MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	SHIVANJALI ISPAT PRIVATE LIMITED
Registered Office :	Plot No. C-1/4, Five Star, M.I.D.C., Kagal, Kolhapur – 416216, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.08.2008
Com. Reg. No.:	11-132588
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U27100PN2008PTC132588
IEC No.:	3110013339
TAN No.: [Tax Deduction & Collection Account No.]	KLPS07467F
PAN No.: [Permanent Account No.]	AAMCS2553F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mild Steel Ingots.
No. of Employees :	60 (Approximately) (Office – 11 and Factory – 49)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating constrained on account of below-average financial risk profile marked by thin profitability margin and low reserves of the company. Further company has also taken huge external borrowing which acts as threatening to the liquidity position of the company. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: C
Rating Explanation	Poor credit quality and limited prospects of recovery.
Date	29.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.03.2014

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. Ritesh Ramlal Agarwal
Designation :	Director
Contact No.:	91-9673005381
Date :	09.04.2014

LOCATIONS

Registered Office/ Factory :	Plot No. C-1/4, Five Star, M.I.D.C., Kagal, Kolhapur – 416216, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9673005381 (Mr. Ritesh Ramlal Agarwal)
Fax No.:	Not Available
E-Mail :	shivanjali.ispat@gmail.com pjoshicsoffice@gmail.com pjoshi30@rediffmail.com
Location :	Leased

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Ritesh Ramlal Agarwal

Designation :

Director

Address :

Flat No. F - 1, Shivshakti Court, Himmat Bahadur Parisar, Tarabai Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

03.06.1977

Qualification :

B.Com

Experience :

17 years

Date of Appointment :

30.09.2009

PAN No.:

AEDPA3367B

DIN No.:

00440846

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	U27106PN2005PTC021019	NILANJAN IRON PRIVATE LIMITED	Director	14/07/2005	14/07/2005	07/12/2007	Active	NO
2	U27100PN2008PTC132588	SHIVANJALI ISPAT PRIVATE LIMITED	Director	30/09/2009	12/08/2008	-	Active	NO
3	U27100PN2011PTC141485	AARTI CASTINGS PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO

Name :

Mrs. Aarti Ritesh Agarwal

Designation :

Director

Address :

Flat No. F - 1, Shivshakti Court, Himmat Bahadur Parisar, Tarabai Park, Kolhapur, Maharashtra, India

Date of Birth/Age :

31.12.1977

Qualification :

B.Com

Experience :

9 years

Date of Appointment :

29.09.2012

PAN No.:

AHDPA2029D

DIN No.:

05104956

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	U27100PN2011PTC141485	AARTI CASTINGS PRIVATE LIMITED	Director	25/11/2011	25/11/2011	Active	NO
2	U27100PN2008PTC132588	SHIVANJALI ISPAT PRIVATE LIMITED	Director	29/09/2012	14/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2013)

Name of Shareholders	No of Shares	Percentage
Ritesh Ramlal Agarwal	104983	69.99
Aarti Ritesh Agarwal	45000	30.00
Others	17	0.01
Total	150000	100.00

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mild Steel Ingots.
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
M. S. Ingots	Kgs	--	--	16571435
Defective Ingots	Kgs	--	--	151010

GENERAL INFORMATION

Suppliers :

· Anshul Steel Limited

Plot No. B – 35, Kagal Five Star M.I.D.C, Kagal, Kolhapur, Maharashtra. India

· Apple Sponge and Power Limited

C- 4, Kagal Five Star M.I.D.C., Kagal, Kolhapur, Maharashtra. India

· Madhuban Trade Steels Private Limited

90, S.No. T/1/1120, Jyotibanagar, Nigdi – Talwade Road, Talwade, Pune, Maharashtra, India

· Mahesh Engineering Services

· Agrawal Refractories

· BMI Minerals Private Limited

· Dhruvdesh Meta steel Limited

· Furnace Feeders

· Hare Krishna Metallics Private Limited

· Kay Industries Gases Private Limited

· Mangal Alloy Casting Private Limited

· R K Steel Corporation

· Sanghavi Cylinders Private Limited

· Shreya Impex

· Supreme Almech Private Limited

· The Dharamshi Morarji Chemical Company LIMITED

Customers :

· Aarya Steel Rolling (India) Limited

Plot No. B – 6, M.I.D.C, Five Star M.I.D.C., Kagal, Kolhapur, Maharashtra, India

· Bharat Re – Rolling Steel Industries

Plot No. 196/8/9/10, Industrial Estate, Sangli, Maharashtra, India

· Shree Karvirniwasini Mahalaxmi Ispat Private Limited

Plot No. A – 6, M.I.D.C, Gokul Shirgaon, Kolhapur, Maharashtra, India

· Jay Ambe Iron Steels Limited

· Parashnath Mines and Minerals

· Shri Bhimeshwari Ispat Private Limited

· Shri Radhakrishna Alloys Private Limited

· Shri Ganpati Ispat Private Limited

· Shri Mahalaxmi Steel Industries

· T K Ispat Private Limited

No. of Employees :

60 (Approximately) (Office – 11 and Factory – 49)

Bankers :

· The Shamrao Vithal Co-Operative Bank Limited

Mirajkar Tikti Branch, Shop No. 36-41 and 41-A, Eagal Pride, Mirajkar Tikti, Kolhapur - 416012, Maharashtra , India

· Union Bank of India

Station Road Branch Kolhapur, Rajashri Shahu Sadhan, Station Road, Kolhapur – 416001, Maharashtra, India

Facilities :

Credit Limit: Rs.60.000 Millions from The Shamrao Vithal Co-Operative Bank Limited

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Bonds/ Debentures Term Loans – from Banks
Union Bank of India, term Loan – 6027 (Present Outstanding – 20299878) Rate of Interests – 15.50 P.A.	0.000	14.500
Shamrav Vittal Co-operative Bank – Term Loan (Crane) 270 (Present O/s – Rs.2.448 Millions) Rate of Interests – 14.25% p.a. (Repayable of 60 EMI- of Rs.64895 p.m.)	1.670	0.000
Shamrav Vittal Co-operative Bank term Loan -250 (Machinery) Present O/s Rs.7.651 Millions) Rate of Interests – 14.25% p.a. (repayable of 60 EMI of Rs.471070 each)	11.998	0.000
Union Bank of India – Car Loan – 462 (Present o/s Rs.0.964 Million) Rate of Interests – 11% p.a. (repayable of 60 EMI of Rs.24000/- each)	0.676	0.000
Short Term Borrowings
Union Bank of India Cash Credit – 50523 (Max Sanction limit Rs.40.000 Millions) (Rate of Interests -14.75% p.a.)	0.000	40.942
Shamrav Vittal co-operative Bank – Cash Credit (Max Sanction limit Rs.60.000 Millions) (Rate of Interests -14.75% p.a.)	66.481	0.000
Total	80.825	55.442

Banking Relations :	--
Auditors :
Name :	Nilesh Nandkishor Baheti Chartered Accountants
Address :	1245, E-Ward, LG-16/17, M J Market, Rajaram Road, Kolhapur – 416001, Maharashtra, India
Associates/Subsidiaries :	· Aarti Industries Address: Plot No. B-1, B-2, Five Star M.I.D.C., Kagal, Kolhapur, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 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	15.000	15.000	5.000
(b) Reserves & Surplus	4.987	1.449	0.364
(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)	19.987	16.449	5.364
(3) Non-Current Liabilities
(a) long-term borrowings	44.799	56.176	64.343
(b) Deferred tax liabilities (Net)	4.583	1.399	1.500
(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)	49.382	57.575	65.843
(4) Current Liabilities
(a) Short term borrowings	66.481	40.942	23.805
(b) Trade payables	26.900	8.578	11.015
(c) Other current liabilities	10.846	15.221	5.415
(d) Short-term provisions	10.612	5.665	5.721
Total Current Liabilities (4)	114.839	70.406	45.956
TOTAL	184.208	144.430	117.163
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.059	67.788	53.208
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.330
(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	0.926	0.927	0.161
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.985	68.715	53.699
(2) Current assets
(a) Current investments	3.233	1.696	1.577
(b) Inventories	67.703	39.059	17.598
(c) Trade receivables	17.433	7.435	18.850
(d) Cash and cash equivalents	1.405	4.319	0.327
(e) Short-term loans and advances	4.336	3.540	0.000
(f) Other current assets	18.113	19.666	25.112
Total Current Assets	112.223	75.715	63.464
TOTAL	184.208	144.430	117.163

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	537.584	508.709	218.727
		Other Income	0.257	6.713	0.226
		TOTAL (A)	537.841	515.422	218.953
Less	EXPENSES
		Materials Consumption Cost	375.837	386.059	170.226
		Purchases of stock-in-trade	0.000	0.000	0.000
		Changes in inventory of Finished Goods and WIP	(6.266)	(6.840)	(2.900)
		Employee Benefit Expenses	4.963	3.895	1.017
		Other Expenses	137.518	121.670	44.018
		TOTAL (B)	512.052	504.784	212.361
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.789	10.638	6.592
Less	FINANCIAL EXPENSES (D)		14.614	6.875	3.407
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.175	3.763	3.185
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.645	2.585	0.781
	PROFIT BEFORE TAX (E-F) (G)		8.530	1.178	2.404
Less	TAX (H)		4.992	0.093	2.040
	PROFIT AFTER TAX (G-H) (I)		3.538	1.085	0.364
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.449	0.364	0.000
	BALANCE CARRIED TO THE B/S		4.987	1.449	0.364
	Earnings Per Share (Rs.)		23.58	7.24	7.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.66	0.21	0.17
Net Profit Margin (PBT/Sales)	(%)	1.59	0.23	1.10
Return on Total Assets (PBT/Total Assets}	(%)	4.63	0.82	2.06
Return on Investment (ROI) (PBT/Networth)		0.43	0.07	0.45
Debt Equity Ratio (Total Debt/Networth)		5.57	5.90	16.43
Current Ratio (Current Asset/Current Liability)		0.98	1.08	1.38

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	5.000	15.000	15.000
Reserves & Surplus	0.364	1.449	4.987
Net worth	5.364	16.449	19.987
long-term borrowings	64.343	56.176	44.799
Short term borrowings	23.805	40.942	66.481
Total borrowings	88.148	97.118	111.280
Debt/Equity ratio	16.433	5.904	5.568

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)
Revenue from Operations	218.727	508.709	537.584
		132.577	5.676

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	218.727	508.709	537.584
Profit	0.364	1.085	3.538
	0.17%	0.21%	0.66%

LOCAL AGENCY FURTHER INFORMATION

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

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

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
From Related Parties	30.455	41.676
Total	30.455	41.676

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

CREDIT FACILITIES REQUIREMENT

(RS. IN MILLIONS)

Credit Facility	Existing	Addition	Proposed
Cash Credit :	60.000	40.000	100.000
Term Loan I:	16.500	-	16.500
Term Loan II:	2.300	-	2.300
Fresh Term Loan :	-	20.000	20.000
Bank Guarantee:	10.000	-	10.000
Total	88.800	60.000	148.800

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	Audited	Projection	Projection	Projection	Projection
	31.12.2013	2013-14	2014-15	2015-16	2016-17
Gross Sales	413.239	620.992	824.653	916.788	1027.909
i) Domestic Sales	413.239	620.992	824.653	916.788	1027.909
ii) Export Sales	0.000	0.000	0.000	0.000	0.000
Less : Excise Duty	0.000	65.058	86.395	96.048	107.689
Net Sales	413.239	555.933	738.258	820.741	920.220
%age rise(+) or fall (-) in net sales	-22%	35%	33%	11%	12%
Cost of Sales
I) Raw Material (incl. stores and other items used in process of mfg.)	294.733	412.188	522.342	587.635	658.151
a) Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	294.733	412.188	522.342	587.635	658.151
ii) Other spares
a) Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000	0.000	0.000
iii) Power & Fuel	68.633	100.050	126.788	142.636	159.752
iv) Direct labour (factory wages & labour)	2.059	6.225	6.848	7.532	8.285
v) Other manufacturing expenses	11.621	15.204	17.417	19.477	21.774
vi) Depreciation (on assets for mfg.)	2.112	4.997	4.997	4.997	4.997
vii) SUB-TOTAL	379.158	538.665	678.392	762.277	852.960
viii) Add : Opening stock-in-process	0.000	0.000	0.000	0.000	0.000
Sub-Total	379.158	538.665	678.392	762.277	852.960
ix) Deduct : Closing stock-in-process	0.000	0.000	0.000	0.000	0.000
x) Cost of Production	379.158	538.665	678.392	762.277	852.960
xi) Add : Opening stock of finished goods	16.005	16.005	26.933	33.920	38.114
Add: Purchase of finished goods	0.000	0.000	0.000	0.000	0.000
Sub-Total	395.163	554.670	705.325	796.197	891.074
xii) Deduct : Closing stock of finished goods	0.000	26.933	33.920	38.114	42.648
xiii) SUB TOTAL (Total cost of sales)	395.163	527.737	671.406	758.083	848.426
Selling, general and admns. Expenses (incl. depr. of assets which are not used for mfg.)	3.404	5.277	5.978	11.513	12.619
SUB TOTAL	398.568	533.013	677.384	769.596	861.045
Operating profit before interest	14.671	22.920	60.874	51.144	59.175
Interest	9.542	12.008	17.282	17.240	16.133
Operating profit after interest	5.129	10.912	43.592	33.904	43.041
I) Add : Other non-operating income
a) Duty draw-back etc.	0.000	0.000	0.000	0.000	0.000
b) Others	0.000	0.291	0.291	0.741	1.191
Sub Total (income)	0.000	0.291	0.291	0.741	1.191
ii) Deduct other non-operating expenses	0.000	0.000	0.000	0.000	0.000
a) Transfer to export business reserve	0.000	0.000	0.000	0.000	0.000
b) Others	0.000	0.000	0.000	0.000	0.000
Sub-Total (expenses)	0.000	0.000	0.000	0.000	0.000
iii) Net of other non-operating income/expenses (net of 11(I) & (ii))	0.000	0.291	0.291	0.741	1.191
Profit before tax / loss	5.129	11.203	43.883	34.645	44.232
Provision for taxation	1.585	2.340	12.734	9.556	12.351
Net profit / loss	3.544	8.863	31.149	25.089	31.882
a) equity dividend	0.000	0.000	0.000	0.000	0.000
b) Dividend rate	0.000	0.000	0.000	0.000	0.000
Retained profit	3.544	8.863	31.149	25.089	31.882
Retained profit / Net profit (%)	100%	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

LIABILITIES	31.12.2013	2013-14	2014-15	2015-16	2016-17
	Audited	Projected	Projected	Projected	Projected
CURRENT LIABILITIES
Short-term borrowing from banks (incl. bill purchased / discounted & excess borrowing placed on repayment basis
I) From applicant bank	0.000	100.000	100.000	100.000	100.000
ii) From other banks	60.836	0.000	0.000	0.000	0.000
iii) (of which BP and BD)	0.000	0.000	0.000	0.000	0.000
TOTAL BANK BORROWINGS	60.836	100.000	100.000	100.000	100.000
Short-term borrowing from others	0.000	0.000	0.000	0.000	0.000
Sundry creditors (Trade)	23.626	20.609	26.117	29.382	32.908
Advance payment to customers	0.000	0.000	0.000	0.000	0.000
Provision for taxation	0.000	0.000	0.000	0.000	0.000
Dividend payable	0.000	0.000	0.000	0.000	0.000
Other statutory liabilities (due within one yr)	0.000	0.000	0.000	0.000	0.000
Deposits / instalments of term loans / DPG / debentures (due within one year)	6.719	5.866	7.749	8.856	4.914
Other current liabilities and provisions due within one year	30.559	10.927	23.574	22.161	26.454
I) Inter-corporate deposits	0.000	0.000	0.000	0.000	0.000
ii)Others	30.559	10.927	23.574	22.161	26.454
TOTAL CURRENT LIABILITIES	60.904	37.402	57.440	60.399	64.276
CURRENT LIABILITIES	121.740	137.402	157.440	160.399	164.276
Debentures (not maturing within one year)	0.000	0.000	0.000	0.000	0.000
Redeemable preference share (redeemable after one year)	0.000	0.000	0.000	0.000	0.000
Term Loans (excl. instalments payable within 1 year)	12.148	31.254	23.504	14.649	9.735
Deferred Payment Credits (excl. instalments due within 1 year)	0.000	0.000	0.000	0.000	0.000
Term Deposits (repayable after 1 year)	4.583	4.583	4.583	4.583	4.583
Other term liabilities
TOTAL TERM LIABILITIES	167.30	358.36	280.87	192.31	143.17
TOTAL OUTSIDE LIABILITIES (10+17)	138.471	173.239	185.527	179.630	178.593
NET WORTH
Ordinary Share Capital	15.000	40.000	40.000	40.000	40.000
Share Application Money	30.301	--	--	--	--
A) General reserve	8.530	13.848	44.997	70.087	101.968
B) Development rebate reserve / Investment allowance reserve	0.000	0.000	0.000	0.000	0.000
Unsecured Loan ( Quasi Equity)	28.340	35.455	35.455	35.455	35.455
Surplus / deficit in P&L a/c	-	-	-	-	-
NET WORTH	82.171	89.304	120.453	145.542	177.423
TOTAL LIABILITIES	220.642	262.542	305.980	325.172	356.016
CURRENT ASSETS
Cash & Bank Balances	0.100	0.575	9.091	9.484	16.720
Investments (other than long term)	3.069	3.233	3.233	8.233	13.233
i) Govt. & other trustee securities	--	--	--	--	--
ii) Fixed Deposits with banks	3.069	3.233	3.233	8.233	13.233
I) Receivables other than deferred & Exports (incl. bill purchase / disc.)	70.440	93.149	123.698	137.518	154.186
Ii) Export receivables (incl. Bills Purchased & Discounted Instalment of deferred receivables	0.000	0.000	0.000	0.000	0.000
Inventory	59.182	61.282	76.652	86.187	931.25
I) Raw materials (incl. stores & other items used in the process of manufacturing
a) Imported	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.000	34.349	42.732	48.074	50.477
ii) Stock-in-process	0.000	0.000	0.000	0.000	0.000
iii) Finished Goods	59.182	26.933	33.920	38.114	42.648
iv) Other consumables stores & spares	0.000	0.000	0.000	0.000	0.000
Advance to suppliers	4.704	0.982	0.982	0.982	0.982
Advance payment of taxes	0.000	0.000	0.000	0.000	0.000
Other current assets	13.922	10.560	4.560	--	--
TOTAL CURRENT ASSETS	151.418	169.781	218.216	242.405	278.247
FIXED ASSETS
Gross block (Land & Building, Machinery, Work-in-progress	77.347	103.770	103.770	103.770	103.770
Depreciation to date	8.123	11.009	16.006	21.003	26.001
Net Block	69.225	92.761	87.764	82.767	77.770
OTHER NON CURRENT ASSETS
Investments / book-debts / advance deposits which are non-current assets
i) a) Investments in subsidiaries/ affiliate	--	--	--	--	--
b) Others	--	--	--	--	--
ii) Advance to suppliers of capital goods	--	--	--	--	--
iii) Deferred receivables (maturing after 1 year)	--	--	--	--	--
Other non-consumable stores and spares	--	--	--	--	--
Other non-current assets (int. suspense)	--	--	--	--	--
TOTAL NON-CURRENT ASSETS	--	--	--	--	--
Intangible assets (Goodwill patents, Pre-expenses, bad & doubtful debts)	--	--	--	--	--
TOTAL ASSETS	220.642	262.542	305.980	325.172	356.016
TANGIBLE NET WORTH	82.171	89.304	120.453	145.542	177.423
NET WORKING CAPITAL	29.677	32.378	60.776	82.006	113.971
CURRENT RATIO	1.24	1.24	1.39	1.51	1.69
TOTAL OUTSIDE LIABILITIES/TNW	1.69	1.94	1.54	1.23	1.01

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.12.2013	2013-14	2014-15	2015-16	2016-17
	Audited	Projected	Projected	Projected	Projected
A CURRENT ASSETS
Raw Materials (including stores and other items used in the process of manufacture)
(b) Imported	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--
(b) Indigenous	0.00	34.349	42.732	48.074	50.477
Months' Consumption	--	1.00	0.98	0.98	0.92
Other Consumable Spares, excluding those included In 1 above
(a) Imported	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--
(b) Indigenous	0.000	0.000	0.000	0.000	0.000
Months' Consumption	--	--	--	--	--
Stock in Process	0.000	0.000	0.000	0.000	0.000
Months' Cost of Production	--	--	--	--	--
Finished Goods	59.182	26.933	33.920	38.114	42.648
Months' Cost of Sales	1.80	0.61	0.61	0.60	0.60
Receivables other than Export and Deferred Receivables (including Bills Purchased and Discounted by Bankers)	70.440	93.149	123.698	137.518	154.186
Months' Domestic Sales excluding Deferred Sales	2.05	1.80	1.80	1.80	1.80
Export Receivables (including Bills Purchased& Discounted by Bankers)	0.000	0.000	0.000	0.000	0.000
Months' Export Sales	--	--	--	--	--
Advances to Suppliers of Raw Materials and Stores/Spares Consumables	4.704	0.982	0.982	0.982	0.982
Other Current Assets including Cash and Bank Balances and deferred receivables due within one year (specify major items)	17.091	14.368	16.884	17.718	29.953
TOTAL CURRENT ASSETS	1514.418	169.781	218.216	242.405	278.247
B CURRENT LIABILITIES
(other than Bank Borrowing for Working Capital)
Creditors for Purchase of Raw Materials, Stores & Consumable Spares	23.626	20.609	26.117	29.382	32.908
Months' Purchases	0.91	0.61	0.60	0.60	0.60
Advances from Customers	0.000	0.000	0.000	0.000	0.000
Other Statutory Liabilities	6.719	5.866	7.749	8.856	4.914
Other Current Liabilities	30.559	10.927	23.574	22.161	26.454
(Specify major items)
TOTAL CURRENT LIABILITIES (To agree with Sub-Total B In Form III )	60.904	37.402	57.440	60.399	64.276

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.12.2013	2013-14	2014-15	2015-16	2016-17
	Audited	Projected	Projected	Projected	Projected
ASSETS
Sources
(a) Net Profit (after tax )	3.544	5.319	31.149	25.089	31.882
(b) Depreciation	2.112	2.885	4.997	4.997	4.997
(c) Increase in capital	30.301	(5.301)	0.000	0.000	0.000
(d) Increase in term liabilities	0.000	19.106	0.000	0.000	0.000
includg. Public Deposits )
(e) Decrease in
(i) Fixed Assets	0.000	0.000	0.000	0.000	0.000
(ii) Other non-current assets	0.000	0.000	0.000	0.000	0.000
(ii) Intangible assets	0.000	0.000	0.000	0.000	0.000
(f) Others - ( Unsecured Loan Quasi Equity)	0.000	7.115	0.000	0.000	0.000
(g) Total	35.957	29.123	36.146	30.086	36.879
Uses
(a) Net Loss	0.000	0.000	0.000	0.000	0.000
(b) Decrease in Term Liabilities	(2.196)	0.000	(7.749)	(8.856)	(4.914)
(includg. public deposits)
(c) Increase in
(i) Fixed Assets	(0.277)	(26.423)	0.000	0.000	0.000
(ii) Other Non-current assets	0.000	0.000	0.000	0.000	0.000
(ii) Intangible assets	0.000	0.000	0.000	0.000	0.000
(d) Dividend payments	0.000	0.000	0.000	0.000	0.000
(e) Others	(2.115)	0.000	0.000	0.000	0.000
(f) Total	(4.588)	(26.423)	(7.749)	(8.856)	(4.914)
Long Term Surplus (+)/ Deficit (-) ( 1 - 2 )	31.370	2.700	28.397	21.231	31.965
Increase/ Decrease in Current Assets	(38.270)	(18.363)	(48.435)	(24.189)	(35.842)
* ( as per details given below )
Increase/ Decrease in Current Liabilities	12.547	(23.502)	20.038	2.959	3.877
other than Bank Borrowings
Increase/ Decrease in working capital gap	25.723	41.865	28.397	21.231	31.965
Net Surplus (+)/ Deficit (-) ( Difference of 3 & 6 )	5.646	(39.165)	0.000	0.000	0.000
Increase/ Decrease in Bank Borrowings	(5.645)	39.164)	0.000	0.000	0.000
INCREASE/ DECREASE IN NET SALES	(119.400)	142.694	182.324	82.483	99.479
Break-up of (4)
Increase/ Decrease in Raw Materials	0.000	(34.349)	(8.383)	(5.342)	(2.404)
Increase/ Decrease in Stocks-in-process	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Finished Goods	8.521	32.249	(6.986)	(4.194)	(4.534)
Increase/ Decrease in Receivables
(a) Domestic	(53.008)	(22.708)	(30.549)	(13.820)	(16.668)
(b) Export	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Stores & Spares	0.000	0.000	0.000	0.000	0.000
Increase/ Decrease in Other Current Assets	6.217	6.445	(2.516)	(0.833)	(12.236)
Total	(38.270)	(18.363)	(48.435)	(24.189)	(35.842)

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

FINANCIAL POSITION

(RS. IN MILLIONS)

Particulars	Audited	Projection	Projection	Projection	Projection
	31.12.2013	2013-14	2014-15	2015-16	2016-17
Paid up Capital :	15.000	40.000	40.000	40.000	40.000
- Equity	15.000	40.000	40.000	40.000	40.000
- Share Application Money	30.301	--	--	--	--
- Preference Share	--	--	--	--	--
Tangible Net worth (Excl. rev. reserve & net of intangible assets)	82.171	89.304	120.453	145.542	177.423
Investment in cos.(of which associated companies/ subsidiaries)	--	--	--	--	--
Adjusted TNW	82.171	89.304	120.453	1455.42	177.423
Quasi Capital	28.340	35.455	35.455	35.455	35.455
Capital Employed*(total funds employed)	98.902	125.140	148.540	164.773	191.741
Net Block	69.225	92.761	87.764	820767	77.770
Net sales : Domestic	413.239	620.992	824.653	916.788	1027.909
Exports	-	-	-	-	-
Total	413.239	620.992	824.653	916.788	1027.909
Other Income	--	0.291	0.291	0.741	1.191
Depreciation	2.112	4.997	4.997	4.997	4.997
Gross Profit/Loss	16.783	27.917	65.871	56.142	64.172
Net profit/loss	3.544	8.863	31.149	25.089	31.882
Cash Accruals (l+k)	56.56	13.860	36.146	30.086	36.879
Net profit / Capital Employed (%)	3.58%	7.08%	20.97%	15.23%	16.63%
Current Assets	151.418	169.781	218.216	242.405	278.247
Current Liabilities	121.740	137.402	157.440	160.399	164.276
RATIOS :
Current Ratio	1.24	1.24	1.39	1.51	1.69
Debt/Equity :
Total Term Liab./TNW	0.20	0.40	0.23	0.13	0.08
Total Outside Liab./ TNW	1.69	1.94	1.54	1.23	1.01
Profitability %: PAT/Net Sales	0.86%	1.59%	4.22%	3.06%	3.46%
Interest Coverage	1.76	2.32	3.81	3.26	3.98
Inventory + Receivables/ Sales	31.37%	27.78%	27.14%	27.26%	26.88%
Debt quasi equity ratio	1.69	1.94	1.54	1.23	1.01

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

NETWORTH STATEMENT

MRS. AARTI RITESH AGRAWAL

(RS. IN MILLIONS)

ASSETS AND DEPOSITS	AMOUNT AS ON 28.02.2014
Movable Properties
Capital with Aarti Industries (Being a Partner in Firm)	4.178
	0.005
	0.273
Share Capital with Shivanjai Ispat Private Limited	4.500
Invetsment in Shivanjali Ispat Private Limited – Advances	4.700
Invetsment in Aarti Casting Private Limited	0.025
Invetsment in LIC (Surrender Value Approx.)	0.150
Personal Gold and Jewellary	4.000
		17.831
Immovable Properties
Share in Plot at Kolhapur (Near Hote Lisha) Purchased in year 2006 (Opp-: Market Yard) (Total 3800 sq. ft.)	7.200
		7.200
TOTAL ASSETS		25.031
LIABILITIES
Less: Unsecured loans from Friends and Relatives		4.750
TOTAL LIABILITIES		4.750
NET WORTH		20.281

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

NETWORTH STATEMENT

MR. RITESH RAMLAL AGARWAL

(RS. IN MILLIONS)

ASSETS AND DEPOSITS	AMOUNT AS ON 28.02.2014
Movable Properties
Share Capital with Shivanjai Ispat Private Limited	10.500
Investment in Shivanjali Ispat Private Limited - Advances	25.600
Bank balance in central bank and Indian Overseas Bank	0.023
Cash Balance	0.080
LIC Policy Surrender Value Approx.	0.600
- Policy No -: 981729461, Sum Assured - Rs.0.200 Million (Prem – Rs.0.010 Million) - Policy No -: 980018589, Sum Assured - Rs.0.100 Million (Prem – Rs.0.005 Million) - Policy No -:890570010, Sum Assured - Rs.1.000 Million (Prem – Rs.0.049 Million) - Policy No -:906060723, Sum Assured - Rs.2.500 Millions (Prem – Rs.0.120 Million)
Unit Linked Policy With Bajaj Allianz (Apprx. Surrender Value ) - Policy No -:9524475, Sum Assured - Rs.0.100 Million (Prem – Rs.0.020 Million)	0.050
Unit Linked Policy With ICICI Prudential (Approx Surrender Value - Policy No -:06687029, Sum Assured - Rs.0.500 Million (Prem – Rs.0.050 Million)	0.200
Unit linked policy with Star Union DIA ITCHI	0.100
Deposit with with Aarti Agrawal	0.100
Tractor	0.592
Personal Gold and Jewellary	3.000	40.845
Immovable Properties
Plot at Battis Shirala MIDC (Apprx. 4000 Sq. Mtr.)
	0.400
Plot at Kolhapur ( Near Hote Lisha) Purchased In Year 2006 (Opp -: Market Yard) (Total 3800 Sq. Ft.)	7.200
		7.600
TOTAL ASSETS		48.445
LIABILITIES
Less -: Loan From K A Janta Sah. Bank (Tractor Loan )	0.064
Less -: Loan From LIC	0.300
Less-: Loan From HDFC	0.000
Less-: Unsecured Loan	9.300
TOTAL LIABILITIES		9.664
NET WORTH		38.781

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

VALUATION OF FIXED ASSETS OF SHIVANJALI ISPAT PRIVATE LIMITED AND OPEN PLOTS

(RS. IN MILLIONS)

Name of Unit	Market Value of Land	Market Value of Building	Market Value of Machinery	Total Assessed Value
Shivanjali Ispat Private Limited Plot No.C-1/4, Five star MIDC, Kagal, District Kolhapur	35.564	28.398	35.539	99.501
Mr. Ritesh Ramlal Agarwal and Mrs. Aarti Ritesh Agarwal at C.S. No.241/1, Hissa No.1 to 4, Plot No.14 and 15, Muktasainik Vahasat, “E” Ward Kolhapur	13.593	--	--	13.593
Total	49.157	28.398	35.539	113.094

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

VALUATION REPORT

GENERAL DETAILS

The valuation is under taken based on the request from	Mr. Ritesh Ramlal Agarwal (M/s Shivanjali Ispat Private Limited)
Present Owners	Mr. Ritesh Ramlala Agarwal and Sou. Aarti Ritesh Agarwal
Purpose of Valuation	To Assessment of Fair Market Value of Plots.
Brief details of Property	The property valued in this report is at C.S. No. 241/1 Hissa No. 1 to 4, Plot No. 14 and 15, Back side of Rachana Residency, Muktasainik Vahasat, “E” Ward, Kolhapur. These are 2 adjacent plots purchased by owners in joint name vide 2 Sale Deeds dt. 12/01/2007, The Plot No. 14 admeasuring 1723 sq. ft. (160.10 sq.mt.) and is purchased for consideration Rs.0.500 Million by owners. Plot No. 15 admeasures 1854 sq. ft. (172.30 sq.mt.), and is purchased for consideration Rs.0.600 million by owners. Total Plot admeasures 3577 sq. ft. This valuation report covers valuation of plot only. There is no construction found at the site on the plot.
Classification of Locality	The plots in question is in Muktsainik Vasahat which is adjacent to road going from Kolhapur to Pune. It is one of the posh locality opposite Ruikar Colony. The location is 1 kms from ST stand.
Development of surrounding area	Semi developed
Possibility of Frequent Flooding	No.
Feasibility of civic amenities	Available without any problem.
Nearby ST stand	Kolhapur ST Stand.
Nearby Railway Station	Kolhapur Railway Station.
Tax Paid	Not known.
VALUATION OF PLOTS
Size of Plot No.14	1723 sq. ft. (160.10 sq. mt)
Size of Plot No.15	1854 sq. ft. (172.30 sq. mt.)
Total Size of Plots	3577 sq. ft. (332.40 sq. mt.)
Boundaries of Plot No.14.	East: Road West: Plot No.17 South: Plot No.15 and Road North: Plot No.13
Boundaries of Plot No.15	East: Road West: Plot No.16 South: Road North: Plot No.14
Total Extent of the land considered for valuation	3577 sq. ft. (332.40 sq. mt.)
Government Rate Stage 5/164	Rs.328.99/- sq. ft.
Prevailing Market Rate of Land in Surrounding area	Rs.3000-7000/- sq. ft.
Adopted rate for valuation	Rs.3800/- sq. ft.
Basis for adopted rate:	The area in which plots under valuation are located is in posh residential area I.e. Muktsainik Vasahat. Opposite to vasahat there is Ruikar Colony which also a posh residential area. At present there are few construction of apartment building are going on in Muktsainik Vasahat. The present selling rates of the flats in ordinary new building are not below Rs.5200/- sq. ft. There are very few empty plots are available in this area. The plot selling rates in Ruikar colony are not below Rs.5000/- sq. ft. In this view and by market approach method of valuation rate of Rs.3800/- sq. ft. is adopted for valuation.
Estimated value of Plot	3577 X 3800 = Rs.13.593 Millions
Market value of Plot as on date of valuation	Rs.13.593 Millions
VALUATION CHECKED BY HYPOTHETICAL BUILDING METHOD OF VALUATION
Hypothecation Building method of valuation	This method is adopted in checking as well as estimating market value of open land.
When this method is used : in estimating marked value of open piece of land in developed area where data regarding recent transactions is respect of similar comparable open lands is not available and data only regarding recent instances of sale of built up residential flats and commercial shops is available.
Total land area	3577 sq. ft.
What owner can constructed on this land	A commercial shops and flats on GF Flats on FF and SF
FSI	One
Area Available for construction with 40% additional TDR	5000 sq. ft.
Hypothetical Built up area of GF	2800 sq. ft. (1400 sq. ft. commercial Shops and 1400 sq. ft. residential Flats)
Market Value of Shops on GF Market Value of Flats on GF	1400 x 6000 = Rs.8.400 Millions 1400 x 5000 = Rs.7.000 Millions
Hypothetical Build up area of FF and SF	2200 sq. mft. (Flats)
Market value of these flats	2200 x 5000 = Rs.11.000 Millions
Total Market Value (Shop and Flats)	Rs.26.400 Millions
Less Construction cost	Rs.7.500 Millions
Less Builders Profit	Rs.2.600 Millions
Interest to be paid to bank on loan for construction	Rs.1.800 Millions
Hence total value of land on the basis of hypothecation building Method of Valuation	264-75-26-18 = Rs.14.500 Millions
VALUATION SUMMARY (RS. IN MILLIONS)
Name	Market Value
Valuation of Plot at C.S. No.241/1 Hissa No.1 to 4, Plot No.14 and 15, Back side of Rschana Residency, Muktasainik Vahasat, “E” Ward, Kolhapur	13.593
Total Assessed Market Value	13.593

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

VALUATION REPORT

GENERAL DETAILS

The valuation is under taken based on the request from

M/s Shivanjali Ispat Private Limited

Purpose of Valuation

To Assessment of Fair Market Value of MIDC Land/ Building/ Plant and Machinery

Brief details of Property

The property is located at Plot No.C-1/4, Five star MIDC, Kagal, District, Kolhapur. The Plot admeasures 8891 sq. mt. and is acquired on 99 years lease basis from MIDC on 17.06.2010. On above plot of land the company has constructed a main shed and other sheds for running a unit under name and style of M/s Shivanjali Ispat Private Limited. This is engaged in Manufacturing of Steel Ingots. This valuation report covers value of MIDC plot and Buildings and plant and Machinery.

Classification of Locality

The locality is in five star MIDC, Kagal-Hatkangale, This Industrial Estate is main growth center of Kolhapur. The location is in industrial area where all infrastructure facilities area available.

Development of surrounding area

Near to the location there is fully develop MIDC area having machine shops and foundries and other units.

Possibility of Frequent Flooding

No

Feasibility of civic amenities

Available within the span of 3 K.m.

Means proximity to surface communication by which the locality is served

The property is easily accessible by Buses and other vehicles.

Any Mortgaged

It is reported that the assets are mortgaged to Shamrao Vittal Bank

VALUATION OF LAND

Size of land

8891 sq. mt.

Boundaries of the property

East: Plot No. C-1/3

West: Plot No.C-1/5 and MIDC Boundary

South: EP Line and Open Space

North: MIDC Road

Shape of Plot

Odd Shaped

Is it freehold or leased

Leased for 99 years

Unexpired period of lease 94 years.

Total extent of the land considered for valuation

8891 sq. mt.

Prevailing MIDC Rate

Rs.700/- per sq. mt.

Valuation as per MIDC rate

Rs.6.224 Millions

Prevailing market rate of land in MIDC Kagol

Rs.3000-6000/- per sq. mt.

Basis for adopted rate: at present there are very few lands available for sale in Kagal MIDC. This sale in kagal MIDC. This sale transaction is generally between lessee and new lessee. MIDC is not allotting any plots. MIDC has plans to expand the area in future. The rate of land outside MIDC but near MIDC are ranging between Rs.300-6000/ sq.mt. One Sale instance was found in MIDC Kagal. The plot admeasures 16000 sq. mt. and was sold at Rs.3000/ sq.mt. The plot in question is abutting main road of MIDC but is having half area than the plot in sale instance. In last 1.5 years the selling rates of MIDC plots has increased tremendously. In view of above the respective weightages were allotted. Hence by using market approach method a rate of Rs.4000/ sq.mt. is adopted.

Market Value of Plot

8891 x 4000 = Rs.35.564 Millions

Total Value of Land

Rs.35.564 Millions

VALUATION OF MAIN FACTORY SHED

(INGOT POURING AREA/ FURNACE AND SCRAP STORAGE)

Description of shed: On aforesaid plot of land the company has constructed RCC column AC sheet Roof Shed having 20 meter height in 2010. The shed is having industrial flooring and part wall and cladding.

Foundation

RCC and Stone Masonry

Roof and height

AC Sheet Roof 20 Meter

Flooring

Part Flooring in Workshop

Superstructure Walls

Stone and Brick

Year of construction

2010

Residual Life

65 years

Overall appearance

Good

Built up area

1795.11 sq. mt.

Reproduction rate

Rs.12500/- per sq. mt.

Value

1795.11 x 12500 = Rs.22.438 Millions

Less: Depreciation

Rs.0.300 Million

Total Assessed market Value of Main Shed

Rs.22.138 Millions

VALUATION OF LEAN TO SHED ON EAST SIDE

Description of shed: The company has constructed lean to shed on east side having max. height of 6.59 meter and there is AC sheet roof and cladding.

Foundation

UCR Masonry

Roof and height

AC Shed Roof 6.59 meter

Flooring

Regular Flooring

Superstructure Walls

Cladding

Window

MS Louvered Window

Door

MS Rolling Shutter

Year of construction

2010

Residual Life

55 years

Overall appearance

Good

Built up area

288.05 sq. mt.

Reproduction rate

Rs.5500/- per sq. mt.

Value

288.05 x 5500 = Rs.1.584 Millions

Less: Depreciation

Rs.0.034 Millions

Total Assessed market Value of Main Shed

Rs.1.550 Millions

VALUATION OF OFFICE BUILDING AND LAB (3RD FLOOR)

Description of Shed: The company has constructed office building having RCC structure. There are two floors of the office building having total built up area of 184.55 sq. mt. There us one room on 3^rd floor which us lab.

Foundation

RCC

Roof and height

Slab Roof.3.3 meter

Flooring

Vitrified Flooring

Superstructure Walls

BB Masonry

Window

Aluminium Windows

Door

TW Panel Door

Year of construction

2010

Residual Life

70 years

Overall appearance

Good

Built up area + GF+ FF+ Lab

238.35 sq. mt.

Reproduction rate

Rs.14000/- per sq. ft.

Value

238.35 x 14000 = 3.336 Million

Less: Depreciation

Rs.0.036 Million

Total Assessed market Value of Main Shed

Rs.3.300 Millions

VALUATION OTHER SMALL BUILDINGS

Sr. No.	Building	Structure	Built up area (sq. mt.)	Reproduction Rate (Rs/ sq. mt.)	Total (Rs. In Millions)
1	WM Office (FF)	RCC Frame Slab Roof, Aluminium Window	44.26	12000	0.531
2	Store (GF)	RCC frame slab roof, Aluminium Window	34.72	12000	0.416
3	Toilet	RCC Frame Slab Roof Glass Window	23.86	12000	0.286
	Total				1.233
	Less: Description				0.033
	Total Assessed Market Value				1.200

Valuation of Plant and Machinery

Total Assessed Market Value: Rs.35.539 Millions

VALUATION SUMMERY

Name	Value of assets by consideration MIDC rate of Plot	Value of asset by considering market rate of plot
Valuation of Plot No.C-1/4, Five Star MIDC, Kagal District, Kolhapur	6.224	35.564
Valuation Main Factory Shed	22.138	22.138
Valuation of Lean Sheds	1.550	1.550
Valuation of Office and Lab Building	3.300	3.300
Valuation of Other Building	1.200	1.200
Valuation of compound wall and gate	0.210	0.210
Valuation of Plant and Machinery	35.539	35.539
Total	70.161	99.501
DISTRESS SALE VALUE RS.89.550 MILLIONS

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INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10355253	25/03/2013 *	94,700,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MIRAJKAR TIKTI BRANCH, SHOP NO. 36-41 and 41-A, EA  GAL PRIDE, MIRAJKAR TIKTI, KOLHAPUR, MAHARASHTRA  - 416012, INDIA	B84500727

* Date of charge modification

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NOTE:

The Registered office of the company has been shifted from G-10, Bhaskar Plaza, 116-A, Shahupuri, Kolhapur – 416001, Maharashtra, India, to the present address w.e.f. 29.09.2012.

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FIXED ASSETS:

· Land and Land Development

· Factory Building

· Plant and Machinery

· Electric Installation

· Computer

· Furniture

· Motor Cycle

· Office Equipment

· Car

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.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		18

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.