501	1.503
Vijaya B. Shah	Flat	Mahim	Residential	2.812	8.436
Vijaya B. Shah	Godown H/ 104	Rajlaxmi	--	0.033	0.066
Vijaya B. Shah	Godown H/ 4	Rajlaxmi	--	0.414	0.828
Vijaya B. Shah	Godown H/ 12	Rajlaxmi	--	0.359	0.718
Vijaya B. Shah	Godown P/105/114	Rajlaxmi	--	0.572	1.144
Vijaya B. Shah	Office Premises	Rajlaxmi	--	0.069	0.207
Total				4.760	12.902

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Sum Assured (Rs. In Millions)
20.08.1998	901838229	0.300
27.06.2001	891070060	0.220
01.09.2004	892536120	0.200
15.05.2005	892924803	0.300
27.06.2001	891070061	0.200
Total		1.220

OTHER ASSETS

Nature of Assets	Market Value (Rs. In Millions)
Bank Balance	0.077
Cash	0.039
Debtors	0.082
Investment	7.093
Machinery	0.404
Other Current Assets	0.073
Total	7.768

TOTAL ASSETS

RS.21.890 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
Jitendra Shah (HUF)	0.022
Kantilal N. Haria	0.418
Ratilal S. Shah (HUF)	0.240
Zaverchand S. Shah (HUF)	0.021
Flat Deposit	0.040
Godown Deposit	0.115
Sundry Creditors	0.200
Total	1.056

NET WORTH

RS.20.834 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

(MR. HARESH S. SHAH)

ASSETS

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Name of the Owner	Description	Location	Type of Property	Original Cost	Market Value
Haresh S. Shah	Land S. No.121/6		Agricultural	0.190	0.950
Haresh S. Shah	Land S. No.134 / 10		Agricultural	0.039	0.195
Haresh S. Shah	Land S. No.134/9		Agricultural	0.198	0.990
Haresh S. Shah	Land S. No.177/1		Agricultural	0.063	0.315
Haresh S. Shah	Land S. No.69/3P		Agricultural	0.020	0.100
Haresh S. Shah	Flat		Residential	0.157	0.471
Haresh S. Shah	Godown – J1/4	Himgiri		0.609	1.218
Haresh S. Shah	Godown – A/5-106/107	Arihant		0.903	1.806
Haresh S. Shah	Godown – E/4	Harihar		2.706	5.412
Haresh S. Shah	Plot S. No.140/2/2	Prathamesh Complex		0.405	0.810
Haresh S. Shah	Property	Bhiwandi		0.361	0.722
Haresh S. Shah	Property	Bhiwandi		0.850	1.700
Total				6.501	14.689

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Sum Assured (Rs. In Millions)
27.06.2001	891069977	0.300
27.06.2001	891069976	0.200
28.01.2002	891310650	0.500
01.10.2002	891319618	0.500
01.09.2004	892535215	0.500
15.05.2005	892925035	1.000
14.08.2007	893398964	5.000
Total		8.000

OTHER ASSETS

Nature of Assets	Market Value (Rs. In Millions)
Bank Balance	0.022
Cash	0.049
Debtors	0.105
Investment	4.293
Machinery	0.188
Other Current Assets	0.074
Total	4.731

TOTAL ASSETS

RS.27.420 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
Binota Shah	0.281
Hansa Chemical	0.920
H. S. Shah (HUF)	0.505
Mita R. Shah	1.691
Mukta Z. Shah	0.268
Paniben M. Shah	0.783
Somchand Shah	0.022
Godown Deposits	0.110
Total	4.580

NET WORTH

RS.22.840 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

(MR. ZAVERCHAND S. SHAH)

ASSETS

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Name of the Owner	Description	Location	Type of Property	Original Cost	Market Value
Zaverchand S. Shah	Land S. No.116/1		Agricultural	0.510	2.550
Zaverchand S. Shah	Land S. No.122/1		Agricultural	0.085	0.425
Zaverchand S. Shah	Land S. No.134/8		Agricultural	0.145	0.725
Zaverchand S. Shah	Land S. No.134/9		Agricultural	0.153	0.765
Zaverchand S. Shah	Land S. No.134/ P		Agricultural	0.114	0.570
Zaverchand S. Shah	Land S. No.57/ 0P		Agricultural	0.151	0.755
Zaverchand S. Shah	Land S. No. 69/3P		Agricultural	0.020	0.100
Zaverchand S. Shah	Flat	Mahim	Residential	0.380	1.140
Zaverchand S. Shah	Garage No. 15/18/20	Mahim		0.011	0.033
Zaverchand S. Shah	Godown – J1/1	Arihant		0.609	1.218
Zaverchand S. Shah	Godown -P/101/102/110	Rajlaxmi		0.858	1.716
Zaverchand S. Shah	Land and Building	Bhiwandi		0.940	4.700
Zaverchand S. Shah	Plot S. No.52	Karivali		0.349	1.745
Zaverchand S. Shah	Plot	Surat		0.002	0.010
Zaverchand S. Shah	Property			0.900	1.800
Total				5.227	18.252

LIFE INSURANCE POLICIES

Date of Policy	Policy No.	Annual Premium	Sum Assured (Rs. In Millions)
10.01.1990	910805501	0.02	0.100
24.12.1991	880239930	0.06	0.200
16.12.1998	901838128	0.11	0.250
01.03.2003	892521431	0.30	0.500
14.09.2004	892535656	0.37	0.500
15.05.2005	892925426	0.58	0.930
14.08.2007	893399181	1.25	5.000
Total			7.480

OTHER ASSETS

Nature of Assets	Market Value (Rs. In Millions)
Bank Balance	0.125
Cash	0.048
Debtors	0.100
Investment	4.833
Loans and Advances	2.489
Machinery	0.520
Other Current Assets	0.075
Total	8.190

TOTAL ASSETS

RS.33.922 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed (Rs. In Millions)
Hemraj D. Shah	0.300
Mansukh R. Shah	0.156
Nilesh M. Shah	0.076
Paniben N. Shah	1.069
Somchand Shah	0.021
Godown Deposit	0.156
Total	1.778

NET WORTH

RS.22.840 MILLIONS

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

VALUATION REPORT

(PART – I QUESTIONNAIRE)

GENERAL INFORMATION

Purpose for Which Valuation Made	To determine the fair market value for loan purpose from Corporation Bank, Shivaji Park Branch
Date on which Visit Made	16^th Day of November, 2009
Name of the Owners	Mr. Harshkumar Somchand Shah
If the property is under joint ownership co-ownership share of each owner, is the share undivided	Ownership
Brief Description of the Property: Location Street, Ward No.: Survey Plot No. of Land:	Flat No. 404 on 4^th Floor of building named “Himgiri”, B-Wing, situated at T H Katria Marg, Matunga (West), Mumbai, India
It the Property Situated in residential/ Commercial/ Mixed/ Industrial Area	Residential Area
Classification of locality – High Class/ Middle Class/ Poor Class.	Middle Class of locality
Proximity to civic amenities like schools offices, Hospitals, Market Cinemas etc.	All civic amenities are nearby
Means and Proximity to surface Communication by which the locality is served	Buses, rickshaws and taxies are easily available. About 5 to 7 minutes walking distance from Matunga Station
LAND
Area of land supported by documentary prrof shape dimension and physical features.	Built up area 870 sq. ft.
Road, Streets or lanes on which land is abutting.	Abuts on T H Katria Marg.
Is it Free Hold or lease land.	Freehold
IMPROVEMENTS
Is the building owner occupied tenant or both	Owner Occupied
What is F.S.I. 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	Society bears the cost water and electricity charges
If the lift is installed, who to bear the cost of maintenance and operations?	There is one lift install and society bears the cost repair and maintenance
If a pump is installed, who has to bear to cost of maintenance and operation?	There are two pump installed and society bear the cost of repair maintenance
Who has to bear the cost of electricity for lighting of common space like entrance, hall, stairs, passages, compounds, etc.	Society bears the cost
What is the amount of property tax? Who has to bear it? Give details with documentary proof.	Owners have to pay property tax
Is the building insured? If so, give the policy no. amount for which it is insured and the annual premium	Society have insure the building and pays the annual premium
SALES
Land rate adopted in this valuation	Rs.17000 per sq. ft. built up area
If sale instances are not available or not relied upon, the basis of arriving at the land rate	Market Survey
COST OF CONSTRUCTION
Year of completion of construction	1989-1990
What was the method of construction by contract by employing labour directly both?	The builders have constructed the building in their own way and sold the flats on ownership basis to different purchase.

(PART – II VALUATION)

Valuation Report of the Flat No.404, on 4th Floor of building named, "Himgiri", B - Wing, situated at T. H. Katria Marg, Matunga (West), Mumbai, for Mr. Harshkumar Somchand Shah.

Under the instruction given by Senior Manager of Corporation Bank, Shivaji Park Branch, They have inspected, examined and surveyed the above said Flat No.404 on 4^th Floor of building named "Himgiti", B - Wing, situated at T. H. Katria Marg, Matunga (West), to determine the fair market value for loan purpose from Corporation Bank, Shivaji Park Branch. Being an approved Valuer as well as on the panel of Corporation Bank, they have prepared the valuation report which is as follows: -

Mar. Harshkumar Somchand Shah have purchased the above said flat from Nahar Development, vide their agreement dated 3^rd July, 1981.

The above said flat consists of two bedrooms, living room, Kitchen, passage and two toilets. Plan and photographs are enclosed herewith for the reference.

The built up area of the said flat is 870 sq. ft. which includes the area of external and internal brick walls and the proportionate area of lifts, staircase, passages, landing and midlanding.

The above said building "Himgiri" has two wings namely 'A' & 'B'. The said 'B' wing is of ground plus six upper floors with one lift and one staircase. There are two flats on each floor.

The above said building is constructed in the year 1980- 1981 having estimated further future life of 45 to 50 years. The land of the property is freehold and the flats are sold on ownership basis to different purchasers.

The construction of the building is of 'B ' grade, having R.C.C. frame structure, R.C.C. beams, columns, slabs, Initials and Chajjas, having brick walls for external as well as internal partition. The workmanship and the specification are of standard quality, using standard materials quality of material as their specification.

The situation of the property is about 5 to 7 minutes walking distance from Matunga station. All the civic amenities like bank, market, school, hospital, etc. are nearby. The building is surrounded by residential buildings in middle class of locality.

The Valuation of any real estate property is the value that the property will fetch if sold in an open market under hypothetically with ideal condition and in vacant possession with clear marketable title, on this 16^th day of November, 2009.

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 including the details based on which the report has been prepared through it's legal advisors.

They have inspected, examined, surveyed the surrounded area and noted the price of flats having similar quality of construction, position, situation, condition and location of the flat, they hereby value @ Rs.17000/- per sq. ft. built up area, which is as under :-

870 sq. ft. x Rs.17000/- = Rs.14.790 Millions

REALIZABLE 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:-

· Dispute in the parties/ partners

· Dispute in between family members

· 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.14.790 Millions = Rs.2.218 Millions

Rs.14.790 Millions – Rs.2.218 Millions = Rs.12.572 Millions

DISTRESS SELL VALUE:

Distress Sell Value of any real estate property is the property would fetch, if sold in' the open market for

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.14.790 Millions = Rs.4.437 Millions

Rs.14.790 Millions – Rs.4.437 Millions = Rs.10.353 Millions

TECHNICAL DETAILS FOR THE PREMISES

No. of Floors and height of each floor	Ground Plus Six upper Floors
Year of Construction	1980-1981
Estimated Future/ Residual Life	Further 45-50 years
Type of Construction	RCC Framed Structure
Type of Foundations	RCC Foundations
WALLS Basement and plinth Ground Floor Super Structure above	External Walls are 9” thick brick walls and internal walls are 6” brick walls.
Partitions	Brick Walls Partitions
Door and Windows (Floor-wise)	Teak wood doors and Aluminium sliding windows are provided
Flooring (Floor-wise)	Marble Flooring
Finishing (Floor-wise)	Sand faced Cement Plaster externally and neeru faced cement plaster with paint finish internally.
Roofing and Terracing	RCC Roofing on the terrace paved with IPS
Internal Wiring surface or conduit	Concealed Copper Wiring and fittings are of standard quality
Class of fitting superior/ Ordinary/ Poor	Fittings are of standard quality
Sanitary Installations	There are two toilet each having geyser, shower, wash basin, three taps and W. C. Pan etc. having glazed tiles as flooring as well as dado.
Compound wall	There is 6’-0” high compound wall.
No. of lifts and capacity	There is one lift
Underground sump-capacity and type of construction	Underground suction tank is provided and it is of RCC construction.
Overhead Tank	RCC overhead tank is provided and it is of required capacity by Municipal corporation, on the terrace
Pumps Nos. and their horsepower	There are two pumps
Road and paving within the compound, approx area.	Cement Concrete paving provided in the compound.
Sewage disposal, whether connected to public sewers. If Septic tanks provided, no and capacity.	To the public sewer

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MONTHWISE SALES AND PURCHASES

Particulars	Sales	Purchases
October	--	0.210
November	--	0.500
December	3.089	0.416
January	4.265	0.663
February	--	--
March	--	--
TOTAL	7.354	1.789

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TRADE REFERENCE:

· Advance Synthetics

Bhuleshwar, Mumbai, Maharashtra, India

Tel No.:91-22-22053855

· Chiranjilal Brijlal

Dadar, Mumbai, Maharashtra, India

Tel No.:91-22-22424759

· A. P. Textiles

Mumbai, Maharashtra, India

Tel No.: 91-22-32607137

· Yash Knitwear

Lalbaugh, Mumbai, Maharashtra, India

Tel No.: 91-22-24713333

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FIXED ASSETS

· Computers and Printers

· Electric Equipments

· Power Looms

· Power Looms Machinery

· Yarn Dyeing Machine

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.97
UK Pound	1	Rs.73.35
Euro	1	Rs.63.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	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.