MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	AKSHAR ENGINEERING (ELECTRONICS)
Registered Office :	2, Golden Home, Behind Gurudwara, S. G. Road, Thaltej, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.2005
Capital Investment / Paid-up Capital :	Rs.118.877 Millions
PAN No.: [Permanent Account No.]	AALFA6996N
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Builders and Developers
No. of Employees :	11 (Approximately) (In Office – 5 and In Site – 6)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the partnership concern was incorporated on 01.04.2005, project of the concern is under implementation. Mr. Gautam, Partner provided general Information and also claimed that they have started construction activity before 8 months and it will get completed in next year. Payment terms are unknown. The subject can be considered for business dealing on a safe and secure trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 (GENERAL DETAILS)

Name :	Mr. Gautam Bhai Vaghasia
Designation :	Partner
Contact No.:	91-9925011266
Date :	18.04.2014

LOCATIONS

Registered Office :	2, Golden Home, Behind Gurudwara, S. G. Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40008390/ 91/ 92
Mobile No.:	91-9925011266 (Mr. Gautam Bhai Vaghasia)
Fax No.:	91-79-40008389
E-Mail :	goldengroup1997@gmail.com
Website :	http://www.golden.net.in
Site Address :	Golden Arcade, Opposite Govt Polytechnic, Sector – 25, Gandhinagar – 382044, Gujarat, India
Location :	Leased

PARTNERS

Name :	Mr. Mansukhbhai Khodabhai Vaghasia
Designation :	Partner
Address :	12, Shaligram-3, Near Sangini Bunglows, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	45 years
Qualification :	Science Graduate
Experience :	20 years
Name :	Mr. Poojan Jugalkishore Nagar
Designation :	Partner
Address :	H-501, Indraprashtha-5, Near Surdhara Bunglows, Prahladnagar, Ahmedabad, Gujarat, India
Date of Birth/Age :	21 years
Qualification :	Diploma in Civil Engineering
Experience :	2 years
Name :	Mr. Balubhai Khodabhai Vaghasia
Designation :	Partner
Address :	A1/11, Panchratna Appartment, Opposite Prakash School, Sandesh Press Road, Bodakdev, Ahmedabad, Gujarat, India
Date of Birth/Age :	58 years
Qualification :	Commerce Graduate
Experience :	21 years
Name :	Mr. Nareshbhai Khodabhai Vaghasia
Designation :	Partner
Address :	C/2, Harhar Gange Apartment, Chandanvilla Society, Nikol-Odhav Road, Nikol, Ahmedabad, Gujarat, India
Date of Birth/Age :	49 years
Qualification :	Commerce Graduate
Experience :	20 years
Name :	Mr. Gautambhai Arjanbhai Vaghasia
Designation :	Partner
Address :	16, Shilp Apartment, Opposite Zaveri Park, Bhaikakanagar, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	29 years
Qualification :	Diploma in Civil Engineering
Experience :	29 years

BUSINESS DETAILS

Line of Business :	Builders and Developers.
Terms :
Selling :	Depends on customers
Purchasing :	Depends on customers

GENERAL INFORMATION

Suppliers :	· Sagar Infrastructure Adalaj, Gandhinagar, Gujarat, India Mr. Manishbhai (91-8511108232) · Paresh Stores, Kalol Mr. Pareshbhai (91-9825023576) · Gujarat steel Suppliers Ahmedabad, Gujarat, India Mr. Kiranbhai (91-9824677381)
Customers :	End Users
No. of Employees :	11 (Approximately) (In Office – 5 and In Site – 6)
Bankers :	· Bank of India 1^st Floor, Sahjanand Complex, Opposite Bhaikaka Nagar, Thaltej, Ahmedabad-380054, Gujarat, India · State Bank of India · Dena Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	V. M. Vaghsiya and Company Chartered Accountants
Address :	203, Darshak, 14-A, Swastik Society, Opposite Shrey Hospital, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel No.:	91-79-26420008
E-Mail :	vmvfca@hotmail.com
Associates/Subsidiaries :	· Dharmanandan Infrastructure Private Limited Address: 2, Golden Home, Behind Gurudwara, S. G. Road, Thaltej, Ahmedabad, Gujarat, India Line of Business : Construction · Jinal Properties Private Limited Address: 2, Golden Home, Behind Gurudwara, S. G. Road, Thaltej, Ahmedabad, Gujarat, India Line of Business : Construction

CAPITAL STRUCTURE

(AS ON 31.03.2014)

Capital Investment :
Owned :	Rs.118.877 Millions
Borrowed :	--
Total :	Rs.118.877 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		118.877	11.608	11.365
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		118.877	11.608	11.365
LOAN FUNDS
1] Secured Loans		0.652	0.000	0.000
2] Unsecured Loans		18.743	0.000	0.000
TOTAL BORROWING		19.395	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		138.272	11.608	11.365
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.953	11.592	11.348
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.077	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.079	0.016	0.017
	Other Current Assets	0.010	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		184.166	0.016	0.017
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	25.338	0.000	0.000
	Other Current Liabilities	3.298	0.000	0.000
	Provisions	18.211	0.000	0.000
Total Current Liabilities		46.847	0.000	0.000
Net Current Assets		137.319	0.016	0.017
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		138.272	11.608	11.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.002	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.002	0.000	0.000
Less	EXPENSES
		Cost of Goods Sold	(131.917)	0.000	0.000
		Direct Expenses	129.206	0.000	0.000
		Indirect Expenses	2.713	0.027	0.002
		TOTAL	0.002	0.027	0.002
	NET PROFIT/ (LOSS)		0.000	(0.027)	(0.002)

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	(0.23)	(0.02)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.16	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.93	0.00	0.00

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	11.365	11.608	118.877
Reserves & Surplus	0.000	0.000	0.000
Net worth	11.365	11.608	118.877
long-term borrowings	0.000	0.000	0.652
Short term borrowings	0.000	0.000	18.743
Total borrowings	0.000	0.000	19.395
Debt/Equity ratio	0.000	0.000	0.163

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	0.000	0.000	0.002
		--	--

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	30.06.2016
LIABILITIES
Share Capital
Partners’ Capital	133.377	133.377	133.377
Unsecured Loans From Directors / Promoters / Shareholders	87.243	87.243	87.243
Reserve and Surplus
Profit and Loss Account	0.000	69.009	91.158
Proposed Bank Loan: Central Bank of India	180.000	52.500	0.000
Car Loan	0.583	0.506	0.499
Advances From Members [Pending Sales Allocation]	2.567	0.000	0.000
Other Provision and Retention	0.000	0.000	0.000
Sundry Creditors	0.000	0.000	0.000
Provision For Tax	0.000	29.575	0.000
TOTAL	403.770	372.210	312.277
ASSETS
Fixed Assets	1.453	1.953	1.953
Current Assets
Work in Progress/ Finished Goods	396.177	125.000	0.000
Cash and Bank Balances	5.880	244.747	309.813
Other Current Assets	0.260	0.510	0.510
TOTAL CURRENT ASSETS	402.317	370.257	310.323
Net Working Capital	399.750	340.682	310.323
TOTAL ASSETS	403.770	372.210	312.277

PROJECTED PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016	30.06.2016
SALES REVENUE
Total Revenue/ Income	0.000	497.236	159.181
EXPENSES
Land and Stamp Duty Payment
Land Payment	0.000	0.000	0.000
Construction and Other Expenses
Development Authority Charges	2.551	0.000	0.000
Construction Cost	185.977	96.918	0.000
Plant and Machinery	0.375	1.625	0.500
Professional Fees and Other Charges	1.043	3.004	0.903
Electrification and Other Construction Expenses	11.274	4.057	0.000
Other Indirect Expenses	1.003	0.299	0.000
Sales and Marketing Cost
Marketing and Selling Cost	1.111	1.665	0.499
Finance Cost (Interest)
Interest of Proposed Loan (Construction Period)	8.700	6.525	0.000
Interest of Proposed Loan	0.000	13.322	0.634
Interest on Car Loan	0.067	0.060	0.005
Interest on Unsecured Loan	0.000	0.000	0.000
TOTAL EXPENSES	212.101	127.475	2.541
Add: Opening Stock – WIP	184.077	396.177	125.000
Less: Closing Stock – WIP	396.177	125.000	0.000
TOTAL COST	0.000	398.651	127.541
Add: Opening Stock Finished Goods	0.000	0.000	0.000
Less: Closing Stock Finished Goods	0.000	0.000	0.000
Cost of Production of Goods Sold	0.000	398.651	127.541
Operating Surplus	0.000	98.585	31.640
Tax on Profit	0.000	29.575	9.492
Net Profit After Taxes	0.000	69.009	22.148
Net Profit Transfer to Balance Sheet	0.000	69.009	22.148
Cumulative P & L Account	0.000	69.009	91.158

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NETWORTH STATEMENT

MR. NARESHBHAI KHODABHAI VAGHASIA

(RS. IN MILLIONS)

Particulars	Amount
Fixed Assets/ Immovable Property
Agriculture land 103 Naranpura	0.529
Agriculture land 105 Naranpura	0.167
Agriculture land 478/3, Thaltej	9.012
Agriculture land Bara Survey No.: 157	0.601
Agriculture land Bara survey No.: 162	0.545	10.854
Building/ Flats
22, Golden Lotus	6.564
Furniture and Fixtures	0.006	6.570
Movable Properties
Car any other vehicles
Hero Honda Bike (GJ 01 EL 2375)	0.014	0.014
Investments
Bhumi Construction	1.825
Birla Sunlife Insurance Company	0.396
Shyam Infraspace Private Limited – Share	0.010	2.231
Loans and advances
Kapilbhai Kashibhai Patel	1.000
TDS on Salry	0.083
Shyam Infraspace Private Limited	2.716	3.799
Cash and Bank Balance
Cash on Hand	0.001
Bank of India	0.030	0.031
TOTAL ASSETS		23.499
LESS:
Loans and Other Liabilities
Home Loan
Bank of India (Loan for 22, Golden Lotus)	4.500
Unsecured Loans
Deepal Zala and Associates	2.000
Navkar Trading Associates	6.350
Sunil Dad HUF	1.100
Sunil Kumar R Dad	0.900
U. V. Chudasma	0.250
Vinaben Jagdishbhai Daryani	0.600
Other Liability
Bajitkhan A. Pathan	0.019
Dadilkhan Hetkhan Pathan	0.019
Jabirkhan Karimkhan Pathan	0.019
Rahematkhan A. Pathan	0.019
Shyam Infraspace Private limited – C	0.186
Vajirkhan A. Pathan	0.019
TOTAL LIABILITIES		15.981
TOTAL NET WORTH		7.518

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NETWORTH STATEMENT

MR. POOJAN JUGALKISHORE NAGAR

(RS. IN MILLIONS)

Particulars	Amount
Fixed Assets/ Immovable Property
Land	0.000
Building/ Flats	0.000
Furniture and Fixtures	0.000	0.000
Movable Properties
Car any other vehicles	0.000	0.000
Investments		0.000
Loans and advances		0.044
Cash and Bank Balance		0.908
TOTAL ASSETS		0.952
LESS:
Loans and Other Liabilities
Home Loan	0.000
Unsecured Loans	0.050
Other Liability	0.000
TOTAL LIABILITIES		0.050
TOTAL NET WORTH		0.902

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

NETWORTH STATEMENT

MR. BALUBHAI KHODABHAI VAGHASIA

(RS. IN MILLIONS)

Particulars	Amount
Fixed Assets/ Immovable Property
Land
Agriculture land – Survey No: 169 Tejpur - 2	1.460
Agriculture land – Survey No: 169 Tejpur – 1	0.881
Agriculture land – Survey No: 87/1 Chandkheda	1.981	4.322
Building / Flats
Panchratna Apartment	1.301
60, Golden Bunglow	1.768	3.069
Movable Properties
Air Condition	0.022
Maruti Wagon R – GJ 18-AC 737	0.150
Honda Activa GJ 1 PG 3433	0.054
Jewellery, Gold Ornaments etc.	0.070	0.296
Investments
Dharani Developers	0.007
Shyam Indraspece Private Limited – Share	0.010	0.017
Debtors
Shyam Infraspace Private Limited	0.467	0.467
Loans and advances
Keshavdev Projects Private Limited	6.250
Shyam Infraspace Private Limited	8.231
Umesh Pravinchandra Zala	0.050
TDS	0.083
Others	0.006	14.620
Cash and Bank Balance
Cash on Hand	0.003
Bank of India	(2.509)
Dena Bank	0.066
Jungadh District Co-op Bank Limited	0.010
State Bank of India	0.070	(2.362)
TOTAL ASSETS		20.429
LESS:
Loans and Other Liabilities
SBI Home Loan	0.882
Unsecured Loans	12.280
TOTAL LIABILITIES		13.162
TOTAL NET WORTH		7.267

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NETWORTH STATEMENT

MR. GAUTAMBHAI ARJANBHAI VAGHASIA

(RS. IN MILLIONS)

Particulars	Amount
Fixed Assets/ Immovable Property
Building / Flats
Residential Flat Ship Apartment	1.271	1.271
Movable Properties
Car any other vehicles
Honda Stunner (GJ 01 NA 4034)	0.065
Mobile Phone	0.002
Motor Cycle (Honda Pasion GJ 1 NL 4034)	0.021	0.088
Investments
Bank FDR Syndicate Bank	0.071
Dhruv Remedies Private Limited – Share	0.050
Golden Infrachem Private Limited Share	0.045
Keshavdev Projects Private Limited - Share	0.050
Jewellary	0.126	0.342
Loans and advances
Keshavdev Projects Private Limited	5.800
Dhruv Remedies Private Limited	0.265
G.I.D.C. Ahmedabad	0.000
Maintenance Deposit	0.020
TDS Receivable (2012-13)	0.009
Adani Gas Deposit	0.003	6.097
Debtors
Dhruv Chem Industries	0.051	0.051
Cash and Bank Balance
Cash on Hand	0.150
Bank of India	0.008
State Bank of Saurashtra	0.000
Syndicate Bank	0.014	0.172
TOTAL ASSETS		8.021
LESS:
Loans and Other Liabilities
Home Loan
Bank of India (Shilp Apartment)	0.847
Unsecured Loans
Arjanbhai K. Vaghasia	0.665
HDFC Credit Cartd Loan – 1	0.017
HDFC Credit Cartd Loan – 2	0.116
Navkar Trading Corporation	4.800
Piyush Vaghsia	0.015
TOTAL LIABILITIES		6.460
TOTAL NET WORTH		1.561

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

NETWORTH STATEMENT

MR. MANSUKHBHAIO KHODABHAI VAGHASIYA

(RS. IN MILLIONS)

Particulars	Amount
Fixed Assets/ Immovable Property
Land	24.498
Kirtan Kruti Apartment – Basement	0.160
12, Shaligram – 3, Thaltej, Ahmedabad	8.810
Furniture and Fixture	1.197	34.665
Movable Properties
Jewellary, Gold Ornament Etc.	0.114
Color TV	0.032
Washing Machine	0.017
Air Condition	0.019	0.182
Investments
Birla Sunlife Insurance Co.	0.800
Dhara Developers	1.443
Dharmdev Developers	16.165
Dhamanandan Infrastructure Private Limited Share	0.050
Dharani Developers	0.000
Dhruv Chem Industries	6.958
Dhruv Enterprise	0.183
Dhruv Remedies Private Limited – Share	0.050
Gagangiri Construction Private Limited – Share	0.030
Golden Infrachem Private Limited – Share	0.045
Jinal Properties Private Limited	4.973
Shyam Infraspace Private Limited – Share	0.035
Star Union Insurance	0.025	30.757
Loans and advances		125.344
Debtors
Shyam Infraspace Private Limited	0.667	0.667
Cash and Bank Balance
Cash in Hand	0.022
Bank of India	0.670
Dena Bank	0.001
State Bank of India	(0.661)	0.032
TOTAL ASSETS		191.647
LESS:
Loans and Other Liabilities
State Bank of India Home Loan	6.475
Unsecured Loan	70.517
Dharmanandan Infrastrucure Private Limited	48.693
TOTAL LIABILITIES		125.685
TOTAL NET WORTH		65.962

NOTE: In State Bank of India Rs.0.730 million standing as uncleared balance on 31.03.2013.

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

REPORT OF VALUATION OF IMMOVABLE PROPERTY

PART 1 – QUESTIONNAIRE

GENERAL DETAILS

Purpose for which valuation is made

To ascertain fair market value of the commercial/ Tourism scheme from CBI, Mid Corporate Branch

Date as on which valuation is made.

As on 06.03.2014

Name of the owner/owners.

M/S. Akshar Engineering (Electronics)

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

Partnership Firm Ownership

Brief description of the property

The Property is a Commercial/ Tourism Property scheme Project with low rise building ion Gandhinagar Capital of Gujarat Area.

Location, Street, Ward No

Scheme Name Golden arcade, Plot No. C-14, Sector-25, GIDC, Opposite Government Polytechnic, Gandhi Nagar, Gujarat, India

Survey/ Plot No. of land

R. Sur No./ Block No./ Plot No. C-14, Sector-25, GIDC, Opposite Government Polytechnic, Gandhi Nagar, Gujarat, India

Is the property situated in Residential

Commercial/ Mixed area/industrial area

Residential cum highway area locality

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

Higher/ Middle Class Locality near by

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

Near by distance

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

By buses, auto rickshaw, Cars etc.

LAND

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

11,382.00 sq.yds (9,485.22 sq. mts)

Roads street or lanes on which the land is

abutting

On Road

Is it freehold or leasehold land?

Lease Hold Land

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

Not Applicable

IMPROVEMENTS

Is the building owner – occupied/ tenanted/ both

At the time of visit is owner/ builder occupied the construction works is going on.

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

1:1.8

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

As per the survey of the prevailing market rate of the surrounding area.

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

Rs.22,500/- per sq. mts.

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

By Market survey of similar proprieties in the surrounding area.

COST OF CONSTRUCTION

Year of commencement of construction and year of completion.

New constructed building work is going on

What was the method of construction, by contract/ by employing labour directly/ both?

By builder/ organizer

TECHNICAL DETAILS

No of Floors and height of each floor

a) Basement

b) Ground Floor

c) Mezzanine Floor

c) First Floor

Cellar + GF+ FF+ SF

Ht-about 3.55 mt for GF+3.00 mts for uppers floors

Year of Construction

Newly constructed building, construction work is going on

Estimated future life.

About 60 Years

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

RCC Frame structure

Type of foundations.

Wall and R.C.C. footings

Walls

(a) Basement or plinth

(b) Ground floor

(c) Superstructure Above

14” and 9” thick wall

9” and 4.5” thick wall

Partition

9” and 4.5” thick wall partitions

Flooring (Floor wise)

a) Basement

b) Ground Floor

c] First Floor

Vitrified tiles flooring in all rooms

Finishing (Floor Wise)

a) Basement

b) Ground Floor

c] Seven Floor

Inside smooth plaster with puty finish with colour and outside double coat sand face plaster.

Roofing and Terracing

R.C.C. Slab

Internal Wiring surface or conduit

Concealed electric wiring

Class of fitting superior / ordinary/ poor

Superior type of fitting

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.

As per brochure

Class of fittings superior coloured /superior white/ ordinary.

Glazed tile dedo @ lintel level with medium class of fitting

Compound wall

i) Height and length

ii) Type of construction

Common for all

No. of lift and capacity

1 Nos.

Underground sump-capacity and type of construction

Common for all underground water tank with required capacity

Overhead thank:

Where located

Capacity

Type of construction

Common for all overhead water tank with required capacity

Pumps no. and their horse power

Common for required capacity pump

Road and paving within the compound.

Common for all paving parking

PART - II VALUATION

The property under consideration is a Commercial / Tourism scheme situated at Scheme Name – Golden arcade, Plot No.C-14, Sector -25, GIDC, Opposite Government Polytechnic, Gandhinagar, Gujarat

The construction area of the property is below mentioned on R Sur No./ Block No./ Plot No.C-14, Mouje-Gandhinagar, Ta-Gandhinagar, District Gandhinagar, Gujarat.

Boundaries

North : Plot No. C/10 + 45 mts Road

South : Plot No. C/11 + 20 mts Road

East : Railway Line

West : Plot No. C/15 + 20 mts Road

LAND VALUE

The total land area as per the given record is Total 11,382.00 sq. yds.

Final Plot No.	Area of Land (Sq. mt)	Assessed Rate (Per Sq. mts.)	Value of Land (Rs. In Millions)
Plot No. C-14	9,485.22	Rs.,22,500/-	Rs.213.417 Millions

Open Land Value = Rs.213.417 Millions

Realizable Value of Land : 10% less than fair market value = Rs.192.060 Millions

Distress sale Value of the property : 20% less than fair market value = Rs.170.720 Millions

BUILDING CONSTRUCTION VALUE WITH LABOUR + MATERIAL AS PER BUILT UR, AREA:

Floors	Built up area in sq. mts (as per plan)	Rate per sq. mts	Estimated construction value if it is 100% completed (Rs. In Millions)
Basement	5,407.81	15,000/-	81.117
Ground Floor	4,739.97	15,000/-	71.099
First Floor	4,739.97	15,000/-	71.099
Second Floor	4,739.97	15,000/-	71.099
Stair Floor	258.97	15,000/-	3.885
Lift Machine Room	81.98	15,000/-	1.230
Total	19,968.67		299.529

Completed construction at the time of visit as on 02.03.2014	% work is completed
R.C.C. frame structure ion some part is completed and foundation work in some part is going on and considering value of materials on site like cement, sand, aggregates. Steel, bricks and others	Approx. 30% work is completed
Total	299.529 X 0.30 = Rs.89.859 Millions

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.