MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	MAAD MINES AND MINERALS PRIVATE LIMITED
Registered Office :	B Wing, 2^nd Floor, Gokul Monarch, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.11.2011
Com. Reg. No.:	11-223948
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U14200MH2011PTC223948
PAN No.: [Permanent Account No.]	AAHCM5458Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing of Stone Crusher’s Products.
No. of Employees :	45 [In Office 10 and In Factory 35] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 company having a moderate track record. It is engaged in the manufacturing of stone crusher’s products. There appear huge external borrowings recorded by the company. However, trade relations are fair. Business is active Payment terms are slow but correct. The company can be considered for business dealings with great 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.

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. Jha
Designation :	Accounts Manager
Contact No.:	91-9167920311
Date :	14.09.2013

LOCATIONS

Registered Office :	B Wing, 2^nd Floor, Gokul Monarch, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India
Tel. No.:	91-22-28544241/ 4341/ 4342
Mobile No.:	91-8300732062 [Mr. Rathi] 91-9167920311 [Mr. Jha]
Fax No.:	Not Available
E-Mail :	minesmineralsmadd@gmail.com maadrealtorsinfra@gmail.com jsingh@bom5.vsnl.net.in
Website :	http://www.maadsandandbricks.com
Area :	2500 sq. ft.
Location :	Rented
Factory :	Survey No. 96, Village Kanchad, Taluka Wada, District Thane, Maharashtra, India
Tel. No.:	91-252-6697909/ 19

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Arvind Navrang Singh

Designation :

Director

Address :

H-603/604, Gokul Vihar, ‘H’ Wing CHS Limited, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

05.09.1967

Qualification :

Post Graduated in Management

Experience :

20 Years

Date of Appointment :

30.01.2013

Din No.:

00244726

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45400MH2008PTC179600	SANSKRUTI BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	Active	NO
2	U45400MH2010PLC209790	MAAD REALTORS AND INFRA LIMITED	Managing director	01/08/2011	03/11/2010	Active	NO
3	U45209MH2011PTC217665	ARVIAN CONSTRUCTIONS PRIVATE LIMITED	Director	19/05/2011	19/05/2011	Active	NO
4	U24100MH2008PTC184135	PANAVI PETROCHEM PRIVATE LIMITED	Director	28/09/2011	28/09/2011	Active	NO
5	U45400MH2011PTC222714	MAAD DEVELOPERS PRIVATE LIMITED	Director	04/10/2011	04/10/2011	Active	NO
6	U45400MH2011PTC222893	MAAD CONSTRCTIONS COMPANY PRIVATE LIMITED	Director	11/10/2011	11/10/2011	Active	NO
7	U51101MH2011PTC222933	MAAD TRADING COMPANY PRIVATE LIMITED	Director	12/10/2011	12/10/2011	Active	NO
8	U51101MH2011PTC223214	MAAD EXIM PRIVATE LIMITED	Director	18/10/2011	18/10/2011	Active	NO
9	U93000MH2011PTC223290	MAAD CONSULTANCY SERVICES PRIVATE LIMITED	Director	20/10/2011	20/10/2011	Active	NO
10	U45201MH2011PTC223519	MAAD INFRAVENTURES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO
11	U45203MH2011PTC223567	MAAD REALTY (INDIA) PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO
12	U14200MH2011PTC223948	MAAD MINES AND MINERALS PRIVATE LIMITED	Additional director	30/01/2013	15/11/2011	Active	NO
13	U29220MH2011PTC223944	SANTAFE VENTURES PRIVATE LIMITED	Director	15/11/2011	15/11/2011	Active	NO
14	U74120MH2013PTC242955	TRINITY SAND AND MINERALS PRIVATE LIMITED	Director	04/05/2013	04/05/2013	Active	NO
15	U63000MH2011PTC217626	D AND M LOGISTIC PRIVATE LIMITED	Additional director	18/05/2013	18/05/2013	Active	NO

Name :

Mr. Anil Ramchandra Gupta

Designation :

Director

Address :

B/4, Narayan Niwas, Gawadwadi, Virar (East), Thane-401303, Maharashtra, India

Date of Birth/Age :

11.08.1974

Qualification :

B. Com

Experience :

10 Years

Date of Appointment :

30.01.2013

Din No.:

01850417

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45202MH2009PTC195216	SAI RYDAM REALTORS PRIVATE LIMITED	Director	25/08/2009	25/08/2009	Active	NO
2	U45400MH2008PTC179600	SANSKRUTI BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	Active	NO
3	U45400MH2010PTC206912	BHUMIDEEP DEVELOPERS PRIVATE LIMITED	Director	24/08/2010	24/08/2010	Active	NO
4	U45400MH2010PLC209790	MAAD REALTORS AND INFRA LIMITED	Director	03/11/2010	03/11/2010	Active	NO
5	U70100MH2011PTC214798	RELIABLE HOUSING INDIA PRIVATE LIMITED	Director	15/03/2011	15/03/2011	Active	NO
6	U45209MH2011PTC217665	ARVIAN CONSTRUCTIONS PRIVATE LIMITED	Director	19/05/2011	19/05/2011	Active	NO
7	U45400MH2010PTC203490	RASHMI AMEYA DEVELOPERS HOUSING AND ESTATE REALTORS PRIVATE LIMITED	Director	27/05/2011	27/05/2011	Active	NO
8	U45400MH2011PTC222714	MAAD DEVELOPERS PRIVATE LIMITED	Director	04/10/2011	04/10/2011	Active	NO
9	U45400MH2011PTC222893	MAAD CONSTRCTIONS COMPANY PRIVATE LIMITED	Director	11/10/2011	11/10/2011	Active	NO
10	U51101MH2011PTC222933	MAAD TRADING COMPANY PRIVATE LIMITED	Director	12/10/2011	12/10/2011	Active	NO
11	U51101MH2011PTC223214	MAAD EXIM PRIVATE LIMITED	Director	18/10/2011	18/10/2011	Active	NO
12	U93000MH2011PTC223290	MAAD CONSULTANCY SERVICES PRIVATE LIMITED	Director	20/10/2011	20/10/2011	Active	NO
13	U45201MH2011PTC223519	MAAD INFRAVENTURES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO
14	U45203MH2011PTC223567	MAAD REALTY (INDIA) PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO
15	U14200MH2011PTC223948	MAAD MINES AND MINERALS PRIVATE LIMITED	Additional director	30/01/2013	15/11/2011	Active	NO
16	U29220MH2011PTC223944	SANTAFE VENTURES PRIVATE LIMITED	Director	15/11/2011	15/11/2011	Active	NO
17	U45200MH2010PTC203047	AMEYA TOWNSHIP AND REALTORS PRIVATE LIMITED	Director	26/12/2011	26/12/2011	Active	NO
18	U74120MH2013PTC242955	TRINITY SAND AND MINERALS PRIVATE LIMITED	Director	04/05/2013	04/05/2013	Active	NO
19	U63000MH2011PTC217626	D AND M LOGISTIC PRIVATE LIMITED	Additional director	18/05/2013	18/05/2013	Active	NO
20	AAA-7451	SAI RYDAM BUILDERS AND REALTORS LLP	Body corporate as Designated Partner	12/01/2012	12/01/2012	Active	NO

Name :

Mr. Suhas Pandharinath Sankhe

Designation :

Additional Director

Address :

At Post Maswan, Taluka Palghar, District Thane-401404, Maharashtra, India

Date of Birth/Age :

08.05.1975

Qualification :

Doctor by Profession

Experience :

8 Years

Date of Appointment :

02.04.2012

Din No.:

02331919

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70109MH2011PTC219364	INDRADHANU ARCHITECT AND INFRASTRUCTURE PRIVATE LIMITED	Director	04/07/2011	04/07/2011	26/07/2013	Active	NO
2	U74210MH2011PTC219478	AROAWANA PORTS AND INFRASTRUCTURE PRIVATE LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO
3	U70102MH2011PTC219848	GANESH SWAN INFRA PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
4	U55204MH2011PTC225492	VFM RESTAURANTS PRIVATE LIMITED	Director	28/12/2011	28/12/2011	-	Active	NO
5	U14200MH2011PTC223948	MAAD MINES AND MINERALS PRIVATE LIMITED	Additional director	02/04/2012	02/04/2012	-	Active	NO
6	U74120MH2012PTC235796	THE ARTBEAT INNOVATIONS PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
7	AAA-5504	DMA REALTORS LLP	Designated Partner	08/07/2011	08/07/2011	26/08/2011	Active	NO
8	AAA-7451	SAI RYDAM BUILDERS AND REALTORS LLP	Designated Partner	28/12/2011	28/12/2011	-	Active	NO

Name :

Mr. Sandesh Moreshwar Mahale

Designation :

Additional Director

Address :

A-201, Anusaya Cooperative Housing Society, Varadvinayak Lane, Virar (East), Thane-401303, Maharashtra, India

Date of Birth/Age :

28.02.1976

Qualification :

Business Management

Experience :

7 Years

Date of Appointment :

01.04.2012

Din No.:

03546069

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U14200MH2011PTC223948	MAAD MINES AND MINERALS PRIVATE LIMITED	Additional director	01/04/2012	01/04/2012	Active	NO
2	U74120MH2013PTC242955	TRINITY SAND AND MINERALS PRIVATE LIMITED	Director	04/05/2013	04/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Rathi
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Arvind Navrang Singh	5000
Anil Ramchandra Gupta	5000
TOTAL	10000

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the Manufacturing of Stone Crusher’s Products.
Terms :
Selling :	Credit [120 Days]
Purchasing :	--

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Metal	180 TPH Crushing Plant	180 Tons
Sand	70 TPH Sand Washing Plant	70 Tons

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Others

No. of Employees :

45 [In Office 10 and In Factory 35] Approximately

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Andhra Bank, Thakur Village, Kandivali (East), Mumbai, Maharashtra, India
• Ratnakar Bank, Nalasopara (East), Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans
From Banks
Andhra Bank [Secured by way of hypothecation of Innova Car]	1.189	0.000
HDFC Bank Limited [Secured by way of hypothecation of compressor]	0.427	0.000
From Financial Companies
Term Loan From Kotak Mahindra Prime Limited [Secured by way of hypothecation of Innova Car]	1.095	0.000
SREI Equipment Finance Private Limited [Secured by way of hypothecation of Furukawa Rockbreaker JCB Machinery and L and T Komatsu Excavator]	7.512	0.000
TOTAL	10.223	0.000

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Private Limited, Vishwakarma, 86C, Topsia Road, Kolkata-700046, West Bengal, India Kotak Mahindra Prime Limited
Auditors :
Name :	J. Singh and Associates Chartered Accountants
Address :	505/506 and 507, 5^th Floor, Hub Town Viva, Western Express Highway, Kankandwadi, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-66994618/ 66994616/ 28361081
Fax No.:	91-22-66994617
E-Mail :	jsingh@gmail.com jsingh@bom5.vsnl.net.in
Website :	http://www.cajsingh.com
PAN No:	AADFJ8120E
Sister Concern :	Maad Realtors and Infra Limited Address: B Wing, 2^nd Floor, Gokul Monarch, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India Line of Business: Construction Activity Versatile Realtors Private Limited Address: Central Park, Near Petrol Pump, Nalasopara (East), Maharashtra, India Line of Business: Construction Activity

CAPITAL STRUCTURE

AS ON 30.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	2.277	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2.377	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	10.223	0.000
(b) Deferred tax liabilities (Net)	0.430	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.653	0.000
(4) Current Liabilities
(a) Short term borrowings	46.845	0.320
(b) Trade payables	13.121	0.056
(c) Other current liabilities	0.998	0.001
(d) Short-term provisions	0.664	0.000
Total Current Liabilities (4)	61.628	0.377
TOTAL	74.658	0.477
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.383	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	8.250	0.473
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.600	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43.233	0.473
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.325	0.000
(c) Trade receivables	25.969	0.000
(d) Cash and cash equivalents	0.398	0.004
(e) Short-term loans and advances	2.733	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	31.425	0.004
TOTAL	74.658	0.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	31.430	0.000
		Other Income	0.470	0.000
		TOTAL (A)	31.900	0.000
Less	EXPENSES
		Cost of Materials Consumed	7.528	0.000
		Employee Benefits Expenses	1.699	0.000
		Administrative Expenses	20.088	0.000
		Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade	(2.325)	0.000
		TOTAL (B)	26.990	0.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.910	0.000
Less	FINANCIAL EXPENSES (D)		0.542	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.368	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.926	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.442	0.000
Less	TAX (H)		1.075	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.367	0.000
	Earnings / (Loss) Per Share (Rs.)		236.70	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	7.42	0.00
Net Profit Margin (PBT/Sales)	(%)	10.95	0.00
Return on Total Assets (PBT/Total Assets}	(%)	5.18	0.00
Return on Investment (ROI) (PBT/Networth)		1.45	0.00
Debt Equity Ratio (Total Debt/Networth)		24.00	3.20
Current Ratio (Current Asset/Current Liability)		0.51	0.01

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 two years	Yes
12]	Profitability for last two 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	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429314	21/05/2013	1,050,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA- 700046, WEST BENGAL, INDIA	B76395748
2	10411816	09/03/2013	897,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	B70772660
3	10401678	01/01/2013	7,100,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA- 700046, WEST BENGAL, INDIA	B67514661

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From Related Parties	40.707	0.000
From Others	0.145	0.000
From Directors	5.993	0.320
TOTAL	46.845	0.320

TRADE REFERENCES:

• Arvian Construction Private Limited

Address: B Wing, 2^nd Floor, Gokul Monarch, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India

Contact Person: Mr. Jha [9167920311]

• Sai Rydam Realtors Private Limited

Address: Achole Road, Nalasopara (East), Maharashtra, India

Contact Person: Mr. Mhatre [9273953220]

• Maad Construction

Address: Yashwant Pride, Juchandra Tivri Road, Naigaon (East), Maharashtra, India

Contact Person: Mr. Deepak Singh [9167177893]

• Rakesh Singh

Address: Thakur Village, Kandivali (East), Mumbai-400101, Maharashtra, India

FIXED ASSETS:

• Plant and Machinery
• Building
• Electrical Installation
• Motor Car
• Furniture and Fixtures
• Computer
• Air Conditioner
• Telecommunication Systems

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	13-14	14-15	15-16	16-17	17-18	18-19	19-20	20-21
	PROJECTED
Gross Sales	456.000	574.000	670.000	712.000	768.000	838.000	879.900	932.700
Net Sales	465.400	571.700	661.700	696.000	751.200	826.700	8976.600	937.200
Operating Profit Before Interest and Depreciation	59.000	119.300	133.900	139.300	139.900	140.100	148.900	162.400
NPBT	42.700	60.200	73.500	82.200	86.000	88.000	98.500	115.200
Provision For Tax	13.900	19.500	23.800	26.700	27.900	28.600	32.000	37.400
NPAT	28.900	40.600	49.600	55.500	58.100	59.500	66.600	77.800
Total C.A.	189.500	244.200	309.700	371.800	382.600	406.900	445.500	473.400
Total C.L.	60.400	72.800	86.300	93.400	99.300	122.800	130.400	125.300
Bank T.L.	145.300	122.600	97.200	74.300	51.300	28.400	5.500	0.000
Bank C.C.	100.000	120.000	150.000	150.000	150.000	160.000	170.000	170.000
Total Outside Liability	375.700	377.900	396.000	382.700	365.600	376.200	370.900	360.300
Total Networth	81.100	131.800	186.400	251.900	310.000	369.500	436.100	513.900
CURRENT RATIO
Current Ratio	1.18	1.27	1.31	1.53	1.53	1.44	1.48	1.60
DER / QDER
DER	2.68	1.41	0.86	0.55	0.38	0.25	0.16	0.13
QDER	2.04	1.63	1.34	1.00	0.80	0.72	0.61	0.51
DSCR / ISCR
PAT	28.900	40.600	49.600	55.500	58.100	59.500	66.600	77.800
Int. on TL	3.200	22.000	18.900	15.600	12.400	9.200	6.000	2.800
Depreciation	7.000	19.700	19.700	19.700	19.700	19.700	19.700	19.700
Cash Accrual	39.100	82.400	88.300	90.800	90.200	88.400	92.300	100.300
EMI of TL	7.200	43.200	44.700	41.700	35.300	32.100	28.900	25.700
DSCR	1.36	1.91	1.97	2.18	2.56	2.75	3.19	3.90
Average DSCR
ISCR
PAT	28.900	40.600	49.600	55.500	58.100	59.500	66.600	77.800
Depreciation	7.000	19.700	19.700	19.700	19.700	19.700	19.700	19.700
Interest	3.200	22.000	18.900	15.600	12.400	9.200	6.000	2.800
Total	39.100	82.300	88.200	90.800	90.200	88.400	92.3	100.300
Interest	3.200	22.000	18.900	15.600	12.400	9.200	6.000	2.800
ISCR	4.88	2.53	2.71	3.01	3.28	3.44	3.81	4.55
Average ISCR	--	3.52	--	--	--	--	--	--

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NET WORTH STATEMENT

(MR. ANIL RAMCHANDRA GUPTA)

(I) IMMOVABLE PROPERTIES:

TYPES OF PROPERTIES	ADDRESS	VALUE IN MILLIONS
Flat	Narayan Niwas	2.000
Shop	Yashomangal	1.500
Shop	Mehta Bhuvan	1.800
Flat	Sai Construciton	1.800
Flat	Gokul Plaza	2.200
Land		300.000
	TOTAL	309.300

(II) MOVABLE PROPERTIES/OTHER ASSETS:

TYPES OF PROPERTIES	VALUE IN MILLIONS
Innova Car	0.789
Maruti WagonR	0.183
Ambulance I	0.553
Ambulance II	0.611
Investments	5.588
Other Current Assets	291.106
TOTAL	298.830

(III) LOANS AVAILED:

TYPES OF LOANS	NAME OF FINANCIAL INSTITUTION	BALANCE TERM	SECURITY PROVIDED	OUTSTANDING AMOUNT OF LOAN IN MILLIONS
Secured Loans as per Balance Sheet	B.C.C. Bank, VVS Bank and Ratnakar Bank	--	--	0.757
Unsecured Loans	--	--	--	140.271
TOTAL				141.028

(IV) CURRENT LIABILITIES:

TYPES OF LIABILITIES	VALUE IN MILLIONS
Current Liabilities and Provisions	262.914

NETWORTH [(I + II) – (III + IV)]: RS.204.188 MILLIONS

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

NET WORTH STATEMENT

(MR. ARVIND SINGH)

(I) IMMOVABLE PROPERTIES:

TYPES OF PROPERTIES	ADDRESS	VALUE IN MILLIONS
Flat No. H-603	Gokul Vihar, Kandivali	4.500
Flat No. H-604	Gokul Vihar, Kandivali	6.000
Shop	Saraf Choudhary Nagar No. 41	3.667
Agricultural Land	Hometown	5.000
TOTAL		19.167

(II) MOVABLE PROPERTIES/OTHER ASSETS:

TYPES OF PROPERTIES	VALUE IN MILLIONS
Tata Indigo Car	0.083
Air Condition	0.027
Furniture	0.046
Investments	1.692
Other Current Assets	13.875
TOTAL	15.723

(III) LOANS AVAILED:

TYPES OF LOANS	NAME OF FINANCIAL INSTITUTION	BALANCE TERM	SECURITY PROVIDED	OUTSTANDING AMOUNT OF LOAN IN MILLIONS
Loan as per Balance Sheet [Secured]	--	--	--	0.339
Loans as per Balance Sheet [Unsecured]	--	--	--	16.656
TOTAL				16.995

(IV) CURRENT LIABILITIES:

TYPES OF LIABILITIES	VALUE IN MILLIONS
Current Liabilities	0.770

NETWORTH [(I + II) – (III + IV)]: RS.17.125 MILLIONS

NOTE: (I) Value of immovable properties have been considered at market rate on estimated basis.

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

NET WORTH STATEMENT

(MR. SANDESH MAHALE)

CALCULATION OF NETWORTH	AMOUNT IN MILLIONS
Total Taxable Income	0.807
Add: Insurance Premium	0.031
Provident Fund	0.057
NSC	0.010
PPF	0.001
Total Income (A)	0.906
Less: Personal Drawings (B) (Considered @ 30% of Gross Total Income of Rs.0.907 Million)	0.272
Income Tax Paid (C)	0.097
BALANCE CONSIDERED AS NETWORTH [(A) – (B+C)]	0.537

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

NET WORTH STATEMENT

(DR. SUHAS PANDHARINATH SANKHE)

(I) IMMOVABLE PROPERTIES:

TYPES OF PROPERTIES	ADDRESS	VALUE IN MILLIONS
Land	Maswan, Bungalow, Virar	0.526
TOTAL		0.526

(II) MOVABLE PROPERTIES/OTHER ASSETS:

TYPES OF PROPERTIES	VALUE IN MILLIONS
Car	7.545
Agricultural Equipments	0.079
Equipment/ Machinery	0.248
Computer	0.004
Surgical Instruments	0.083
Furniture and Fixtures	0.383
Other Current Assets	6.932
TOTAL	15.274

(III) LOANS AVAILED:

TYPES OF LOANS	NAME OF FINANCIAL INSTITUTION	BALANCE TERM	SECURITY PROVIDED	OUTSTANDING AMOUNT OF LOAN IN MILLIONS
Loan as per Balance Sheet	Saraswat Bank Loan	--	--	3.436
Loans as per Balance Sheet	Indradhanu Private Limited	--	--	5.629
TOTAL				9.065

NETWORTH (I + II – III): RS.6.735 MILLIONS

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VALUATION REPORT OF IMMOVABLE PROPERTY

Regarding

Valuation of Residential Flats

Name of the Applicant’s

Maad Realtor and Infra Limited

Phone No. of Applicant’s

91-22-28544241/ 4341/ 4342

Address of the Applicant’s

Corporate Office: B Wing, 2^nd Floor, Gokul Monarch, Thakur Complex, Kandivali (East), Mumbai-400101, Maharashtra, India

Email: maadrealtorsinfra@gmail.com

Website: www.maadrealtors.com

Address of the Property

Flats on Building No. 4 and 5, Yashvant Srushti Complex, Boisar-Palghar Road, Boisar (West), Taluka Palghar, District Thane, Maharashtra

Survey Nos.

Survey Nos. 52 and 54 (New) 91 and 92 (Old), Hissa No. A, Village Khaira

Current Possession With

Owner

Latitude and Longitude

Latitude - 18° 55’ N

Longitude - 72° 54’ E

Type of the Property

Residential Flats

Requested By

Manager – Bank of India, Vile Parle (East) Branch

Maad Realtors and Infra Limited

Date of Inspection

30.08.2013

Survey in Presence of

Mr. Arvind

Purpose of Valuation

To ascertain fair market value of the property

Location

Boisar-Palghar Road, Boisar West

Type of Locality

Residential

Class

Middle Class

Nearest Station

Boisar

Distance From Station

About 100 mtr.

Civic Amenities

Available Nearby

Landmark

Opposite Boisar Railway Station

BUILDING DETAILS

Type of Land

Non-Agricultural

Plot Boundaries

East – Boisar Palghar Road

West – Open Plot / MIDC Road

North – Dr. Vikash Hospital

South – Open Plot / MIDC Road

Type of Occupation – Ownership / Tenanted

Ownership

Type of Structure

RCC Frame + Brickwall Partitions

No. of Floors in Building

G + 4 Upper Floors

No. of Lifts

Nil

FLAT DETAILS

Floor (This Property)

Ground, 1^st, 2^nd and 4^th Floor

Type of Flat

1 BHK and 2 BHK Types

Saleable Area

Building No.	Flat No.	Area (Sq. Ft.)
4	A-002	540
4	A-003	780
4	A-004	510
4	A-005	540
4	A-301	585
4	A-302	585
4	A-401	585
4	A-402	585
4	A-405	585
4	B-306	740
4	D-401	585
4	D-402	585
4	E-301	585
4	E-304	585
4	E-401	585
4	E-404	585
4	F-002	540
4	F-004	510
4	F-005	540
4	F-304	555
4	F-305	585
4	F-306	585
4	F-404	555
4	F-405	585
4	F-406	585
4	G-002	540
4	G-003	510
4	G-004	985
4	G-005	540
4	G-301	555
4	G-401	585
4	G-402	585
4	G-403	555
4	G-404	1035
4	G-405	585
4	H-002	540
4	H-003	540
4	H-303	585
4	H-401	585
4	H-402	585
4	H-403	585
4	H-404	585
4	I-002	540
4	I-003	540
4	I-304	585
4	I-401	585
4	I-402	585
4	I-403	585
4	I-404	585
4	J-002	540
4	J-003	540
4	J-301	585
4	J-302	585
4	J-303	585
4	J-304	585
4	J-401	585
4	J-402	585
4	J-403	585
4	J-404	585
Total Building No. 4 (59 Flats)	(A)	34830
5	A-002	540
5	A-005	540
5	A-301	585
5	A-304	555
5	A-401	585
5	A-402	585
5	A-404	555
5	A-405	585
5	A-406	585
5	B-004	985
5	B-303	555
5	B-401	585
5	B-404	1035
5	B-405	585
5	B-406	740
5	C-003	540
5	C-401	840
5	C-402	840
5	C-403	585
5	C-404	585
5	D-002	540
5	D-003	540
5	D-401	585
5	D-402	585
5	D-403	585
5	D-404	585
5	E-002	540
5	E-003	540
5	E-201	585
5	E-401	585
5	E-402	585
5	E-403	585
5	E-404	585
5	F-002	540
5	F-005	540
5	F-304	555
5	F-306	585
5	F-401	740
5	F-405	585
5	F-406	585
5	G-005	540
5	G-205	585
5	G-302	585
5	G-304	1035
5	G-401	585
5	G-402	585
5	G-403	555
5	G-404	1035
5	G-405	585
5	G-406	740
5	H-002	540
5	H-003	540
5	H-203	585
5	H-301	585
5	H-401	585
5	H-402	585
5	H-403	585
5	H-404	585
5	I-002	540
5	I-003	540
5	I-204	585
5	I-303	585
5	I-401	585
5	I-402	585
5	I-403	585
5	I-404	585
5	J-002	540
5	J-003	540
5	J-303	585
5	J-401	585
5	J-402	585
5	J-403	585
5	J-404	585
Building No. 5 Total (73 Flats)		44560

Completeness of Project

Complete

Exterior

Cement Paint

Interior

Flooring: Vitrified Flooring in all rooms

Kitchen: Granite platform with full wall tiles

Windows: Powder coated aluminium sliding with safety grills

Door: Plywood flush doors. For W.C. and Bath Bakelite doors.

W.C: European type W.C. with full wall tiles

Bath: Spartex flooring with full wall tiles

Paint: Distemper

Quality of Construction

Good

Under Construction

No

Complete

Yes

Age of the Property

New

Residual (Future) Life

About 60 Years

Ind. Bldg. / Complex Of

Individual Building

Separate Compound Wall

Yes

Garden

No

Paving around the building/chequered tiles

Cement Concrete

Car Parking

Open Space for Parking

Maintenance / First Impression

Good

Plans Approved By

Collector of Jawhar/Town Planning Palghar NAR/PLG/551/DT 03/06/2011

Society Registration No.

Details Not Available

Property Tax

Details Not Available

Water Availability

Available Through Municipal Connection

Compliance to Sanctioned Plans

Sanctioned plans not made available; hence this cannot be ascertained.

Valuation Method

Composite Rate Method

Valuation

The market value obtained in this report is defined as follows:

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 without compulsion. (As defined by the international valuation standards committee, London.) Thus, the characteristic of the market values are:

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

Remarks If Any

Out of the total project, the developers have provided a list of flats not yet sold by them. Report is based on thins information.

Current Fair Market Rate

Rs.3400/- Per Sq. Ft. on Super Built-Up Area

Current Fair Market Value

(A) Residential Flat on Building No. 4 (59 Flats)

34830 Sq. Ft. X Rs.3400/- = Rs.118.422 Millions

(B) Residential Flat of Building No. 5 (73 Flats)

44560 Sq. Ft. X Rs.3400/- = Rs.151.504 Millions

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

Total = Rs.269.926 Millions

Realizable Value

The value realizable by the bank is generally less than the market value because of various factors 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 our opinion, considering these aspects, 10% reduction will be appropriate. We are therefore, discounting 10% in the fair market value.

Realizable Value

90% X Rs.269.926 Millions = Rs.242.933 Millions

Distress Sale Value

It means the amount which may reasonably be expected to be obtained from the sale of the property in which one of more characteristics of the definition of market value is not satisfied. The seller may be an unwilling seller and the buyer may be motivated by the knowledge of the disadvantage the seller suffers from. Due to this we are discounting the above value by 20%

Distress Sale Value

80% X Rs.269.926 Millions = Rs.215.941 Millions

Basis for Recommended Rate

Location, quality of construction, residual life of the building, supply, demand, local enquiries, market feedback of investigations etc.

Suggested Sum Assured For Fire Insurance Cover (Replacement Cost)

The fire insurance needs to be purchased on ‘Replacement’ or Reinstatement basis. It means on can get ‘New For Old’ property destroyed by fire, Earthquake etc. Land component has to be deducted from total value and only cost of New construction has to be considered in deciding the sum insured. i.e. Rs.120.000 Millions

Government Value

Rs.34300/- per sq. mt. on built-up area

Rs.216.810 Millions [Year - 2013]

Reason For Deviations If Any

Registrar’s rates are for normal properties and they do not consider amenities, location, vastu-shastra compliance, proximity to a temple, a school and college etc.

Special Features that Add to Value

Nil

Agreement

Self Constructed

Documents Seen

1. Copy of Sale Deed (Regd. No. PLR-01562-2011)
2. Copy of Sale Deed (Regd. No. PLR-05877-2012)
3. Copy of 7/12 Extracts
4. Copy of Title Report Dated 11/07/2012 – Advocate Gaurav Pai, Nallasopara.
5. Copy of N.A. Order Mahsul/Kaksha-1/T-2/NAP/SR/85-09 Dated 12/10/2009 From Addl. Collector Jawhar
6. Copy of Permission of height 15 mt (G+4) allowed dated 13/04/2011 from Kokan Bhawan-Town Planning.
7. Copy of Permission of (G+2) dated 21/08/2009 from Zilla Parishad Thane
8. Copy of Amended plat dated 03/06/2011 – Town Planning, Palghar

Considering the location, maintenance and use of the building, fair market value of the property is considered at Rs.269.926 Millions.

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.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.