MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	HARIOM PROTEINS PRIVATE LIMITED
Formerly Known As :	AMRUT AGRO FOODS LIMITED
Registered Office :	103, Hariom Complex, Ganj Bazar, Opposite Ambaji Mata Nu Mandir, Madhupura, Ahmedabad – 380004, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.08.1995
Com. Reg. No.:	04-026949
Capital Investment / Paid-up Capital :	Rs.19.825 Millions
CIN No.: [Company Identification No.]	U01110GJ1995PTC026949
PAN No.: [Permanent Account No.]	AACCA8099A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Jivandeep Oil.
No. of Employees :	27 (Approximately) (Office – 9 and Factory – 18)

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. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Dinesh Malhotra
Designation :	Managing Director
Contact No.:	91-9824049966
Date :	01.04.2014

LOCATIONS

Registered Office :	103, Hariom Complex, Ganj Bazar, Opposite Ambaji Mata Nu Mandir, Madhupura, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-22120375/ 22123286/ 22273513/ 22120575/ 22173565
Mobile No.:	91-9824049966 (Mr. Dinesh Malhotra)
Fax No.:	91-79-22173888
E-Mail :	hariomoill@ymail.com hariom_oil@ymail.com mycs.cs.manish@buchasia.com
Area :	450+450 sq. ft.
Location :	Owned
Factory :	Plot No.3013, 3014, Phase III, GIDC, Chhatral, Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2764-233360/ 233370
Fax No.:	91-2764-233310
Area :	10,500 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Dinesh Omprakash Malhotra
Designation :	Managing Director
Address :	16, Ashwaraj Bunglows, Opposite Auda Garden, Anand Nagar Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	22.12.1966
Date of Appointment :	01.08.1995
PAN No.:	ABHPM9128R
DIN No.:	01936920
Name :	Mrs. Sangeetaben Dineshkumar Malhotra
Designation :	Director
Address :	16, Ashwaraj Bunglows, Opposite Auda Garden, Anand Nagar Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	15.08.1966
Date of Appointment :	31.03.2003
PAN No.:	ACFPM3465L
DIN No.:	01865304
Name :	Mr. Omprakash Malhotra
Designation :	Director
Address :	16, Ashwaraj Bunglows, Opposite Auda Garden, Anand Nagar Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	17.06.1944
Date of Appointment :	01.08.1995
DIN No.:	02688878

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Name of Shareholders	No of Shares
Omprakash K. Malhotra	1660
Dinesh O Malhotra	1009940
Sangeeta D. Malhotra	640185
Vasudev Omprakash Malhotra	10
Vandana Vasudev Malhotra	10
Suresh Ratanchand Mehta	10
Shree Krishna Oil Industries, Ahmedabad (Kiritkumar Patel)	10
Malhotra Dinesh Omprakash HUF	249500
Bharatbhai Kantilal Patel	1800
Rajendrakumar Ratanchand Mehta	1510
Seemaben Rakesh Anand	1500
Rakesh Ramprakash Anand	1500
Pawanbhai Kashiram Dhingoa	1500
Anitaben Pawankumar Dhingoa	1800
Prashantbhai Shahibhai Kapoor	1500
Laxmiben Prashantbhai Kapoor	1500
Jootiaram Patel	30
Jiwanbhai K. Prajapati	10
Ashokkumar Joginder Makan	1500
Suresh Chandra B.	1600
Bakul Mulchandbhai Panchal	1200
Akshay B. Patel	1400
Samir D. Mehta	1000
Rajubhai B. Patel	20
Gautam D. Patel	20
Mehul R. Shah	1300
Pawan R. Mehta	1500
Indravadan Thakkar	1800
Anandkumar S.	10
Babulal L. Patel	10
Jotshna B. Patel	10
Nitinkumar B. Patel	10
Manoj Modi	1600
Amratbhai Patel	1400
Jitubhai Patel	1400
Indreshwar Oil Industries, Junagadh (Kiritkumar Patel)	10
Vijay Lamba	10
Shreeji Packaging, Ahmedabad (Sharda Patel)	10
Dimaond Oil Industries Private Limited, Ahmedabad	10
Amar Industries, Junagadh (Ramjibhai Savaliya)	10
Anand Trading Company (Jayesh Patel)	10
Delta Blowpack Industries, Ahmedabad (Dineshbhai Patel)	10
Jaydipbhai Dhirubhai Thakkar	10
Shri Gayatri Industries, Dhegam (Manshukhlal Matalia)	10
Khushi Advertising, Ahmedabad	10
Vikas Industries, Talod (Anilkumar Matliya)	10
Kohinoor Packaging, Kukarwada (Bharatbhai Patel)	10
Jyoti Malhotra	27125
Honey Malhotra	25500
Total	1982500

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.01
Directors or relatives of directors	99.91
Other top fifty shareholders	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Jivandeep Oil.

Products :

Products Description	Item Code No.
Ref. Cotton Seed Oil	15162011

Terms :

Selling :

Cash and Credit (40-45 days)

Purchasing :

Cash and Credit (40-45 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

27 (Approximately) (Office – 9 and Factory – 18)

Bankers :

· Allahabad Bank

Bhagwati Chamber, Opposite Gujarat Vidyapith, Ashram Road, Ahmedabad - 380014, Gujarat, India

· HDFC Bank

Shaival Complex, Opposite Chandanbala Towers, Paldi Ahmedabad – 380007, Gujarat, India

Facilities :

Cash Credit – Rs.170.000 Millions from HDFC Bank.

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Rupee Term Loans from Banks (Business Loan from HDFC Bank is repayable in 36 monthly installment of Rs.70810/- each)	0.046	0.896
Other Loans and Advances (Car Loan from Sundaram Finance is repayable in 23 Monthly Installment of Rs.80250/- each)	0.000	0.535
Short Term Borrowings
Loans repayable on Demand from Banks	173.070	105.820
Total	173.116	107.251

Banking Relations :

--

Financial Institution :

· AU Financiers (India) Limited

19-A, Dhuleshwar Garden, Jaipur – 302001, Rajasthan, India

Auditors :

Name :

Atul K. Shah and Associates

Chartered Accountants

Address :

B/10, Vraj Vihar Apartment, Behind Post Office, Jain Derasar First Lane, Navargpura, Ahmedabad – 380009, Gujarat, India

PAN No.:

ACXPS7368C

Associates/Subsidiaries :

· Hariom Oil Industries

Address: 103, Hariom Complex, Ganj Bazar, Opposite Ambaji Mata Nu Mandir, Madhupura, Ahmedabad – 380004, Gujarat, India

Particulars	Details up to 30.11.2013 Rs. In Millions
Cash	3.606
Allahabad Bank Dr.	106.368
Debtors	93.879
Stock	70.006
Creditors	21.978
Capital Company	35.720
Profit	3.547

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1982500	Equity Shares	Rs.10/- each	Rs.19.825 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.825	17.950	17.950
(b) Reserves & Surplus	47.407	30.200	25.902
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1)+(2)	67.232	48.150	43.852
(3) Non-Current Liabilities
(a) long-term borrowings	38.476	37.264	38.464
(b) Deferred tax liabilities (Net)	6.601	6.387	6.885
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	45.077	43.651	45.349
(4) Current Liabilities
(a) Short term borrowings	173.070	105.820	107.891
(b) Trade payables	34.525	41.448	20.064
(c) Other current liabilities	2.214	2.448	12.198
(d) Short-term provisions	2.181	1.707	1.066
Total Current Liabilities (4)	211.990	151.423	141.219
TOTAL	324.299	243.224	230.420
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.282	35.555	37.318
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.524	0.525	0.525
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.806	36.080	37.843
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	147.203	108.453	97.174
(c) Trade receivables	124.161	78.043	75.686
(d) Cash and cash equivalents	14.689	15.989	15.446
(e) Short-term loans and advances	4.440	4.659	4.271
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	290.493	207.144	192.577
TOTAL	324.299	243.224	230.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1176.391	1155.143	1116.768
		Other Income	3.681	3.698	5.128
		TOTAL (A)	1180.072	1158.841	1121.896
Less	EXPENSES
		Raw Materials consumed	1123.328	1105.572	1060.454
		Packing Materials Consumed	21.482	23.662	37.732
		Power, Fuel and Water Charges	3.064	3.410	2.995
		Direct Labour (Factory Wages and Salary)	1.249	1.721	1.729
		Other Mfg Expenses	1.324	1.288	0.505
		Increase/ (Decrease) in Stock	(8.190)	(6.961)	(12.536)
		Selling, General and Administrative Expenses	3.418	4.018	12.017
		TOTAL (B)	1145.675	1132.710	1102.896
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.397	26.131	19.000
Less	FINANCIAL EXPENSES (D)		26.376	18.861	12.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.021	7.270	6.999
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.519	1.764	1.866
	PROFIT BEFORE TAX (E-F) (G)		6.502	5.506	5.133
Less	TAX (H)		2.420	1.208	1.825
	PROFIT AFTER TAX (G-H) (I)		4.082	4.298	3.308
	Earnings Per Share (Rs.)		2.06	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.35	0.37	0.29
Net Profit Margin (PBT/Sales)	(%)	0.55	0.48	0.46
Return on Total Assets (PBT/Total Assets}	(%)	2.00	2.26	2.23
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.12
Debt Equity Ratio (Total Debt/Networth)		3.15	2.97	3.34
Current Ratio (Current Asset/Current Liability)		1.37	1.37	1.36

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	17.950	17.950	19.825
Reserves & Surplus	25.902	30.200	47.407
Net worth	43.852	48.150	67.232
long-term borrowings	38.464	37.264	38.476
Short term borrowings	107.891	105.820	173.070
Total borrowings	146.355	143.084	211.546
Debt/Equity ratio	3.337	2.972	3.147

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1116.768	1155.143	1176.391
		3.436	1.839

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1116.768	1155.143	1176.391
Profit	3.308	4.298	4.082
	0.30%	0.37%	0.35%

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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Loans and Advances from Directors	38.430	35.833
Total	38.430	35.833

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

ASSESMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2013.14	2014.15
	(Estimated)	(Projection)
GROSS SALES
a) Sales	1600.000	2160.000
b) Export Sales	0.000	0.000
Sub-total	1600.000	2160.000
Less: Excise Duty	0.000	0.000
Add: Job Work/ Commission Income	0.000	0.000
Add: Other Income	5.122	6.915
Net Sales	1605.122	2166.915
%age rise (+) or fall (-) in net sales as compared to previous year	36.02%	35.00%
COST OF SALES
Raw Materials Consumed	1540.330	2069.945
	95.96%	95.53%
Packing Materials Consumed	29.217	39.443
	1.82%	1.82%
Power, Fuel and Water Charges	4.167	5.626
	0.26%	0.26%
Direct Labour – (Factory Wages and Salary)	1.698	2.293
	0.11%	0.11%
Other Mfg Expenses	1.801	2.431
	0.11%	0.11%
Depreciation	1.764	1.764
Sub-total	1578.978	2121.503
Add: Opening Stock of work in Process	3.553	4.832
Sub Total	1582.531	2126.335
Deduct: Closing Stock of work in Process	4.832	6.524
Sub Total	1577.698	2119.811
Add: Opening Stock of By Products	0.000	0.000
Sub Total	1577.698	2119.811
Deduct: Closing Stock of By Products	0.000	0.000
Cost of Production	1577.698	2119.811
Add: Opening Stock of Finished Goods	60.585	82.401
Sub Total	1638.283	2202.213
Deduct: Closing Stock of Finished Goods	82.401	98.242
Sub-total [Total cost of sales]	1555.882	2103.971
	97.24%	97.41%
Balance Brought forward	1555.882	2103.971
Selling, General & Administrative Expenses (including bonus payments)	4.645	6.270
	0.29%	0.29%
Sub Total	1560.527	2110.241
Operating Profit before interest	44.595 2.78%	56.673 2.62%
Interest:	35.203	43.750
-Interests on Bank	27.203	33.750
-Interests on Term Loan	0.000	0.000
-Financial Charges	8.000	10.000
Operating profit after interest	9.393 0.59%	12.923 0.60%
(i) Add other non-operating income
(a) Misc. income	0.000	0.000
Sub-total (income)	0.000	0.000
(ii) Deduct other non-operating expense
(a) Directors Remuneration	0.000	0.000
(b) Interest on Partners' capital	0.000	0.000
Sub-total (expenses)	0.000	0.000
(iii) Net of other non-operating incomes/ expenses	0.000	0.000
Profit before tax/loss	9.393 0.59%	12.923 0.60%
Provision for tax	2.348	3.231
Net profit / (loss)	7.044 0.44%	9.693 0.45%
(i) Equity dividend	0.000	0.000
(ii) Dividend Rate	0.000	0.000
Retained Profit	7.044	9.693
Retained profit / Net Profit (%age)	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Sr. No	Particulars	2013.14	2014.15
		(Estimated)	(Projection)
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	225.000	250.000
	(ii) From other banks	0.000	0.000
	(iii) of which EP & BD	0.000	0.000
	Sub Total (A)	225.000	250.000
2	Short term borrowings from others	0.000	0.000
3	Sundry Creditors - Trade	46.959	73.988
4	Advance payments from customers/deposits from dealers	0.529	0.714
5	Provision for Taxation	2.348	3.231
6	Dividend Payable	0.000	0.000
7	Other statutory liabilities (due within one year)	0.000	0.000
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.046	0.000
9	Other current liabilities & Provisions (due within one year)	0.617	0.834
	Sub Total (B)	50.499	78.767
10	Total Current Liabilities [total of 1 to 9]	275.499	328.767
	TERM LIABILITIES
11	Debentures (not maturing within one year)	0.000	0.000
12	Preference Shares (redeemable after one year)	0.000	0.000
13	Term loans (excluding instalments payable within one year)	0.000	0.000
14	Differed Payment Credits (excl. instalments due within one year)	0.000	0.000
15	Term deposits (repayable after one year)	0.000	0.000
16	Other term liabilities
	(a) Unsecured loans	42.776	42.776
17	Total term liabilities (Total of 11 to 16)	42.776	42.776
18	Total Outside Liabilities [10+17]	318.275	371.543
	NET WORTH
19	Share Capital Share Premium	20.175 17.975	20.175 17.975
20	General Reserve	0.000	0.000
21	Capital Addition	0.000	0.000
22	Other reserves (excluding provisions)	6.641	6.641
23	Surplus (+) or deficit (-) in Profit & Loss Account	38.626	48.319
24	Net worth	83.417	93.110
25	TOTAL LIABILITIES [18+24]	401.692	464.652
	CURRENT ASSETS
26	Cash & Bank balances	4.406	4.500
	Fixed Deposits with Bank	14.790	14.790
28	Receivables(Domestic)	0.000	0.000
	Total Loose and Pack Sales	145.272	171.548
30	Inventories
	Raw materials (including stores and other items in process of manufacture)	83.734	103.041
	Packing Materials	29.242	34.477
	Work in Process	4.832	6.524
	By Products	0.000	0.000
	Finished goods	82.401	98.242
	Good in Transit	0.000	0.000
31	Advance to suppliers of Raw materials & stores/spares	0.000	0.000
32	Advance payment of taxes	0.000	0.000
33	Other current assets	5.351	1.631
34	Total Current asset [Total 26 to 33]	370.029	434.752
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	54.941	54.941
36	Depreciation to date	23.802	25.566
37	NET BLOCK (35-36)	31.139	29.375
38	Investments/book debts /advances deposits which are not current assets	0.000	0.000
	i.(a)Investments in subsidiary companies/ affiliates	0.000	0.000
	(b)Others: Deposit	0.525	0.525
	ii. Advances to suppliers of capital goods & contractors	0.000	0.000
	iii. Deferred receivables (maturity exceeding one year)	0.000	0.000
	iv. Others	0.000	0.000
39	Non consumables stores & spare	0.000	0.000
40	Other non-current assets (incl. Dues from director)	0.000	0.000
41	Total other non-current assets (Total of 38 to 40)	0.525	0.525
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	0.000	0.000
43	TOTAL ASSETS (Total of 34,37,41 & 42)	401.692	464.651
44	Tangible net worth (24-42)	83.417	93.110
45	Net Working Capital [(17+24)-(37+41+42)] Totally with (34-10)	94.530	105.985
46	Current Ratio [34/10]	1.34	1.32
47	Total Outside Liabilities / Net worth (18/44)	3.82	3.99
	Total Term Liability/ Total Networth	0.51	0.46
	Quasi Capital Ratio	2.18	2.42
	Interest Service Coverage Ratio	1.32	1.34

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

Sr. No	Particulars	2013.14	2014.15
		(Estimated)	(Projection)
1	Total Current Assets (Form IV)	370.029	434.752
2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	50.499	78.767
3	Working Capital Gap (WCP) (1-2)	319.530	355.985
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	74.006	86.950
5	Actual/projected net working capital (45 in form III)	94.530	105.985
6	Item 3 minus item 4	245.524	269.034
7	Item 3 minus item 5	225.000	250.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	225.000	250.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	0.000	0.000

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	2013.14	2014.15
	(Estimated)	(Projection)
A. CURRENT ASSETS
Raw Materials (Including stores and Other Items used in the process of manufacturer	83.734	103.041
- Month’s Consumption	0.65	0.60
Packing Materials	29.242	34.477
- Month’s Consumption	0.23	0.20
By Products	0.000	0.000
- Month’s Consumption	--	--
Work in process	4.832	6.524
Months cost of Production	0.04	0.04
Finished Goods	82.401	98.242
Months Cost of Sales	0.64	0.56
Receivables other than export and deferred receivables (Including BP/BD by the Bankers)	145.272	163.748
Month’s Sales	1.09	0.91
Exports receivables (Including BP/BD)	0.000	0.000
Month’s Sales	--	--
Other Current Assets Cash and Bank Balance deferred	24.547	20.921
TOTAL CURRENT ASSETS	370.029	426.952
B) CURRENT LIABILITIES
(Other than bank borrowings for working capital)
Creditors for purchase of raw materials, stores and consumable spares	46.959	73.988
Months' purchases :	0.37	0.43
Advance Payment from Customers/ Deposit from dealers	0.529	0.714
Statutory Liabilities	0.000	0.000
Advances Received from Customers	0.000	0.000
Others current Liabilities	2.966	4.064
TOTAL CURRENT LIABILITIES	50.499	78.767

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

HARIOM OIL INDUSTRIES

(PROPRIETOR: MR. DINESH OMPRAKASH MALHOTRA)

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		22.042	16.885	12.503
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	0.00
NETWORTH		22.042	16.885	12.503
LOAN FUNDS
1] Secured Loans		106.663	73.783	70.357
2] Unsecured Loans		40.281	34.366	35.823
TOTAL BORROWING		146.944	108.149	106.180
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		168.986	125.034	118.683
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.725	15.422	14.485
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.734	68.688	54.414
	Sundry Debtors	91.335	60.296	50.442
	Cash & Bank Balances	1.535	4.496	5.435
	Other Current Assets	3.968	0.000	0.000
	Loans & Advances	3.229	1.678	1.381
Total Current Assets		176.801	135.158	111.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor Other Current Liabilities	23.182	25.550	7.478
	Provisions	0.362
Total Current Liabilities		23.544	25.550	7.478
Net Current Assets		153.257	109.608	104.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		168.986	125.034	118.683

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue From Operations	1089.809	862.634	800.265
		Other Income	0.703	1.047	0.899
		TOTAL (A)	1090.512	863.681	801.164
Less	EXPENSES
		Cost of Materials Consumed	1064.719	0.000	0.000
		Increase/ Decrease in Stock	0.000	(14.273)	(13.991)
		Manufacturing Expenses	0.000	855.413	795.694
		Employee Benefits Expenses	0.775	0.000	0.000
		Administrative, Selling and Other Expenses	8.123	6.417	6.516
		TOTAL (B)	1073.617	847.557	788.219
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.895	16.124	12.945
Less	FINANCIAL EXPENSES (D)		11.976	11.701	8.955
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.919	4.423	3.990
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.600	0.607	0.628
	PROFIT BEFORE TAX (E-F) (G)		4.319	3.816	3.362
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		4.319	3.816	3.362

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

NETWORTH STATEMENT

(MRS. SANGEETA DINESH MALHOTRA)

(RS. IN MILLIONS)

Particulars	AMOUNT
ASSETS
Immovable Property		15.500
Commercial shop	15.500
Movable Property		2.700
Jewellery	1.850
Cash	0.850
Vehicle	0.000
Others		7.738
Invetsment in shares (399310 @ 10)	3.993
Surrender Value of Insurance Policy	3.745
TOTAL ASSETS (A)		25.938
LIABILITIES
Vehicles Loan	0.000
Commercial Loan	0.000
Home Loan	0.000
TOTAL LIABILITIES (B)		0.000
NET WORTH (A-B)		25.938

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

NETWORTH STATEMENT

(MR. OMPRAKASH K. MALHOTRA)

(RS. IN MILLIONS)

Particulars	AMOUNT
ASSETS
Immovable Property		13.000
Commercial Property	13.000
Movable Property		1.200
Jewellery	0.700
Cash	0.500
Vehicle	0.000
Others		7.522
Invetsment in Shares (422160 @ 10)	4.222
Surrender Value of Insurance Policy	1.800
Loans and Deposits	1.500
TOTAL ASSETS (A)		21.722
LIABILITIES
Vehicles Loan	0.000
Commercial Loan	0.000
Home Loan	0.000
TOTAL LIABILITIES (B)		0.000
NET WORTH (A-B)		21.722

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

NETWORTH STATEMENT

(MR. DINESH OMPRAKASH MALHOTRA)

(RS. IN MILLIONS)

Particulars	AMOUNT
ASSETS
Immovable Property		72.500
House: Residential Bunglow	72.500
Movable Property		1.000
Jewellery	0.750
Cash	0.250
Vehicle	0.000
Others		29.508
Capital in Proprietorship Business	16.800
Invetsment in Shares (422160 @ 10)	6.954
Surrender Value of Insurance Policy	5.754
TOTAL ASSETS (A)		103.008
LIABILITIES
Vehicles Loan	0.000
Commercial Loan	0.000
Home Loan	0.000
TOTAL LIABILITIES (B)		0.000
NET WORTH (A-B)		103.008

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made	To ascertain fair market value of property for Bank Loan Bank of India, Ellisbrdige Branch.
Date as on which valuation is made.	As on 23-08-2013
Name of the owner/owners.	M/S. HARIOM PROTIENS LIMITED MR. DlNESHBHAl MALHOTRA
If the property is under joint ownership co-ownership, share of such owner.	Ownership property
Brief description of the property	Property is a factory shed with different structures
Location, Street, Ward No	Plot No. 31 02, G.I.D.C. Estate Phase - 2, Chhatral, Ta - Kalol, District - Gandhiangar
Survey/ Plot No. of land	G.I.D.C. Estate Phase - I, Chhatral, Ta - Kalol, District - Gandhiangar
Is the property situated in Residential Commercial/ Mixed area/industrial area	Industrial Area
Classification of locality - high class/ middle class/ poor class.	Middle class locality nearby
Proximity to civic amenities like schools hospitals, offices, market, cinemas, etc.	Available within 10 km. distance
Means and proximity to surface Communication by which the locality is served	Served by ST Bus services ,Scooters, Cars, auto rickshaws
LAND
Area of land supported by documentary proof Shape dimensions and physical features.	1404.75 sq.mt plot no 3102 1680.00 Sq. yds.
Roads street or lanes on which the land is abutting	Abutting on internal road of GIDC.
Is it freehold or leasehold land?	Lease Hold Land
If leasehold the name of lesser /lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease	Lease from GlDC Estate - Chhatral Lease Endson 2088
Is there any restrictive covenant in regard to use of land?	Industrial use
Has any contribution been made towards development or is any demand for such contribution still outstanding?	Demands not out standing
IMPROVEMENTS
Is the building owner – occupied/ tenanted/ both	Owner occupied property
What is the floor space index Permissible and percentage actually utilized?	50 % land area of plot to be constructed
SALES
Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and Area of land sold	Sale instances are not available Discussed in Valuation statement. Jantri rate is Rs.375 sq. mt. but it is only guide line rate and It is only for collecting the stamp duty for registration. It does not reflect on Market value of the property.
Land ate adopted in this valuation or built up area rate.	Land area rate adopted is Rs.7500/- per sq. yd.
If sale instances are not available or not relied upon the basis of arriving at the land rate.	Prevailing market rate in vicinity and experience and general inquiries.
COST OF CONSTRUCTION
Year of commencement of construction and year of completion.	Built in year 2012
TECHNICAL DETAILS
No of Floors and height of each floor a) Basement b) Ground Floor c) Mezzanine Floor c) First Floor	Under construction
Plinth area floor wise (As per is 3861 - 1 966) a) Basement b) Ground Floor c) Mezzanine Floor c) First Floor	Under construction
Year of Construction	Built in year about 2012
Estimated future life.	50 Years
Type of construction-load bearing walls/ R.C.C frame/ steel frame.	Load bearing wall structure
Type of foundations.	Wall and R.C.C. footings
Walls (a) Basement or plinth (b) Ground floor (c) Superstructure Above	Under construction
Partition a) Basement b) Ground Floor	Under construction
Flooring (Floor wise) a) Basement b) Ground Floor	Under construction
Door and Windows a) Basement b) Ground Floor	Under construction
Sanitary installations No of water closets No of lavatory basins No. of urinals iv) No. of sinks iv) No of bath tubs v) No of bidets vi) No of geysers.	1 Nos. Toilet block 1 Chokdi -- -- -- -- -- --
Class of fittings superior coloured /superior white/ ordinary.	Ordinary
Compound wall i) Height and length ii) Type of construction	about 8ft high brick masonry wall compound wall with M. S. Gate
Sewage disposal whether connected to public sewers. If septic tank provided and capacity	Connected to sewer main
PART - II VALUATION It is situated Plot No. 3102, G.I.D.C. Estate , Phase-ll, Chhatral, Ta - Kalol , District Gandhinagar. It is owned by Hari Om Protiens Limited. Dineshbhai Omprakash Malhotra The property is surrounded with following boundaries. Boundaries Plot No. 3102 North : Sim of Bileshwarpura South : Internal Road and Plot No.3019 East : Plot No.3103 West : Internal Road LAND VALUE Considering the situation and locality of property, development of surrounding area as factory area, considered developed land like earth filling, levelling, compound wall with M.S. Gate, security service, prevailing rate of land in vicinity, I evaluate the market rate of land at Rs.7,5001- per sq. yd. on valuation date. Land Value = Land Area x rate per sq. yd. 1680.00 sq. yds. x Rs.7,500.- = Rs.12.600 Millions Market Value: Rs.12.600 Millions Realizable Value: Rs.11.340 Millions (About 10% less than Market Value) Distress sale Value: Rs.9.450 Millions (About 25% less of Market value) Jantry Value: Rs.0.527 Million

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made

To ascertain fair market value of property for Bank Loan Bank of India, Ellisbrdige Branch.

Date as on which valuation is made.

As on 23-08-2013

Name of the owner/owners.

M/S. HARIOM PROTIENS LIMITED

MR. DlNESHBHAl MALHOTRA

If the property is under joint ownership co-ownership, share of such owner.

Ownership property

Brief description of the property

Property is a factory shed with different structures

Location, Street, Ward No

Plot No. 3013-B, 3014-A, 3014-B, 3016 and 3018, G.I.D.C. Estate Phase - 2, Chhatral, Ta - Kalol, District - Gandhiangar

Survey/ Plot No. of land

G.I.D.C. Estate Phase - I, Chhatral, Ta - Kalol, District - Gandhiangar

Is the property situated in Residential

Commercial/ Mixed area/industrial area

Industrial Area

Classification of locality - high class/ middle class/ poor class.

Middle class locality nearby

Proximity to civic amenities like schools hospitals, offices, market, cinemas, etc.

Available within 10 km. distance

Means and proximity to surface Communication by which the locality is served

Served by ST Bus services ,Scooters,

Cars, auto rickshaws

LAND

Area of land supported by documentary proof Shape dimensions and physical features.

5940.00 sq.mt Plot No.3013-B, 3014-A, 3014-B

1000.00 sq. mt. Plot No.3016

1000.00 sq. mt. Plot No.3018

7940.00 Sq. mt.

9496.00 sq. yds.

Roads street or lanes on which the land is

abutting

Abutting on internal road of GIDC.

Is it freehold or leasehold land?

Lease Hold Land

If leasehold the name of lesser /lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease

Lease from GlDC Estate - Chhatral Lease ends on 2088

Is there any restrictive covenant in regard to use of land?

Industrial use

Has any contribution been made towards development or is any demand for such contribution still outstanding?

Demands not out standing

IMPROVEMENTS

Is the building owner – occupied/ tenanted/ both

Owner Occupied Property

What is the floor space index Permissible and percentage actually utilized?

50 % land area of plot to be constructed

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and Area of land sold

Sale instances are not available

Discussed in Valuation statement. Jantri rate is Rs.375 sq. mt. but it is only guide line rate and It is only for collecting the stamp duty for registration. It does not reflect on Market value of the property.

Land ate adopted in this valuation or built up area rate.

Land area rate adopted is Rs.7500/- per sq. yd.

If sale instances are not available or not relied upon the basis of arriving at the land rate.

Prevailing market rate in vicinity and experience and general inquiries.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

Built in year 1999 and onwards

TECHNICAL DETAILS

Year of Construction

Built in year about 1999

Estimated future life.

30 Years

Type of construction-load bearing walls/ R.C.C frame/ steel frame.

Load bearing wall structure with A.C. and R.C.C. slab R.C.C. Frame Structure.

Type of foundations.

Wall and R.C.C. footings

Walls

(a) Basement or plinth

(b) Ground floor

(c) Superstructure Above

1’-2”, 0’-9” 41/2” Thick brick masonry walls in C.M.

Partition

a) Basement

b) Ground Floor

0’-6” Thick brick masonry walls in cement mortar.

Flooring (Floor wise)

a) Basement

b) Ground Floor

IPS flooring in servant quarters, polished kotah stone flooring in main shed, office with vitrified flooring.

Door and Windows

a) Basement

b) Ground Floor

M.S. rolling shutters, fully glazed m.s. windows in main shed and wooden doors and m.s. windows in security room.

Finishing (Floor-wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

Smooth cement plaster to interior walls and sand faced plaster to exterior walls of shed

Roofing and terracing

A/C/ Sheet roof on main shed, marginal shed and staff quarters R.C.C. slab over office and security cabin.

Special architectural or decorative features, if any

Common Outlook

Internal wiring surface or conduit

Concealed and open electrical wiring

Class of fitting superior / ordinary/ poor

Sanitary installations

No of water closets

No of lavatory basins

No. of urinals

iv) No. of sinks

iv) No of bath tubs

v) No of bidets

vi) No of geysers.

2 Nos. Toilet block

1 Chokdi

--

--

--

--

--

--

Class of fittings superior coloured /superior white/ ordinary.

Ordinary

Compound wall

i) Height and length

ii) Type of construction

about 8ft high brick masonry wall compound wall with M. S. Gate

Underground sump, capacity and type of construction

2000 lit U. G. Tank

Road and paving within the compound

Partly paved compound

Sewage disposal whether connected to public sewers. If septic tank provided and capacity

Connected to sewer main

PART - II VALUATION

The property is surrounded with following boundaries.

1] Boundaries

North -

South -

East -

West -

Plot No.3013-B, 3014-A and 3014-B

Plot No.3015-A and 3014-B

Plot No.3013-A

20mt. wide internal road of GIDC

Shed No.C-3020 to C1-3002

2] Boundaries

North -

South -

East -

West -

Plot No.3016

14 mt. wide internal road of GIDC

Plot No.3014-B

Plot No.3017

Plot No.3015

3] Boundaries

North -

South -

East -

West -

Plot No.3018

14mt. wide internal road of GIDC

Plot No.3014-B

Plot No.3017

Plot No.3019

Land and Building method, considering the prevailing market rate of land in vicinity and depreciated construction cost.

LAND VALUE

Considering the situation and locality of property, development of surrounding area as factory area, considered developed land like earth filling, levening, compound wall with M. S. Gate, security service, prevailing rate of land in vicinity the market rate of land at Rs.7,500/- per sq. yd. on valuation date.

Land Value = Land Area X Rate per sq. yd.

9496.00 sq. yds. X Rs.7,500/- = Rs.71.220 Millions

BUILDING VALUE

Considering the situation and locality of property, development of surrounding area, factory building in surrounding area, type of construction, planning and design, age and future life of property and specification of materials and amenities provided, and future life of structure.

Particulars	Built up area in sq. yds.	Depre. Rate per sq. yd. in Rs.	Total Depre. Cost in (Rs. In Millions )
Watchmen Cabin with R.C.C. slab and 10 ft height	20.00	7,000/-	0.140
Office Building with R.C.C. slab and ht about 12 ft	300.00	10000/-	3.000
Way bridge in shed part with R.C.C. top and ht about 10 ft	38.00	7,000/-	0.266
Godown No.1 with A.C. sheet roof and ht about average 30 ft	625.00	6,000/-	3.750
Godown No.2 with A.C. sheet roof and ht about average 30 ft	200.00	5,500/-	1.100
Meter rooms – 3 No room with A.C. sheet roof and ht about Average 10 ft.	122.00	4,000/-	0.488
Refinery plant with A.C. sheet roof and ht about average 40 ft. R.C.C. slab and M.S. platform in four stages	400.00	9,000/-	3.600
Work shop with A.C. sheet roof and ht about 15 ft.	87.00	5,500/-	0.479
Godown No.3-with A.C. sheet roof and ht about average 20 ft.	45.00	5,500/-	0.248
Boiler house with A.C. sheet roof ht about average 20 ft.	292.00	6,000/-	1.752
Coal shed with A.C. sheet roof ht about average 20 ft.	147.00	5,000/-	0.735
Treatment plant with A.C. sheet roof ht about average 15 ft.	81.00	5,000/-	0.405
Animation plant with A.C. sheet roof and ht about average 15 ft.	133.00	5,000/-	0.665
Chimney Foundation	Lump Sump	Lump Sump	0.250
Cooling tower platform	Lump Sump	Lump Sump	0.250
Under ground water tank with R.C.C. Slab Top	2 No.	Lump Sump	0.500
Tank Plot Form	278.00	1,000/-	0.278
ETP Plant	1 No	Lump Sump	0.500
Labour Quarters	20 No.	Lump Sump	0.400
Total			18.806

SUMMARY

1] Land Value

Rs.71.220 Millions

2] Building Value

Rs.18.805 Millions

Total Value

Rs.90.025 Millions

Market Value:

Rs.90.025 Millions

Realizable Value:

Rs.81.023 Millions (About 10% less than Market Value)

Distress sale Value:

Rs.67.519 Millions (About 25% less of Market value)

Jantry Value:

Rs.21.783 Millions

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made

To ascertain fair market value of property for Bank Loan Bank of India, Ellisbrdige Branch.

Date as on which valuation is made.

As on 23-08-2013

Name of the owner/owners.

MR. DlNESHBHAl OMPRAKASH MALHOTRA

If the property is under joint ownership co-ownership, share of such owner.

Single Ownership

Brief description of the property

Property is a Residential Bungalows. It is two stories load bearing structure.

Location, Street, Ward No

Bung No.16, Ashwraj Bungalows, Opposite Titanium Squarem corporate Road, Prahladnagar, Ahmedabad.

Survey/ Plot No. of land

Sur No. 932, 933/2, 1,3,934/1, 901,/2, 940/2, 950, 953, 928, FP No.26/1, 22, 26/2, 24, 25 and TPS No.25 of Vejalpur, Ta City District – Ahmedabad

Is the property situated in Residential

Commercial/ Mixed area/industrial area

Residential – Commercial Area

Classification of locality - high class/ middle class/ poor class.

Higher – Middle Class Locality

Proximity to civic amenities like schools hospitals, offices, market, cinemas, etc.

Available within nearby distance

Means and proximity to surface Communication by which the locality is served

Served by AMTS Bus services, Scooters, auto rickshaws and private and public vehicles etc.

LAND

Area of land supported by documentary proof Shape dimensions and physical features.

655.00 sq. yds.

Roads street or lanes on which the land is

abutting

T. P. Road

Is it freehold or leasehold land?

Free hold Land

If leasehold the name of lesser /lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease

N.A.

Is there any restrictive covenant in regard to use of land?

NA

Has any contribution been made towards development or is any demand for such contribution still outstanding?

Demands not outstanding

IMPROVEMENTS

Is the building owner – occupied/ tenanted/ both

Owner Occupied

What is the floor space index Permissible and percentage actually utilized?

1: 1.8

RENTS

Give details of water and electricity charges. If any, to be borne by the owner.

Borne by owner.

If a lift is installed, who is to bear the cost of maintenance and operation owner or

tenant

Borne by owner.

If a pump is installed who has to bear the cost of maintenance and operation owner or tenant

Borne by owner.

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. owner or tenant

Borne by owner.

What is the amount of property tax? Who is to bear it? Give details with documentary proof.

Borne by owner.

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and Area of land sold

Sale instances are not available

Discussed in Valuation statement. Jantri Rate is Rs.24.000/- sq. mt. it is only guide line rate for collecting the stamp duty for registration. It does not reflect on market value of the property.

Land ate adopted in this valuation or built up area rate.

Land rate is Rs.1,00,000/- per sq. yd. including earth filling, levelling, paving in compound wall with m.s. gate etc.

If sale instances are not available or not relied upon the basis of arriving at the land rate.

Prevailing market rate in vicinity

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

Constructed 2017-08, well maintained.

What was the method of construction by contact/ by employing labour direct or both?

By Contractor.

TECHNICAL DETAILS

No of floors and height of each floor

a] Basement

b] Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

Two Floor + Stair Cabin

Plinth area floor wise (As per IS 3861-1966)

a] Basement

b] Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

471.00 sq. yds.

Year of Construction

About 2007-08

Estimated future life.

About 55 Years

Type of construction-load bearing walls/ R.C.C frame/ steel frame.

Load bearing structure

Type of foundations.

R.C.C. footings

Walls

(a) Basement or plinth

(b) Ground floor

(c) Superstructure Above

0’-9” 41/2” Thick brick masonry walls in C.M.

Partition

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

R.C.C. walls and 0’-6” Thick brick masonry walls in cement mortar.

Flooring (Floor wise)

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

Vitrified ceramic tiles flooring work is in progress.

Door and Windows

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

Wooden Door and window with wooden frame work is progress

Finishing (Floor-wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

Smooth cement plaster inside and outside double coat sand faced plaster.

Roofing and terracing

R.C.C. Slab

Special architectural or decorative features, if any

Good Outlook

Internal wiring surface or conduit

Concealed electrical wiring.

Class of fitting superior / ordinary/ poor

Sanitary installations

No of water closets

No of lavatory basins

No. of urinals

iv) No. of sinks

iv) No of bath tubs

v) No of bidets

vi) No of geysers.

4 Nos.

2

--

1

--

--

--

--

Class of fittings superior coloured /superior white/ ordinary.

White glazed tiles dedoing in all toilet block.

Compound wall

i) Height and length

ii) Type of construction

NA

Underground sump, capacity and type of construction

Of required capacity

Overhead tank

Common Water Connection.

Pump no and their horse power

Of required capacity

Road and paving within the compound

Paved internal road

Sewage disposal whether connected to public sewers. If septic tank provided and capacity

Connected to AMC drainage line.

PART - II VALUATION

The property is surrounded with following boundaries.

East –

West –

North –

South –

24 mt wide TP Road

Margin Land and Bung No 17

Bung No 15

18’ mt Wide TP Road

Land and Building method, considering the prevailing market rate of land in vicinity and depreciated construction cost.

LAND VALUE

Considering the situation and locality of property, Sharpe and Size of Plot, development of surrounding area, prevailing market rate of land in vicinity, the land cost of property at Rs.1,00,000/- per sq. yd. including earth filling, levelling, paving in compound, compound wall with m.s. gate etc. on valuation date.

Land Value = Land Area X Rate per sq. yd.

655.00 sq. yds. X Rs.1,00,000/- = Rs.65.500 Millions

BUILDING VALUE

Considering the situation and locality of property, development of surrounding area, type of construction, planning and design, age and future life of property and specification of materials used their in, and amenities provided future life of structure.

Description	Built up area in sq. yds.	Rate per sq. yds. in Rs.	Valuation Amount (Rs. In Millions )
1. Bung No.16, Ashwraj Bungalows, Opposite Titanium Square, Corporate Road, Prahladnagar, Ahmedabad.	471.00	18,000/-	8.478
Total			8.478

SUMMARY

1] Land Value

Rs.65.500 Millions

2] Building Value

Rs.8.960 Millions

Total Value

Rs.73.978 Millions

Market Value:

Rs.73.978 Millions

Realizable Value:

Rs.66.580 Millions (About 10% less than Market Value)

Distress sale Value:

Rs.51.785 Millions (About 30% less of Market value)

Jantry Value:

Rs.16.888 Millions

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made

To ascertain fair market value of property for Bank Loan from Bank of India, Ellisbrdige Branch.

Date as on which valuation is made.

As on 23-08-2013

Name of the owner/owners.

MR. SANGITABEN DlNESHBHAl MALHOTRA

If the property is under joint ownership co-ownership, share of such owner.

Single Ownership

Brief description of the property

Property is a ten storied commercial shop situated at ground floor with R.C.C. frame structure with margin for parking.

Location, Street, Ward No

Shop No.103, Ground Floor and basement, Hari Om complex, Ganj Bazar, Opposite H. B. Kapadia High school, Near Hathishing Jain Derasar, Madhupura, Ahmedabad.

Survey/ Plot No. of land

Sur. No. 711/D, of Madhuura, Ta-City, District Ahmedabad

Is the property situated in Residential

Commercial/ Mixed area/industrial area

Commercial Area

Classification of locality - high class/ middle class/ poor class.

Higher – Middle Class Locality

Proximity to civic amenities like schools hospitals, offices, market, cinemas, etc.

Available within nearby distance

Means and proximity to surface Communication by which the locality is served

Served by AMTS Bus services, Scooters, auto rickshaws and private and public vehicles etc.

LAND

Area of land supported by documentary proof Shape dimensions and physical features.

N.A. composite rate method is adopted.

Roads street or lanes on which the land is

abutting

Abutting on TP Road

Is it freehold or leasehold land?

Free hold Land

If leasehold the name of lesser /lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease

N.A.

Is there any restrictive covenant in regard to use of land?

NA

Has any contribution been made towards development or is any demand for such contribution still outstanding?

Demands not outstanding

IMPROVEMENTS

Is the building owner – occupied/ tenanted/ both

Owner Occupied

What is the floor space index Permissible and percentage actually utilized?

1: 1.8

RENTS

Give details of water and electricity charges. If any, to be borne by the owner.

Borne by owner.

If a lift is installed, who is to bear the cost of maintenance and operation owner or

tenant

Borne by owner.

If a pump is installed who has to bear the cost of maintenance and operation owner or tenant

Borne by owner.

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. owner or tenant

Borne by owner.

What is the amount of property tax? Who is to bear it? Give details with documentary proof.

Borne by owner.

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and Area of land sold

Sale instances are not available

Discussed in Valuation statement. Jantri Rate is not availabale, it is only guide line rate for collecting the stamp duty for registration. It does not reflect on market value of the property.

Land ate adopted in this valuation or built up area rate.

Composite rate is adopted Rs.19,000/- per sq. ft. of GF and basement Rs.9,500/- sq. ft.

If sale instances are not available or not relied upon the basis of arriving at the land rate.

Prevailing market rate in vicinity

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

Built in year about 1990-91.

What was the method of construction by contact/ by employing labour direct or both?

By Contractor.

TECHNICAL DETAILS

No of floors and height of each floor

a] Basement

b] Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

Eight Storied height About 12’6”

Plinth area floor wise (As per IS 3861-1966)

a] Basement

b] Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

450.00 sq. ft. GF Shop No.103 BA

450.00 sq. ft. Basement

Year of Construction

Built in year about 1990.91

Estimated future life.

About 50 Years

Type of construction-load bearing walls/ R.C.C frame/ steel frame.

R.C.C. Frame structure

Type of foundations.

R.C.C. footings

Walls

(a) Basement or plinth

(b) Ground floor

(c) Superstructure Above

0’-9” 41/2” Thick brick masonry walls in C.M.

Partition

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

R.C.C. walls and 0’-6” Thick brick masonry walls in cement mortar.

Flooring (Floor wise)

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

Ceramic tiles flooring

Door and Windows

a) Basement

b) Ground Floor

c] First Floor

d] Second Floor

e] Third Floor

MS Shutter

Finishing (Floor-wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

Smooth cement plaster inside and outside double coat sand faced plaster.

Roofing and terracing

R.C.C. Slab

Special architectural or decorative features, if any

Good Outlook

Internal wiring surface or conduit

Concealed electrical wiring.

Class of fitting superior / ordinary/ poor

Sanitary installations

No of water closets

No of lavatory basins

No. of urinals

iv) No. of sinks

iv) No of bath tubs

v) No of bidets

vi) No of geysers.

--

--

--

--

--

--

--

--

Class of fittings superior coloured /superior white/ ordinary.

Good Quality

Compound wall

i) Height and length

ii) Type of construction

Common brick masonry wall

Underground sump, capacity and type of construction

Of required capacity

Overhead tank

Common Water Connection.

Pump no and their horse power

Of required capacity

Road and paving within the compound

Paved internal road and paved compound.

Sewage disposal whether connected to public sewers. If septic tank provided and capacity

Connected to soak well.

PART - II VALUATION

The property is surrounded with following boundaries.

Shop No.103

East –

West –

North –

South –

Shop No.104

Shop No.102

Margin

TP Road

This property at composite rate method with considering the prevailing land cost development expenses and construction cost.

BUILDING VALUE

Considering the situation and locality of property, development of surrounding area, factory Building in surrounding area, type of construction, planning and design, age and future life of property and specification of material used therein, and amenities provided, future life of property and specification of materials used therein, and amenities provided, future life of structures.

Description	Built up area in sq. ft.	Rate per sq. ft. in Rs.	Valuation Amount (Rs. In Millions )
1. Hari Om Protines, Shop No.103, GF and Basement, Hari Om Complex, Ganj Bazar, Opposite H. B. Kapadia High School, Madhupura, Ahmedabad	450.00	Rs.19,000/-	8.550
Basement	450.00	Rs.9,500/-	4.275
Total			12.825

Market Value:

Rs.12.825 Millions

Realizable Value:

Rs.11.543 Millions (About 10%)

Distress Sale Value:

Rs.9.619 Millions (About 25% less of Market value)

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made

To ascertain market value of property for Bank Loan from Bank of India, Ellisbrdige Branch.

Date as on which valuation is made.

As on 23-08-2013

Name of the owner/owners.

M/S HARIOM OIL INDUSTRIES

MR. DlNESHBHAl MALHOTRA

If the property is under joint ownership co-ownership, share of such owner.

Ownership Property

Brief description of the property

Property is a factory shed with different structure.

Location, Street, Ward No

Plot No.1511, 1512, G.I.D.C. Estate Phase – 2, Chhatral, Ta – Kalol, District – Gandhinagar.

Survey/ Plot No. of land

G.I.D.C. Estate Phase – I, Chhatral, Ta – Kalol, District - Gandhinagar.

Is the property situated in Residential

Commercial/ Mixed area/industrial area

Industrial Area

Classification of locality - high class/ middle class/ poor class.

Middle Class Locality nearby

Proximity to civic amenities like schools hospitals, offices, market, cinemas, etc.

Available within 10 km. distance

Means and proximity to surface Communication by which the locality is served

Served by ST Bus services, Scooters, Cars, Auto rickshaws.

LAND

Area of land supported by documentary proof Shape dimensions and physical features.

703.00 sq. mt. Plot No 1511

703.00 sq .mt Plot No 1512.

1406.00 sq mt

1682.00 sq yds

Roads street or lanes on which the land is

abutting

Abutting on internal road of GIDC.

Is it freehold or leasehold land?

Lease Hold Land

If leasehold the name of lesser /lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease

Lease from GIDC estate – Chhatral Lease eands on 2088

Is there any restrictive covenant in regard to use of land?

Industrial Use

Has any contribution been made towards development or is any demand for such contribution still outstanding?

Demands not outstanding

IMPROVEMENTS

Is the building owner – occupied/ tenanted/ both

Owner Occupied Property

What is the floor space index Permissible and percentage actually utilized?

50% land are of plot to be constructed

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and Area of land sold

Sale instances are not available

Discussed in Valuation statement. Jantri Rate is Rs.375 sq. mt. but it is only guide line rate and it is only for collecting the stamp duty for registration. It does not reflect on market value of the property.

Land ate adopted in this valuation or built up area rate.

Land area rate adopted is Rs.7500/- per sq. yd.

If sale instances are not available or not relied upon the basis of arriving at the land rate.

Prevailing market rate in vicinity and experience and general inquiries.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

Built in year 1999 and onwards.

What was the method of construction by contact/ by employing labour direct or both?

By Contractor.

TECHNICAL DETAILS

Year of Construction

Built in year about 1999

Estimated future life.

30 Years

Type of construction-load bearing walls/ R.C.C frame/ steel frame.

Load bearing wall structure with A.C. and R.C.C. slab R.C.C. Frame structure

Type of foundations.

Wall and R.C.C. footings

Walls

(a) Basement or plinth

(b) Ground floor

(c) Superstructure Above

1’-2” 0’-9” 41/2” Thick brick masonry walls in Cement mortar.

Partition

a) Basement

b) Ground Floor

0’-6” Thick brick masonry walls in cement mortar.

Flooring (Floor wise)

a) Basement

b) Ground Floor

IPS flooring in servant quarters, Polished Kotah stone flooring in mian shed, office with ceramic tiles flooring.

Door and Windows

a) Ground Floor

M.S. Rolling shutters, Fully Glazed M.S. Windows in Mian shed and Wooden Doors and M. S. Windows in security room.

Finishing (Floor-wise)

a) Basement

b) Ground Floor

c) First Floor

d) Second Floor

e) Third Floor

Smooth cement plaster to interior walls and sanf faced plaster to exterior walls of shed

Roofing and terracing

A.C. sheet roof on main shed, marginal shed and staff quarters R.C.C. slab over office and security cabin.

Special architectural or decorative features, if any

Common Outlook

Internal wiring surface or conduit

Concealed and open electrical wiring.

Class of fitting superior / ordinary/ poor

Sanitary installations

No of water closets

No of lavatory basins

No. of urinals

iv) No. of sinks

iv) No of bath tubs

v) No of bidets

vi) No of geysers.

2 Nos. Toilet Block

1 Chokdi

--

--

--

--

--

--

Class of fittings superior coloured /superior white/ ordinary.

Ordinary

Compound wall

i) Height and length

ii) Type of construction

About 8 ft high brick masonry wall compound wall with M.S. Gate.

Underground sump, capacity and type of construction

1000 lit U.G. Tank

Pump no and their horse power

--

Road and paving within the compound

Paved Compound

Sewage disposal whether connected to public sewers. If septic tank provided and capacity

Connected to Sewer Main

PART - II VALUATION

The property is surrounded with following boundaries.

Shop No.103

Boundaries

Plot No.1511 and Plot No.1512

North –

South –

East –

West –

Plot No.1513

Internal Road

Internal Road

Plot No.1508, 1509, 1510

This property at and Building method, considering the prevailing market rate of land in vicinity and depreciated construction cost.

LAND VALUE

Considering the situation and locality of property, development of surrounding area as factory area, considered developed land like earth filling, levelling, compound wall with m.s. gate, security service, prevailing rate of land in vicinity. The market rate of land at Rs.7,500/- per sq. yd. on valuation date.

Land Value = Land area x Rate per Sq. yd.

1680.00 sq. yds. x Rs.7,500/- = Rs.12.615 Millions

BUILDING VALUE

Considering the situation and locality of property, development of surrounding area, factory Building in surrounding area, type of construction, planning and design, age and future life of property and specification of material used therein, and amenities provided, future life of structures.

Description	Built up area in sq. ft.	Rate per sq. ft. in Rs.	Valuation Amount (Rs. In Millions )
1. Two Sheds – with A.C. sheet roof	600.00	4,500/-	2.700
Mezzanine floor within main shed with R, C. C. slab	189.00	2,500/-	0.473
Office with R.C.C. slab	68.00	9,500/-	0.646
Open Shed with A.C. sheet roof and without walls	139.00	3,000/-	0.417
Security cabin	16.00	5,500/-	0.088
Labour quarters	Lump Sump	Lump Sump	0.400
Total			4.724

SUMMARY

Land value

Rs.12.615 Millions

Building Value

Rs.4.724 Millions

Total Value

Rs.17.339 Millions

Market Value:

Rs.17.339 Millions

Realizable Value:

Rs.15.605 Millions (About 10% less than market value)

Distress Sale Value:

Rs.13.004 Millions (About 25% less of Market value)

Jantry Value

Rs.5.251 Millions

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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446048	10/08/2013	516,000.00	AU FINANCIERS (INDIA) LIMITED	19-A DHULESHWAR GARDEN, JAIPUR, RAJASTHAN - 302001, INDIA	B83570630
2	10255339	03/12/2012 *	335,000,000.00	ALLAHABAD BANK	BHAGWATI CHAMBER, OPPOSITE GUJARAT VIDYAPITH, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA	B63319396

* Date of charge modification

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

NOTE:

The Registered office of the company has been shifted from, 204, Rajlaxmi Plaza, 2^nd Floor, Shahibaug Road, Near Hathisingh Wadi, Ahmedabad – 380004, Gujarat, India, to the present address w.e.f. 01.11.2011.

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

TRADE REFERENCE

· Shree Gayatri Industries

· Kanye Oil

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 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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--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.