MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	BHANSALI FABRICS AND GARMENTS PRIVATE LIMITED
Registered Office :	31, New Cloth Market, Ground Floor, Sarangpur, Ahmedabad – 380002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.12.1998
Com. Reg. No.:	04-035078
Capital Investment / Paid-up Capital :	Rs.10.500 Millions
CIN No.: [Company Identification No.]	U17110GJ1998PTC035078
PAN No.: [Permanent Account No.]	AAACB8731C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Readymade Garments, various types of Poplin Products and Grey Clothes.
No. of Employees :	35 (Approximately) (Office – 10 and Factory – 25)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses an acceptable financial profile marked by modest networth base along with huge working capital requirements which are funded through debt as a result of decreasing cash balance and slower realization of debtors. Management has witnessed a better growth in its sales volume and has reported as reasonable net profitability during FY 14. Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL NSIC
Rating	SE1B
Rating Explanation	Moderate financial strength and highest performance capability.
Date	31.12.2012

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. Subhash Bhansali
Designation :	Director
Contact No.:	91-9825181312
Date :	16.07.2014

LOCATIONS

Registered Office :	31, New Cloth Market, Ground Floor, Ahmedabad – 380002, Gujarat, India
Tel. No.:	91-79-22162207
Mobile No.:	91-9825181312 (Mr. Subhash Bhansali)
Fax No.:	Not Available
E-Mail :	p_mathukiya@rediffmail.com subhash_bhansali@hotmail.com
Area :	2000 sq. ft.
Location :	Owned
Factory :	Plot No. 12 and 13, Near Pranav Paper Mills, Aradhna Nagar, Chanod, Taluka: Pardi, District: Valsad, Gujarat, India
Area :	3000 sq. ft.
Location :	Rented
Godown:	B-6, New Cloth Market, Ground Floor, Gate No-4, Ahmedabad – 380002, Gujarat, India
Retail Outlet Under “Loot House” :	· Shop No.6, G.F, Raipur Outside Gate, New Cloth Market, Ahmedabad, Gujarat, India Locality: Owned Tel No.: 91-79-38251810 · Shop No-5, Jalaram Avenue, Opposite Sales India, India Colony Road, Bapunagar, Ahmedabad, Gujarat, India Locality: Owned Tel No.: 91-79-22162207 · Shop No-1, Basenet, Abhinandan Copolex, Shashibaug, Opposite Sujata Flat, Shahibaug, India Tel No.: 91-79-22850833 · Shop No.19-20, Iscon Arcade, C. G. Road, Ahmedabad, Gujarat, India Tel No.: 91-79-26440585 · Shop No.209, Alpha One Mall, Vastapur, Ahmedabad, Gujarat, India Tel No.: 91-79-40038128 · Shop No.9, Ground Floor, Supar Mall-II, Infocty Gandhinagar, Gujarat, India Tel No.: 91-79-23213517

DIRECTORS

(AS ON 31.03.2014)

Name :	Mr. Subhashchnadra Dhanraj Bhansali
Designation :	Director
Address :	Flat B-1, Monalisa Appartment, Near Sujata Flats, Shahibaug, Ahmedabad, Gujarat, India
Date of Birth/Age :	03.09.1975
Qualification :	B. Com
Experience :	22 years
Name :	Mr. Dhanraj Shivlal Bhansali
Designation :	Director
Address :	Flat B-1, Monalisa Appartment, Near Sujata Flats, Shahibaug, Ahmedabad, Gujarat, India
Date of Birth/Age :	03.01.1947
Qualification :	Under Graduate
Experience :	35 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2014)

Name of Shareholders	No of Shares	Percentage
Subhash D Bhansali	649000	61.81
Menka Bhansali	143000	13.62
Dhanraj Bhansali	64400	6.13
Jethidevi Bhansali	63000	6.00
Vikas Mehta	50000	4.76
Shashi Bhushan Singh	79000	7.52
Priyanka Shah	1600	0.15
Total	1050000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Readymade Garments, various types of Poplin Products and Grey Clothes.
Brand Name :	“Bhansali Poplin”
Terms :
Selling :	Credit
Purchasing :	Credit (15 days)

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Installed Capacity	Actual Production
Fabrics, Grey and Readymade Garments.	75000 Shirts and Trousers per Month	60000 Shirts and Trousers per Month

GENERAL INFORMATION

Suppliers :	1] Bhavna Impex 2] Kanodia Textile Mills 3] Rajmal Raichand
Customers :	Wholesalers, Retailers and End Users 1] Apperal Solution 2] Binakiya Impex Private Limited 3] Bombay Export House
No. of Employees :	35 (Approximately) (Office – 10 and Factory – 25)
Bankers :	· Bank of India New Cloth Market Branch, Ahmedabad – 380001, Gujarat, India · Indusind Bank World Business House,, M.G. Road, Near Parimal Garden, Ellisbridge, Ahmedabad, Gujarat - 380015, India · Axis Bank · ICICI Bank · The Social Co-operative Bank Limited
Facilities :	Credit Facility Rs.100.000 Millions from Bank of India

Banking Relations :	--
Auditors :
Name :	Prashant Mathukiya and Associates Chartered Accountants
Address :	81, Mahavir Tower, Opposite H.P. Petrol Pump, Paldi Cross Road, Paldi, Ahmedabad – 380007, Gujarat, India
Tel No.:	91-79-40062858
PAN No.:	ca.prashantmathukiya@gmail.com
Associates/Subsidiaries :	· Mahapran Textile Address: 31, New Cloth Market, Ahmedabad – 380001, Gujarat, India Activity: Manufacturing and Trading in Readymade Garments, Fabrics and Grey Clothes.

CAPITAL STRUCTURE

(AS ON 31.03.2014)

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.500	10.500	7.500
(b) Reserves & Surplus	19.511	13.740	6.821
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1)+(2)	30.011	24.240	14.321
(3) Non-Current Liabilities
(a) long-term borrowings	19.393	9.036	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.393	9.036	0.000
(4) Current Liabilities
(a) Short term borrowings	63.135	37.082	22.780
(b) Trade payables	7.670	16.030	10.870
(c) Other current liabilities	0.368	0.368	0.116
(d) Short-term provisions	2.278	1.900	1.200
Total Current Liabilities (4)	73.451	55.380	34.966
TOTAL	122.855	88.656	49.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.941	1.021	1.139
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.941	1.021	1.139
(2) Current assets
(a) Current investments	0.012	0.012	2.333
(b) Inventories	34.645	26.926	11.919
(c) Trade receivables	81.860	57.686	31.382
(d) Cash and cash equivalents	0.243	0.486	0.281
(e) Short-term loans and advances	4.092	2.497	2.182
(f) Other current assets	0.062	0.028	0.051
Total Current Assets	120.914	87.635	48.148
TOTAL	122.855	88.656	49.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	566.942	457.776	277.819
		Other Income	0.000	0.088	0.234
		TOTAL (A)	566.942	457.864	278.053
Less	EXPENSES
		Cost of Goods Sold	542.022	441.224	267.551
		Employee Benefits Expenses	0.586	0.328	0.411
		Administrative and Other expenses	4.341	2.479	1.710
		TOTAL (B)	546.949	444.031	269.672
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.993	13.833	8.381
Less	FINANCIAL EXPENSES (D)		11.702	7.747	4.135
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.291	6.086	4.246
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.284	0.191	0.201
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.007	5.895	4.045
Less	TAX (H)		2.236	1.975	1.197
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		5.771	3.920	2.848
	Earnings Per Share (Rs.)		5.50	3.73	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.02	0.86	1.02
Net Profit Margin (PBT/Sales)	(%)	1.41	1.29	1.46
Return on Total Assets (PBT/Total Assets}	(%)	6.52	6.65	8.21
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.28
Debt Equity Ratio (Total Debt/Networth)		2.75	1.90	1.59
Current Ratio (Current Asset/Current Liability)		1.65	1.58	1.38

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	7.500	10.500	10.500
Reserves & Surplus	6.821	13.740	19.511
Net worth	14.321	24.240	30.011
long-term borrowings	0.000	9.036	19.393
Short term borrowings	22.780	37.082	63.135
Total borrowings	22.780	46.118	82.528
Debt/Equity ratio	1.591	1.903	2.750

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	277.819	457.776	566.942
		64.775	23.847

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	277.819	457.776	566.942
Profit	2.848	3.920	5.771
	1.03%	0.86%	1.02%

LOCAL AGENCY FURTHER INFORMATION

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

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INTRODUCTION

Subject is a private limited company is established in 3^rd December 1998. Before formation of the company, the proprietary business was running by the promoters.

The company is trading in Readymade Garments, various types of poplin products and grey clothes. The product range covers various types of poplin, other gray cloth and readymade garments. At present the company is trading of wide varieties of poplin under his own brand name of “Bhansali”.

The management has a consistent topnotch professional expertise and rich heritage of experience in textile Industry. The company is putting all efforts to give best satisfaction to its customers and will continue to do the same in coming years. The company believes in a commitment for “excellence in Textile”.

The company has start the retail outlet in last year at present company has six retail outlet in Ahmedabad and mission to start more 10 out let in current financial year under the “LOOT HOUSE”. Company has planning to start more outlet in following cities shortly Himmatnagar Mehsana, Baroda, Surat, Gandhinagar, Thane, Pune.

The company has already registered trademark of following brands for shirts and trousers namely POP CULTURE, POLO CLUB, JOY. Company also selling others bend namely studio Next, Known X, World Famous, Provogue etc.

REVIEW OF OVERALL PAST PERFORMANCE

The Company turnover is increasing year after year. The sharp rise in sale can be seen in last five years. The main reasons for increase in sales are only due to more emphasis on marketing network and restructuring of marketing strategies and company goes in to retail business of the same.

BANKING ARRANGEMENT

The company was having sole banking with Indusind Bank with Cash Credit Limit Rs.70.000 Millions, but looking to company’s business ambitious plan and to run business more in a professional manner, company has decided to increase the cash credit limits from Bank of India.

REQUIRED CREDIT FACILITIES

Now company is approaching herewith a request to consider following credit facilities.

FUND BASED LIMIT	Limit. (Rs. In Millions)
Cash credit limit at present (Hypothecation of Stocks and book debts) (Take over from Indusind Bank Rs.70.000 Millions)	100.000
Total	100.000

JUSTIFICATION FOR HIGHER WORKING CAPITAL LIMIT:-

The Company turnover overall business is increasing year after year. At the same time profit of the current year is also gone up. The market conditions in domestic market are also encouraging.

The company is expanding the distribution network in the domestic market, as a result the company has to keep and maintain adequate stock for smooth operation.

The present limit is quite justifiable looking to the following reasons:

1. Company’s business is functioning in full swing in all segments of products.

2. Company has to keep adequate quantity of stock for smooth operation.

3. Company is spreading its business activities in major part of the country.

4. The company will have liberal credit policy to expand and establish in new areas and to establish new distributor network.

The financial performance and the ratio analysis, key indicators of the result, and funding pattern are given in the CMA data.

Review of accounts and advantages to the company:

1. Company’s financial position and working results remained quite satisfactory looking to the current market position.

2. Company was able to maintain steady growth in business activities as compared to the last many years.

3. The reason for increase in the profit is also due to various measures taken by the company like distribution network, total management system etc.

4. The financial ratios remain excellent. This ratio indicates the long-term solvency of the company and higher financial stake of the promoters in the business.

5. The ROI is also fairly growth oriented.

6. The current ratio is healthy.

7. Other financial ratios are satisfactory.

8. Debt equity ratio is as per norms of the banks

SWOT ANALYSIS

STRENGTHS

· The company’s promoters are well experienced and are in textile business since 1965.

· Company has a very well organized & systematic customer and dealer/distributor network in the country.

· The company will have low level of debt equity ratio.

WEAKNESSES

The marketing of the products required special effort for selling and the competition required special attention of the promoter in the marketing.

OPPORTUNITIES

The economic development of India as well as world offers ample market for textile industry in international as well as in domestic market.

THREATS

The level of competition as well as marketing required special attention and required good dealer as well as customer net work

SECURITY:-

The Company will provide following collateral security of immovable property

Already given to Indusind Bank Market value Rs.70.000 Millions.

The company will also give personal guarantee of directors and property owner.

PRIMARY SECURITY

Hypothecation of stocks and receivables.

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ASSESSMENT OF WORKING CAPITAL

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
1. GROSS SALES
Local Sales	650.000	700.000
Export Sales	-	-
Total	650.000	700.000
2. Less Excise Duty	-	-
3. NET SALES (1 - 2)	650.000	700.000
4. % age rise(+) / Fall(-) in Net Sales as compared to Previous Year	14.65	7.69
5. COST OF SALES
(i) Raw materials (including stores and other items used in manufacture)
A. Imported	-	-
B. Indigenous	635.000	665.000
(ii) Other Spares :-
A. Imported	-	-
B. Indigenous	-	-
(iii) Power & Fuel	-	-
(iv) Direct Labour	0.800	1.000
(v) Other Mfg. expenses	0.300	0.400
(vi) Depreciation	0.235	0.210
Sub Total	636.335	666.610
Add : Opening stock work in progress	-	-
Sub Total	636.335	666.610
Deduct : Closing Work In Progress	-	-
Cost of Production	636.335	666.610
Add : Opening Stock of Finished Goods	34.066	55.000
Sub Total	670.401	721.610
Less : Closing Stock of Finished Goods	55.000	60.000
Sub Total (COST OF SALES)	615.401	661.610
6. Selling General and Administrative Expenses	7.500	8.500
7. SUB TOTAL (5+6)	622.901	670.110
8. Operating Profit Before Interest (3-7)	27.099	29.890
9. Interest	14.000	15.000
10. Operating Profit After Interest (8-9)	13.099	14.890
11 (i) Add : Other Non-operating Income
(a) License Premium	-	-
(b) Other	-	-
Sub Total (Income)	-	-
(ii) Deduct : Other Non-Operating Expenses
(a) License Premium	-	-
(b) Other	-	-
Sub Total (Expenses)	-	-
(iii) Net of Other Non-operating income/Expenses	-	-
12. Profit Before Tax/Loss	13.099	14.890
13. Provision for Taxes	3.500	4.000
14. Net Profit/Loss	9.599	10.890
15. (a) Equity Dividend Paid - Amount	-	-
(b) Dividend Rate	-	-
16. Retained Profit (14-15)	9.599	10.890
17. Retained Profit / Net Profit (%Age)	100.00	100.00

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
LIABILITIES
CURRENT LIABILITIES
1. Short Term Borrowing From Bank Bills Purchased , Discounted & Excess Borrowing Placed on Payment Basis
(i) From Applicant Bank	100.000	110.000
(ii) From Other bank	-	-
(iii) (Of Which BP & BD)	-	-
Sub Total (A)	100.000	110.000
2. Short Term Borrowing From Others	7.500	1.000
3. Sundry Creditors (Trade)	7.500	8.000
4. Advance Payment From Customers / Deposits From Dealers	-	-
5. Provision For Taxation	3.500	4.000
6. Dividend payable	-	-
7. Other Statutory Liabilities (Due Within One Year)	-	-
8. Deposits/ Installments of Term Loans, DPES, Debentures etc. (Due Within One Year)	-	-
9. Other Current Liabilities and Provisions (Due Within One Year) (Specify Major Items)	0.500	0.500
SUB TOTAL (B)	19.000	13.500
10. TOTAL CURRENT LIABILITIES [Total of 1 to 9 Excluding 1(iii)]	119.000	123.500
TERM LIABILITIES
11. Debentures (Not Maturing Within One Year)	-	-
12. Preference Shares (Redeemable After One Year)	-	-
13. Term Loans (Excluding Installment Payable within One Yr.)	-	-
14. Deferred Payment Credits (Excluding Installments Due Within One Yr.)	-	-
15. Term Deposits (Repayable After One Yr.)	-	-
16. Other Term Liabilities - Unsecured Loans	7.017	7.500
17. TOTAL TERM LIABILITIES (11 to 16)	7.017	7.500
18. TOTAL OUTSTANDING LIABILITIES (10+17)	126.017	131.000
NET WORTH
19. Ordinary Share Capital / Partners Capital	13.000	13.000
20. General Reserves	23.232	34.122
21. Revaluation Reserve	8.000	8.000
22. Other Reserve (Excluding Provisions)	-	-
23. Surplus (+) or Deficit (-) In Profit and Loss Account	-	-
24. NET WORTH (19 TO 23)	44.232	55.122
25. TOTAL LIABILITIES (18+24)	170.249	186.122
CURRENT ASSETS
26. Cash and Bank Balances	0.500	0.613
27. Investments (Other than Long Term)
(i) Government & Other Trustee Securities	-	-
(ii) Fixed Deposits With Bank	-	-
28. (i) Receivable Other Than Deferred Exports
(Including Bills Purchased & Discounted With Banks)	107.500	117.500
(ii) Export Receivables (Including Bills Purchased and Discounted by Banks)	-	-
29. Installments of Deferred Receivables (Do Within 1Yr.)	-	-
30. Inventory :
(i) Raw Materials Including Stores & Other Items In The Process of Manufacture)
(a) Imported	-	-
(b) Indiginous	-	-
(ii) Stock In Progress	-	-
(iii) Finished Goods	55.000	60.000
(iv) Other Consumable Spares
(a) Imported	-	-
(b) Indigenous	-	-
31. Advances To Suppliers of Raw Material, Stores/Spares	-	-
32. Advance Payment of Taxes	2.500	3.500
33. Other Current Assets (Specify Major Items)	3.000	3.000
34. TOTAL CURRENT ASSETS (Total of 26 to 33)	168.500	184.613
FIXED ASSETS
35. Gross Block (Land and Building, Machinery, Work-in-Progress)	1.942	1.707
36. Depreciation To Date	0.235	0.210
37. NET BLOCK (35-36)	1.707	1.497
OTHER NON-CURRENT ASSETS
38. Investments / Book Debts /Advances / Deposits Which Are Not Current Assets
(i) (a) Investments In Subsidiary Companies / Affiliates	-	-
(b) Others	-	-
(ii) Advance To Suppliers Of Capital Goods & Contractors	-	-
(iii) Deferred Receivables	-	-
(iv) Others	0.012	0.012
39. Not Consumable Stores and Spares	-	-
40. Other Non-Current Assets Including Dues From Directors	-	-
41. TOTAL OF OTHER NON-CURRENT ASSETS (38 to 40)	0.012	0.012
42. Intangible Assets (Patents, Goodwill, Preliminary Exp. Bad/Doubtful Expenses Not Provided For etc.)	0.030	-
43. TOTAL ASSETS (34+37+41+42)	170.249	186.122
44. TANGIBLE NET WORTH (24-42)	44.202	55.122
45. NET WORKING CAPITAL [ (17+24) - (37+41+42)]	49.500	61.113
46. CURRENT RATIO (34/10)	1.42	1.49
47. TOTAL OUTSIDE LIABILITY/TANGIBLE NET WORTH (18/44)	2.85	2.38
ADDITIONAL INFORMATION
(a) Arrears Of Depreciation	-	-
(b) Contingent Liabilities
(i) Arrears Of Cumulative Dividends	-	-
(ii) Gratuity Liability Not Provided	-	-
(iii) Disputed Excise/Customs/Tax Liability	-	-
(iv) Other Current Liabilities Not Provided	-	-

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

COMPARATIVE STATEMENTS OF CURRENT ASSETS and CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
A. CURRENT ASSETS
1. Raw Materials (Including Stores & Other Items Used In The Packages)
Amount	0.000	0.000
Months' Consumption	--	--
(b) Indigenous	0.000	0.000
Months' Consumption	--	--
2. Other Consumable Spares (Excluding Those Included In (1) Above)
(a) Imported	0.000	0.000
Months' Consumption	--	--
(b) Indigenous	0.000	0.000
Months' Consumption	--	--
3. Stock In Progress	0.000	0.000
Months' Cost of Production	--	--
4. Finished Goods	55.000	60.000
Months' Cost of Sales	1.07	1.09
5. Receivables Other Than Export And Deferred (Including Bills Purchased & Discounted By Banks)	107.500	117.500
Months' Consumption	1.98	2.01
6. Export Receivables(Including Bills Purchased & Discounted)	0.000	0.000
Months' Consumption	--	--
7. Advances to Suppliers of Materials Stores/Spares, Consumables	0.000	0.000
8. Other Current Assets Including Cash & Bank Balance And Deferred receivables Due Within 1yr.) (Specify Major Items)	6.000	7.113
TOTAL CURRENT ASSETS	168.500	184.613
B. CURRENT LIABILITIES
(Other Than Bank Borrowings For Working Capital
10. Creditors For Purchase Of Raw Material, Stores & Consumable Spares	7.500	8.000
Month's Purchase	0.14	0.14
11. Advances From Customers	--	--
12. Statutory Liabilities	--	--
13. Other Current Liabilities Specify Major Items
(a) S. T. Borrowings - Others	7.500	1.000
(b) Dividend payable	--	--
(c) Installments of TL,DPG and Public Deposits	--	--
(d) Other Current Liabilities and Provisions	4.000	4.500
TOTAL CURRENT LIABILITIES	19.000	13.500

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

FUND SLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
1. SOURCES
(a) Net Profit (After Tax)	9.599	10.890
(b) Depreciation	(0.049)	(0.025)
(c) Increase In Capital	2.500	--
(d) Increase In Term Liabilities, Including In Public Depositors	0.578	0.483
(e) Decrease In
(i) Fixed assets	0.284	0.235
(ii) Other Non-Current Assets	0.032	0.030
Others	2.500	--
TOTAL	15.444	11.613
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 Payment	--	--
(e) Others (Drawings)	--	--
TOTAL	--	--
3. Long Term Surplus / Deficit	15.444	11.613
4. Increase/Decrease In Current Assets (As Per Details Given Below)	48.239	16.113
5. Increase/Decrease In Current Liabilities Other Than Bank Borrowings	(4.106)	(5.500)
6. Increase/Decrease In Working Capital Gap	52.345	21.613
7. Net Surplus (+) / Deficit (-) (3-6)	(36.901)	(10.000)
8. Increase/Decrease In Bank Borrowings	36.901	10.000
9. Increase/Decrease In Net Sales	83.058	50.000
BREAK-UP OF 4
(i) Increase/Decrease In Raw Material	-	-
(ii) Increase/Decrease In Stock In Progress	-	-
(iii) Increase/Decrease In Finished Goods	20.934	5.000
(iv) Increase/Decrease In Receivables
(a) DOMESTIC	25.640	10.000
(b) EXPORT	-	-
(v) Increase/Decrease In Stores & Spares	-	-
(vi) Increase/Decrease In Other Current Assets	1.665	1.113
TOTAL	48.239	16.113

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

CASH SLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
A. SOURCES OF FUNDS
1. Cash Accruals (Net Profit before Tax and Interest)	27.131	29.920
2. Increase in Capital	2.500	-
3. Depreciation	(0.049)	(0.025)
4. Increase in Long Term Loans/Debentures	-	-
5. Increase in Deferred Payment Facilities	-	-
6. Increase in Unsecured Loans and Deposits	0.614	0.483
7. Increase in Bank Borrowings for Working Capital	36.901	10.000
8. Sales of Fixed Assets	0.284	0.235
9. Sales of Investments	-	-
10. Increase in Current Liabilities	-	-
11. Decrease in Current Assets	-	-
12. Decrease in Other Non-Current Assets	-	-
13. Other
TOTAL SOURCES (A)	67.381	40.613
B. DISPOSITION OF FUNDS
1. Preliminary and Pre-Operative Expenses	-	-
2. Decrease in Capital	-	-
3. Decrease in Long Term Loans/Debentures	0.036	-
4. Decrease in Deferred Payment Facilities	-	-
5. Decrease in Unsecured Loans	-	-
6. Decrease in Bank Borrowings for Working Capital	-	-
7. Purchase of Fixed Assets	-	-
8. Purchase of Investment	-	-
9. Interest	14.000	15.000
10. Taxation	3.500	4.000
11. Dividend Paid	-	-
12. Decrease in Current Liabilities	4.106	5.500
13. Increase in Current Assets	47.982	16.000
14. Increase in Other Non-Current Assets	-	-
15. Other	-	-
TOTAL DISPOSITION (B)	69.624	40.500
C. Opening Balance	0.243	(2.000)
D. Net Surplus (A-B)	(2.243)	(0.113)
E. Closing Balance	(2.000)	(1.887)

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

MAXIMUM PERMISSIBLE BANK FINANCE

(RS. IN MILLIONS)

Particulars	31.03.2015	31.03.2016
	Provisional	Projected
FIRST METHOD OF LENDING BY TANDON
1. Total Current Assets	168.500	184.613
2. Other Current Liabilities (Other Than Bank Borrowings)	19.000	13.500
3. Working Capital Gap	149.500	171.113
4. Minimum Stipulated Net Working Capital	37.375	42.778
(25% of Working Capital Gap)
5. Actual/Projected Net Working Capital	49.500	61.113
6. (ITEM3 - ITEM4)	112.125	128.335
7. (ITEM3 - ITEM5)	100.000	110.000
8. Maximum Permissible Bank Finance	100.000	110.000
(Lower of 6 To 7)
SECOND METHOD OF LENDING BY TANDON
1. Total Current Assets	168.500	184.613
2. Other Current Liabilities (Other Than Bank Borrowings)	19.000	13.500
3. Working Capital Gap	149.500	171.113
4. Minimum Stipulated Net Working Capital
(25% of Total Current Assets Excluding Export Receivables)	42.125	46.153
5. Actual/Projected Net Working Capital	49.500	61.113
6. (ITEM3 - ITEM4)	107.375	124.960
7. (ITEM3 - ITEM5)	100.000	110.000
8. Maximum Permissible Bank Finance
(Lower of 6 To 7)	100.000	110.000
TURNOVER METHOD BY NAYAK COMMITTEE
1. Projected Turnover	650.000	700.000
2. Net Working Capital Asset	168.500	184.613
3. Acceptable Sale	650.000	700.000
4. 25% of Acceptable Sale	162.500	175.000
5. Margin 5% of Sale	32.500	35.000
6. Available Margin (2 - 5)	136.000	149.613
7. 4 - 5	130.000	140.000
8. 4 - 6	26.500	25.387
9. MPBF (7 or 8 whichever is higher)	130.000	140.000
Calculation of Drawing Power at 31.03.2015	Bank Finance
1. Raw Material	-	-
Stock in Progress	-	-
Finished Goods	41.250	-
Other Consumable Spares	-	-
Receivables	64.500	-
Total	105.750
2. Creditor for Purchases	7.500
3. Paid Stock (1(Cost)-2)	155.000
4. Advance Value (1(Cost after Margin)-2)	98.250
5. Limit Sanctioned	-	-

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

STATEMENT OF ASSETS AND LIABILITIES

MR. DHANRAJ SHIVLAL BHANSALI

(RS. IN MILLIONS)

Liabilities	Amount	Assets	Amount
Capital Means	1.935	Invetsment in BFPL	0.644
Other Unsecured loan from Family and Relative	0.200	Furniture and Fixture	0.100
		Gold and Silver	1.200
		Cash and Bank	0.125
		LIC	0.066
Total	2.135	Total	2.135

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

STATEMENT OF ASSETS AND LIABILITIES

MR. SUBHASH BHANRAJ BHANSALI

(RS. IN MILLIONS)

Liabilities	Amount	Assets	Amount
Capital Means	72.505	Flat at Shahibaug	25.000
Other Unsecured loan from Family and Relative	2.500	Flat at Nikol	5.000
		Bungalow At Bopals	11.000
		Commercial Shed at Rakhla	16.000
		Invetsment in BFPL	8.740
		Invetsment in Mahaparan	6.093
		Gold and Silver	0.650
		Cash and Bank	0.150
		Furniture and Fixtures	0.500
		LIC	1.872
Total	75.005	Total	75.005

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

VALUATION REPORT

PART – I QUESTIONNAIRE (GENERAL)

Purpose for which valuation is made

To arrive at fair market value for financial assistance from the bank.

Date as on which valuation is made

28.05.2014

Name of the owner

Mr. Subhashchandra Dhanraj Bhansali

If the property is under joint ownership

Individual

Brief description of the Property

Industrial Premises

Location, Street, Ward No.

Plot No: D-54 (As per Sanctioned Plan Block: F-85), Ramkrushna Industrial Estate, T. P. S. No: 16, Old Survey No: 96, 97, Original Plot No: 137/1+2, F. P. No: 211, Ward No: 3, C.S. No: 2137, Mouje: Shaher Kotda, Sub District: Ahmedabad-7(Odhav), District Ahmedabad.

Survey plot No. of land

Plot No: D-54

Is the property situation in area?

Industrial Area

Classification of locality

Middle Class

Proximity to civic amenities

All Amenities within 10.0 km of Radius

Means and Proximity to surface communication

All Vehicles

Land

136.97 sqmt i.e 164 sq. yd i.e. 1476 sq. ft. (SBA)

91.96 sq. mt. i.e. 110 sq. yd. i.e. 990 sq. ft.

Roads streets or lanes on which the land is

abutting

Near Sarangpur Bridge to Shital Theatre

Road.

Is it free hold or leasehold land?

Ownership, any encumbrance and legal aspect refer search report from advocate.

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

For Industrial Use Only.

Does the landfall in an area included in any Town Planning Scheme or any development plan of Government or any statutory body?

AMC

Is the building owner-occupied/ Tenanted/ both?

Owner-occupied

What is the F.S.I. permissible

F.S.I. is according to prevailing by Laws.

As on date construction is as per plan.

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

Owner has to bear it.

Give instances of sales of sales of immovable property in the locality on a separate sheet.

In absence of instances of sales market survey is done.

Land rate adopted in this valuation

Market rate Rs.63751 Sq. ft.

If sales instances are not available or not relied upon, the basis of arriving to the land rate

Local inquiry

Year of commencement of construction and year of completion.

2009

TECHNICAL DETAILS

No. of. floors and height of each floor

Industrial Premises GF+FF with 3.5 Mt. ht.

Plinth area floor wise

Land: 136-97 sq. mt. i.e. 164 sq. yd i.e. 1476 sq. ft. (SBA)

91.96 sq.mt i.e. 110 sq.yd. i.e. 990 sq. ft.

Construction: 280 sq. yd.

Year of construction

2009

Estimated future life

40 years

Type of construction

R.C.C. and Load bearing Structure.

Type of Foundation

R.C.C. and Load bearing type foundation

Partitions

Brick Partitions

Door and Windows (Floor Wise)

M.S. Steel D/W and Rolling Shutter

Flooring (Floor Wise)

G.F.: Vinyl Flooring above IPS Flooring

F.F: Ceramic Tiles Flooring

Finishing (Floor wise)

Both Side Plaster

Roofing and Terracing

R.C.C. Slab

Special architectural or decorative feature if any

Yes

Internal wiring surface or conduit

Class of Fitting Superior Ordinary/ poor

Yes

Middle Class Fitting

Sanitary Installation:

GF: 1 General Toilet

FF: 1-General Toilet

Class of fittings superior coloured/ superior white/ Ordinary

--

Compound Walls

Yes

Underground sump, capacity and type of construction

--

Overhead tank

Yes

Pump No and their horse power

--

Road and paving within the compound.

Yes

Sewage disposal whether connected to Public sewers if septic tank

Gutter-Line

The whole property, which is to be valued including land, is located on Plot No: D-54 (As per plan sanctioned Block: F-85), Ramkrushna Industrial Estate, T.P.S. No: 16, Old Survey No: 96, 97, Original Plot No: 137/1+2, F.P. No: 211, Ward No: 3, City Survey No: 2137, Mouje: Shaher Kotda, Sub District Ahmedabad-7(Odhav), District Ahmedabad.

The orientation of said property is as under:

On North side: Shed No: D/56.

On South side: Road.

On East side: Shed No: D/55.

On West side: Shed No: D/53.

LAND VALUE

Total Land Area Sq. ft.	Rate Per Sq. ft.	Total (Rs. In Millions)
1476.00	6375.00	Rs.9.410 Millions

BUILDING VALUE

Total Built-Up Area Sq. ft.	Rate Per Sq. ft.	Total (Rs. In Millions)
280.00	18000.00	Rs.5.040 Millions

VALUATION AS PER MARKET LAND RATE

= Land Value + Building Value

= Rs.9.410 Millions + Rs.5.040 Millions

= Rs.14.450 Millions

Realizable Value: Rs.12.500 Millions

Distress Value: Rs.10.000 Millions

Registered Value: Rs.4.000 Millions

In this report arithmetic mistake in land area is corrected without affecting market value.

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

VALUATION REPORT

PART – I QUESTIONNAIRE (GENERAL)

Purpose for which valuation is made

To arrive at fair market value for financial assistance from the bank.

Date as on which valuation is made

28.05.2014

Name of the owner

Mr. Subhashchandra Dhanraj Bhansali

If the property is under joint ownership

Individual

Brief description of the Property

Residential Premises

Location, Street, Ward No.

Plot No: B/1, Ground Floor, Monalisa Apartment, Monripose (Shahibaug) Owner’s Association, T P S No.8, F P No.49, Sub Plot No. 49/1/1/A, Shahibaug, Ahmedabad

Survey plot No. of land

Flat No. B/1

Is the property situation in area?

Residential Area

Classification of locality

Higher-Middle Class Residential Area

Proximity to civic amenities

All Amenities within 15.0 km of Radius

Means and Proximity to surface communication

All Vehicles

Land

--

Roads streets or lanes on which the land is

abutting

Near Gevar Circle to Rajastham Hospital Road

Is it free hold or leasehold land?

Ownership, any encumbrance and legal aspect refer search report from advocate.

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

For Residential Use Only.

Does the landfall in an area included in any Town Planning Scheme or any development plan of Government or any statutory body?

AMC

Is the building owner-occupied/ Tenanted/ both?

Owner-occupied

What is the F.S.I. permissible

F.S.I. is according to prevailing by Laws.

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

Owner has to bear it.

Give instances of sales of sales of immovable property in the locality on a separate sheet.

In absence of instances of sales market survey is done.

Land rate adopted in this valuation

Market rate Rs.6500/- Sq. ft.

If sales instances are not available or not relied upon, the basis of arriving to the land rate

Local inquiry

Year of commencement of construction and year of completion.

1992

TECHNICAL DETAILS

No. of. floors and height of each floor

This flat is on Ground Floor + Celler, With 3mt. ht.

Plinth area floor wise

Ground Floor: 224 sq. yd.

Celler: 104 sq. yd

Total 328 sq. yd. i.e. 3529 sq. ft. (SBA)

Year of construction

1992

Estimated future life

30 years

Type of construction

R.C.C. Structure.

Type of Foundation

R.C.C. type foundation

Partitions

Masonry Partitions

Door and Windows (Floor Wise)

Wooden Frame and Wooden Shutter

Flooring (Floor Wise)

G.F.: Ceramic Tiles Flooring

Celler: Marble Flooring

Finishing (Floor wise)

Both Side Plaster

Roofing and Terracing

R.C.C. Slab

Special architectural or decorative feature if any

Yes

Internal wiring surface or conduit

Class of Fitting Superior Ordinary/ poor

Good Quality Wiring

Good Quality Wiring

Sanitary Installation:

1-General Toilet, 1 Att. Toilet

Class of fittings superior coloured/ superior white/ Ordinary

--

Compound Walls

No

Underground sump, capacity and type of construction

--

Overhead tank

Common R.C.C. O.H. Tank

Pump No and their horse power

--

Road and paving within the compound.

Yes

Sewage disposal whether connected to Public sewers if septic tank

Gutter-Line

The whole property, which is to be valued including land, is located on Flat No: B/1, Ground Floor, Monalisa Apartment. Monripose (Shahibaug) Owner Association, T.P.S. No: 8, F.P. No: 49, Sub Plot No: 49/1/1/A, Shahibaug, Ahmedabad.

The orientation of said property is as under:

On North side: Common Wall with Flats-of Block A

On South side: Open Space, Passage Portion then Flat No.B/2

On East side: Margin then Common Plot

On West side: Common Wall with Flat No: B/3

MARKET VALUE

Total Super Built-up Area Sq. ft.	Rate Per Sq. ft.	Total (Rs. In Millions)
3529.00	6500.00	Rs.22.939 Millions

VALUATION AS PER MARKET LAND RATE

= Rs.22.939 Millions

Realizable Value of the property is about: Rs.20.000 Millions

Distress Value of the Property is Rs.17.000 Millions

Registered Value of the Property is Rs.7.000 Millions

In this report arithmetic mistake in land area is corrected without affecting market value.

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

VALUATION REPORT

PART – I QUESTIONNAIRE (GENERAL)

Purpose for which valuation is made

To arrive at fair market value for financial assistance from the bank.

Date as on which valuation is made

28.05.2014

Name of the owner

Mr. Subhashchandra Dhanraj Bhansali

If the property is under joint ownership

Individual

Brief description of the Property

Residential Premises

Location, Street, Ward No.

Plot No: A/188, Type-A, Samatva Residency Block No.245 (Old Block No.245, 246, 291, 292, 293), Village Shela, Ta: Sanand, District: Ahmedabad

Survey plot No. of land

Plot No: A/188

Is the property situation in area?

Residential Area

Classification of locality

Higher - Middle Class Residential Area

Proximity to civic amenities

All Amenities within 10.0 km of Radius

Means and Proximity to surface communication

All Vehicles

Land

273 sq. i.e 229 sq. mt.

Roads streets or lanes on which the land is

abutting

Near AUDA Ring Road

Is it free hold or leasehold land?

Ownership, any encumbrance and legal aspect refer search report from advocate.

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

For Residential Use Only.

Does the landfall in an area included in any Town Planning Scheme or any development plan of Government or any statutory body?

AUDA

Is the building owner-occupied/ Tenanted/ both?

Owner-occupied

What is the F.S.I. permissible

F.S.I. is according to prevailing by Laws.

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

Owner has to bear it.

Give instances of sales of sales of immovable property in the locality on a separate sheet.

In absence of instances of sales market survey is done by us.

Land rate adopted in this valuation

Market rate Rs.30000/- Sq. yd.

If sales instances are not available or not relied upon, the basis of arriving to the land rate

Local inquiry

Year of commencement of construction and year of completion.

2006

TECHNICAL DETAILS

No. of. floors and height of each floor

Residential House GF+FF, with 3 Mt. ht.

Plinth area floor wise

210 sq. yd i.e. 175.58 sq. mt. ()SBA)

Year of construction

2006

Estimated future life

40 years

Type of construction

Load bearing Structure.

Type of Foundation

Load bearing type foundation

Partitions

Masonry Partitions

Door and Windows (Floor Wise)

D: Wooden Frame and Wooden Shutter

W: Marble Frame and Aluminum Section

Flooring (Floor Wise)

Vitrified Tiles Flooring

Finishing (Floor wise)

Both Side Plaster

Roofing and Terracing

R.C.C. Slab

Special architectural or decorative feature if any

Yes

Internal wiring

Class of Fitting

Good Quality Wiring

Good Quality Wiring

Sanitary Installation:

GF: 1-Stt. Toilet, 1 General Toilet

FF: 2-Att. Toilet

Class of fittings superior coloured/ superior white/ Ordinary

--

Compound Walls

Yes

Underground sump, capacity and type of construction

--

Overhead tank

Masonry O.H. Tank

Pump No and their horse power

--

Road and paving within the compound.

Yes

Sewage disposal whether connected to Public sewers if septic tank

Gutter-Line

The whole property, which is to be valued including land, is located on Plot No: A/188, Type- A, Samatva Residency, Block No: 245, (Old Block No: 245,246,291,292,293), Village: Shela, Ta: Sanand, District Ahmedabad.

The orientation of said property is as under:

On North side: Bungalow No. A/187

On South side: Bungalow No. A/189

On East side: Bungalow No. A/197

On West side: International Road

LAND VALUE

Total Land Area Sq. ft.	Rate Per Sq. ft.	Total (Rs. In Millions)
273.00	30000.00	Rs.8.190 Millions

BUILDING VALUE

Total Built-Up Area Sq. ft.	Rate Per Sq. ft.	Total (Rs. In Millions)
210.00	15000.00	Rs.3.150 Millions

VALUATION AS PER MARKET LAND RATE

= Land Value + Building Value

= Rs.8.190 Millions + Rs.3.150 Millions

= Rs.11.340 Millions

Realizable Value: Rs.9.500 Millions

Distress Value: Rs.8.000 Millions

Registered Value: Rs.3.700 Millions

In this report arithmetic mistake in land area is corrected without affecting market value.

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10358084	15/12/2013 *	70,000,000.00	INDUSIND BANK LTD.	World Business House,, M.G. Road, Near Parimal Garden, Ellisbridge, Ahmedabad, Gujarat - 380015, India	B95794566

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.