MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	RAVI RICE MILLS
Registered Office :	Village Dhoul Kalan, Tehsil Payal, District Ludhiana – 141117, Punjab
Country :	India
Financials (as on) :	31.03.2013
Year of Establishment :	2003
Capital Investment / Paid-up Capital :	Rs.5.020 Millions
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer, Exporter and Trader of Rice.
No. of Employees :	25 (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 proprietory concern having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern can be considered normal 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 – 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.

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. Dharminder Singh
Designation :	Proprietor
Contact No.:	91-9915200040
Date :	11.10.2013

LOCATIONS

Registered Office/ Factory :	Village Dhoul Kalan, Tehsil Payal, District Ludhiana – 141117, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-9915200040 (Mr. Dharminder Singh)
Fax No.:	Not Available
E-Mail :	preetsony82@yahoo.com

SOLE PROPRIETOR

Name :	Mr. Dharminder Singh
Designation :	Proprietor
Address :	Ludhiana, Punjab, India

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Rice.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :	· Guru Nanak Mill Store · Mittal Convincing and Commission Agent · Sehaj Trading Company
Customers :	Wholesalers and OEM”s · Punsup · Food Corporation of India · Pungrain
No. of Employees :	25 (Approximately)
Bankers :	· Punjab National Bank Ludhiana, Punjab, India · Indian Overseas Bank Ludhiana, Punjab, India · Bank of India Ludhiana, Punjab, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Sahi Associates Chartered Accountants
Address :	1^st Floor, Near Improvement trust Building, G. T. Road, Khanna – 141401, Punjab, India
Mobile No.:	91-9815536372
Tel No.:	91-1628-226372
Fax No.:	91-1628-502972
PAN No.:	hukmindersahi@hotmail.com

CAPITAL STRUCTURE

PROPRIETOR'S CAPITAL

Particulars	AS ON 31.03.2013 (Rs. In Millions)
Mr. Dharminder Singh	5.020
Total	5.020

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

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.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		5.020	7.214	7.011
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.020	7.214	7.011
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.600	1.719	1.719
TOTAL BORROWING		2.600	1.719	1.719
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.620	8.933	8.730
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.168	1.336	1.530
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
SECURITY DEPOSITS		0.082	0.082	0.082
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.729	7.269	5.131
	Sundry Debtors	2.602	1.954	2.621
	Cash & Bank Balances	0.513	0.676	0.863
	Other Current Assets	0.417	0.053	0.017
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		7.261	9.952	8.632
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.685	2.199	1.141
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.206	0.238	0.373
Total Current Liabilities		0.891	2.437	1.514
Net Current Assets		6.370	7.515	7.118
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.620	8.933	8.730

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	16.916	2.002	10.658
		Shelling Charges	0.272	0.610	0.575
		Other Income	0.000	0.000	0.000
		TOTAL (A)	17.188	2.612	11.233
Less	EXPENSES
		Cost of Goods Sold	13.339	(1.158)	7.125
		Manufacturing Expenses	1.601	2.116	2.301
		Employee Remuneration etc.	0.594	0.123	0.063
		Administrative, General and Selling Expenses	0.478	0.645	0.640
		Payment to Partners	0.000	0.633	0.769
		TOTAL (B)	16.012	2.359	10.898
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.176	0.253	0.335
Less	FINANCIAL EXPENSES (D)		0.458	0.004	0.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.718	0.249	0.329
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.176	0.200	0.230
	NET PROFIT (E-F) (G)		0.542	0.049	0.099

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.15	1.88	0.88
Net Profit Margin (PBT/Sales)	(%)	3.20	2.45	0.93
Return on Total Assets (PBT/Total Assets}	(%)	6.43	0.43	0.97
Return on Investment (ROI) (PBT/Networth)		0.11	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		0.52	0.24	0.25
Current Ratio (Current Asset/Current Liability)		8.15	4.08	5.70

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	No
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	No
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	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	No
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	No

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

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Tejinder Singh	0.405	0.362
Gurmail Singh	0.235	0.210
Surjit Singh	1.284	1.147
Ravinder Singh	0.676	0.000
Total	2.600	1.719

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

ASSESSMENT OF CAPITAL WORKING REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS		31.03.2014	31.03.2015
		(Projected)	(Projected)
1	Gross Sales	62.500	70.000
2	Job Work Charges	0.500	0.750
3	Total Income	63.000	70.750
4	COST OF SALE
	I. Raw Materials	56.000	60.000
	(Including stores and other items used in the process of Manufacture)
	ii. Packing Material	2.000	2.200
	iii. Power and Fuel	1.600	1.800
	iv. Direct Labour	1.000	1.100
	v. Repair & Maintenance	0.400	0.450
	vi, Other Manufacturing Expenses	1.000	1.150
	vii. Depreciation	0.160	0.150
	viii. Sub-total (I + VII)	62.160	66.850
	ix. Add : Opening Stock in Process	0.000	0.000
	x. Sub-total (VIII + IX)	62.160	66.850
	xi. Deduct : Closing Stock in Process	0.000	0.000
	xii. Sub-total (X + XI)	62.160	66.850
	xiii. Add: Opening Stock of Finished goods	3.492	7.000
	xiv. Sub-total (XII + XIII)	65.652	73.850
	xv. Add purchases	0.000	0.000
	xvi. Deduct : Closing Stock of finished goods	7.000	8.000
	xvii Sub-total (Total Cost of Sales)	58.652	65.850
5	Gross Profit (Item 3-4)	4.348	4.900
		6.90%	6.93%
6	Interest	1.500	1.500
7	Selling General and Administrative and General Expenses	1.800	2.000
8	Sub-Total (Item 6+7)	3.300	3.500
9	Partner's Salary & Interest	0.000	0.000
10	Profit Before Tax (5-8-9)	1.048	1.400
11	Provision For Taxes	0.122	0.227
12	Profit After Tax/Loss (9-10)	0.926	1.173
13	Drawings	0.000	0.000
14	Retain Earning (11-12)	0.926	1.173

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	(Projected)	(Projected)
CURRENT LIABILITIES
1. Short term Borrowing from Banks
i. from applicant bank	12.500	12.500
ii. from other bank	0.000	0.000
SUB-TOTAL (A)	12.500	12.500
2. Short Term Borrowing from others	0.000	0.000
3. Deposits (maturing within one year)	0.000	0.000
4. Sundry creditors (Trade)	3.000	3.500
5. Unsecured loans	0.000	0.000
6. Advances/progress payments from customers/ deposits dealers selling agents etc.	0.000	0.000
7. Interest and other charge accrued but not due for payment	0.000	0.000
8. Provisions for taxation	0.000	0.000
9. Dividend payables	0.000	0.000
10. Other statutory liabilities (due within one year)	0.000	0.000
11. Installments of term loan deferred payment credits/debentures redeemable preference share (due within one year)	0.000	0.000
12. Other current liabilities and provisions (due one year) (major items to be specified individually).	0.500	0.600
Sub-total (B)	3.500	4.100
13. TOTAL CURRENT LIABILITIES (TOTAL OF ITEMS 1 TO 12 )	16.000	16.600
TERM LIABILITIES
14. Debentures (not maturing within one year)	0.000	0.000
15. Redeemable preference shares not maturing within one year but of maturity not exceeding 12 years)	0.000	0.000
16. Term loans (exclusive of installments payable within one year)	0.000	0.000
17. Deferred payments credits (exclusive of installments payable within one year)	0.000	0.000
18. Term deposits (repayable after one year)	20600	2.600
19. Other term liabilities	0.000	0.000
20. TOTAL TERM LIABILITIES (TOTAL OF ITEMS 14 to 19)	2.600	2.600
21. TOTAL OUTSIDE LIABILITIES (ITEM 13 PLUS ITEM 20)	18.600	19.200
NET WORTH
22. Ordinary share capital	5.020	5.946
23. Capital intro.	0.000	0.000
24. General reserve	0.000	0.000
25. Development rebate reserve	0.000	0.000
26. Other reserve (excluding provisions)	0.000	0.000
27. Surplus (+) or deficit (-) in profit & Loss account	0.926	1.173
28. NET WORTH (TOTAL OF ITEMS 22 TO 27)	5.946	7.119
29. TOTAL LIABILITIES (ITEM 21 PLUS ITEM 28)	24.546	26.319
CURRENT ASSETS	0.000	0.000
30. Cash & Bank Balances	0.686	0.099
31. Investments (other than long term investments e.g. sinking fund gratuity fund, etc.)
i. Government and other trustee securities	0.000	0.000
ii. Fixed deposits with banks	0.000	0.000
32. Receivables	6.000	6.500
33. Installments of deferred receivable due within one year)	0.000	0.000
34. Inventory :	9.000	10.000
i. Raw material (including stores and other items used in the process of manufacture)
ii. Stocks-in-process	0.000	0.000
iii. Finished Goods	7.000	8.000
iv. Other consumables spares	0.700	0.700
35. Advance to suppliers of raw material and stores spares consumable	0.000	0.000
36. Advance payment to taxes	0.000	0.000
37. Other current assets (Major items to be specified individually)	0.070	0.080
38. TOTAL CURRENT ASSETS (TOTAL OF ITEMS 30 TO 37)	23.456	25.379
FIXED ASSETS
39. Gross block (land and building machinery, construction in progress, etc.)	1.344	1.344
40. Depreciation to Date	0.336	0.486
41. Net Block (Item 39 minus item 40)	1.008	0.858
OTHER NON CURRENT ASSETS
42. Investments/book debts/advances deposits. Which are not current assets
i. a) Investments in subsidiary companies/affiliate;	0.000	0.000
b) Others	0.082	0.082
ii. Advances to suppliers of capital goods/spares and contractors for capital expenditure	0.000	0.000
iii. Deferred receivable (other than those maturing within one year)	0.000	0.000
iv. Others	0.000	0.000
43. Non-consumable stores and spares	0.000	0.000
44. Other miscellaneous assets including due from directors.	0.000	0.000
45. Total other non-current assets (Total of items 42 to 44)	0.082	0.082
46. Intangible assets (patents, goodwill preliminary and formation expenses bad/doubtful debts not provided for etc.)	0.000	0.000
47. TOTAL ASSETS (TOTAL OF ITEMS 38, 41, 45 AND 46)	24.546	26.319
48. TANGIBLE NET WORTH (ITEM 28 MINUS ITEM 46)	5.946	7.119
49. NET WORKING CAPITAL (ITEM 38 MINUS ITEM 13)	7.456	8.779
50. CURRENT RATION (ITEM 38/13)	1.47	1.53

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

POSITION REGARDING CURRENT ASSETS AND LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	(Projected)	(Projected)
1. CURRENT ASSETS
i. Raw Material (Including stores and others used in manufacturing process	9.000	10.000
(Months of consumption) (In days)	59	61
ii. Other consumables spares etc.	0.700	0.700
iii. Stock in process	0.000	0.000
iv. Finished goods stock	7.000	8.000
(Days of cost of sales)	41	42
v. Receivables	6.000	6.500
(Days of sales)	35	34
vi. Advance to suppliers of raw material and stores/ spares, consumables etc. & adv. Tax	0.000	0.000
vii. Other current assets including cash & bank balance and deferred receivables due within one year	0.756	0.179
.
Total current assets to agree with item 38 in form III	23.456	25.379
2. CURRENT LIABILITIES
(Other than bank borrowing for working capital)
i. Creditors for purchase of raw material, stores etc	3.000	3.500
(Days of Raw Material consumed)	20	21
ii. Advance from customers	0.000	0.000
iii. Accrued expenses	0.000	0.000
iv. Other current liabilities	0.000	0.000
v. Other current liabilities and provisions (due one year) (major items to be specified individually).	0.500	0.600
Sub-total (To agree with the sub total B in form III)	3.500	4.100
3. WORKING CAPITAL GAP (1-2)	19.956	21.279
4. ACTUAL/PROJECTED BANK BORROWING For working capital including bills purchased & discounted and excess borrowing placed on repayment basis. ( To agree with sub-total (A) in form III)	12.500	12.500
5. TOTAL CURRENT LIABILITIES (2+4) (To agree with item 13 in form III)	16.000	16.600
6. NET WORKING CAPITAL (1-5) (To agree with item 49 in form III)	7.456	8.779

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	(Projected)	(Projected)
1ST METHOD OF LANDING
1. Working capital gap (Item 3 of part B)	19.956	21.279
2. Minimum stipulated net working capital (25% of item 1)	4.989	5.320
3. Actual/ projected net working capital (Item 6 of Part B)	7.456	8.779
4. Item 1 minus item 2	14.967	15.959
5. Item 1 minus item 3	12.500	12.500
6. Maximum permissible bank finance (Item 4 or 5 whichever is lower)	12.500	12.500
7. Excess borrowing (Representing short in net working capital) to be converted in working capital term loan (item 2 minus item 3)	0.000	0.000
2ND METHOD OF LANDING
8. Working capital gap (Item 3 of part B)	19.956	21.279
9. Minimum stipulated net working capital (25% of current assets i.e. item 1 of part B)	5.864	6.345
10 Actual/ projected net working capital (Item 6 of Part B)	7.456	8.779
11. Item 8 minus item 9	14.092	14.934
12. Item 8 minus item 10	12.500	12.500
13. Maximum permissible bank finance (Item 11 or 12 whichever is lower)	12.500	12.500
14. Excess borrowing (Representing short in net working capital) to be converted in working capital term loan (item 2 minus item 3)	0.000	0.000

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

STATEMENT OF ASSETS AND LIABILITIES

MR. DHARMINDER SINGH S/O MR. GURMAIL SINGH

(RS. IN MILLIONS)

LIABILITIES	AMOUNT	ASSETS	AMOUNT
Net Worth		Property(Market Value)	--
Mr. Dharminder Singh	30.533	Rice Sheller (16 Kanal 18 Maria) (Situated at Dhoul Kalan Road)	20.003
		Residential House (1 Kanal 5 Maria) (Situated at Dhoul Kalan Road)	6.000
		Investment Capital In Ravi Rice Mill (as on 31-03-2013)	4.530
TOTAL	30.533	TOTAL	30.533

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

VALUATION REPORT OF IMMOVABLE PROPERTY

Assessment of fair market value of the immoveable property comprising of rice mill (Ravi Rice Mills) situated at Vill. Dhaul Kalan, Sub Teh. Mallaud, Teh. Payal, District Ludhiana owned by Mr. Dharminder Singh S/o Sh. Gurmail Singh was inspected on June 29, 2013 required for the purpose of submitting in Bank of India, Mallaud as on current date.

A] Fair market value of the property		Rs.20.003 Millions
B] Realizable value of the property		Rs.17.003 Millions
C] Forced/distress sale value of the property		Rs.14.002 Millions
D] Government Registration value of the property
- Construction	Rs.9.018 Millions
- Value of Plot (16.90 Kanal @ Rs.1,18,800/- per Kanal)	Rs.2.008 Millions
Total		Rs.11.026 Millions

GENERAL INFORMATION

Purpose for which valuation is made.	Fair Market Value
Date as on valuation is made	July 01, 2013
Name /Names of the owner /owners	Mr. Dharminder Singh S/o Mr. Gurmail Singh
If the property is under joint ownership /co-ownership share of each such owner. Are the share undivided?	Self Ownership
Brief description of the property	Rice Mill (Ravi Rice Mills)
Location .street ward no.	Village Dhaul Kalan, Sub The. Mallaud,
Survey/plot no. of land	The. Payal, District Ludhiana
Is the property situated in residential/commercial/mixed area/industrial area.	Mixed Class
Classification of locality-high class/middle class/poor class.	Middle Class
Proximity of civic amenities, like school, hospital, office, Available market cinema etc	Available
Means and proximity to surface communication by which the locality is served	By Road
LAND
Area of land supported by documentary proof, shape dimensions and physical feature	16.90 Kanal (16 Kanal 18 Marla Or 10224.50 Sq. Yds.) 11159.36 sq. yds
Name (s) Roads, street or lanes on which the land is abutting	Dhaul Kalan Road
Is it free hold or lease-hold land?	Freehold
If lease-hold the name of leasor/ leases, nature of lease, dates commencement and termination of lease and term of renewal of lease.	Not Applicable (Freehold)
Does the land fall in an area included in any town planning No scheme or any development plan of government or any statutory body? if so, give particulars	No
IMPROVEMENTS
Is the building owner occupied/tenanted/both?	Owned Occupied
If party owner occupied, specify portion and extent of area under owner occupation.	Whole Property
What is the Floor Space Index Permissible and percentage actually utilized?	Not Applicable (Out of M.C. Limits)
SALES
Give instances of sales of immovable property in the locality on separate sheet indicating the name and address of the property, registration no. sale price and area of land sold?	No instances of sale available
Land rate adopted in the valuation	Rs.6,50,000/- Per Kanal
If sale instance are not available or not relied upon the basis of arriving at the land rate.	The fair market value is assessed from market quarried and other relevant.
COST OF CONSTRUCTION
Year of commencement of construction and year of Completion	2006
What was the method of construction by contract /by employing labour directly / both?	By Employing Labour Directly
For items of works done on contract, produce copies of agreements.	Not Applicable
For items of works done by engaging labour directly give basic rates of materials and labour supported by documentary proof	Estimated through rates for the covered areas are applied.

Valuation certificate ascertaining the fair market value of the immoveable property comprising of Rice Mills (Ravi Rice Mills) belonging to Mr. Dharminder Singh S/o Mr. Gurmail Singh situated at vill. Dhaul Kalan, Sub Teh. Mallaud, Teh. Payal, District Ludhiana as on current date required to be submitted to Bank of India, Mallaud for the purpose of Fair Market Value.

LOCATION:-

The property under question is located at Village Dhaul Kalan, Sub Teh. Mallaud, Teh. Payal, District Ludhiana. It is a mixed locality and facilities like Pacca Roads, School and Hospital are all available in its vicinity. This locality is out of M.C. Limits.

THE GEOGRAPHICAL ADDRESS OF PROPERTY ON WORLD MAP

Latitude-30"40'28.09"N Longitude - 75°56'56.48" E

PHYSICAL IDENTIFICATION

The property has been identified as under:

As per site

East - Harman Agro (302’2-0” + CURVE INSIDE 83’-0’+85’-0”)

West - Owner's Land (387’-0”)

North - Road (277’-9”)

South - Agriculture Land (196’-9”)

The relation of physical existence of property with documents provided is ascertained as above and incase of doubt of discrepancy, this report shall not be relied upon

A) VALUATION

VALUATION OF CONSTRUCTION SCHEDULE OF COVERED AREAS

GROUND FLOOR
TRANSFORMER ROOM Specification same as mentioned in the description of construction. 18 -3" x 9'-9" - 177.93 sq ft. 177.93 sq ft. @ Rs.550/-per sq ft.	Rs.0.098 Million
OFFICE BLOCK Specification same as mentioned in the description of construction. Approx. covered area - 925.00 sq ft. 925.00 sq ft. @ Rs.850/-per sq ft.	Rs.0.786 Million
GENERATOR ROOM Specification same as mentioned the description of construction. 5'-9" x 9'-6" = 54.62 sq ft. 54.62 sq ft. @ Rs.350/-per sq ft.	Rs.0.019 Million
SHEDS Specification same as mentioned in the description of construction. 25'-0" x 44'-7^1/2" = 1115.62 sq ft. (-) 12'-0"x 13'-0" = 156.00 sq ft. = 959.62 sq ft. 959.62 sq ft. @ Rs.450/-per sq ft.	Rs.0.432 Million
COW SHED Specification same as mentioned in the description of construction. 30'-0" x 30'-0" = 900.00 sq ft. 900.00 sq ft. @ Rs.450/-per sq ft.	Rs.0.405 Million
STORE Specification same as mentioned in the description of construction. 9'-0 *x9'-0" = 81.00 sq ft. 81.00 sq ft. @ Rs.425/-per sq ft	Rs.0.034 Million
MACHINE SHED Specification same as mentioned in the description of construction. 95'-0"x47'-0" = 4465.00 sq ft. 4465.00 sq ft. @ Rs.525/-per sq ft.	Rs.2.344 Millions
RICE ROOM (SHED) Specification same as mentioned in the description of construction. 40'-0" x 73'-0" = 2920.00 sq ft. 2920.00 sq ft. @ Rs.520/-per sq ft.	Rs.1.518 Millions
MOTOR ROOM Specification same as mentioned in the description of construction. 21'-6"x9'-3" - 198.87 sq ft. 198 87 sq ft. @ Rs.570/-per sq ft.	Rs.0.113 Million
VERANDAH Specification same as mentioned in the description of construction. 95'-0" x 26'-0" - 2470.00 sq ft. 2470.00 sq ft. @ Rs.350/-per sq ft	Rs.0.865 Millions
LABOUR QUARTER Specification same as mentioned in the description of construction. 65'-3" x 12'-0" = 783.00 sq ft. 783.00 sq ft. @ Rs.575/-per sq ft.	Rs.0.450 Million
FIRST FLOOR
LABOUR QUARTER Specification same as mentioned in the description of construction. 65 -3" x 12'-0" = 783.00 sq ft. 783.00 sq ft. @ Rs.450/-per sq ft.	Rs.0.352 Million --------------------------- Rs.7.792 Millions
BOUNDARY WALL Approx. 1 l00'-0" @ Rs.700/- per sq. ft.	Rs.0.770 Million
ADD FOR FLOORING IN OPEN	L.S. = Rs.0.100 Million
ADD FOR GATE	L.S. = Rs.0.050 Million -------------------------------- = Rs.8.712 Millions
Add 10% for electrical installations on item no: 1-13	Rs.0.779 Million
Add 7.5% for water Supply & sewerage arrangements on item no. 1 -13	Rs.0.584 Million ----------------------------- Rs.10.076 Millions
Less depreciation 1.5% @ for 7 years i.e. 10.5% in all	Rs.1.058 Millions ---------------------------- Rs.9.018 Millions
B) LAND VALUE Keeping in to consideration various factors such as size, shape, depth, frontage and location of the plot, land rate is fixed @ Rs.6,50,000/- per kanal. Hence 16.90 kanal @ Rs.6,50,000/- per kanal	Rs.10.985 Millions
TOTAL VALUE
PART –A + PART-B
Rs.9.018 Millions + Rs.10.985 Millions	= Rs.20.003 Millions

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

FIXED ASSETS

· Building

· Plant and Machinery

· Electric Equipments

· Weight Machine

· Rope

· Deisal Tank

· Bag Closing Machine

· Mobile

· Truck

· Moisutre Meter

· Air Conditioner

· Motorcycle

· Television

· Computer

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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

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
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.