MIRA INFORM REPORT

 

 

Report Date :

27.08.2014

 

IDENTIFICATION DETAILS

 

Name :

NILKANTH TEX-FAB

 

 

Registered Office :

Plot No. 62-65, Vishnu Estate, Sayan Sivan Road, Sayan, Tal Olpad, Surat – 394130, Gujarat

 

 

Country :

India

 

 

Date of Establishment :

07.04.2014

 

 

Capital Investment :

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAKFN8511H

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Manufacturing of Grey Fabrics

 

 

No. of Employees :

14 (2 in Office, 12 in Factory) (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

 

PROPOSED CREDIT LINE

-

NB

                                       New Business

-

 

 

Status :

New Concern

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new partnership concern incorporated on 07th April 2014 and it is establishing itself gradually.

 

Mr. Haresh N. Balar, Chief Executive Officer has provided general information to us and claimed that concern will start its commercial operation from November 2014.

 

Payments are reported to be unknown.

 

The concern can be considered for business dealings 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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

N E W S

 

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

 

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

 

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

 

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

 

 

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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Haresh N. Balar

Designation :

Chief Executive Officer

Contact No.:

91-9825771971

Date :

22.08.2014

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No. 62-65, Vishnu Estate, Sayan Sivan Road, Sayan, Tal Olpad, Surat – 394130, Gujarat, India

Tel. No.:

Not Available

Mobile No.:

91-9825771971 [Mr. Haresh N. Balar]

Fax No.:

Not Available

E-Mail :

royalnet1@rediff.com

Location :

Owned

 

 

PARTNERS

 

Name :

Mr. Ujjvalbhai Damjibhai Balar

Designation :

Partner

Address :

192-193, Keshav Park Society, Opposite Pandol Industries, Ved Road, Surat, Gujarat, India

Date of Birth/Age :

20.10.1978

Qualification :

B.E Chemical

Experience :

10 Years

PAN No.:

AFVPB6981M

 

 

Name :

Mrs. Chetnaben Rohitbhai Balar

Designation :

Partner

Address :

99, Madhav Darshan Row House, Dabholi Char Rasta, Ved Road, Surat, Gujarat, India 

Date of Birth/Age :

08.11.1981

Qualification :

HSC

PAN No.:

AIBPB7348F

 

 

Name :

Mr. Jimitkumar Ghanshyambhai Kevadiya

Designation :

Partner

Address :

B-302, Poojan Complex, Singanpore Couseway Road, Surat – 395004, Gujarat, India 

Date of Birth/Age :

26.07.1983

Qualification :

HSC

PAN No.:

BBIPK8464N

 

 

KEY EXECUTIVES

 

Name :

Mr. Haresh N. Balar

Designation :

Chief Executive Officer

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Grey Fabrics

 

 

Terms :

 

Selling :

Credit [30 Days]

 

 

Purchasing :

Credit [60 Days]

 

 

PRODUCTION STATUS 

 

SR. NO.

ITEMS OF MANUFACTURE

CAPACITY PER ANNUM

1.

Art Silk Cloth

150000 Metre

 

 

GENERAL INFORMATION

 

Suppliers :

·         Shreeji Yarn Ind Private Limited

Address: 2012, World Trade Center, Surat, Gujarat, India

Contact Person: Raju Bhai [91-9825015511]

 

·         Hanumant Creation

Address: 163, P.T.M Market, Ring Road, Surat, Gujarat, India

Contact Person: Ramesh Rathi [91-9328125576]

 

 

Customers :

Wholesalers

 

 

No. of Employees :

14 (2 in Office, 12 in Factory) (Approximately)

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

Not Available

 

 

Associates/Subsidiaries :

·         Nilkanth Textile

Address: Plot No. 69-71, Vishnu Ind Estate, Sayan Sivan Road, Sayan, Surat, Gujarat, India

Line of Business: Grey Cloth Manufacturing

 

·         Nilkanth Fabrics

Address: Plot No. 69-71, Vishnu Ind Estate, Sayan Sivan Road, Sayan, Surat, Gujarat, India

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Not Divulged

Borrowed :

Not Divulged

Total :

Not Divulged

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

NEW BUSINESS

 

 

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

No

12]

Profitability for last three years

No

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

No

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

No

24]

Banking facility details

No

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

No

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

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

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

 

COST OF PROJECT

 

(RS. IN MILLIONS)

 

PARTICULARS

 

PROPOSED

TOTAL

 

 

 

1.       Land and site development

--

--

 

 

 

2.       Building

--

--

 

 

 

3.       Plant and Machinery

 

 

-          Imported

0.000

0.000

TUF

33.408

33.408

 

 

 

4.       Electrification

0.075

0.075

 

 

 

5.       Office Equipment’s

0.050

0.050

 

 

 

6.       Computer

0.050

0.050

 

 

 

7.       Vehicles

--

--

 

 

 

8.       Other (Non-Current Assets)

--

--

 

 

 

9.       Margin for Working Capital

4.725

4.725

 

 

 

TOTAL

 

38.308

38.308

 

 

MEANS OF FINANCE

 

(RS. IN MILLIONS)

 

PARTICULARS

 

PROPOSED

TOTAL

 

 

 

Loan From Financial Institutes

--

25.056

TUF

25.056

--

 

 

 

Unsecured Loan

3.552

3.552

 

 

 

Promoter Contribution

9.700

9.700

 

 

 

TOTAL

 

38.308

38.308

 

 

DEBT EQUITY RATIO

2.95

 

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

 

D.S.C.R. ANALYSIS

 

(RS. IN MILLIONS)

 

 

DIVISION A

 

2015

2016

2017

2018

2019

2020

2021

1

Net Profit after taxation

1.161

2.883

3.556

3.890

4.490

4.857

5.457

 

 

 

 

 

 

 

 

 

2

Depreciation

1.817

3.633

3.633

3.633

3.633

3.633

3.633

 

 

 

 

 

 

 

 

 

3

Interest on Term Loans

1.629

3.028

2.526

2.025

1.524

1.023

0.522

 

 

 

 

 

 

 

 

 

 

TOTAL

4.606

9.543

9.716

9.546

9.647

9.513

9.612

 

 

 

 

 

 

 

 

 

 

DIVISION B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Interest on Term Loans

1.629

3.028

2.526

2.025

1.524

1.023

0.522

 

 

 

 

 

 

 

 

 

2

Term Loan installments

[due within a year]

0.000

3.855

3.855

3.855

3.855

3.855

3.855

 

 

 

 

 

 

 

 

 

 

TOTAL

1.629

6.882

6.381

5.880

5.379

4.878

4.377

 

 

 

 

 

 

 

 

 

 

YEARLY D.S.C.R.

--

1.39

1.52

1.62

1.79

1.95

2.20

 

 

 

 

 

 

 

 

 

 

AVERAGE D.S.C.R. OF FIRST YEAR    

1.75

 

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

 

CASH FLOW STATEMENT

 

(RS. IN MILLIONS)

 

SR. NO.

SOURCES OF FUNDS

 

2015

2016

2017

2018

2019

2020

2021

 

 

 

 

 

 

 

 

 

1

Net profit before tax & int.

2.985

5.932

6.692

6.921

7.493

7.700

8.211

 

 

 

 

 

 

 

 

 

2

Promoter's capital

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

3

Depreciation

1.817

3.633

3.633

3.633

3.633

3.633

3.633

 

Share Application Money

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Preliminary expenses w/off

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

5

Term loan from

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

6

Bank borrowings

3.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

7

Government cash subsidy

--

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

 

TOTAL

7.801

9.565

10.325

10.554

11.126

11.333

11.844

 

 

 

 

 

 

 

 

 

 

DISPOSITION OF FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Preliminary & Preoperative expenses

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

2

Fixed assets

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

3

Increase in current assets

7.725

0.984

0.212

0.386

0.356

0.322

0.442

 

 

 

 

 

 

 

 

 

4

M.T.L. repayments

0.000

3.855

3.855

3.855

3.855

3.855

3.855

 

 

 

 

 

 

 

 

 

5

Funds for investments

--

1.500

3.000

3.000

3.500

4.000

5.000

 

 

 

 

 

 

 

 

 

6

Interest on term loan on working capital

1.629

3.028

2.526

2.025

1.524

1.023

0.522

 

 

 

 

 

 

 

 

 

7

Taxation

0.195

0.021

0.609

1.006

1.479

1.820

2.233

 

 

 

 

 

 

 

 

 

8

Drawings

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

 

TOTAL

9.549

9.388

10.202

10.272

10.714

11.019

12.052

 

 

 

 

 

 

 

 

 

 

Opening balance

4.725

2.977

3.155

3.277

3.559

3.971

4.285

 

 

 

 

 

 

 

 

 

 

Surplus/(Deficit)

(1.748)

0.177

0.123

0.282

0.412

0.313

(0.207)

 

 

 

 

 

 

 

 

 

 

Closing balance

2.977

3.155

3.277

3.559

3.971

4.285

4.078

 

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

 

WORKING CAPITAL ASSESSMENT

 

(RS. IN MILLIONS)

 

PARTICULARS

 

Year 1

Year 2

 Year 3

Year 4

Year 5

Year 6

Year 7

 

 

 

 

 

 

 

 

Capacity %

75

78

80

83

85

87

90

 

 

 

 

 

 

 

 

Working capital required

7.725

8.709

8.921

9.307

9.663

9.985

10.427

 

 

 

 

 

 

 

 

Banking facility

3.000

3.000

3.000

3.000

3.000

3.000

3.000

 

 

 

 

 

 

 

 

Promoters' Contribution

4.725

5.709

5.921

6.307

6.663

6.985

7.427

 

 

SR. NO.

PARTICULARS

 

2015

2016

2017

2018

2019

2020

2021

 

 

 

 

 

 

 

 

 

1

Raw Material-Indigenous

1.439

1.288

1.310

1.372

1.418

1.465

1.530

 

 

 

 

 

 

 

 

 

2

Work in progress

2.878

2.577

2.620

2.744

2.837

2.930

3.059

 

 

 

 

 

 

 

 

 

3

Finished goods

3.261

3.527

3.618

3.771

3.918

4.048

4.227

 

 

 

 

 

 

 

 

 

4

Debtors

3.152

4.025

4.128

4.304

4.471

4.619

4.823

 

 

 

 

 

 

 

 

 

5

Loans and Advances

0.075

0.078

0.080

0.083

0.085

0.087

0.090

 

 

 

 

 

 

 

 

 

6

Cash & Bank Balances

2.977

3.155

3.277

3.559

3.971

4.285

4.078

 

 

 

 

 

 

 

 

 

 

TOTAL

13.782

14.650

15.033

15.833

16.700

17.434

17.807

 

 

 

 

 

 

 

 

 

 

LESS :

 

 

 

 

 

 

 

7

T/L Inst. in 1 yr.

3.855

3.855

3.855

3.855

3.855

3.855

0.000

 

 

 

 

 

 

 

 

 

8

Creditors

2.878

2.577

2.620

2.744

2.837

2.930

3.059

 

 

 

 

 

 

 

 

 

9

Unpaid expenses

0.202

0.210

0.215

0.223

0.229

0.234

0.242

 

 

 

 

 

 

 

 

 

10

Cash Credit

3.000

3.000

3.000

3.000

3.000

3.000

3.000

 

 

 

 

 

 

 

 

 

 

TOTAL

9.934

9.641

9.690

9.822

9.920

10.019

6.301

 

 

 

 

 

 

 

 

 

 

NET WORKING CAPITAL

 

3.848

5.009

5.344

6.012

6.780

7.415

11.505

 

 

 

 

 

 

 

 

 

 

Current Ratio

1.39

1.52

1.55

1.61

1.68

1.74

2.83

 

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

 

PROFITABILITY ANALYSIS

 

(RS. IN MILLIONS)

 

SR. NO.

PARTICULARS

 

2015

2016

2017

2018

2019

2020

2021

 

 

 

 

 

 

 

 

 

I

Efficiency Percentages (%)

75

78

80

83

85

87

90

 

 

 

 

 

 

 

 

 

II

SALES

36.339

78.609

80.624

84.050

87.311

90.208

94.191

 

 

 

 

 

 

 

 

 

 

TOTAL

36.339

78.609

80.624

84.050

87.311

90.208

94.191

 

 

 

 

 

 

 

 

 

III

COST OF PRODUCTION

 

 

 

 

 

 

 

1

Consum. of Raw Materials

32.064

57.423

58.383

61.149

63.214

65.306

68.183

2

Job Charges

0.000

0.000

0.000

0.000

0.000

0.000

0.000

3

Power and Fuel

1.986

4.297

4.407

4.594

4.773

4.931

5.149

4

Direct Labour and Wages

1.992

4.183

4.392

4.612

4.843

5.085

5.339

5

Consumable Stores

0.668

1.336

1.403

1.473

1.547

1.624

1.706

6

Repairs and Maintenance

0.079

0.174

0.192

0.211

0.232

0.255

0.281

7

Other Manufacturing Expenses

0.114

0.176

0.194

0.213

0.234

0.258

0.283

8

Depreciation

1.817

3.633

3.633

3.633

3.633

3.633

3.633

9

Rental Charges

--

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

 

ADD: Opening stock of work in process

--

2.878

2.577

2.620

2.744

2.837

2.930

 

 

 

 

 

 

 

 

 

 

LESS: Closing stock of work in process

2.878

2.577

2.620

2.744

2.837

2.930

3.059

 

 

 

 

 

 

 

 

 

IV

TOTAL COST OF PRODUCTION

35.843

71.524

72.561

75.762

78.383

80.998

84.444

 

 

 

 

 

 

 

 

 

 

ADD: Opening stock of Finished goods

0.000

3.261

3.527

3.618

3.771

3.918

4.048

 

 

 

 

 

 

 

 

 

 

LESS: Closing stock of Finished goods

3.261

3.527

3.618

3.771

3.918

4.048

4.227

 

 

 

 

 

 

 

 

 

V

COST OF SALES

32.582

71.258

72.471

75.608

78.236

80.868

84.266

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

3.758

7.350

8.154

8.442

9.074

9.340

9.925

 

 

 

 

 

 

 

 

 

VI

FINANCIAL CHARGES

 

 

 

 

 

 

 

 

i) Bank Interest

1.629

3.028

2.526

2.025

1.524

1.023

0.522

 

ii) Other Interest on Working Capital

0.203

0.405

0.405

0.405

0.405

0.405

0.405

 

 

 

 

 

 

 

 

 

VII

ADMINISTRTION & SELLING EXP

0.570

1.014

1.057

1.116

1.176

1.235

1.309

 

 

 

 

 

 

 

 

 

 

OTHER INCOME

--

--

--

--

--

--

--

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSE

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

 

NET

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

IX

PRELIMINARY EXPENSES

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

X

PROFIT BEFORE TAXATION

1.356

2.904

4.165

4.895

5.969

6.677

7.689

 

 

 

 

 

 

 

 

 

XI

PROVISION FOR TAXES

0.195

0.021

0.609

1.006

1.479

1.820

2.233

 

 

 

 

 

 

 

 

 

XII

NET PROFIT

1.161

2.883

3.556

3.890

4.490

4.857

5.457

 

 

 

 

 

 

 

 

 

XIII

LESS : DRAWINGS

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

XIV

RETAINED PROFIT

1.161

2.883

3.556

3.890

4.490

4.857

5.457

 

 

 

 

 

 

 

 

 

XV

ADD: DEPRECIATION

1.817

3.633

3.633

3.633

3.633

3.633

3.633

 

 

 

 

 

 

 

 

 

 

P & P EXPS

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

XVI

NET YEARLY CASH GENERATION

2.977

6.516

7.190

7.523

8.123

8.490

9.090

 

 

8.19

8.29

8.92

8.95

9.30

9.41

9.65

 

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

 

ANALYSIS OF BALANCE SHEET

 

(RS. IN MILLIONS)

 

SR. NO.

LIABILITIES

 

2015

2016

2017

2018

2019

2020

2021

 

 

 

 

 

 

 

 

 

1

Promoter's Contribution

9.700

9.700

9.700

9.700

9.700

9.700

9.700

 

 

 

 

 

 

 

 

 

2

Reserves & Surplus

 

 

 

 

 

 

 

 

i) Share Application Money

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

ii) Profit & loss A/C (Bal.)

1.161

4.043

7.600

11.489

15.980

20.836

26.293

 

 

 

 

 

 

 

 

 

 

NET WORTH

10.861

13.744

17.300

21.190

25.680

30.537

35.993

 

 

 

 

 

 

 

 

 

3

Secured Loans

 

 

 

 

 

 

 

 

Term Loan From Bank

(Excluding T/L inst. due in 1 year)

21.201

17.348

13.492

9.637

5.782

1.927

1.927

 

 

 

 

 

 

 

 

 

4

Unsecured Loans

3.552

3.552

3.552

3.552

3.552

3.552

3.552

 

 

 

 

 

 

 

 

 

5

Deferred Tax Liability

--

--

--

--

--

--

--

 

 

 

 

 

 

 

 

 

 

TOTAL

24.753

20.898

17.044

13.189

9.334

5.479

5.479

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

6

T/L Inst. Due in 1 Year

3.855

3.855

3.855

3.855

3.855

3.855

0.000

 

 

 

 

 

 

 

 

 

7

Creditors

2.878

2.577

2.620

2.744

2.837

2.930

3.059

 

 

 

 

 

 

 

 

 

8

Unpaid expenses

0.202

0.210

0.215

0.223

0.229

0.234

0.242

 

 

 

 

 

 

 

 

 

9

Cash Credit

3.000

3.000

3.000

3.000

3.000

3.000

3.000

 

 

 

 

 

 

 

 

 

 

TOTAL

9.934

9.641

9.690

9.822

9.920

10.019

6.301

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

45.548

44.283

44.033

44.200

44.934

46.035

47.774

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

1

Fixed Assets

31.766

28.133

24.500

20.867

17.234

13.601

9.968

 

 

 

 

 

 

 

 

 

2

New Investments

0.000

1.500

4.500

7.500

11.000

15.000

20.000

 

 

 

 

 

 

 

 

 

 

TOTAL

31.766

29.633

29.000

28.367

28.234

28.601

29.968

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

1

Raw Material-Indigenous

1.439

1.288

1.310

1.372

1.418

1.465

1.530

 

 

 

 

 

 

 

 

 

2

Work in progress

2.878

2.577

2.620

2.744

2.837

2.930

3.059

 

 

 

 

 

 

 

 

 

3

Finished goods

3.261

3.527

3.618

3.771

3.918

4.048

4.227

 

 

 

 

 

 

 

 

 

 

TOTAL

7.577

7.392

7.547

7.887

8.173

8.443

8.816

 

 

 

 

 

 

 

 

 

4

Debtors

3.152

4.025

4.128

4.304

4.471

4.619

4.823

 

 

 

 

 

 

 

 

 

5

Expenses

0.075

0.078

0.080

0.083

0.085

0.087

0.090

 

 

 

 

 

 

 

 

 

6

Cash & Bank Balances

2.977

3.155

3.277

3.559

3.971

4.285

4.078

 

 

 

 

 

 

 

 

 

7

Preliminary Expenses

0.000

0.000

0.000

0.000

0.000

0.000

0.000

 

 

 

 

 

 

 

 

 

 

TOTAL

6.204

7.258

7.486

7.946

8.527

8.991

8.991

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

45.548

44.283

44.033

44.200

44.934

46.035

47.774

 

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

 

VALUATION REPORT

 

PART – A

 

GENERAL DETAILS:

 

 

Purpose for which valuation is made

To determine open present Fair Market Value

 

 

Date as on which valuation is made

01st August, 2014

 

 

Name of the Owner/owners

Gauriben Kanjibhai Balar

 

 

if the property is under joint ownership /co-ownership, share of each such owner. Are the shares undivided?

Property is under individual ownership

 

 

Brief Description of the Property

A residential bungalow with standard quality of specifications is constructed on the said plots;

·         It comprises of parking, verandah, hall, balcony, kitchen, pooja room, bed rooms with attached toilet block, terrace cabin etc.

Interior ornamentation like false ceiling of P.O.P., Indian seating, wardrobes in full height, underneath cupboard in kitchen area, low height wooden partitions etc. 

 

 

Location, Street, Ward no.

Bungalow on Plot No. D/18 and D/19, RadheyShyam Society (As per approved plan Akshar Dham Co-Op. Low cost group hosing society), Singanpore Char Rasta, Moje- Katargam, Surat

 

 

Survey / Plot No. of Land

Final Plot No. 85, Town Planning scheme no. 18, R. Sy. No. 499 and 500, Moje-Katargam, Surat

 

 

Is the property situated in residential / commercial / mixed area / industrial area

Residential Area

 

 

Classification of locality high class / middle class / poor class

Upper Middle Class

 

 

Proximity to civic amenities like schools, hospitals, offices, market cinema.

Civic amenities are within easy reach, Surat railway station, central bus depot, main market are 4-6 km. away

 

 

Means and Proximity to surface communication by the locality is served

Private and Public vehicles

 

 

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

Plot no.

As per sale deed

As per site measurement and record of the Radhey Shyam Cooperative Society (Letter attached)

D/18

48.47

138.79 sq. mts.

D/19

36.47

 

 

Is it leasehold, the name of lessor/lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease;

It is Freehold Land.

(i) Initial premium

Not applicable

(ii) Ground rent payable per annum

Not applicable

(iii) Unearned increase payable to the lessor in the event of sale or transfer

Not applicable

 

 

Is there any restrictive convenant in regard to use of land? If so, attach a copy of the convenant

Yes, it is to be used as per zoning regulations of SUDA

 

 

Area there any agreements of easements? If so, attach copies

No

 

 

Does the land fall in an area included in any Town Planning Scheme or any Development Plan of Government or any statutory body? If so, give particulars

Yes, it is covered in Town Planning Scheme No.18

 

 

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

Not explored

 

 

Has the whole or part of land been notified for acquisition by Government or any statutory body? Give date of the notification

No

 

 

Furnish technical details of the building on a separate sheet (The Annexure to this Form may be used)

Furnished in part II

 

 

It the building owner-occupied/tenanted/both?

Property is owner occupied

 

 

 

If partly owner-occupied, specify portion and extent of area under owner-occupation

Not applicable

 

 

 

What is the Floor Space Index permissible and percentage actually utilized?

Permissible F.S.I : 1.2

F.S.I. utilized : 100%

 

 

 

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

Property is transferred with consideration of Jantri (Annual Statement of Rates) only

 

 

Land rate adopted in this valuation

Rs.85000/- per sq.mt.

 

 

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

Through local inquiry with prestigious real estate consultants and guide line rate (Jantri) with correction factors

 

 

Year of commencement of construction and year of completion

Not applicable

 

 

What was the method of construction----by contract/by employing labour direct/both?

Not applicable

 

 

For items of work done on contract, produce copies of agreements

Not applicable

 

 

For items of work done by engaging labour directly, give basic rtes of materials and labour supported by documentary proof

Not applicable

 

 

 

TECHNICAL DETAILS

 

PART – II

 

No of floors and its height of building

·         Lower ground floor : 2.85 mt. 

Upper ground floor : 3.65 mt.

First floor : 3.00 mt.

 

 

Plinth area floor-wise

(As per IS : 3861-2002)

·         Lower ground floor : 70.00 sq.mts.  

Upper ground floor : 70.00 sq.mts.

First floor : 55.00 sq.mts.

 

 

Year of construction

1997 onwards

 

 

Estimated future life

45 years in normal condition with regular and preventive maintenance

 

 

Type of construction----load bearing walls/RCC frame/steel frame

R.C.C. frame structure

 

 

Type of foundations

Not explored

 

 

Walls

(a) Basement and plinth

(b) Ground floor

(c) Superstructure above ground floor

 

23 cm. thick brick walls in cement mortar

23 cm. thick brick walls in cement mortar

23 cm. thick brick walls in cement mortar

 

 

Partitions

12 cm. thick brick walls in cement mortar

 

 

Doors and windows (Floor-wise):

(a)     Lower Ground floor

(b)     Upper Ground floor

(c)     1st floor 

 

Teak wood doors and windows with M.S. grills

Teak wood doors and windows with M.S. grills

Teak wood doors and windows with M.S. grills

 

 

Flooring (Floor-wise)

(a)     Lower Ground floor

(b)     Upper Ground floor

(c)     1st floor

 

Polished stones with Marble strip

Marble slab type flooring

Marble slab type flooring

 

 

Finishing (Floor-wise)

(a)     Lower Ground floor

(b)     Upper Ground floor

(c)     1st floor 

 

Walls are finished with emulsion paint

Walls are finished with emulsion paint

Walls are finished with emulsion paint

 

 

Roofing and terracing

R.C.C. slab on top floor with water proofing

 

 

Special architectural or decorative features, if any

Building has aesthetic  elevation

 

 

(i) Internal wiring---surface or conduit

(ii) Class of fittings: superior/ ordinary /poor

Concealed wiring

Superior

 

 

Sanitary installations:

(a)

(i)       No. of Indian W.C.

(ii)     No. of E.W.C.

(iii)    No. of urinals

(iv)    No. of sinks

(v)      No. of bath tub

(vi)    No. of bidets

(vii)   No. of geysers

 

 

Two

Two

Not provided

One

Not provided

Not provided

Two

 

 

(b) Class of fittings: Superior/ Coloured/superior/white ordinary

Standard

 

 

Compound walls :

(i) Height and length

(ii) Type of construction

Bungalow is bounded with brick masonry compound wall

 

 

No. of lifts and capacity

Not provided

 

 

Underground sump----capacity and type of construction

Not explored

 

 

Overhead tank:

(a)     Where located

(b)     Capacity

(c)     Type of construction

 

On terrace

2000 liters

RCC

 

 

Pumps--- no. and their horse power

1 HP motor with pump set

 

 

Roads and paving within the compound, approximate area and type of paving

Polished stone

 

 

Sewage. If septic tanks provided, no. and capacity

Sewage is connected to public sewer

 

 

Boundaries of the property

North  : Plot no. C-76

South : Final Plot no. 84

East   : Society road

West  : Plot no. D-28 and D-29

 

 

 

PART B : Factors considered for Valuation:

 

(1) Situation, size, frontage, potentiality…etc. of the property:

 

Property under valuation is situated within franchised area of the Surat Municipal Corporation.       It is also covered in the Town Planning Scheme No. 18. Day to day basic civic amenities like shops, schools, banks, dispensary, hospital, bus-rickshaw pick up stand etc. are within easy reach. Infrastructure facilities like roads, electricity, water supply, drainage, telephone etc. are available in this area. Surrounding area is developed by residential bungalows, row houses etc.

 

RadheyShyam Society is located on Singanpore char rasta on Katargam road. Society is developed with prestigious bungalows. Most of the inhabitants are from higher income group. Initially plots of the society are sold on the basis of ULC 21 scheme, which is repealed later on.

 

 

PART C : Value of the Property :

 

After considering various factors like situation of the property, age and condition of the building, nature of development of surrounding area, etc. I determine value of the property as under;

 

(i) Cost price of the property :

 

As per documents produced to me;

 

v      Sale Deed

Registration No. 3115 and 969

Dated 09-06-2003 and 18-02-2003 for plot no. D/18 and D/19 respectively

Registration No. 6999

Dated 23-05-2014

·         Consideration

(excluding stamp duty, registration, miscellaneous charge etc)

Rs. 0.058 Million + Rs. 0.058 Million

Rs. 0.118 Million          …(i)

Rs. 0.700 Million        (i)

 

(ii) Open Fair Market Value of the property:

 

Market value is defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing where in the parties had each acted knowledgeably, prudently and without compulsion. Market Value is not a intrinsic and conclusive test of a real value, market value always fluctuates with so many factors like economic and market conditions, profitability, government policies, political stability, physical and legal condition of the property and its surroundings, cost price index revision...etc. value will very over time and from place to place.

 

Surat, is branded as commercial capital of Gujarat by all standards, has advanced ahead in terms of economic development. Surat has grown at a decadal average growth rate of 60% during last four decades which is phenomenal in across the Globe, when it is compared with identical cities of the world. The city is also rated as the 4th fastest growing city of the world. Surat has extended as compact city with wider roads, flyovers and bridges. City is also planned under town planning schemes which covers 177 sq. km. network of wide roads, plots for social and basic amenities, infrastructures like water, drainage, storm water drainage, street lights, footpaths, dividers…etc. Surat Municipal Corporation has set an example of good governance by its efficient and result oriented functioning. SMC has made the city worth living. This has resulted in migration of people either for employment of enter price from other states. In view of this, prices of land and building have increased in many folds.

 

(A) Valuation of Land:

 

Land rate for this property is adopted on the basis of Jantri rate with correction factors, local inquiry from the neighbors, real estate consultants and brokers. The marketability, utility, demand and supply of residential and commercial land is also considered. Waitage is given on shape, size, prominence and location of the land. Recent development in the vicinity of the property has a vital roll in the upward revision of the land rate in this area.

 

Prevailing market rate of land in this area

Rs.85000/- to Rs.90000/- per sq.mt.

 

 

Guide line rate as per Jantri;

Rs.17000/- per sq.mt.

 

 

Area of Land

138.79 sq. mts.

 

 

Land rate adopted

Rs.85000/- per sq.mt.

 

 

Value of Land

138.79 sq. mts. x Rs.85000/-

 

 

 

Rs. 11.797 Millions           [A]

 

 

(B) Value of Structures:

 

Value of building is assessed on the basis of type of construction, age and physical condition of building, quality of specifications of input building material, finishing, workmanship, reproduction cost of the building and allowing appropriate depreciation by straight line method assuming a salvage value of 10%.

 

Year of construction (as reported by owner)

1997 onwards

 

 

Estimated future life of the building

45 years in normal condition with regular and preventive maintenance

 

SR. NO.

FLOORS

BUILT UP AREA IN SQ.MTS.

BUILT UP AREA RATE ADOPTED PER SQ.MT

VALUE IN RS. IN MILLIONS

1.

Lower ground floor

70.00

9000/-

0.630

2.

Upper ground floor

70.00

12,000/-

0.840

3.

First floor

55.00

12,000/-

0.660

4.

Stair cabin

12.00

9500/-

0.114

5.

Standing cooking platform with granite on top and cupboard underneath, covered shelves, wardrobes in all bed rooms in full height, false ceiling of P.O.P., Indian seating, stair case railing etc.

 

 

 

 

 

Lump sum

1.200

6.

Compound wall with M.S. gate, Elevation treatment, balconies, overhead and underground water tanks, water proofing treatment etc.

 

 

 

Lump sum

0.800

 

4.244

…(B)

 

 

Total value of the property

(A) + (B)

 

Rs. 11.797 Millions + Rs. 4.244 Millions

 

Rs. 16.041 Millions           

Say;

Rs. 16.000 Millions               (ii)

 

(iii) Distress Value of the property:

 

The transaction without restriction or force under any circumstances will command fair or reasonable price of the property, on the other hand, if the sale of the property is under pressure, force or compulsion, it may not fetch the optimum price or fair Value of the property.

 

 

It is common that distress value will fetch lesser value than the fair market value. The percentage of lesser value varies according to the economic conditions, physical and legal status of the property…etc. at the time of sale under pressure.

 

After considering various factors prevailing at the time of valuation like present economic condition, existing market condition, condition of the property, location of the property under valuation etc., I allow 10% discount on Fair Market Value to arrive at the present distress value of the property.

 

Distress Value of the Property

90/100 x Rs. 16.000 Millions

 

Rs. 14.400 Millions           (iii)

 

(iv) Registration Value for similar property with sub registrar as on date of valuation:

 

Sale instances for the identical property proximous to the property under valuation are not available with the office of the sub registrar. However in order to ascertain the market value, section 32(A) of Bombay Stamp Act, 1958 is introduced. Under this section, Ready Reckoner-Jantri, showing guidelines for stamp duty valuation is prepared in the year 1984, which was revised in 1992 by adding certain percentage in the rates of the year 1984. Again revision is made in Jantri on adhoc basis and implemented till 1999. Same Janrti is extended, modified and revised in 2008, subsequently Revenue Department of Government of Gujarat has passed resolution for new Jantri which is implemented from 18-04-2011.

 

Value of the property as per present Jantri; (Annual Statement of Rates);

Value of the land

138.79 sq. mts. x Rs. 17000/-

Rs. 2.359 Millions

Value of structure

Rs. 4.244 Million

 

Rs. 6.603 Millions             (iv)

 

Jantri rate is on too much lower side. This value does not include many factors some of them are exact location, quality of development of surrounding area, quantum and quality of internal and external infrastructure facilities.

 

 

PART D : Value for Insurance Purpose:

 

If the property is to be insured for natural calamity like earthquake, fire etc., It is to be insured for reinstatement cost i.e. compensation amount to be recovered from insurance company.

 

Value for Insurance Purpose

Rs. 4.200 Millions

 

 

PART E : Summary of Valuation of the property;

 

(i) Cost price

Rs. 0.118 Million

(ii) Open present fair market value

Rs. 16.000 Millions

(iii) Distress value

Rs. 14.400 Millions

(iv) Registration value for similar properties with sub registrar office (value as per Annual Statement of Rates: Jantri):

Rs. 6.603 Millions

 

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

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

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

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.50

UK Pound

1

Rs. 100.33

Euro

1

Rs. 79.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

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.