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Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRUTHVI AGRO INDUSTRIES |
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Registered
Office : |
At Borvai, Post-Vadgam, Ta-Dhansuri District Arvalli – 383307, Gujarat |
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Country : |
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Date of
Incorporation : |
18.02.2014 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAPFP7188R |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturer of Agro Equipments. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subjects is a new partnership concern establishing itself gradually. Mr. Bhaumil (CA) has provided us with all information and he also
confirmed that the concern will start its business activity from August,
2014. Payment terms are reported to be unknown. The concern can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and January
of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever bond
offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bhaumil |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9825060845 |
|
Date : |
02.06.2014 |
LOCATIONS
|
Registered Office/ Factory : |
At Borvai, Post-Vadgam, Ta-Dhansuri District Arvalli – 383307,
Gujarat, India |
|
Tel. No.: |
91-277-4277236 |
|
Mobile No.: |
91-9428061866 (Mr. Trilok) |
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Fax No.: |
91-277-4277236 |
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E-Mail : |
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Area : |
6171 sq. m. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. Trilokkumar Gajanandbhai Patel |
|
Designation : |
Partner |
|
Date of Birth/Age : |
06.10.1986 |
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PAN No.: |
ADGPL3144B |
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Name : |
Mr. Mitukumar Gajanandbhai Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
20.06.1988 |
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PAN No.: |
AHDPL4041L |
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Name : |
Mr. Mahendrabhai Vishrambhai Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
01.01.1968 |
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PAN No.: |
BKZPP5419G |
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Name : |
Mr. Bhaumitkumar Navinbhai Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
07.08.1995 |
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Name : |
Mr. Jagdishkumar Shanabhai Prajapati |
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Designation : |
Partner |
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Date of Birth/Age : |
01.06.1971 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaumil |
|
Designation : |
Chartered Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Equipments. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of India Ashram Road Branch, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Patel Associates Chartered Accountants |
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Address : |
A-201, Oxford Avenue, Opposite C. U. Shah College, Navjivan Post,
Ahmedabad – 380014, Gujarat, India |
|
Mobile No.: |
91-9825060845 |
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Tel No.: |
91-79-27545290/ 30188955 |
CAPITAL STRUCTURE
|
Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[All figures are
in Rupees Millions]
NOT DIVULGED
NOTE: Company will start
its operations from August, 2014.
The above information has been parted by Mr. Bhaumil.
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
No |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
----- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
----- |
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22] |
Litigations that the firm / promoter
involved in |
----- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
----- |
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26] |
Buyer visit details |
----- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
No |
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31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
------------------------------------------------------------------------------------------------------------------------------
VALUATION OF IMMOVABLE PROPERTY
|
Purpose of
valuation |
To Ascertain Present
Market Value of freehold interest in Non Agri Land and Building |
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Date of Visit |
26/05/2014 |
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Persons
accompanying / available at the site at the time of visit / valuation |
Mr. Trilokbhai
Gajanandbhai Patel |
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Complete
address of the property (Door No./ Street/ Cross Road, Survey No. etc. |
Khata No: 184, R.
S. No. 7912, Gram Panchayat Property No: 210/1, Ahmedabad - Dhansura State
High way No: 68, At. Borvai, Post: Vadagam Ta. Dhansura, District Arvalli
(Sabarkantha) |
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Boundaries |
East:
Non Agriculture Land of R.S.1Block No: 79/3. West:
Non Agriculture Land of R.S.1Block No: 79/1. North:
Vadagam - Dhansura Highway South:
Non Agriculture Land of Jagruti Quarry |
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Title of the property |
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Name and Address of
the owner |
M/S.
Pruthvi Agro Industries Partners:- 1)
Mr. Trilokkumar Gajanandbhai Patel 2)
Mr. Mitulkumar Gajanandbhai Patel 3)
Mr. Mahendrabhai Vishrambhai Patel 4) Mr. Bhaumitkurnar Navneetbhai Patel 5)
Mr. Jagdishkumar Shanabhai Prajapati. |
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Since how long
owing the property |
In year 2014
through Registered sale deed |
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Whether joint/
co-ownership / Other |
Joint Ownership |
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In case of joint ownership,
please shares of each owner and whether the share are undivided? |
As per Resolution
of Company. |
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Corporation Tax
paid Amount Year
of assessment Date of payment |
Non Agriculture
taxes are applicable |
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Restrictive
clauses as to uses, if any (whether building use certificate from corporation
has been obtained etc.) |
Non
Agriculture permission is obtained from DDO, Modasa. vide permission No.
LND/NA/SR/17 Dated:
13/01/1983. |
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Location
advantages / disadvantages |
Schools,
Residential Societies, markets, bus stand etc. are available within vicinity
of 1 km from Vadagam City Limits |
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Classification
of locality: Higher Class/ Middle : Class / Poor Class |
Agriculture cum industrial
area |
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Civic Amenities |
All located within
1 to 2 kms |
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Proximity to
surface communication |
The
property is situated on Ahmedabad - Dhansura State High way No: 68 Road. |
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Distance
from city I Municipal limits If |
Within
Grampanachyat limits and Nearest Municipality is Vadagam which is at 1 Km |
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If
the property is not within the city / town : Municipal
limits then state the distance of the : of
the property from the Municipal office |
Within Grampanachyat
limits. |
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Title of the property |
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Whether freehold |
Yes, Freehold |
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Type of Property
– Whether |
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Others (Specify) |
Non Agriculture Land |
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|
What is the |
|
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Year of acquisition
purchase of land |
In year 2014
through Registered sale deed |
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|
|
Value / purchase
price paid |
Rs.1251000.00
as per Sale Deed Reg. No. 116, Dated: 24/02/2014. |
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|
|
Numbers of Floors /
Storeys |
Ground Floor Only |
|
|
|
|
Estimate future
life |
10 years |
|
|
|
|
Area of land to be
supported by a map showing shape, dimensions, physical features |
6171.00 Sq.mtr |
|
|
|
|
Area of building/
constructed portion (State separately
for factory, Admn. Building, staff quarters etc.) |
27.81 Sq. mtr |
|
|
|
|
Type/ Class of
construction |
BB Masonry load
bearing Wall Structure |
|
|
|
|
Service items
available (list of all the items to be provided-such as bore-well sump
embedded. Motors, BMC water supply |
Water connection is provided by Private Bore Well. |
|
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|
|
Whether building
property is constructed strictly according to the sanctioned plan details of
variation, noticed if any and effect of the same on the valuation to be dealt
with specifically |
Non Agriculture
permission is obtained from DDO Modasa vide permission No. LND/NA/SR/17 Dated 13.01.1983 |
|
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|
|
Basis of Present
Valuation |
|
|
Market
value Rate adopted |
Rs.1750.00 per Sq.
mt for land component |
|
|
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|
Basis for adopted
rates Whether the adopted
rate sare commensurate with the rates adopted by the registrar's office? In
case of wide variation, please specify reasons variation, please specify
reasons |
by inquiry in
surrounding Yes, wide variation
is observed because rates fixed by registrar's Office are not based on
scientific Studies and same cannot be applicable for ascertaining present
market value. |
|
|
|
|
Whether the rates
are based on prevalent rates in the area if so, the basis for accepting the
same. |
Yes, by inquiry |
|
|
|
|
In case the Bank
were to sell the property what would be approximate realizable valve |
85 to 90 % as per
valuation |
|
|
|
|
Sources of
information for arriving at the realizable value. |
By
Inquiry |
|
|
|
|
Valuation statement for the
market value of Non Agriculture Land and Building situated at: Khata No: 184,
R. S. No. 7912, Gram Panchayat Property No: 21011, Ahmedabad - Dhansura State
High way No: 68, At. Borvai, Post: Vadagam, Ta. Dhansura, District Arvalli (Sabarkantha) Following factors
are considering for land valuation. The methodology is
sales comparison method in which weight ages have been given to factor such
as: >
The right to sell /Transfer / Lease the land >
Demand and prospective buyers for such small sized plots of non -agriculture
land >
Shape, size, prominence and location of land. >
The Marketability, Utility, demand and supply of agriculture as well as
non-Agriculture Land in the surrounding area. >
The land rate as evident from the Sale instances of comparable land found
upon market enquiry. >
The land rates prevailing in nearby Area. >
Legal and physical encumbrance on land. > Freehold and
leasehold nature of land etc. Valuation of land and Building The property is under
valuation is Non Agriculture Land and Office Building situated at Khata No:
184, R. S. No. 7912, Gram Panchayat Property No: 21011, Ahmedabad - Dhansura
State High way No: 68, At. Borvai, Post: Vadagan, Ta. Dhansura, District
Arvalli (Sabarkantha). The surrounding of the lands are utilized as
agriculture purpose and commercial Purpose. Due to its location, size, shape,
alternative use of the land, property will fetch higher value if put for
sale. The Basic facilities like Roads, Drainage, Water Supply is available.
The surrounding of-the property is developed as a Industrial Purpose. The Office Building is
Situated on Ground Floor. It is constructed on BB Masonry load bearing wall
structure type construction Walls are finished with Plastered and painted
with cement paint. Roofing is of RCC Slab. Flooring is of IPS. Wooden doors
and windows are provided. Electrification is open Type. Private bore well
provide water supply drainage is connected to soak pit. In order to
estimate the prevailing market value in the vicinity of the said property
market enquiry was conducted amongst: ·
Property brokers, ·
Real estate agents and · Occupants of the other existing property holders. It reveals that the plots
are available in nearby area in range of Rs.1500.00 to Rs.2000.00 Per Sq. Mt
depending upon its size, shape, location, access from main road, frontage
etc. Considering above and
keeping in view location, size, frontage, Distance from the main road, demand
and supply in the said area, we have adopted the market rate for property at
Rs.1750.00 per Sq. Mt which is quite fair and justified. Value
of Land 6171.00 Sq.mtr @
Rs.1750.00 per Sq.mtr – Rs.10.799 Millions Value
of the Building 27.81 Sq.mtr @ Rs.3500.03 per Sq.mtr – Rs.0.097
Million Total Rs.10.897
Millions DIFFERENT VALUE
OF PROPERTY Present Market Value – Rs.10.897 Millions Realizable Value – Rs.10.080 Millions Distress Sale Value – Rs.8.568 Millions The Value of Land as per
Stamp duty Department (Exclusively meant for stamp duty Purpose) Basis of
Valuation as per Mumbai Stamp Duty Act 1958 Section 321C, (Does not represent
the market value) Value
of Land 6171.00 Sq.mtr @
Rs.250.00 per Sq. mtr = Rs.1.543 Millions Value of the
Building Depreciated Replacement
Cost = Rs.0.097 Million Total Jantri/
Registration Value = Rs.1.640 Millions |
|
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
-- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.