MIRA INFORM REPORT

Report Date :

21.10.2011

IDENTIFICATION DETAILS

Name :	UNITRACK LOGISTICS PRIVATE LIMITED
Registered Office :	A-4, Cockpit Complex, Mahipalpur Main Road, New Delhi – 110037
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.2000
Com. Reg. No.:	55-107904
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U63013DL2000PTC107904
ST/ TIN & VAT No.:	AT- AAACU4606PST002
TAN No.: [Tax Deduction & Collection Account No.]	DELU01747E
PAN No.: [Permanent Account No.]	AAACU4606P
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Logistics.
No. of Employees :	31 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. However, it would be take advisable 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	A-4, Cockpit Complex, Mahipalpur Main Road, New Delhi – 110037, India
Tel. No.:	91-11-27782006/ 27783877/ 26786588/ 46062421
Mobile No.:	91-9818135003 (Mrs. Kabita Ghosh) 91-9503711238 (Mrs. Sandhya Ghosh)
Fax No.:	91-11-27783879/ 46062421
E-Mail :	satapathy_rabi@yahoo.co.in accounts@airassociated.com
Location :	Rented

DIRECTORS

(AS ON 31.03.2011)

Name :	Mrs. Kabita Ghosh
Designation :	Director
Address :	604-B, Sector – 9, Plot No.9, Gayatri Appartments, Dwarka, New Delhi – 110075, India
Date of Birth/Age :	36 years
Qualification :	Graduate
Experience :	10 Years
Name :	Mrs. Sandhya Ghosh
Designation :	Director
Address :	Flat No.-CA 9, Clarion, No.138, Aundh TeleExchange, Pune – 411007, Maharashtra, India
Date of Birth/Age :	32 years
Qualification :	Graduate
Experience :	10 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2011)

Names of Shareholders	No. of Shares
Kabita Ghosh	5000
Sandhya Ghosh	5000
Total	10000

BUSINESS DETAILS

Line of Business :	Service Provider of Logistics.
Imports :
Products :	Tools and Components
Countries :	· USA · Singapore · Canada · France

GENERAL INFORMATION

Customers :

CHA/ Logistics

No. of Employees :

31 (Approximately)

Bankers :

· Corporation Bank

Vasant Vihar, Priya Cinema Complex, New Delhi, India

· HDFC Bank

· IDBI Bank

· The South Indian bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank Loan	0.000	0.052
Total	0.000	0.052
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Sandeep Dabas	1.500	0.000
Total	1.500	0.000

Banking Relations :	--
Auditors :
Name :	A. K. Jena and Company Chartered Accountants
Address :	59, II Floor, Arjun Nagar, Timber Market Kotla Mubarak Pur, New Delhi – 110003, India
Tel No.:	91-11-26182613
Mobile No.:	91-9811027135
Email :	a.k.jena09@gmailc.om

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.656	1.297	0.598
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.756	1.397	0.698
LOAN FUNDS
1] Secured Loans		0.000	0.052	0.254
2] Unsecured Loans		1.500	0.000	0.000
TOTAL BORROWING		1.500	0.052	0.254
DEFERRED TAX LIABILITIES		0.067	0.014	0.028
TOTAL		5.323	1.463	0.980
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.771	0.513	0.693
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	9.383	8.494	4.492
	Cash & Bank Balances	0.281	0.148	0.583
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.596	0.087	0.249
Total Current Assets		11.260	8.729	5.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.507	4.334	3.623
	Other Current Liabilities	2.116	2.863	1.066
	Provisions	1.085	0.582	0.348
Total Current Liabilities		7.708	7.779	5.037
Net Current Assets		3.552	0.950	0.287
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.323	1.463	0.980

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	103.701	61.276	65.626
		TOTAL (A)	103.701	61.276	65.626
Less	EXPENSES
		Direct Expenses	88.966	54.989	61.183
		Personal Expenses	3.695	2.893	2.528
		Administrative, Selling and Distribution Expenses	7.746	2.119	1.303
		TOTAL (B)	100.407	60.001	65.014
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		3.294	1.275	0.612
Less	FINANCIAL EXPENSES (D)		0.121	0.006	0.056
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.173	1.269	0.556
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.268	0.180	0.102
	PROFIT BEFORE TAX (E-F) (G)		2.905	1.089	0.454
Less	TAX (H)		0.951	0.391	0.205
	PROFIT AFTER TAX (G-H) (I)		1.954	0.698	0.249
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--	--
	BALANCE CARRIED TO THE B/S		1.954	0.698	0.249
	Earnings Per Share (Rs.)		1.02	0.37	0.13

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.88	1.14	0.38
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	22.29	11.78	7.55
Return on Investment (ROI) (PBT/Networth)		0.77	0.78	0.65
Debt Equity Ratio (Total Liability/Networth)		2.45	5.61	7.58
Current Ratio (Current Asset/Current Liability)		1.46	1.12	1.06

LOCAL AGENCY FURTHER INFORMATION

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015	2016
	Estimated	Projected
Gross Sales
Domestic Sales / Income	0.000	0.000	0.000	0.000	0.000
Exports	--	--	--	--	--
Job Work Charges / Other Income	130.000	165.000	210.000	270.000	350.000
Total	130.000	165.000	210.000	270.000	350.000
Less : Excise Duty	0.000	0.000	0.000	0.000	0.000
Net Sales	130.000	165.000	210.000	270.000	350.000
% rise [+] or fall [-] in net sales as compared to previous year	25.60	26.92	27.27	28.57	29.63
Cost of Sales
Raw Materials (Including Stores and Other Items Used in the Process of Manufacturing)
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000	0.000	0.000
Others Stores and Spares
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000	0.000	0.000
Power and Fuel	0.000	0.000	0.000	0.000	0.000
Direct Expenses	96.000	115.000	145.000	185.000	245.000
Wages and salaries	0.000	0.000	0.000	0.000	0.000
Other Manufacturing Expenses	0.000	0.000	0.000	0.000	0.000
Depreciation	4.500	7.000	4.500	3.000	4.000
Sub Total	100.500	122.000	149.500	188.000	249.000
Add: Opening Stock-In-Process	0.000	0.000	0.000	0.000	0.000
Sub Total	100.500	122.000	149.500	188.000	249.000
Less: Closing Stock-In-Process	0.000	0.000	0.000	0.000	0.000
Cost of Production	100.500	122.000	149.500	188.000	249.000
Add: Opening Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000
Total	100.500	122.000	149.500	188.000	249.000
Deduct: Closing Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000
SUB TOTAL (Total cost of sales)	100.500	122.000	149.500	188.000	249.000
Selling, General and Administrative Expenses	18.500	22.500	34.000	45.000	50.000
Sub Total	119.000	144.500	183.500	233.000	299.000
Operating Profit before interests	11.000	20.500	26.500	37.000	51.000
Interests	3.575	6.738	5.638	4.538	3.438
Operating Profit After Interests	7.425	13.763	20.863	32.463	47.562
Other Non Operating Income	0.000	0.000	0.000	0.000	0.000
Other Non Operating Expenses	0.000	0.000	0.000	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.000	0.000	0.000	0.000
Profit before Tax/ Loss [PBT]	7.425	13.763	20.863	32.463	47.562
Provision for taxes	1.800	3.000	5.000	9.000	12.500
Net Profit / Loss [PAT]	5.625	10.763	15.863	23.4630	35.062
Retained Profit	5.625	10.763	15.863	23.463	35.062
Retained profit/ Net Profit % age	100.00	100.00	100.00	100.00	100.00

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015	2016
	Estimated	Projected
Short Term Borrowing from Bank
i. From Application Bank	25.000	25.000	25.000	25.000	25.000
ii. From Other Banks	0.000	0.000	0.000	0.000	0.000
iii. Of which BP and BD	0.000	0.000	0.000	0.000	0.000
SUB TOTAL(A)	25.000	25.000	25.000	25.000	25.000
Short Term Borrowings From Others	0.000	0.000	0.000	0.000	0.000
Sundry Creditors (Trader)	4.500	4.900	5.500	7.000	8.500
Advances Payment from customers	0.000	0.000	0.000	0.000	0.000
Provision For Taxes	3.200	5.500	8.000	11.000	20.000
Creditor for Expenses	0.000	0.000	0.000	0.000	0.000
Dividend Payable	0.000	0.000	0.000	0.000	0.000
Other Statutory Liabilities (due within one years)	2.900	3.400	4.400	4.900	5.400
Installments of term loans and Deferred Payment Credits	0.000	10.000	10.000	10.000	10.000
Other current Liabilities and Provisions (due within one years)	0.000	0.000	0.000	0.000	0.000
SUB TOTAL (B)	10.600	23.800	27.900	32.900	43.900
TOTAL CURRENT LIABILITIES	35.600	48.800	52.900	57.900	68.900
TERM LIABILITIES
Debentures	0.000	0.000	0.000	0.000	0.000
Redeemable Preference Shares	0.000	0.000	0.000	0.000	0.000
Term Loans	40.000	30.000	20.000	10.000	0.000
Deferred Payment Credits	0.100	0.150	0.200	0.250	0.300
Vehicles Loan	0.000	0.000	0.000	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000	0.000	0.000	0.000
Unsecured Loans	6.000	4.500	4.000	3.500	3.000
Term Deposit	0.000	0.000	0.000	0.000	0.000
Deferred Tax Liability	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000	0.000	0.000
TOTAL TERM LIABILITIES	46.100	34.650	24.200	13.750	3.300
TOTAL OF OUTSIDE LIABILITIES	81.700	83.450	77.100	71.650	72.200
NET WORTH
Ordinary Shares Capital	8.100	8.100	8.100	8.100	8.100
General Reserve	9.068	19.831	35.693	59.156	94.218
Share Application Money	0.000	0.000	0.000	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000	0.000	0.000	0.000
Revolution Reserve	0.000	0.000	0.000	0.000	0.000
Reserves and Surplus	0.000	0.000	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000	0.000	0.000
Share Premium Account	0.000	0.000	0.000	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	0.000	0.000	0.000	0.000	0.000
Share Premium	0.000	0.000	0.000	0.000	0.000
Other (Specify) – Securities Premium and Share Application	0.000	0.000	0.000	0.000	0.000
Other (Specify) – Deferred Tax Liabilities	0.000	0.000	0.000	0.000	0.000
TOTAL NET WORTH	17.168	27.931	43.793	67.256	102.318
TOTAL LIABILITIES	98.868	111.381	120.893	138.906	174.518
ASSETS
CURRENT ASSETS
Cash and Bank Balance	5.686	6.698	9.011	12.323	15.636
Investments [Other than long term investments]	0.000	0.000	0.000	0.000	0.000
Receivables other than deferred and exports	44.500	64.000	76.000	98.000	136.000
Export receivables	0.000	0.000	0.000	0.000	0.000
Installments of deferred receivable	0.000	0.000	0.000	0.000	0.000
INVENTORY
Raw Materials
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000	0.000	0.000
Stock in Process	0.000	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000	0.000
Other Consumable Spares	0.000	0.000	0.000	0.000	0.000
Advances to suppliers	0.000	0.000	0.000	0.000	0.000
Advance Payment of Taxes	0.000	0.000	0.000	0.000	0.000
Other Current Assets	0.800	2.200	2.500	3.200	4.000
TOTAL CURRENT ASSETS	50.986	72.898	87.511	113.523	155.636
FIXED ASSETS
Gross Block (Land and Building Machinery)	53.000	50.600	50.000	45.000	42.500
Depreciation to date	5.118	12.118	16.618	19.618	23.618
NET BLOCK	47.882	38.482	33.382	25.382	18.882
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000	0.000	0.000	0.000
Advances suppliers of Capital goods and contractors	0.000	0.000	0.000	0.000	0.000
Investment in Others	0.000	0.000	0.000	0.000	0.000
Other Non-Current Investment	0.000	0.000	0.000	0.000	0.000
Loans and Advance	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000
Intangible Assets	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	98.868	111.380	120.893	138.905	174.518
Net Profit	5.625	10.763	15.863	23.463	35.062
Net Working Capital	15.386	24.098	34.611	55.623	86.736
Current Ratio	1.43	1.49	1.65	1.96	2.26
TNW	17.168	27.931	43.793	67.256	102.318
TOL/ TNW	4.76	2.99	1.76	1.07	0.71
TTL/ TNW	2.69	1.60	0.78	0.35	0.13

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015	2016
	Estimated	Projected
FIRST METHOD OF LENDING
Total current assets	50.986	72.898	87.511	113.523	155.636
Others Current Liabilities	10.600	23.800	27.900	32.900	43.900
[Other than bank borrowings)
[T L Installment due W/I One years]
Working capital gap [WCG]	40.386	49.098	59.611	80.623	111.736
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	10.097	12.275	14.903	20.156	27.934
Actual/ Projected net working capital	15.386	24.098	34.611	55.623	86.736
Item 3 minus item 4	30.290	36.824	44.708	60.467	83.802
Item 3 minus item 5	25.000	25.000	25.000	25.000	25.000
Maximum permissible bank finance	25.000	25.000	25.000	25.000	25.000
Excess borrowings, if any representing shortfall in NWC	--	--	--	--	--
SECOND METHOD OF LENDING
Total current assets	50.986	72.898	87.511	113.523	155.636
Others Current Liabilities	10.600	23.800	27.900	32.900	43.900
[Other than bank borrowings)
[T L Installment due W/I One years]
Working capital gap [WCG]	40.386	49.098	59.611	80.623	111.736
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	12.747	18.225	21.878	28.381	38.909
Actual/ Projected net working capital	15.386	24.098	34.611	55.623	86.736
Item 3 minus item 4	27.640	30.874	37.733	52.242	72.827
Item 3 minus item 5	25.000	25.000	25.000	25.000	25.000
Maximum permissible bank finance	25.000	25.000	25.000	25.000	25.000
Excess borrowings, if any representing shortfall in NWC	--	--	--	--	--

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

STATEMENT OF ASSETS AND LIABILITIES

MS. KABITA GHOSH

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the company/ Firm/ concern (in which is made)	Amount
Unitrack Logistics Private Limited	0.050
Total	0.050

DEPOSITS HELD WITH BANKS

Name of the Bank	Name of Deposit Held	Amount Deposited
ICICI	Saving Account	0.120

LIFE INSURANCE POLICIES

Policy	Annual Premium (Rs. In Millions)	Sum Assured (Rs. In Millions)	Surrender Value as on 20.07.2011
LIC	0.025	0.500	0.300

IMMOVABLE PROPRIETIES

Name of the Owner	Description of Property	Location/ Address of Property	Present Market Value As on 30.06.2011
Kabita Ghosh	Residential Property	B-604, Sector -9, Dwarka, New Delhi, India	10.000

OTHER ASSETS

Nature / Details of Assets	Market Value of assets
Jewellery	0.360
Other	0.175
Cash	0.060
Total	0.595

TOTAL ASSETS

RS.11.065 MILLIONS

LIABILITIES

BORROWING FROM OTHERS

Name of the Lender	Amount Borrowed
HDFC Bank	1.500
Housing Loan	0.165 As on date 20.07.2011

TOTAL LIABILITIES

RS.0.165 MILLION

NET WORTH

RS.10.900 MILLIONS

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

STATEMENT OF ASSETS AND LIABILITIES

MS. SANDHYA GHOSH

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Name of the company/ Firm/ concern (in which is made)	Amount
Unitrack Logistics Private Limited	0.050
Total	0.050

DEPOSITS HELD WITH BANKS

Name of the Bank	Name of Deposit Held	Amount Deposited
ICICI	Saving Account	0.200

OTHER ASSETS

Nature / Details of Assets	Market Value of assets
Jewellery	0.525
Cash	0.120
Other Assets	0.170
Total	0.815

TOTAL ASSETS

RS.1.065 MILLIONS

NET WORTH

RS.1.065 MILLIONS

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VALUATION REPORT FOR IMMOVABLE PROPERTIES

PART - I

GENERAL INFORMATION

Name of the party /purchaser and address (with Door No and Survey No.)

Mr. Deepinder Singh

S/o Ch. Devinder Singh

(A/c M/s Unitrack Logistics Private Limited)

Name/s of the reported owner / Name/s of persons in whose name Is the property registered and address:

Mr. Deepinder Singh

S/o Ch. Devinder Singh

(A/c M/s Unitrack Logistics Private Limited)

Purpose of valuation

To assess fair market value for Corporation Bank, Vasant Vihar, New Delhi-I 10057, India

Date of Inspection:

28.09.2011

Date of valuation:

29.09.2011

Approximate distance from the Branch to the property:

~5 kms.

Situation / location / brief description of the land / site

and brief description of the building:

Farm house knows as ‘Riyasat Green’ on piece of agricultural land measuring 14 Bighas- 9 Biswas (3.01 acres) o/o Khasra Nos.1127/2, 1128/2, 1129, 1130, 1131/1, 1131/2, Mandi Road, Village- Chhatterpur, New Delhi, India

Boundaries of the Property

East:-

West:-

North:-

South:-

Pint area 14 Bighas- 9 Biswas (3.01 acres) and bounded as under:

Farm house of the same owner

Road

C-DOT building

Other’s farm house

Property Tax details

Owner to furnish details

Assuming the entire property is let out, the probable monthly rent and advance building rent

Such properties are not being reined out though some of the farm houses are allowing functions like marriages etc. on their lawns and charge on function basis inclusive/ exclusive of catering service as per agreement

Whether the building has been approved?

No sanctioned plan was produced. There is one double strayed structure (~500G sft) being used by the workers as their residence However, building is of negligible value compared to the land value

VALUATION DETAILS

A. LAND

The total area (Extent of the site I land)

14 Bighas- 9 Biswas (3.01 acres)

Description of the site / land

Character locality

Farm House Area

Classification

High Class

Development of the surrounding areas

Many Farm Houses exist in this area

Is the locality subjected to frequent flooding:

No

Feasibility to civic amenities like School, Hospital, Offices, Markets etc.

Available near by

Shape of the land:

Rectangular; no site plan was available with the owner’s representative who has been requested to submit copy of Shjra (Aks-Shijra) as per revenue records

Type of use to which it can be put

Farm House Use

Any other restriction of usage?

Farm House Use

Nature of right, whether leasehold freehold?

Freehold

Prevailing Unit market rate:

Rs.10,00,00,000/- to 12,00,00,000/- per acre

Unit rate adopted in this valuation:

Rs.11,00,00,000/- per acre

Valuation of the site / land:

3.01 x Rs.11,00,00,000/-

= Rs.331.100 Millions

VALUATION DETAILS

A. BUILDING

Type of construction

RCC Framed

Quality of construction

Not Good (Need Repairs / Renovations)

Appearance of the Building

Not Good (Need Repairs / Renovations)

Number of floors

Ground / First Floors

Maintenance of the building

Not Good

Description of the Building

Foundation

Not Discernible

Superstructure

Brick Work in Cement Mortar

Roof

RCC Roof

Doors

Wooden/ Steel Doors

Windows

Wooden/ Steel Windows

Sanitary fittings

Ordinary

Flooring

CC/ Marble Stone Floor

Electricity Supply

Available

Finishing – Internal

Distemper/ whitewash on C.P.

Finishing – External

W.P. Cement Paint

Total plinth area

Ground Floor - 3000 sft

First Floor - 2000 sft

Year of Construction

1990

Total life of the building estimated:

30 years

Replacement t rate of Construction with the existing conditions and Specifications

Prevailing Plinth area rates (Market rates) of similar structures adopted

Present Value of the Building

Floor	Plinth Area	Plinth Area Rate (s)	Cost (Rs. In Millions)
Ground Floor	3000 sft	--	--
First Floor	2000 sft	350/-	Rs.1.750 Millions
Add for C/ Wall, Pavement and Gate			L.S. Rs.0.500 Million
Add for Land Scaping and Open Area Works			L.S. Rs.0.500 Million
Add for temporary structure like security rooms, guest/
Reception room and temporary storage structure - ~800 sft. X 200/-			Rs.0.160 Million
Total			Rs.2.910 Millions

TOTAL VALUATION

Value of Land

Rs.331.100 Millions

Replacement Cost of the Building

Rs.2.910 Millions

Total

Rs.334.010 Millions

NOTES:

· Realizable Value in case of distress/ Forced sale of the property is assessed at Rs.284.000 Millions

· Aks-Shijra (As per revenue records) to be furnish by the Owner

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TRADE REFERENCE:

· SpiceJet

· Government of Madhya Pradesh

· Government of Maharashtra

· Government of Gujarat

FIXED ASSETS:

· Car

· Office Equipments

· Vehicles

· Computers

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.49.71
UK Pound	1	Rs.78.09
Euro	1	Rs.68.05

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.