MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	SANGEETA VERMA
Registered Office :	Ram Bhawan, Charan Singh Market, 24/397, Mahashigh Road, Nehru Park, Rohtak Road, Bahadurgarh-124507, Haryana
Country :	India
Date of Incorporation :	April 2010 (yet to start)
Legal Form :	Individual
Line of Business :	City Trade (Proposed to)

RATING and COMMENTS

MIRA’s Rating :

B

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

Status :	Individual
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an individual and proposes to build a commercial shop. The valuation report provided seems to be satisfactory. No further details could be made available. It would be advisable to take adequate securities while dealing with the subject.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

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

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

LOCATIONS

Registered Office :	Ram Bhawan, Charan Singh Market, 24/397, Mahashigh Road, Nehru Park, Rohtak Road, Bahadurgarh-124507, Haryana, India
Head Office :	Treveni Memorial Sr. Sec. School, Maha Singh Road, Bahadurgarh, Br-124507, India
Tel. No.:	91-1276-231097/ 236097/ 320756

INDIVIDUAL

Name :	Mrs. Sangeeta Verma
Designation :	Individual
Address :	24/397, Mahashigh Road, Nehru Park, Bahadurgarh-124507, Haryana, India
Date of Birth/Age :	16.03.1970

BUSINESS DETAILS

Line of Business :

City Trade (Proposed to)

GENERAL INFORMATION

Bankers :	Corporation Bank, Delhi- Rohtak Road, Bahadurgarh, India
Facilities :	Credit Limit: Rs. 8.000 Millions

Banking Relations :	--
Auditors :
Name :	Mr. Manoj Arora Chartered Accountant
Address :	Delhi Rohtak Road, Opposite Hanuman Mandir, Bahadurgar, Haryana, India
Tel. No.:	91-1276-230503

CAPITAL STRUCTURE

PERSONAL CAPITAL ACCOUNT

As on 31.03.2010

Particulars	Amount	Particulars	Amount
To Drawings	0.120	By Balance B/d	4.133
		By Income	0.227
		By L.I.C Refund	0.020
To Balance C/f	4.445
		By P.F Matured	0.185
Total	4.565	Total	4.565

NETWORTH

[all figures are in Rupees Millions]

Note:

There is no Balance Sheet of individual person. It is only for statement of Affairs and Capital Accounts.

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.445	4.133
2] Share Application Money		0.000	0.000
3] Reserves and Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4.445	4.133
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1.310	0.000
TOTAL BORROWING		1.310	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		5.755	4.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.782	3.158
Capital work-in-progress		0.000	0.000
INVESTMENT		0.555	0.745
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS and ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash and Bank Balances	0.206	0.210
	Other Current Assets	0.212	0.020
	Loans and Advances	0.000	0.000
Total Current Assets		0.418	0.230
Less : CURRENT LIABILITIES and PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.418	0.230
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5.755	4.133

LOCAL AGENCY FURTHER INFORMATION

COMPUTATION OF TOTAL INCOME

Assessment year 2010-2011

MRS. SANGEETA VERMA

(Rs. in Millions)

Particulars	Amount	Amount	Amount
Income from Salary			0.225
Cosmo Politan World School
Salary		0.225
Income from other sources			0.002
Interest from Bank		0.001
Interest Nsc Rs. 5000 2^nd Year @ 8.83% F.Y. 2007-08		0.000
		0.001
Gross Total Income			0.227
Less: Deductions u/s 80C
L.I.P	0.007
Interest N.S.C.	0.000
Tution Fee	0.016
Tution Fee	0.014
Total	0.037
		0.037	0.037
Total Income			0.190
Round off u/s 288 A			0.190
Tax Due (Exemption Limit Rs. 0.190 Million)		0.000
Tax Payable		0.000

PROJECT REPORT

INTRODUCTION:

Mrs. Sangita Verma w/o Sh. Shyam Sunder Verma Rio Triveni School, Barahi Road, Bahadurgarh, Distt. Jhajjar, Haryana is a well known educationist and running the Triveni School with a strength of 2500 students she is MA/B.Ed in education and running the school since last 10 years. Being educationist she is very well versed with the management of any institution. Being managing the whole affairs of the school for the last 10 years and keeping her involvement in the each and every activities of the school whether it is the field of administration, field of marketing, field of management, field of liasioning, field of dealing with Government Department and other functional responsibilities of one school she is handling very efficiently so gaining this much experience from whole this scenario she become very confident to handle any big project. So why she plans to expand its experience to the business line so why being the owner of commercial property in the hub of the Bahadurgarh she plans to develop the multi shopping complex. With the help of her husband Mr. Shyarn Sunder Verma she started the project of multi shopping complex and the same has been started in full flow.

She owns many other property in the Bahadurgarh financially she is very sound and belongs to very reputed family of the Bahadurgarh.

She is Income Tax payee and bearing Pan No. ADBPV 9597 P and Filling the ITR for the last 10 years.

BUILDING DETAILS

The building comprises of:

• Basement : Parking
• Ground Floor : Shops
• First Floor : Shops

Building will have a operation Lift.

The building has to be constructed as per the building plans sanctioned by Bahadurgarh Municipal Council. The total no of shops proposed on each floor is 12 nos totaling to 26 nos on each floor.

Mode of Construction:

The building will be a RCC framed structure as per latest building bye laws. Earthquake resistant building.

The construction will be taken up on contract basis by employing a Labour contractor.

The material for the construction will be supplied by the Promoter herself so that the construction cost can be minimized and good quality material can be used.

Supervision will be got done by a qualified and competent Architect/Engineer as per the building bye Laws of the area.

Time of Completion:

The project will be started in January 2010 after getting all the sanctions and approvals from the competent authorities.

Total time required for the completion of the project is 15 months.

The Date of completion of the project is proposed to be 30^th September 2011.

Sources of Funds:

It is proposed that the funds required for the completion will be arranged as under:

Description	Promoter	Bank
Land	100%	0%
Stamp Duty	100%	0%
Development Charges	100%	0%
Construction	50%	50%

STATEMENT OF APPORTIONMENT OF LAND AND WORK DONE

Particulars	Amount Rs. in Millions
Cost of Land with Stamp Duty	3.149
Site Development Charges	0.086
Bahadurgarh Municipal Council Development charges	1.178
TOTAL COST OF LAND AND SITE DEVELOPMENT	4.412
Land and Development cost fro 1^st Year	4.412

STATEMENT OF COST OF CONSTRUCTION TO BE DONE

Particulars	Amount Rs. in Millions
Total cost of construction as per Estimate	16.095
Net cost of construction to be done	16.095
Cost of Construction per year
Up to March 2011 (25%)	4.024
Up to December 2011 (75%)	12.072

PROJECT REPORT

(Rs. in Millions)

Particulars	Existing	Proposed	Amount
1. Cost of Land	3.149	--	3.149
2. Cost of Site Development charges and MC Charges	1.263	--	1.263
3. Cost of Construction	--	16.095	16.095
	4.412	16.095	20.507
Sources of Funds
1. Own Contribution	4.412	5.095	9.507
2. Secured Term Loans	--	8.000	8.000
3. Unsecured Loans	--	3.000	3.000
	4.412	16.095	20.507

ECONOMIC/ PROFITABILITY OF THE PROJECT

(Rs. in Millions)

Particulars	I st Year Projected	IInd Year Projected	IIIrd Year Projected	IV th Year Projected	V th Year Projected	VI th Projected
A. Rent Receipts	3.744	4.118	4.530	4.983	5.481	6.029
Total (A)	3.744	4.118	4.530	4.983	5.481	6.029
B. Cost of Construction
Construction Cost	--	--	--	--	--	--
Wages/ Salaries	0.144	0.158	0.174	0.191	0.210	0.230
Repairs and Maintenance	0.108	0.200	0.300	0.400	0.500	0.600
Depreciation	0.805	0.764	0.726	0.690	0.655	0.623
Selling Distribution and Administrative Expenses	0.318	0.564	0.766	1.007	1.290	1.619
C. Cost of Sales	1.375	1.686	1.966	2.288	2.655	3.072
D. Opening Profit Before Interest and Tax	2.369	2.432	2.564	2.695	2.826	2.957
Interest:
Term Loan	1.169	1.032	0.864	0.695	0.526	0.357
Working Capital	--	--	--	--	--	--
E. Profit After Interest	1.200	1.400	1.700	2.000	2.300	2.600
Taxes	0.200	0.200	0.300	0.400	0.500	0.600
F. Profit After Tax	1.000	1.200	1.400	1.600	1.800	2.000

CALCULATION OF D.S.C.R.

(Rs. in Millions)

Particulars	I st Year Projected	IInd Year Projected	IIIrd Year Projected	IV th Year Projected	V th Year Projected	VI th Projected
A. Funds Available for Service Debts
1. Retained Profits	1.000	1.200	1.400	1.600	1.800	2.000
2. Depreciation	0.805	0.764	0.726	0.690	0.655	0.623
3. Interest on Term Loan	1.169	1.032	0.864	0.695	0.526	0.357
(A)	2.974	2.996	2.990	2.985	2.981	2.980
B. Debt to be serviced:
1. Installment of Loan	0.572	1.144	1.144	1.144	1.144	1.144
2. Interest on Term Loan	1.169	1.032	0.864	0.695	0.526	0.357
(B)	1.741	2.176	2.008	1.839	1.670	1.501
D.S.C.R.	1.71	1.38	1.49	1.62	1.79	1.99
Average D.S.C.R.	2.16

CASH FLOW STATEMENT

(Rs. in Millions)

Particulars	Existing Period	I st Year Projected	IInd Year Projected	IIIrd Year Projected	IV th Year Projected	V th Year Projected	VI th Projected
Cash Accruals (Net Profit before Interest Tax)	--	2.369	2.432	2.564	2.695	2.826	2.957
Own Contribution	4.412	5.095	--	--	--	--	--
Depreciation	--	0.805	0.764	0.726	0.690	0.623	0.592
Increase in Unsecured Loan	--	3.000	--	--	--	--	--
Increase in Term Loan	--	8.000	--	--	--	--	--
Short Term Deposit	--	--	--	--	--	--	--
Total Sources (A)	4.412	19.269	3.196	3.290	3.385	3.481	3.580
Disposition of Funds
Cash and Bank Balance	--	--	--	--	--	--	--
Increase in Capital Expenses	4.412	16.095	--	--	--	--	--
Decrease in Term Loan	--	0.572	1.144	1.144	1.144	1.144	1.144
Decrease in Unsecured Loan	--	--	--	--	--	--	--
Increase in Work in Progress	--	--	--	--	--	--	--
Interest	--	1.169	1.032	0.864	0.695	0.526	0.357
Tax	--	0.200	0.200	0.300	0.400	0.500	0.600
Drawing/ Dividends	--	1.000	0.700	0.900	1.000	1.200	1.400
Total Disposition (B)	4.412	19.036	3.076	3.208	3.239	3.370	3.501
(C) Opening Balance	--	--	0.233	0.353	0.435	0.581	0.692
(D) Net Surplus	--	0.233	0.120	0.082	0.146	0.111	0.079
(E) Closing Balance	--	0.233	0.353	0.435	0.581	0.692	0.771

PROJECTED BALANCE SHEET

(Rs. in Millions)

Particulars	I st Year Projected	IInd Year Projected	IIIrd Year Projected	IV th Year Projected	V th Year Projected	VI th Projected
Term Loan (Bank)	7.428	6.284	5.140	3.996	2.852	1.708
Unsecured Loans	3.000	3.000	3.000	3.000	3.000	3.000
Secured Loan from Bank (W.C)	--	--	--	--	--	--
NET WORTH
Own Contribution	9.507	9.507	9.507	9.507	9.507	9.507
Reserve and Surplus	--	0.500	1.000	1.600	2.200	2.800
Total	19.935	19.291	18.647	18.103	17.559	17.015
ASSETS
Net Fixed Assets	19.702	18.938	18.212	17.522	16.867	16.244
Work in progress (Construction)	--	--	--	--	--	--
Cash and Bank Balance	0.233	0.353	0.435	0.581	0.692	0.771
Preliminary and Pre-Operative Expenses	--	--	--	--	--	--
Total	19.935	19.291	18.647	18.103	17.559	17.015

VALUATION REPORT

Date of Inspection

25.04.2011

a) Name of the Bank who required the Valuation of the property

Corporation Bank, Bahadurgarh

b) Name and Address of the Valuer

Gobind Lal Chaudhary

Off. 891/22, Opposite Rohtak Central Co-operative Bank, Delhi Road, Rohtak

Details of enquiries made for fair market value

Local Property Dealers and surrounding area

Fair Market Value of the Property

Rs. 25.875 Millions

Distress Value of the Property

Rs. 21.994 Millions

Conservative Value of the Property

Rs. 20.700 Millions

Factors for determining its Market Value

Local Survey through property dealer and surrounding area.

Property Details

Under Construction Commercial Shop

Name and Address of the owner

Mr. Sangeeta Verma w/ o Mr. Shyam Sunder Verma R/o Barahi Road, Bahadurgarh, District Jhajjar

If the Property is under joint ownership

Single Ownership

Brief Description of the property

Under Construction commercial shop

Dimension at the site

Dimension as per Deed

Actual

North: Dimension not given

As per Approved Drawings

South : in Sale Deed

Location of the Property

Main Market, Dharampur Near Standard Sweets, Bahadurgarh District- Jhajjar

Postal Address

Mrs. Sangeeta Verma w/ of Mr. Shyam Sunder Verma R/o Barahi Road, Bahadurgarh District Jhajjar

Boundary of the property

North: Shpt of others

South: Vacant Plot of Other and Shop etc.

East: Road

West: Main Market Road and Shop of Etcl.

Whether covered under corporation/ Panchayat/ Municiapality/ Authority/ Scheme

Within M.C. Limit

Is the land free hold/ Lease Hold

Free Hold

Year of Purchase of Property

30.12.2005, 30.03.2006, 18.01.2006, 18.01.2006

Value of Purchase Price as per deed

Rs. 1.923 Millions, Rs. 0.528 Million, Rs. 0.240 Million, Rs. 0.278 Million

a. Details of Deed

1) 641 Sqyds: Registered Sale Deed No. 6491, Book No. 1, Dated – 30.12.2005, of Joint Sub Registerar, Bahadurgarh

2) 225 sqyds, Registered Sales Deed No. 8475, Book No. 1, Dated 30.03.2006, of joint sub registrar, Bahadurgarh

3) 80 sqyds, Registered Sale Deed No. 7163, Book No. 1, Dated – 18.01.2006, of Joint Sub Registerar, Bahadurgarh

4) 17 sqyds Registered Sale Deed No. 7170, Book No. 1, Dated – 18.01.2006 , of a Joint Sub Registerar, Bahadurgarh

Whether the Property is occupied by the owner or tenant

Under Construction

Classification of the site:

a) Population Group

Urban

b) High/ Middle / Poor Class

Middle Class

c) Residential / Non Residential

Commercial Area

d) Development of Surrounding Area

Fully Developed Commercial Area Main Bazar, Bahadurgarh

e) Possibility of any threat to the property Property (Flood, Calamities etc.)

No.

Proximity of Civic Amenities

Available Nearby

Level of Land : (Plain, Rock Etc.)

Plain

Shape of the land

Irregular

Whether the plot is intermittent or corner?

Intermittent

Whether any road facility is available

Yes

Type of Road Available

C.C. Road

Source of Water and Water Potentialities

M.C. Water Supply

Type of Sewerage System

M.C. Undergrolund Sewerage System

Availability of Power Supply

Available U.H. B.V. N.L. Supply

Advantage of the site

Very near standard Sweets National Highway, Main Bazar, Bahadurgarh

Valuation of the Property

LAND

i) Dimension of the Plot

As per Approval Drawing

ii) Total Area of the Plot

641+225+80+17 = 963 sq.yards

iii) Prevailing Market Rate

Rs. 25000/- per sq.yard

iv) Estimated value of Land as per Market

Rs. 24.075 Millions

Technical Details of Building

Under construction commercial building

i) Year of Construction and Age

2011

ii) Future Life of Building after 2011

60 Years

iii) Height of Building

Basement -9’0”

iv) Plinth Area of Building

Basement – 6000 sq.ft.

v) Type of Construction

Under Construction

vi) Condition of Building

Under Construction

vii) Internal Condition of Building

Under Construction

Whether the Building is constructed according to the sanctioned plan

Plan Sanctioned Memo No. 111 dated 23.10.2009

Specification of the construction

a) Foundation

B.B. Cement Sand Mortor

b) Super Structure

B.B. Cement Sand Mortor

c) Basement

B.B. Cement Sand Mortor

d) Joinery/ Door and Window

Under construction

e) Roofing

Under construction

f) Flooring

Under construction

g) Any Special Finishing

Under construction

h) Electric Installation

Under construction

i) Plumping Installation

Under construction

DETAILS OF VALUATION (BUILDING)

Particular	Plinth Area	Estimated Replacement	Replacement Cost	Depreciation	Net Value
Basement	6000 sq.ft.	Rs. 300/- per sq.ft. part Rate	Rs. 1.800 Millions	06/60 X 90/ 100 X 18.00
			Rs. 1.800 Millions	Nil	Rs. 1.800 Millions

SUMMARY OF VALUATION

Particulars	Valuation Land	Valuation of Building	Total Value
Valuation as per Market Rate	Rs. 24.075 Millions	Rs. 1.800 Millions	Rs. 25.875 Millions

FAIR VALUE OF THE PROPERTY

RS. 25.875 MILLIONS

DISTRESS VALUE OF THE PROPERTY

RS. 21.994 MILLIONS

CONSERVATIVE VALUE OF THE PROPERTY

RS. 20.700 MILLIONS

CMT REPORT (Corruption, Money Laundering and Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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 and 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.