MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	PRIYA EXPORTS
Registered Office :	B/14, 3^rd Floor, Everest Building, 156 Tardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Year of Establishment :	2012
Capital Investment/ Paid-up Capital :	Rs.14.156 Millions
IEC No.:	0312071906
PAN No.: [Permanent Account No.]	AGAPG4611K
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader, Exporter and Importer of Fabrics, Agro Products and Finish steel Products.
No. of Employees :	9 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern started as on September, 2012. It is having a moderate track record. Mr. Sandip Gadekar, the Proprietor provided general information and confirmed that Mr. Gadekar, himself was handling the business activity as an individual entity till September 2012, after which he has registered his firm as a proprietary concern. The concern has shown a decent growth during its first six months of operations in F.Y. 2013. The ratings also take into consideration the nascent and small scale of operations and low net worth position of the company. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of strengths derived from the experienced proprietor along with financial support, the concern can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Proposed Long Term Bank Facilities: B
Rating Explanation	High Risk of default regarding timely servicing of financial obligations.
Date	30.07.2013

Rating Agency Name	CARE
Rating	Proposed short term bank facilities: A4
Rating Explanation	Minimal degree of safety and higher credit risk.
Date	30.07.2013

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. Sandip Srikrishna Gadekar
Designation :	Proprietor
Contact No.:	91-9819554666
Date :	07.10.2013

LOCATIONS

Registered Office :	B/14, 3^rd Floor, Everest Building, 156 Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23541354/ 53
Mobile No.:	91-9819554666 (Mr. Sandip Srikrishna Gadekar)
Fax No.:	91-22-23541354/ 53
E-Mail :	sandeep.priyaexports@gmail.com
Area :	500 sq. ft.
Location :	Leased

SOLE PROPRIETOR

Name :	Mr. Sandip Srikrishna Gadekar
Designation :	Proprietor
Address :	9/F, Room No.2, Moonlight Block, Kalina Kolivary Village, Santacruz (East), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	December, 1979
Qualification :	MBA/ Engineer
Experience :	10 years
PAN No.:	AAAFR2080B

KEY EXECUTIVES

Name :	Mr. Vikram Kansara
Designation :	Manager – Operations
Address :	A-403, Om Sidhivinayak C.H.S., Plot No.50, Sec. 2(A), Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	January, 1977
Qualification :	Graduate
Experience :	15 years

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Fabrics, Agro Products and Finish steel Products.
Exports :
Products :	· Fabrics · Soya Lecithin
Countries :	· Europe · Middle East · Europe
Imports :
Products :	· Fabrics · Finish Steel Products
Countries :	· China · Hongkong · Indonesia · Europe · UK · China · Ukraine · Russia

GENERAL INFORMATION

Suppliers :	· Addon Retails Private Limited · Body Trust · Chandralok Textile Industries Private Limited · Monza Impex · Shreeji Enterprises
Customers :	End Users · Cotton Green · Falguni Traders · Fancy corporation · Mynah Industries Limited · R N Textiles · Shreeji Art
No. of Employees :	9 (Approximately)
Bankers :	· Bank of Baroda 1246, Tardeo Branch, Everest Building, J D Road, Tardeo, Mumbai – 400034, Maharashtra, India · Canara Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Singhi Bikash and Associates Chartered Accountants
Tel No.:	91-9833152906
Name :	Nimesh Diyora and Associates Chartered Accountants
Address :	B -13, Chandanbala Apartment, Murar Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel No.:	91-22-25675032
Fax No.:	91-9920012081

CAPITAL STRUCTURE

PROPRIETOR’S CAPITAL ACCOUNT AS ON 31.03.2013

Distribution of Profit Name of Proprietor	Share	Amount (Rs. In Millions)
Mr. Sandeep Srikrishna Gadekar	100.00%	3.399
Total	100.00%	3.399

Particulars	Amount (Rs. In Millions)	Particulars	Amount (Rs. In Millions)
To Withdrawals	0.360	By Balance b/fd	11.117
To Balance C/fd	14.156	By Net Profit	3.399
Total	14.516	Total	14.516

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FINANCIAL DATA

[all figures are in Rupees Millions]

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

PRIYA EXPORTS

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		14.156
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		14.156
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		10.410
TOTAL BORROWING		10.410
DEFERRED TAX LIABILITIES		0.000
TOTAL		24.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.189
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	50.316
	Cash & Bank Balances	4.799
	Other Current Assets	0.000
	Loans & Advances	0.517
Total Current Assets		55.632
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	31.247
	Other Current Liabilities	0.008
	Provisions	0.000
Total Current Liabilities		31.255
Net Current Assets		24.377
MISCELLANEOUS EXPENSES		0.000
TOTAL		24.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	319.236
		Other Income	0.000
		TOTAL (A)	319.236
Less	EXPENSES
		Opening Stock	0.000
		Purchases	314.093
		Staff Cost	0.534
		Sales and Administrative Expenses	0.542
		Other Expenses	0.639
		TOTAL (B)	315.808
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.428
Less	FINANCIAL EXPENSES (D)		0.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.424
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.026
	NET PROFIT (E-F) (G)		3.398

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	1.06
Net Profit Margin (PBT/Sales)	(%)	1.06
Return on Total Assets (PBT/Total Assets}	(%)	6.09
Return on Investment (ROI) (PBT/Networth)		0.24
Debt Equity Ratio (Total Debt/Networth)		0.74
Current Ratio (Current Asset/Current Liability)		1.78

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	Yes
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 three years	Yes
12]	Profitability for last three 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	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered office of the company has been shifted from 9/F, Room No.2, Moonlight Block, Kalina Kolivary Village, Santacruz (East), Mumbai – 400029, Maharashtra, India, to the present address.

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MR. SANDEEP SRIKRISHNA GADEKAR

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		11.117	9.448
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11.117	9.448
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		11.117	9.448
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.185	0.213
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	1.125	1.274
	Other Current Assets	0.000	0.000
	Loans & Advances	9.882	8.032
Total Current Assets		11.007	9.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.075	0.050
	Other Current Liabilities	0.000	0.021
	Provisions	0.000	0.000
Total Current Liabilities		0.075	0.071
Net Current Assets		10.932	9.235
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		11.117	9.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000
		Commission Income	4.117	2.004
		Other Income	0.000	0.000
		TOTAL (A)	4.117	2.004
Less	EXPENSES
		Staff Cost	0.325	0.136
		Sales and Administrative Expenses	0.104	0.152
		Other Expenses	1.622	0.506
		TOTAL (B)	2.051	0.794
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.066	1.210
Less	FINANCIAL EXPENSES (D)		0.369	0.075
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.697	1.135
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.028	0.036
	NET PROFIT (E-F) (G)		1.669	1.099

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	40.54	54.84
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	14.91	11.54
Return on Investment (ROI) (PBT/Networth)		0.15	0.12
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		146.76	131.07

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CURRENT ASSETS AND LIABILITIES VELOCITY

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projections)
Current Assets
Receivables	45	42	40
Stock in Hand	80	85	80
Sundry Creditors	46	51	51
Net Operating Cycle	79	76	69
CALCULATION OF WORKING CAPITAL ON INVENTORY AND RECEIVABLE NORMS
Receivables	62.500	70.000	80.000
Stock in Hand	138.333	134.819	158.444
Other Current Assets	9.206	9.324	8.870
Total Current Assets	210.039	214.143	247.314
Less:
Sundry Creditors	3.411	3.129	3.907
Working Capital Requirement	206.628	211.015	243.408
CALCULATION OF DRAWING POWER ON THE BASIS OF PROJECTIONS FOR THE YEAR ENDED
Drawing Power Against Stock	31.03.2014	31.03.2015	31.03.2016
Value of Stocks	138.333	134.819	158.444
Less: Creditors	80.158	80.566	100.601
Net Paid Stock	58.176	54.254	57.843
Less: Margin 25%	14.544	13.563	14.461
Drawing Power (A)	43.632	40.690	43.382
Drawing Power Against Book Debts
Value of Book – Debts	62.500	70.000	80.000
Less: Margin 40%	25.000	28.000	32.000
Drawing Power (B)	37.500	42.000	48.000
Drawing Power (A+B)	81.132	82.690	91.382
CALCULATION OF ILC/ FLC/ LIMIT
Purchases under ILC/ FLC	311.250	314.050	392.150
Period	90.00	90.00	90.00
Lead Period for Document receiving	10.00	10.00	10.00
Rotation	3.65	3.65	3.65
Eligibility	85.274	86.041	107.438
Requirement	80.000	80.000	80.000
CALCULATION OF CREDITORS UNDER ILC/ FLC
Purchases Under ILC/ FLC	311.250	314.050	392.150
Usance	9.000	9.000	9.000
Creditors Under ILC/ FLC	76.747	77.437	96.695

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BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projections)
CURRENT LIABILITIES
Borrowings from Banks
Existing Bank -
Applicant Bank (Proposed)
Cash Credit	70.000	70.000	70.000
Sub Total (A)	70.000	70.000	70.000
Advance from Customers	--	--	--
Sundry Creditors	3.411	3.129	3.907
Creditors under ILC/ FLC	76.747	77.437	96.695
Other Current Liabilities & Provisions due within One year	0.500	0.700	1.000
Secured Loans due within one year	--	--	--
Total	80.658	81.266	101.601
TOTAL CURRENT LIABILITIES	150.658	151.266	171.601
TERM LIABILITIES
Term Loan (Exclusive of Installments payable within one year)	--	--	--
Unsecured Loans	30.000	25.000	25.000
Car Loan	--	--	--
Sub Total	30.000	25.000	25.000
TOTAL OUTSIDE LIABILITIES (A+B+C)	180.658	176.266	196.601
NET WORTH
Proprietor’s Capital	30.701	39.180	52.004
TOTAL NET WORTH	30.701	39.180	52.004
TOTAL LIABILITIES	211.359	215.446	248.605
CURRENT ASSETS
Cash and Bank balance	9.206	9.324	8.870
Receivables	62.500	70.000	80.000
Stock in Hand	138.333	134.819	158.444
Loan and Advances	1.000	1.000	1.000
Other Current Assets	0.150	0.150	0.150
TOTAL CURRENT ASSETS	211.189	215.293	248.464
FIXED ASEETS
Gross Block w.d.v. 1^st April	0.189	0.169	0.152
Addition	--	--	--
Sale	--	--	--
Depreciation for the year	0.020	0.017	0.011
Net Block w.d.v. 31^st March	0.169	0.152	0.141
OTHER NON CURRENT ASSETS
Investment	--	--	--
Non Consumable stores and Spares	--	--	--
TOTAL OTHER NON CURRENT ASSETS	--	--	--
Intangible Assets	--	--	--
TOTAL ASSETS	211.358	215.445	248.605
Tangible Net Worth	30.701	39.180	52.004
Net Working Capital	60.532	64.028	76.863
Current Ratio	1.40	1.42	1.45
Debt Equity Ratio	0.98	0.64	0.48
TOL/TNW	5.88	4.50	3.78
TOL/ TNW – Quasi	2.98	2.75	2.55
Debt Equity Ratio – Quasi	0.49	0.39	0.32

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projections)
1 Total current Assets	211.189	215.293	248.464
2 Current Liabilities	80.658	81.266	101.601
[Other than bank borrowings]
3 Working capital gap [WCG] (1-2)	130.532	134.028	146.863
4 Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables	52.797	53.823	62.116
Actual / Projected Net Working Capital	60.532	64.028	76.863
Item 3 minus items 4	77.734	80.204	84.747
Item 3 minus items 5	70.000	70.000	70.000
Maximum Permissible Bank Finance (Item 6 or 7 Whichever is lower)	70.000	70.000	70.000

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OPERATING STATEMENT

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	(Estimated)	(Projections)
Sales/ Receipts	500.000	600.000	720.000
Other Income	0.507	0.760	0.760
Sub Total	500.507	600.760	720.760
Cost of Sales
Purchases	622.500	571.000	713.000
Direct Expenses	--	--	--
Cost of Production	622.500	571.000	713.000
Add: Opening stock	--	138.333	134.819
Sub Total	622.500	709.333	847.819
Less: Closing Stock	138.333	134.819	158.444
Sub Total: Cost of Sales	484.167	574.514	689.375
Selling and Administrative expenses	3.000	3.500	4.000
Sub Total	487.167	578.014	693.375
Operating Profit before Interests	13.340	22.746	27.385
Bank Interests	6.275	12.550	12.550
Depreciation	0.20	0.017	0.011
Operating Profit After Interests Before Tax	7.045	10.179	14.824
Provision for Income tax	0.500	0.700	1.000
Retained Profit	6.545	9.479	13.824
Net Profit % of Sales	1.31	1.58	1.92
Interests services Coverage Ratio	2.05	1.76	2.10

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VALUATION REPORT

Purpose of Valuation	Loan Purpose of Central Bank of India
Visit Date, Time and Mobile No.:	19/08/2013
Person/s accompanying/available at the site at the time of visit/inspection/valuation :	Mr. Nilesh Shah (Director)
Name and address of the Owner :	Amazing Deal Property Developers Private Limited Mr. Nilesh Anoopchand Shah (Director) The said property is : Commercial premises, Godown No. 1, Ground Floor, Dwarka Ashish Building, Situated at 6/8, Jambhulwadi, Kalbadevi Road, Near Metro Theatre, Mumbai-400002.
Title to property :	Jambhulwadi, Kalbadevi Road
Location, Street, Ward No. :	CTS No. 12
Since how long owing the property	1960
Whether Joint/ Co-Ownership/ Other	Private Limited Company
Whether assessed to wealth tax if so wealth tax paid	No
Corporation tax paid	Yes
Agreement of Easement if any and is attach copies	No
THE MARKET VALUE RS. 84.015 MILLIONS
The realizable value of the above property is :	Rs.63.011 Millions
The distressed sale value of the above property is :	Rs.47.258 Millions
Location advantages/disadvantages :	Commercial Area
Classification of locality higher class/middle class/poor class :	Middle Class
Boundaries of the property :	Godown No. 1 (Ground Floor)
East :	2/4 Hindustan Building
West :	10/12 Narayan Niwas Building
South :	Road
North :	Side Margin
Proximity to surface communication :	Way from the property
Distance from the City/Municipal Limits :	Under Brihanmumbai Mahanagarpalika
If the property is not within the City/Town/Municipal Limits then state the distance of the property from the :	Under Brihanmumbai Mahanagarpalika
Municipal Office :	Yes
Municipal Limits	Under Brihanmumbai Mahanagarpalika
Disadvantages if any to be specified :	No
TITLE TO PROPERTY :
Whether Freehold :	Freehold
TYPE OF THE PROPERTY – WHETHER
Agricultural	--
Industrial	Commercial Area
Residential [Flat / Apartment]	--
Other [Specify]	--
WHAT IS THE :
Year of acquisition/purchase of land :	1960
Building Life :	Building Age: 53 Years. Building Future Life: 7 Years Only
Value/purchase price paid :	--
Number of Floors/Stories :	Ground + 4^th Upper Floors
Year of completion and commencement :	Building Construction Year: 1960
Cost of Construction :	--
Valuer’s opinion regarding the present condition/state of building :	Good for commercial locality. Princess Street Road Front Commercial Building
Area of land to be supported by a map showing shape, dimensions and physical features :	As per Plan
Area of building/constructed portion (state separately for factory, admin, building, staff quarters, etc)	Carpet Area: Godown No. 1: 1867.00 Sq. Ft. (Ground Floor)
Type/class of construction :	R.C.C. Foundation and Structure
Whether the property is Residential Flat/Apartment is so, then state :	N.A
When the building was constructed :	1960
If the property is of the commercial type-state :	Commercial Area
For what purpose the same is well suited (Office purpose/Business, etc.) :	Amazing Deal Developers Private Limited

Sr. No.:	Particular	Carpet Area	Rate Per Sq. Ft.	Market Value
1.	Godown No. 1 (Ground Floor)	1867.00 Sq. Ft.	Rs.45000/-	Rs.84.015 Millions
TOTAL				Rs.84.015 Millions

NOTES:

• The structure of building is old. But present building is total Renewal Condition.
• Internal and External Plaster, POP, Flooring and Finishing etc. Work Completed.
• Building Commencement Certificate, Completion Certificate and Building Plan is Not Available.
• Building Construction Year: 1960. Building Construction is 53 Years Old.
• Building Future Life is Only 7 years.

1. Building Renewal Permission on Municipal Corporation of Greater Mumbai.
2. Commencement, Completion and Building Plan.

BASIS OF PRESENT VALUATION FOR FLAT :	MARKET VALUE OF RS.84.015 MILLIONS
Present depreciated value :	Rs.42.007 Millions
Market Value :	Rs.84.015 Millions
Rate Adopted :	Rs.45000/- per sq. ft. for ground floor commercial godown built up area rate.
Based for rate adopted :	Rs.45000 to Rs.46000/- per sq. ft. (As per market rate and local enquiry)
Whether the adopted rates are commensurate with the rates adopted by the registrar’s office? In case of wide :	Yes
Whether the adopted rates have any relationship with those adopted by the IT Department :	Yes
Whether the rates are based on prevalent rates in the area, if so, the basis for accepting the same :	By making Brihanmumbai Mahanagarpalika
Total Market Value :	Rs.84.015 Millions
In case the bank were to sell the property what would be the approx. realizable value (forced sale value )	Rs.63.011 Millions
Sources in information for arriving at the forced sale value :	By making local enquiries and personal judgment

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VALUATION REPORT

Party :	Mr. Sandeep Srikrishna Gadekar Survey No. 472, Village Ravale Tal. Patan, District Satara Maharashtra
Property :	Land at Survey No. 472, Village Ravale Tal. Patan, District Satara Maharashtra
References Date :	6^th July 2013
Valuer :	Bhide Associates Office No. 9, Ground Floor, Green Field Co-operative Housing Society, R.A. Raikar Marg, Off Sitaladevi Temple, Mahim (West), Mumbai-400016
Purpose of Valuation :	To ascertain the present market value of land
Date of visit :	7^th July, 2013, Inspected by Mr. Jitendra Naik
Person/s :
Accompanying/available at the site at the time of visit/inspection/valuation :	Mr. Sandeep S. Gadekar
Complete address of the property (Door No., Street/Cross Road, Survey No. etc.) :	Survey No. 472, Village Ravale Tal. Patan, District Satara, Maharashtra, India
Boundaries :	East Side: Ravale Village West Side: Open Land North Side: open Land South Side: Road
TITLE TO THE PROPERTY:
Name and Address of the Proposed Owner :	Mr. Sandeep Srikrishna Gadekar Survey No. 472, Village Ravale Tal. Patan, District Satara, Maharashtra, India
Since how long owning the property :	Agreement dated 29/12/2009
Whether joint/co-ownership/others (specify) :	Ownership
In case of joint ownership please furnish shares of each owner and also whether the shares are undivided?	100%
Location advantages / disadvantages :	This property 58 to 60 KMS from Karad Railway Station
Classification of locality : Higher Class/Middle Class/Poor Class	Middle Class
Civic Amenities :	All facilities are nearby
Proximity to surface communication :	By Auto, Train and Bus
Distance From the City / Municipal Limits :	58 to 60 KMS from Karad Railway Station
If the property is not within The City/Town/Municipal Limits, Then State The Distance of the Property From The : ` a) Municipal Office : b) Municipal Limits :	Within limits of Gram Panchayat Ravale
TITLE TO PROPERTY :
Whether freehold : If not freehold, what is the unexpired period of the lease? If leasehold, name of the Lessor/Lessee, Nature of Lease, DT. Of Commencement and Terms of Renewal of Lease : Rent per annum : Unearned increase payable to the lessor in the event of sale or transfer :	Freehold
Type of the property whether a) Agricultural : No b) Industrial : No	Plot of land
WHAT IS THE :
Present written down value :	Rs.104.480 Millions
Service items available (List of all the items to be provided such as lifts, Borewell, Pump, Embedded, Motors, DG Set, Water Supply, Sanitary Disposal Systems, Canteen, Stores etc.) :	Water Supply, Electricity Supply, etc.
Whether the property is self occupied or tenanted/let out, if tenanted/let out :	Owner Occupied
Present depreciated value (As Above) (Under Point No. 9) :	Rs.104.480 Millions
Market Value :	Rs.104.480 Millions
Basis for adopted rates :	Based on enquiries with estate agents and other sources considering various features and available.
Whether the adopted rates are commensurate with the rates adopted by the registrar’s office? In case of wide variation, please specify reasons :	Registrar rates are low
In case, the bank were to sell the property, what would be the approximately realizable value (forced sale value) :	Realizable sale value Rs.94.032 Millions
Sources of information for arriving at he forced sale value :	They consider 85% value for near locations and 75% value for distant locations. Hence 80% value is a reasonable average.

FACTORS CONSIDERED IN VALUATION

1. Economic, General, Regional and Local

Following factors were given due consideration

1. State of economy
2. Population structure
3. Average wages
4. Principal employment
5. State of local industry
6. Level of unemployment
7. Town and regional growth prospects
8. Transportation – existing and planned
9. Current planning prospects
10. Building societies, saving banks and general level of the investment in the town and region
11. Position of town in regional hierarchy

2. Fair Market Value

The market value obtained in this report is defined below

Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably and with compulsion. (As defined by the international valuation standards committee London) thus, the characteristics of market value are

• It is a free will sale
• It is an estimated amount and not a predetermined or an actual sale price
• It is time-specific as on the given date
• It depends on purpose of valuation
• Buyer and seller are actuated by business principles. They are unrelated and are acting independently.
• Assets would be exposed to the market in the most appropriate manner to effect its disposal at the best price possible.

ASSUMPTIONS AND CONDITIONS

• They have not examined the title of the property valued.
• Legal description of the subject property/asset furnished by the owner party interest in valuation is believed to be reliable.
• The presence of hidden or unapparent conditions of the property assets has not been considered. No responsibility is assumed for inadequacy of engineering designs or sub-soil conditions etc.

3. There is various method of valuation of immovable properties. The method of valuation depends on the type of property and purpose of valuation. The values of real estate properties are ascertained by following method

Ø Land and Building Method

Ø Capitalization Method

Ø Direct Market Comparison Method

Ø Development Potential Method (Profit or Income Approach Method)

LAND AND BUILDING METHOD

The method is utilized for those properties which cannot be compared with other properties situation in the vicinity of the subject property such as School or Institutional Building, Religious or Historical Building, Hospital Building, etc. and other methods of valuation cannot be applied to them because of their specialized nature and user. The value is ascertained by following steps:

• Value of land by considering all positive and negative factors of it.
• Estimating the current depreciated cost of the structures, improvements and plot development on the said land by deducting the depreciation amount as per their age from its replacement cost.
• Summing of land value and depreciated replacement cost of the structures improvements and plot development of the land gives the market value of the property.

RENT CAPITALIZATION METHOD

This is a rental method of valuation which is adopted when the value of the property is to be ascertained which is given on rental basis. In this method value are derived on the basis of capitalizing the gross annual rent received by current annual rate of return of that type of property.

DIRECT MARKET COMPARISON METHOD

This method is applicable to those properties which are and its type are regularly and frequently sold and brought in the open market. The value is ascertained by comparing the subject property with similar type of property which have been recently sold in the open market. This method is most preferred and widely used method as it gives a realistic value of the property. While company the properties various factors such as Age, Size, Shape, Quality and type of construction, Building Features, Conditions, Design and % saleable area is given due consideration.

DEVELOPMENT POTENTIAL METHOD

This is income/profit approach method and this method is applicable to those properties which are in the nature of investment. The properties which are not fully developed (FSI not fully utilized) and those can yield more profit or income after improvement or redevelopment of it are valued by this method in order to ascertain the realistic value of the property. All investments are intended, to general income or so to say profit. The valuation consists of ascertaining the present worth of future benefits. The income approach should being with analysis of the present income and series of projected income in the future.

REALIZABLE VALUE OF THE PROPERTY

The value realizable by the bank is generally less than the market value because of various facts such as mode of payment (strictly by cheque), limitations of effective marketing, costs involved in the process of the sale etc. The percentage variation between RV and MV depends on various factors such as urban or rural property, user and location of the property etc. in their opinion, considering characteristic of the ‘Subject Property’ under valuation they considered reduction factor of 10% will be appropriate. They are therefore, discounting 10% in this case.

DOCUMENT REFERRED

Mr. Sunil Daltatray Jadhav and Mr. Sandeep Srikrishna Gadekar Dated 29/12/2009.

LOCATION

This property is 58 to 60 KMS from Karad Railway Station

PROPERTY BOUNDARIES:

• East Side: Ravale Village
• West Side: Open Land
• North Side: Open Land
• South Side: Road

PLOT AREA

26.12 Acres as per memorandum of understanding dated 26^th December, 2009

VALUATION OF LAND

These plots are near Koyna Dam and are in Ravale Village Plots are on Hill Side.

It is a pollution free zone with cool fresh air for quiet life. There are open spaces and lush greenery all around.

LAND

While deciding the value of the land due regard is given to the following factors:

• Situation
• Size and Topography of Land
• User of Land for Industrial, Residential or Commercial Purpose
• Statutory Provisions Governing Land Usage
• Types of Tenure, I.E. Freehold or Leasehold
• Availability of Infrastructure and Civil Amenities.
• Balance Potential

Enquiries on internet show a rate of Rs.39 Lakhs to Rs.40 Lakhs per acre.

The prevailing market rate in this are varies from Rs.40 Lakhs to Rs.42 Lakhs per acre.

They will adopt a rate of Rs.40 Lakhs / Acre.

Valuation :	Rs.4000000 X 26.12 Acres Rs. 104.480 Millions
Market Value :	Rs. 104.480 Millions
Realizable Sale Value :	Rs.94.032 Millions
Distress Sale Value :	Rs.83.584 Millions

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TRADE REFERENCE:

· Monza Impex

· Foods and Feeds

· Perfect Soya Protein Concentrates Private Limited

· Oceanmint Multi Trading Private Limited

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FIXED ASSETS:

· Computer

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.68

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT/TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.