MIRA INFORM REPORT

Report Date :

22.03.2014

IDENTIFICATION DETAILS

Name :	ULTIMATE PACKAGING
Registered Office :	H-87, Sector 3, DSIDC Bawana Industrial Area, Delhi-110039
Country :	India
Financials (as on) :	31.03.2013
Year of Establishment :	2005
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
Tin No.:	07460301889
PAN No.: [Permanent Account No.]	AJWPG1629A
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer, Exporter and Trader of Packaging Materials and Non-Woven Bags.
No. of Employees :	7 + Job Worker [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for normal business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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. Amit Gupta
Designation :	Chief Executive Officer
Contact No.:	91-9911143377
Date :	20.03.2014

LOCATIONS

Registered Office :	H-87, Sector 3, DSIDC Bawana Industrial Area, Delhi-110039, India
Tel. No.:	Not Available
Mobile No.:	91-9911143377 [Mr. Amit Gupta]
Fax No.:	Not Available
E-Mail :	ultimatepackaging@gmail.com

SOLE PROPRIETOR

Name :	Mr. Nimit Gupta
Designation :	Proprietor
Address :	C-5/95-96, Ground Floor, Sector 11, Rohini, New Delhi-110085, India
Date of Birth / Age:	31.05.1985

KEY EXECUTIVES

Name :	Mr. Amit Gupta
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Packaging Materials and Non-Woven Bags.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Arihant Chemicals Associates Non-Woven Durga Brothers K.K. Non-Woven India Nirmal Fibres Private Limited Satyam Tradelinks India Shivam Enterprises Shree Jee Packers Sun Process
Customers :	Retailers and Others Green Village Agros Private Limited Shivam Offset Venus Incorporation Zooni Foods India Private Limited Sky Exim Private Limited Bush Foods Overseas Private Limited
No. of Employees :	7 + Job Worker [Approximately]
Bankers :	Bank of Baroda, Delhi, India HDFC Bank, Sector 11, Rohini, Delhi-110085, India MICR: 110240060 A/C No.: 03932000006706 Type: Saving IFSC Code: HDFC0000393 ECS Required: Yes Tel No.: 91-11-22513122 Mobile No.: 91-9911142277

Banking Relations :	--
Auditors :
Name :	R.C. Chadda and Company Chartered Accountants
Address :	A-5/24, Lal Quarter, 1^st Floor, Lalit Narket, Krishan Nagar, Delhi-110051, India
Tel No.:	91-11-22513122 / 22514159
Email:	rccanco@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2013

Capital Investment :
Owned :	Rs. 5.000 Millions
Borrowed :	--
Total :	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Proprietor Capital		5.000	4.636	3.246
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.000	4.636	3.246
LOAN FUNDS
1] Secured Loans		3.622	5.856	6.190
2] Unsecured Loans		0.000	0.000	1.700
TOTAL BORROWING		3.622	5.856	7.890
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.622	10.492	11.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.310	2.592	3.048
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.944	3.208	3.935
	Sundry Debtors	10.493	8.250	5.460
	Cash & Bank Balances	0.017	1.151	0.069
	Other Current Assets	0.281	0.483	0.431
	Loans & Advances	1.083	0.337	1.210
Total Current Assets		15.818	13.429	11.105
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.887	5.440	2.770
	Other Current Liabilities	(0.381)	0.089	0.247
	Provisions	0.000	0.000	0.000
Total Current Liabilities		10.506	5.529	3.017
Net Current Assets		5.312	7.900	8.088
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.622	10.492	11.136

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	29.047	27.329	44.302
		Other Income	0.036	0.005	0.710
		TOTAL	29.083	27.334	45.012
Less	EXPENSES
		Cost of goods sold	23.208	22.623	30.567
		Direct expenses	2.662	2.147	8.487
		Accounting charges	0.060	0.042	0.107
		Audit fees	0.028	0.020	0.029
		Bad debts	0.000	0.022	0.825
		Bank charges	0..055	0.000	0.058
		Bank interest	0.345	0.955	0.651
		Bonus	0.000	0.000	0.175
		Car repair and maintenance	0.095	0.045	0.098
		Cartage outward	0.035	0.002	0.000
		Consultation charges	0.007	0.000	0.000
		Commission	0.000	0.000	0.020
		Conveyance	0.094	0.038	0.105
		Designing expenses	0.011	0.005	0.014
		Discount and rejection charges	0.000	0.000	0.094
		Diwali expenses	0.029	0.015	0.065
		Electricity charges	0.100	0.032	0.141
		Freight outward	0.000	0.000	0.779
		Interest on car loan	0.040	0.026	0.032
		Miscellaneous expense	0.012	0.005	0.009
		Office expenses	0.008	0.000	0.000
		Office maintenance	0.028	0.000	0.014
		Postage expenses	0.011	0.009	0.019
		Printing and stationery	0.017	0.014	0.049
		Rent	0.335	0.173	0.307
		Rent godown	0.000	0.000	0.180
		Repair and maintenance	0.033	0.015	0.078
		Salary	0.480	0.140	0.465
		Salary to driver	0.120	0.055	0.108
		Sales promotion	0.053	0.025	0.195
		Security charges	0.072	0.010	0.125
		Staff welfare expenses	0.049	0.031	0.094
		Short and excess	0.000	0.000	0.001
		Telephone expenses	0.039	0.033	0.052
		Transport expenses	0.067	0.000	0.000
		Travelling expenses	0.058	0.047	0.202
		Water expenses	0.005	0.003	0.021
		TOTAL	28.156	26.532	44.166
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.927	0.802	0.846
Less/ Add	DEPRECIATION/ AMORTISATION		0.482	0.468	0.547
	NET PROFIT / (LOSS)		0.445	0.334	0.299

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.53	1.22	0.66
Net Profit Margin (PBT/Sales)	(%)	1.53	1.22	0.66
Return on Total Assets (PBT/Total Assets}	(%)	2.33	2.08	2.11
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.09
Debt Equity Ratio (Total Debt/Networth)		0.72	1.26	2.43
Current Ratio (Current Asset/Current Liability)		1.51	2.43	3.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Proprietor Capital	3.246	4.636	5
Reserves & Surplus	0.000	0.000	0.000
Net worth	3.246	4.636	5.000
Secured Loan	6.190	5.856	3.622
Unsecured Loan	1.700	0.000	0.000
Total borrowings	7.890	5.856	3.622
Debt/Equity ratio	2.431	1.263	0.724

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	44.302	27.329	29.047
		(38.312)	6.286

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	44.302	27.329	29.047
Profit	0.299	0.334	0.445
	0.67%	1.22%	1.53%

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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

• Air Conditioner
• Car Honda City
• Computer
• Furniture
• Godrej Refrigerator
• Heat Convector
• Mobile
• Laptop Compaq
• Motor Bike
• Plant and Machinery
• Offset Machine
• Stabilizer
• Tally Software

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

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

INCOME FROM BUSINESS OF PROFESSION (CHAPTER IV D)		0.445
Ultimate Packaging	0.445
Profit as per Profit and Loss A/C
Add:
Depreciation debited in Profit and Loss A/C	0.482
Total	0.927
Less:
Depreciation as per Chart u/s 32	0.482
GROSS TOTAL INCOME		0.445
Less: Deductions (Chapter VI-A)
u/s 80C
LIP	0.025
ULIP	0.025
Total	0.050
u/s 80D (Payment Rs.0.003 Million)	0.003
		0.053
TOTAL INCOME		0.392
ROUND OFF U/S 288 A		0.392

Adjusted total income (ATI) is not more than Rs.2.000 millions hence AMT not applicable.

Tax Due	0.019
Educational Cess	0.000
	0.019
Advance Tax	0.020
	(0.001)
Interest u/s 234 A/B/C	0.000
	(0.001)
REFUNDABLE (ROUND OFF U/S 288B)	0.001

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

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	PROJECTION	PROJECTION
Gross Sales
Domestic Sales	0.000	0.000
Export Sales	40.000	50.000
Total	40.000	50.000
Less: Excise Duty/WCT	0.000	0.000
Net Sales	40.000	50.000
% age rise (+) or fall (-) in net sales compared to previous year (annualized)	0.00	0.00
Cost of Sales
Purchase collaborations	37.256	41.375
Depreciation	0.750	0.625
Other direct expenses	3.500	4.000
Sub-Total	41.506	46.000
Add: Opening Stock in process	0.000	0.000
Sub Total	41.506	46.000
Less: Closing stock in process	0.000	0.000
Sub-Total (Cost of Production)	41.506	46.000
Add: Opening Stock of Finished Goods	3.944	9.000
Less: Closing Stock of Finished Goods	9.000	10.000
Sub-Total (Cost of Sales)	36.450	45.000
Selling, general and administrative Expenses	2.500	3.000
Operating profit before interest	0.000	0.000
Interest	0.400	1.000
Depreciation	0.000	0.000
Operating profit after interest and depreciation	0.650	1.000
Add: other Non-Operating Income
- Foreign Exchange Diff.	0.000	0.000
- Dividend Received	0.000	0.000
Sub-Total (Income)	0.000	0.000
Net of Other Non-Operating Income/Expenses	0.000	0.000
Profit before tax/Loss	0.650	1.000
Less: Provision for taxes	0.000	0.000
Net Profit	0.650	1.000
Retained Profit	0.650	1.000
Retained Profit / Net Profit (% age)	--	--

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	PROJECTION	PROJECTION
LIABILITIES
Proprietor Capital	7.000	8.000
Reserves and Surplus	0.000	0.000
SHAREHOLDERS FUND - A	7.000	8.000
Debentures	0.000	0.000
Term deposits from public	0.000	0.000
Term loans from banks	3.250	2.700
Loans from friends/relatives	0.205	0.205
TOTAL TERM LIABILITIES - B	3.455	2.905
CURRENT LIABILITIES
Unsecured borrowings from banks	0.000	0.000
Short term borrowings from banks	7.500	7.500
Sundry creditors	5.000	6.000
Other current liabilities / provisions	0.500	0.600
TOTAL CURRENT LIABILITIES - C	13.000	14.100
TOTAL OUTSIDE LIABILITIES (B + C)	16.455	17.005
TOTAL LIABILITIES (A + B + C)	23.455	25.005
CURRENT ASSETS
Cash and bank balance	0.200	0.300
Outstanding below 3 months	7.705	8.680
Finished goods	9.000	10.000
TOTAL INVENTORY	16.905	18.980
Other current assets	0.300	0.400
TOTAL CURRENT ASSETS - D	17.205	19.380
Fixed Assets
Gross Block	7.000	6.250
Depreciation charged upto date	0.750	0.625
NET FIXED ASSETS - E	6.250	5.625
TOTAL ASSETS (D + E )	23.455	25.005

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

ANALYTICAL AND COMPARATIVE RATIO

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	PROJECTION	PROJECTION
Tangible Networth	7.000	8.000
SALES [NET]
Domestic	0.000	0.000
Exports	40.000	50.000
Net profit loss before tax after depreciation	0.650	1.000
Net profit loss after depreciation / taxation	0.650	1.000
Depreciation provided for	0.750	0.625
Internal cash accruals	1.400	1.625
Cash generation	1.400	1.625
Working capital gap	11.705	12.780
Required net working capital	2.375	2.675
Actual net working capital	4.205	5.280
Excess finance	0.000	0.000
Net profit loss / net sales	0.163	0.200
Net sales gross fixed assets	0.159	0.178
Total outside liabilities / TNW	0.235	0.213
Debt equity ratio	0.49	0.36
Current ratio	1.32	1.37
Stock of finished goods in terms of
No. of months cost of sales	2.96	2.67
Sundry debtor in terms of
No. of months sales [gross]	2.31	2.08
Creditors for purchases in term of
No. of months purchase	1.61	1.74
GROSS SALES	40.000	50.000

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

FUNDS FLOW STATEMENT

(RS IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	PROJECTION	PROJECTION
LONG TERM SOURCES
Cash Accruals	1.400	1.625
Increase in capital	2.000	1.000
Increase in term loans	2.258	0.000
Decrease in fixed assets	0.000	0.750
Decrease in other non-current assets	0.000	0.000
TOTAL	5.658	3.375
LONG TERM USES
Decrease in term loans	0.000	0.550
Increase in fixed assets	3.209	0.000
Increase in non-current assets	0.000	0.000
TOTAL	3.209	0.550
LONG TERM SURPLUS/DEFICIT	2.449	2.825
SHORT TERM SOURCES
Increase in bank finance	5.075	0.000
Increase in creditors	0.000	1.000
Increase in other current liabilities	0.882	0.100
Decrease in other current assets	1.064	0.000
TOTAL	7.021	1.100
SHORT TERM USES
Decrease in creditors	5.888	0.000
Increase in inventory	2.450	2.075
Increase in other current assets	0.000	0.100
TOTAL	8.338	2.175
SHORT TERM SURPLUS/DEFICIT	(1.128)	(1.075)

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015
	PROJECTION	PROJECTION
Total Current Assets	17.205	19.380
Other Current Liabilities (Other than bank borrowings)	5.500	6.600
Working Capital Gap (WCG)	11.705	12.780
Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	4.301	4.845
Item 3 minus item 4	7.404	7.935
TURNOVER METHOD
Turnover	40.000	50.000
25% of Gross Turnover	10.000	12.500
5% or 6.25% of Gross Turnover 5% Taken	2.000	2.500
Actual Net Working Capital	4.205	5.280
Item 7 minus item 8	8.000	10.000
Item 7 minus item 9	5.795	7.220
Maximum permissible bank finance [item 5, 10 or 11 whichever is lower]	7.404	7.935

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

VALUATION REPORT

Purpose for which valuation is made	Fair Market Value
Date as on which valuation is made	26.02.2014
Name of the owner/owners	Mrs. Ritadevi W/O Mr. Mool Chand
If the property is under joint ownership / co-ownership, share of each such owner are the shares undivided?	Sole Owner
Brief description of the property	Commercial Shop on Ground Floor
Location, Street, Ward No.	CSC-I, Sector-C, Kondli Gharoli Complex, Mayur Vihar Phase III, Delhi
Survey/Plot No. of Land	Commercial Shop No. 6 on Ground Floor
Is the property situated in residential / commercial mixed area / industrial area?	Commercial Area
Classification of locality – high class / middle class / poor class	Middle Class
Proximity to civic amenities, like schools, hospitals, office, markets, cinemas etc.	Civic Amenities are available at 2-3 K M distance
Means and proximity to surface communication by which the locality is served	By Surface Transport
Area of land supported by documentary proof, shape, dimensions and physical feature	Covered area of Shop – 202.00 sq. ft. i.e. 18.77 sq. meters
Boundaries	North: Shop No. 5 South: Open Space East: Passage/Open Space West: Passage/Open Space
It is leasehold, the name of lessor / lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease	Freehold
Is there any restrictive covenant in regard to us of land?	For Shop Purpose
Does the land fall in an area included in any town planning plan of government or any statutory body? If so give particulars	Delhi Development Authority
A dimensioned site plan	Available with owner
Furnish technical details of the building on a separate sheet	Furnished in calculation sheet
Is the building owner occupied/tenanted both	Owner Occupied
What is the floor space index permissible and percentage actually utilized?	Within Permissible Limit
Give details of water and electricity charges, if any to be borne by the owner	Mrs. Ritadevi CRN No.: 1240037845
If pump is installed who has to bear the cost of maintenance and operation owner or tenant	Borne by the owner
Is the building insured, if so give the policy no. amount for which it is insured and the annual premium	To be insured of Rs.24.200 Millions
Give instances of sales of immovable property in the locality on a separate sheet indicating the name and address of the property registration no., sale price and area of land sold	Sale Instances are no Readily Available
If sales instances are not available or not relied upon, the basis of arriving at the land rate	Fair Market Value
Year of commencement of construction and year of completion	1995-96
What was the method of construction-by contract/by employing labour directly/both?	Purchase DDA Built-Up Property
For items of work done on contract, produce copies of agreement	As per contract
For items or work done by engaging labour directly, give basis rate of materials and labour supported by documentary proof.	As per contract
Technical Details
No. of floors and height of each, floor	Ground Floor: 10’ Height [G+1]
Plinth area floor-wise (As per IS, 3861-1966)	Covered Area of: 202.00 sq. ft. shop
Year of construction	1995-96
Estimated future life	43 Years
Type of construction load bearing wall / RCC frame / steel frame	RCC framed structure with load bearing walls
Type of foundations	RCC Column Footing and Open Spread up Foundation
Wall	Brick Wall in Cement Mortar
Partitions	Partition Wall in Cement Mortar
Doors, Windows, etc.	Wooden Steel Rolling Shutter and Aluminum Doors and Windows
Flooring [Floor-wise]	PCC Flooring
Finishing [Floor-wise]	Ordinary Cement Plaster with White Wash
Roofing and terracing	RCC Roofing
Internal wiring-surface or conduit	Conduit
Class of fittings, superior / ordinary / poor	Ordinary
Sanitary Installation	Common Facilities
Overhead tank	Common Facilities
Roads and paving within the compound approximate area and type of paving	PCC Paving
Sewage disposal if septic tanks provided, No. and capacity	Connected to public sewerage system

CALCULATION SHEET:

To assess the fair market value of Commercial Shop No. 6 on Ground Floor, CSC-I, Sector-C, Kondli Gharoli Complex, Mayur Vihar Phase-III, Delhi as on 26^th February, 2014.

The properties under references comprise of Commercial DDA Shop No. 6 on Ground Floor, CSC-1, Sector-C, Kondli Gharoli Complex, Mayur Vihar Phase-III, Delhi. At the request of Bank of India. Their civil engineer carried out visit of the site along with owner, identified the property and assessed the technical details of commercial DDA Shop based on information available. According to their market enquiry, the prevailing flat rate is ranging between Rs.22000.00 to Rs.30000.00 per sq. ft. depending upon its location and floor. Since the commercial flat is located on first floor, they have adopted rate @ Rs.27500.00 per sq. ft. and based on which value of property works out as under:

	Amount in Millions
COMMERCIAL SHOP ON GROUND FLOOR
Builp-up Area: 202.00 sq. ft. @ Rs.27500.00 per sq. ft.	5.555
TOTAL	5.555
SAY	5.560

CIRCLE RATE VALUATION
Category of locality	Commercial G-category
Plot area	Shop Area 202.00 sq. ft. i.e. 18.77 sq. meters
Share of ground floor shop @ 50%	9.39 sq. meters
Built up area	202.00 sq. ft. i.e. 18.77 sq. meters
Use factor	3
Structure type	RCC frame structure with load bearing wall
Structure type factory (SFT)	1
Year of construction	1995-96
Age factor	0.8
Multiplicative factory	0
Minimum rate of land	Rs.38500.00 per sq. meter
Cost of construction	Rs.6700.00 per sq. meter
COMPUTATION
a) Minimum cost of land [Proportionate area a minimum value of land rate per sq. yards x use factor]	9.39 sq. meters @ Rs.48200.00 per sq. meter X 3 – Rs.1.084 Millions
b) Minimum cost of construction [Cost of construction x Plinth Area x Age Factor x Set]	18.77 sq. meters @ Rs.6700.00 sq. meter x 0.8 = Rs.0.100 Million
Circle rate value (a + b)	Rs.1.184 Millions

In view of the above, the fair market value, realizable value, circle rate value vis-a-vis insurance value of the property are assessed at Rs.5.560 Millions, Rs.4.448 Millions, Rs.1.184 Millions and Rs.0.242 Million respectively.

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.61.05
UK Pound	1	Rs.100.81
Euro	1	Rs.84.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		45

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.