MIRA INFORM REPORT

 

 

Report Date :

04.06.2014

 

IDENTIFICATION DETAILS

 

Name :

KONNECTING INDIA

 

 

Registered Office :

102, Aroma Residency, 14th Road, Khar (West), Mumbai – 400052, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014 (Provisional)

 

 

Date of Incorporation :

30.10.2008

 

 

Capital Investment / Paid-up Capital :

Rs.25.538 Millions

 

 

PAN No.:

[Permanent Account No.]

AAQFM1402L

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners 

 

 

Line of Business :

Manufacturer of Textiles.

 

 

No. of Employees :

6 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (34)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having moderate track.

 

The rating is constrained on account of concern’s moderate financial risk profile and low profitability levels of the concern.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

The concern can be considered for business dealings with some caution.

 

 

NOTES:

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

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INDIAN ECONOMIC OVERVIEW

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Ms. Sanika

Designation :

Accounts Executive

Contact No.:

91-9819760354

Date :

03.06.2014

 

 

LOCATIONS

 

Registered Office :

102, Aroma Residency, 14th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9769496565 (Mr. Amit Modani)

91-9819760354 (Mrs. Sanika)

91-9833249505 (Mr. Tarun M. Samat)

Fax No.:

Not Available

Email :

konnectindia@gmail.com

Location :

Rented

 

 

Corporate Office :

Grishint Building, Linking Road, Khar (West), Mumbai, Maharashtra, India

 

 

Godown :

114-115, 1st Floor and 214-215, 2nd Floor, A-8, Padmini Complex, Mouje Purna, Bhiwandi, District Thane, Maharashtra, India

Location :

Owned

 

 

Admin Office :

203-204, Mamta Chs., S. V. Road, Near Bandra Talao, Next to Siddarth Hotel, Abive Industrial Bank, Bandra (West), Mumbai, Maharashtra, India

Tel. No.:

91-22-26431468/ 26434566/ 42292647

Fax No.:

91-22-26431470

 

 

PARTNERS

 

Name :

Mrs. Sapna Tarun Samat

Designation :

Partner

Address :

102, Aroma Residency, 14th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

19.05.1976

Qualification :

H.S.C. Commerce

Experience :

8 years

 

 

Name :

Mr. Karan Tandon

Designation :

Partner

Address :

71, Raag Towers Co-op Housing Society, A. K. Vaidya Marg, Goregaon East, Mumbai – 400063, Maharashtra India

Date of Birth/Age :

32 years

Qualification :

M.B.A.

Experience :

12 years

 

 

KEY EXECUTIVES

 

Name :

Ms. Sanika

Designation :

Accounts Executive

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Textiles.

 

 

Terms :

 

Selling :

Credit (90 days)

 

 

Purchasing :

Credit (30 days)

 

 

GENERAL INFORMATION

 

Suppliers :

Name

 

Address

Contact Person

Contact No.:

Libra Fabric Designs Private Limited

A/2, 309/349, Shah and Nahar Industrial Estate, Sitaram Jadhav Marg, Lower Parel, Mumbai, Maharashtra, India

Mr. Kamlesh

91-22-30204275

 

 

 

 

Suzuki Textiles

A/2, 309/349, Shah and Nahar Industrial Estate, Sitaram Jadhav Marg, Lower Parel, Mumbai, Maharashtra, India

Mr. Rajendra Inani

91-9324513705

 

 

 

 

S R K Industries Limited

F-35, Shagum Arcade Film city Road, Dindoshi, Malad (East), Mumbai – 400097, Maharashtra, India

Pramod Halalka

91-9323716855

 

 

 

 

Sanaa Syntex Private Limited

Unit No.135/58, 1 Floor, Mittal Industrial Estate, Andheri East, Mumbai, Maharashtra, India

Sunil Khaturia

91-22-28525122

 

 

Customers :

Wholesalers and Retailers

 

Name

 

Address

Contact Person

Contact No.:

Shubhalakshmi Polyesters Limited

401, A Wing, Oberoi chmbers, Near Kuber, Andheri Link Road, Andheri (West), Mumbai, Maharashtra, India

Mr. Sanjay Jain

91-9619223302

 

 

 

 

Nakoda Limited

R. No.35, New Vera Building, 4th Floor, 59 Nakoda Street, Pyeshuni, Mumbai. Maharashtra, India

Mr. Pinapin Shah

91-9323000574

 

 

 

 

Team Inter-venture Exports In 

16, Bhanu Mansion, 1st Floor, Nadir Shah, Sukiaya lane, Fort, Mumbai, Maharashtra, India

Mr. Ramesh

91-756253944

 

 

 

 

Alka Fashions

Kamani Oil Mill Off Micro Lab Chakala Andheri East, Mumbai, Maharashtra, India

Mr. Brijal

91-9322214041

 

 

 

 

Aditya Trade n Investments Exim Private Limited

23, Pallavi Building, Maniklal Mehta Estate, Ghatkopar west, Mumbai, Maharashtra, India

Mr. Ramesh Singh

91-9870606081

 

 

No. of Employees :

6 (Approximately)

 

 

Bankers :

·         Central Bank of India

160-161, Mittal Industries Estate, Building No.5, Sanjay Building B Wing Marol Andheri (East), Mumbai, Maharashtra, India

 

·         HDFC Bank

 

 

Facilities :

Credit Limit:

Rs.25.000 Millions Cash Credit facility and

Rs.10.000 Millions C/C OD

Against Book Debts within P/CEP/D as sublimit of Cash Credit Facility

From Central Bank of India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J. K. Lahoti and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

(AS ON 31.03.2014 – PROVISIONAL)

 

Capital Investment :

 

Owned :

Rs.25.538 Millions

Borrowed :

--

Total :

Rs.25.538 Millions

 

 

FINANCIAL DATA

[All figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

(Provisional)

31.03.2013

 

31.03.2012

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

25.538

24.297

22.021

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2.489

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

28.027

24.297

22.021

LOAN FUNDS

 

 

 

1] Secured Loans

25.390

16.347

22.806

2] Unsecured Loans

18.000

19.250

20.000

TOTAL BORROWING

43.390

35.597

42.806

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

71.417

59.894

64.827

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.895

13.560

21.226

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
33.467

27.597

33.665

 

Sundry Debtors
77.023

86.461

192.705

 

Cash & Bank Balances
0.863

0.641

0.544

 

Other Current Assets
11.957

12.670

4.777

 

Loans & Advances
3.175

1.450

5.075

Total Current Assets
126.485

128.819

236.766

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
57.264

80.225

192.188

 

Other Current Liabilities
6.536

2.047

0.298

 

Provisions
2.163

0.213

0.679

Total Current Liabilities
65.963

82.485

193.165

Net Current Assets
60.522

46.334

43.601

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

71.417

59.894

64.827

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

(Provisional)

31.03.2013

 

31.03.2012

 

SALES

 

 

 

 

 

Income

353.479

234.038

327.605

 

 

Other Income

11.096

3.524

2.287

 

 

TOTAL                                     (A)

364.575

237.562

329.892

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

333.439

230.557

316.859

 

 

Manufacturing Expenses

6.662

 

1.458

 

 

Administrative Expenses

13.230

 

5.402

 

 

TOTAL                                     (B)

353.331

230.557

323.719

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

11.244

7.005

6.173

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4.980

3.504

4.160

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

6.264

3.501

2.013

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.662

2.662

2.498

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)

3.602

0.839

(0.485)

 

 

 

 

 

Less

TAX                                                                  (H)

1.113

0.000

0.000

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

2.489

0.839

(0.485)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

(Provisional)

31.03.2013

 

31.03.2012

PAT / Total Income

(%)

0.68

0.35

(0.15)

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.02

0.36

(0.15)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.62

0.59

(0.19)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.03

(0.02)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.55

1.47

1.94

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.92

1.56

1.23

 

 

 

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014 (Provisional)

 

(INR in Mlns.)

(INR in Mlns.)

(INR in Mlns.)

Share Capital

22.021

24.297

25.538

Reserves & Surplus

0.000

0.000

2.489

Net worth

22.021

24.297

28.027

 

 

 

 

Secured Loans

22.806

16.347

25.390

Unsecured Loans

20.000

19.250

18.000

Total borrowings

42.806

35.597

43.390

Debt/Equity ratio

1.944

1.465

1.548

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

 31.03.2014 (Provisional)

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

327.605

234.038

353.479

 

 

(28.561)

51.035

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014 (Provisional)

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

327.605

234.038

353.479

Profit

(0.485)

0.839

2.489

 

(0.15%)

0.36%

0.70%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report

 (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

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

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

No

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

No

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

No

 

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

 

STATEMENT OF TOTAL INCOME

 

(RS. IN MILLIONS)

 

Particulars

 

2013-2014

Income from Business and Profession

 

 

Income as per Profit and Loss A/c

0.839

 

 

 

 

Add-DIS Allowed Items

 

 

Depreciation as per Books

2.662

 

Professional Tax

0.017

 

 

 

 

Taxable Income

 

3.518

 

 

 

Less: Allowed Items

 

 

Depreciation as per the rates of Income Tax

2.185

 

Profit on sale of Machinery

0.452

2.637

 

 

 

Taxable Income

 

0.881

 

 

 

Less: Brought forward loss (Avail: 1344061)

 

(0.881)

 

 

 

NET TAXABLE INCOME

 

0.000

 

 

 

Tax on Taxable Income

 

--

 

 

 

Add: Education Case

 

 

Total Tax Payable as per Income Tax Act

 

--

 

 

 

Less: TDS

 

0.136

 

 

 

Less: Adv. Tax

 

--

 

 

 

Tax Payable / Refundable

 

 

(0.136)

 

 

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

 

 

VALUATION REPORT

GENERAL

 

 

Purpose for which valuation is made

Bank Facility

Bank of India, Churchgate Branch

 

 

Date of inspection

18/04/2014

 

 

Date of which the valuation is made

18/04/2014

 

 

List of documents produced for perusal

Purchase Agreement

 

 

Name of the owner (s) and his/their address (es) with phone no. details of share of each owner in case of joint ownership

Konnecting India

Office No. 203 and 204, Mamta House, Building S.V. Road, Bandra (West), Mumbai-400050, Maharashtra, India

 

 

Brief description of the property

Galan No. 114 and 115, 1st Floor and Gala No. 214 and 215, 2nd Floor, Padmini Complex, Village Purna, Taluka Bhiwandi, District Thane

 

 

Location of the Property:

 

a)     Plot No. / Survey No.

53, 63

b)    Door No. / Gala No.;

Gala No. 114, 115, 214 and 215

c)     T.S. No. / Village

Mouje Purna

d)    Ward / Taluka

Bhiwandi

e)     Mandal / District

Thane

 

 

Postal address of the property

Gala No. 114 and 115, 1st Floor and Gala No. 214 and 215, 2nd Floor, Padmini Complex, Village Purna, Taluka Bhiwandi, District Thane, Maharashtra, India

 

 

City / Town

Purna Village

 

 

Commercial Area

Commercial

 

 

Classification of Area:

 

a)     High/Middle/Poor

Middle Class

b)    Urban/Semi-Urban/Rural

Urban

 

 

Coming under corporation limit/ village panchayat / municipality

Village Panchayat

 

 

Whether covered under any state/ central government enactments (e.g. Urban Land Ceiling Act) or notified under agency area/ scheduled area/ cantonment area

Details to be obtained from owner

 

 

Boundaries of the property:

 

North

Internal Road

South

Internal Road

East

Service Road

West

Godown

 

 

Dimensions of the site

A

As per the Deed

B

Actual

 

 

Extent of the site

1115.24 sq. mtrs.

 

 

Extent of the site considered for valuation

1115.24 sq. mtrs.

 

 

Whether occupied by the owner/tenants? It occupied by tenant since how long? Rent received per month

No

 

 

Apartment Building

 

Nature of the apartment

Commercial

Location

Mouje Purna

T.S. No.

53, 63

Block No.

Gala No. 114 and 115, 1st Floor and

Gala No. 214 and 215, 2nd Floor

 

 

Ward No.:

 

Village/Municipality/Corporation

Purna

Door No. Street or Road (Pin Code)

Gala No. 114 and 115, 1st Floor and

Gala No. 214 and 215, 2nd Floor

Description of the Locality, Residential/ Commercial / Mixed

Commercial

Year of Construction

New Construction [2013]

Number of Floor

Gr + 2 Upper Floors

Type of Structure

RCC

Number of Dwelling Units in the Building

2 Nos. on 1st Floor

2 Nos. on 2nd Floor

Quality of Construction

Ordinary

Appearance of the Building

New Construction

Maintenance of the Building

New Construction

 

 

Facilities Available:

 

Lift

--

Protected Water Supply

As per Purna Grampanchayat Rule

Underground Sewerage

As per Purna Grampanchayat Rule

Car Parking-Open / Covered

Open

Is Compound Wall Existing?

Yes

Is Pavement Laid Around the Building?

Earthen Road

 

 

Gala:

 

The Floor in Which the gala is situated

1st Floor and 2nd Floor

Door No. of the Gala

Gala No. 114 and 115 and Gala No. 214, 215

 

 

Specification of the Gala:

 

Roof

RCC

Flooring

IPS

Doors

Rolling Shutter

Windows

Aluminium

Fittings

Ordinary

Finishing

OBD Paint

 

 

House Tax:

 

Assessment No.

New Construction

Tax Paid in the name of

New Construction

Tax Amount

New Construction

 

 

Electricity Service Connection No.:

New Construction

 

 

Meter Card is in the name of

New Construction

 

 

How is the maintenance of the gala?

New Construction

 

 

Sale Deed Executed in the Name of

Konnecting India

 

 

What is the Undivided Area of Land

1115.24 Sq. Mtrs.

 

 

What is the Plinth Area of the Gala

1115.24 Sq. Mtrs.

 

 

What is the Floor Space Index (App.)

--

 

 

What is the Carpet Area of the Gala

929.36 Sq. Mtrs.

 

 

Is if Posh / I Class / Medium / Ordinary?

Medium

 

 

Is it being used for Residential or Commercial Purpose?

Commercial

 

 

Is it Owner-Occupied or let Out

Owner Occupied

 

 

If Rented, what is the monthly Rent?

--

 

 

Rate:

 

After analysing the comparable sale instances, what is the composite rate for a similar gala with same specifications in the adjoining locality?

Rs.20500/- per sq. mtr. of built up area.

Assuming it is a new construction, what is the adopted basic composite rate of the gala under valuation after comparing with the specifications and other factors with the gala under comparison

Rs.27000/- per sq. mtr. of built up area.

 

 

Break-Up for the Sale:

 

      i.        Building + Services

Rs.11000/- per sq. mtr.

     ii.        Land + Others

Rs.9500/- per sq. mtr.

 

 

Guideline rate obtained from the Registrar’s Office (an evidence thereof to be enclosed)

Rs.25000/- per sq. mtrs.

 

 

Composite Rate Adopted After Depreciation:

 

Depreciated Building Rate

Rs.11000/- per sq. mtr.

Replacement Cost of Property With Services

Rs.12.268 Millions

Age of the Building

New Construction

Life of the Building Estimated

NA

Depreciation Percentage Assuming the Salvage Value

0%

Depreciated Ratio of the Building

Rs.11000/- per sq. mtr. of built up area

 

 

Total Composite Rate Arrived For Valuation:

 

Depreciated Building Rate VI (A)

Rs.11000/- per sq. mtr.

Rate For Land and others V (3) ii

Rs.9500/- per sq. mtr.

Total Composite Rate

Rs.20500/- per sq. mtr.

 

 

 

DETAILS OF VALUATION:

 

DESCRIPTION

 

QTY.

 

RATE PER UNIT RS.

 

ESTIMATED VALUE IN MILLIONS

 

Present Value of the Gala (Car Parking, If Provided)

1115.24 Sq. Mtrs.

Rs.20500/- Per Sq. Mtr.

22.862

 

 

 

 

Wardrobes

 

 

 

 

 

 

 

 

Considered in Rate Adopted for Valuation

 

 

 

Showcases

 

 

 

Kitchen Arrangements

 

 

 

Superfine Finish

 

 

 

Interior Decorations

 

 

 

Electricity Deposits/ Electrical Fittings, etc.

 

 

 

Extra Collapsible Gates/ Grill Works etc.

 

 

 

Potential Value, if Any

 

 

 

Others

 

 

 

 

TOTAL

 

 

22.862

SAY

 

 

22.800

 

VALUATION:

 

Here the approved valuer should discuss in detail his approach to valuation of property and indicate how the value has been arrived at, supported by necessary calculations. Also such aspects as impending threat of acquisition by government for road widening/public service purposes, submerging and applicability of CRZ provisions (distance from the sea coast/tidal level may be incorporated) and their effect on

 

 i) Saleability

ii) Likely Rental Values in future and

iii) Any likely income it may generate may be discussed.

 

As a result of my appraisal and analysis it is may considered opinion that the present market value of the above property in the prevailing condition with aforesaid specifications is Rs.22.800 Millions.

 

Distress Value Rs.16.000 Millions.

 

NOTE:

1.     Ground Floor is occupied, construction work is in progress for 1st and 2nd floor

2.     Gala No. 114 and 115 construction on 1st floor

3.     Gala No. 214 and 215 construction on 2nd floor

4.     Electricity not available on 1st and 2nd floor

5.     Stair case-finishing work completed

6.     Internal road-completed

7.     Occupancy certificate from competent authority received

 

VALUATION REPORT

 

GENERAL

 

 

Purpose for which valuation is made

Bank Facility

Bank of India, Churchgate Branch

 

 

Date of inspection

07/12/2013

 

 

Date of which the valuation is made

12/12/2013

 

 

List of documents produced for perusal

Purchase Agreement

 

 

Name of the owner (s) and his/their address (es) with phone no. details of share of each owner in case of joint ownership

Konnecting India

Office No. 203 and 204, Mamta House, Building S. V. Road, Bandra (West), Mumbai-400050, Maharashtra, India

 

 

Brief description of the property

Galan No. 114 and 115, 1st Floor and Gala No. 214 and 215, 2nd Floor, Padmini Complex, Village Purna, Taluka Bhiwandi, District Thane

 

 

Location of the Property:

 

f)     Plot No. / Survey No.

53, 63

g)    Door No. / Gala No.;

Gala No. 114, 115, 214 and 215

h)     T.S. No. / Village

Mouje Purna

i)      Ward / Taluka

Bhiwandi

j)      Mandal / District

Thane

 

 

Postal address of the property

Gala No. 114 and 115, 1st Floor and Gala No. 214 and 215, 2nd Floor, Padmini Complex, Village Purna, Taluka Bhiwandi, District Thane, Maharashtra, India

 

 

City / Town

Purna Village

 

 

Commercial Area

Commercial

 

 

Classification of Area:

 

c)     High/Middle/Poor

Middle Class

d)    Urban/Semi-Urban/Rural

Urban

 

 

Coming under corporation limit/ village panchayat / municipality

Village Panchayat

 

 

Whether covered under any state/ central government enactments (e.g. Urban Land Ceiling Act) or notified under agency area/ scheduled area/ cantonment area

Details to be obtained from owner

 

 

Boundaries of the property:

 

North

Internal Road

South

Internal Road

East

Service Road

West

Godown

 

 

Dimensions of the site

A

As per the Deed

B

Actual

 

 

Extent of the site

1115.24 sq. mtrs.

 

 

Extent of the site considered for valuation

1115.24 sq. mtrs.

 

 

Whether occupied by the owner/tenants? It occupied by tenant since how long? Rent received per month

No

 

 

Apartment Building

 

Nature of the apartment

Commercial

Location

Mouje Purna

T.S. No.

53, 63

Block No.

Gala No. 114 and 115, 1st Floor and

Gala No. 214 and 215, 2nd Floor

 

 

Ward No.:

 

Village/Municipality/Corporation

Purna

Door No. Street or Road (Pin Code)

Gala No. 114 and 115, 1st Floor and

Gala No. 214 and 215, 2nd Floor

Description of the Locality, Residential / Commercial / Mixed

Commercial

Year of Construction

New Construction [2013]

Number of Floor

Gr + 2 Upper Floors

Type of Structure

RCC

Number of Dwelling Units in the Building

2 Nos. on 1st Floor

2 Nos. on 2nd Floor

Quality of Construction

Ordinary

Appearance of the Building

New Construction

Maintenance of the Building

New Construction

 

 

Facilities Available:

 

Lift

--

Protected Water Supply

As per Purna Grampanchayat Rule

Underground Sewerage

As per Purna Grampanchayat Rule

Car Parking-Open / Covered

Open

Is Compound Wall Existing?

Yes

Is Pavement Laid Around the Building?

Earthen Road

 

 

Gala:

 

The Floor in Which the gala is situated

1st Floor and 2nd Floor

Door No. of the Gala

Gala No. 114 and 115 and Gala No. 214, 215

 

 

Specification of the Gala:

 

Roof

RCC

Flooring

IPS

Doors

Rolling Shutter

Windows

Aluminium

Fittings

Ordinary

Finishing

OBD Paint

 

 

House Tax:

 

Assessment No.

New Construction

Tax Paid in the name of

New Construction

Tax Amount

New Construction

 

 

Electricity Service Connection No.:

New Construction

 

 

Meter Card is in the name of

New Construction

 

 

How is the maintenance of the gala?

New Construction

 

 

Sale Deed Executed in the Name of

Konnecting India

 

 

What is the Undivided Area of Land

1115.24 Sq. Mtrs.

 

 

What is the Plinth Area of the Gala

1115.24 Sq. Mtrs.

 

 

What is the Floor Space Index (App.)

--

 

 

What is the Carpet Area of the Gala

929.36 Sq. Mtrs.

 

 

Is if Posh / I Class / Medium / Ordinary?

Medium

 

 

Is it being used for Residential or Commercial Purpose?

Commercial

 

 

Is it Owner-Occupied or let Out

Owner Occupied

 

 

If Rented, what is the monthly Rent?

--

 

 

Rate:

 

After analysing the comparable sale instances, what is the composite rate for a similar gala with same specifications in the adjoining locality?

Rs.20000/- per sq. mtr. Of built up area.

Assuming it is a new construction, what is the adopted basic composite rate of the gala under valuation after comparing with the specifications and other factors with the gala under comparison

Rs.27000/- per sq. mtr. Of built up area.

 

 

Break-Up for the Sale:

 

    iii.        Building + Services

Rs.11000/- per sq. mtr.

    iv.        Land + Others

Rs.9000/- per sq. mtr.

 

 

Guideline rate obtained from the Registrar’s Office (an evidence thereof to be enclosed)

Rs.20000/- per sq. mtrs.

 

 

Composite Rate Adopted After Depreciation:

 

Depreciated Building Rate

Rs.11000/- per sq. mtr.

Replacement Cost of Property With Services

Rs.12.268 Millions

Age of the Building

New Construction

Life of the Building Estimated

NA

Depreciation Percentage Assuming the Salvage Value

0%

Depreciated Ratio of the Building

Rs.11000/- per sq. mtr. of built up area

 

 

Total Composite Rate Arrived For Valuation:

 

Depreciated Building Rate VI (A)

Rs.11000/- per sq. mtr.

Rate For Land and others V (3) ii

Rs.9000/- per sq. mtr.

Total Composite Rate

Rs.20000/- per sq. mtr.

 

DETAILS OF VALUATION:

 

DESCRIPTION

 

QTY.

 

RATE PER UNIT RS.

 

ESTIMATED VALUE IN MILLIONS

 

Present Value of the Gala (Car Parking, If Provided)

1115.24 Sq. Mtrs.

Rs.20000/- Per Sq. Mtr.

22.305

 

 

 

 

Wardrobes

 

 

 

 

 

 

 

 

Considered in Rate Adopted for Valuation

 

 

 

Showcases

 

 

 

Kitchen Arrangements

 

 

 

Superfine Finish

 

 

 

Interior Decorations

 

 

 

Electricity Deposits/ Electrical Fittings, etc.

 

 

 

Extra Collapsible Gates/ Grill Works etc.

 

 

 

Potential Value, if Any

 

 

 

Others

 

 

 

 

TOTAL

 

 

22.305

SAY

 

 

22.300

 

 

VALUATION:

 

Here the approved valuer should discuss in detail his approach to valuation of property and indicate how the value has been arrived at, supported by necessary calculations. Also such aspects as impending threat of acquisition by government for road widening/public service purposes, submerging and applicability of CRZ provisions (distance from the sea coast/tidal level may be incorporated) and their effect on

 i) Saleability

ii) Likely Rental Values in future and

iii) Any likely income it may generate may be discussed.

 

As a result of my appraisal and analysis it is may considered opinion that the present market value of the above property in the prevailing condition with aforesaid specifications is Rs.22.300 Millions.

 

Distress Value Rs.15.600 Millions.

 

NOTE:

 

1.     Ground Floor is occupied, construction work is in progress for 1st and 2nd floor

2.     Gala No. 114 and 115 construction on 1st floor

3.     Gala No. 214 and 215 construction on 2nd floor

4.     Electricity not available on 1st and 2nd floor

5.     Stair case-finishing work completed

6.     Internal road-completed

7.     Occupancy certificate from competent authority received

 

VALUATION REPORT

 

Sub: Valuation of the property at Khar (West), Mumbai, viz Flat No. 102, First Floor, Aroma Co-operative Housing Society Limited, Near Domino’s Pizza, Plot No. 702, 14th Road, Khar (West), Mumbai-400 052, Maharashtra, India for private purpose.

 

Property Description

Flat No. 102, First Floor, Aroma Co-operative Housing Society Limited, Near Domino’s Pizza, Plot No. 702, 14th Road, Khar (West), Mumbai-400 052, Maharashtra, India

 

 

Date of Inspection

02/05/2013

 

 

Approach to Valuation:

 

Locality

The building is located in a well-developed high class residential locality of Khar (West), Mumbai, Nearest railway station in Khar on Western Railway route which is at about 2 Kms from the building. The locality is also well connected by roads with buses and taxis easily available from various points of the city upto the particular locality. Civic amenities such as banks, markets, schools, etc. are within a radius of 1-2 km from the building major land mark for the building is near Domino’s Pizza.

 

 

Building

The subject building is S+7 storied RCC framed structure constructed somewhere in the year 2002-03 or thereabout. As on date of inspection, the building was found to be in satisfactory maintained condition with repairs and maintenance being carried out at regular intervals by the society of the building, registered under Maharashtra societies act reg no. BOM/WH5/HSG (TC)/12138/20032004. The compound to the estate is pcc paved with a 6’ height burnt brick masonry compound wall all-around of the building. There are 2 nos. lifts present with in the building. The building is bounced as

 

Towards North

Prem Sagar Building

Towards South

Hicons Enclave

Towards East

Under Construction Building

Towards West

Road/Shiv Shakti

 

Latitude: 19º 04’06.79”N.

Longitude: 72º49’58.97”E.

 

Based on their experience and on inspection, they estimate the future life of the building, subject to proper repairs and maintenance as 45 years or thereabout.

 

 

Flat / Premises

The subject flat under consideration for valuation is located on the 1st Floor of the building. As on date of inspection the flat was found to be owner occupied. As verified form document provided to us, super built up area of the flat is 975 sq. fts. Or thereabout. The flat comprises of living room master bed room, bed room, kitchen and store room.

 

The floor to floor height of the premises is 9’6”. The premises has Italian marble flooring, wooden doors, aluminium framed glazed sliding windows, concealed wiring, 230/150 mm thick burnt brick masonry wall with plastered and distempered etc.

 

 

Valuation Motivation

Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsions.

 

For the purpose of valuation, they have adopted the comparable sale method of valuation, which they define as direct comparison of similar properties and making necessary adjustments with the subject so as to determine the value that the market would place on it. It is based on the principle of substitution and holds that the buyer will not be prepared to pay more for the subject previses than the price for which alternative comparable premises could be purchased.

 

Based on their research and information collected, they are of the opinion that the fair market rates for similar type of well-furnished interior premises on the 1st floor are varying anything around Rs.45000/- per sq. fts. On super built up area basis.

 

 

Realizable Value

Considering the factors as stated above, they are of the opinion that the realizable value of the aforesaid plot would be about 10% less than the fair market value, i.e. Rs.39.500 Millions

 

 

Distress Sale Value

Considering the factors as stated above, they are of the opinion that the realizable value of the aforesaid plot would be about 15% less than the fair market value, i.e. Rs.37.300 Millions

 

 

VALUATION REPORT

 

Purpose for which valuation is made

Bank Facility

Bank of India, Churchgate Branch

 

 

Date as on which valuation is made

18/04/2014

 

 

Name of the Owner/Owners

Mrs. Sapna Tarun Samat

Mr. Tarun M. Samat

 

 

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

Joint Ownership

 

 

Brief description of the property

Flat No. 102, Aroma CHSL, Plot No. 702, 14th Road, Khar (West), Mumbai-400052, Maharashtra, India

 

 

Location, Street, Ward No.

14th Road, TPS Khar of MCGM

 

 

Survey/ Plot No. of Land

Plot No. 702, Khar (West)

 

 

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

Residential Area

 

 

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

High Class

 

 

Proximity to civic amenities, like schools hospitals, flats markets, cinemas, etc.

Within radius of 1 to 1.5 Kms.

 

 

Means and proximate surface communication by which the locality is served

By autos, taxis, buses Khar railway station is 1 to 1.5 kms. From the premises

 

 

Land:

 

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

Land bearing Plot No. 702, Khar (West) is bounded as under:

East: Building under construction

West: Road, Shiv Shakti Building

North: Prem Sagar Building

South: Hicons Enclave

 

 

Road, Street or Lanes on which the land is abutting

14th Road, Khar (West), Mumbai, Maharashtra, India

 

 

Furnish technical details of the building on a separate sheet

Owner to submit on demand

 

 

Improvements:

 

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

Owner to submit on demand

 

 

Is the asset owner occupied / tenanted/both

Owner occupied

 

 

What is the floor space index permissible and percentage actually utilised?

As per the rules and guidelines of MCGM

 

 

Rents:

 

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

NA

 

 

Give details of water and electricity charges if any, to be borne by the owner

Water charges are paid by the owner through society, Electricity charges paid by owner as per bills

 

 

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

Owner through society

 

 

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

Owner through society

 

 

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

Owner through society

 

 

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

Owner

 

 

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

Owner

 

 

Is the building insured? If so, give the Policy No., Amount for which it is insured and the annual premium

No data available

 

 

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

No

 

 

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

Not applicable

 

 

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 are of land sold.

No data available

 

 

Property rate adopted for valuation

Rs.48000/- per sq. ft. (built up area as per society’s maintenance bill)

 

 

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

By making local enquiries

 

 

Cost of Construction:

 

Year of commencement of construction and year of completion

2000

 

 

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

Through contract

 

VALUATION:

 

Under instructions from Bank of India Churchgate Branch, they inspected the property, belonging to Mr. Manohar G. Samat and Mr. Tarun M. Samat, consisting flat No. 102, Aroma CHSL, Plot No. 702, 14th Khar (West), Mumbai-400052, Maharashtra, India on 18/04/2014, to ascertain its fair market value as on date.

 

The building was constructed in the year 2000 and is 14 years old. Its upkeep and maintenance is good. As such the building may last for further 56 years subject of proper maintenance.

 

The fair market value of the flat is assessed as under:

Fair market value of Flat No. 102: Rs.48000/- X 975 sq. ft. = Rs.46.800 Millions.

Reserved Parking (Lumpsum) = Rs.1.000 Million

 

Total Value = Rs.47.800 Millions

 

Distress Sale Value: Rs.33.500 Millions

 

Value as per ready reckoner rate = Rs.254400/- per sq. mtrs.

 

 

No. of Floor and Height of each Floor

Gr+7 Upper Floors

 

 

Plinth Area Floor wise (as per is 3861-1966)

975 sq. ft. built up area as per society maintenance bill

 

 

Year of construction

2000

 

 

Estimated future life

56 years if maintained well in future

 

 

Type of construction load bearing Wall / RCC Frame / Steel Frame

RCC Frame

 

 

type of foundations

RCC

 

 

Wall

 

1.     Basement and Plinth

 

9 “ Thick Brick Masonry

2.     Ground Floor

3.     Superstructure above Ground Floor

 

 

Partitions

6” Thick Brick Masonry

 

 

Door and Windows (Floor Wise)

Wooden Double Doors

 

 

Flooring (Floor Wise)

 

1.     Ground Floor

 

Marble

2.     1st Floor

3.     2nd Floor

 

 

Finishing (Floor Wise)

 

1.     Ground Floor

Neeru finished cement plaster with good quality plastic colour

2.     1st Floor

3.     2nd Floor

 

 

Roofing and Terracing

RCC slab with water proofing treatment

 

 

Special architectural or decorative features, if any

Good Paint, Furniture, False

 

 

Internal wiring surface or conduit

Concealed

 

 

Class of fittings superior/ ordinary/ poor

Superior

 

 

Sanitary Installation

 

1.     No. of Water Closets

5

2.     No. of Lavatory Basins

2

3.     No. of Urinals

--

4.     No. Sinks

1

5.     No. of Bath Tubs

2

6.     No. of Bidets

--

7.     No. of Geysers

2

 

 

Class of fittings, superior coloured/ superior white/ ordinary

Superior

 

 

 

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

 

FIXED ASSETS:

 

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Computers

 

 

 

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.59.14

UK Pound

1

Rs.99.02

Euro

1

Rs.80.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT/ TPT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

34

 

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.