MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	SORICH FOILS PRIVATE LIMITED
Registered Office :	Plot No.4802/1, Plastic Zone, GIDC, Sarigam, Tal: Umbergaon, Umbergaon – 396155, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.01.2011
Com. Reg. No.:	04-063709
Capital Investment / Paid-up Capital :	Rs.2.968 Millions
CIN No.: [Company Identification No.]	U27203GJ2011PTC063709
PAN No.: [Permanent Account No.]	AAPCS3091P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing of Packing Materials for Food, Pharmaceutical and FMCG products.
No. of Employees :	36 (Approximately) (Office – 11 and Factory – 25)

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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having a satisfactory track record. It is engaged in the manufacturing of packing materials for food, Pharmaceutical and FMCG products. It has achieved better turnover in its first year of operation and the liquidity of the company is also satisfactory. Trade relations are reported as decent. Business is active. Payment terms are sow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Chandrahas Babu Kotian
Designation :	Director
Contact No.:	91-9904856670/ 9687655566
Date :	25.03.2013

LOCATIONS

Registered Office/ Factory :	Plot No.4802/1, Plastic Zone, GIDC, Sarigam, Tal: Umbergaon, Umbergaon – 396155, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9904856670/ 9687655566 (Mr. Chandrahas Babu Kotian)
Fax No.:	Not Available
E-Mail :	sorichfoils@gmail.com gbladdha@gmail.com kotian.c@sorichfoils.in info@sorichfoils.in
Website :	http://www.sorichfoils.in
Location :	Rented

DIRECTORS

(AS ON 02.07.2012)

Name :	Mrs. Priya Chandrahas Kotian
Designation :	Director
Address :	Flat No.103, C-67, Sector-5, Shanti Nagar, Mira Road (East), Thane – 401107, Maharashtra, India
Date of Birth/Age :	21.09.1979
Qualification :	B Com, Diploma in HRD
Experience :	7 years
Date of Appointment :	19.01.2011
PAN No.:	BACPK2871G
DIN No.:	03355890
Name :	Mr. Chandrahas Babu Kotian
Designation :	Director
Address :	A-1, Panchvati Apartment, S V Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	20.08.1970
Qualification :	Graduate in Economics and Diploma In Printing Technology
Experience :	20 years
Date of Appointment :	19.01.2011
PAN No.:	AIEPK9686L
DIN No.:	03355847
Name :	Mr. Suresh Babu Kotian
Designation :	Director
Address :	A-1, Panchvati Apartment, S V Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	16.02.1966
Qualification :	B. Com
Experience :	25 years
Date of Appointment :	19.01.2011
DIN No.:	03355894
Name :	Mr. Prasanna Vittal Poojary
Designation :	Director
Address :	Flat No.103, C-67, Sector – 5, Shanti Nagar, Mira Road (East), Thane – 401107, Maharashtra, India
Date of Birth/Age :	14.10.1974
Qualification :	B. Com
Experience :	10 years
Date of Appointment :	19.01.2011
DIN No.:	03356122
Name :	Mrs. Madhavi Suresh Kotian
Designation :	Director
Address :	A-1, Panchvati Apartment, S V Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	05.03.1967
Qualification :	MBBS, MS, DCH
Experience :	16 years
Date of Appointment :	19.01.2011
DIN No.:	03357071

KEY EXECUTIVES

Name :	Mr. Rajendra Prasad Saraf
Designation :	Company Secretary
Mobile No.:	91-9824726811
Email :	rpsaraf@rediffrnail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 02.07.2012)

Names of Shareholders	No. of Shares
Suresh Babu Kotian	103325
Madhavi Suresh Kotian	16310
Chandrahas Babu Kotian	96155
Priya Chandrahas Kotian	12650
Prasanna Vittal Poojary	68330
Total	296770

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the Manufacturing of Packing Materials for Food, Pharmaceutical and FMCG products.
Agencies Held :	· Rohit Enterprises, Mumbai · Innovative Packaging Solutions, Mumbai
Terms :
Purchasing :	Cash and Credit (60-90 days)

GENERAL INFORMATION

Suppliers :

· Aeroshine Inks

· Alpha Roto Machines Private Limited

· Arth Packaging

· Chirag Enterprise

· Cytech Coating Private Limited

· Delta Pipe Fittings Private Limited

· Futuristic Marketing Solutions

· Futuristic Packaging F/t. Limited

· Gardian Plasticote Limited

· Gardian Platicote Limited - Silvassa

· Gel Poly Pack

· Greendiamz Biotech Limited

· Harikripa Paper Company

· Henkel Adhesive Technologies (lndia) Private Limited

· Henkel Cac Private Limited

· Hitech Letho Private Limited

· Jai Corp Limited

· Mayka Packaging

· Mayka Packaging Solutions Unit II

· Micro Inks Limited

· Nano Inks and Coating F/t. Limited

· Pidilite Industrial Limited

· Setco Chemicals (India) Private Limited

· Shambhulal A Shah and Company

· Tristar Enterprises

· Vraj Traders

Customers :

· Hindalco Industrial Limited

· Jindal Aluminium Limited

· Msm Saffron Private Limited

· Parth Foils Private Limited

· Rudra Packaging

· Shiv Shankar Tobacco Private Limited

· Symbiosis Packaging Deals Private Limited.

· Vardhaman Pharma

No. of Employees :

36 (Approximately) (Office – 11 and Factory – 25)

Bankers :

· Indian Overseas Bank

Kanta Trade Centre, Char Rasta, GIDC, Vapi Silvassa Road, Vapi – 396195, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Indian Overseas Bank, Vapi Branch (Secured against Plant and Machinery)	3.412	0.000
Total	3.412	0.000

Banking Relations :	--
Auditors :
Name :	G B Laddha and Company Chartered Accountant
Address :	1-2, Second Floor, Sahara Market, Silvassa Road, Vapi – 396191, Gujarat, India
Tel No.:	91-260-3267788/ 6456677/ 6457788/ 6458899
Fax No.:	91-260-2425966
PAN No.:	AAEFG2280N
Email :	gbladdha@gmail.com
Website :	http://www.gbladdha.com

CAPITAL STRUCTURE

(AS ON 02.07.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
296770	Equity Shares	Rs.10/- each	Rs.2.968 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2.968	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		4.607	0.000
4] (Accumulated Losses)		0.000	(0.177)
NETWORTH		7.575	(0.077)
LOAN FUNDS
1] Secured Loans		3.412	0.000
2] Unsecured Loans		4.455	0.470
TOTAL BORROWING		7.867	0.470
DEFERRED TAX LIABILITIES		0.482	0.000
TOTAL		15.924	0.393
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.403	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	1.943	0.000
	Sundry Debtors	37.207	0.000
	Cash & Bank Balances	0.144	0.363
	Other Current Assets	0.000	0.000
	Loans & Advances	1.886	0.046
Total Current Assets		41.180	0.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	20.527	0.000
	Other Current Liabilities	9.772	0.016
	Provisions	1.360	0.000
Total Current Liabilities		31.659	0.016
Net Current Assets		9.521	0.393
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		15.924	0.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operations	113.888	0.000
		Other Income	0.000	0.000
		TOTAL (A)	113.888	0.000
Less	EXPENSES
		Cost of Materials Consumed	94.194	0.000
		Changes in Inventories of finished goods work-in-progress and stock in trade	(0.028)	0.000
		Manufacturing Expenses	4.402	0.000
		Other Expenses	6.541	0.177
		Employee benefits Expenses	2.019	0.000
		TOTAL (B)	107.128	0.177
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.760	(0.177)
Less	FINANCIAL EXPENSES (D)		1.406	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.354	(0.177)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.847	0.000
	PROFIT BEFORE TAX (E-F) (G)		4.507	(0.177)
Less	TAX (H)		1.443	0.000
	PROFIT AFTER TAX (G-H) (I)		3.064	(0.177)
	Earnings Per Share (Rs.)
	- Basic		284.11	(17.72)
	- Diluted		284.11	(17.72)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	2.69	0.00
Net Profit Margin (PBT/Sales)	(%)	3.96	0.00
Return on Total Assets (PBT/Total Assets}	(%)	9.47	(43.28)
Return on Investment (ROI) (PBT/Networth)		0.59	2.30
Debt Equity Ratio (Total Debt/Networth)		1.04	(6.10)
Current Ratio (Current Asset/Current Liability)		1.30	25.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.13	31.03.14	31.03.15
	Estimates	Projections	Projections
Gross Income	175.000	250.000	300.000
- Domestic Sales/other income:
- Export Sales:	--	--	--
- Domestic Sales	175.000	250.000	300.000
Excise Duties:	21.200	22.000	22.500
Net Sales Turnover:	153.800	228.000	277.500
Export Incentives:	--	--	--
% age rise in Net Sales over last year	35.04	48.24	21.71
Raw Material Consumed:
- Raw Material Purchased	127.200	179.800	225.000
- Other Stores & Spares	--	--	--
Total Raw Material Consumed:	127.200	179.800	225.000
Repairs to Plant & Machinery etc.	--	--	--
Power & Fuel	--	--	--
Direct Labour	--	--	--
Other Manufacturing Expenses	24.500	40.800	46.200
Depreciation	0.850	0.950	1.050
SUB-TOTAL	152.550	221.550	272.250
Opening Stock of Finished Goods	0.000	2.500	7.500
Closing Stock of Finished Goods	5.500	7.500	12.500
Cost of Sales	147.050	216.550	267.250
Selling, General & Administrative Exp.	--	--	--
SUB-TOTAL	147.050	216.550	267.250
Operating Profit before Interest	6.750	11.450	10.250
Interest	0.350	4.550	--
Operating Profit after Interest	6.400	6.900	10.250
Profit Before Tax	6.400	6.900	10.250
Provision for Taxes	--	--	--
Net Profit	6.400	6.900	10.250
Retained Profit	6.400	6.900	10.250
%	0.04	0.03	0.04

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS		31.03.13	31.03.14	31.03.15
		Estimates	Projections	Projections
CURRENT LIABILITIES
Short Term borrowings from Banks (incl. Bills Purchased/discounted & Excess borrowings placed on repayment basis
I) From Applicant Bank:
ii) From Other Banks		30.000	35.000	40.000
TOTAL BANK BORROWINGS		30.000	35.000	40.000
Short Term Borrowings		--	--	--
Deposits (maturing within 1 year)		--	--	--
Sundry Creditors (Trade)		1.000	1.000	1.000
Unsecured Loans		--	--	--
Advance Payment from Customers		0.000	0.000	0.000
Interest & Other Charges Accrued		--	--	--
Provision for Taxation		--	--	--
Dividend Payable		--	--	--
Other Statutory Liabilities		--	--	--
Installment due within 1 year		--	--	--
Other Current Liabilities		2.000	2.000	2.000
SUB TOTAL (B)		3.000	3.000	3.000
TOTAL CURRENT LIABILITIES		33.000	38.000	43.000
TERM LIABILITIES
Unsecured Loans		--	--	--
Redeemable Preference Shares (not maturing within 1 year but of maturity not exceeding 12 years)		--	--	--
Term Loans (excluding installments payable within 1 yr)		--	--	--
Deferred Payment Credits (excluding installments due within 1 year)		3.000	0.000	0.000
- Term Deposits (repayable after 1 year)		--	--	--
Other Term Liabilities		--	--	--
TOTAL TERM LIABILITIES		3.000	0.000	0.000
TOTAL OUTSIDE LIABILITIES		36.000	38.000	43.000
NET WORTH
Ordinary Share Capital		7.575	13.975	24.225
Revaluation Reserve		--	--	--
General Reserve		6.400	6.900	10.250
Share Premium		--	--	--
Other Reserve		--	--	--
Surplus/Deficit in P & L A/c		--	--	--
NET WORTH		13.975	20.875	34.475
TOTAL LIABILITIES		49.975	58.875	77.475
	CURRENT ASSETS
	Cash and Bank Balance	0.272	0.322	0.472
	Investments (other than long term)
	I) Govt. and Other Trustee Secu.	--	--	--
	ii) Fixed Deposits with Banks	--	--	--
	I) Receivables other than Deferred and Exports (including bills purchased/disc.)	35.000	42.500	55.000
	ii) Export Receivables (including bills purchased and discounted)	--	--	--
	Installment of Deferred Receivables	--	--	--
	Inventory
	I) Raw Materials (including Stores and other items used in the process of mfr.)
	a) Imported	0.000	0.000	0.000
	b) Indigenous	0.000	0.000	0.000
	ii) Stock in process	--	--	--
	iii) Finished Goods	5.500	7.500	12.500
	iv) Other Consumable Stores and Spares	--	--	--
	Advance to Suppliers	--	--	--
	Advance payment of Taxes	0.450	0.450	0.450
	Other Current Assets	3.200	3.500	3.500
	TOTAL CURRENT ASSETS	44.422	54.272	71.922
	FIXED ASSETS
	Gross Block (Land and Building machinery, work in progress)	6.403	5.553	6.603
	Depreciation to date	0.850	0.950	1.050
	Net Block	5.553	4.603	5.553
	OTHER NON CURRENT ASSETS
	Investments/book debts/advance deposits which are not current assets
	I) a) Investments in subsidiaries/ affiliate	0.000	0.000	0.000
	b) Others	0.000	0.000	0.000
	ii) Advances to suppliers of capital goods and Contractors	0.000	0.000	0.000
	iii) Deferred Receivables (maturing after 1 year)	0.000	0.000	0.000
	iv) Other investments:
	Other non consumable stores and spares	0.000	0.000	0.000
	Other non-current assets (Int. Suspense)	0.000	0.000	0.000
	TOTAL NON-CURRENT ASSETS	0.000	0.000	0.000
	Intangible Assets (Goodwill Patents, Pre. Expenses, Bad and Doubtful Debts etc.	0.000	0.000	0.000
	TOTAL ASSETS	49.975	58.875	77.475
	TANGIBLE NET WORTH	13.975	20.875	34.475
	NET WORKING CAPITAL	11.422	16.272	28.922
	CURRENT RATIO	1.35	1.43	1.67
	DEBT EQUITY RATIO	2.58	1.82	1.25

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

PARTICULARS	31.03.13	31.03.14	31.03.15
	Estimates	Projections	Projections
Paid Up Capital	7.575	13.975	24.225
Net Worth:	13.975	20.875	34.475
Less: Revaluation Reserve:	0.000	0.000	0.000
Net Tangible Worth	13.975	20.875	34.475
Investments in Subsidiaries and Associate	0.000	0.000	0.000
Investments in the companies	0.000	0.000	0.000
Loans & Advances to Subsidiaries etc.	0.000	0.000	0.000
Net Sales:	153.800	228.000	277.500
% Age Increase over previous Year:	--	100.20	80.43
Other Income :
Gross Profit	72.50	78.50	113.00
Depreciation	0.850	0.950	1.050
Taxation	0.000	0.000	0.000
Net Profit (Loss)	6.400	6.900	10.250
Previous Years' Adjustments	0.000	0.000	0.000
Net Profit (Loss) - as per Balance sheet	6.400	6.900	10.250
Dividend	NIL	NIL	NIL
Fixed Assets (Gross)	6.403	5.553	6.603
Fixed Assets (Net of Depreciation)	5.553	4.603	5.553
Contingent Liabilities not Provided for:
RATIO ANALYSIS:
Current Ratio	1.35	1.43	1.67
Total Debt/Equity Ratio	2.58	1.82	1.25
Gross Profit/Net Sales (%)	4.71	3.44	4.07
Interest Service Coverage Ratio	--	--	--
Debt Service Coverage Ratio	--	--	--
Investment in Subsidiary etc/ Net Worth (%)	0.00	0.00	0.00

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

NET WORTH STATEMENT

(MRS. PRIYA CHANDRAHAS KOTIAN)

(RS. IN MILLIONS)

PARTICULARS	VALUE
A] ASSETS
Residential Flat (Share 50%) – Daman (Market Value)	1.900
Share of Sorich Foils Private Limited	0.162
Loans and Advances	0.810
Bank Balance	0.017
Cash Balance	0.010
Total (A)	2.899
B] LIABILITIES
Loan from Friends and Relatives	0.150
Secured Loan	0.900
Total (B)	1.050
NET WORTH (A-B)	RS.1.849 MILLIONS

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

NET WORTH STATEMENT

(MR. SURESH B. KOTIAN)

(RS. IN MILLIONS)

PARTICULARS	VALUE
A] ASSETS
- Dahisar, Mumbai – Flat	1.750
- Dahisar, Mumbai – Flat	0.650
- Dahisar, Karnataka – Flat	0.650
- Dahisar, Mumbai – Shop	1.700
Investment in insurance/ mutual fund	1.878
Motor Car	1.000
Motor Bike	0.035
Gold and Jewellerv	0.140
Cash and Bank Balance	0.500
Total (A)	8.303
B] LIABILITIES
Loan from Shop	1.000
Unsecured Loan	0.521
Total (B)	1.521
NET WORTH (A-B)	RS.6.782 MILLIONS

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

NET WORTH STATEMENT

(MR. CHANDRAHAS KOTIAN)

(RS. IN MILLIONS)

PARTICULARS	VALUE
A] ASSETS
Residential Flat - Pune (Market Value)	4.500
Residential Flat (Share 50%) - Daman (Market Value)	1.900
Motor Car	0.620
Share of Sorich Foils Private Limited	1.506
Other Share	0.065
LIC (Paid up to till date)	0.516
Loans & Advances	0.998
Bank Balance	0.156
Cash Balance	0.077
Total (A)	10.338
B] LIABILITIES
Secured Loan	1.400
Total (B)	1.400
NET WORTH (A-B)	RS.8.938 MILLIONS

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

NET WORTH STATEMENT

(MRS. MADHAVI S. KOTIAN)

(RS. IN MILLIONS)

PARTICULARS	VALUE
A] ASSETS
- Dahisar, Mumbai – Flat	0.750
- Dahisar, Mumbai – Flat	1.450
- Dahisar, Karnataka – Flat	0.400
- Dahisar, Mumbai – Shop	0.300
Investment in insurance/ mutual fund	0.791
Capital Investments Sorich Foil Private Limited	0.163
Gold and Jewellerv	0.448
Cash and Bank Balance	0.674
Total (A)	4.976
B] LIABILITIES
Unsecured Loan	0.675
Total (B)	0.675
NET WORTH (A-B)	RS.4.301 MILLIONS

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

NET WORTH STATEMENT

(MR. PRASANNA V. POOJARY)

(RS. IN MILLIONS)

PARTICULARS	VALUE
A] ASSETS
Investment in insurance/ mutual fund	0.250
Capital Investments
- Pharmma Care Products	3.800
- Sorich Foil Private Limited	0.683
- MM Thermal Engineers (Advance for machine purchase)	0.050
Gold and Jewellerv	0.375
O/s Payments Receivable from Customers	0.700
Cash and Bank Balance	0.315
Total (A)	6.173
B] LIABILITIES
Loan from lndian Bank - for Machinery Purchase	0.750
Total (B)	0.750
NET WORTH (A-B)	RS.5.423 MILLIONS

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VALUATION OF IMMOVABLE PROPERTY

Regarding	Valuation Of Residential Flat. For Housing Loan Purpose.
Name of the Applicant	Mr. Chandrahas Babu Kotian.
Phone No. of Applicant	Mr. Chandrahas Babu Kotian.
Address of the Applicant	R/at: Pramod Manohar, Flat No. 4, Ramnagar Colony, Pune - 411021.
Address of the Property	Flat No. 13 on 4^th Floor, in ‘D’ -Wing, Scheme Known as “Yash Classic”, Situated at Survey No. 120/7, C. T. S. No. 1328, Of Village - Pashan, Taluka - Haveli, District -Pune. Along with Open Terrace and Car Parking Space No. 8.
Name of the Seller/ Owner	Mr. Chandrahas Babu Kotian.
Current Possession with	Tenant Occupied Flat.
Latitude and Longitude	Latitude - 18° 32' 27.77" N Longitude - 73° 47' 14.41" E
Type of the Property	Flat is with 2 Bedroom, Hall and Kitchen (2 BHK)
Requested by- Financier	Bank of India, R. N. Marg Branch, Bandra (West), Mumbai.
Date of Inspection	18.03.2013
Survey in Presence of	Mr. Chandrahas Babu Kotian.
Purpose of Valuation	Fair Market Value For Housing Loan Purpose.
Location	Survey No. 120/7, C. T. S. No. 1328, Of Village -Pashan, Taluka - Haveli, District - Pune.
Type of Locality	Residential
Class	Middle Class
Nearest Station	Pune Railway Station
Distance from Station	8 Kms. from Pune Railway Station.
Civic amenities	Available Nearby.
Landmark	Near Sai Chowk Pashan.
Building Details	Building is with Stilt + 6 Upper floors with 1 Lift.
Type of Land	Irregular Shape of N. A. Land.
Plot Boundaries	East - 'C' - Wing West - Farm. South - Pashan Plots North - Vansuj Garden
Type of occupation-Ownership /Tenanted	Tenant Occupied Flat.
Type of Structure	R.C.C Framed Structure
No. of Floors	Stilt + 6 Upper floors.
No. of Lifts	1 Lift.
Flat Details	Residential Flat with 2 BHK.
Floor	The said flat is on 4^th Floor
Type of Flat	Flat is with 2 Bedroom, Hall and Kitchen (2 BHK)
Saleable Area	The said Flat Saleable Built up area is about 858.06 Sq. Ft. (79.72 Sq. Mts.)
Built up Area	The said Flat Built up area is about 735.50 Sq. Ft. (68.33 Sq. Mts.) and Open Terrace Area is about 127.98 Sq. Ft. (11.89 Sq. Mts.)
Carpet Area	Carpet area is about 612.90 Sq. Ft. (56.94 Sq. Mts.) and Open Terrace Area is about 127.98 Sq. Ft. (11.89 Sq. Mts.) As per Agreement Dated: 28/12/2004.
Completeness of Project	Completed.
Exterior	Acrylic Paint.
Interior (Proposed)	Flooring - Vitrified Flooring. Window - Aluminum powder coated sliding windows. Door - Teak Wood Doors W.C. - Provided.
Quality of Construction	Good
Under Construction	No
Complete	Yes
Age of the Property	2006 Years.
Residual (future) life	10 Years (If Repaired and Maintained Properly and Regularly.)
Ind. Building/ Complex of	Individual Building
Separate Compound Wall	Yes
Garden	No
Paving around the Building/ Chequered tiles	Cement Conc. Paving
Car Parking	Parking Space No. C-8 Provided.
Maintenance / First Impression	Good.
Plans Approved By	Municipal Corporation of Pune Mahanagar Palika.
Society Registration No.	PNA / PNA / (4) / HSG / (TC) / 8904 / 2007 - 2008.
Property Tax	Details Not Available For Inspection.
Water Availability	Municipal water
Compliance to sanctioned Plans	Approved plans not made available for inspection.
Valuation Method	Composite Rate.
Valuation	Valuation as on 21.03.2013
Current fair market rate	Rs. 6,000/- per Sq. Ft. on Saleable Built up area.
Current fair market Value	a) The said Flat Saleable Built up area is 858.06 Sq. Ft. X Rs.6,000/- per Sq. Ft. = Rs.5.148 Millions b) Open Terrace area is about 127.98 Sq. Ft. X Rs.3,000/- per Sq. Ft. = Rs.0.384 Million c) Total Value (a) + (b) = Rs. 5.532 Millions
Distress Sale Value	0.80 x Rs.5.532 Millions = Rs.4.426 Millions
Basis for recommended rate	Market Enquiry, Location and Type of Construction etc.
Suggested sum assured for Fire Insurance cover	Rs.1.716 Millions
Reason for deviations if any	Registrar's rates are normal properties and they do not consider amenities.
Special Features that add to Value	Nil
Agreement	Agreement for Sale Dated: 28/12/2004.
Remarks	Complete Building
Documents seen	a) Agreement for Sale Dated: 23/12/2004. b) Index II. Sr. No. 5616/2004 Dated: 23/12/2004.
Registration Date	23.12.2004
Registration No.	5616/2004
Village	Pashan.
Receipt No.	5618, Dated: 23.12.2004.
Agreement between	Seller - Panchratna Realtors Limited Purchaser - Mr. Chandrahas Babu Kotian. As per Agreement Dated: 23.12.2004.
Any Negative Features	No.

Considering the location, condition, maintenance and use of the building, Fair Market Value of the property is considered at, Rs.5.532 Millions

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VALUATION OF IMMOVABLE PROPERTY

Regarding	Valuation of Residential Flat
Name of the Applicant	Mrs. Priya Chandrahas Kotian Mr. Chandrashas Babu Kotian
Phone No. of Applicant	Mrs. Priya Chandrahas Kotian Mr. Chandrashas Babu Kotian Cont No. 9320048502
Address of the Applicant	Duplex Flat No.301 on 3rd Floor, A-Wing of the Building Known as "Siddhivinayak Tower", Situated at Devka Road, Village-Kathiria, Nani Daman.
Address of the Property	Duplex Flat No.301 on 3rd Floor, A-Wing of the Building Known as "Siddhivinayak Tower", Situated at Devka Road, Village-Kathiria, Nani Daman.
Name Of the Seller / Owner	Mrs. Priya Chandrahas Kotian Mr. Chandrashas Babu Kotian
Current Possession with	Owner Occupied
Latitude and Longitude	Latitude - 20° 25' 14.09" N Longitude - 72° 49' 56.02" E
Type of the Property	Flat with 3 Bedroom, Hall and Kitchen (3BHK)
Requested by- Financier	Bank of India R. N. Marg, Bandra (West), Mumbai, Maharashtra, India
Date of Inspection	18.03.2013
Survey in Presence of	Mrs. Priya C. Kotian (09904856670)
Purpose of Valuation	Fair Market Value.
Location	Opposite Jalaram Mandir, Tin Batti, Daman.
Type of Locality	Residential
Class	1^st Class
Nearest Station	Vapi Railway Station.
Distance from Station	Approximately 15 Km from of Vapi Railway Station
Civic amenities	Available nearby
Landmark	Opposite Jalaram Mandir, Tin Batti, Daman.
Building Details	Building is with Stilt (part Gr.) + podium (part)+ + 8 upper floors 2 lifts
Type of Land	Irregular Shape of N. A. Land.
Plot Boundaries	East - Road West - Row, Houses South - Under Con North - B Wing
Type of occupation-	Mrs. Priya Chandrahas Kotian
Ownership / Tenanted	Mr. Chandrashas Babu Kotian
Type of Structure	R.C.C Framed Structure
No. of Floors	Building is with Stilt (part Gr.) + podium (part)+ + 8 upper floors
No. of Lifts	2 lifts for Stilt (part Gr.) + podium (part)+ + 8 upper floors
Flat Details
Floor	Duplex Flat at 3^rd floor.
Type of Flat	Flat with 3 Bedroom, Hall and Kitchen (3BHK)
Saleable Area	Saleable Built up area 2050.0 Sq. Ft. (190.44 Sq. Mts.) as per available document
Built up Area	Saleable Built up area 2050.0 Sq. Ft. (190.44 Sq. Mts.) as per available document
Carpet Area	Saleable Built up area 2050.0 Sq. Ft. (190.44 Sq. Mts.) as per available document
Completeness of Project	Completed
Exterior	Acrylic Paint
Interior	Flooring - Viterified flooring in all rooms Kitchen - Black Granite platform and Ceramic Tiles in wall. Window - Aluminum power coated sliding Window with M.S. Grill Door - Plywood flush door W.C. - European type W.C. with full wall
Quality of Construction	Good
Under Construction	No
Complete	Yes
Age of the Property	About 5 Years
Residual (future) life	45 Years if repaired and maintained properly and regularly
Ind. Bldg. / Complex Of	Individual Building
Separate Compound Wall	Yes
Garden	Yes
Paving around the Building/ Chequered tiles	Chequered Tiles
Car Parking	Provided
Maintenance / First Impression	Good
Plans Approved By	Nani Daman
`
Society Registration No.	N.A
Property Tax	Details not available
Water Availability	Municipal water
Compliance to sanctioned Plans	Approved plans not made available for inspection
Valuation Method	Composite Rate
Valuation	Valuation as on 19.03.2013
Current fair market rate	Rs.3,500/- per sq. ft. on Salable built up area
Current fair market Value	Salable Built up area of Flat is 2050.0 Sq. Ft x Rs. 3,500/- = Rs. 7.175 Millions
Distress Sale Value	0.80 x Rs. 5.740 Millions Rs. 5.740 Millions
Basis for recommended rate	Market Enquiry, Location and Type of Construction etc.
Suggested sum assured for Fire Insurance cover	= Rs. 2.460 Millions
Reason for deviations if any	Registrar's rates are normal properties and they do not consider amenities.
Special Features that add to Value	Nil
Agreement	Sale Deed Dated: 31.08.2012
Remarks	Completed Building
Documents seen	Sale Deed
Registration Date	31.08.2012
Registration No.	2046/2012
Village	Kathira, Nani Daman
Receipt No.	2046/12 dtd.31.08.2012
Agreement between	Seller - M/s. Previlage Hospitality Private Limited Purchaser - Mrs. Priya Chandrahas Kotian. Mr. Chandrahas Babu Kotian.
Any Negative Features	No

Considering the location, condition, maintenance and use of the building, Fair Market Value of the property is considered at, Rs.7.175 Millions

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UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advances from Other Parties	4.355	0.470
Deposits Received	0.100	0.000
Total	4.455	0.470

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FIXED ASSETS:

· Plant and Machinery

· Cleaner Machine

· Electric Installation

· Weighing Scale

· Air Conditioner

· Fire Extinguisher

· Mobile Instrument

· Furniture and Fixture

· 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 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 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.54.10
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.