MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	BHAVESHKUMAR V. KESHRI
Registered Office :	Plot No.165, Phase I, GIDC Gundlav Tal. and District Valsad – 396001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2010
Capital Investment / Paid-up Capital :	Not Available
Legal Form :	Sole Proprietory Concern
Line of Business :	Trading of Mango Pulp.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	New Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new concern in its field. Trade relations are reported as fair. The valuation report and networth statement provided seems to be satisfactory. 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. Bhavesh
Designation :	Proprietor
Contact No.:	91-9978195529
Date :	21.05.2011

LOCATIONS

Registered Office :	Plot No.165, Phase I, GIDC Gundlav Tal. and District Valsad – 396001, Gujarat, India
Mobile No.:	91-9978195529 (Mr. Bhavesh)
E-Mail :	bhaveshbayer@hotmail.com
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Bhavesh Keshri
Designation :	Proprietor
Address :	Plot No.18, House No.-260, Near Police Headquarter, Nagar, Mograwadi, Valsad – 396001, Gujarat, India
Date of Birth/Age :	28.11.1979
Qualification :	B. Sc
Experience :	10 years
PAN No.: [Permanent Account No.]	ANZPK2103N

BUSINESS DETAILS

Line of Business :

Trading of Mango Pulp.

GENERAL INFORMATION

Customers :	Traders
No. of Employees :	40 (Approximately)
Bankers :	· State Bank of India Valsad, Gujarat, India · Bank of Baroda · Bank of Maharashtra · HDFC Bank

Banking Relations :	--
Auditors :
Name :	Kalpesh Gala and Company Chartered Accountant
Address :	617, Vijay Dwar Apartment, Kumar Village, Malad (East), Mumbai – 400097, Maharashtra, India

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Available
Borrowed :	Not Available
Total :	Not Available

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW CONCERN

The Commercial Activities has started in April 2011.

The above information has been parted by Mr. Bhavesh.

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

LOCAL AGENCY FURTHER INFORMATION

COMPUTATION OF INCOME

(MR. BHAVESH V. KESARI)

(RS. IN MILLIONS)

PARTICULARS	2010-11
Profits and Gains of Business of Profession
Net Profit / Loss as per profit and Loss Account	0.283
Add: Depreciation Taken Seperately	0.004
	0.287
Less: Depreciation	0.004
		0.283	0.283
Income from Other Sources
Interests
- Bank Interests	0.000
Others
- Other Income	0.010	0.010	0.010
Gross Total Income			0.293
Total Income			0.293
Rounded off as per Section 288 A			0.293
Tax on Above		0.013
Add: Education Cess		0.000
		0.013
Add: Interests
U/ S 234 B	0.001
U/ S 234 C	0.001	0.002
Net Tax		0.015
Payable		0.015

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

CAPITAL ACCOUNT AS ON 31.03.2011 – PROVISIONAL

Capital Investment :
Owned :	Rs.0.771 Million
Borrowed :	--
Total :	Rs.0.771 Million

MR. BHAVESH V. KESARI

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.771	0.617	0.416	0.213
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		0.771	0.617	0.416	0.213
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000	0.000
2] Unsecured Loans		0.000	0.438	0.038	0.000
TOTAL BORROWING		0.000	0.438	0.038	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		0.771	1.055	0.454	0.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.292	1.295	0.025	0.030
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000	0.000
	Sundry Debtors	0.251	0.251	0.692	0.066
	Cash & Bank Balances	0.087	0.103	0.023	0.117
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans & Advances	0.554	0.000	0.000	0.000
Total Current Assets		0.892	0.354	0.715	0.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.392	0.573	0.259	0.000
	Other Current Liabilities	0.000	0.000	0.000	0.000
	Provisions	0.021	0.021	0.027	0.000
Total Current Liabilities		1.413	0.594	0.286	0.000
Net Current Assets		(0.521)	(0.240)	0.429	0.183
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		0.771	1.055	0.454	0.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	35.536	12.275	30.936	2.122
		Other Income	0.000	0.000	0.000	0.000
		TOTAL	35.536	12.275	30.936	2.122
Less	EXPENSES
		Purchase Account	34.835	11.645	29.869
		Transport Expenses	0.014	0.000	0.000
		Account Fees	0.012	0.012	0.018
		Audit Fees	0.006	0.006	0.006
		Bank Charges	0.006	0.001	0.089
		General Expenses	0.022	0.020	0.024
		Market Cess	0.000	0.003	0.003
		Petrol Expenses	0.023	0.020	0.032
		Postage Expenses	0.017	0.016	0.016	2.013
		Printing and Stationery Expenses	0.015	0.013	0.013
		Professional Fees	0.003	0.003	0.003
		Rent Expenses	0.024	0.024	0.024
		Salary Expenses	0.210	0.190	0.515
		Telephone Expenses	0.024	0.022	0.020
		Travelling Expenses	0.019	0.013	0.026
		TOTAL	35.230	11.988	30.658	2.013
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.306	0.287	0.278	NA
Less/ Add	DEPRECIATION/ AMORTISATION		0.003	0.004	0.005	NA
	NET PROFIT		0.303	0.283	0.273	0.109

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.85	2.31	0.88	5.14
Net Profit Margin (PBT/Sales)	(%)	0.85	2.31	0.88	5.14
Return on Total Assets (PBT/Total Assets}	(%)	13.87	17.16	36.89	51.17
Return on Investment (ROI) (PBT/Networth)		0.39	0.46	0.66	0.51
Debt Equity Ratio (Total Liability/Networth)		1.83	1.67	0.78	0.00
Current Ratio (Current Asset/Current Liability)		0.63	0.60	2.50	0.00

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

STATEMENT SHOWING COST OF PROJECT

(RS. IN MILLIONS)

Particulars	Existing	Proposed	Total
Land and Site Development Factory Land	1.273		1.273
Other Miscellaneous Assets	0.019		0.019
Total Capital Cost of Project	1.292		1.292
Margin Money for working Capital		1.035	1.035
Total Cost of Project	1.292	1.035	2.327

MEANS OF FINANCE

(RS. IN MILLIONS)

Particulars	Existing	Proposed	Total
Proprietors Capital	0.771		0.771
Total Properties Capital	0.771		0.771
	0.521	1.035	1.556
Total	0.521	1.035	1.556
Total Means of Finance	1.292	1.035	2.327

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

STATEMENT SHOWING PROFITABILITY AND NET CASH ACCRUALS

(RS. IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14
Revenue / Income/ realization
Gross Sales realization	35.536	39.090	42.999	47.298
Less: Excise Duties/ Levies	--	--	--	--
Net Sales Realization	35.536	39.090	42.999	47.298
Total Revenue/ Income / Realization	35.536	39.090	42.999	47.298
Expenses/ Cost of Products/ Services/ Items Main Material Cost
Trade Item
- Purchases	34.850	38.312	41.358	45.496
- Opening Stocks	--	--	0.782	0.860
- Closing Stocks	--	0.782	0.860	0.946
- Net Consumption	34.850	37.530	41.280	45.410
Total Net Consumption	34.850	37.530	41.280	45.410
Sub Total of Net Consumption	34.850	37.530	41.280	45.410
Depreciation	0.003	0.003	0.002	0.002
Cost of Output of Goods sold	34.853	37.533	41.282	45.412
Gross Profit	0.683	1.557	1.717	1.886
Administration Expenses	0.381	0.360	0.420	0.480
Financial Charges
- On Working capital Borrowings	0.000	0.360	0.360	0.360
Total Financial Charges	0.000	0.360	0.360	0.360
Total Cost of Sales	35.234	38.253	42.062	46.252
Net Profit Before Taxes	0.302	0.837	0.937	1.046
Tax on Profit	0.000	0.010	0.025	0.040
Net Profit After Taxes	0.302	0.827	0.912	1.006
Depreciation Added Back	0.003	0.003	0.002	0.002
Net Cash Accruals	0.305	0.830	0.914	1.008

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

STATEMENT SHOWING ASSESSMENT OF WORKING CAPITAL REQUIREMENT

(RS. IN MILLIONS)

Particulars	Stk. Prd. 1^st year	Term cr. 2^nd and Onwards	2011-12	2012-13	2013-14
	CURRENT ASSETS
Stocks on Hand
Main Materials Cost
- Trade Items	0.25	0.25 M	0.782	0.860	0.946
Receivable – Domestic
- Book Debts	1.00	1.00 M	3.258	3.583	3.942
Current Expenses	1.00	1.00 M	0.030	0.035	0.040
Other current Assets
- Cash / Bank Balance			0.590	0.793	0.996
- Misc. current assets			0.300	0.330	0.363
Gross Working Capital			4.959	5.601	6.287
	CURRENT Liabilities
Sundry Creditors
Main Materials Cost
- Trade Items	0.10	0.10 M	0.319	0.345	0.379
Current Expenses	0.50	0.50 M	0.015	0.018	0.020
Other Current Liabilities
Installments Due Within Next 12 M
On Long / Medium Term Borrowings
Total Current Liabilities			0.334	0.362	0.399

Particulars	2011-12	2012-13	2013-14
Net working Capital (Total Current Assets – Total current Liabilities)	4.625	5.239	5.887
MPBF Method I	3.469	3.929	4.416
As per Tandon Com. Norm – Method II	3.385	3.839	4.316
Permissible Finance – D. P. (% age)
- Trade Item (75.00 DP)	0.267	0.300	0.330
- Book Debts (75.00 DP)	2.443	2.687	2.956
Total Bank Finance (DP Method)	2.710	2.988	3.287
Bank Finance (Turnover Method)	7.818	8.600	9.460
Bank Finance (As Given Amount)	3.000	3.000	3.000
Margin Money (At Commencement)	1.035	1.446	1.891
Margin Money (Including Cash/ Bank Balance)	1.625	2.239	2.887
% Margin Money – Net working capital	3.514	4.274	4.904
Current Ratio (No. of Times)	1.49	1.67	1.85

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

STATEMENT SHOWING SOURCES AND DISPOSITIONS OF FUNDS

(RS. IN MILLIONS)

Particulars	2011-12	2012-13	2013-14
SOURCES OF FUNDS
Net Profit Before Tax with Interests charges Added Back but After depreciation provision	1.197	1.297	1.406
Adjust Diff: Cop and MOF	0.003	0.002	0.002
Increase in Bank Borrowing for working capital	3.000	--	--
Increase in current Liabilities	0.334	0.028	0.037
Total Sources of Funds	4.534	1.327	1.445
DISPOSITIONS OF FUNDS
Increase in Capital Expenses	--	--	--
Increase in Current Assets	4.369	0.439	0.482
Interests / Financial Expenses	0.360	0.360	0.360
Taxes on Profit	0.010	0.025	0.040
Dividend / Drawings	0.240	0.300	0.360
Total Dispositions	4.979	1.124	1.242
Opening Balance	1.035	0.590	0.793
Net Surplus/ Deficit	(0.445)	0.203	0.203
Closing Balance	0.590	0.793	0.996

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

STATEMENT SHOWING PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2010-11	2011-12	2012-13	2013-14
Adjust Difference – COP and MOF
Capital at the beginning	0.617	0.771	1.358	1.970
Add: Net Profit After Taxes	0.302	0.827	0.912	1.006
Add: Additions to Capital	0.006	--	--	--
Less: Drawings of Capital	0.154	0.240	0.300	0.360
Less: Withdrawals of Capital	--	--	--	--
Capital at the End of the Year	0.771	1.358	1.970	2.616
Unsecured Loans /Deposits	--	1.551	1.551	1.551
Bank Borrowing for working capital	--	3.000	3.000	3.000
Current Liabilities
- Sundry Creditors	1.392	0.334	0.362	0.399
- Other current Liabilities	0.021	--	--	--
Total Current Liabilities	1.413	0.334	0.362	0.399
TOTAL OF LIABILITIES	2.184	6.248	6.888	7.571
ASSETS
Fixed Assets
- Gross Block	1.304	1.292	1.292	1.292
Less: depreciation to Date	0.012	0.003	0.005	0.007
Net Block	1.292	1.289	1.287	1.285
Current Assets
Stocks on Hand	--	0.782	0.860	0.946
Receivable	0.251	3.258	3.583	3.942
Other Current Assets	0.554	0.329	0.365	0.402
Cash and Bank Balance	0.087	0.590	0.793	0.996
Total current Assets	0.892	4.959	5.601	6.286
TOTAL OF ASSETS	2.184	6.248	6.888	7.571

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE APPLICANT: MR. BHAVESH KUMAR V. KESHRI

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Particulars	Applicant
Address of the property with survey No./ Door No. etc.	Plot No.165, Phase No. I, GIDC, Valsad – 396001, Gujarat, India
Description: Land / Site/ Building	Building
Whether free hold/ Lease hold	Leasehold
Type of Property: Commercial/ residential/ agricultural	Commercial
Area/ Extent of Land	580 Sq. Meter
Present Market/ Assessed Value	Rs.6.500 Millions

LIFE INSURANCE POLICIES

Policy No.	--
Date of Policy	--
Type of Policy Endowment/ whole Life etc.	--
Annual Premium	--
Sum Assured	--
Surrender Value	--

VEHICLES OWNED

Model/ Make	Hero Honda Passion Pro DRS CCR
Date of Purchases	28.08.2009
Whether Hypothecated for Loan	No
Details of Loan against vehicles	--
Present Market Value	Rs.0038 Million

OTHER ASSETS

Furniture and Fixture	1.500
Cash In Hand	0.067
Jewellery	0.500
Plant and Machinery	1.200
Other Assets	--
Total Value of Other Assets	Rs.3.267 Millions

TOTAL ASSETS

RS.9.805 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE GUARANTOR: MR. VISHWANATH B. KESHRI

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Particulars	Guarantor
Address of the property with survey No./ Door No. etc.	Plot No.16, Survey No.156, Mani Nagar, Mograwadi, Valsad – 396001, Gujarat, India
Description: Land / Site/ Building	Land
Whether free hold/ Lease hold	Freehold
Type of Property: Commercial/ residential/ agricultural	Residential
Area/ Extent of Land	82.21 Sq. Meter
Present Market/ Assessed Value	Rs.0.500 Million

LIFE INSURANCE POLICIES

Policy No.	LIC of India 864661608
Date of Policy	24.07.2008
Type of Policy Endowment/ whole Life etc.	Growth
Annual Premium	0.050
Sum Assured	0.200
Surrender Value	Rs.0.500 Million

VEHICLES OWNED

Model/ Make	Four Wheelers M and M Scorpio 2.6 Shy
Date of Purchases	Sep. 2005
Whether Hypothecated for Loan	No
Details of Loan against vehicles	--
Present Market Value	Rs.0.355 Million

OTHER ASSETS

Furniture and Fixture	0.900
Cash In Hand	0.056
Jewellery	0.700
Plant and Machinery	--
Other Assets	Hero Honda Splendor 0.043
Total Value of Other Assets	Rs.1.699 Millions

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

CREDIT FACILITIES

Type of Facilities	Amount (Rs. In Millions)	Purpose for which required	Primary security (Details with approximate value to be mentioned) (Rs. In Millions)
Cash Credit / OD	3.000	Working capital	6.500 7.000

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

(OTHER THAN AGRICULTURAL LANDS, PLANTATIONS, FORESTS, MINES AND QUARRIES)

PART – I QUESTIONNAIRE

GENERAL INFORMATION

Purpose for which valuation is made	To Know the fair Market Value
Date as on which valuation is made	Dated: 13.05.2011
Name of the Owner/ Owners	Mr. Vishwnath Bindeshwari Keshri Alias Pulliram
If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?	Under Sole Ownership
Brief description of the property.	This is an A. C. Sheet Shed, Pucca—Compound wall with M. S. Gate etc. bearing R. Sr.No.156/1 and Plot No.16, in ‘ Mani Nagar,” Area, At: Village Mograwadi (At present in Valsad City Limit) Tal. Dist. Valsad.
Location street ward no.	In “Mani Nagar” at Village Mograwadi (At Present in Valsad City Limit), Tal district valsad.
Survey No./ Plot No. of Land	On R. Sr. No.156/1 (Computerised 7/12 No.156/1/Paiky/1), Plot No. 16, at: Village Mograwadi, Tal District Valsad.
Is the Property situated in Residential / Commercial / Mixed area / Industrial area?	In Residential Area.
Classification of locality, high class / middle class / poor class.	Middle Class
Proximity to civic amenities, like schools, hospitals, offices, market, cinemas, etc.	Within 1.50 To 2.90 Kms.
Means and Proximity to surface communication by which the locality is served.	By Auto Rixa, By all types of Private Vehicles.
LAND
Areas of land supported by documentary proof, shape, dimensions and physical features.	Total Plot area is @ 98.33 Sq. yds. i.e. @ 82.21 Sq. mts.
Roads, streets or lanes on which the Land is abutting.	Internal Road of “Mani Nagar” area, at: Village Mograwadi (At present in Valsad City Limit) Tal. Dist. Valsad,
Is it freehold or lease-hold land	Freehold
Dose the land fall in an area included in any town planning scheme or any development plan of government or any statutory body? If so, give particulars.	It is newly added into the City Limit of Valsad T. P. Scheme yet to come.
IMPROVEMENT
Is the Building owner - Occupied / tenanted / both?	Owner occupied only.
what is the floor space index permissible and per Percentage actually utilized?	F.S.I. permissible = 1.20
RENT
Give details of water and electricity charges, if any, to be borne by the owner.	Borne by the owner.
If a pump is installed, who has to bear the cost of maintenance and operation owner or tenant?	By the owner only
Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. owner or tenant?	By the owner only
SALES
Land rate adopted in this valuation.	N.A. Land Rate Adopted. is @ Rs.5500/- per One Sq. yd. of N.A. land areas
If sale instances are not relied upon, the basis of arriving at the land rate.	By local peoples inquiry, By a land Broker and By my own Market Survey.
COST OF CONSTRUCTION
Year of construction and year of completion.	Constructed in the year 2005-06.

PART – II VALUATION

VALUATION CALCULATION AS DISCUSSED BELOW IN THE REPORT:

An A.C. Sheet Shed, Pucca Compound Wall and M. S. Gate etc. bearing R. Sr.No.156/1 (Cornputerised 7/12 No.156/1/Paiky/1) in Mani Nagar “ Area, At: Village Mograwadi (At present in Valsad City Limit), Tal. Dist. Valsad.

For Mr. Vishwnath Bindeshwari Keshri alias pulliram.

General Note:

On personal request of Mr. Bhaveshbhai V. Keshri, One of the son of Mr. Vishwnath B. Keshri Alias Pulliram, Visited and inspected the said property on dt: 12-5-2011, with a view to find out its fair Market Value if it May put on sale in the open Market and it may fetch the value, if it Nay sale Publically today.

PART (I): Value of Built-up area and Pucca Compound wall with M. S. Gate etc.:

(A) A. C. Sheet Shed:

It has R.C.C. framed structure with 9” thick B. B. Masonary walls. A. C. Sheet Roofing done with M.S. Channel supports on- w wall. Front side height of Roof is @ 10’-0” and Backside @ 12’-0”. Walls are unplastered at present. Pucca flooring not done only filling is done with sand. Built-up area is @ 530.00 Sq. ft. One T. W. window provided on Backside wall.

VALUATION:

Value of Built –up area of such type A. C. Sheet Shed today.

= Total Built up area in Sq. ft. x Cost of Construction per one sq. ft. = 530.00 x 350/- Rs.0.186 Million

(B) Pucca compound wall with M. S. gate:

Party has provided pucca compound wall except A. C. sheet shed area and one decorative M. S. gate etc. Wall is made up of 9” thick B. B. Masonary with R.C.C. structure parts. Ht of wall is @ 10’-0: on front side, R.C.C. jail provided for valuation. Total length with gate etc. is 55’-0” Rft.

VALUATION

Value of Pucca Compound wall with decorative M. S. Gate etc.

= Total Length in Rft. x Cost per one Rft = 55.00 x 750/- Rs.0.041 Million

Total Value = (A) + (B)

= Rs.0.227 Millions

PART – II – VALUE OF – N.A. LAND

VALUATION

Value of N.A. Land in this location today.

= Total N.A. land in sq. yd. x Selling Rate per one sq. yd. in this location today. = 98.33 x 5,500/- Rs.0.541 Million

Total Value of the property = Part (I) + Part (II)

= Rs.0.768 Millions

“DISTRESS VALUE”

As past life of struc. is less than 10- years and it can be utilised by any person, Distress Value factor is @ 0.90 of fair Market value. Distress Value is @ Rs.0.691 Million.

TECHNICAL DETAILS FOR THE PREMISES

No of floor and height of floor.	G .F. only ht. @ 10’-0” Mini and 12’-0” Maxi for A. C. Sheet Shed.
Plinth area- floor- wise. (As per is : 3861-1966)	Built-up area is @ 530.00 Sq. ft. of A. C. Sheet Shed
Year of construction	Constructed in the year 2005-06
Estimated future life	@ 40 to 50 years from today.
Types of construction- load bearing wall / R.C.C.	R.C.C. Framed Structure
Types of Foundations.	Open Foundation
WALLS a) Basement and plinth b) Ground Floor b) Super structure above ground floor.	9” thick B.B. Masonary Walls
Partitions	Nil
Door and windows (Floor — wise)	Door Nil, One T.W. Window only, Front side/ Open.
Flooring (Floor — wise)	Only sand filling flooring
Finishing (Floor — wise)	Nil
Roofing and terracing	A. C. Sheet Roofing
Special architectural or decorative features if any.:	Nil
a) Internal wiring- surface or conduit.	Open Wiring
b) Class of fittings superior / ordinary / poor	--
Compound wall	Provided Ht @ 10’-0” without plaster.
No. of lifts and capacity.	Not Applicable
Underground sump – Capacity and Type of Constructer	One Bore-well provided
Overhead Tank	Nil
Pumps No. and their horse power	One H. P. Submersible Pump.
Roads and paving within the compound, approx area, type of paving.	Nil
Sewage disposal / whether connected to public sewers. If septic tanks provided, no. and capacity.	Not Applicable

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

(OTHER THAN AGRICULTURAL LANDS, PLANTATIONS, FORESTS, MINES AND QUARRIES)

PART – I QUESTIONNAIRE

GENERAL INFORMATION

Purpose for which valuation is made	To Know the fair Market Value
Date as on which valuation is made	Dated: 09.05.2011
Name of the Owner/ Owners	Mr. Bhavesh Vishwnath Keshri
If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?	Sole Owner of the said property
Brief description of the property.	This is an A. C. Sheet factory shed with R.C.C. Office inside etc. bearing plot No. 165 in old Gundlav GIDC area, Opposite M/s Demosha Chemicals, at: GIDC Industrial Estate, Gundlav, Tal, District Valsad
Location street ward no.	Opposite M/s Demosha Chemicals, on Plot No.165, at GIDC Gundlav, Tal, District, Valsad.
Survey No./ Plot No. of Land	On R. Sr. No.170/Paiky within the Village limits of Gundlav, Tal District Valsad.
Is the Property situated in Residential / Commercial / Mixed area / Industrial area?	In GIDC Notified area at: GIDC Gundlav
Classification of locality, high class / middle class / poor class.	Not Applicable
Proximity to civic amenities, like schools, hospitals, offices, market, cinemas, etc.	Within 4 To 5 Kms. Only
Means and Proximity to surface communication by which the locality is served.	By S.T. Bus, By Auto, Rixa and all types Private Vehicles.
LAND
Areas of land supported by documentary proof, shape, dimensions and physical features.	Area of plot No.165 as per the documentary proof available is @ 580,00 sq. mts.
Roads, streets or lanes on which the Land is abutting.	Internal Road of GIDC – Gundlav and near about Valsad – Khergam Road.
Is it freehold or lease-hold land	Leasehold Land
If lease-hold the name of lessor/ lessee, nature of lease, Date of commencement and termination of lease and terms of renewal of lease	GIDC Gundlav has given the land on 99 years long period lease to the said party.
Is there any Restrictive covenant in regard to use of the Land	The land must be utillised for industrial purpose only.
Dose the land fall in an area included in any town planning scheme or any development plan of government or any statutory body? If so, give particulars.	If falls under notified Industrial Estate at: GIDC – Gundlav, Tal District Valsad
IMPROVEMENT
Is the Building owner - Occupied / tenanted / both?	Owner occupied only.
what is the floor space index permissible and per Percentage actually utilized?	F.S.I. permissible = 1.60
RENT
Give details of water and electricity charges, if any, to be borne by the owner.	Borne by the owner only
If a pump is installed, who has to bear the cost of maintenance and operation owner or tenant?	By the owner only
SALES
Land rate adopted in this valuation.	Land Rate Adopted in this valuation is @ Rs.5500/ per one sq. mt. of land areas
If sale instances are not relied upon, the basis of arriving at the land rate.	By local peoples inquiry, By a well know land Broker and By my own Market Survey.
COST OF CONSTRUCTION
Year of construction and year of completion.	Actually at may be constructed in @ 20 years ago But it is completely Renovated in all respect by the said party at present day.

PART – II VALUATION

VALUATION CALCULATION AS DISCUSSED BELOW IN THE REPORT:

An A.C. Sheet factory shed with R.C.C. Office etc. inside it, bearing Plot No.165., Opposite M/s. Demosha Chemicals, at: GIDC. Industrial Estate, Gundlav, Tal. Dist. Valsad.

For Mr. Bhavesh Vishwnath Keshari

General Note:

On personal request of Mr. Bhaveshbhai V. Keshri, Visited and inspected the said factory premises on dt: 08-04-2011, with a view to find out its fair Market Value if it May put on sale and it may fetch the value if it may sale publically today in the open Market.

PART (I): Value of Different Built-up area:

(A) R.C.C. Office Bulg. On G.F. Inside A. C. Sheet Shed):

Party has constructed a R.C.C. Office Building on G. F. of the Shed inner side. It has R.C.C. framed struc. with 9” thick B.B. Masonary walls. R.C.C. Slab provided in this part. One R.C.C. Stair case also casted inside the Shed. This office having. T. W. decorative door shutter. All Windows are Alluminium Sectional with designer glass panels and with Granite sill all the sides of Windows. Decorative false ceiling provided in the office. One storage area also provided nearby. Concealed wiring done with costly fittings and Accessories. Polished Kotah stone flooring provided in the office and store. Inside neeru finished cement plaster and Distemper colour wash. This office and store portion constructed inner side of the shed. Its built-up area on G. F. is @ 1342.00 Sq. ft.

VALUATION:

Value of R.C.C. Office and store Building inside A.C. Sheet Shed, as per the present Market rates of Labour and Materials today-

= Total Built up area of R.C.C Office and store inside the Shed in sq. ft. X Construction Rate per One Sq. ft, with costly items in the said Portion today. = 1342.00 x 650/- = Rs.0.872 Million

(B) R.C.C. Working area of F.F. with A. C. Sheet Roofing:—

Party has constructed R.C.C. Working area on F.F. ie above office and store portion of Ground floor. It has A.C. Sheet roofing. It has R.C.C. Framed sttuc. with 9” thick B.B. Masonary walls. It has M.S. Jally doors, and Windows openings inside. Polished Kotah stone flooring in it. R.C.C. Stair case provided to go up stair. Total built- up area is as same as Ground floor office and Store i.e. @ 1342.00 sq. ft.

VALUATION

Value of such type A.C. Sheet Roofing and R.C.C. framed struc. with present rates of labour and Materials etc. today.

= Total Built-up area of F.F. in sq. ft. X Construction rate per One Sq. ft. f or such type struc. today. = 1342.00 x 350/- Rs.0.470 Million

(C) A. C. Sheet Working area of Shed (Except R.C.C. Office, Store etc):

This A. C. Sheet Shed portion having R.C.C. framed strut. with A.C. Sheet Roofing. It has 9” thick B. B. Masonay walls. Inside Neeru finished and Distemper colour wash. Outside double coat sand faced plaster and cement Base colour wash. M.S. Rolling Shutters in openings. Alluminium Sectional Windows with Glass panels, A.C. Sheet Roofing supported by M.S. trusses and Purlins etc. Polished Kotah stone flooring done in it. It has Mini ht.@18’-0” and Maxi. @ 26’-0”. Total Built-up area of this A.C. Sheet Shed portion (Except R.C.C. Portion) is @ 3530.37 Sq. ft.

VALUATION

Value of Built-up area for such type A.,C. Sheet Shed with Materials and Labour provided in the said construction today.

= Total Built-up area of the said A.C. Sheet Shed portion in sq. ft. X Cost of Construction per one sq. ft. for such type work today. = 3530.37 x 550/- = Rs.1.942 Millions

(D) A. C. Sheet Roofing Toilet Block:—

Party has constructed a load bearing toilet Block struc. with 9” thick B.B. Masonary walls. Inside single coat plaster provided with full colour glased tiled up to roofing level, outside, double coat sand faced cement plaster and cement base colour wash. T.W Doors provided, R. C. C. Jali Ventilation on Backside. It has A. E. Sheet Roofing. There are 4 Nos. Toilets in It.

Total Built-up area of the said toilet block is @ 140,00 sq. ft.

VALUATION

Value of such type A. C. Sheet Roofing toilet Bl. With the said Amenities etc. today.

= Total Built-up area in sq. ft. X Cost of Constructing such type struc-today = 140.00 x 400/- = Rs.0.036 Million

Imported Note:

As the existing shed is completely renovated and Additional and Alt. has been done ins ide it, the depreciation is not deducted here though original struc. is old one.

Total Value of Built – up area

= (A) + (B) + (C) + (D)

= 3.340 Millions

VALUATION

Value of Land at present Market Rated privilege in this location to in this location today.

= Total land area in sq. fts. X Present market rate per one sq. mt. of land area today. = 580.00 x 5500/- Rs.3.190 Millions

Particulars	Value in Rs. In Millions
Part – I, Value of Different Built-up areas	Rs.3.340 Millions
Part – II, Value of Land	Rs.3.190 Millions
Total Value of the said factory premises in	Rs.6.530 Millions

“DISTRESS VALUE”

As past life of original struc. is more than 15 years and less than 30 years, the distress value fact or is @ 75% of fair Market Value. Distress Value is @ Rs.4.897 Millions.

TECHNICAL DETAILS FOR THE PREMISES

No of floor and height of floor.	R.C.C. Structure G.F. + F.F. ht @ 9’-0” on each floor, A.C. sheet Roofing Mini Ht. @ 18’-0” and Maxi @ 26’-0”
Plinth area- floor- wise. (As per is : 3861-1966)	Plinth area as shown in Valuation report ahead.
Year of construction	Constructed between 15 to 25 year Ago.
Estimated future life	@ 35 to 40 years more from today.
Types of construction- load bearing wall / R.C.C.	R.C.C. Framed Structure. As well as A.c. sheet Roofing with RCC Framed Structure.
Types of Foundations.	Open Foundation
WALLS a) Basement and plinth b) Ground Floor b) Super structure above ground floor.	9” thick B.B. Masonary Walls
Partitions	4 1/2 “ thick B.B. Masonary Partitions Walls
Door and windows (Floor — wise)	M.S. Rolling Shutters and T.W. Doors and lluminium Sectional Glass windows.
Flooring (Floor — wise)	Polished Kotah Stone Flooring
Finishing (Floor — wise)	Inside neeru Plaster with Distemper Colours and Outside double coat plaster with cement base colour.
Roofing and terracing	4 1/2 “ R.C.C. slab and A.C. Sheet Roofing
Special architectural or decorative features if any:	Decorative Colour Finishing
a) Internal wiring- surface or conduit.	Concealed wiring in office portion.
b) Class of fittings superior / ordinary / poor	--
Sanitary instollation.	4- toilets in toilet block
Compound wall	Provided all round
No. of lifts and capacity.	Not Applicable
Underground sump – Capacity and Type of Constructer	Nil
Overhead Tank	Provided
Pumps No. and their horse power	On G.L.
Roads and paving within the compound, approx area, type of paving.	Nil
Sewage disposal / whether connected to public sewers. If septic tanks provided, no. and capacity.	To GIDC Gutter Line.

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.45.25
UK Pound	1	Rs.72.82
Euro	1	Rs.63.58

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.