MIRA INFORM REPORT

Report Date :

20.05.2011

IDENTIFICATION DETAILS

Name :	DEV DAIRY PRODUCTS PRIVATE LIMITED
Registered Office :	1308, 13^th Floor, Mayuresh Cosmos Tower, Sector – 11, CBD Belapur, Navi Mumbai – 402 614, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.04.2008
Com. Reg. No.:	180991
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U51222MH2008PTC180991
TAN No.: [Tax Deduction & Collection Account No.]	MUMD18442E
PAN No.: [Permanent Account No.]	AACCD9111A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Milk and Milk Products.
No. of Employees :	51 (In office – 18, In factory – 33) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company and in the process of establishing itself. The valuation report provided is of lesser value than the proposed amount. No further details of 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. Jaspal Singh
Designation :	Chief Financial Officer
Contact No.:	91-9819939920
Date :	17.05.2011

LOCATIONS

Registered Office :	1308, 13^th Floor, Mayuresh Cosmos Tower, Sector – 11, CBD Belapur, Navi Mumbai – 402 614, Maharashtra, India
Tel. No.:	91-22-40885151
Mobile No.:	91-9819939920 (Mr. Jaspal Singh)
Fax No.:	91-22-40885146
E-Mail :	jaspal.singh@dwarka.biz
Website :	http://www.dwarkadairy.com
Location :	Owned
Corporate Office :	2^nd Floor, Hilton Centre, Plot No.66, Sector 11, CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India
Tel. No.:	91-22-40885151
Fax No.:	91-22-40885146
E-Mail :	jaspal.singh@dwarka.biz
Location :	Rented
Factory :	Gat No.46, At and Post Miri, Tal Pathardi, District Ahmednagar, Maharashtra, India
Area :	16526.62 sq ft
Location :	Owned

DIRECTORS

Name :	Mr. Kapil Devprakash Rajput
Designation :	Director
Address :	ROSE, Flat 703, Plot No.10, Sector 06, Kharghar, Navi Mumbai – 410 210, Maharashtra, India
Date of Birth/Age :	15.08.1974
Qualification :	B.Com
Experience :	15 Years
Date of Appointment :	09.04.2008
DIN No.:	00559571
Name :	Mr. Mithilesh Devprakash Rajput
Designation :	Director
Address :	Flat No.B-603, Neelkanth Garden, Plot No.29/5, Bhoomi Construction, Panvel – 410 206, Maharashtra, India
Date of Birth/Age :	30.08.1981
Qualification :	B.Com
Experience :	10 Years
Date of Appointment :	19.11.2008
DIN No.:	00559504
Name :	Mr. Murugesan Adimoolam
Designation :	Director
Address :	GRH 5/3, Flat 23, Sector 7, Airoli – 400 708, Maharashtra, India
Date of Birth/Age :	01.11.1977
Qualification :	B.Com, MBA
Experience :	10 Years
Date of Appointment :	12.11.2009
DIN No.:	02236712
Name :	Mr. Hemal Navin Jobanputra
Designation :	Director
Address :	4/12, Satyam Nath Pai Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Date of Birth/Age :	07.04.1979
Qualification :	B.Com, DBM
Experience :	6 Years
Date of Appointment :	12.11.2009
DIN No.:	02298700
Name :	Mr. Devprakash Harbansal Rajput
Designation :	Director
Address :	Godwon No.5/6, Saraswati Apartment, Shivaji Road, Panvel, Navi Mumbai – 410 206, Maharashtra, India
Date of Birth/Age :	15.03.1950
Date of Appointment :	09.04.2008
Date of Ceasing :	15.07.2008
DIN No.:	01653734
Name :	Mr. Pankaj Mahipal Bhandari
Designation :	Director
Address :	D-46/0:1, Income Tax Colony, Sector 21/22, CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India
Date of Birth/Age :	29.08.1973
Date of Appointment :	15.07.2008
Date of Ceasing :	20.11.2008
DIN No.:	01534424

KEY EXECUTIVES

Name :	Mr. Jaspal Singh
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Devprakash Harbansal Rajput	25000
Kapil Devprakash Rajput	75000
Total	100000

As on 30.09.2009

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Milk and Milk Products.
Brand Names :	“DWARKA”
Terms :
Selling :	Cash and Credit (90 days)
Purchasing :	Cash and Credit (1 day)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity	Actual Production
Milk processing and trading activity	1 lacs Liter per day	54000 Liter per day

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	51 (In office – 18, In factory – 33) (Approximately)
Bankers :	v Corporation Bank, Mid-Corporate Branch, Andheri v Bank of Baroda (CBD Belapur) v Punjab National Bank (CBD Belapur)
Facilities :	Proposed Cash Credit Limit – Rs.70.000 millions and Term Loan – Rs.17.000 millions

Banking Relations :	--
Auditors :
Name :	Dipesh Thakker and Company Chartered Accountants
Address :	123, Commodity Exchange Building, Dana Bunder, Sector 19, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27831580
Mobile No.:	91-9869059901
E-Mail :	dipeshthakkar@rediffmail.com
Group Companies :	v Honey Taste Private Limited v Bhaskar Milk and Milk Products v Starview Trading Company Private Limited v Icon Trading Company Private Limited v Goodspot Trading Company Private Limited v Whitegold Mercantile Company Private Limited v Dwarka Milk and Milk Products Private Limited v Shri Krishna Milk and Allied Products v K.M. Milk Products Private Limited v Magictime Trading Company Private Limited v Shri Vinayak Milk Products Private Limited v Milkraft Dairytech Private Limited v Mahesh Trading Company v Avadhoot Traders v Arzoo Enterprises v A.M. Enterprises v Gauri Enterprises v K.P. Enterprises v Chankya Foods and Beverages v Arya Enterprises v Abhishek Enterprises v Armaan Foods v Shivam Enterprises v Kaveri Enterprises v Trimurti Enterprises v Aashirwad Enterprises v Ganga Foods

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.000	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.000	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
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	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.023	0.021
	Other Current Assets	0.150	0.000
	Loans & Advances	0.789	0.079
Total Current Assets		0.962	0.100
Less : CURRENT LIABILITIES & 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		0.962	0.100
MISCELLANEOUS EXPENSES		0.038	0.000
TOTAL		1.000	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		Operational Expenses	0.038
		TOTAL (B)	0.038
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.038)
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.038)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT BEFORE TAX (E-F) (G)		(0.038)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		(0.038)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		(0.038)
	Earnings Per Share (Rs.)		(0.38)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	NA
Net Profit Margin (PBT/Sales)	(%)	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.95)	NA
Return on Investment (ROI) (PBT/Networth)		(0.04)	NA
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.00	0.00

LOCAL AGENCY FURTHER INFORMATION

PROFILE:

Presently Milk industry is the one of the most of booming sector of the industry. The group has dealing with pouch milk through out the Maharashtra Dwarka Group has strong marketing channel spread all over the Maharashtra. The company has good marketing network already established in the local market through trading activity and the company propose to convert the existing marketing network into the business. The group has acquired 29 running units and 15 proposed to be acquired as expansion strategy. Since 1998, the company is dealing in the same line of business; sale and achievement of sales will no be issue.

At presently, the company will capture nearby market, which is very much in the nearby vicinity of the plant. In future the company has target of selling their products to the market of Navi Mumbai and Mumbai. The distance can be covered in a span of six hours, which is a normal trend in the milk industry. As such milk is not available in the urban areas, the same has to procured and processed afresh in the rural areas and sold at urban area.

The Dairy Project under study is a commercial proposition. The objective of setting a project which is a proposal for long term investment is to make maximum profit and with the additional motto of improvement of economic life of thousands of farmers through self help group.

The factory is running unit. Therefore the company does not see any problem in milk procurement. The company has well studied the milk availability in the surrounding villages and taluka and has concluded that the sufficient milk is available.

Demand for the product and supply of the product: The main activity of the Company will be to procure milk from the villages and supply the same in the cities and the up-coming markets. In so far as the demand for the milk in their country is concerned, one can easily estimate the demand depending upon the increase in population of their country. India no longer lives in villages. Demographical surveys and some other surveys have squarely brought home the increasing trend of urbanization in their country. They are witnessing every day concentration of population in the cities. The demand for the product certainly exists. Every body needs milk and milk-product for day to day consumption. However, the demand for the milk and the milk products can be converted into commercial terms only on the ability of any management to market the produce. It may be appreciated milk is a bio-product and therefore highly perishable. The success of the activity therefore depends upon efficient way of handling the product. It can be observed many dairies have encashed this situation and have succeeded in increasing the milk supply in the cities. The present Dairy is not an exception to this situation. The urban population needs milk at any time during the day and that too processed milk duly packed in the polythene bags. This milk is required to be stored in refrigerators. The Company has rightfully concentrated on all these aspects. To sum up the discussion on the demand for the product, one can say that the demand for the milk is ever increasing and large players have been still increasing their capacities and have been making efforts to capture new markets. Therefore, they feel, the project under study has a capacity to procure milk of about one ac liters per day. Another aspect for the demand and supply of the product and the by-products under study is the increase in the middle class population in their country. There has been increasing consumption of milk and milk products in their country due to upward change in economic life their people and change in their standard of living. Milk is the basic requirement of the people. There are reasons to believe that there will be increase in average consumption of the milk per person. Also refer statistical information at end of project report for more information. One of the important aspects of the commercial viability of the project is market and marketing arrangements The discussion of the ever increasing market as mentioned above speaks about the size of the market. Mumbai and other large metro cities in the State and in the near-by States offer an ever increasing market to the Company. The marketing arrangements in respect of Dairy projects are connected with the following factors:

v Appointment of distributors in the cities

v Establishment of retail centers at strategic places

v Selection of proper brand equity

v Selection of proper logo

v Proper packaging of the products

v Proper advertisement strategy

v Regularity in supplies

v Observance of time schedule

v Quality of the products, and

v Proper services

The other important aspects of the commercial viability of the project are element of competition. In so far as the milk and milk products are concerned, it is totally privatized. However, the players in the market are Government, large dairies in the Co-operative sector and large dairies in the private sector. Free movement of the milk inter-State also affords a good opportunity to the Company The company will have benefit of being in private sector and having presence through co-operative sector Though the larger players will have an edge over the small players like the present Dairy unit under study, yet the disadvantage in respect of above could b overcome by competing successfully on the price front. It could be also countered by offering a better quality and better and attractive packing.

The Government policy in respect of the procurement of milk and supply of the same in the state of Maharashtra also need bit of a discussion. Recently, the Government of Maharashtra have taken a policy decision to privatize their Dairy units. The Government has decided to transfer these units to co-operatives. Another important developments in respect of the trade is free import of milk is being allowed in their country and milk from the Eastern Countries have started reaching Mumbai Market. These countries are likely to resort to price war in order to capture the market. To sum-up the discussion on the competition, one can only say, only those units are likely to survive which pay attention to the above aspects and resort to economies and efficiency of operations They felt, the Company Management was aware of the above aspects. Today, the size of the market is so expanding that the products are getting consumed with almost no stocks.

The country’s milk production is estimated to have touched 100 million tonnes (mt) last year, which is higher than the estimated 92 mt for rice and 75 mt for wheat. But despite all this and the fact that India is today the world’s largest milk producer, the dairy industry is for some strange reason not considered glamorous’. For policy makers, dairying is viewed as a ‘subsidiary’ activity, when milk is one product that generates cash income to farmers almost on a daily basis, unlike sugarcane or wheat. Besides being a source of liquidity and insurance against crop failure, milk is the only crop where the farmer realizes 60-70 per cent of consumer price — against 20 per cent or so in fruits and vegetables. Again, it is striking that there are no commodity futures in milk powder or ghee, whereas the daily turnover volumes in NCDEX and MCX of guarseed, mentha oil, jeera or pepper run to hundreds (even thousands) of crores!

One reason for this ‘image problem’ suffered by milk has to do with the absence of proper databases with authentic information on the sector. This is a gap that Dairy India 2007 (Sixth Edition) seeks to fill. A treasure trove of information, this 864-page publication offers the most comprehensive and up-to-date picture about the world’s numero uno dairying nation. An invaluable Databank-cum-Management Guide-cum-Directory, it contains over 120 in-depth articles, 260 statistical tables and charts and reference details of 7,000 organizations including dairy plants and farms, equipment and consumable manufacturers, cattle feed and veterinary pharmaceutical manufacturers, chemicals and food additives, project consultants, breeding and fodder seed farms, analytical and disease-diagnostic laboratories, cooperative institutions and government agencies. The articles cover a range of topics including trends in consumption and market size of milk and milk products, WTO challenges and export potential, management of dairy plants and farms, breeding, feeding and nutrition, health care, clean milk production, food safety and quality standards as well as techno-economic feasibility of small and large scale dairy plants and farms, cattle feed units, and manufacture of cheese, ice-cream, etc. In addition, there is a special section devoted to technology innovations and organized production of indigenous milk products such as paneer, gulabjamun, rasogolla and shrikhand — a potentially lucrative segment ignored so far by the industry in its obsession with butter, cheese and other foreign’ products. Contributors include the President, Dr A.P.J. Abdul Kalam and the Father of India’s Dairy Revolution, Dr V. Kurien, besides a host of acknowledged experts in livestock management, marketing, processing technologies and policy makers In response to unprecedented developments in Asian countries, a special section, ‘Dairy Asia’, has been introduced. Dairy India 2007 has estimated the size of India’s dairy sector in 2005 at Rs.2273400.000 millions (valued at consumer prices). The largest contributor to this is liquid milk (at Rs.828350.000 millions), followed by ghee (Rs.229800.000 millions) khoa/ chhana/ paneer (Rs.241000.000 millions), milk powder (Rs.46800.000 millions), table butter (Rs.7700.000 millions), cheese/edible casein (Rs.9750.000 millions) and other products such ethnic sweets, ice-cream, etc (Rs.91000.000 millions) Out of the total milk production of 94.5 mt, 77 per cent or 73.1 mt is sold as liquid milk, with the balance 23 per cent or 21.4 mt converted into products. Further, the organized industry handles only 18 per cent or 17 mt of milk, with 36 per cent (34.5 mt) being handled by private dudhias and unorganized players and 46 per cent (43 mt) being retained in rural areas. Within the 18 per cent organized sector share, private and cooperative/government dairies handle an equal 8.5 mt each.

By 2011, Dairy India projects the value of the industry to more than double to Rs.5207800.000 millions, which includes Rs.1596000.000 millions from liquid milk, Rs.426800.000 millions from ghee, Rs.505000.000 millions from khoa/ chhana/ paneer, Rs.91000.000 millions from milk powder, Rs.22500.000 millions from table butter, Rs.61500.000 millions from cheese/edible casein and Rs.250500.000 millions from other products.

Interestingly, out of the anticipated milk output of 120 mt, the share of liquid milk will rise to 81 per cent or 97.5 mt and only the rest 19 per cent (22.5 mt) would get converted into products. But the organized industry’s share of total milk handling will go up to 30 per cent (36 mt), while the small players will see their share dip to 22 per cent (26 mt). At the same time, higher rural incomes will marginally boost the share of milk retained in rural areas to 48 per cent or 58 mt. The other significant feature is that within the 30 per cent overall share of organized dairies, the major 20 per cent (24 mt) will be accounted for by the private sector. The cooperatives and government dairies will handle 10 per cent or 12 mt of milk, which will be lower than that of the organized private sector.

__________________________________________________________________________________________

COST OF THE PROJECT

Sr. No.	Particulars	Amount (Rs. in millions)
1.	Acquisition of Factory, Plant and Machinery	31.096
2.	Proposed CAPEX to be done in the plant	8.923
	Total Cost	40.019
	SAY	40.000
	TERM LOAN
	Bank Finance – Approximately 75%	30.000
	Own Funds - Approximately 25%	10.000
		40.000
	Round off
	TERM LOAN	30.000
	Own Funds	10.000
	TOTAL PROJECT COST	40.000
	Working Capital Requirement
	Cash Credit Limit - FRESH	75.000

__________________________________________________________________________________________

CALCULATION OF BREAK EVEN POINT

(Rs. in millions)

PARTICULARS	2011	2012	2013	2014	2015
Sales Income	59.462	442.423	549.945	566.618	583.043
	59.462	442.423	549.945	566.618	583.043
VARIABLE EXPENSES:-
Raw Materials Consumed	48.757	362.908	451.935	465.848	479.354
Power & Fuel	0.920	7.233	8.711	8.981	8.994
Direct Labour & Wages	2.700	2.970	3.267	3.790	3.979
Operating Expenses	3.706	24.609	31.605	32.924	33.837
Interest on Bank Borrowings	0.000	10.875	10.875	10.875	10.875
	56.082	408.595	506.392	522.418	537.038
CONTRIBUTION	3.379	33.828	43.553	44.200	46.004
FIXED EXPENSES:-
Wages & Salaries	2.700	2.970	3.267	3.790	3.979
Interest on term loan	0.000	4.119	3.894	3.202	2.510
Depreciation	0.000	3.002	2.648	2.341	2.073
Selling & Administration Expenses	3.006	13.575	17.746	18.516	19.979
	5.706	23.666	27.556	27.848	28.541
BREAK EVEN POINT (In %)	16.89	37.78	42.39	43.47	44.05
CASH BREAK EVEN POINT (In %)	16.89	32.99	38.32	39.82	40.85

__________________________________________________________________________________________

OPERATING STATEMENT

(Rs. in millions)

PARTICULARS	Current Year (Estimated)	Following Year Projections
	2011	2012	2013	2014	2015
1. Gross Sales
(i) Domestic sales	59.462	442.423	549.945	566.618	583.043
(ii) Export sales	0.000	0.000	0.000	0.000	0.000
Total	59.462	442.423	549.945	566.618	583.043
2. Less excise duty	0.000	0.000	0.000	0.000	0.000
3. Net sales (item 1 - item 2)	59.462	442.423	549.945	566.618	583.043
4. % age rise (+) or fall (-) in net sales as compared to previous year (annualised)	--	644.05	24.30	3.03	2.90
5. Cost of sales
i) 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
(b) Indigenous	48.891	363.770	452.177	465.886	479.391
ii) Other Spares
(a) Imported	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	0.000	0.000	0.000	0.000	0.000
iii) Power and fuel	0.920	7.233	8.711	8.981	8.994
iv) Direct Labour Expenses	2.700	2.970	3.267	3.790	3.979
v) Other Direct Expenses	3.706	24.609	31.605	32.924	33.837
vi) Depreciation	0.000	3.002	2.648	2.341	2.073
vii) SUB-TOTAL (i to vi)	56.216	401.584	498.408	513.921	528.273
viii) Add: Opening stocks-in-process	0.000	0.000	0.000	0.000	0.000
Sub Total	56.216	401.584	498.408	513.921	528.273
ix) Deduct: Closing stocks-in- process	0.000	0.000	0.000	0.000	0.000
x) Cost of Production	56.216	401.584	498.408	513.921	528.273
xi) Add: Opening stock of finished goods	0.000	0.134	0.997	1.239	1.276
Sub Total	56.216	401.718	499.404	515.160	529.550
xii) Deduct: Closing stock of finished goods	0.134	0.997	1.239	1.276	1.313
xiii) SUB-TOTAL (Total cost of sales)	56.082	400.722	498.165	513.884	528.236
6. Selling, general and administrative expenses	3.006	13.575	17.746	18.516	19.979
7. SUB-TOTAL (5+6)	59.089	414.297	515.912	532.399	548.216
8. Operating profit before interest (3-7)	0.373	28.127	34.033	34.218	34.827
9. Interest	0.000	14.994	14.769	14.077	13.385
10. Operating profit after interest (8-9)	0.373	13.133	19.264	20.141	21.442
11. (1) Add other non-operating income
(a) Rental Income	0.000	0.000	0.000	0.000	0.000
(b) Others	0.000	0.000	0.000	0.000	0.000
Sub-total (income)	0.000	0.000	0.000	0.000	0.000
ii) Deduct other non-operating expenses
(a) Prior Period Adjustments	0.000	0.000	0.000	0.000	0.000
(b) Others	0.000	0.000	0.000	0.000	0.000
Sub-total (expenses)	0.000	0.000	0.000	0.000	0.000
(iii) Net of other non-operating income/ expenses [net of 11(i) and (ii)]	0.000	0.000	0.000	0.000	0.000
12. Profit before tax/loss [10 + 11(iii)]	0.373	13.133	19.264	20.141	21.442
13. Income Tax
- Income Tax	0.113	4.147	6.012	6.280	6.674
- Deferred Tax	0.000	0.000	0.000	0.000	0.000
- Fringe Benefit Tax	0.000	0.000	0.000	0.000	0.000
14. Net profit/loss (12-13)	0.260	8.985	13.253	13.862	14.768
15. Proposed Dividend	0.000	0.000	0.000	0.000	0.000
16. Retained profit (14-15)	0.260	8.985	13.253	13.862	14.768
17. Retained profit/Net profit (% age)	100.00%	100.00%	100.00%	100.00%	100.00%

__________________________________________________________________________________________

ANALYSIS OF BALANCE SHEET

(Rs. in millions)

PARTICULARS	Current Year (Estimated)	Following Year Projections
	2011	2012	2013	2014	2015
1. Short-term borrowings from banks (including bills purchased, discounted & excess borrowings placed on repayment basis)
(i) From applicant bank	0.000	75.000	75.000	75.000	75.000
(ii) From other banks	0.000	0.000	0.000	0.000	0.000
(iii) (of which BP & BD)	0.000	0.000	0.000	0.000	0.000
Sub total (A)	0.000	75.000	75.000	75.000	75.000
2. Short term borrowings from others	0.000	0.000	0.000	0.000	0.000
3. Sundry Creditors (Trade)	0.164	1.224	1.521	1.567	1.612
4. Advance payments from customers/ deposits from dealers	0.000	0.000	0.000	0.000	0.000
5. Provision for Taxation	0.000	0.000	0.000	0.000	0.000
6. Dividend Payable	0.000	0.000	0.000	0.000	0.000
7. Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000
8. Deposits/ installments of term loans/ DPGs/ Debentures, etc. (due within one year)	0.000	0.000	0.000	0.000	0.000
9. Other current liabilities & provisions (due within 1 year) (Specify major items)
Creditors for Capital Goods	0.000	0.000	0.000	0.000	0.000
Creditors for Expenses	0.066	0.453	0.563	0.580	0.596
Other Current Liabilities	0.000	0.000	0.000	0.000	0.000
Sub-total (B)	0.230	1.677	2.084	2.147	2.209
10. TOTAL CURRENT LIABILITIES (total of 1 to 9)	0.230	76.677	77.084	77.147	77.209
TERM LIABILITIES:
11. Debentures (not maturing within one year)	0.000	0.000	0.000	0.000	0.000
12. Preference Shares (redeemable after one year)	0.000	0.000	0.000	0.000	0.000
13. a. Term Loans (Including Interest Accrued)	0.000	27.692	23.077	18.462	13.846
b. Public Deposits/ Inter Corporate Deposits – in-secured loans	0.000	10.000	14.000	14.000	14.000
14. Deferred payment credits (excluding installments due within one year)	0.000	0.000	0.000	0.000	0.000
15. Term deposits (repayable after one year) (Interest Free, Long term)	0.000	0.000	0.000	0.000	0.000
16. Other Term Liabilities (Dealers Deposits)	0.000	0.000	0.000	0.000	0.000
17. TOTAL TERM LIABILITIES	0.000	37.692	37.077	32.462	27.846
18. TOTAL OUTSIDE LIABILITIES (Total of 10 + 17)	0.230	114.369	114.160	109.608	105.055
NET WORTH
19. Share Capital	8.500	16.000	19.500	19.500	19.500
20. General Reserve	0.260	9.245	22.498	36.359	51.128
21. Revaluation Reserve	0.000	0.000	0.000	0.000	0.000
22. Other reserves (excluding provisions)	0.000	0.000	0.000	0.000	0.000
23. Surplus (+) or deficit (-) in Profit & Loss A/c	0.000	0.000	0.000	0.000	0.000
24. NET WORTH	8.760	25.245	41.998	55.859	70.628
25. TOTAL LIABILITIES (18 + 24)	8.990	139.614	156.158	165.467	175.683
DIFFERENCE	0.000	0.000	0.000	0.000	0.000
CURRENT ASSETS
26. Cash and bank balances	2.227	4.650	4.553	5.439	4.461
27. Investments (other than long term investments)
(i) Government & other Trustee securities	0.000	0.000	0.000	0.000	0.000
(ii) Fixed Deposits with banks	0.000	0.000	0.000	0.000	0.000
(iii) Recurring Deposits with Banks	0.000	0.000	0.000	0.000	0.000
(iv) Accrued Interest on F.D.	0.000	0.000	0.000	0.000	0.000
28.(i) Receivables other than deferred & exports (Including Bills purchased and discounted by banks)	1.629	96.970	116.016	125.743	138.972
(ii) Export Receivables (Including bills purchased and discounted by banks)	0.000	0.000	0.000	0.000	0.000
29. Investments of deferred receivables (due within one year)	0.000	0.000	0.000	0.000	0.000
30. Inventory:
(i) Raw Materials (including stores & other items used in the process of manufacture)
a) Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.134	0.997	1.239	1.276	1.313
(ii) Stock in Process	0.000	0.000	0.000	0.000	0.000
(iii) Finished Goods	0.000	0.000	0.000	0.000	0.000
(iv) Other consumable stores
a) Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000	0.000	0.000
31. Advances to suppliers of Raw materials & stores/spares	0.000	0.000	0.000	0.000	0.000
32. Advance Payment of Taxes	0.000	0.000	0.000	0.000	0.000
33. Other Current Assets
- Prepaid Expenses	0.000	0.000	0.000	0.000	0.000
- Others	5.000	0.000	0.000	1.000	1.000
34. TOTAL CURRENT ASSETS (Total of 26 to 33)	8.990	102.616	121.808	133.458	145.746
FIXED ASSETS
35. Gross Block (land and building, machinery, work-in-progress)	0.000	40.000	40.000	40.000	40.000
36. Depreciation to date	0.000	3.002	5.650	7.991	10.064
37. NET BLOCK (35-36)	0.000	36.998	34.350	32.009	29.936
OTHER NON-CURRENT ASSETS
38. Investments/book debts/ advances/ deposits which are not Current Assets	0.000	0.000	0.000	0.000	0.000
(i) a) Investments in subsidiary companies/ affiliates	0.000	0.000	0.000	0.000	0.000
b) Others	0.000	0.000	0.000	0.000	0.000
(ii) Advances to suppliers of capital goods & contractors	0.000	0.000	0.000	0.000	0.000
(iii) Deferred receivables (maturity exceeding one year)	0.000	0.000	0.000	0.000	0.000
(iv) Others-Deposits with Telecom etc.	0.000	0.000	0.000	0.000	0.000
39. Non-consumables stores & spares	0.000	0.000	0.000	0.000	0.000
40. Other non-current assets including dues from directors	0.000	0.000	0.000	0.000	0.000
Deferred Tax Asset	0.000	0.000	0.000	0.000	0.000
41. TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000
42. Intangible assets (patents, goodwill, prelim. expenses, bad/doubtful expenses not provided for, etc.)	0.000	0.000	0.000	0.000	0.000
43. TOTAL ASSETS (34+37+41+42)	8.990	139.614	156.158	165.467	175.683
44. TANGIBLE NETWORTH (24-42)	8.760	25.245	41.998	55.859	70.628
45. NET WORKING CAPITAL [(17+24)-(37+41+42)] To tally with (34-10)	8.760	25.939	44.724	56.312	68.538
46. Current Ratio (Item 34 / 10)	39.01 : 1	1.34 : 1	1.58 : 1	1.73 : 1	1.89 : 1
47. Total Outside Liabilities / Tangible Net Worth (without considering quasi capital) (18 / 44)	0.03	4.53	2.72	1.96	1.49
ADDITIONAL INFORMATION
A) Arrears of depreciation
B) Contingent liabilities
i) Arrears of cumulative dividends	Nil	Nil	Nil	Nil	Nil
ii) Gratuity Liability not provided for	Nil	Nil	Nil	Nil	Nil
iii) Disputed excise/ customs/ tax Liabilities	Nil	Nil	Nil	Nil	Nil
iv) Other Liabilities not provided for	Nil	Nil	Nil	Nil	Nil

__________________________________________________________________________________________

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(Rs. in millions)

PARTICULARS	Current Year (Estimated)	Following Year Projections
	2011	2012	2013	2014	2015
A. Current Assets
1) Raw material including stores & other items use in the process of manufacture
a) Imported	0.000	0.000	0.000	0.000	0.000
months consumption	0.00	0.00	0.00	0.00	0.00
b) Indigenous
2) Other consumable spares excluding those included in 1 above
a) Imported	0.000	0.000	0.000	0.000	0.000
months consumption	0.00	0.00	0.00	0.00	0.00
b) indigenous	0.000	0.000	0.000	0.000	0.000
1 month’s consumption	0.00	0.00	0.00	0.00	0.00
(3) Stocks-in-process	0.000	0.000	0.000	0.000	0.000
Months cost of sales	0.00	0.00	0.00	0.00	0.00
4) Finished goods	0.000	0.000	0.000	0.000	0.000
Months cost of sales	0.00	0.00	0.00	0.00	0.00
5) Receivables other than export & deferred receivables (including bills purchased and discounted by bankers)	1.629	96.970	116.016	125.743	138.972
Months Domestic sales (Excluding deferred Payment sales)	0.33	2.63	2.53	2.66	2.86
6) Export receivables (including bills purchased and discounted by banks)	0.000	0.000	0.000	0.000	0.000
(Months export sales)	0.00	0.00	0.00	0.00	0.00
7). Advances to suppliers of raw materials & stores/spares	0.000	0.000	0.000	0.000	0.000
8) OTHER CURRENT ASSETS
a) Cash and bank balances	2.227	4.650	4.553	5.439	4.461
b) Investments and Accrued Interest	0.000	0.000	0.000	0.000	0.000
c) Advance Income Tax	0.000	0.000	0.000	0.000	0.000
d) Prepaid Expenses	0.000	0.000	0.000	0.000	0.000
e) Others	5.000	0.000	0.000	1.000	1.000
9) TOTAL CURRENT ASSETS	8.990	102.616	121.808	133.458	145.746
B. CURRENT LIABILITIES (Other than bank borrowings for working capital)
10) Creditors for purchase of raw materials, stores & consumable spares	0.164	1.224	1.521	1.567	1.612
11) Advances from customers	0.000	0.000	0.000	0.000	0.000
12) Statutory Liabilities	0.000	0.000	0.000	0.000	0.000
13) Other current liabilities (Specify major items)
a) Installments of Term Loan	0.000	0.000	0.000	0.000	0.000
b) Provision for Taxation	0.000	0.000	0.000	0.000	0.000
c) Creditors for Capital Goods	0.000	0.000	0.000	0.000	0.000
d) Creditors for Expenses	0.066	0.453	0.563	0.580	0.596
e) Other Current Liabilities	0.000	0.000	0.000	0.000	0.000
f) Dividend Payable	0.000	0.000	0.000	0.000	0.000
g) Short Term Borrowings	0.000	0.000	0.000	0.000	0.000
14) TOTAL	0.230	1.677	2.084	2.147	2.209

__________________________________________________________________________________________

COMPUTATION OF MAXIMUM PREMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(Rs. in millions)

PARTICULARS	Current Year (Estimated)	Following Year Projections
	2011	2012	2013	2014	2015
1. Total Current Assets	8.990	102.616	121.808	133.458	145.746
2. Other Current Liabilities (other than bank borrowings)	0.230	1.677	2.084	2.147	2.209
3. Working Capital Gap (WCG) (1 – 2)	8.760	100.939	119.724	131.312	143.538
4. Minimum stipulated net working capital – 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied. (Export receivables to be excluded under both methods)	2.248	25.654	30.452	33.365	36.437
5. Actual/ projected net working capital	8.760	25.939	44.724	56.312	68.538
6. Items 3 minus item 4	6.512	75.285	89.272	97.947	107.101
7. Items 3 minus item 5	0.000	75.000	75.000	75.000	75.000
8. Maximum permissible bank finance (item 6 or 7 whichever is lower)	0.000	75.000	75.000	75.000	75.000
9. Excess borrowings representing short fall in NWC (4-5)	0.000	0.000	0.000	0.000	0.000

__________________________________________________________________________________________

FUND FLOW STATEMENT

(Rs. in millions)

PARTICULARS	Current Year (Estimated)	Following Year Projections
	2011	2012	2013	2014	2015
1. SOURCES
a) Net profit (after tax)	0.298	8.985	13.253	13.862	14.768
b) Depreciation	0.000	3.002	2.648	2.341	2.073
c) Increase in capital	7.500	7.500	3.500	0.000	0.000
d) Increase in Term Liabilities
- Term Loans	0.000	30.000	0.000	0.000	0.000
- Unsecured Loans	0.000	10.000	4.000	0.000	0.000
e) Decrease in
i) Fixed Assets	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
f) Others – Pre operative expenses and deferred tax liability	0.000	0.000	0.000	0.000	0.000
g) TOTAL	7.798	59.487	23.402	16.202	16.841
2. USES
a) Net loss	0.000	0.000	0.000	0.000	0.000
b) Decrease in Term Liabilities
- Term Loans	0.000	2.308	4.615	4.615	4.615
- Unsecured Loans	0.000	0.000	0.000	0.000	0.000
c) Decrease in Share Application Money	0.000	0.000	0.000	0.000	0.000
d) Increase in
i) Fixed Assets	0.000	40.000	0.000	0.000	0.000
ii) Other Non Current Assets	0.000	0.000	0.000	0.000	0.000
e) Dividend payments	0.000	0.000	0.000	0.000	0.000
f) Others	0.000	0.000	0.000	0.000	0.000
g) TOTAL	0.000	42.308	4.615	4.615	4.615
3. LONG TERM SURPLUS (+) DEFICIT (-) (1-2)	7.798	17.179	18.785	11.587	12.226
4. Increase/ decrease in current assets	8.891	93.868	19.230	11.687	12.325
5. Increase/decrease in current liabilities other than bank borrowings	0.230	1.446	0.407	0.063	0.062
6. Increase /decrease in working capital gap	7.798	92.179	18.785	11.587	12.226
7. Net surplus(+)/ deficit (-) Difference of (3 - 6)	0.000	(75.000)	0.000	0.000	0.000
8. Increase/ decrease in Bank borrowings	0.000	75.000	0.000	0.000	0.000
INCREASE/ DECREASE IN NET SALES	59.462	382.962	107.522	16.672	16.425
BREAK UP OF CURRENT ASSETS
I) Increase/Decrease in raw materials	0.134	0.863	0.242	0.038	0.037
II) Increase/Decrease in stock in process	0.000	0.000	0.000	0.000	0.000
III) Increase/Decrease in finished goods	0.863	0.242	0.038	0.037	0.037
IV) Increase/ decrease/ in receivables
a) Domestic	1.629	95.340	19.046	9.727	13.229
b) Export	0.000	0.000	0.000	0.000	0.000
V) Increase/decrease in stores & Spares	0.000	0.000	0.000	0.000	0.000
VI) Increase/Decrease in other current assets	6.265	(2.578)	(0.096)	1.886	(0.978)
	8.891	93.868	19.230	11.687	12.325

__________________________________________________________________________________________

CASH FLOW STATEMENT

(Rs. in millions)

Year ended 31^st March	2011	2012	2013	2014	2015
1. Capital Introduced	7.500	7.500	3.500	0.000	0.000
2. Net Profit before depreciation & Interest	0.373	31.128	36.682	36.559	36.900
3. Increase in term Loan	0.000	30.000	0.000	0.000	0.000
4. Increase in short term loan	0.000	75.000	0.000	0.000	0.000
5. Increase in Unsecured Loan	0.000	10.000	4.000	0.000	0.000
6. Others	0.000	0.000	0.000	0.000	0.000
TOTAL SOURCES	7.873	153.628	44.182	36.559	36.900
1. Capital Expenditure	0.000	40.000	0.000	0.000	0.000
2. Decrease in secured loan	0.000	2.308	4.615	4.615	4.615
3. Interest on secured loan	0.000	14.994	14.769	14.077	13.385
4. Increase (Decrease) in Working capital	5.556	89.757	18.882	10.701	13.204
5. Decrease in unsecured loan	0.000	0.000	0.000	0.000	0.000
6.Repayment of TOD	0.000	0.000	0.000	0.000	0.000
7. Taxes Paid	0.113	4.147	6.012	6.280	6.674
TOTAL OUTFLOW	5.669	151.206	44.278	35.673	37.878
Opening Cash Balance	0.023	2.227	4.650	4.553	5.439
Surplus	2.204	2.422	(0.096)	0.886	(0.978)
Closing Cash Balance	2.227	4.650	4.553	5.439	4.461

__________________________________________________________________________________________

STATEMENT OF DEBT SERVICING CAPACITY RATIO

DSCR FOR TERM LOAN

(Rs. in millions)

PARTICULARS	YEAR 2011	YEAR 2012	YEAR 2013	YEAR 2014	YEAR 2015
A. CASH ACCRUALS
Post Tax Profit	0.260	8.985	13.253	13.862	14.768
Interest on Term Loan	0.000	4.119	3.894	3.202	2.510
Add: Depreciation	0.000	3.002	2.648	2.341	2.073
Preliminary Expenses	0.000	0.000	0.000	0.000	0.000
NET CASH ACCRUALS (A)	0.260	16.106	19.795	19.404	19.351
B. REPAYMENT OBLIGATIONS
Interest on Term Loan	0.000	4.119	3.894	3.202	2.510
Installment of Term Loan	0.000	2.308	4.615	4.615	4.615
TOTAL DEBTS (B)	0.000	6.427	8.510	7.817	7.125
D.S.C. RATIO (A / B)	--	2.51	2.33	2.48	2.72

Average Debt Serving Capacity Ratio – 2.87

Minimum Debt Serving Capacity Ratio – 2.33

Average Debt Serving Capacity Ratio – 2.81

__________________________________________________________________________________________

QUANTITATIVE DETAILS

PARTICULARS	2011	2012	2013	2014	2015
INSTALLED CAPACITY (In Lac Ltr. Per Day) Milk Handling For: H & P	1.00	1.00	1.00	1.00	1.00
TOTAL	1.00	1.00	1.00	1.00	1.00
UTILIISED CAPACITY IN %
Of H & P	10	54	67	69	71
NO. OF WORKING DAYS	365	365	365	365	365
INSTALLED CAPACITY (In lakh Ltrs.)	1.00	1.00	1.00	1.00	1.00
REQUIREMENT OF MILK (In lakh ltrs.)	26.50	197.10	244.55	251.85	259.15
OPENING STOCK OF MILK (IN LAKH LTRS)	0.00	0.07	0.54	0.67	0.69
ADD: PURCHASES DURING THE YEAR	26.50	197.10	244.55	251.85	259.15
	26.50	197.17	245.09	252.52	259.84
LESS : CLOSING STOCK	0.07	0.54	0.67	0.69	0.71
QUANTITY OF MILK SOLD	26.43	196.63	244.42	251.83	259.13
RATE PER LTR (RS.)	22.50	22.50	22.50	22.50	22.50
TOTAL SALES (RS. IN MILLIONS)	59.462	442.423	549.945	566.618	583.043
PURCHASE PRICE OF MILK (RS. IN MILLIONS)	1.850	1.850	1.850	1.850	1.850
COST OF PURCHASE OF MILK (RS. IN MILLIONS)	48.891	363.770	452.177	465.886	479.391

PRODUCTS	2011	2012	2013	2014	2015
SALES OF MILK (RS. IN MILLIONS)	59.462	442.423	549.945	566.618	583.043
TOTAL SALES OF PRODUCTS (RS. IN MILLIONS)	59.462	442.423	549.945	566.618	583.043
TOTAL V.A.T. ON SALES OF MILK	0.000	0.000	0.000	0.000	0.000
TOTAL V.A.T.	0.000	0.000	0.000	0.000	0.000
TOTAL SALES INCLUDING VAT	59.462	442.423	549.945	566.618	583.043

__________________________________________________________________________________________

NET ASSET AS ON 31^ST MARCH, 2010

(MR. KAPIL D. RAJPUT)

PARTICULARS		AMOUNT (Rs. in millions)
Assets
Gold Jewellery	1.421
Hotel Dwarka, Panvel	51.617
Plant and Machinery	10.404
Land	1.880
Building	6.088
Equipments	0.305
Computer	0.030
Furniture and Fixtures	0.029
Motor Vehicle	3.652
Mobile	0.002
Regency Gardens	21.450
Krishna Tower – Panvel	4.450
Investment
Investment in Partnership Firms	16.872
Investment in LIC	1.065
Investment in Proprietorship Firms	12.760
Investment in Shares (private limited companies)	49.500
Current Assets
Sundry Debtors	88.103
Stock in Hand	0.938
Loans, Advances and Other Assets	1.872
Cash and Bank Balance	0.061
Total		272.499
Less: Liabilities
Cash Credit with Canara Bank, Chembur Branch		50.564
Term Loan with Canara Bank, Chembur Branch		15.018
Unsecured Loan from Friends and Relatives		26.434
Vehicle Loan		2.967
Business Loan		7.040
Housing Loan from Bank of Baroda		9.895
Sundry Creditors		0.635
Liabilities for Expenses		0.011
Net Asset as on 31^st March, 2010		159.935

__________________________________________________________________________________________

NET ASSET AS ON 31^ST MARCH, 2010

(MR. MITHILESH D. RAJPUT)

PARTICULARS		AMOUNT (Rs. in millions)
Assets
Jewellery	0.715
Furniture and Fixtures	0.055
Shop Premises at Jeevan Shilp, Khanda Colony	0.363
Shop 1, 2 and 3 at Ashapura	8.998
Residential Premises at Neelkanth Garden	9.000
Shop 9, 13, 14 and 15 Premises at Sai Vihar	90.624
Office 6, 7 and 8 at Neco Chambers	27.150
office 22, 23, 24 and 25 Premises at Shree Darshan	11.103
Motor Vehicle	1.082
Investment in Partnership Firms	16.219
Investment in Shares of Private Limited Companies	49.500
Current Assets
Loans and Advances	0.700
Cash and Bank Balance	1.213
Total		216.722
Less: Liabilities
Motor Car Loan		0.759
Loan from Friends and Relatives		19.942
Housing Loan from HDFC		3.687
Personal Loan from Financial Institutions		8.875
		8.526
Net Assets as on 31^st March, 2010		174.933

__________________________________________________________________________________________

NET ASSET AS ON 31^ST MARCH, 2010

(MR. HEMAL JOBANPUTRA)

PARTICULARS		AMOUNT (Rs. in millions)
Assets
Office at Vashi	1.750
LIC	0.325
Jewellery	0.169
Investment in Shares (Private Limited Companies)	33.300
Investment in Partnership Firms	10.644
House Property	2.500
Loans and Advances	1.250
Cash and Bank Balances	0.122
Total		50.060
Less: Liabilities
PL – Kotak Bank	0.186
Housing and Office Loan	1.413
Unsecured Loan	41.100	42.698
Net Assets as on 31^st March, 2010		7.362

__________________________________________________________________________________________

NET ASSET AS ON 31^ST MARCH, 2010

(MR. MURGESAN ADIMOOLAM SALIAN)

PARTICULARS		AMOUNT (Rs. in millions)
Assets
House at Airoli	3.505
LIC	0.350
Jewellery	0.819
Investment in Shares (Private Limited Companies)	33.300
Investment in Partnership Firms	10.614
Loans and Advances	1.523
Investment in shares	0.332
Cash and Bank Balances	0.099
Total		50.542
Less: Liabilities
PL – Deutsche Bank	0.275
Loan	0.250
Housing Loan	0.999
Unsecured Loan – Friends and Relatives	39.800	41.324
Net Assets as on 31^st March, 2010		9.218

__________________________________________________________________________________________

BASIS AND ASSUMPTIONS FOR VALUATION OF FIXED ASSETS

This Valuation Assignment is given by the Owner for onward submission to the - Corporation Bank Andheri (East) Branch.

If the property is small piece of land which is measurable, they take actual measurement for the area.

If the land is large / either merged or many separate piece in the same or different survey nos., it is practically not possible to take actual measurements and the area mention in (he Property document is taken for valuation.

For Valuation of Factory Building and other structures, they refer to Approved plans by the competent Authority and arrive at value based on Technical specifications of every structure, it’s replacement cost as on day of visit and Applying clue % of deprecation.

VALUATION is the Art of Process of Estimating Value, depending on the circumstances of the case and purpose for which Valuation is needed, at a given time, Place and Under Specified Market conditions and Their Report is an opinion expressed keeping in mind the purpose. Buying and Selling Assets is a Totally Different Activity and is out of scope of the Valuation Assignment.

FAIR MARKET VALUE is the Price that the Capital Asset would ordinarily fetch on sale in the open market on the relevant date. Market value is thus the warranted Price expressed in terms of money which a property is estimated to bring, at any given Time, and Place, where the Buyers and Sellers act without compulsion and with full knowledge of all the uses to which the asset is adopted and for which it is capable of being used, As Defined by the International Valuation Standards Committee London.

VALUATION is a function of Time; ‘VALUE’ varies with the purpose viz. Value of the same Property will be different, when purpose is different viz.

There are Different yardsticks /.Approaches to Valuation viz.

1. If Valuation is for Income Tax / Wealth Tax Purpose, the approach is Indexation referring to RBI Cost Inflation Index as of 01.04.1981 and the index on date of valuation as notified by RBI.

2. If Valuation is for Insurance Purpose, GIC Subsidiaries who work on IRDA Guidelines, the Open land is not insured.

3. It’ Valuation is for Merger / Acquisition, then as per understanding for SWAP Ratio Decided by the Purchasing Company and Selling Company, the Valuation is arrived at.

4. If Valuation is for VISA Purpose Value, will be Market Value Approach is adopted.

5. If Valuation is for Balance Sheet Purpose, Fair Market Value Approach is adopted.

6. If Valuation is for Availing Bank Facilities, Conservative Approach is adopted.

Whatever Documents / Data was not available, they have arrived at the values on Basis of their experience and knowledge in the field. In case of any Human and / Technical error of judgment, a fresh Report will be Submitted at a later Date, as and when the mistake is identified.

Ownership Documents

a. The Agreement for Sale is Registered on the Basis of the Area mentioned in this Document after paying Stamp Duty and Registration Charges, 1-lowever this area may not be a True Area, at times, to reduce the Stamp Duty, the Area mentioned in the Agreement is decided by seller and Purchaser on lower side.

b. It is to he understood that the Amount which is mentioned in the Agreement is again decided by seller and Buyer on terms mutually Agreed by them. This Amount is COST PRICE of the property to the Purchaser and NOT A REAL VALUE because it is the payment made by purchaser by way of Cheque / D.D. to the seller. All times, there is Cash Element also, which is not reflected in the Agreement.

Different values of the Property

a. Fair Market Value: The Market value obtained in this report is defined as follows:

Market Value is the Estimated Amount for which an Asset should exchange on the date of valuation between a willing buyer and willing seller in an Arm’s length transaction after proper marketing wherein the parties had each acted Knowledgeably and without compulsion. (As Defined by the International Valuation Standards Committee, London) Thus, the characteristics of the Market Value’s are:

• It is depend on ‘Purpose of Valuation’.

• It is time-specific as on the given date and it is free will Sale.

• It is an estimated amount and not a predetermined or an actual sale price.

• Buyer and Seller are actuated by business principles. They are unrelated and are acting independently.

• Asset would be exposed to the market in the most appropriate manner to effect its disposal at the best price possible.

b. Realisable Value: The Value Realisable by the Bank is generally less than the Market value because of various facts such as mode of payment (Strictly by Cheque), limitations of effective marketing, costs involved in the process of the sale etc. The percentage variation between RV and MV depends on various factors such as urban or rural property, user and location of the property etc. in their opinion, considering characteristics of the subject Property Under Valuation they have Considered reduction factor of 10% of Market Value.

c. Distress Sale Value: It means the amount which may reasonably be expected to be obtained from the sale of a property in which one or more characteristics of the definition of market value are not satisfied. The Seller may be a unwilling seller and the buyer may be motivated by the knowledge of the disadvantage the seller Suffers from Due to this they are discounting the market value by 20%.

In view of this, when they are giving opinion to the bank regarding Value of the Security, for them the Intrinsic Value of the Property is relevant. Their emphasis is on “Value” of the Security and Rate is judiciously adopted keeping in mind the characteristics / locality.

As Panel Valuer of the Bank, they do keep in Mind, the Bank’s Interest Only. The Report is purely their opinion on date of Inspection, as Professionals having Several years of Experience in the field for many Banks.

They are in no way concerned or have any Authority in the financial facilities which are applied by the Borrowers to the Bank, subsequent sanction and Disbursal by the Bank.

In case in future if the Account becomes N.P.A. or Bank Notices that the Borrower with Fraudulent Intentions has either By Concealing the information or forging the papers, cheated the Bank and the case is handed over to Investigating Authority, It is to be very clearly understood and noted by the bank that they in no way work hand in glove with the Borrower any time and not responsible for any Loss / Damage /Claim incurred by the Bank and they indemnify their self from any of these things.

Their Reports are never wrong or inflated and they refer to the Real Estate Periodicals / News Papers Supplements or gather the information from Websites of Real Estate Agencies / Sources and Verbal Information gathered from Estate Agents/ Builders sale Offices in the Locality at the time of arriving at the Valuation figure.

Their Report is issued for a Specific Bank which is mentioned in their Report. Use of Their Report for any other Bank or for any other purpose is Strictly Prohibited. In Case the Bank has any Querries, they should be address formally in writing to them by way of Formal Letter and they shall reply to the same by Formal Letter by answering the querries / clarifications sought by bank.

VALUATION REPORT

I. GENERAL INFORMATION

Name of the Owner

G.P. Milk and Agro Industries

Name/s of the Purchaser! Name/s of persons in whose name/s the Property registered and Address

DEV DAIRY PRODUCTS PRIVATE LIMITED

Plot Bearing Gut No.46, Village — Miri, Taluka — Pathardi, District — Ahmednagar, Maharashtra.

Purpose of Valuation

Requirement of Corporation Bank, Andheri (East) Branch.

List of Documents produced for perusal

1. Memorandum of understanding Dated 02.02.2011 between G.P. Milk and Agro Industries (Owner) and Dev Dairy Products Private Limited (Purchaser)

2. 7/ 12 Extract for Gut No.46

3. Approved Plan Dated 10.04.08 Certified by Deputy Divisional Engineer, Ahmednagar

Date of Inspection

12.03.2011

Date of Valuation

15.03.2011

Approximate distance from the Branch to the Property

N.A.

Situation / Location / Brief Description of the Land / Site and brief description of the Building

Plot Bearing Gut No.46, Village — Miri, Taluka — Pathardi and District — Ahmednagar, Maharashtra.

Boundaries of the Property

As per Documents with the owners

Property Tax Details

Owner to Furnish

Assuming the entire Property is let out, the probable monthly Rent

N.A.

Whether the Building Plan has been Approved? If Yes, Date of Approval, approving authority. and whether the Building has been constructed as per the Approved Plan

If No, the reason for non-approval

Yes, As per Approved Plan certified by Deputy Divisional Engineer, Ahmednagar

II. VALUATION DETAILS

A. BUILDING

Type of Constructions

R.C.C. and Non R.C.C.

Quality of Construction

Good

Appearance of the Building

Good

Number of Floors

Ground Structures

Maintenance of Building.

Good and Well Maintained by the Owner

Description of the Property under valuation

a. Foundation

h. Superstructure

c. Roof

d. Doors

e. Windows

F. Sanitary Fittings

G. Flooring

h. Electricity supply

R.C.C

R.C.C

R.C.C. Slab

T.W. Doors

AL. / Glass Windows

Concealed

Kota Tiles / C.C. Flooring

M.S.E.B.

Total Area

Land: 1 Hec 20 Ares i.e. 12,000.00 Sq. Mtrs.

Building:

Type	Built Up Area
	In Sq. Mtrs.	In Sq. Ft.
R.C.C.	37.17	400.00
Non R.C.C.	622.68	6700.00

Year of Construction

2002-03

Total Life of the I3uilding estimated

For RCC 45-50 years For Non RCC 25-30

Subject to Proper repairs and Maintenance as and when required

General Remarks

N.A.

Replacement rate of construction with the existing conditions and specifications

For R.C.C. Rs.1400/- for Non R.C.C. Rs.800/-

Replacement value

Rs.5.920 millions

Depreciation Value at the rate of

90% of Market Value i.e. Rs.10.796 millions

Present Value of the Property.

Rs.11.995 millions

VALUATION ANNEXURE

DATE OF INSPECTION

12.03.2011

NAME OF PRESENT OWNER(S) OF THE PROPERTY

G.P. MILK AND AGRO INDUSTRIES

NAME OF PURCHASER(S) OF THE PROPERTY

DEV DAIRY PRODUCTS PRIVATE LIMITED

ADDRESS

PLOT BEARING GUT NO.46, VILLAGE — MIRI, TALUKA — PATHARDI, DISTRICT — AHMEDNAGAR, MAHARASHTRA.

AREA

Land: 1 Hec 20 Ares i.e. 12,000.00 Sq. Mtrs. (As per M.O.U.)

Building:

Type	Built Up Area
	In Sq. Mtrs.	In Sq. Ft.
R.C.C.	37.17	400.00
Non R.C.C.	622.68	6700.00

I. LAND: 12000.00 Sq. Mtrs.

G.P. Milk and Agro Industries has acquired 1 Hec 20 Ares i.e. 12,000.00 Sq. Mtrs. of land at Gut No.46, Village — Miri, Taluka — Pathardi, District — Ahmednagar, Maharashtra. Out of the total 12,000.00 Sq. Mtrs. the owners have converted around 4,000.00 Sq. Mtrs of Land to Non Agricultural Purpose while the rest of the 8,000.00 Sq. Mtrs is Agricultural Land.

This is located at @ 160 Kms. From Pune and within 45 Kms from Ahmednagar Railway Station and Bus stand. It has plants of various Company nearby, the area is industrially developing area and the Property / Land is in good demand. Being Connected with National Highway, Transportation facility will be available easily and at reasonable rates. All Infrastructures such as Water Supply, Roads, Communication, Network etc. are easily available at the location.

SITE DEVELOPMENT

This consists of land development — Leveling, Filling and Development of Natural Land. The entire factory is enclosed by B.B. Compound Wall around 1,600 R. Ft.

VALUATION

Considering there factors and based on verbal information gathered from local Sources. The Current Prevailing Market Rates are in the range of Rs.500/- to Rs.700/- Per Sq. Mtr., for properties, which have been purchased outright, and the owner has procured all Licenses / Permissions / Clearances from the various regulatory authorities.

Hence in their opinion, the MARKET Rate of Rs.600/- Per Sq. Mtr. For N.A. Land (Inclusive of Cost incurred towards Procurement of Various Licenses/Permissions/Clearances and Registration /Stamp Duty Charges) and Rs.350/- Per Sq. Mtr. For Agricultural Land for the property under valuation, as on date of Valuation is Fair and Reasonable.

Thus the Valuation works out to,

Sr. No.	Details	Area In Sq. Mtrs.	Rate Per Sq. Mtrs. In Rs.	Net Value (Rs. in millions)
1.	Gut No.46 Agricultural Land	8000.00	350/-	2.800
2.	Gut No.46 Non Agricultural Land	4000.00	600/-	2.400
3.	Site Development	L.S.	L.S.	1.250
Sub Total – I				6.450

II. BUILDING AND STRUCTURES:

1. R.C.C. Building:

This is a Ground structure with R.C.C. Slab, Beams and Columns and Constructed in 2008 i.e. 3 Years Old. The Present Condition of the Building is good and well maintained by the Owner. The Future Life of the Structure would be 45-50 years Subject to Proper repairs and Maintenance as and when required.

DESCRIPTION	DETAILS
Foundation	R.C.C.
Superstructure	R.C.C.
Joinery / Doors and windows	T.W. Doors. Al. / Glass Windows
Roof	R.C.C. Slab
RCC work	Good
Plastering	Good
Flooring, Skirting	Kota tiles / C.C. Flooring
Drainage	Concealed
Electric installation	Industrial Wiring
Plumbing installation	Toilet Block with Urinals and Indian W.C.

2. Non R.C.C. Building:

This is a Ground structure with R.C.C. Beams and A.C. Sheet Roofing over M.S. Trusses and Constructed in 2008 i.e. 3 Years Old. The Present Condition of the Building is good and well maintained by the Owner. The Future Life of the Structure would be 25-30 years Subject to Proper repairs and Maintenance as and when required.

DESCRIPTION	DETAILS
Foundation	R.C.C.
Superstructure	M.S. Beams and Columns
Joinerv / Doors and windows	T.W. Doors, Al. / Glass Windows
Roof	A.C. Sheet Roofing over M.S. Trusses
RCC work	Good
Plastering	Good
Flooring, Skirting	Kota tiles / C.C. Flooring
Drainage	Concealed
Electric installation	Industrial Wiring
Plumbing installation	Toilet Block with Urinals and Indian W.C.

Replacement Cost:

The Replacement rate of construction with the existing conditions and specifications for the above mentioned building works out as below:

Sr. No.	Details	Area In Sq. Ft.	Replacement Cost Rate Per Sq. Ft. In Rs.	Net Value (Rs. in millions)
1.	R.C.C. Building	400.00	1400/-	0.560
2.	Non R.C.C. Building	6700.00	800/-	5.360
Total				5.920

VALUATION:

Location, Demand Supply Gap, Quality of Construction and amenities are BACKBONES in Valuation of Immovable Properties. They are working out the Valuation of subject Property on MARKET VALUE APPROACH, depending upon Location, Builder, Quality of Construction, amenities and the LOCALITY with well planned infrastructure.

Taking into Consideration, above Details / Specifications for the Property, Located at Village — Miri, Taluka — Pathardi, District — Ahmednagar, which is a Fully Developed Locality of Ahniednagar;

Thus the valuation works out as below.

Sr. No.	Details	Area In Sq. Ft.	Rate Per Sq. Ft. In Rs.	Net Value (Rs. in millions)
1.	R.C.C. Building	400.00	1300/-	0.520
2.	Non R.C.C. Building	6700.00	750/-	5.025
Sub Total – II				5.545

SUMMARY:

SR. NO.	PARTICULARS	FAIR MARKET VALUE (Rs. in millions)
I.	Land and Site Development	6.450
II.	Buildings and Construction	5.545
	TOTAL (I + II)	11.995

VALUATION REPORT: PLANT AND MACHINERY

Date of making Valuation	15.03.2011
Name of Present Owner(s) of the Plant and machinery	G.P. MILK AND AGRO INDUSTRIES
Name of purchaser of the Plant and machinery	DEV DAIRY PRODUCTS PRIVATE LIMITED
The Valuer should give in details his approach to valuation of the plant and machinery and indicate how the value been arrived at, supported by necessary calculations including giving effect to technological attrition	Replacement Cost and (New) of the similar Plant and Machinery are considered and due depreciation is applied considering the age of Machinery to arrive Fair Market Value.
Market Value of the Plant and Machinery	Rs.25.183 millions
Realisable Value at distress sale of the Plant and Machinery	Rs.22.665 millions i.e. 90% of F.M.V.

__________________________________________________________________________________________

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.44.98
UK Pound	1	Rs.72.68
Euro	1	Rs.64.16

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.