MIRA INFORM REPORT

Report Date :

30.12.2014


Mob. No.:	9723552320

IDENTIFICATION DETAILS

Name :	RAHIL CONSTRUCTION

Registered Office :	U/12, Vasukanana Complex, Near Nirnaynagar Galnala, Ghatlodia, Ahmedabad – 380061, Gujarat

Country :	India

Financials (as on) :	30.11.2014 (Provisional)

Year of Establishment :	2003 (From 01.04.2010 Partnership)

Com. Reg. No.:	GUJ/AMS/38299 of 2010

Capital Investment :	Rs. 18.818 Millions

TAN No.: [Tax Deduction & Collection Account No.]	AHMR06510A

PAN No.: [Permanent Account No.]	AALFR9464L

VAT Reg. No.:	24074301346

C.S.T. Reg. No.:	2457431346

Service Tax Reg. No.:	AALFR9464LSD002

Legal Form :	Partnership Concern with an Unlimited Liability of the Partners

Line of Business :	Construction of Road

No. of Employees :	8 (Approximately) [In Office: 3 + In Factory: 5]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealing at usual trade terms and condition. NOTE: As claimed by Mr. Chirag Shah, partner that the subject concern was established in the year 2003 as a proprietary firm and after that it got converted into partnership firm on 1st April, 2010.

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Chirag Nalinbhai Shah
Designation :	Partner
Contact No.:	91-9723552320
Date :	29.12.2014

LOCATIONS

Registered Office :	U/12, Vasukanana Complex, Near Nirnaynagar Galnala, Ghatlodia, Ahmedabad – 380061, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9723552320 (Mr. Chirag Nalinbhai Shah) 91-9904120700 (Mr. Bharat Chandulal Raval) 91-9904232211 (Mr. Dharmesh Ramanbhai Patel)
Fax No.:	Not Available
E-Mail :	chiragxa@yahoo.co.in rahilcons@gmail.com
Website :
Area :	250 Sq.ft.
Location :	Owned

Plant :	Hot Mix Plant Site, Adalaj Koba Road, Adalaj, Gandhinagar, Gujarat, India
E-mail :	chiragxa@yahoo.co.in
Location :	Rented

PARTNERS

Name :	Mr. Chirag Nalinbhai Shah
Designation :	Partner
Address :	104, Sarvavtari Park, Opposite Ghosha Society, Thaltej, Ahmedabad – 380059, Gujarat, India
Date of Birth/Age :	15.02.1975
Qualification :	B.E. Civil
Experience :	15 Years
PAN No.:	ARIPS9455J

Name :	Mr. Bharat Chandulal Raval
Designation :	Partner
Address :	Plot No. 1237/1, Sector 3-A, Gandhinagar - 382003, Gujarat, India
Date of Birth/Age :	06.02.1967
Qualification :	Diploma Civil
Experience :	25 Years
PAN No.:	ADLPR3647Q

Name :	Mr. Dharmesh Ramanbhai Patel
Designation :	Partner
Address :	Umiyanagar, At PO Khoraj, Gandhinagar - 382421, Gujarat, India
Date of Birth/Age :	07.07.1973
Qualification :	B. Com.
Experience :	25 Years
PAN No.:	AIWPP5474D

BUSINESS DETAILS

Line of Business :

Construction of Road.

Products/ Service :

Item Code No. (ITC Code)	Product/ Service Description
0505	Contractor and Others

Brand Names :

Agencies Held :

Exports :

Imports :

Terms :

Selling :

Credit (30 Days)

Purchasing :

Advance Payment and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference:	Aayushi Corporation
Address :	D-603, Ratndeep Tower, Near Arjun Tower, Opposite C P Nagar, Ghatlodia, Ahmedabad, Gujarat, India
Name of the Person (with Designation):	Mr. Rakesh Shah (Proprietor)
Contact Number:	91-9824077462
Since How Long Known:	4 Years
Maximum Limit Dealt:	As per Requirement
Experience :	Payment Behaviour: Excellent Market Goodwill: Excellent Overall: Excellent
Remarks :	Having satisfactory trade record, payment behaviour is on time and management is also good.

SR. NO.	NAME OF COMPANY	ADDRESS	MOBILE NO.	CONTACT PERSON
1	Saikrupa Traders	28, Surdhara Bunglow, Prahladnagar Garden, 100ft Roa Satellite, Ahmedabad, Gujarat, India	91-9727706080	Mr. Aashishbhai Desai

2.	Hariom Traders	Opposite Bus Stop, Balasinor Road, Sathamba, Taluka Bayad, District Sabar Kantha, Gujarat, India	91-9426073264/ 91-8238446600	Mr. Bakabhai

3.	Momaikrupa Traders	Oad Vas, At Por, Taluka & District Sabar Kantha, Gujarat, India	91-9924388319	Mr. Jeevan Odd

4.	Apex Stone Industries	Survey No. 110, At Patel Na Sathamba, Taluka Bayad, District Sabar Kantha, Gujarat, India	91-9909952909	Mr. Niravbhai

5.	Shree Kotiyark Traders	B-2/District Shopping Centre, Sector-21, Gandhinagar, Gujarat, India	91-9925133139	Mr. Setalbhai Shah

6.	Prince Corporation	17/18, Shivanand Arcade, Near Kadi Nagrik Bank, Borisana Khatraj Road, Kalol, Gujarat, India	91-9737045585	Mr. Lalbhai

7.	Fulnath Stone Industries	Factory: NH 8-A KM 124/2.4, Near Vastadi, Gujarat, India	91-9824377732	Mr. Arjunbhai

8.	Shree Nathji Stone Crusher	National Highway, 8, Sayala, District Surendranagar, Gujarat, India	91-9879509484	Mr. Babubhai

9.	Arbeeji Suppliers	Multi House, Near C N Vidhayalay, Ambavadi, Ahmedabad, Gujarat, India	91-9824854582	Mr. Jigarbhai

Customers :

Government Contractor

Reference:	Government of Gujarat
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· Devarsh Construction

· Fortune Builders

· Shantikrupa Estate Private Limited

· Bulty Roller Centre

No. of Employees :

8 (Approximately) [In Office: 3 + In Factory: 5]

Bankers :

Bank Name:	Bank of India
Branch:	Akhbar Nagar, Ahmedabad, Gujarat, India
Name of the Person (with Designation):	Mr. P.U. Rathore (Senior Branch Manager)
Contact Number:	91-7874562791/ 7927640450
Name of Account Holder:	RAHIL CONSTRUCTION
Account Number:	204920110000135
Account Since (Date/ Year of A/c Opening):	01.04.2010
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	No Facility
Account Operation:	Satisfied
Remarks: As claimed by Mr. P.U. Rathore a Senior Branch Manager that the Conduct of the account is satisfactory.

Bank Name:	The Kalupur Commercial Co-operative Bank Limited
Branch:	St. Xavier Road Branch, Gujarat, India
Name of the Person (with Designation):	Mr. Rajesh P. Shah (Branch Manager)
Contact Number:	91-9925228608
Name of Account Holder:	RAHIL CONSTRUCTION
Account Number:	00820102486
Account Since (Date/ Year of A/c Opening):	21.12.2012
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	No Facility
Account Operation:	Satisfied
Remarks: As claimed by Mr. Rajesh P. Shah a Branch Manager that the Conduct of the account is satisfactory.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bank of India A/c 20497231006	0.000	0.345
KCCB Paver Loan A/c 00830700104	0.877	1.359
Total	0.877	1.704
PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bharatbhai Maniyar	0.800	0.800
Nikita C. Shah	0.160	0.160
Total	0.960	0.960

Auditors :
Name :	Mehul G. Shah and Company Chartered Accountants
Address :	301, Aabhushan Complex, 17, Mahadevnagar Society, Stadium Road, Ahmedabad - 380014, Gujarat, India
Tel. No.:	91-79-26424952
Mobile No.:	91-9825442621
E-Mail :	mehulfca@yahoo.com

Sister Concerns:	--

CAPITAL STRUCTURE

As on 30.11.2014

Capital Investment :
Owned :	Rs. 18.818 Millions
Borrowed :	--
Total :	Rs. 18.818 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.11.2014 (8 Months) (Provisional)	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		18.818	21.246	18.705	11.751
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		10.875	0.000	0.000	0.000
NETWORTH		29.693	21.246	18.705	11.751
LOAN FUNDS
1] Secured Loans		0.631	0.877	1.704	0.481
2] Unsecured Loans		1.156	0.960	0.960	0.960
TOTAL BORROWING		1.787	1.837	2.664	1.441
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000

TOTAL		31.480	23.083	21.369	13.192

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.549	5.529	5.886	3.671
Capital work-in-progress		0.000	0.000	0.000	0.000

INVESTMENT		0.081	0.081	0.036	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.036	2.966	1.525	1.252
	Sundry Debtors	5.133	0.401	4.096	5.589
	Cash & Bank Balances	2.558	4.785	3.053	0.801
	Other Current Assets	27.310	0.000	0.000	0.000
	Loans & Advances	0.070	22.352	16.768	13.443
Total Current Assets		43.107	30.504	25.442	21.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.480	12.476	9.480	11.437
	Other Current Liabilities	(0.014)	0.456	0.455	0.127
	Provisions	(0.209)	0.099	0.060	0.000
Total Current Liabilities		17.257	13.031	9.995	11.564
Net Current Assets		25.850	17.473	15.447	9.521

MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000

TOTAL		31.480	23.083	21.369	13.192

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.11.2014 (8 Months) (Provisional)
	SALES
		Income	36.007
		Other Income	0.025
		TOTAL	36.032

Less	EXPENSES
		Cost of Goods Sold	11.608
		Agency Charges	0.086
		Labour Expenses	10.518
		Petrol and Diesel Expenses	2.712
		Site Expenses	0.243
		Sublet Contract	0.280
		Telephone Expenses	0.059
		Bank Charges	0.004
		Conveyance and Petrol Expenses	0.015
		Electricity Expenses	0.012
		Labour Cess	0.337
		Repair and Maintenance Expenses	0.207
		Staff Salary	0.207
		Tender Fee	0.036
		Water Charges	0.010
		Other Expenses	0.866
		TOTAL	27.200

	NET PROFIT/ (LOSS)		8.832

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	56.250	63.585	50.088
		Other Income	0.356	0.217	0.133
		TOTAL	56.606	63.802	50.221

Less	EXPENSES
		Material Consumed	27.985	31.449	27.873
		Construction Expense	20.249	22.127	14.732
		Sales and Administrative Expense	1.882	1.486	1.017
		Bank Loan Interest Expense	0.182	0.105	0.110
		Interest on Partners Capital Account	2.149	1.480	0.883
		Remuneration to Partner	2.121	3.940	3.085
		TOTAL	54.568	60.587	47.700

	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION		2.038	3.215	2.521

Less/ Add	DEPRECIATION/ AMORTISATION		0.932	0.824	0.663

	NET PROFIT/ (LOSS)		1.106	2.391	1.858

KEY RATIOS

PARTICULARS		30.11.2014 (8 Months) (Provisional)	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	24.51	1.97	3.76	3.71

Return on Total Assets (PBT/Total Assets}	(%)	18.15	3.07	7.63	7.51

Return on Investment (ROI) (PBT/Networth)		0.30	0.05	0.13	0.16

Debt Equity Ratio (Total Debt/Networth)		0.06	0.09	0.14	0.12

Current Ratio (Current Asset/Current Liability)		2.50	2.34	2.55	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partners Capital	11.751	18.705	21.246
Profit and Loss Account	0.000	0.000	0.000
Net worth	11.751	18.705	21.246

Secured Loans	0.481	1.704	0.877
Unsecured Loans	0.960	0.960	0.960
Total borrowings	1.441	2.664	1.837
Debt/Equity ratio	0.123	0.142	0.086

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.088	63.585	56.250
		26.947	(11.536)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	50.088	63.585	56.250
Profit	1.858	2.391	1.106
	3.71%	3.76%	1.97%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Estimates	Projections	Projections
1.	Gross Sales

(i)	Domestic Sales	64.000	72.500	79.500

(ii)	Exports Sales	--	--	--

(iii)	Other Operating/ Revenue Income	--	--	--

	Total	64.000	72.500	79.500

2.	Less: Excise Duty	--	--	--

3.	Net Sales (1-2)	64.000	72.500	79.500

4.	% age rise (+) or fall (-) in net sales as compared to previous year	13.78%	13.28%	9.66%

5.	Cost of Sales

i)	Raw Materials (Including Stores and Other Items used in the process of manufacture)	27.471	31.420	35.440

	(a)Imported	--	--	--

	(b)Indigenous	27.471	31.420	35.440

ii)	Other Spares	0.000	0.000	0.000

	(a) Imported	--	--	--

	(b)Indigenous	--	--	--

iii)	Power and Fuel	--	--	--

iv)	Direct Labour (Construction Charges)	28.545	31.565	34.270

v)	Other Manufacturing Expenses	--	--	--

vi)	Depreciation	0.830	0.705	0.600

vii)	Sub-Total (i to vi)	56.846	63.690	70.310

viii)	Add: Opening Stock in Process	0.459	1.295	1.165

	Sub-Total (vii + viii)	57.305	64.985	71.475

ix)	Deduct: Closing Stock in Process	1.295	1.165	1.315

x)	Cost of Production	56.010	63.820	70.160

xi)	Add: Opening Stock of Finished Goods	0.000	0.000	0.000

	Sub-Total (x + xi)	56.010	63.820	70.160

xii)	Deduct: Closing Stock of Finished Goods	0.000	0.000	0.000

xiii)	Sub-Total (Total Cost of Sales)	56.010	63.80	70.160

	GROSS PROFIT	7.990	8.680	9.340

6.	Selling, General and Administrative Expenses	2.185	2.410	2.635

7.	Sub-Total (5+6)	58.195	66.230	72.795

8.	Operating Profit Before Interest (3-7)	5.805	6.270	6.705

9.	Interest	0.365	0.395	0.435

10.	Operating Profit After Interest (8-9)	5.440	5.875	6.270

11.i)	Add: Other Non-operating Income

(a)	Interest/ Miscellaneous Income	0.375	0.410	0.480

	Sub Total (Income)	0.375	0.410	0.480

ii)	Deduct: Other Non-operating Expenses

(a)	Remuneration/ Interest to Partners	4.500	4.750	5.000

	Sub-Total (Expenses)	4.500	4.750	5.000

iii)	Net of Other Non-operating Income/ Expenses [net of 11(i) & 11(ii)]	(4.125)	(4.340)	(4.520)

12.	Profit before tax/ Loss [10+11(iii)]	1.315	1.535	1.750

13.	Provision for Taxes	--	--	--

14.	Net Profit/ Loss (12-13)	1.315	1.535	1.750

15. (a)	Equity Dividend Paid – Amount (Already Paid + B.S. Provision)	0.061	0.035	0.250

(b)	Dividend Rate (% age)	--	--	--

16.	Retained Profit (14-15)	1.254	1.500	1.500

17.	Retained Profit/ Net Profit (% age)	95.36 %	97.72%	85.71%

	PAT/ SALES %	2.05 %	2.12 %	2.20 %

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Estimates	Projections	Projections
	CURRENT LIABILITIES

1	Short term borrowings from bank (Including Bills purchased, discounted and excess borrowings placed on repayment basis)

	(i) From Applicant Bank	3.000	3.000	3.000

	(ii) From Other Banks	--	--	--

	(iii) Of which BP and BD	--	--	--

	Sub Total [I + ii] (A)	3.000	3.000	3.000

2	Short term borrowings from others	--	--	--

3	Sundry Creditors (Trade)	8.250	8.435	8.360

4	Advance Payments from Customers/ Deposits from Dealers	--	--	--

5	Provision for Taxation	--	--	--

6	Dividend Payable	--	--	--

7	Other Statutory Liabilities (Due within One Year)	--	--	--

8	Deposits/Instalments of Term Loan/ DPGs/ Debentures, etc. (Due within One Year)	0.398	0.000	0.000

9	Other Current Liabilities and Provisions (Due within One Year)	0.125	0.170	0.215

	a. Creditors for expenses/ staff advance	0.125	0.170	0.215

	Sub Total [2 to 9] (B)	8.773	8.605	8.575

10	TOTAL CURRENT LIABILITIES [A + B]	11.773	11.605	11.575

	TERM LIABILITIES

11	Debentures (not maturing within One Year)	--	--	--

12	Preference Shares (Redeemable after One Year)	--	--	--

13	Term Loans (Excluding Instalments Payable within One Year)	--	--	--

14	Deferred Payment Credits (Excluding Instalments due within One Year)	--	--	--

15	Term Deposits (Repayable after One Year)	1.500	1.500	1.500

16	Other Term Liabilities	--	--	--

17	Total Term Liabilities (11 To 16)	1.500	1.500	1.500

18	Total Outside Liabilities [10+17]	13.273	13.105	13.075

	NET WORTH

19	Ordinary Share Capital	21.246	24.500	26.000

20	General Reserve	--	--	--

21	Revaluation Reserve	--	--	--

22	Other Reserves (Excluding Provisions)	--	--	--

23	Surplus (+) or Deficit (-) in Profit and Loss a/c	1.254	1.500	1.500

23.	a. Additional Capital	2.000	--	--

24	Net Worth	24.500	26.000	27.500

25	TOTAL LIABILITIES [18+24]	37.773	39.105	40.575

	CURRENT ASSETS

26	Cash and Bank Balances	0.203	0.290	0.435

27	Investments (Other than Long Term)

	i) Government and Other Trustee Securities	--	--	--

	ii) Fixed Deposits with Banks	2.500	2.500	2.500

28.	i) Receivables other than Deferred and Exports (Including Bills Purchased and Discounted by Banks)	4.950	5.215	6.210

	ii) Exports Receivables (Including Bills Purchased/ Discounted by Banks)	--	--	--

29	Instalments of Deferred Receivables (Due within One Year)	--	--	--

30	Inventories	2.330	3.575	4.095
	(i) Raw materials (including Stores and Other Items used in the Process of Manufacture)	1.035	2.410	2.780
	(a) Imported	--	--	--
	(b) Indigenous	1.035	2.410	2.780

	(ii) Stock-in-Process	1.295	1.165	1.315

	(iii) Finished Goods	0.000	0.000	0.000

	(iv) Other Consumable Spares
	(a) Imported	--	--	--
	(b) Indigenous	--	--	--

31	Advances to Suppliers of Raw Materials and Stores/Spares	--	--	--

32	Advance Payment of Taxes	--	--	--

33	Other Current Assets	22.900	23.380	23.805
	a. Misc. Current Assets	--	--	--
	b. Security Deposits	20.250	20.565	20.795
	c. TDS Receivable	2.650	2.815	3.010

34	Total Current Asset [ 26 To 33]	32.883	34.960	37.045

	FIXED ASSETS

35	Gross Block (Land, Building, Machinery, Work-in-Progress)	5.529	4.699	3.994

36	Depreciation to Date	0.830	0.705	0.600

37	Net Block (35-36)	4.699	3.994	3.394

	OTHER NON-CURRENT ASSETS

38	Investments/ Book Debts /Advances Deposits which are not Current Assets	0.191	0.151	0.136

	i. (a) Investments in Subsidiary Companies/ Affiliates	0.110	0.070	0.055

	(b) Others	--	--	--

	ii. Advances to Suppliers of Capital Goods and Contractors	--	--	--

	iii. Deferred Receivables (maturity exceeding One Year)	--	--	--

	iv. Others	0.081	0.081	0.081
	a. GEB Deposit	--	--	--
	b. Other Deposit/ Investment	0.081	0.081	0.081
	c. Investment in Gold	--	--	--
	d. Receivable over 6 Months	--	--	--

39	Non-consumables Stores and Spare	--	--	--

40	Other Non-Current Assets (Including dues from Directors)	--	--	--

41	Total Other Non-Current Assets (38 To 40)	0.191	0.151	0.136

42	Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad/ Doubtful Debts not provided for etc.)	--	--	--

43	Total Assets (34+37+41+42)	37.773	39.105	40.575

44	Tangible Net Worth (24-42)	24.500	26.000	27.500

45	NET WORKING CAPITAL (34-10)	21.110	23.355	25.470

	Adjusted TNW	24.390	25.930	27.445

46	Current Ratio [34/10]	2.79	3.01	3.20

47	Total Outside Liabilities / Net worth (18/44)	0.54	0.50	0.48

48	Total Term Liabilities/ Tangible Net Worth (17/44)	0.06	0.06	0.05

49	TOL/ Adjusted TNW	0.54	0.51	0.48

	ADDITIONAL INFORMATION

A.	Arrears of Depreciation	NA	NA	NA

B.	Contingent Liabilities:

(i)	Arrears of Cumulative Dividends	NA	NA	NA

(ii)	Gratuity Liability not provided for	NA	NA	NA

(iii)	Disputed Excise/ Customs/ Tax Liabilities	NA	NA	NA

(iv)	Other Liabilities not provided for	NA	NA	NA

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Estimates	Projections	Projections
1	SOURCES

	[a] Net Profit	1.315	1.535	1.750

	[b] Depreciation	(0.102)	(0.125)	(0.105)

	[c] Increase in Capital	2.541	3.254	1.500

	[d] Increase in Term Liabilities (Including Public deposits)	0.143	0.000	0.000

	[e] Decrease in

	[i] Fixed Assets	0.932	0.830	0.705

	[ii] Other Non-Current Assets	0.035	0.040	0.015

	[f] Others	--	--	--

	TOTAL	4.864	5.534	3.865

2	USES

	[a] Net Loss	--	--	--

	[b] Decrease in Term Liabilities (Including Public Deposits)	--	--	--

	[c] Increase in

	[i] Fixed Assets	--	--	--

	[ii] Other non-current Assets	--	--	--

	[d] Dividend Payments	0.061	0.035	0.250

	[e] Others	0.541	3.254	1.500

	TOTAL	0.602	3.289	1.750

3.	Long Term Surplus (+)/ Deficit (-) (1-2)	4.262	2.245	2.115

4.	Increase/ Decrease in Current Assets * (As per Details Given Below)	2.524	2.077	2.085

5.	Increase/ Decrease in Current Liabilities other than Bank Borrowings	(4.738)	(0.168)	(0.030)

6.	Increase/ Decrease in Working Capital Gap	7.262	2.245	2.115

7.	Net Surplus/ Deficit (-) [3-6]	(3.000)	0.000	0.000

8.	Increase/ Decrease in Bank Borrowings	3.000	0.000	0.000

9.	Increase/ Decrease in NET SALES	7.750	8.500	7.000

	* Break up of (4)

i)	Increase/ Decrease in Raw Materials	(1.472)	1.375	0.370

ii)	Increase/ Decrease in Stock in Process	0.836	(0.130)	0.150

iii)	Increase/ Decrease in Finished Goods	0.000	0.000	0.000

iv)	Increase/ Decrease in Receivables

	(a) Domestic	4.549	0.265	0.995

	(b) Export	0.000	0.000	0.000

v)	Increase/ Decrease in Stores and Spares	0.000	0.000	0.000

vi)	Increase/ Decrease in Other Current Assets	(1.389)	0.567	0.570

	TOTAL	2.524	2.077	2.085

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Estimates	Projections	Projections
	A. CURRENT ASSETS

1.	Raw Materials (Including Stores and Other Items used in the Process of Manufacture)
	(a) Imported	0.000	0.000	0.000
	(Months Consumption)	--	--	--

	(b) Indigenous	1.035	2.410	2.780
	(Months Consumption)	0.45	0.92	0.94

2.	Other Consumables Spares (Excluding those covered in 1 Above)
	(a) Imported	0.000	0.000	0.000
	(Months Consumption)	--	--	--

	(b) Indigenous	0.000	0.000	0.000
	(Months Consumption)	--	--	--

3.	Stock in Process	1.295	1.165	1.315
	(Months Cost of Production)	0.28	0.22	0.22

4.	Finished Goods	0.000	0.000	0.000
	(Months Cost of Sale)	--	--	--

5.	Receivables other than Export and Deferred Receivables (Including Bills Purchased and Discounted by Bankers and excl.> 6 months)	4.950	5.215	6.210
	(Months Domestic Sales: Excluding Deferred Payment Sales)	0.93	0.86	0.94

	Receivables (incl. > 6 months classified as NCA)	4.950	5.215	6.210
	Months domestic sales excluding deferred payment sales	0.93	0.86	0.94

6.	Export Receivables (Including Bills Purchased and Discounted)	0.000	0.000	0.000
	(Months Export Sales)	--	--	--

7.	Advances to the Suppliers of Raw Materials and Stores/ Spares, Consumables	0.000	0.000	0.000

8.	Other Current Assets including Cash and Bank Balances, Deferred Receivables due within One Year	25.603	26.170	26.740
	Cash and Bank Balances	0.203	0.290	0.435
	Investments (Other than long term):
	i) Government and other trustee securities	0.000	0.000	0.000
	ii) Fixed Deposits with banks	2.500	2.500	2.500
	Instalments of deferred receivables (due within 1 year)	0.000	0.000	0.000
	Advance payment of taxes	0.000	0.000	0.000
	Other current assets	22.900	23.380	23.805
9.	Total Current Assets (To Agree with Item 34 in Form-III)	32.883	34.960	37.045

	B. CURRENT LIABILITIES (Other than Bank Borrowings for Working Capital)

10.	Creditors for Purchase of Raw Materials, Stores and Consumable Spares	8.250	8.435	8.360
	(Months Purchases)	3.81	3.09	2.80

11.	Advances from Customers	0.000	0.000	0.000

12.	Statutory Liabilities	0.000	0.000	0.000

13.	Other Current Liabilities	0.523	0.170	0.215

	(i) Short term borrowings from others	0.000	0.000	0.000

	(ii) Provision for taxation	0.000	0.000	0.000

	(iii) Dividend payable	0.000	0.000	0.000

	(iv) Deposits/ instalments of term loans/ DPGs/ Debentures, etc. (Due within 1 Year)	0.398	0.000	0.000

	(v) Other Current Liabilities and Provisions (Due within one year)	0.125	0.170	0.215

14.	TOTAL (To Agree with Total B of Form-III)	8.773	8.605	8.575

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE AND WORKING CAPITAL

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Estimates	Projections	Projections
	First Method of Lending

1	Total Current Assets (Form-IV-9)	32.883	34.960	37.045

2	Other Current Liabilities (Other than Bank Borrowings) (From-IV-14)	8.773	8.605	8.575

3	Working Capital Gap (WCG) (1-2)	24.110	26.355	28.470

4	Minimum Stipulated Net Working Capital : 25% of WCG excluding export receivables)	6.028	6.589	7.118

5	Actual/ Projected Net Working Capital (Form-III-45)	21.110	23.355	25.470

6	Item-3 minus item-4	18.083	19.766	21.353

7	Item-3 minus item-5	3.000	3.000	3.000

8	Maximum Permissible Bank Finance (item 6 or 7 whichever is Lower)	3.000	3.000	3.000

9	Excess Borrowings Representing Short Fall in Net Working Capital (4-5)	--	--	--

	Second Method of Lending

1	Total Current Assets (9 IN Form IV)	32.883	34.960	37.045

2	Other Current Liabilities (Other than Bank Borrowings) (From-IV-14)	8.773	8.605	8.575

3	Working Capital Gap (WCG) (1-2)	24.110	26.355	28.470

4	Minimum Stipulated Net Working Capital : 25% of WCG excluding export receivables)	8.221	8.740	9.261

5	Actual/ Projected Net Working Capital (Form-III-45)	21.110	23.355	25.470

6	Item-3 minus item-4	15.889	17.615	19.209

7	Item-3 minus item-5	3.000	3.000	3.000

8	Maximum Permissible Bank Finance (item 6 or 7 whichever is Lower)	3.000	3.000	3.000

9	Excess Borrowings Representing Short Fall in Net Working Capital (4-5)	--	--	--

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

PERFORMANCE AND FINANCIAL INDICATORS

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017
		Projections	Projections	Projections

1	Net Sales	6.400	72.500	79.500

	(Exports)	0.000	0.000	0.000

2	Operating Profit (After Interest)	5.440	5.875	6.270

3	PBT	1.315	1.535	1.750

4	PBT/ Sales (%)	2.05	2.12	2.20

5	PAT	1.315	1.535	1.750

6	Cash Accruals	2.145	2.240	2.350

7	PBDIT	2.510	2.635	2.785

8	Paid up Capital	21.246	24.500	26.000

9	TNW	24.500	26.000	27.500

	Adjusted TNW	24.390	25.930	27.445

10	TOL/ TNW	0.54	0.50	0.48

	TOL/ Adjusted TNW	0.54	0.51	0.48

11	Current Ratio	2.79	3.01	3.20

	Current Ratio (Excl. TL instalments)	2.89	3.01	3.20

	Efficiency Ratios

12	Net Sales/ Total Tangible Assets	1.69	1.85	1.96

13	Return on Assets (PBT/ TTA) %	3.48	3.93	4.31

14	Operating Costs/ Sales %	48.02	46.86	46.42

15	Bank Finance/ Current Assets (%)	9.12	8.58	8.10

16	Inventory and Receivable/ Net Sales (days)	42	44	47

1	Total Current Assets (TCA)	32.883	34.960	37.045

2	Other Current Liabilities (OCL)	8.773	8.605	8.575

3	Working Capital Gap	24.110	26.355	28.470

4	Net Working Capital (NWC)	21.110	23.355	25.470

5	Assess Bank Finance (ABF)	3.000	3.000	3.000

6	NWC to TCA (w)	64.20	66.80	68.75

7	Bank Finance to TCA (%)	9.12	8.58	8.10

8	Sundry Creditor to TCA (%)	25.09	24.13	22.57

9	Other CL (Exc. Sundry creditor) to TCA (%)	1.59	0.49	0.58

10	Inventories to Net Sales (Days)	13	18	19

11	Receivables to Gross Sales (Days)	28	26	29

12	Sundry Creditors to Purchases (Days)	116	94	85

13	(TOL- Quasi Eq.)/ (TNW + Quasi Eq.)	0.45	0.42	0.40

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

NET WORTH STATEMENT

MR. BHARAT CHANDULAL RAVAL

(RS. IN MILLIONS)

DETAILS OF ASSETS

IMMOVABLE PROPERTY

ASSETS	OWN/ JOINT NAME	AREA	FREE FOR LEASEHOLD	LOCATION ADDRESS	PURCHASE COST	PRESENT VALUE	WHETHER ENCUMBERED

Resident House	Own	--	--	Plot No. 1237/1, Sector 3-A, Gandhinagar - 382003, Gujarat, India	--	7.500	--

Flat/ House	Own	--	--	H/203, Shyam sukan, Koba, Gandhinagar, Gujarat, India	--	4.200	--

LIABILITIES

BORROWED FROM	PURPOSE OF LOAN	AMOUN OF LOAN	SECURITY	REPAYMENT TERMS	OUTSTANDING BLALANCE

SBI	H/L	0.900	--	--	0.300

LEGAL HEIRS DETAILS

SR. NO.	NAME OF LEGAL HEIRS	OCCUPATION	RELATION	AGE	MARTIAL STATUS	ADDRESS
						Plot No. 1237/1, Sector 3-A, Gandhinagar - 382003, Gujarat, India
1	Kalpanaben	--	Wife	40	Married

2	Dhwaniben	--	Daughter	16	Student

	Dhruv	--	Son	14	Student

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

NET WORTH STATEMENT

MR. DHARMESH RAMANBHAI PATEL

(RS. IN MILLIONS)

BANK A/C

BANK	BRANCH	S/B/ C/D A/C NO.	PRESENT BALANCE	LAST 6 MONTH AVG. BAL.

BOI	Akbar Nagar	204520110000273	0.050	--

BOI	Chandlodia	2060101100001846	0.500	--

DETAILS OF ASSETS

IMMOVABLE PROPERTY

ASSETS	OWN/ JOINT NAME	AREA	FREE FOR LEASEHOLD	LOCATION ADDRESS	PURCHASE COST	PRESENT VALUE	WHETHER ENCUMBERED

Non Agricultural Land	Joint/ Own	80	Freehold	Khoraj	--	2.000

Commercial	Joint/ Own	250	Freehold	Khoraj	--	7.000

Residential	Own	250	Freehold	Khoraj	--	6.000

Agricultural Land	Joint	--	--	--	--	4.816

INVESTMENT IN GOVERNMENT, SECURITIES LIKE BONDS/ PPF/NSC/KVP/IVP, ETC.

BOND/ CERT. NO.	NATURE OF SECURITIES	DATE OF PURCHASE	ISSUING OFFICE	FACE VALUE	DUE DATE	MARKET VALUE

LIC	--	--	--	--	--	0.172

PPF	--	--	--	--	--	--

VEHICLE

TYPE OF VEHICLE	REGISTRATION NO.	MODEL	YEAR OF MAKE	COST AT THE TIME OF PURCHASE	RC BOOK DETAILS	PRESENT VALUE

JCB	GJ18H2872	--	2006	--	--	1.500

CAR	GJ18BA3195	--	2011	--	--	0.700

JEWELLERY

NAME	QUANTITY	VALUATION (APPROX.)	DETAILS OF ‘STRIDHAN’, IF ANY

Gold	0.500 gms	1.000	--

LEGAL HEIRS DETAILS

SR. NO.	NAME OF LEGAL HEIRS	OCCUPATION	RELATION	AGE	MARTIAL STATUS	ADDRESS
						Umiyanagar, At PO Khoraj, Gandhinagar - 382421, Gujarat, India
1	Dharmesh Ramanbhai Patel	Business	Self	40	Married

2	Varsha	House Wife	Wife	38	Married

3	Harshil	Student	Son	14	Unmarried

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

NET WORTH STATEMENT

MR. CHIRAG NALINBHAI SHAH

(RS. IN MILLIONS)

BANK A/C

BANK	BRANCH	S/B/ C/D A/C NO.	PRESENT BALANCE	LAST 6 MONTH AVG. BAL.

BOI	Thaltej	S/B	--	--

DETAILS OF ASSETS

IMMOVABLE PROPERTY

ASSETS	OWN/ JOINT NAME	AREA	FREE FOR LEASEHOLD	LOCATION ADDRESS	PURCHASE COST	PRESENT VALUE	WHETHER ENCUMBERED

Residential	Own	160	Freehold	104, Sarvavtari Park, Opposite Ghosha Society, Thaltej, Ahmedabad – 380059, Gujarat, India	2.000	8.000	--

Others	Joint	875	Freehold	At and Post Village Srinagar, Taluka Sanand, Ahmedabad, Gujarat, India	--	5.500	--

LEGAL HEIRS DETAILS

SR. NO.	NAME OF LEGAL HEIRS	OCCUPATION	RELATION	AGE	MARTIAL STATUS	ADDRESS
						104, Sarvavtari Park, Opposite Ghosha Society, Thaltej, Ahmedabad – 380059, Gujarat, India
1	Nikita Shah	Job	Wife	33	Married

2	Rahil C. Shah	Student	Son	11	Student

3	Priyal C. Shah	Student	Daughter	07	Student

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

VALUATION REPORT

REPORT IN BRIEF

ITEMES	DETAILS/ OBSERVATIONS

Report No.	SHS/B/14/07/05

Purpose of Valuation	To estimate market value of the property for security against loan

Date of Valuation	05.07.2014

Date of Inspection	04.07.2014

Name of the Owner	As per copy of Share Certificate, said property is in the name of Mr. Chirag Nalinbhai Shah

Description of the property i.e. Residential House/ Industrial Unit/ Office Unit	Residential Flat

Super Built up Area Built-up Area	160 Sq. Yds. 90 Sq. Yds. (As per physical measurement)

Area considered for Valuation	160 Sq. Yds. (Super Built up Area)

Location, Street, Ward No.	Flat No. 104, 1^st Floor Level, Sarvavtari Park (New Shivam (Thaltej) Comm. and Housing Co-operatibe Society Limited), Udgam School Lane, Opposite Ghosa Society, Thaltej, Ahmedabad, Gujarat, India Final Plot No. 49 & 50, T.P. Scheme No. 2, Mouje: Thaltej, District: Ahmedabad Latitude: 23^o3’8.84”N, Longitude: 72^o31’14.20”E

Power Connection Service No. Tenement No.	3301698 0678-06-4366-0001-L

Status of Occupancy – Owned/ Leased/ Rented/ To be Purchased	Owned

Market Value	Rs. 6.700 Millions

Realizable Value	Rs. 5.360 Millions

Distress Value	Rs. 4.700 Millions

Registered Value as per Jantri	Rs. 1.900 Millions

Replacement cost for Insurance Purpose (Approximate)	Rs. 2.000 Millions

VALUATION OF RESIDENTIAL PROPERTY OWNED BY MR. CHIRAG NALINBHAI SHAH SITUATED AT FLAT NO. 104, 1^ST FLOOR LEVEL, SARVAVTARI PARK, FINAL PLOT NO. 49 & 50, T.P. SCHEME NO. 2, MOUJE: THALTEJ, DISTRICT: AHMEDABAD, GUJARAT, INDIA.

GENERAL DETAILS

Purpose of Valuation

To estimate market value of the property for security against loan

Date of valuation

5^th July, 2014

Name of the Owner(s)

As per copy of Share certificate, said property is in the name of

Mr. Chirag Nalinbhai Shah

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

Not Applicable

Brief description of the property

The property under reference is a 3 BHK flat situated in Thaltej area i.e. withing the limits of Ahmedabad. It is situated in a low rise residential complex located near Udgam School and Oppsite Ghosa society.

The subject property is situated on 1^st floor level (above hollow plinth). The building has Ground + 4 Floor structure with part Hollow Plinth for parking purpose.

The subject property has Drawing Room, Dining Space, Kitchen, Three Bed Rooms, Wash, Balconies with other utilities.

Location, Street, Ward No.

Flat No. 104, 1^st Floor Level, Sarvavtari Park (New Shivam (Thaltej) Comm. and Housing Co-operatibe Society Limited), Udgam School Lane, Opposite Ghosa Society, Thaltej, Ahmedabad, Gujarat, India

Latitude: 23^o3’8.84”N,

Longitude: 72^o31’14.20”E

Survey/Plot No. of Land

Tenement No. 0678-06-4366-0001-L

Final Plot No. 49 & 50, T.P. Scheme No. 2,

Mouje: Thaltej, District: Ahmedabad

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area

Residential Area

Classification of Locality – High Class/ Middle Class/ Poor Class

Middle Class

Proximity of Civic Amenities like Schools, Hospitals, Offices, Market, Cinemas, etc.

All are located near the subject property

Means and Proximity to Surface Communication by which the Locality is served

Bus, Rickshaw, Private Vehicles, etc.

LAND

Area of Land supported by Documentary Proof, Shape, Dimensions and Physical Features

Super Built up area: 160 Sq. Yds.

Carpet Area: 90 Sq. Yds.

(As per Physical measurement taken at site)

Roads, Streets or Lanes on which the land is abutting

Nearby Udgam School

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

T.P. Scheme No. 2 of Mouje: Thaltej

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

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

Attached a dimensioned site plan

Case No. BLNTI/NWZ/301106/A2749/R0/M1

Raja Chitthi No. 4909/301106/A2749/R0/M1 dtd. 27.12.2006

IMPROMENTS

Attach plans and elevations of all structures standing on the land and a lay-out plan

Case No. BLNTI/NWZ/301106/A2749/R0/M1

Raja Chitthi No. 4909/301106/A2749/R0/M1 dtd. 27.12.2006

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

As per Technical Details

i) Is the Building Owner – occupied/ tenanted/ both

ii) If partly Owner-Occupied, specify portion and extent of area under owner occupation

Assumed to be owner occupied

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

Within permissible limit

RENTS

1. Names of Tenants/ Lessees/ Licenses, etc.

2. Portions in their occupation

3. Monthly or Annual Rent/ Compensation/ License fee, etc. paid by each

4. Gross amount received for the whole property

These items are not applicable as property is self-occupied by the owner and valuation is for determining its market value as on 5^th July 2014, for security against loan.

Are any of the occupants related to, or close business associates of the owner?

Is separate amount being recovered for the use of fixtures, like fans, geysers, refrigerator, cooking ranges, built-in wardrobes, etc. or for service charges? If so, give details

Give details of Water and Electricity Charges, if any, to be borne by the Owner

Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give Particulars

If a lift is Installed, who is to bear cost of maintenance and operation-Owner or Tenant?

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

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

Is the Building Insured? If so, give the policy no. amount for which it is insured and the annual premium

Is any dispute between landlord and tenant regarding rent pending in a court of law?

Has any standard rent been fixed for the premises under any law relating to the control of rent?

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 valuation

Land Rate adopted in this Valuation

As per valuation

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

As per valuation

COST OF CONSTRUCTION

Year of Commencement of Construction and Year of Completion

6 year old building (As per property tax record)

What was the Method of Construction-by Contract/by Employing Labor Directly/ Both?

These items are not applicable as valuation is for determining the market value of residential property as on 5^th July 2014, for security against loan

For Items of Works done on Contract, Produce Copies of Agreements

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

VALUATION

The Market Value of the Residential Property - Flat No. 104 situated at 1^st Floor Level, Sarvavtari Park (New Shivam (Thaltej) Comm. and Housing Co-operatibe Society Limited), Final Plot No. 49 & 50, Town Planning Scheme No. 2, Mouje: Thaltej, District: Ahmedabad owned by Mr. Chirag Nalinbhai Shah is estimated at Rs. 6.700 Millions as on 5^th July, 2014.

The Realizable Value of the subject property is estimated at Rs. 5.360 Millions as on 5^th July, 2014.

The Distress Value of the subject property is estimated at Rs. 4.700 Millions as on 5^th July, 2014.

AREA CALCULATION

CARPET AREA (AS PE PHYSICAL MEASUREMENT TAKEN AT SITE)

1. Entrance

5’ 03” x 3’ 10”

2. Drawing Room

13’ 06” x 9’ 00” (Average)

3. Dinning Area

8’ 05” x 6’ 09”

4. Balcony

8’ 06” x 4’ 09”

5. Kitchen

7’ 00” x 8’ 09”

6. Wash

3’ 00” x 7’ 02”

7. Common Toilet

4’ 06” x 4’ 00”

8. Passage

3’ 01” x 10’ 08”

9. Bedroom – 1

11’ 03” x 9’ 10”

10. Bedroom – 2

13’ 00” x 11’ 00”

11. Balcony

4’ 07” x 6’ 06”

12. Attached Toilet

5’ 10” x 4’ 04”

13. Bedroom – 3

10’ 00” x 10’ 00”

4’ 00” x 2’ 00”

14. Attached Toilet

6’ 02 x 3’ 10”

Total Carpet Area

90.30 Sq. Yds. (Say, 90 Sq. Yds.)

As per copy of Allotment deed

Super built up area

133.78 Sq. Mtr. i.e. 160 Sq. Yds.

As per Property Tax Record

Description	Year	Area
First Floor	2008	71.49

Carpet Area

71.49 Sq. Mtr. i.e. 85.50 Sq. Yds.

Considered the super built up area of said flat as 160 Sq. Yds. For this valuatin exercise

TECHNICAL DETAILS

No of Floors and Height of each Floor

Said flat is situated at 1^st Floor level.

Floor Height: 9’ 03”

Plinth Area Floor-Wise (As per IS: 3861-1966)

Said Flat No. 104 is admeasuring Super built up area: 160 Sq. Yds

Carpert Area: 90 Sq. Yds.

(As per physical measurement taken at site)

Year of Construction

6 year old building

Estimated Future Life

As per their professional experience future expected economic life of the structure is approximate 54 years subject to regular and preventive maintenance.

It may be mentioned that they have not carried out any structural stability test to estimate future life of the structure. It is based on their professional judgment and visual observation only.

Type of Construction - Load Bearing Walls/ RCC Frame/ Steel Frame

Partly load bearing and partly RCC Frame structure

Type of Foundations

RCC Foundation

Walls

Brick Walls – 9” / 4^1/2thick

Partitions

4^1/2” thick brick walls

Doors and Windows

Wooden frame and wooden shutter for door.

Wooden frame and partly wooden and glazed shutter for windows.

Flooring

Vitrified tiles flooring.

Granite top platform and glazed tiles dado upto full level in kitchen.

Glazed tiles (12” x 8”) floor and dado in toilet.

Finishing

Inside finish plaster with paint. Outside sand face plaster with cement paint

Roofing and Terracing

Roof is R.C.C. plastered

Special Architectural or Decorative Features, if any

(i) Internal Wiring – Surface or Conduit

(ii) Class of Fittings Superior/ Ordinary/ Poor

Concealed electric wiring

Ordinary

Sanitary Installation

(a) (i) No. of Water Closets

(ii) No. of Lavatory Basin

(iii) No. of Urinals

(iv) No. of Sinks

(v) No. of Bath Tubs

(vi) No. of Bidets

(vii) No. of Geysers

(b) Class of fittings, Superior Coloured/ Superior White/ Ordinary

Ordinary

Compound Walls:

(i) Height and Length

(ii) Type of Construction

No. of lifts and capacity

1 No.

Underground Sump – Capacity and Type of Construction

Details are not available

Overhead Tank

Details are not available

Pumps – Nos. and their Horse Power

Details are not available

Roads and Pavings within the compound approximate area and type of Pavings

Details are not available

Sewage disposal – Whether connected to public sewers. It septic tank provided. No. and Capacity

In common drainage line

FOR INSURANCE PUPOSE

Super Built up area: 160 Sq. Yds.

The Construction Cost of said residential flat having RCC frame structure with above specification is considered as Rs. 12000/- per Sq. Yds. Based on super built up area. The Replacement Cost of above said flat (only civil structure) may be approximate say, Rs. 2.000 Millions.

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

COMPANY PROFILE

· Subject started in the year 2003 by Chirag N. Shah and executed the earthwork and road work.

· The firm executed road projects under back to back contract system and completed all the projects in time.

· After considering the requirement of expansion, the firm converted in partnership in 2010.

· During his age the firm is achieved the new heights, with sincere and hardworking team.

· Till date the firm is completed road projects of various clients like AUDA, R&B, ATRECO (Adani Group), SEPL, GPTP etc.

· They are still on path of growing but they never left out motto Assuring the best quality in time.

LIST OF PROJECTS COMPLETED

SR NO.	TITLE OF WORK	NAME OF CLENT	DATE OF COMPLETION	AMOUNT OF WORK DONE (RS.IN MILLIONS)
1	Filling Water Body in Gota Tp 33 in AUDA area (RW/30-o/2005-06)	AUDA	10.01.2006	2.380
2	Opening of Road alignment in TP 33 Gota in AUDA area (RW/40/2005-06)	AUDA	29.12.2006	4.942
3	Opening of Road Alignment in 18mt wide road in Jagatpur TP in AUDA area (RW/05/2007-08)	AUDA	26.05.2007	0.502
4	Widening and improving the road from Satej to Someshvwar in Thaltej TP in AUDA area (RW/02/2005-06)	AUDA	19.05.2007	1.526
5	Opening of Road Alignment in 18mt wide road in Jagatpur TP AUDA area (RW/05/2007-08)	AUDA	26.05.2007	0.502
6	Construction of road up to grouting level in Chandlodia Ward NWZ	AMC	06.02.2008	0.592
7	Construction of road up to grouting level in Vejlpur Ward NWZ	AMC	11.03.2008	0.405
8	Opening of Road Alignment in 18mt wide road in Jagatpur TP in AUDA area(RW/05/2007-08)	AMC	29.05.2008	1.325
9	P & F signboard in science City approach	ISRO	18.06.2008	0.188
10	Providing Bump on various road in AUDA area (Job no 11-o/2007-08)	AUDA	30.06.2008	0.535
11	Construction of Road in Shantigram Township Phase I and II	ATRECO	15.07.2008	14.793
12	Construction of road up to grouting level in Bodakdev Ward NWZ	AMC	13.10.2008	1.965
13	Construction of l2m & l8m Wide road (Ganeshdhwar Road) in Ranip TP 66 in AUDA area (RW/02/2008-09)	AUDA*	12.01.2009	5.285
14	Construction of 18m Wide road in Ranip TP 67 in AUDA area (RW11/2008-09)	AUDA*	11.04.2009	6.738
15	construction of CC Road in Salaya	Salaya Nagarpalika	01.10.2009	2.482
16	Construction of 30m. Wide road in Khoraj TP 63 in AUDA area (RW/07/2008-09)	AUDA*	20.12.2009	10.692
17	Construction of 30m, 24m & 18m Wide road in Khoraj TP 64 in AUDA area(RW/08/2008-09)	AUDA*	23.12.2009	11.510
18	Construction of 24m road in Ranip TP 67 in AUDA area (RW/51/2006-07)	AUDA*	24.12.2008	6.656
19	Construction of 24m & 18m Wide road in Khoraj TP 63 in AUDA area (RW/06/2008-09)	AUDA*	21.01.2010	15.523
20	Construction of Road at "The Otherside" Vasanjada, Phase I	SEPL	31.03.2010	32.053
21	Widening and Improvement of 30mt Stadium road in Motera TP 21 in AUDA area(Rw/05/2007/08)	AUDA*	15.06.2010	12.860
22	Construction of Various Road of Daskroi Taluka package no OWR 01 TENDER ID 31508	R & B A'bad Panchayat	25.10.2010	1.947
23	Opening of road Alignment of 31,24,15,18,12 and 9 mt Road in Bopal TP 1,2 and 3 area (RW/05, RW/07 and RW/08)	AUDA	30.10.2010	1.501
24	Construction of open drainage in Raval Nagar palika	Raval Nagarpalika	31.10.2010	0.887
25	2245 full depth repair to KH road between KH-3 to KH-5 in GTS	R&B C.P. Div 1	05.01.2011	5.661
26	Road Widening up to grouting Level from Gota chokdi to SP Ring road in Kalieard NWZ	AMC	10.03.2011	5.052
27	Development of Road for internal infrastructure at Gujarat Pharma Techno Park, Village Sari, Sarkhej Bavla Road	GPTP	07.03.2012	8.879
28	Opening of road Alignment of various road in Bhopal TP 3 area (RW/05/2009-10)	AUDA	28.12.2012	1.754
29	Construction of 30m Wide road in Chharodi TP 36 in AUDA area (RW/18/2011-12)	AUDA*	25.01.2013	10.686
30	Construction of 24m Wide road in DP area of Sanand Growth centre North side of State Highway in AUDA area (RW/27/2010-11)	AUDA*	31.03.2013	21.696
31	Construction of 30m, l8m & 12m Wide road in Khodiyar TP 60 in AUDA area (RW/33/2011-12)	AUDA*	31.03.2013	23.716
32	Constructing 30m, 125m & 09m Wide road and service road for TPS no 63 Iftoraj in AUDA area (RW/07/2013-14)	AUDA	30.08.2014	25.188
33	Construction of Various 24rn & 18m Wide road in T P Scheme No 02 Dehgam Growth Centre in AUDA area (RW/10/2013-14)	AUDA	30.08.2014	25.850

* Snows the work carried out as Back to back Contract

LIST OF WORK IN PROGRESS

SR. NO.	TITLE OF WORK	NAME OF CLIENT	AMOUNT OF WORK (RS. IN MILLIONS)
1	Constructing 30m Wide road in Sanathal DP Area in AUDA area (RW/06/2013-14)	AUDA	22.891

2	Constructing 12m Wide road and TP road for TPS no 04 Sanand in AUDA area (RW/20/2013-14)	AUDA	19.926

3	Construction of 18m 12m & 15m Wide road in T P Scheme No 02 Sanand Growth Centre in AUDA area (RW/21/2013-14)	AUDA	35.272

4	Construction of Road at "The Otherside" Vasanjada, Phase II	SEPL	26.656

5	Constructing24 mtr,, 18 mtr. & 15 mtr. Wide TP Road at Sanad in TPS No.- 03 in AUDA Area.(RW/12/2014-15)	AUDA	45.275

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

FIXED ASSETS

· Air Condition

· Apollo – Paver

· Bike – Bajaj Platina

· Hero Honda

· Computer

· Filar Unit

· Generator Plant

· JCB Machine

· Laboratory Instrument

· Level Instrument

· Machinery

· Mobile Phone

· Motor Car Swift

· Motor Pump

· Plant – Bitumin

· Pollution Control Unit

· Roller

· Scooty Pep

· Storage Tank for Fluid

· Tanker

· Water Tanker

· Weigh Bridge Structure

· Water Cooler

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 records 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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	SUM

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.

MIRA INFORM REPORT

8.036

2.966

5.133

0.401

2.558

4.785

27.310

0.000

0.070

22.352

43.107

30.504

17.480

12.476

(0.014)

0.456

(0.209)

0.099

17.257

13.031

25.850

17.473

18.15

3.07

0.30

0.05

0.06

0.09

2.50

2.34

Unit