MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	CREATIVE IMPEX
Registered Office :	81/22, Kamarajapuram West, Karur-639002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.06.2006
Firm Reg. No.:	376
Capital Investment/ Paid-up Capital:	Rs. 1.317 Millions
IEC No.:	3206008981
PAN No.: [Permanent Account No.]	AAFFC0873N
Legal Form :	Partnership Concern with an unlimited liability of the partners.
Line of Business :	Manufacturer and Exporter of Home Textiles.
No. of Employees:	Approximately 35 (In office)

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 :	New Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new concern in its field. The valuation report and networth statement provided seems to be acceptable. No further details or payment 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

INFORMATION PARTED BY

Name :	Mr. K Muthukumar
Designation :	Managing Partner
Contact No.:	91-9843136264
Date :	16.05.2011

LOCATIONS

Registered Office :	81/22, Kamarajapuram West, Karur-639002, Tamilnadu, India
Tel. No.:	91-4324-645690
Mobile No.:	91-9843136264 (Mr. K Muthukumar)
Fax No.:	91-4324-274990
E-Mail :	sales@creativeimpex.co.in creatimpex@gmail.com
Website :	http://www.creativeimpex.co.in
Area :	Rented

PARTNERS

Name :	Mr. K Muthukumar
Designation :	Partner
Address :	No. 12, G.G. Appartment, Periyar Nagar North, Karur-639002, Tamilnadu, India
Date of Birth/Age :	08.02.1970
Qualification :	B.Sc.
Experience :	17 Years
Name :	Mr. D. Parivendan
Designation :	Partner
Address :	No. 5/2, 4^th Cross, Vaiyapuri Nagar, Karur-639002, Tamilnadu, India
Date of Birth/Age :	26.07.1979
Qualification :	B.Tech. MFT
Experience :	7 Years
Name :	Mr. S Duraisamy
Designation :	Partner
Address :	No. 5/2, 4^th Cross, Vaiyapuri Nagar, Karur-639002, Tamilnadu, India
Date of Birth/Age :	15.08.1948
Qualification :	SSLC
Experience :	37 Years
Name :	Mr. M Madhumathi
Designation :	Partner
Address :	No. 12, G.G. Appartment, Periyar Nagar North, Karur-639002, Tamilnadu, India
Date of Birth/Age :	10.04.1977
Qualification :	BA
Experience :	5 Years

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Home Textiles.
Exports :
Products :	Cotton Home Textile Products
Countries :	UK US Finland Netherlands
Terms :
Selling :	L/C and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :	· Gokul Yarns, Karur · Ajantha Yarn Traders, Karur · Jey Amani-A- Traders, Karur · A. M. Yarn Agency, Karur · Sri Vengaraiamman Yarn and Dyeing Works · The Lakshmi Yarns, Karur · Premalaya Yarn Stores, Karur · Amsavenbi Traders, Karur · J.T. Fabrics Private Limited, Madurai · Arunkumar Spinning Mills Private Limited, Annur · Kumar Textile, Erode · Welcome Weaves, Sulur · Selvavinay Aga Fabric, Coimbatore · Sri Vari Fabric, Karur · Karthtikeya Cotton Mills, Tirupur · Sri Desikanathr Textiles Private Limited, Dindigul · Pavizham Spinners Private Limited · Guru Yarns, Karur · OPT International, Karur
Customers :	Wholesalers and Retailers · City Look Imports, UK · Abhigail OY, Finland · Aman Imports, USA · Mimex Brands and Labels, Netherlands · Finer Enterprises, USA · Bouclair, Canada · Wisteria, USA
No. of Employees :	Approximately 35 (In office)
Bankers :	Corporation Bank, Karur, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	R. Srinivasan Proprietor N. Ramanujam and Company Chartered Accountant
Address :	31A, Srinivaspuram, Karur-639001, Tamilnadu, India
Tel. No.:	91-4324-262256
E-Mail :	ramanujamandco@rediffmail.com

CAPITAL STRUCTURE

As on 31.03.2010

Capital Investment :
Partners Capital Account:	Rs. 0.667 Million
Partners Current Account :	Rs. 0.650 Million
Total :	Rs. 1.317 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Partner’s Capital Account		0.667	0.667	0.667
2] Partner’s Current Account		0.650	0.319	0.260
3] Share Application Money		0.000	0.000	0.000
4] Reserves & Surplus		0.000	0.000	0.000
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.317	0.986	0.927
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.731	2.786	3.516
TOTAL BORROWING		2.731	2.786	3.516
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.048	3.772	4.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.657	0.530	0.494
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	1.519	2.153	3.228
	Sundry Debtors	1.765	1.800	5.916
	Cash & Bank Balances	1.690	1.632	0.215
	Other Current Assets	0.013	0.013	0.013
	Loans & Advances	0.004	0.001	0.000
Total Current Assets		4.991	5.599	9.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.600	2.357	5.423
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.600	2.357	5.423
Net Current Assets		3.391	3.242	3.949
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.048	3.772	4.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	25.254	13.960	11.223
		Other Income	2.142	0.928	0.107
		TOTAL	27.396	14.888	11.330
Less	EXPENSES
		Cost of Goods Sold	12.208	4.998	2.867
		Shipping and Forwarding Charges	0.642	0.168	0.000
		Packaging Materials	2.171	0.591	0.196
		Interest	0.643	0.673	0.394
		Partners Salary	0.070	0.000	0.105
		Salary and Bonus	0.498	0.280	0.191
		Rent	0.284	0.276	0.079
		Other Expenses	10.720	7.788	7.381
		TOTAL	27.236	14.774	11.213
`	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.160	0.114	0.117
Less/ Add	DEPRECIATION/ AMORTISATION		0.093	0.078	0.085
	NET PROFIT		0.067	0.036	0.032

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.24	0.24	0.28
Net Profit Margin (PBT/Sales)	(%)	0.27	0.26	0.29
Return on Total Assets (PBT/Total Assets}	(%)	1.19	0.59	0.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		3.29	5.22	9.64
Current Ratio (Current Asset/Current Liability)		3.12	2.38	1.73

LOCAL AGENCY FURTHER INFORMATION

SALES DETAILS 01.04.2010 TO 31.12.2010

Month	Amount Rs. in Millions
April	2.507
May	1.563
June	3.328
July	0.077
October	2.162
November	5.440
December	3.266
Total	18.343

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

NAME OF THE APPLICANT	MR. MUTHUKUMAR
NAME OF THE CO-APPLICANT	MR. MADHUMATHI

IMMOVABLE PROPERTIES	APPLICANT	CO-APPLICANT
Address of the Property with Survey No./ Door No. etc.	12, 3^rd Floor, C.G. Apartment, Periyar Nagar, North, Manmangalam	--
Description: Land/ Site/ Building	Residential Building/ House Site	--
Whether free hold/ lease hold	Freehold	--
Type of Property: Commercial/ residential/ agricultural	Residential House Site	--
Area/ Extent of Land	389 sq.ft. and 5695 sq.ft.	--
Present Market/ Assessed Value	Rs. 5.000 Millions	--
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ Firm/ concern in which investment is made.	Creative Impex	--
Date of Investment	31.03.2010	--
Present Value of Investment	Rs. 0.500 Million	Rs. 0.070 Million
LIFE INSURANCE POLICIES
Policy Numbers	753490169 752528447 752086363 75349184	753252798 752524286
Date of Policy	20.03.2004 10.01.2002 28.03.2000 28.03.2004	15.03.2004 31.03.2001
Endowment/ Whole Life etc	Endowment	Endowment
Annual Premium	Rs. 0.146 Million	Rs. 0.018 Million
Sum Assured	Rs. 1.900 Millions	Rs. 0.400 Million
Surrender Value	Rs. 1.100 Millions	Rs. 0.150 Million
VEHICLES OWNED
Model/ Make	Santro Car/ 2004	--
Date of Purchase	12.04.2004	--
Present Market Value	Rs. 0.150 Million	--
OTHER ASSETS
Cash in Hand	Rs. 0.075 Million	Rs. 0.050 Million
Jewellery 100 Soverings	--	Rs. 1.500 Millions
Total Value of other Assets	Rs. 0.075 Million	Rs. 1.550 Millions
TOTAL ASSETS	RS. 6.825 MILLIONS	RS. 1.770 MILLIONS
TOTAL LIABILITIES	NIL	NIL
NETWORTH	RS. 6.825 MILLIONS	RS. 1.770 MILLIONS

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

NAME OF THE APPLICANT	MR. DURAISAMY
NAME OF THE CO-APPLICANT	MR. PARIVENDAN

IMMOVABLE PROPERTIES	APPLICANT	CO-APPLICANT
Address of the Property with Survey No./ Door No. etc.	Old No. 2, New No. 5/2, Vaiyapuri Nagar, 4^th Cross Lns, Karur	Old No. 2, New No. 5/2, Vaiyapuri Nagar, 4^th Cross Lns, Karur
Description: Land/ Site/ Building	Residential Building/ Land	--
Whether free hold/ lease hold	Freehold	--
Type of Property: Commercial/ residential/ agricultural	Commercial/ Agriculture	--
Area/ Extent of Land	1200 sq.ft and 4 acres	--
Present Market/ Assessed Value	Rs. 10.000 Millions	--
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ Firm/ concern in which investment is made.	Creative Impex, P,K Ramasamy Govender	Creative Impex
Date of Investment	31.03.2010	--
Present Value of Investment	Rs. 1.000 Million	Rs. 0.575 Million
LIFE INSURANCE POLICIES
Policy Numbers	752927367 752085968 751511063 751752553	752528854
Date of Policy	07.02.2003 14.02.1996 10.02.1998 28.01.2000	28.01.2002
Endowment/ Whole Life etc	Endowment	Endowment
Annual Premium	Rs. 0.018 Million	Rs. 0.025Million
Sum Assured	Rs. 0.250 Millions	Rs. 0.500 Million
Surrender Value	Rs. 0.200 Millions	Rs. 0.225 Million
VEHICLES OWNED
Model/ Make	Maruti Car/ 1990	--
Date of Purchase	2000	--
Present Market Value	Rs. 0.075 Million	--
OTHER ASSETS
Cash in Hand	Rs. 0.075 Million	--
Jewellery 75 Soverings	Rs. 1.125 Millions	--
Total Value of other Assets	Rs. 1.200 Millions	--
TOTAL ASSETS	RS. 12.475 MILLIONS	RS. 0.800 MILLION
TOTAL LIABILITIES	NIL	NIL
NETWORTH	RS. 12.475 MILLIONS	RS. 0.800 MILLIONS

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PROJECTED BALANCE SHEET

(Rs. in Millions)

SOURCES OF FUNDS		31.03.2011	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital Account		1.000	1.800
2] Partners Current Account		1.000	1.000
3] Share Application Money		0.000	0.000
4] Reserves & Surplus		0.000	0.000
5] (Accumulated Losses)		0.000	0.000
NETWORTH		2.000	2.800
LOAN FUNDS
1] Secured Loans		5.000	5.000
2] Unsecured Loans		1.000	1.000
TOTAL BORROWING		6.000	6.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		8.000	8.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.809	0.809
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.500	5.000
	Sundry Debtors	6.350	7.500
	Cash & Bank Balances	1.548	1.141
	Other Current Assets	0.043	0.050
	Loans & Advances	0.000	0.000
Total Current Assets		12.441	13.691
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.250	5.700
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		5.250	5.700
Net Current Assets		7.191	7.991
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		8.000	8.800

PROJECTED PROFIT & LOSS ACCOUNT

(Rs. in Millions)

	PARTICULARS		31.03.2011	31.03.2012
	SALES
		Income	26.000	40.000
		Other Income	1.538	1.700
		TOTAL	27.538	41.700
Less	EXPENSES
		Cost of Goods Sold	17.209	28.537
		Printing Charges	2.200	2.580
		Fuel Expenses	0.127	0.160
		Lorry Freight	0.287	0.400
		Salary and Bonus	0.240	0.300
		Travelling Expenses	0.450	0.560
		Other Expenses	6.458	7.766
		TOTAL	26.971	40.303
	NET PROFIT		0.567	1.397

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OPERATING STATEMENT

(Rs. in Millions)

Particulars	31.03.2011 Projected	31.03.2012 Projected
GROSS SALES
1. Sales (Net of Returns)
a) Domestic Sales	1.000	1.250
b) Export Sales	25.000	38.750
i) Sub- Total (a+b)	26.000	40.000
Percentage rise (+) or fall (-) in the sales turnover as compared to previous year	2.96%	53.85%
Other Income
a) Duty Drawback	1.538	1.700
b) Cash assistance DEPB Licence Sale	0.000	0.000
c) Commission and Brokerage Received	0.000	0.000
ii) Sub – Total (a+b+c)	1.538	1.700
iii) Total (i+ii)	27.538	41.700
2. Cost of Sales
i) Purchases	20.190	29.037
ii) Other Manufacturing and Trading Expenses	7.175	8.457
(Dyeing expenses, Printing, Embroidering and Tailoring Charges etc.)
iii) Sub- Total (i+ii)	27.365	37.494
iv) Add: Opening Stock	1.519	4.500
v) Sub- Total (iii+iv)	28.884	41.994
vi)Less: Closing Stock	4.500	5.000
vii) Sub- Total (Total Cost Sales) (v-vi)	24.384	36.994
3. Selling General and Administrative expenses (including Bank Charges)	2.443	3.109
4. Operating Profit (before interest and Depreciation) (1(iii) – 2(vii)-3))	0.712	1.597
5. Interest	0.145	0.200
6. Depreciation	0.000	0.000
7. Operating Profit (after Interest and Depreciation) (4-5-6)	0.567	1.397
8. i) Add: Other non-operating income
a) Interest	0.000	0.000
b) Others	0.000	0.000
c) Sub- Total (Income)	0.000	0.000
ii) Less: Other Non-Operating Expenses	0.000	0.000
iii) Net of Other Non-Operating Income/ Expenses (Net of 8(i) and 8(ii))	0.000	0.000
9. Profit before Tax/ Loss (7+8(iii))	0.567	1.397
10. Provision for Taxes	0.000	0.000
11. Net Profit/ Loss (9-10)	0.567	1.397
12 a) Equity Dividend Paid	NA	NA
b) Dividend Rate	NA	NA
13. Retained Profit (11-12)	0.567	1.397
14. Retained Profit/ Net Profit (in%) (13/11)	100%	100%

ANALYSIS OF BALANCE SHEET

(Rs. in Millions)

Particulars	31.03.2011 Projected	31.03.2012 Projected
CURRENT LIABILITIES
1. Short- term borrowings form Banks (Including bills purchased, discounted and excess borrowings placed on repayment basis)
a) From Applicant Bank	5.000	5.000
b) From other Banks	0.000	0.000
Sub- Total (A)	5.000	5.000
2. Short –term borrowings form others	0.000	0.000
3. Sundry Creditors (Trade)	5.250	5.700
4. Advance payment from customers/ Deposits form dealers	0.000	0.000
5. Provision for taxation	0.000	0.000
6. Dividend Payable	0.000	0.000
7. Other Statutory Liabilities (due within one year)	0.000	0.000
8. Deposits/ Installments of term loan/ DPGs/ Debenture etc. (due within one year)	0.000	0.000
9. Other statutory Liabilities and Provisions (Due within one year)	0.000	0.000
(Specify Major Items)0
Sub- Total (B)	5.250	5.700
10. Total Current Liabilities (Total of 1 to 9)	10.250	10.700
TERM LIABILITIES
11. Debentures (not maturing within 1 year)	0.000	0.000
12. Preference Shares (redeemable after one year)	0.000	0.000
13. Term Loan (excluding installments payable within one year) form Banks	0.000	0.000
14. Loan and Deposits from parties	1.000	1.000
15. Deferred payment credits (including installments due within one year)	0.000	0.000
16. Term Deposits (Repayable after 1 year)	0.000	0.000
17. Other Term Liabilities	0.000	0.000
18. Total Term Liabilities (Total of 11 to 16)	1.000	1.000
19. Total Outside Liabilities (10+18)	11.250	11.700
NET WORTH
20. Partners Capital, Current and Deposit a/c	2.000	2.800
21. General Reserve	0.000	0.000
22. Revaluation Reserve	0.000	0.000
23. Other Reserves (excluding provisions)	0.000	0.000
24. Surplus (+) or Deficit (-) Profit and Loss a/C	0.000	0.000
25. Net Worth	2.000	2.800
26. Total Liabilities (19+25)	13.250	14.500
ASSETS
CURRENT ASSETS
27. cash and Bank balances	1.548	1.141
28. Investments (Other than long term investments)
i) Government and other trusted securities	0.000	0.000
ii) Fixed Deposits with banks	0.000	0.000
29 i) Receivables including exports, deferred and others (including bill purchased and discounted by bankers)	6.350	7.500
30. Installments of deferred receivables (due within one year)	0.000	0.000
31. Stock in trade	4.500	5.000
32. Advance to suppliers of merchandise	0.000	0.000
33. Advance of payments of taxes	0.000	0.000
34. Other current assets (Specify major items)	0.000	0.000
35. Total Current Assets (Total of 27 to 34)	12.398	13.641
FIXED ASSETS
36. Gross Block (Land and building, machinery, furniture and fittings, vehicles)	0.809	0.809
37. Depreciation to date	0.000	0.000
38. Net Block (36-37)	0.809	0.809
OTHER NON CURRENT ASSETS
39. Investments/ book debts/ advances deposits which are not current assets
i) a) Investments in Subsidiary Companies/ affiliates	0.000	0.000
b) Others	0.043	0.050
ii) Advances to suppliers of capital goods and contractors	0.000	0.000
iii) Deferred receivables (maturity exceeding one year)	0.000	0.000
iv) Security deposits/ tender deposits	0.000	0.000
v) Others	0.000	0.000
40. Obsolete Stocks	0.000	0.000
41. Other non-current assets including dues from partners	0.000	0.000
42. Total Other Non-current assets (Total of 39 to 41)	0.043	0.050
43. Intangible assets (Partner goodwill etc.)	0.000	0.000
44. Total Assets (Total of 35, 38, 42 and 43)	13.250	14.500
45. Tangible Net Worth (25-43)	2.000	2.800
46. Net Working Capital (18+25-38+42+43) to tally with (35-10)	2.148	2.941
47. Current Ratio (Item 35/10)	1.21	1.27
48. Total Outside Liabilities/ Tangible Net Worth (19/45)	5.63	4.18
ADDITIONAL INFORMATION
A) Arrears of depreciation	0.000	0.000
B) Contingent Liabilities
a) Arrears of cumulative dividends	0.000	0.000
b) Gratuity Liability not provide for	0.000	0.000
c) Disputed excise/ customs/ tax liabilities	0.000	0.000
d) Bills accepted/ guarantees extended to accommodated associate/ sister concern	0.000	0.000
e) Other Liabilities not provided for	0.000	0.000

COMPUTATION OF STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

Particulars	31.03.2011 Projected	31.03.2012 Projected
1. Stock-in-Trade	4.500	5.000
2. Receivables including exports and deferred receivables (including bills purchased and discounted by bankers) (Months domestic Sales)	63.50	75.00
3. Advances to suppliers of merchandise	0.000	0.000
4. Other current assets (including cash and bank balances and deferred receivables) (due within one year) (Specify major items)	1.548	1.141
5. Total Current Assets	12.398	13.641
B. Current Liabilities (Other than bank borrowings for working capital)
6. Sundry Creditors	5.250	5.700
7. Advances payments from customers/ deposits from dealers	0.000	0.000
8. Statutory liabilities	0.000	0.000
9. Other Current Liabilities (Specify major items) Short term borrowings, unsecured loans, dividend payable, installments of TL, DPG, Public deposits, debentures etc.	0.000	0.000
10. Total (to agree with sub-total (B) Form III	5.250	5.700

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(Rs. in Millions)

Particulars	31.03.2011 Projected	31.03.2012 Projected
1. Total Current Assets (34 of Form III)	12.398	13.641
2. Current Liabilities (Other than bank borrowings) (2 to 9 of Form III)	5.250	5.700
3. Working Capital Gap (WCG) (1-2)	7.148	7.941
4. Minimum stipulated net working capital i.e. 25% of total current assets other than receivables (as at 28(i) of Form III)	1.512	1.535
5. Actual/ projected networking capital (46 to Form III)	2.148	2.941
6. Item 3 Minus Item 4	5.636	6.406
7. Item 3 minus item 5	5.000	5.000
8. Maximum permissible bank finance (Item 6 or 7 whichever is lower)	5.000	5.000
9. Excess borrowings, if any, representing short-fall in NWC (4-5)	[0.636]	[1.406]

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VALUATION OF FLAT

I. GENERAL

Purpose of Valuation

To estimated the Present Market Value and Forced sale Value

Date of Valuation

08.01.2011

The name of person or persons in

a) Whose names the property stands registered (as on date)

Mr. K.M. Muthukumar, N. Kauppanan, No. 5. 3^rd Corss, Anna Nagar, Karur-639002

II. APARTMENT BUILDING

Nature of the apartment

Residential

Location

S.F. No.

427/A

Apartment Name

CEE GEE Apartment

Flat No.

1

Floor No.

Third Floor (N-E Corner)

Door No.

12

Block

1

At

Periyar Nagar North

Village

L.N.S.

Municipality

Inam Karur

Taluk and District

Karur

Description of locality

Residential/ Commercial/ Mixed

Residential

Year of Construction

1997

Number of Floors

Ground + 3

Type of Structure

R.C.C. Framed Structure

Number of Dwelling units in the building

12

Quality of Construction

Superior

Appearance of the building

Good

Maintenance of the building

Satisfactory

Facilities Available

Lift

Yes

Protected water supply

Yes

Underground Sewerage

Yes

Car Parking – open/ covered

Yes (Covered)

Alround compound wall is existing

Yes

Pavement is laid around Around the building

Yes

III APARTMENT BUILDING

The Floor in which the flat is situated

Third floor (S-E corner)

Door No. of the Flat

12

Specification of the Flat

Roof

R.C.C.

Flooring

R.C.C.

Doors

Country Wood

Windows

Grill Windows and Aluminium Shutter

Fittings

Ordinary

Finishing

Marble slab and tiles

House Tax

Assessment no

11461

Tax amount

Rs. 616/2010-2011, dated 30.12.2010

In the name of

Mr. M Muthukumar

Electricity service connection

Meter card is in the name of

Mr. K Muthukumar

How is the maintenance of the flat

By common dividing method

Sale deed executed in the name of

M. K M Muthukumar (Sale deed)

What is the undivided area of land

383.00 sq.ft.

What is the plinth area of the Flat?

1260.00 sq.ft.

What is the super plinth area of the flat?

1443.00 sq.ft.

What is the Floor Space Index (Approximately)

1:1.12

Is it post/ 1^st Class/ Medium/ Ordinary

Posh

It is being used for Residential or commercial?

Residential

Is it owner occupied or tenanted

Owner Occupied

It tenanted, what is the rent

Rs. 6000/ month

IV GENERAL

Howe is the marketability

Good

What are the factors favouring for an extra Potential value

a) It is high class residential building

b) All basic amenities are available near by the site

VALUATION DETAILS

Rate

After analyzing the comparable sale Instances, what is the composite rate for a similar flat with same specifications in the adjoining locality?

Rs. 2000/sq.ft of super plinth area

Assuming it is a new construction, what is the adopted basic composite rate of the flat under valuation after comparing the specifications and other factors with the flat under comparison

Rs. 1000/sq.ft. of super plinth area

Breakup for the rate

i) Building + Services

Rs. 1000/sq.ft

ii) Land + Others

Rs. 1000/sq.ft

Composite Rate adopted After Depreciation

a) Depreciation cost of Flat with services

Rs. 1000/ sq.ft.

Age of the Building

13 Years

Life of the Building estimated

80 Years

Depreciation % age assuming the salvage value as 10%

Depreciation % age

(Age of the building/ Total life) X (100- Salvage value)

(13/80) X (100-10)

15% (RS. 1000 X 0.15)

Rs. 150/-

Depreciated Rate of the Building

Rs. 850/-

Total Composite rate arrived for valuation

Depreciated Building Rate

Rs. 850/ sq.ft.

Rate for Land and Others

Rs. 1000/- sq.ft.

Total Composite Rate

Rs. 1850/ sq.ft.

VALUATION DETAILS

Description	Value Rs. in Millions
Present value of the flat 1443 sq.ft. X Rs. 1850/ sq.ft.	2.670
E.B Deposit	0.015
Cupboard Works	0.115
Total	2.780
Say	2.800

a) Present market value of the building property

Rs. 2.800 Millions

b) Forced sale value oft the building property

85% of the P.M.V.

(85/100) X 2.800

Rs. 2.380 Millions

REPORT OF VALUATION OF IMMOVABLE PROPERTY (OTHER THAN AGRICULTURAL LANDS, PLANTATIONS, FORESTS AND MINES

Purpose for which valuation is made

To access the present market value and the forced sale value

Date as on which valuation is made

08.01.2011

Name and address of the owner

(as per documents)

Mr. K. Muthukumar

S/o Mr. Karuppannan,

C.G. Apartments 3^rd Floor, Periyar Nagar North, Sengunthapuram Post, L.N.S. Village, Karur Taluk and District

Location of the property

S.F. No.

738/B1

Plot No.

10, 11

At

Sri Sellam Nagar

Village and Panchayat

Manmangalam

Taluk and District

Karur

Measurement and Area of Site

Dimesions	Plot No. 10	Plot No. 11
North	40’0”	40’0”
South	40’0”	40’0”
East	72’0”	71’3”
West	71’3”	70’3”
Area of the Site	2865.00 sq.ft.	2830.00 sq.ft.
Total Area of the site (Plot No. 10+11)		5695.00 sq.ft.

Boundary Details

Boundaries	Plot No. 10	Plot No. 11
North	30’0” wide E-W Road	30’0” wide E-W Road
South	Owner’s property	Owner’s Property
East	Plot No. 9	Plot No. 10
West	Plot No. 11	Plot No. 12

Is the property situated in residential commercial/ mixed

Vacant Site

Classification of location high/ middle poor class

Middle Class

Proximity to civic amenities like schools, hospitals, markets and offices

Near by

Means of Proximity

By Means of 30’0” E-W Road

Is the property owners occupied or tenanted

Owner’s occupied (Vacant Site)

Land rate adopted in this valuation

Rs. 350/ sq.ft.

Details about the site

The above said site is located near by Salem to Madurai N.H. 7 Raod, and near the some Exports (Asian tex, Iswarya tex, Siva tex at Sellam nagar. It is surrounded by Residential building. All basic amenities are available in near by the site. So it has good potential value.

S.R.O Rate per sq.ft.

Rs. 60/-

Market Rate / sq.ft.

Rs. 350/ to 400/-

Fair Market Rate/ Sq.ft.

Rs. 350/-

Forced sale value fo the site / sq.ft.

Rs. 85% of F.M.V.

(85/100) X 350/-

=Rs. 298/-

Area Calculation:

Land Value:

Value Based on	Area of site Per Sq.ft.	Rate/ sq.ft Rs.	Value of Site Rs. in Millions
Fair market value	5695.00	350/-	1.994 Say – 1.993
Guide line value	5695.00	60/-	0.342 Say – 0.342
Forced sale value	56954.00	298/	1.697 Say 1.697

a) Value of the Vacant site based on Fair market value

Rs. 1.993 Millions

b) Value of the Vacant site based on Guide line value

Rs. 0.342 Million

c) Value of the Vacant site based on Forced sale value

Rs. 1.697 Millions

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Trade References:

· P.K. Ramasamy Gounder and Company

Address: No.5/2, 4^th Cross, Vaiyapuri Nagar, Karur-639002, Tamilnadu, India

Mobile No.: 91-9443237699 (Mr. S Duraisamy)

· Yaz Printers

Address: No. 138/213, Jawahar Bazaar, Karur-639001, Tamilnadu, India

Mobile No.: 91-9629773333 (Mr. Duraisamy)

· TV Tex

Address: No.5/2, 4^th Cross, Vaiyapuri Nagar, Karur-639002, Tamilnadu, India

Mobile No.: 91-9443385224 (Mr. Sadasivam)

· Yarn Agency

Address: Kamarajapuram East, Karur-639002, Tamilnadu, India

Mobile No.: 91-9843095751 (Mr. R Balamurugan)

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.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

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.