MIRA INFORM REPORT

Report Date :

16.10.2014

IDENTIFICATION DETAILS

Name :	AM SYNERGY PRIVATE LIMITED
Registered Office :	4, North View, Opposite L D Engineering Hostel, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.09.2000
Com. Reg. No.:	04-038729
Capital Investment / Paid-up Capital :	Rs. 9.140 Millions
CIN No.: [Company Identification No.]	U51311GJ2000PTC038729
IEC No.:	0802008321
PAN No.: [Permanent Account No.]	AADCA0016E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Garments [Denim Jeans].
No. of Employees :	152 (Approximately) [2 in Office and 150 in Factory]

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 company having satisfactory track record. The rating takes into consideration company’s healthy operational performance supported by fair profitability levels and sound capital base of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 :	A N Shaikh
Designation :	Accountant
Contact No.:	91-9879001994
Date :	14.10.2014

LOCATIONS

Registered Office :	4, North View, Opposite L D Engineering Hostel, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-30071076
Mobile No.:	91-9879001994 [A N Shaikh]
Fax No.:	91-79-30071076
E-Mail :	pinakincs@yahoo.com info@amsynergy.com
Area :	1700 Sq. ft.
Location :	Owned
Factory :	Shed No. 2, Chandramanu Estate, Tragad IOC, Tragad, Ahmedabad, Gujarat, India
Tel. No.:	91-79-32930690
Area :	15000 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 11.07.2013

Name :	Mr. Aanal Rajendra Bhow
Designation :	Director
Address :	B-4, Parul Appartment, Bh. Commerce College Hostel, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	06.09.1966
Qualification :	B. Com
Experience :	25 Years
Date of Appointment :	29.09.2002
PAN No.:	AFAPB6105L
Passport No.:	K 4368471
DIN No.:	00231463
Name :	Mr. Rajendra Panalal Bhow
Designation :	Director
Address :	301, Shitalbag Appartment, Near Parimal Crossing, Paldi, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	13.07.1938
Qualification :	Diploma in Textile Technology
Experience :	45 Years
Date of Appointment :	29.09.2000
Passport No.:	K 9381692
DIN No.:	02372455

KEY EXECUTIVES

Name :	A N Shaikh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.07.2013

Names of Shareholders	No. of Shares
Aanal Rajendra Bhow	802500
Harchandrai Dayaram	10
Kuntal Aanal Bhow	56500
Malav R Bhow	2450
Rajendra P Bhow	52500
Ramchand Co., India	10
Reema R Sujnani	10
Sanker Sales Agency, India	10
Saurin K Bhow	10
Total	914000

AS ON 11.07.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Garments [Denim Jeans].
Exports :
Products :	Denim Jeans
Countries :	· Germany · Dubai [UAE] · France
Terms :
Selling :	Credit [60 Days]
Purchasing :	Credit [60 Days]

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Denim Jeans	20000 Pcs/ month	15000 Pcs/ month

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

152 (Approximately) [2 in Office and 150 in Factory]

Bankers :

· Small Industries Development Bank of India

SIDBI Tower, 15 Ashok Marg, Lucknow - 226001, Uttar Pradesh, India

· Bank of Baroda

Bhadra Branch, Opposite Dinbai Tower, Lal Darwaja, Ahmedabad - 380001, Gujarat, India

Facilities :

Cash Credit Limit = Rs. 12.500 Millions [From Bank of Baroda]

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks	4.201	5.155
From Others	0.000	0.142
SHORT TERM BORROWINGS
Bank of Baroda Cash Credit [Against hypothecation of Book Debts, Stock and Plant and Machineries, Security by way of equitable mortgage of office premises of one of the Directors]	12.469	12.560
Total	16.670	17.857

Banking Relations :	--
Auditors :
Name :	Manoj N Pandya and Company Chartered Accountants
Address :	T/F/1/A 3rd Floor Malak Complex, Opposite Loha Bhavan, Near Old High Court, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27542770/ 30000670
Income-tax PAN of auditor or auditor's firm :	ABEPP8847P
Enterprise over which key management personnel exercise significant influence :	· AM Clothing Inc. Activity: Trading of Fabrics and Garments · Denifine Line

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions
150,000	Preference Shares	Rs. 10/- each	Rs. 1.500 Millions
	Total		Rs. 11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
914,000	Equity Shares	Rs. 10/- each	Rs. 9.140 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.140	9.140	5.640
(b) Reserves & Surplus	8.298	6.443	4.669
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17.438	15.583	10.309
(3) Non-Current Liabilities
(a) long-term borrowings	13.502	11.099	9.701
(b) Deferred tax liabilities (Net)	1.670	1.496	1.249
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.172	12.595	10.950
(4) Current Liabilities
(a) Short term borrowings	12.746	12.845	12.452
(b) Trade payables	32.757	24.520	18.985
(c) Other current liabilities	9.471	6.203	7.126
(d) Short-term provisions	5.856	2.729	2.110
Total Current Liabilities (4)	60.830	46.297	40.673
TOTAL	93.440	74.475	61.932
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.992	21.150	22.522
(ii) Intangible Assets	0.164	0.003	0.011
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.609	4.687	0.789
(e) Other Non-current assets	0.000	0.000	0.160
Total Non-Current Assets	26.765	25.840	23.482
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	36.816	29.173	22.567
(c) Trade receivables	22.717	14.608	10.482
(d) Cash and cash equivalents	0.825	0.283	0.389
(e) Short-term loans and advances	6.317	4.571	5.012
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	66.675	48.635	38.450
TOTAL	93.440	74.475	61.932

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	117.286	125.993	67.210
		Other Income	0.037	0.016	0.009
		TOTAL (A)	117.323	126.009	67.219
Less	EXPENSES
		Cost of Materials Consumed	67.765	79.525	18.537
		Purchases of Stock-in-Trade	0.004	0.031	0.049
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.106)	0.741	(0.588)
		Employees benefits expense	19.844	11.684	12.342
		Other expenses	27.592	24.288	29.844
		TOTAL (B)	108.099	116.269	60.184
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.224	9.740	7.035
Less	FINANCIAL EXPENSES (D)		4.953	5.586	4.955
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.271	4.154	2.080
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.475	1.517	1.505
	PROFIT BEFORE TAX (E-F) (G)		2.796	2.637	0.575
Less	TAX (H)		0.940	0.863	0.434
	PROFIT AFTER TAX (G-H) (I)		1.856	1.774	0.141
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	41.188	19.412	3.194
	IMPORTS
		Accessories	1.944	0.515	0.000
	Earnings Per Share (Rs.)		2.03	1.88	0.25

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.58	1.41	0.21
Net Profit Margin (PBT/Sales)	(%)	2.38	2.09	0.86
Return on Total Assets (PBT/Total Assets}	(%)	2.99	3.54	0.93
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.06
Debt Equity Ratio (Total Debt/Networth)		1.51	1.54	2.15
Current Ratio (Current Asset/Current Liability)		1.10	1.05	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.640	9.140	9.140
Reserves & Surplus	4.669	6.443	8.298
Net worth	10.309	15.583	17.438
Long-term borrowings	9.701	11.099	13.502
Short term borrowings	12.452	12.845	12.746
Total borrowings	22.153	23.944	26.248
Debt/Equity ratio	2.149	1.537	1.505

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.210	125.993	117.286
		87.462	(6.911)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	67.210	125.993	117.286
Profit	0.141	1.774	1.856
	0.21%	1.41%	1.58%

LOCAL AGENCY FURTHER INFORMATION

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

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UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
From Banks	8.364	5.288
Loans and advances from related parties	0.937	0.514
SHORT TERM BORROWINGS
ICICI Bank Limited OD	0.277	0.285
Total	9.578	6.087

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

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
LIABILITIES
Net worth	22.645	30.142	39.235	49.109
Term Liabilities	13.959	5.806	2.195	2.195
Current Liabilities	49.460	55.914	54.878	54.116
TOTAL	86.065	91.862	96.308	105.420
ASSETS
Net Fixed Assets	21.606	20.057	18.507	19.332
Current Assets	64.458	71.805	77.801	86.087
Non-Current Assets	0.000	0.000	0.000	0.000
Intangible Assets	0.000	0.000	0.000	0.000
TOTAL	86.065	91.862	96.308	105.419

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FINANCIAL POSITION

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
1	Current Assets	64.458	71.805	77.801	86.087
2	Current Liabilities	49.460	55.914	54.878	54.116
3	Contribution to Working Capital [1 - 2]	14.998	15.891	22.923	31.971
4	Net Fixed Assets	21.606	20.057	18.507	19.332
5	Term Liabilities	11.132	4.275	1.694	1.694
6	Contribution to Fixed Capital [4 - 5]	10.474	15.782	16.813	17.638
7	Funds Invested in Business [3+6]	25.472	31.673	39.736	49.610
8	Funds outside business/ in group companies/ non-current asset/ invested in shares etc.	0.000	0.000	0.000	0.000
9	Funds borrowed from group Companies directors, friends, family members	2.827	1.531	0.501	0.501
10	Intangible Assets [Like goodwill, patents etc.]	0.000	0.000	0.000	0.000
11	Tangible Networth [7+8-9-10]	22.645	30.142	39.235	49.109
12	Net Sales [excl other income]	178.194	196.013	215.622	237.020
13	Cost of Sales	140.844	153.501	168.951	186.922
14	Gross Profit	37.350	42.512	46.671	50.098
15	Net Profit before tax	6.940	9.995	12.125	13.165
16	Provision for Investment Allowance	0.000	0.000	0.000	0.000
17	Depreciation for the year	1.550	1.550	1.550	1.675
18	Cash Profit	8.490	11.545	13.674	14.839
19	Dividend Payable / Paid	0.000	0.000	0.000	0.000
20	Provision for taxation	1.735	2.499	3.031	3.291
21	Funds retained in business	6.755	9.046	10.643	11.548

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RATIO ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
Current Ratio	1.30	1.28	1.42	1.59
Debt Equity Ratio [Total Outside Liabilities/ Tangible Networth]	2.80	2.05	1.45	1.15
Debt Equity Ratio [Total Term Liabilities plus Bank CC Limit/ Tangible Networth]	1.79	1.07	0.73	0.58
Debt Service Coverage Ratio	2.39	3.79	5.95	20.47
Profitability Ratios:
Gross Profit/ Sales %	20.96	21.69	21.64	21.14
Net Profit before Tax/ Sales %	3.89	5.10	5.62	5.55
Capital Employed	36.604	35.948	41.430	51.304
Net Profit/ Capital Employed %	18.96	27.80	29.27	25.66
Net Profit after Tax to tangible Networth %	22.99	24.87	23.18	20.11
Inventory to Net Sales – Month	2.37	2.37	2.38	2.39
Receivables to Net Sales – Month	1.08	1.08	1.08	1.08

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FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
1	Net Sales [Item 3 in Form IIA]	178.194	196.013	215.622	237.020
2	% rise [+]/ fall [-] in Net Sales	51.93	10.00	10.00	9.92
3	Profit before tax [+] or loss [-]	6.940	9.995	12.125	13.165
4	Net Profit [i.e. after tax]	5.205	7.496	9.093	9.874
5 a	Equity dividend declared	0.000	0.000	0.000	0.000
b	Equity dividend paid	0.000	0.000	0.000	0.000
c	Rate % of [a]	--	--	--	--
d	Rate % of [b]	--	--	--	--
6	Retained Profit	5.205	7.496	9.093	9.874
7	Retained Profit % of net profit	100.00	100.00	100.00	100.00
8	Tangible Networth	22.645	30.142	39.235	49.109
9 a	Total outside liabilities / tangible networth	1.79	1.07	0.73	0.58
b	Total liabilities / tangible networth	3.80	3.05	2.45	2.15
10 a	Bank Borrowings / Total outside liability	0.42	0.43	0.46	0.47
b	Net Sales/ Total tangible assets	2.07	2.13	2.24	2.25

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FINANCIAL PARAMETERS AND ASSESSMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
	BALANCE SHEET DATE/ CAPITAL STRUCTURE
A	Equity Share Capital	9.140	9.140	9.140	9.140
	Preference Share Capital	0.000	0.000	0.000	0.000
	Reserves and Surplus	13.505	21.002	30.095	39.969
	Tangible Networth	22.645	30.142	39.235	49.109
	Term Loans	0.000	0.000	0.000	0.000
	Unsecured Loans	0.000	0.000	0.000	0.000
	Capital Employed	22.645	30.142	39.235	49.109
	Net Block	21.606	20.057	18.507	19.332
	Funds invested Outside business	0.000	0.000	0.000	0.000
	Current Assets	64.458	71.805	77.801	86.087
	Current Liabilities	22.960	29.414	28.378	27.616
	Net Current Assets	41.498	42.391	49.423	58.471
B	Operational Data
	Gross Sales	178.194	196.013	215.622	237.020
	Less: Excise Duty / Sales Tax	0.000	0.000	0.000	0.000
	Net Sales	178.194	196.013	215.622	237.020
	Out of which Exports	0.000	0.000	0.000	0.000
	Other Income	0.000	0.000	0.000	0.000
	Cost of Sales	140.844	153.501	168.951	186.922
	Selling and Administrative Expenses	23.920	26.612	29.642	33.044
	Depreciation and P & P	1.550	1.550	1.550	1.675
	Interest	6.489	5.905	4.904	3.889
	Net Profit before tax	6.940	9.995	12.125	13.165
	Net Profit after tax	5.205	7.496	9.093	9.874
	Dividend	0.000	0.000	0.000	0.000
	Profitability Ratio
	Net Profit/ Sales %	2.92	3.82	4.22	4.17
	Net Profit / Capital Employed	30.65	33.16	30.90	26.81
	Stock/ Turnover Ratio – days	72	72	72	73
	Debtors / Turnover Ratio	45	45	45	45
	PAT / TNW %	22.99	24.87	23.18	20.11
	Current Ratio	1.30	1.28	1.42	1.59
	DER [Total Term Liabilities / Tangible Networth]	0.03	0.02	0.01	0.00
	DER / Total Outside Liabilities/ TNW	2.73	1.99	1.41	1.11

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
1	GROSS SALES
i)	Sales – Domestic	85.800	94.380	103.818	114.114
	- Export	70.200	77.220	84.942	93.366
ii)	Sales: Job Work	--	--	--	--
iii)	Export duty draw back	4.914	5.405	5.946	6.536
iv)	Sales: Laundry Job Work	17.280	19.008	20.916	23.004
v)	Development charges	--	--	--	--
	TOTAL	178.194	196.013	215.622	237.020
2	Less: Excise Duty	0.000	0.000	--	0.000
3	NET SALES [1-2]	178.194	196.013	215.622	237.020
4	Increase/ (Decrease) in Sales	51.9%	10.0%	10.0%	9.9%
5	COST OF SALES
i)	Raw Materials Consumed	87.360	96.096	105.706	116.189
	Laundry-Chemicals	5.376	5.914	6.506	7.154
ii)	Packing Material	1.560	1.716	1.888	2.075
iii)	Power	2.976	3.216	3.480	3.770
iv)	Fuel	2.554	2.809	3.091	3.398
v)	Payment to Employees	22.035	23.137	24.294	26.723
vi)	Sewing, Print, finish-outsource	11.520	13.920	16.560	19.440
vii)	Factory Rent	3.840	4.224	4.646	5.111
viii)	Other Manufacturing expenses	3.110	3.601	4.178	4.853
ix)	Depreciation	1.550	1.550	1.550	1.675
x)	P & P Expenses	--	--	--	--
	SUB-TOTAL	141.881	156.183	171.898	190.389
xi)	Add: Opening Stock in process	13.568	17.735	19.523	21.487
	SUB-TOTAL	155.449	173.918	191.421	211.876
xii)	Deduct: Closing Stock in process	17.735	19.523	21.487	23.799
	SUB-TOTAL	137.714	154.395	169.933	188.078
xiii)	Add: Opening Stock in finished	11.998	8.868	9.761	10.744
	SUB-TOTAL	149.712	163.263	179.695	198.821
xiv)	Deduct: Closing Stock in finished	8.868	9.761	10.744	11.899
xv)	SUB-TOTAL [Total Cost of Sales]	140.844	153.501	168.951	186.922
xvi)	Gross Profit	37.350	42.512	46.671	50.098
6	Selling and Administrative expenses
a	Selling	15.600	17.280	19.152	21.226
b	Administrative	8.320	9.332	10.490	11.819
c	P & P Expenses	--	--	--	--
	SUB-TOTAL	23.920	26.612	29.642	33.044
7	Operating Profit before Interest	13.430	15.900	17.029	17.053
8	Interest	--	--	--	--
a	On Working Capital	3.445	3.445	3.445	3.445
b	On Term Loan	0.748	0.502	0.293	0.124
c	Others	2.297	1.958	1.166	0.319
9	Operative Profit	6.940	9.995	12.125	13.165
10	Other Income/ Expenses	--	--	--	--
11	Net Profit before Tax	6.940	9.995	12.125	13.165
12	Provision for taxes	1.735	2.499	3.031	3.291
13	Provision for deferred taxes	--	--	--	--
14	Net Profit/ Loss	5.205	7.496	9.093	9.874
15	Deprecation during the year	1.550	1.550	1.550	1.675
16	Net Cash Accrual	6.755	9.046	10.643	11.548
17	Interest on Term Loan	3.044	2.460	1.459	0.444
18	Repayment of Term Loan	1.052	0.576	0.576	0.142
19	DSCR	2.39	3.79	5.95	20.47

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
	CURRENT LIABILITIES
1	Short-term borrowings from banks (including bills purchased, discounted and excess borrowing placed on repayment basis)
	(i) From applicant banks	26.500	26.500	26.500	26.500
	(ii) From other banks	--	0.000	0.000	0.000
	SUB TOTAL	26.500	26.500	26.500	26.500
2	SIDBI – Material purchase	0.000	0.000	0.000	0.000
3	Deposits [Maturing in one year]	0.000	0.000	0.000	0.000
4	Sundry Creditors Fabric/ accessories	11.115	12.227	13.449	14.783
	Laundry Chemicals	0.448	0.493	0.542	0.596
a	Sundry Creditors Expenses	3.993	4.532	5.133	5.801
5	Unsecured Loans – NBFCs	3.200	5.200	1.831	0.000
a	Unsecured Loans – Others [due within one year]	0.000	1.200	0.934	0.000
6	Advances from customers	0.000	0.000	0.000	0.000
7	Interest and other charges accrued and but not due	0.000	0.000	0.000	0.000
8	Provision for taxation	2.788	4.347	5.643	6.435
9	Dividend payable	0.000	0.000	0.000	0.000
10	Other statutory liabilities [due within one year]	--	--	--	--
11	Installments of term loans [due within one year]	0.672	0.672	0.238	0.000
12	Sub debts from SIDBI treated as [due within one year]	0.744	0.744	0.608	0.000
13	Other Current Liabilities and provisions	--	--	--	--
	SUB-TOTAL [B]	22.960	29.414	28.378	27.616
	TOTAL CURRENT LIABILITIES [A+B]	49.460	55.914	54.878	54.116
	TERM LIABILITIES
14	Debentures [not maturing within one year]	0.000	0.000	0.000	0.000
15	Preference Shares [redeemable after one year]	0.000	0.000	0.000	0.000
16	Borrowing from group cos./ directors	0.937	--	0.000	0.000
17	Term loans [excluding installments payable in one year]	0.718	0.142	0.000	0.000
18	Unsecured Loans – NBFCs [excluding installments due within one year]	6.031	1.831	0.000	0.000
a	Unsecured Loans – Others [due after one year]	2.827	1.531	0.501	0.501
19	Creditors for Capital Expenses	0.400	--	--	--
20	Other term liabilities – deferred tax liability	1.670	1.670	1.670	1.670
21	Sub debts from SIDBI treated as [due after one year]	1.376	0.632	0.024	0.024
	TOTAL TERM LIABILITIES [14 to 19]	13.959	5.806	2.195	2.195
	TOTAL OUTSIDE LIABILITIES [item 13+20]	63.419	61.720	57.073	56.311
	NET WORTH
22	Equity Share Capital	9.140	9.140	9.140	9.140
23	Preference Share Capital	0.000	0.000	0.000	0.000
24	Capital Subsidy	0.000	0.000	0.000	0.000
25	Development Rebate Reserve/ Investment Allowance	0.000	0.000	0.000	0.000
26	Other Reserves [excluding provisions]-Depreciation written	--	--	--	0.000
27	Surplus [+] or deficit [-] in Profit and Loss Account	13.505	21.002	30.095	39.969
a	Sub Debts from SIDBI treated Quasi Equity	--	--	--	--
28	NET WORTH [Total of items 22 to 27]	22.645	30.142	39.235	49.109
29	TOTAL LIABILITIES	86.065	91.862	96.308	105.420
	ASSETS
	CURRENT ASSETS
30	Cash and Bank Balance	1.018	0.923	1.154	1.337
31	Investments [other than long term investments]
a	Government and other Trustee securities	0.000	0.000	0.000	0.000
b	Fixed deposits with banks	0.000	0.000	0.000	0.000
32 a	Receivables other than deferred and exports [including bills purchased]	16.088	17.696	19.466	21.396
b	Export receivables [including bills purchased and discounted by banks]	5.850	6.435	7.079	7.781
c	Job work-Laundry	1.440	1.584	1.743	1.917
33	Installments of deferred receivables [due within one year]	0.000	0.000	0.000	0.000
34	Inventory
i	Raw Material including Stores and other parts used in the process of manufacturing	--	--	--	--
a	Indigenous-Fabric/accessories	8.060	8.866	9.753	10.720
b	Laundry-Chemicals	0.448	0.493	0.542	0.596
c	Packing Material	0.130	0.143	0.157	0.173
ii	Stock-in-process	17.735	19.523	21.487	23.799
iii	Finished goods [Traded]	8.868	9.761	10.744	11.899
	Total	35.241	38.786	42.683	47.187
35	Advances to suppliers and Other Deposits etc.	2.000	2.000	--	--
36	Advance Taxes/ TDS	2.822	4.381	5.677	6.469
37	Other current assets [specify major items]	0.000	0.000	0.000	0.000
38	TOTAL CURRENT ASSETS [TOTAL OF 30 TO 37]	64.458	71.805	77.801	86.087
	FIXED ASSETS
39	Gross Block [land and Building machinery, work in progress]	30.993	30.993	30.993	33.493
40	Depreciation to date	9.387	10.936	12.486	14.161
41	NET BLOCK [39-40]	21.606	20.057	18.507	19.332
	OTHER NON-CURRENT ASSETS
42	Investments/ book debts/ advances/ deposits which are not Current Assets
i.	a) Investments in subsidiary companies/ affiliates	0.000	0.000	0.000	0.000
	b) Others	--	--	--	--
ii	Advances to suppliers of capital goods and contractors	0.000	0.000	0.000	0.000
iii	Deferred receivables [maturity exceeding one year]	0.000	0.000	0.000	0.000
iv	Others	0.000	0.000	0.000	0.000
43	Non-consumables stores and spares	0.000	0.000	0.000	0.000
44	Other non-current assets [including dues from directors]	0.000	0.000	0.000	0.000
45	TOTAL OTHER NON-CURRENT ASSETS [Total of 42, 43, 44]	0.000	0.000	0.000	0.000
46	Intangible assets [patents, goodwill, preliminary expenses, bad/doubtful expenses not provided for etc.]	--	--	--	0.000
47	TOTAL ASSETS	86.065	91.862	96.308	105.419
48	TANGIBLE NET WORTH	22.645	30.142	39.235	49.109
49	NET WORKING CAPITAL [item 38-13]	14.998	15.891	22.923	31.971
	Current Ratio [38/13]	1.30	1.28	1.42	1.59
	Total Outside Liabilities – DTL/ Tangible Networth [18/44]	2.73	1.99	1.41	1.11

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015 Projections	2016 Projections	2017 Projections	2018 Projections
I	SOURCES
a	Profit after tax	5.205	7.496	9.093	9.874
b	Depreciation	1.550	1.550	1.550	1.675
A.	Gross Funds Generated	6.755	9.046	10.643	11.548
	Increase in Capital	0.000	0.000	0.000	0.000
	Increase in sub debt-SIDBI-quasi equity	--	--	--	--
	Increase in Capital Subsidy	0.000	0.000	0.000	0.000
	Increase Term Loans	0.000	0.000	0.000	0.000
	Increase in Unsecured Loans - NBFC	3.000	1.000	0.000	0.000
	Increase in Unsecured Loans – Others	--	--	--	--
	Increase in Unsecured Loans – Directors	0.000	0.000	--	--
	Increase in Term Liabilities	0.000	0.000	0.000	0.000
	Transfer of Reserve to P and L	0.000	--	0.000	0.000
	Decrease in:
a	Fixed Assets	0.000	0.000	0.000	0.000
b	Inter-Corporate Investments and Deposits	0.000	0.000	0.000	0.000
c	Non-Current Assets	0.000	0.000	0.000	0.000
B.	SUB-TOTAL	3.000	1.000	0.000	0.000
	Increase in Short term bank borrowings	13.754	0.000	0.000	0.000
	Increase in Current Liabilities	0.000	3.254	3.169	2.849
	Increase in Capital Reserve	0.000	0.000	0.000	0.000
	Decrease in inventory	1.575	0.000	0.000	0.000
	Decrease in receivables	0.000	0.000	0.000	0.000
	Decrease in other Current Assets [including Cash and Bank Balance]	4.914	0.000	0.473	0.000
C.	SUB-TOTAL	20.243	3.254	3.642	2.849
	TOTAL FUNDS AVAILABLE [A+B+C]	29.998	13.300	14.285	14.397
II	USES:
	Increase in Fixed Assets	0.000	0.000	0.000	2.500
	Decrease in:
a	Term Loans	1.148	0.672	0.672	0.238
b	Term Loans	0.000	0.000	0.000	0.000
c	Unsecured Loans - NBFC	5.288	3.200	5.200	1.831
	Unsecured Loans – Others	0.250	0.000	1.200	0.934
	Unsecured Loans – Directors	1.019	0.937	0.000	0.000
d	Term Liabilities	0.019	0.400	0.000	0.000
e	Creditors for Capital Expenses	--	--	--	--
f	Sub debt [Quasi equity]	0.750	0.744	0.744	0.608
	Increase in inter-corporate deposits	--	0.000	0.000	0.000
	Increase in Investments	0.000	0.000	0.000	0.000
	Increase in non-Current assets	0.000	0.000	0.000	0.000
D.	SUB-TOTAL	8.474	5.953	7.816	6.111
	Decrease in Short term bank	0.000	0.000	0.000	0.000
	Decrease in other current liabilities	20.864	0.000	0.000	0.000
	Increase in inventory	0.000	3.545	3.897	4.504
	Increase in receivables	0.661	2.338	2.572	2.807
	Increase in other current assets [including cash and bank balance]	0.000	1.464	0.000	0.975
E.	SUB-TOTAL	21.524	7.347	6.469	8.286
	TOTAL FUNDS USED [D+E+F]	29.998	13.300	14.285	14.397

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

NETWORTH STATEMENT

MR. AANAL RAJENDRA BHOW

(RS. IN MILLIONS)

BANK

Bank	Branch	SB Account No.	Present Balance	Last 6 Months Avg. Balance
ICICI Bank Limited	JMC House	SB 002401507151	Rs. 0.006 Million	Rs. 0.010 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	Own	1700 Sq. Ft.	Freehold	4, Northview II, Opposite LD Engineering Hostel, Navrangpura, Ahmedabad – 380009, Gujarat, India	9.000	Bank of Baroda, Bhadra Branch, Ahmedabad
	Own	400 Sq. Ft.	Freehold	716, Shiromani Complex, Satellite Road, Near Nehrunagar, Ahmedabad, Gujarat, India	2.500	SIDBI, Ahmedabad
Total					11.500

MOVABLE PROPERTY

INSURANCE POLICIES: NIL

SHARES / DEBENTURES / MUTUAL FUND ETC. (COPY OF DEMAT STATEMENT TO BE ENCLOSED)

Name of Company	No. of Shares	Whether fully paid (Yes/No)	Current Market value (Rs. In Millions)
San Blue Corporation Limited	300000	Yes	2.100

TERM DEPOSITS: NIL

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.: NIL

VEHICLES: NIL

JEWELLERY: NIL

CAPITAL INVESTED IN BUSINESS

[AS ON 31.03.2014]

Name of the Firm/ Company	Amount in Millions
AM Synergy Private Limited	8.025
Denifine Line	(1.895)

OTHER INVESTMENTS/ASSETS

Advance (AM Synergy Private Limited)

1.524

TOTAL OF ASSETS

RS. 21.254 MILLIONS

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Repayment of Terms	Outstanding Balance
Bajaj Finance	Business	3.700	House	10 Years	3.655

AS GUARANTOR

Name of the person to whom guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount in Millions	Outstanding Balance
AM Synergy Private Limited	Bank of Baroda	12.500	12.500
AM Synergy Private Limited	SIDBI	7.770	5.216
AM Synergy Private Limited	SBI	0.900	0.885
AM Synergy Private Limited	NBFCs	--	13.902

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status	Address
Kuntal A. Bhow	Housewife	Wife	40 Years	Married	B-4, Parul Apartments, Near Commerce Six Road, Navrangpura, Ahmedabad
Rahul A. Bhow	Student	Son	18 Years	Unmarried	B-4, Parul Apartments, Near Commerce Six Road, Navrangpura, Ahmedabad
Kalyani A. Bhow	Student	Daughter	14 Years	Unmarried	B-4, Parul Apartments, Near Commerce Six Road, Navrangpura, Ahmedabad

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

NETWORTH STATEMENT

MR. RAJENDRA PANALAL BHOW

(RS. IN MILLIONS)

BANK

Bank	Branch	SB Account No.	Present Balance	Last 6 Months Avg. Balance
State Bank of India	University Campus	SB 10073134413	Rs. 0.035 Million	Rs. 0.050 Million

DETAILS OF ASSETS

IMMOVABLE PROPERTY

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	1700 Sq. Ft.	Freehold	301, Shitalbaug Apartments, 11, Shitalbaug Society, Paldi, Ahmedabad – 380007	6.000	Free
	Own	400 Sq. Ft.	Freehold	B-4, Parul Apartment, Near Commerce Six Road, Navrangpura, Ahmedabad – 380009	6.500	Bajaj Finance Limited
Total					12.500

MOVABLE PROPERTY

INSURANCE POLICIES: NIL

SHARES / DEBENTURES / MUTUAL FUND ETC. (COPY OF DEMAT STATEMENT TO BE ENCLOSED)

Name of Company	No. of Shares	Whether fully paid (Yes/No)	Current Market value (Rs. In Millions)
Various Companies	--	Yes	0.665

TERM DEPOSITS: NIL

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.: NIL

VEHICLES: NIL

JEWELLERY

Particulars	Valuation [Approx.]
Gold	0.200

CAPITAL INVESTED IN BUSINESS

[AS ON 31.03.2014]

Name of the Firm/ Company	Amount in Millions
AM Synergy Private Limited	0.525

OTHER INVESTMENTS/ASSETS

Furniture

0.475

TOTAL OF ASSETS

RS. 14.365 MILLIONS

LIABILITIES

AS GUARANTOR

Name of the person to whom guaranteed	Name of the Bank/ Financial Institution	Guarantee Amount in Millions	Outstanding Balance
AM Synergy Private Limited	Bank of Baroda	12.500	12.500
AM Synergy Private Limited	SIDBI	7.770	5.216
AM Synergy Private Limited	SBI	0.900	0.885
AM Synergy Private Limited	NBFCs	--	13.902

LEGAL HEIRS

Name	Occupation	Relation	Age	Marital Status	Address
Pravina R. Bhow	Housewife	Wife	70 Years	Married	301, Shitalbaug Apartments, 11, Shitalbaug Society, Paldi, Ahmedabad – 380007
Aanal R. Bhow	Business	Son	49 Years	Married	B-4, Parul Apartment, Near Commerce Six Road, Navrangpura, Ahmedabad
Parul N. Kotlawala	Housewife	Daughter	47 Years	Married	--
Malav R. Bhow	Business	Son	40 Years	Married	301, Shitalbaug Apartments, 11, Shitalbaug Society, Paldi, Ahmedabad – 380007

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

VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To ascertain fair market value of property for Bank Loan from Bank of India

Date on which valuation is made

As on 11.09.2014

Name of the Owner

Mr. Rajendra Panalal Bhou

It the property is under Joint Ownership/ Co Ownership share of each such owners

Individual ownership property

Brief description of the property

The property is a Residential Flat situated on First Floor of three storied R.C.C. frame structure with R.C.C. slab masonry etc.

Location, Street, Ward No.

Flat No. B/4, Ground floor, [First Floor] Parul Apartments, B/h. Shamved Hospital, B/s. Ishita Tower, Stadium cross road to Commerce Six Road, Navrangpura, Ahmedabad - 380009

Survey/Plot No. of Land

Survey No. 183, F.P. No. 262 of T.P.S. No. 19 of Memnagar

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

Residential area

Classification of Locality – High class/ Middle Class/ Poor class etc.

Higher Middle Class locality

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

Available within nearby area

Means and proximity to surface by which the locality is served

Served by AMTS Bus services, Scooters auto rickshaws, etc.

Area of land supported by Documentary Proof Shape dimensions and physical

N.A. as composite rate method is adopted for valuation

Roads, Streets or Lanes on which the land is abutting

Abutting on Internal road of society and then T.P. Road

Is it freehold or leasehold land?

Freehold Land

Does the land fall in an area included in any Town planning scheme or any development Plan of Government or any statutory Body? If so give particulars

Included in T.P. Scheme 19 of Memnagar

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

Demands 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 (The Annexure to this Form may be used)

As per Technical details

Is the building owner-occupied/ tenanted/ both?

Owner occupied property

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

Fully owner occupied property

What is the floor space index permissible and percentage

One as to one point eight

RENTS

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

Not provided

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

As per AMC Tax Bill paid by owner

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

Not insured

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

Sale instances are based on jantri rate. Jantri rate is Rs. 12500/- per Sq. mt. It is only for collecting the stamp duty for registration. It does not reflect on Market value of the property.

Land rate adopted in this valuation or built up area rate

Super Built up area adopted is Rs. 40000/- per Sq. yd. of super built up area Flat is situated on ground [first] floor.

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 1972-73

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

By contract

PART II VALUATION

The Property under consideration is a Residential Flat situated at First Floor of three storied RCC frame structure with RCC slab. Is situates at Flat No. B/4, Block No. B, Parul Apartments, Purva Cooperative Society Limited, B/h. Shamved Hospital, B/s. Ishita Tower, Stadium Cross Road to Commerce Six Road, Navrangpura, Ahmedabad 380009. It is a bearing Survey No. 183, F.P. No. 262, T.P.S. No. 19 of Memnagar. It is owned by Mr. Rajendra Panalal Bhou.

Visited the property on 11.09.2014 for the purpose of valuation. The observation and scrutinies made as under. During visit owners representative remained present and furnished relevant data regarding the property.

The property is evaluated for the purpose of ascertaining fair market value for to enhance Bank loan from Bank of India, Bhadra, Ahmedabad.

The property is situated at well-developed residential and commercial area of Stadium Road, Navrangpura. All types of residential units like bungalows, tenements, row houses, low rise and high rise tower and commercial complexes like Shops, showrooms, offices, corporate houses etc. are constructed nearby area. All infrastructure facilities like hospitals, Temples, Garden, AMTS Bus Stand, BRTS Services, Schools, Petrol Pumps, Collages, Police Chowky etc. situated in nearby area.

Property is a residential flat on ground floor above H.P. It consists a drawing room, kitchen with dinning space, two bedrooms with attached toilet block, common toilet block etc. It is provided with vitrified ceramic tile flooring, granite top cooking platform in kitchen, wooden doors with wooden frame and fully glazed wooden and aluminum framed windows and concealed electric wiring etc. it is finished with smooth cement plaster to interior walls and double coat sand face plaster to exterior walls. It is also provided with common amenities like Hollow plinth, marginal land and common plot for parking, common compound wall, paved compound and margin, underground and overhead water tank, street light, water and drainage connection, fully glazed dedooing to the walls of kitchen and toilets etc. the carpet area of flat is 77.46 Sq. mt. As per present practice super built up area [saleable area] will be 140.00 Sq. yds.

It is surrounded by following boundaries:

East	Staircase and then Flat No. B/2 Lower Level
West	Common Plot and then T.P. Road
North	Flat No. B/3
South	Marginal land and Ishita Flats

This property as per Super Built up area rate method with considering prevailing land cost proportionate undivided land and depreciated construction cost.

VALUATION

Considering the type of construction, planning and design, age and future life of property depreciation, maintenance and renovation of property, specification and materials used there in and amenities available and property use. Estimated the valuation of property as under on valuation date

SR. NO.	DESCRIPTION	SALEABLE BA AREA IN SQ. YDS.	RATE PER SQ. YDS. IN RS.	TOTAL VALUE IN RS. IN MILLIONS
1	Flat No. B/4, Parul Apartments, Near Ishita Tower of Stadium Road, Navrangpura Ahmedabad	140.00	40000/-	Rs. 5.600 Millions

So. Estimated market value of above said property owned by Mr. Rajendra Panalal Bhou for Rs. 5.600 Millions only on valuation.

Realizable value of Property	Rs. 5.040 Millions [About 10% less than market value]
Distress sale value of Property	Rs. 3.920 Millions [About 30% less than market value]

TECHNICAL DETAILS

No of floors and height of each floor

- Basement

- Ground Floor

- First Floor

- Second Floor

- Third Floor

10.00

Plinth area –floor wise

- Basement

- Ground Floor

- First Floor

- Second Floor

- Third Floor

Carpet area 77.46 sq. mt. carpet area as per AMC tax bill = 92.66 Sq. yds. Equivalent to 140.00 Sq. yds. Super built up area as per present scenario of calculating super built up area from carpet area.

Year of Construction

About 1975 renovated before 2 years

Estimated future life

40 Years

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

RCC frame structure

Type of foundations

RCC and wall structure

Walls

- Basement

- Ground Floor

- Superstructure above

0’-9” thick brick masonry walls.

Partitions

- Basement

- Ground Floor

- First Floor

- Second Floor

- Third Floor

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

Flooring (Floor-wise)

- Basement

- Ground Floor

- First Floor

- Second Floor

- Third Floor

Vitrified ceramic tile Granite top cooking platform

Door and Windows

- Ground Floor

- First Floor

- Third Floor

Wooden door with wooden frame and fully glazed wooden framed windows.

Finishing (Floor Wise)

- Basement

- Ground Floor

- First Floor

- Second Floor

- Third Floor

Smooth cement plaster to interior wall with paint and sand face plaster to exterior walls with snow cem

Roofing and Terracing

RCC slab

Special Architectural or Decorative features, if any

Common outlook

Internal Wiring – Surface or Conduit

Concealed electrical wiring with light points

Sanitary Installations

- No. of water closets [Attached toilet block]

- No. of lavotary basins

- No. of urinals

- No. of sinks

- No. of bath tubs [Wash basins]

- No. of bidets

- No. of geysers

2 nos.

2 nos.

--

2 nos.

2 nos.

--

--

Class of fitting superior colored/ superior white/ ordinary

Good

Compound Wall

- Height and length

- Type of construction

9” thick brick masonry Common Compound wall

Underground sump, capacity and type of construction

Water Connection from AMC

Overhead Tanks

- Where located

- Capacity

- Type of construction

Common overhead water tank

--

--

Pump No and their horse power

--

Roads and Paving within the compound

Paved marginal land, common plot

Sewage Disposal/ Whether connected to public sewer. If septic tanks provide (No and Capacity)

Connected to AMC sewer mains

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

To ascertain fair market value of property for Bank Loan from Central Bank of India

Date of Inspection

03.03.2014

Date on which valuation is made

05.03.2014

List of documents produced for perusal

Xerox copy of Share Certificate, Approved plan, AMC Tax Bill, Electric bill etc.

Name of the Owner[s] and his / their address with Phone No. [details of share of each owner in case of joint ownership]

Mr. Aanalbhai Rajendra Bhou

[AM Synergy Private Limited]

Flat No. 4, Ground Floor, North View Cooperative Society Limited, Near Passport Office, Dr. S.R. Marg, Navrangpura, Ahmedabad - 380009

Brief description of the property

The Property is a Residential Flat situated on Second Floor of four storied R.C.C. frame structure with R.C.C. slab, beams, columns and brick masonry walls.

Location of property

- Plot No. / Survey No.

- Door No.

- T.S. No./ Village

- Ward/ Taluka

- Mandal/ District

F.P. No. 270, T.P.S. No.20 of Gulbai Tekara

Office No.4, Ground Floor

Navrangpura

--

Ahmedabad

Postal address of the property

Flat No. 4, Ground Floor, North View Cooperative Society Limited, Near Passport Office, Dr. S.R. Marg, Navrangpura, Ahmedabad - 380009

City/ Town

- Residential area

- Commercial area

- Industrial area

Ahmedabad

Residential – Commercial mixed area

Residential – Commercial mixed area

NA

Classification of the area

- High/ Middle / Poor

- Urban/ Semi Urban / Rural

Higher Middle Class for Residential use

Urban

Coming under Corporation limit/ Village Panchayat/ municipality

Situated within AMC limit

Boundaries of the property

- North

- South

- East

- West

As per Deed

Side marginal space

Flat No. 3

Rear Marginal Land

Way to Staircase

Dimensions of the site

North

South

East

West

A	B
As per the Deed	Actual
1575.00 Sq. ft. Super built up area	1575.00 Sq. ft. BA

Extent of the site

1575.00 Sq. ft. Super built up area

Extent of the site considered for Valuation [least of 13a and 13b]

1575.00 Sq. ft. Super built up area

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

Owner occupied

APARTMENT BUILDING

Nature of the Apartment

RCC frame structure

Location

- T.S. No.

- Block No.

- Ward No.

- Village / Municipality / Corporation

- Door No., Street or Road [Pin Code]

F.P. No. 270, T.P.S. No. 20 of Gulbai Tekara

AMC ten No. 00514-23-1231-0001-P.

--

H.L. College

--

Office No. 4, North View Apartments

Description of the locality Residential/ Commercial/ Mixed

Residential – Commercial Area

Year of Construction

Built in Year 1980

Number of floors

Three Storied

Type of structure

Lead bearing wall structure

Number of dwelling units in the building

Four flats-offices on each floor

Quality of Construction

Good quality and well maintained

Appearance of the building

Good

Maintenance of the Building

Maintained properly

Facilities available

- Lift

- Protected Water Supply

- Underground Sewerage

- Car Parking – Open / Covered

- Is compound wall existing?

- Is pavement laid around the Building?

1 No.

Common water connection

Common sewage connection

Marginal land for parking

Yes

No

FLAT / BUILDING

The floor in which the flat is situated

Three Floor

Door No. of the flat

Flat No. 4, Ground Floor, North View

Specifications of the flat

- Roof

- Flooring

- Doors

- Windows

- Fittings

- Finishing

RCC slab

Ceramic tile flooring

Wooden doors with wooden frame, partly glazed doors for cabins

Fully glazed wooden and aluminum framed windows with M.S. Gril

Concealed

Inside smooth cement and outside sand faced plaster

House Tax

Assessment No.

Tax paid in the name of

Tax amount

AMC ten No. 0514-23-1231-0001-Pof H.L. College ward

2013-2014

Mr. Aanalbhai Rajendrabhai Bhow

Rs. 0.054 Million

Electricity Service connection No.

479041

Meter Card is in the name of

Mr. Aanalbhai Rajendrabhai Bhow

How is the maintenance of the flat?

Well maintained tenement

Sale Deed executed in the name of

Mr. Aanalbhai Rajendrabhai Bhow

What is the undivided area of land as per Sale Deed?

NA

What is the plinth area of the flat/ Shop?

About 123.00 Sq. mt. + 147.00 Sq. Yds. – Super built up area 1575.00 Sq. ft.

What is the floor space index [app.]

1 : 1.2 at present 1.8

Is it Posh/ I Class/ Medium/ Ordinary?

First class

Is it being used for Residential or Commercial purpose?

Residential-Commercial mixed area

Is it Owner-occupied or let out?

Owner occupied property

MARKETABILITY

How is the marketability

Good

What are the factors favoring for an extra potential Value?

It is situated in developed Residential and Commercial area of Navrangpura, Near Passport office and abutting on main road Dr. Sr. Marg.

RATE

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

Sale instances are based on Jantri rate. It is guide line rate for collecting the stamp duty for registration. It does not reflect on Market value of the property. Jantri Rate for Residential flats in vicinity is Rs. 16000/- per Sq. mt. and office Rs, 29500/- per Sq. mt.

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

Prevailing Market rate for this type of old property as per nearby inquiry adopted basic rate for new construction Rs. 6000/- per Sq. ft.

Break-up for the rate

- Building + Services

- Land + Others

Rs. 1200/- per Sq. ft.

Rs. 4800/- per Sq. ft.

Guideline rate obtained from the Registrar’s

Rs. 16000/- per Sq. mt.

COMPOSITE RATE ADOPTED AFTER DEPRECIATION

Depreciated building rate

Rs. 980/- per Sq. ft.

Replacement cost of flat with Services

Rs. 4800/- per Sq. ft.

Age of the building

About 24 years

Life of the building estimated

36 years

Depreciation percentage assuming the salvage value as 10%

1.25 % per year

Depreciated Ratio of the building

30%

Total composite rate arrived for valuation

- Depreciated building rate VI [a]

- Rate for land and other V [3] ii

- Total Composite Rate

Rs. 840/- per Sq. ft.

Rs. 4800/- per Sq. ft.

Rs. 5640/- per Sq. ft. Say Rs. 5650/- per Sq. ft.

DETAILS OF VALUATION

SR. NO.	DESCRIPTION	QTY.	RATE PER UNIT RS.	ESTIMATED VALUE RS. IN MILLIONS
	Land area
1	Present value of flat	1575.00 Sq. ft.	Rs. 5650/- per Sq. ft.	Rs. 8.897 Millions
2	Wardrobes	1 No.	NA	NA
3	Showcases	NA	NA	NA
4	Kitchen arrangements	Lump sum	--	--
5	Superfine finish	NA	NA	NA
6	Interior Decorations	NA	NA	NA
7	Electricity deposits/ electrical fittings, etc.	NA	NA	NA
8	Extra collapsible gates/ grill works etc.	NA	NA	NA
9	Potential Value, if any	NA	NA	NA
10	Others	NA	NA	NA
	Total			Rs. 8.897 Millions

As per inquiry in nearby area the rate of this type of Residential flat is ranging from Rs. 5500/- to Rs. 6500/- per Sq. ft. of new construction, depending upon the situation, situation of floor, size of unit, development of nearby area, provision of common amenities, outlook of the building etc. the property is about 24 years old, situated on ground floor, and abutting on main T.P. Road, depreciated rate of flat of Rs. 5650/- per Sq. ft. yd. after deducting depreciation. The property is residential flat though it used as commercial property.

As a result of appraisal and analysis it is considered opinion that the present market value of the above property owned by Mr. Aanalbhai Rajendrabhai Bhow in the prevailing condition with aforesaid specifications is Rs. 8.897 Millions

Realizable value of property	Rs. 8.007 Millions [About 10% less than Market Value]
Distress Sale Value of property	Rs. 6.673 Millions [About 25% less than Market Value]

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413751	05/03/2013	3,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER,, 15 ASHOK MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	B71430342
2	10359588	12/06/2012	3,000,000.00	BANK OF BARODA	BHADRA BRANCH, BHADRA, AHMEDABAD, GUJARAT - 383001, INDIA	B41190893
3	10270520	04/03/2011	3,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOK MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	B07275605
4	10166168	29/06/2009	1,200,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	A64990526
5	10100036	21/12/2010 *	21,665,000.00	BANK OF BARODA	BHADRA BRANCH,LALDARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA	B02912715
6	10063070	01/02/2010 *	5,300,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWERS., 15, ASHOK MARG,, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A78272556

* Date of charge modification

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TRADE REFERENCES

· Arvind Limited

Address: Domestic Denim Marketing, Railwaypura Post, Naroda Road, Ahmedabad, Gujarat, India

Contact Person: M M Shah [91-79-30138213]

· Artex Apparels

Address: Plot No. 50, GIDC Apparel Park, SEZ Khokhra, Ahmedabad – 380008, Gujarat, India

Contact Person: Mr. Kalpesh Shah [91-9824257502]

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Equipment

· Electric Installation

· Furniture and Fixture

· Vehicles

· Computers

· Computer Software

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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 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. 61.11
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.68

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.