MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	NISARG TRADING COMPANY
Registered Office :	114/2, Old Madhupura, Ahmedabad – 380004, Gujarat
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Year of Establishment :	2009
Capital Investment :	Rs. 1.715 Millions
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Besan, Atta, Suji and Maida.
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 record. Profitability of the concern seems to be low during 2013. However, trade relations are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mitul Shah
Designation :	Partner
Contact No.:	91-9426766927
Date :	28.10.2014

LOCATIONS

Registered Office :	114/2, Old Madhupura, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-22172288
Mobile No.:	91-9427601802 [Mr. Bhupendra Shah] 91-9426766927 [Mr. Mitul Shah]
Fax No.:	Not Available
Location :	Rented

PARTNERS

Name :	Mr. Mitulkumar Bhupendrakumar Shah
Designation :	Partner
Date of Birth/Age :	29.02.1980
Qualification :	M. Com
PAN No.:	AHHPS5614G
Voter ID :	NOK1381557
Name :	Mr. Bhupendrabhai Chimanlal Shah
Designation :	Partner
Address :	38, Dhavalgiri Society, Gitanjali Nagar, Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	17.03.1951
PAN No.:	AEAPS1418Q

BUSINESS DETAILS

Line of Business :

Trader of Besan, Atta, Suji and Maida.

GENERAL INFORMATION

Suppliers :

Gayatri Industries, Unjha, Gujarat

Customers :

Neelkanth Traders, Ahmedabad

No. of Employees :

3 (Approximately)

Bankers :

· Sardar Vallabhbhai Sahakari Bank Limited

Panchwati Branch, Ahmedabad, Gujarat, India

Facilities :

(Rs. in Millions)

SECURED LOANS	31.03.2014 [Provisional]
S.V.S. Bank Loan A/c	0.053
Total	0.053

Banking Relations :	--
Auditors :
Name :	Mr. Rikin J. Shah Chartered Accountant

CAPITAL STRUCTURE

PARTNERS CAPITAL AS ON 31.03.2014 [PROVISIONAL]

PARTICULARS	RS. IN MILLIONS
Bhupendrabhai C. Shah	1.006
Mitulbhai B. Shah	0.709
TOTAL	1.715

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		1.715	1.311	1.147
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.922	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.637	1.311	1.147
LOAN FUNDS
1] Secured Loans		0.053	3.040	1.985
2] Unsecured Loans		2.434	2.462	0.834
TOTAL BORROWING		2.487	5.502	2.819
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.124	6.813	3.966
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.089	0.104	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.034	0.025	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.005	1.449	1.544
	Sundry Debtors	11.333	9.825	6.242
	Cash & Bank Balances	(3.079)	0.095	0.328
	Other Current Assets	(0.163)	0.000	0.000
	Loans & Advances	0.000	0.010	0.060
Total Current Assets		10.096	11.379	8.174
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.211	4.551	4.100
	Other Current Liabilities	0.884	0.117	0.108
	Provisions	0.000	0.027	0.000
Total Current Liabilities		5.095	4.695	4.208
Net Current Assets		5.001	6.684	3.966
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.124	6.813	3.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
	SALES
		Sales	49.527	76.326	62.699
		Other Income	0.012	0.088	0.107
		TOTAL	49.539	76.414	62.806
Less	EXPENSES
		Cost of goods sold	47.134	74.437	61.135
		Direct Expenses	0.165	0.000	0.000
		Bank charges	0.009	0.012	0.012
		Bank Interest	0.409	0.262	0.192
		Dalali Expenses	0.026	0.000	0.000
		Electric Expenses	0.006	0.009	0.000
		Insurance Expenses	0.019	0.024	0.010
		Interest Paid	0.457	0.309	0.087
		Office Expenses	0.029	0.031	0.000
		Partner Interest	0.187	0.101	0.109
		Petrol Expenses	0.018	0.014	0.030
		Rent Expenses	0.120	0.174	0.159
		Stamp Expenses	0.007	0.014	0.007
		Telephone Expenses	0.009	0.007	0.010
		Vatav	0.006	0.000	0.000
		Other Expenses	0.000	0.863	0.944
		TOTAL	48.601	76.257	62.695
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.938	0.157	0.111
Less/ Add	DEPRECIATION/ AMORTISATION		0.016	0.013	0.000
	NET PROFIT		0.922	0.144	0.111

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.86	0.19	0.18
Return on Total Assets (PBT/Total Assets}	(%)	9.05	1.25	1.36
Return on Investment (ROI) (PBT/Networth)		0.35	0.11	0.10
Debt Equity Ratio (Total Debt/Networth)		0.94	4.20	2.46
Current Ratio (Current Asset/Current Liability)		1.98	2.42	1.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Partners’ Capital	1.147	1.311	1.715
Profit and Loss Account	0.000	0.000	0.922
Net worth	1.147	1.311	2.637
Secured Loans	1.985	3.040	0.053
Unsecured Loans	0.834	2.462	2.434
Total borrowings	2.819	5.502	2.487
Debt/Equity ratio	2.458	4.197	0.943

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	62.699	76.326	49.527
		21.734	(35.111)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	62.699	76.326	49.527
Net Profit	0.111	0.144	0.922
	0.18%	0.19%	1.86%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 [Provisional]
Bajaj Finance	1.304
Gayatri Industries – Depo	0.316
HDP Finance	0.145
Rajendra Ambalal	0.030
Religare Finvest	0.619
Sureshkumar Shantilal	0.020
Total	2.434

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MR. BHUPENDRABHAI CHIMANLAL SHAH

COMPUTATION OF TOTAL INCOME

[RS. IN MILLIONS]

PARTICULARS

31.03.2013

INCOME FROM BUSINESS OR PROFESSION

Net Profit/ Loss as per Profit and Loss Account

0.095

Income received from Partnership Firms

Particulars	% Share	Interest	Salary	Expense	Share	Total
Nisarg Trading Company 114/2 Old Opposite Madhupura Clinic Ahmedabad 380004	50	0.064	0.221	0.000	0.072	0.357
Total		0.064	0.221	0.000	0.072	0.357

Total Income received from Partnership Firms

0.357

Less: Exempted Share Income

0.072

Total

0.285

Total Business Income

0.380

BUSINESS OR PROFESSION

0.380

GROSS TOTAL INCOME

0.380

DEDUCTION [CHAPTER – VI A] U/S 80

Under Section		Gross Amount	Qual Amount	Deduction
80C	Investments in LIP, PF,PPF etc.	0.056	0.056	0.056
	List of Investments:
	Life Insurance Policy	--	0.006
	Public Provident Fund	--	0.050
	1. 23.03.2013	0.050
	Total		0.056
80D	Medical Insurance Premium	0.011	0.011	0.011

DEDUCTION

0.068

NET INCOME AFTER DEDUCTION

0.312

COMPUTATION OF TAX LIABILITY

Tax on taxable income [Rs. 0.312 Million] at normal rate

0.006

Add: Education Cess @ 2%

0.000

Add; SHE Cess @ 1%

0.000

Tax Liability

0.006

Less: Tax deducted at source

Shree Krishna Roller Floor Mills Private Limited

0.004

Gayatri Industry

0.002

TAX REFUNDABLE

0.000

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

MR. MITULKUMAR BHUPENDRAKUMAR SHAH

COMPUTATION OF TOTAL INCOME

[RS. IN MILLIONS]

PARTICULARS

31.03.2013

INCOME FROM BUSINESS OR PROFESSION

Income received from Partnership Firms

Particulars	% Share	Interest	Salary	Expense	Share	Total
Nisarg Trading Company 114/2 Old Opposite Madhupura Clinic Ahmedabad 380004	50	0.037	0.221	0.000	0.072	0.331
Total		0.037	0.221	0.000	0.072	0.331

Total Income received from Partnership Firms

0.331

Less: Exempted Share Income

0.072

Total

0.258

Total Business Income

0.258

BUSINESS OR PROFESSION

0.258

GROSS TOTAL INCOME

0.258

DEDUCTION [CHAPTER – VI A] U/S 80

Under Section		Gross Amount	Qual Amount	Deduction
80C	Investments in LIP, PF,PPF etc.	0.130	0.130	0.100
	List of Investments:
	Life Insurance Policy	--	0.125
	Provident Fund	--	0.005
	Total		0.130
80D	Medical Insurance Premium	0.008	0.008	0.008

DEDUCTION

0.108

NET INCOME AFTER DEDUCTION

0.150

NET INCOME [ROUNDED OFF + 4]

0.150

COMPUTATION OF TAX LIABILITY

Tax on taxable income [Rs. 0.150 Million] at normal rate

0.000

TAX TO PAY / REFUND

0.000

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	Gross Sales
	Domestic Sales	60.000	69.000
	Export Sales	0.000	0.000
	Other Income	0.077	0.083
	Total Sales	60.077	69.083
2	Less: Excise Duty	0.000	0.000
3	Net Sales [1-2]	60.077	69.083
4	% rise [+] or fall [-] in net sales as compared to previous year	0.00	0.00
5	Cost of Sales
	i. Raw Material consumed	0.000	0.000
	ii. Other Manufacturing Expenses	0.000	0.000
	iii. Depreciation	0.013	0.011
	iv. Purchase for resale	57.674	65.629
	v. Sub-total	57.687	65.640
	vi. Add: Opening stock in process	0.000	0.000
	vii. Sub-total	57.687	65.640
	viii. Deduct: Closing stock in process	0.000	0.000
	ix. Cost of Production	57.687	65.640
	x. Add: Opening Stock finished Goods/ Import License/ Packing Material	2.005	3.000
	xi. Sub-total	59.693	68.640
	xii. Deduct: Closing Stock finished Goods/ Import License/ Packing Material	3.000	3.450
	xii. Total Cost of sales	56.693	65.190
6	Selling, General & Administrative Expenses	0.450	0.500
7	Sub-total [5+6]	57.143	65.690
8	Operating profit before interest [3-7]	2.934	3.393
9	Interest expenses	1.102	1.329
9 (a)	Interest on Partner Capital	0.200	0.240
10	Operating profit after interest [8-9]	1.632	1.823
11	1. Add: Other non-operating income
	(a) Interest on Loans and Advances	0.000	0.000
	(b) Miscellaneous Income	0.000	0.000
	Sub-total [Income]	0.000	0.000
	2. Deduct: Other non-operating expense
	(a) Loss on sale of fixed assets	0.000	0.000
	(b) Preliminary Expenses written off	0.000	0.000
	Sub-total [Expenses]	0.000	0.000
	3. Net of other non-operating incomes/ expenses [Net of 11[i] and 11[ii]]	0.000	0.000
12	Profit before Tax/Loss [10+11]	1.632	1.823
	Remuneration	0.000	0.000
	Profit after Remuneration	1.632	1.823
13	Provision for taxes	0.000	0.000
14	Net Profit / (Loss) after tax [12-13]	1.632	1.823
	1. Equity Dividend paid	0.000	0.000
	2. Dividend rate	0.000	0.000
18	Retained Profit [14-15]	1.632	1.823
19	Retained Profit / Net Profit (%)	0.00	0.00

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From Applicant bank	6.500	6.500
	(ii) From other banks	0.000	0.000
	(iii) Of which BP & BD	0.000	0.000
	SUB-TOTAL (A)	6.500	6.500
2	Short term borrowings from others	0.357	0.357
3	Sundry Creditors [Trade]	4.108	5.394
4	Advance payments from Customers	0.000	0.000
5	Provision for Taxation	0.000	0.000
6	Dividend Payable	0.000	0.000
7	Other statutory liabilities (due within one year)	0.000	0.000
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.960	1.359
9	Other current liabilities & Provisions (due within one year) (Specify major items)	0.096	0.100
	SUB-TOTAL (B)	5.521	7.210
10	TOTAL CURRENT LIABILITIES [1 to 9]	12.021	13.710
	TERM LIABILITIES
11	Debentures [Not maturing within one year]	0.000	0.000
12	Preference Shares [Redeemable after one year]	0.000	0.000
13	Term loans [excluding installments payable within one year]	0.000	0.000
14	Deferred payments credits [excluding installments due within one year]	0.000	0.000
15	Term Deposits [repayable after one year]	0.000	0.000
16	Other term liabilities [Unsecured Loan]	2.241	0.882
17	TOTAL TERM LIABILITIES [11 to 16]	2.241	0.882
18	TOTAL OUTSIDE LIABILITIES [10+17]	14.262	14.592
	NET WORTH
19	Ordinary Share Capital	2.598	3.630
19 (a)	Remuneration + Interest	0.200	0.240
20	Surplus (+) or deficit (-) in Profit & Loss Account	1.632	1.823
21	Addition	0.000	0.000
22	Withdrawal	(0.800)	(0.840)
23	NETWORTH	3.630	4.853
24	TOTAL LIABILITIES [18+24]	17.892	19.445
	CURRENT ASSETS
25	Cash & Bank balances	0.022	0.051
26	Investments [Other than trustee securities]
	(i) Government and Other Trustee securities	0.000	0.000
	(ii) Fixed Deposits with banks	0.000	0.000
27	(i) Receivables other than deferred and exports [including bills purchased/ discounted by banks]	14.795	15.879
	(ii) Export receivables [including bills purchased/ discounted by banks]	0.000	0.000
28	Installments of deferred receivable [due within 1 year]	0.000	0.000
29	Inventory
	(i) Stock-in-process
	ü Stock of raw material	0.000	0.000
	ü Stock in process	0.000	0.000
	ü Stock of finished goods	3.000	3.450
	ü Stock of consumables	0.000	0.000
30	Advances to suppliers of goods	0.000	0.000
31	Loans and advances/ Advance payment of Taxes	0.000	0.000
32	Other current assets [MODVAT receivables]	0.000	0.000
33	TOTAL CURRENT ASSETS [25 to 32]	17.817	19.381
	FIXED ASSETS
34	Gross Block [Land, Building, Machine etc. and Other work in progress]	0.117	0.117
35	Less: Depreciation to date	0.042	0.053
36	NET BLOCK	0.075	0.064
	Capital work in progress	0.000	0.000
	OTHER NON-CURRENT ASSETS
37	Investments/book debts /advances deposits which are not current assets
	(i) Investments in subsidiary companies/ affiliates	0.000	0.000
	(ii) Other investments	0.000	0.000
	(iii) Advances to suppliers of capital goods and contractors	0.000	0.000
	(iv) Deferred receivables [Maturity exceeding one year]	0.000	0.000
	(v) Others	0.000	0.000
38	Non Consumable Stores and Spares	0.000	0.000
39	Other non-current assets including due from Directors	0.000	0.000
40	TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000
41	Intangible Assets [patents, Goodwill, Preliminary expenses, Bad doubtful debts not provided for etc.]	0.000	0.000
42	TOTAL ASSETS [Total of 34, 37, 41 and 42]	17.892	19.445
43	TANGIBLE NET WORTH	3.630	4.853
44	NET WORKING CAPITAL	5.795	5.671
45	Current Ratio	1.48	1.41
45 (a)	DSCR	NA	NA
46	Total Outside Liabilities / Tangible Networth	3.31	2.83
47	Interest Service Coverage Ratio	2.25	2.16

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FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	SOURCES
	a. Net Profit after Tax	1.632	1.823
	b. Depreciation	0.013	0.011
	c. Increase in Capital	1.286	1.032
	d. Increase in Term Liabilities [including Public deposit]	0.000	0.000
	e. Decease in:
	ü Fixed Assets	0.000	0.000
	ü Other Non-Current assets	0.000	0.000
	f. Others	0.000	0.000
	TOTAL	2.931	2.867
2	USES
	a. Net Loss	0.000	0.000
	b. Decrease in Term Liabilities, Capital [including Public Deposits]	0.170	1.359
	c. Increase in:
	ü Fixed Assets	0.000	0.000
	ü Other Non-Current assets	0.000	0.000
	d. Withdrawals	(0.800)	(0.840)
	e. Others	0.000	0.000
	TOTAL	(0.630)	0.519
3	Long term Surplus [+], Deficit [-] [1-2]	3.561	2.348
4	Increase/ Decrease in Current Asset [As per details given below]	4.633	1.564
5	Increase/ Decrease in Current Liabilities other than Bank Borrowings	0.386	1.687
6	Increase/ Decrease in Working Capital Gap	4.247	(0.124)
7	Net Surplus [+]/ Deficit [-] [Difference of 3 and 6]	0.686	(2.472)
8	Increase/ Decrease in Bank Borrowings	3.338	0.000
9	Increase/ Decrease in Net Sales	10.489	9.006

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
	CURRENT ASSETS
1	Stock in Trade
	Stock of Raw Material	0.000	0.000
	[Days cost of purchases]	--	--
	Stock in process	0.000	0.000
	[Days cost of production]	--	--
	Stock of finished goods	3.000	3.450
	[Days cost of sales]	18	18
	Stock of consumables	0.000	0.000
	[Days cost of consumables]	--	--
2	Receivables other than export deferred receivables [including Bills purchase and discounted by banks]	14.795	15.879
	[Days Domestic Sales: Excluding Deferred Payment Sales]	90	84
3	Export receivables [Including Bills Purchase and Discounted by Banks]	0.000	0.000
	[Month Export Sales]	--	--
4	Advance to the Suppliers of Raw Materials and Stores, Spares and consumables	0.000	0.000
5	Other Current Assets including Cash and Bank Balance, Deferred receivables due within one year [Specify major items]	0.022	0.051
6	TOTAL CURRENT ASSETS [to Agree with item 34 in Form III]	17.817	19.381
	CURRENT LIABILITIES
	Other than Bank Borrowings for Working Capital
7	Sundry Creditors [Trade]	4.108	5.394
	[Days Purchases]	26	30
8	Advances from Customers	0.000	0.000
9	Statutory Liabilities	0.000	0.000
10	Other Current Liabilities [Specify Major Items]
	ü Short term Borrowings	0.000	0.000
	ü Unsecured Loans	0.000	0.000
	ü Dividend Payables	0.000	0.000
	ü Instalments of term loans, DPG Public deposits, debentures etc.	0.960	1.359
	ü Others	0.096	0.100
11	TOTAL CURRENT LIABILITIES [to Agree with Sub-Total B Form III]	5.165	6.853

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[FIRST METHOD OF LENDING]

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	Total Current Assets	17.817	19.381
2	Current Liabilities other than Bank Borrowings	5.521	7.210
3	Working Capital Gap	12.295	12.171
4	Minimum stipulated Net Working Capital	3.074	3.043
5	Actual / Projected NWC	5.795	5.671
6	Item 3 - 4	9.221	9.128
7	Item 3 - 5	6.500	6.500
8	Maximum Permissible Bank Finance	6.500	6.500

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[SECOND METHOD OF LENDING]

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	Total Current Assets	17.817	19.381
2	Current Liabilities other than Bank Borrowings	5.521	7.210
3	Working Capital Gap	12.295	12.171
4	Minimum stipulated Net Working Capital	4.454	4.845
5	Actual / Projected NWC	5.795	5.671
6	Item 3 - 4	7.841	7.326
7	Item 3 - 5	6.500	6.500
8	Maximum Permissible Bank Finance	6.500	6.500

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NETWORTH STATEMENT

MR. BHUPENDRABHAI CHIMANLAL SHAH

(RS. IN MILLIONS)

BANK ACCOUNT

BANK	BRANCH	S.B/ C.D A/C.	PRESENT BALANCE
Sardar Vallabhbhai Sahakari Bank Limited	Law Garden	4183	Rs. 0.002 Million

DETAILS OF ASSETS

VEHICLES

TYPE OF VEHICLE	REGISTRATION NO.	MODEL	YEAR OF MAKE	COST AT THE TIME OF PURCHASE	PRESENT VALUE
Activa Scooter	GJ-05.PD 8349	2013	2013	0.050	0.030

JEWELLERY

	QUANTITY	VALUATION [APPROX.]
Gold	100 Gms	0.300
Silver	500 Gms	0.100

CAPITAL INVESTED IN BUSINESS

NAME OF THE FIRM/ COMPANY	AMOUNT IN MILLIONS
Nisarg Trading Company	1.141

LEGAL HEIRS / FAMILY PARTICULARS

NAME	OCCUPATION	RELATION	AGE	MARITAL STATUS	ADDRESS
Pramilaben	Housewife	Spouse	56	Married	38, Dhavalgiri Society, D-Cabin, Sabarmati, Ahmedabad, Gujarat, India
Mitul Shah	Business	Son	34	Married
Mital Shah	Housewife	Daughter	29	Married

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

NETWORTH STATEMENT

MR. MITULKUMAR BHUPENDRAKUMAR SHAH

(RS. IN MILLIONS)

BANK ACCOUNT

BANK	BRANCH	S.B/ C.D A/C.	PRESENT BALANCE
Sardar Vallabhbhai Sahakari Bank Limited	Law Garden	4203	Rs. 0.002 Million

DETAILS OF ASSETS

VEHICLES

TYPE OF VEHICLE	REGISTRATION NO.	MODEL	YEAR OF MAKE	COST AT THE TIME OF PURCHASE	PRESENT VALUE
Activa Scooter	GJ-01-PD-2931	2013	2013	0.050	0.032
Indica	--	1999	1999	0.105	0.065

JEWELLERY

	QUANTITY	VALUATION [APPROX.]
Gold	100 Gms	0.300
Silver	100 Gms	0.050

CAPITAL INVESTED IN BUSINESS

NAME OF THE FIRM/ COMPANY	AMOUNT IN MILLIONS
Nisarg Trading Company	0.662

LEGAL HEIRS / FAMILY PARTICULARS

NAME	OCCUPATION	RELATION	AGE	MARITAL STATUS	ADDRESS
Mital Shah	Housewife	Spouse	29	Married	38, Dhavalgiri Society, D-Cabin, Sabarmati, Ahmedabad, Gujarat, India
Nisarg Shah	Student	Son	10	Unmarried
Riya Shah	Student	Daughter	6	Unmarried

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

NETWORTH STATEMENT

MRS. INDUBEN KIRTIBHAI SHAH

(RS. IN MILLIONS)

DETAILS OF ASSETS

ASSETS	OWN / JOINT NAME	AREA	FREE HOLD OR LEASE HOLD	LOCATION/ ADDRESS	PRESENT VALUE	WHETHER ENCUMBERED (GIVE DETAILS)
Non Agri. Land
i. Commercial	--	--	--	--	--	--
ii. Residential	--	--	--	--	--	--
Flat / House	Own	--	Freehold	F-23, Gitanjali Flat	0.100	0.500
Agri. Land	--	--	--	--	--	--
Others	--	--	--	--	--	--

JEWELLERY

	QUANTITY	VALUATION [APPROX.]
Gold	200 Gms	0.600
Silver	500 Gms	0.200

LEGAL HEIRS / FAMILY PARTICULARS

NAME	OCCUPATION	RELATION	AGE	MARITAL STATUS
Kirtibhai Shah	Service	Spouse	60	Married
N. Shah	Service	Son	27	Married

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

NETWORTH STATEMENT

MRS. PRAMILABEN BHUPENDRAKUMAR SHAH

(RS. IN MILLIONS)

BANK ACCOUNT

BANK	BRANCH	S.B/ C.D A/C.	PRESENT BALANCE
The Bhagyodaya Co-Op-Bank Limited	Sabarmati	--	Rs. 0.001 Million

DETAILS OF ASSETS

ASSETS	OWN / JOINT NAME	AREA	FREE HOLD OR LEASE HOLD	LOCATION/ ADDRESS	PRESENT VALUE	WHETHER ENCUMBERED (GIVE DETAILS)
Non Agri. Land
i. Commercial	--	--	--	--	--	--
ii. Residential	Own	--	Freehold	38, Dhavalgiri Society, Sabarmati, Ahmedabad	0.063	4.281
Flat / House	--	--	--	--	--	--
Agri. Land	--	--	--	--	--	--
Others	--	--	--	--	--	--

JEWELLERY

PARTICULARS	QUANTITY	VALUATION [APPROX.]
Gold	150 Gms	0.450
Silver	500 Gms	0.200
Others	--	0.100

LEGAL HEIRS / FAMILY PARTICULARS

NAME	OCCUPATION	RELATION	AGE	MARITAL STATUS	ADDRESS
Bhupendra Shah	Business	Spouse	63	Married	63, Dhavalgiri Society, D-Cabin, Sabarmati, Ahmedabad
Mitul Shah	Business	Son	34	Married
Mittal Shah	Housewife	Daughter in law	29	Married

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

VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To ascertain fair market value of property for Bank loan from Bank of India Ashram Road Branch

Date as on which valuation is made

As on 05.08.2014

Name of the Owner / Owners

Mrs. Induben Kirtikumar Shah

It the property is under Joint Ownership/ Co Ownership Share of each such owner

Ownership is as above

Brief description of the property

Property under valuation is a residential flat situate at Third floor in the residential scheme known as a Geetanjali Flats. It is abutting on TP road which is financially meets IOC road Chandkheda. R.C.C. frame structure having R.C.C. slab, beams, columns and brick masonry walls.

Location, Street, Ward No.

Block No. F, Flat No. 23, Third floor, Geetanjali Flats IOC road, Chenpur, Ahmedabad

Survey/Plot No. of Land

Survey No. 165, 171, 171/A, of mouje: Chenpur, Taluka: Duskroi, District: Ahmedabad

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

Residential – Commercial Mixed Area

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

Middle Class locality

Proximity to civic amenities like School, Hospitals, cinema etc.

Available within nearby distance

Means and proximity to surface communication by which the locality is served

Served by AMTS Bus Services, Scooters Auto Rickshaws, and private and public vehicles etc.

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

Sales compression method adopted.

Roads, Streets or Lanes on which the land is abutting

T.P. Road

Is it freehold or leasehold land

Freehold land

If leasehold the name of lesser/lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease.

ü Initial premium

ü Ground rent payable per annum

ü Unearned increase payable to lesser in the event of sale or transfer

Not provided

NA

NA

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

Demand not outstanding

Has the whole or part of the land been notified for acquisition by Government or any Statutory Body? Give date of the notification

No

IMPROVEMENTS

Furnish technical details of the building on a separate sheet

Property under valuation has RCC frame structure with Ground floor plus two story structure

Is the building owner-occupied / tenanted / both?

At the time of visit property is under possession with owner

If partly owner occupied, specify portion and extent of area under owner occupied

NA

What is the floor space index permissible and percentage

Actual details are not available

RENTS

Are any of the occupants related to or close

No

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

No

Give details of water and electricity charges. If any to be borne by the owner

Borne by owner

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

Borne by owner

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

Borne by owner

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

Borne by owner

Municipal Tenement No.: 0668-33-0283-0101-T, Tax Amount: Rs. 435/-.

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

Details not made available

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property Registration No. Sale price and area of land sold

Jantry Rate Rs. 7250/- Sq. Mt.

Land rate adopted in this valuation or super built up area rate

BA rate adopted is Rs. 20000/- per Sq. Yard

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

Prevailing market rate in vicinity

COST OF CONSTRUCTION

Year of commencement of construction and year of completion

About year 1980-81 [As per oral inquiry by client]

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

By contractor

PART II – VALUATION

The property under consideration is a Residential flat situates at 3^rd floor of Geetanjali Flats, Block No. F, Flat No. 23, IOC Road, Chenpur, Ahmedabad. It is three storied R.C.C. frame structure. It is bearing on Survey No. 165, 171, 171/A, Mouje: Chenpur, Taluka and District: Ahmedabad. It is owned by Mrs. Induben Kirtikumar Shah.

The purpose of valuation on 05.08.2014 the observations and scrutinizes made are as under. During visit, owner wife was remained present and furnished the relevant data regarding the property.

The property is evaluated for Bank loan from Bank of India – Ashram Road Branch.

The property under consideration is situated at very well and posh developed Residential – Commercial Mixed Area of Chenpur Ahmedabad. All types of residential units like bungalows, tenements, raw houses, low rise apartments and commercial complexes like Shops, Hospital building, showrooms, corporate offices, restaurants, petrol pumps etc are constructed nearby this area. All infrastructures facilities like hospitals, Temples, schools, petrol pumps, colleges, police choky, gardens, party plots etc. are available in surrounding area.

Property is under considered of DRG room, with toilet, kitchen with store etc. it is provided with Ceramic flooring. Wooden Doors with wooden frame and fully glazed wooden windows with wooden frame and open electric wiring etc. It is finished with smooth cement plaster to Interior walls and double coat sand face plaster to exterior wall. It is also provided with common amenities like road, paved compound, underground and overhead water tank, common parking, street light connection, water and drainage connection etc.

Remark – As the inquiry the rate of new flat is ranging from Rs. 15000/- to Rs. 20000/- per Sq. Yard. So they have considered depreciated rate of Rs. 20000/- Sq. Yard accordingly. At the time of visit property was under possession with owner.

The Property is surrounded with following Boundaries:

East	Flat No. 24
West	Flat No. 22
North	Margin and Another Block
South	Passage and stair case

This property by using composite rate method of valuation taking in to account the prevailing land cost and development expenses and construction cost.

Value of property

Considering the situation and locality of property, development of surrounding area, type of construction, planning and design, age and future life of property and specification of materials used therein and amenities provided, evaluate the property as under on valuation date. [Built up area taken in valuation]

SR. NO.	DESCRIPTION	SUPER BUILT UP AREA IN SQ. YARD	RATE PER SQ. YARD IN RS.	FAIR MARKET VALUE OF THE PROPERTY AMOUNT IN MILLIONS
1	Block No. F, Flat No. 23, Third Floor, Geetanjali Flats, IOC Road, Chenpur, Ahmedabad	27.00	20000	Rs. 0.540 Million
	Total			Rs. 0.540 Million

So Fair Market value of above said property owned by Mrs. Induben Kirtikumar Shah for Rs. 0.540 Million as on Valuation Date.

Market Value	Rs. 0.540 Million
Realizable Value	Rs. 0.486 Million [About 10% of less of Market Value]
Distress Sale Value	Rs. 0.432 Million [About 20% of less of Market Value]
Jantry Value	Rs. 0.196 Million

TECHNICAL DETAILS

No of floors and height of each floor

ü Basement

ü Ground Floor

Mezzanine within shed

ü First floor

ü Second floor

ü Third floor

3^rd Floor [9’-0”]

Plinth area floor wise

ü Basement

ü Ground Floor

ü First floor

ü Second floor

ü Third floor

Total – 27.00 Sq. Yard [22.57 Sq. Mt. BA as per Sale deed]

Year of Construction

Built in year about 1980-81

Estimated future life

About 26 years

Type of construction –load bearing walls/ RCC frame steel frame

RCC Frame Structure

RCC slab

Type of foundations

Wall and RCC footings

Walls

ü Basement or plinth

ü Ground Floor

ü Superstructure above

0’-9” 41/2” Thick brick masonry walls in C.M.

Partitions

ü Basement

ü Ground Floor

ü First floor

ü Second floor

ü Third floor

0’-6” thick brick masonry walls in cement mortar

Flooring (Floor-wise)

ü Basement

ü Ground Floor

ü First floor

ü Second floor

ü Third floor

Ceramic tiles flooring

Door and Windows

ü Ground Floor

ü First floor

ü Second floor

ü Third floor

Wooden doors and fully glazed wooden framed windows. Partly glazed wooden partitions with laminated top.

Finishing (Floor-wise)

ü Basement

ü Ground Floor

ü First floor

ü Second floor

ü Third floor

Smooth cement plaster to interior wall and sand faced plaster to exterior wall

Roofing and Terracing

RCC slab

Special architectural or decorative features, if any

NA

Internal wiring surface or conduit

Open copper wire electrical wiring with light points

Sanitary Installations

ü No. of water closets

ü No. of lavatory basins

ü No. of urinals

ü No. of sinks

ü No. of bath tubs

ü No. of bidets

ü No. of geysers.

1 toilet blocks

Class of fittings superior coloured/ superior white/ ordinary

Ordinary white

Compound Wall

ü Height and length

ü Type of construction

9” thick brick common compound wall with M.S. gate.

Underground sump, capacity and type of construction

Common underground water tank

Overhead tanks

ü Where located

ü Capacity

ü Type of construction

Common overhead tank

Pump No and their horse power

Required capacity

Roads and paving within the compound

Paved margin and basement for parking

Sewage disposal whether connected to public

Connected to Public Sewer Line.

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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. 61.41
UK Pound	1	Rs. 98.06
Euro	1	Rs. 77.19

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.