MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	SATYAM POLYESTER PRIVATE LIMITED

Registered Office :	‘Abhishek House', 4/3317 H.K. Street, Zampa Bazaar, Surat – 395003, Gujarat

Country :	India

Financials (as on) :	31.03.2014 (Provisional)

Date of Incorporation :	16.02.2012

Com. Reg. No.:	04-069068

Capital Investment / Paid-up Capital :	Rs. 0.100 Million

CIN No.: [Company Identification No.]	U17120GJ2012PTC069068

TAN No.: [Tax Deduction & Collection Account No.]	SRTS12047A

PAN No.: [Permanent Account No.]	AARCS0838E

Legal Form :	Private Limited Liability Company

Line of Business :	Trading of Yarn and Grey Fabrics.

No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Yet to commence its commercial operations

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a company incorporated as on February 16, 2012 whereas has not commenced any commercial operations as per the financial statement of 2013. Ms. Binali, Consultant provided information conforming that the company has not yet commenced its business operation and will start as and when the funds are available at companies end. Hence, payment terms are unknown. In view of non-commencement of any business activity albeit the promoter’s extensive experience, it is recommended to indulge into dealings as a matter of your confidence on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years. China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies. A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 :	Ms. Binali
Designation :	Consultant
Contact No.:	91-22-67085549
Date :	05.09.2014

LOCATIONS

Registered Office :	‘Abhishek House', 4/3317 H.K. Street, Zampa Bazaar, Surat – 395003, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9227899999 [Mr. Arvind Omprakash Varma]
Fax No.:	Not Available
E-Mail :	ashutosh_bliss@hotmail.com akaycorporate@gmail.com k_dalal@rediffmail.com
Location :	Rented

Corporate Office :	209/ L2, The Summit Business Bay, Samarth Nagar, Hanuman Road, Western Express Highway, Vile Parle [East], Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-67085549
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mrs. Sarla Rajkumar Varma

Designation :

Director

Address :

A-26, Bhagya Laxmi Society-1, Piplod, Surat – 395007, Gujarat, India

Date of Birth/Age :

01.06.1970

Qualification :

Graduation

Experience :

5 Years

Date of Appointment :

05.09.2013

PAN No.:

AICPV7936L

Voter ID No.:

GJ/24/168/435354

DIN No.:

02487058

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201GJ2007PTC051930	SATYAM SAI BUILDERS PRIVATE LIMITED	Director	26/11/2008	26/11/2008	01/09/2011	Active	NO
2	U18109GJ2011PTC065775	ANNU POLYESTERS PRIVATE LIMITED	Director	27/08/2011	27/08/2011	-	Active	NO
3	U17120GJ2012PTC069068	SATYAM POLYESTER PRIVTE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO
4	U17120GJ2014PTC079034	SATYAM WEAVING INDUSTRIES PRIVATE LIMITED	Director	07/03/2014	07/03/2014	-	Active	NO

Name :

Mr. Arvind Omprakash Varma

Designation :

Director

Address :

Sy. No. 2/86, B/H Prilimary School, Piplod, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

22.09.1966

Qualification :

Bachelor of Science [Hons], Mathematics.

Experience :

25 Years

Date of Appointment :

05.09.2013

PAN No.:

AISPV8225E

DIN No.:

05354265

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17120GJ2012PTC069068	SATYAM POLYESTER PRIVTE LIMITED	Director	05/09/2013	05/09/2013	Active	NO
2	U17120GJ2014PTC079034	SATYAM WEAVING INDUSTRIES PRIVATE LIMITED	Director	26/03/2014	26/03/2014	Active	NO

KEY EXECUTIVES

Name :	Ms. Binali
Designation :	Consultant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AFTER 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sarla Rajkumar Varma	10000	50.00
Arvind Omprakash Varma	10000	50.00

Total	20000	100.00

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Anandi Vinodrai Vashi	6000	60.00
Pyarelal Gulabchand Varma	4000	40.00

Total	10000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	40.00
Other top fifty shareholders	60.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Yarn and Grey Fabrics.

Terms :
Selling :	Credit [60 Days]

Purchasing :	Others

GENERAL INFORMATION

Suppliers :	· Recron Malaysia Shijiazhang Tangju Trade Co. Limited, China Tainjin Textile Group Import and Export Inc. China Boading Tianpeng Import and Export Group Corp. Limited, China Global Trade Well Pte, Limited, Singapore

Customers :	Wholesalers · Karan Fabrics Mamta Twister Bharat Textile Kamdar Textile Yashvi Yarns Private Limited

No. of Employees :	10 (Approximately)

Bankers :	· Bank of India Kanpith Lalgate, Post Box No. 226, Surat - 395003, Gujarat, India


Banking Relations :	--

Auditors :
Name :	Kothari Ajit and Company Chartered Accountants
Address :	A-615, Empire State Building, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-3013615/ 2325655
Mobile No.:	91-9825128062
E-Mail :	vimunna2000@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAJFK8065C

Associate :	Manisha Enterprise

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2014 [Provisional]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital			0.100
(b) Reserves & Surplus			0.116
(c) Money received against share warrants			0.000

(2) Share Application money pending allotment			0.700
Total Shareholders’ Funds (1) + (2)			0.916

(3) Non-Current Liabilities
(a) long-term borrowings			0.000
(b) Deferred tax liabilities (Net)			0.000
(c) Other long term liabilities			0.115
(d) long-term provisions			0.000
Total Non-current Liabilities (3)			0.115

(4) Current Liabilities
(a) Short term borrowings			0.000
(b) Trade payables			0.000
(c) Other current liabilities			0.000
(d) Short-term provisions			0.000
Total Current Liabilities (4)			0.000

TOTAL			1.031

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets			0.000
(ii) Intangible Assets			0.000
(iii) Capital work-in-progress			0.000
(iv) Intangible assets under development			0.000
(b) Non-current Investments			0.000
(c) Deferred tax assets (net)			0.000
(d) Long-term Loan and Advances			0.000
(e) Other Non-current assets			0.000
Total Non-Current Assets			0.000

(2) Current assets
(a) Current investments			0.000
(b) Inventories			0.000
(c) Trade receivables			0.000
(d) Cash and cash equivalents			1.031
(e) Short-term loans and advances			0.000
(f) Other current assets			0.000
Total Current Assets			1.031

TOTAL			1.031

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		(0.050)
4] (Accumulated Losses)		0.000
NETWORTH		0.050
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.115
TOTAL BORROWING		0.115
DEFERRED TAX LIABILITIES		0.000

TOTAL		0.165

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.165
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		0.165

MISCELLANEOUS EXPENSES		0.000

TOTAL		0.165

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]	31.03.2013
	SALES
		Income	0.525	0.000
		Other Income	0.000	0.000
		TOTAL	0.525	0.000

Less	EXPENSES
		Employee Benefit expenses	0.150	0.000
		Administrative and Selling Expenses	0.135	0.050
		TOTAL	0.285	0.050

	PROFIT/ (LOSS) BEFORE TAX		0.240	(0.050)

Less	TAX		0.074	0.000

	PROFIT/ (LOSS) AFTER TAX		0.166	(0.050)

	Earnings/ (Loss) Per Share (Rs.)		16.60	(5.00)

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]	31.03.2013
PAT / Total Income	(%)	31.62	0.00

Net Profit Margin (PBT/Sales)	(%)	45.71	0.00

Return on Total Assets (PBT/Total Assets}	(%)	23.28	(30.30)

Return on Investment (ROI) (PBT/Networth)		0.26	1.00

Debt Equity Ratio (Total Debt/Networth)		0.00	2.30

Current Ratio (Current Asset/Current Liability)		0.00	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014 Provisional
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	0.525

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014 Provisional
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	0.525
Profit/ (Loss)	(0.050)	0.166
		31.62%

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 two years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	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	Yes
34]	External Agency Rating, if available	No

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

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)

Unsecured Loans	0.115

Total	0.115

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

MRS. SARLA RAJKUMAR VARMA

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	2012-2013

Profits and Gains from Business and Profession			0.233

Satyam Builders Net Profit from Profit and Loss A/c		0.308
Add: Deprecation Disallowed		0.110
		0.418

Less: FDR Interest	0.075
Allowed Deprecation	0.110	0.185
		0.233

Income from other Sources			0.075
FDR Interest		0.075
		0.075

Gross Total Income			0.308

Total Income			0.308

Total Income rounded off u/s 288A			0.308

COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.308 Million		0.011
		0.011
Add: Education Cess @ 2%		0.000
		0.011
Add: Secondary and Higher Education Cess @ 1%		0.000
		0.011

Less: Tax Deducted at Source
Other Interest	0.007	0.007
		0.004

Add: Interest Payable
Interest u/s 234A	0.000	0.000
		0.004

Tax Rounded Off u/s 288B		0.004

Less: Self-Assessment Tax u/s/ 140A
HDFC Bank – 0510308 – 56072 – 15.10.2013	0.004	0.004

Tax Payable		0.000

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

MRS. SARLA RAJKUMAR VARMA

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		58.915
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		58.915
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		33.771
TOTAL BORROWING		33.771
DEFERRED TAX LIABILITIES		0.000

TOTAL		92.686

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.635
Capital work-in-progress		0.000

INVESTMENT		1.188
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	4.438
	Cash & Bank Balances	15.335
	Other Current Assets	3.299
	Loans & Advances	67.791
Total Current Assets		90.863
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		90.863

MISCELLANEOUS EXPENSES		0.000

TOTAL		92.686

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

MRS. SARLA RAJKUMAR VARMA

PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2013
	SALES
		Income	0.000
		Other Income	1.140
		TOTAL	1.140

Less	EXPENSES
		Purchase	0.407
		Repairs Expenses	0.034
		Salary Expenses	0.150
		Audit Fees	0.051
		Bank Charges	0.057
		Interest on OD	0.024
		TOTAL	0.723

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.417

Less/ Add	DEPRECIATION/ AMORTISATION		0.110

	NET PROFIT		0.307

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

MANISHA ENTERPRISE

PROPRIETOR: MR. ARVIND VARMA

PROVISIONAL BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Proprietors Capital		62.625	10.400
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		62.625	10.400
LOAN FUNDS
1] Secured Loans		2.139	2.205
2] Unsecured Loans		3.121	3.121
TOTAL BORROWING		5.260	5.326
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		67.885	15.726

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.499	5.899
Capital work-in-progress		0.000	0.000

INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.952	9.149
	Sundry Debtors	47.855	8.303
	Cash & Bank Balances	1.879	0.285
	Other Current Assets	0.000	0.000
	Loans & Advances	0.001	0.001
Total Current Assets		69.687	17.738
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		7.301	7.911
Net Current Assets		62.386	9.827

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		67.885	15.726

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

MANISHA ENTERPRISE

PROPRIETOR: MR. ARVIND VARMA

PROVISIONAL PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	190.252	80.254
		Other Income	0.000	0.000
		TOTAL	190.252	80.254

Less	EXPENSES
		Purchase	194.612	78.354
		Administrative and Selling Expenses	3.435	2.624
		Increase/ Decrease in Stock	(10.804)	(2.223)
		TOTAL	187.243	78.755

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.009	1.499

Less/ Add	DEPRECIATION/ AMORTISATION		0.484	0.567

	PROFIT BEFORE TAX		2.525	0.932

Less	TAX		0.000	0.000

	PROFIT AFTER TAX		2.525	0.932

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18

1	GROSS SALES
i)	Sales
	a) Domestic Sales	170.000	229.500	252.450	277.695
	b) Export Sales	--	--	--	--
	c) Sub-total [a+b]	170.000	229.500	252.450	277.695
	d) %age rise (+) or fall (-) in net sales as compared to previous year	--	35.00%	10.00%	10.00%
	Total	170.000	229.500	252.450	277.695

ii)	Other income
	a)Duty drawback	--	--	--	--
	b)Other	--	--	--	--
	c)Commission/Brokerage/interest	--	--	--	--
	d) Sub-total [a+b+c]	--	--	--	--

	Total [i] + [ii]	170.000	229.500	252.450	277.695

2	COST OF SALES
i)	Raw Material Consumed	184.450	216.878	238.565	262.422
	Domestic	184.450	216.878	238.565	262.422
	Imported	--	--	--	--
ii)	Other trading expenses [Process charges, carriage inward, comm, & brokerage on purchases, etc.]	3.400	4.590	5.049	5.554
iii)	Sub-total [i + ii]	187.850	221.468	243.614	267.976
iv)	Add: Opening stock	--	24.593	26.738	29.412
v)	Sub-total [iii + iv]	187.850	246.061	270.353	297.388
vi)	Less: Closing Stock	24.593	26.738	29.412	32.353
vii)	Sub-total [Total cost of sales] [v - vi]	163.257	219.323	240.940	265.034

3	Selling, General & Administrative Expenses (including bonus payments)	2.600	3.510	3.861	4.247

4	Operating Profit before interest & Depreciation [1(iii)-2(vii)-3]	4.143	6.667	7.649	8.413

5	INTEREST Exps.- Cash Credit Interest	1.680	2.520	2.520	2.520
	- LC Charges	0.650	0.900	0.900	0.900

6	DEPRECIATION	0.075	0.064	0.054	0.046

7	Operating profit after interest and depreciation [4-5-6]	1.738	3.184	4.174	4.947

8	(i) Add other non-operating income
	(a) Interest/ other	--	--	--	--
	(b) Currency Fluctuations	--	--	--	--

	Subtotal (income)	--	--	--	--

	(ii) Deduct other non-operating expense
	(a) Partners Remuneration	--	--	--	--
	(b)Interest on capital	--	--	--	--
	© Preliminary Exps.	--	--	--	--
	Subtotal (expenses)	--	--	--	--

	(iii) Net of other non-operating incomes/expenses (net of 8(i) & 8(ii))	--	--	--	--

9	Profit before tax/loss (7+8(iii))	1.738	3.184	4.174	4.947

10	Provision for tax	0.537	0.984	1.290	1.529

11	Net profit / (loss)[9-10]	1.201	2.200	2.885	3.419

12	(i) Equity dividend paid/ Drawings	--	--	--	--
	(ii) Dividend Rate	--	--	--	--

13	Retained Profit[11-12]	1.201	2.200	2.885	3.419

14	Retained profit / Net Profit (%age)	100%	100%	100%	100%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR NO	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18

	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	20.000	20.000	20.000	20.000
	(ii) From other banks	--	--	--	--
	(iii) of which EP & BD	--	--	--	--

	Sub Total (A)	20.000	20.000	20.000	20.000

2	Short term borrowings from banks (overdraft facility)	--	--	--	--

3	Sundry Creditors - Trade	5.950	5.942	9.150	12.941
	Creditors Against LC	25.000	25.000	25.000	25.000

4	Advance payments from customers/deposits from dealers	--	--	--	--

5	Provision for Taxation	0.537	0.984	1.290	1.529

6	Dividend Payable	--	--	--	--

7	Other statutory liabilities (due within one year)	--	--	--	--

8	Deposits/Installments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--	--	--

9	Other current liabilities & Provisions (due within one year)	3.500	4.000	4.500	5.000

	Sub Total (B)	34.987	35.926	39.940	44.470

10	Total Current Liabilities [total of 1 to 9]	54.987	55.926	59.940	64.470

	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--	--	--

12	Preference Shares (redeemable after one year)	--	--	--	--

13	Term loans (excluding installments payable within one year)	--	--	--	--

14	Business loan from financial institution	--	--	--	--

15	Term deposits (repayable after one year)	--	--	--	--

16	Other term liabilities
	(a) Unsecured loans from Friends & Relative & other term Liabilities	4.000	4.000	4.000	4.000

17	Total term liabilities (Total of 11 to 16)	4.000	4.000	4.000	4.000

18	Total Outside Liabilities [10+17]	58.987	59.926	63.940	68.470

	NET WORTH

19	Paid Up Capital	13.700	13.700	13.700	13.700

20	Share Application money	--	--	--	--

21	Deferred Tax Liabilities	--	--	--	--

22	Others	--	--	--	--

23	Surplus (+) or deficit (-) in Profit & Loss Account	1.201	3.401	6.286	9.704

24	Net worth	14.901	17.101	19.986	23.404

25	TOTAL LIABILITIES [18+24]	73.888	77.027	83.926	91.874

	CURRENT ASSETS

26	Cash & Bank balances	0.075	0.080	0.084	0.089

27	Deposits	6.250	6.250	6.250	6.250

28	Receivables	42.500	43.031	47.334	52.068

30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--	--
	(b) Indigenous	--	--	--	--
	(ii) Stock-in-process	--	--	--	--
	(iii) Other consumable stores
	(a) Imported	--	--	--	--
	(b) Indigenous	--	--	--	--
	(iv) Finished Goods	24.593	26.738	29.412	32.353

31	Advance to suppliers of Raw materials & stores/spares	--	--	--	--

32	Loans & Advances	--	--	--	--

33	Other current assets	0.045	0.566	0.538	0.853

34	Total Current asset [Total 26 to 33]	73.463	76.666	83.619	91.613

	FIXED ASSETS

35	Gross Block (land & building machinery vehicles work-in-progress)	0.500	0.500	0.500	0.500

36	Depreciation to date	0.075	0.139	0.193	0.239

37	NET BLOCK (35-36)	0.425	0.361	0.307	0.261

38	Investments/book debts /advances deposits which are not current assets

	i.(a)Investments in subsidiary companies/ affiliates	--	--	--	--
	(b)Others	--	--	--	--

	ii. Advances to suppliers of capital goods & contractors	--	--	--	--

	iii. Deferred receivables (maturity exceeding one year)	--	--	--	--

	iv. Others	--	--	--	--

39	Non consumables stores & spare	--	--	--	--

40	Other non-current assets (incl. Dues from director)	--	--	--	--

41	Total other non-current assets (Total of 38 to 40)	--	--	--	--

42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--	--	--

43	TOTAL ASSETS (Total of 34,37,41 & 42)	73.888	77.027	83.926	91.874

44	Tangible net worth (24-42)	14.901	17.101	19.986	23.404

45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	18.476	20.740	23.679	27.143

46	Current Ratio [34/10]	1.34	1.37	1.40	1.42

47	Total outside liabilities / Net worth (18/44)	3.96	3.50	3.20	2.93
	Quasi	2.91	2.65	2.50	2.35
	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--	--	--

	B. Contingent Liabilities:
	(a)Arrears of cumulative dividends	--	--	--	--
	(b)Gratuity liability not provided for	--	--	--	--
	(c)Disputed excise/ customs/tax liabilities	--	--	--	--
	(d)Other liabilities not provided for	--	--	--	--

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR NO	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18

1	SOURCES
	[a] Net profit (after tax)	1.201	2.200	2.885	3.419

	[b] Depreciation	0.075	0.064	0.054	0.046
	Partners' Salary & interest	--	--	--	--

	[c] Increase in Capital	13.700	--	--	--

	[d] Increased in Term Liabilities (incl. Public deposits)	--	--	--	--

	[e] Decrease in
	[i] Fixed Assets	--	--	--	--
	[ii] Other non-current Assets	--	--	--	--

	[f] Others (Unsecured Loans)	4.000	--	--	--

	[g] Total	18.976	2.264	2.939	3.465

2	APPLICATION
	[a] Net Loss	--	--	--	--

	[b] Decrease in Term Liabilities (Incl. Public deposits)	--	--	--	--

	[c] Increase in
	[i] Fixed Assets	(0.500)	--	--	--
	[ii] Other non-current Investment	--	--	--	--

	[d] Non-Current Asset	--	--	--	--

	[e] Others Deferred tax	--	--	--	--

	[f] Total	(0.500)	--	--	--

3	Long Term Surplus (+) / Deficit (-) (1 minus 2)	18.476	2.264	2.939	3.465

4	+ / (-) in current assets * ( As per details given below)	73.463	3.202	6.953	7.994

5	+ / (-) in current Liabilities other than bank borrowings	34.987	0.938	4.015	4.530

6	+ / (-) in working capital Gap	38.476	2.264	2.939	3.465

7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	(20.000)	--	--	--

8	+ / (-) in Bank Borrowings	20.000	--	--	--

	* Break up of (4)

	[i] + / (-) in Raw material	--	--	--	--
	[ii] + / (-) in Stock in process	--	--	--	--
	[iii] + / (-) in finished goods	24.593	2.145	2.674	2.941
	[iv] + / (-) in Receivables
	[a] Domestic	42.500	0.531	4.303	4.733
	[b] Export	--	--	--	--
	[iii] + / (-) in stores & spares	--	--	--	--
	[iii] + / (-) in other Current Assets	6.370	0.526	(0.024)	0.320

	Total	73.463	3.202	6.953	7.994

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR NO	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18

	A. CURRENT ASSETS:
1	Cash & Bank Balances	0.075	0.080	0.084	0.089
	Fix Deposits	6.250	6.250	6.250	6.250

2	Investments (other than long term investments)
	(i) Government & other Trustee securities	--	--	--	--
	(ii) Fixed deposits with banks	--	--	--	--

3	(i) Receivables other than deferred & exports (incl. Bills purchased & discounted by banks)	42.500	43.031	47.334	52.068
	(ii) Export receivable (incl. Bills purchased & discounted by banks)	--	--	--	--

4	Installments of deferred receivable (due within one year)	--	--	--	--

5	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--	--	--
	(b) Indigenous	--	--	--	--
	(ii) Stock-in-process	--	--	--	--
	(iii) Other consumable stores
	(a) Imported	--	--	--	--
	(b) Indigenous	--	--	--	--
	(iv) Finished Goods	24.593	26.738	29.412	32.353

6	Advance to suppliers of Raw materials & stores/spares	--	--	--	--

7	Advance payment of taxes	--	--	--	--

8	Other current assets	0.045	0.566	0.538	0.853

9	Total Current Assets [1 to 8]	73.463	76.666	83.619	91.613

	(To agree with item 34 in Form III)	73.463	76.666	83.619	91.613

	B. CURRENT LIABILITIES (Other than bank borrowings for working capital)
10	Short term borrowings from others	--	--	--	--

11	Sundry Creditors - Trade	5.950	5.942	9.150	12.941

12	Advance payments from customers/deposits from dealers	--	--	--	--

13	Provision for Tax	0.537	0.984	1.290	1.529

14	Dividend Payable	--	--	--	--

15	Other statutory liabilities (due within one year)	--	--	--	--

16	Deposits/Installments of term loan/DPGs/ Debentures, etc.(due within one year)	--	--	--	--

17	Other current liabilities & Provisions (due within one year)	3.500	4.000	4.500	5.000

18	Total Current Liabilities [10 to 17]	9.987	10.926	14.940	19.470

	(To agree with sub-total B-Form III)	34.987	35.926	39.940	44.470

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR NO	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18
1	Total Current Assets (Form IV)	73.463	76.666	83.619	91.613

2	Other Current Liabilities (other than bank borrowings) (14 of Form IV)	34.987	35.926	39.940	44.470

3	Working Capital Gap (WCP) (1-2)	38.476	40.740	43.679	47.143

4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	18.366	19.166	20.905	22.903

5	Actual/projected net working capital (45 in form III)	18.476	20.740	23.679	27.143

6	Item 3 minus item 4	20.110	21.574	22.774	24.240

7	Item 3 minus item 5	20.000	20.000	20.000	20.000

8	Maximum permissible bank finance (item 6 or 7 whichever is less)	20.000	20.000	20.000	20.000

9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--	--	--

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

FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Projection 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18
a)	Paid up Capital	13.700	13.700	13.700	13.700

b)	Tangible Net worth	14.901	17.101	19.986	23.404

c)	Investment in Co’s (Of which in group Co’s)	0.000	0.000	0.000	0.000

d)	Adjusted TNW	14.901	17.101	19.986	23.404

e)	Net Block	0.425	0.361	0.307	0.261

f)	Net sales :	170.000	229.500	252.450	277.695

g)	Other Income	--	--	--	--

h)	EBIDTA	4.143	6.667	7.649	8.413

i)	Interest	2.330	3.420	3.420	3.420

j)	Gross Profit/(Loss)	6.743	10.177	11.510	12.661

k)	Taxes	0.537	0.984	1.290	1.529

l)	Cash Accruals	1.276	2.264	2.939	3.465

m)	Depreciation	0.075	0.064	0.054	0.046

n)	Net Profit/(Loss)	1.201	2.200	2.885	3.419

o)	Current Assets	73.463	76.666	83.619	91.613

p)	Current Liabilities	54.987	55.926	59.940	64.470

	RATIOS :
	Current Ratio	1.34	1.37	1.40	1.42

q)	Debt/Equity :
	Term liabilities/ Adjusted TNW	0.27	0.23	0.20	0.17

r)	TOL/ Adjusted TNW	3.96	3.50	3.20	2.93

s)	TOL/Quasi Equity	2.91	2.65	2.50	2.35

t)	Profitability%: PAT/Net Sales	0.71%	0.96%	1.14%	1.23%

u)	Interest Coverage	1.76	1.90	2.17	2.37

v)	Inventory + Receivables/ Sales (%)	39.47%	30.40%	30.40%	30.40%

PARTICULARS	Projected year	Projected year	Projected year	Projected year
PARTICULARS	2014-15	2015-16	2016-17	2017-18
(a) Total Current Assets	73.463	76.666	83.619	91.613

(b) Other Current Liabilities	34.987	35.926	39.940	44.470

(c) Working Capital Gap (a - b)	38.476	40.740	43.679	47.143

(d) Minimum stipulated Net Working Capital (25% of "a")	18.366	19.166	20.905	22.903

(e) Actual/Projected Net Working Capital	18.476	20.740	23.679	27.143

(f) (c - d)	20.110	21.574	22.774	24.240

(g) (c - e)	20.000	20.000	20.000	20.000

(h) MPBF (lower of "f" and "g")	20.000	20.000	20.000	20.000

(i) Excess Borrowings, if any	--	--	--	--

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

VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For assessment of fair market value of the property for bank purpose.

Date as on which valuation is made

07.06.2014

Name of the Owner

Mrs. Sarla Rajkumar Varma

It the property is under Joint Ownership/ Co Ownership Share of each such owners are the shares undivided?

Sole Ownership

Brief description of the property

Flat No. 903, 9^th Floor, B Wing, Shiv Nandan Residency, Opposite Nandanvan Residency 2, Vesu, Palm Ave Road, Off VIP Road, Surat – 395007, Gujarat

Boundaries

North	Palm Ave Road
South	Open Plot
East	Internal Road
West	Open Plot

Latitude	21⁰08’19.15” N.
Longitude	72⁰46’42.00” E.

Location, Street, Ward No.

Plot No. 133, Survey No. 379/1, 379/2, Block No. 423.

Survey/Plot No.

Off VIP Road, Surat - 395007

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

Residential Area

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

Middle Class

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

Available within 1 – 2 Km

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

Nearest Railway Station is Surat [W. Rly] Buses, Auto as well as Taxis are easily available from the station near to / up to the particular locality. The site is well connected by roads.

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

Valuation for flat admeasuring

Built up area = 1271 Sq. fts. [As per agreement copy]

Saleable Area = 1971 Sq. fts. [As per Builders]

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

Within limit of Surat Municipal Corporation

Attach a dimensioned site plan

Owner may attach on demand it required.

Attach plans and elevations of all structures standing on the land and a layout plan

Owner may attach on demand it required.

Is the building owner Occupied/ tenanted / both?

Lying Vacant

If party owner-occupied, specify portion and extent of area under owner-occupation

Full

What is the Floor Space Index Permissible and percentage actually utilized?

As permissible.

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

These charges are to be borne by the owner.

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

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

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

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

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

Give instance of sales of immovable property in the locality on the separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold

Adopting the ‘Comparable Sale Method’ of valuation and based on information gathered and survey done, the fair market rates are found to be varying anything around Rs. 5000/- per Sq. ft. on saleable area in and around the locality for similar type of flat premises.

Year of commencement of construction and year of completion

2009-10 or thereabout

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

The builder had constructed the said building and had sold the premises to prospective buyers.

For items of work done on contract, produce copies of agreements

For items of work done by engaging labour directly, give basic rtes of materials and labour supported documentary proof

PART II

After having considered all the aforesaid factors, marketability, real estate market conditions, locality, well developed residential locality, proximity to civic amenities, year of construction of the building, location of the building, physical condition/ life of the building, technical details of the building as well as of the premises under consideration for valuation, 9^th Floor, saleable area of the premises and various other information gathered in this regard, ascertain the fair market rate of the aforesaid premises as Rs. 5000/- Per Sq. ft., resulting into a fair market value of

1971 Sq. ft. x Rs. 5000/- Per Sq. ft.

Rs. 9.855 Millions

[As on 07.06.2014 for bank purpose.]

Insurance Value is Rs. 2000/- Per Sq. ft. on saleable area

Considering the factors as stated above I am of the opinion that the 15% less distress sale value of the aforesaid premises would be about Rs. 7.884 Millions.

(TECHNICAL DETAILS)

No of floors and height of each floor

S + 10 storied building.

Plinth area –floor wise [As per IS 3861-1966]

Built up area = 1271 Sq. ft. [As per agreement copy]

Saleable area = 1971 Sq. ft. [As per builders]

Year of Construction

2009-10 or thereabout

Estimated future life

35 Years of thereabout

[With proper maintenance and care]

Type of construction [Load bearing walls/ RCC frame/ steel frame structure]

RCC Frame Structure

Type of foundations

RCC Foundation

Walls:

- Basement and Plinth

- Ground Floor

- Superstructure above ground floor

230 mm thick burnt brick masonry walls in

Cement mortar

Partitions

115 mm thick burnt brick masonry walls in cement mortar

Door, Windows etc. (Floor-Wise)

Wooden Doors, Aluminum framed glazed sliding windows.

Flooring (Floor-wise)

- Ground Floor

- 9^th Floor

Marbonite Flooring

Finishing (Floor Wise)

- Ground Floor

- 1^st Floor

- 9^th Floor

Neeru Plastered

Roofing and Terracing

RCC slab roofing

Internal Wiring – Surface or Conduit

Concealed wiring

Class of fitting. Superior/ Ordinary/ Poor

Ordinary

Sanitary Installations

- No. of water closets

- No. of lavatory basins

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Class of fittings

- Superior Colored

- Superior white/ ordinary

Ordinary

Compound Wall

- Height and Length

- Type of construction

About 3’0” all around

BB masonry walls

No. of lifts and capacity

2 nos. lifts, 5 person each

Underground pump capacity and type of construction

RCC underground water tank

Overhead Tanks

- Where located

- Capacity

- Type of construction

RCC overhead water tank at terrace

Pump No and their H.P.

As per requirement

Roads and paving with in the Compound, approximate area and type of paving

PCC paved compound

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

Connected to municipal sewage system.

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

VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For assessment of fair market value of the property for bank purpose.

Date as on which valuation is made

07.06.2014

Name of the Owner

Mrs. Sarla Rajkumar Varma

It the property is under Joint Ownership/ Co Ownership Share of each such owners are the shares undivided?

Sole Ownership

Brief description of the property

Flat No. 1001, 10^th Floor, A Wing, Shiv Nandan Residency, Opposite Nandanvan Residency 2, Vesu, Palm Ave Road, Off VIP Road, Surat – 395007, Gujarat

Boundaries

North	Palm Ave Road
South	Open Plot
East	Internal Road
West	Open Plot

Latitude	21⁰08’19.15” N.
Longitude	72⁰46’42.00” E.

Location, Street, Ward No.

Plot No. 133, Survey No. 379/1, 379/2, Block No. 423.

Survey/Plot No.

Off VIP Road, Surat - 395007

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

Residential Area

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

Middle Class

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

Available within 1 – 2 Km

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

Nearest Railway Station is Surat [W. Rly] Buses, Auto as well as Taxis are easily available from the station near to / up to the particular locality. The site is well connected by roads.

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

Valuation for flat admeasuring

Built up area = 1271 Sq. fts. [As per agreement copy]

Saleable Area = 1971 Sq. fts. [As per Builders records]

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

Within limit of Surat Municipal Corporation

Attach a dimensioned site plan

Owner may attach on demand it required.

Attach plans and elevations of all structures standing on the land and a layout plan

Owner may attach on demand it required.

Is the building owner Occupied/ tenanted / both?

Lying Vacant

If party owner-occupied, specify portion and extent of area under owner-occupation

Full

What is the Floor Space Index Permissible and percentage actually utilized?

As permissible.

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

These charges are to be borne by the owner.

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

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

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

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

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

Give instance of sales of immovable property in the locality on the separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold

Year of commencement of construction and year of completion

2009-10 or thereabout

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

The builder had constructed the said building and had sold the premises to prospective buyers.

For items of work done on contract, produce copies of agreements

For items of work done by engaging labour directly, give basic rtes of materials and labour supported documentary proof

PART II

After having considered all the aforesaid factors, marketability, real estate market conditions, locality, well developed residential locality, proximity to civic amenities, year of construction of the building, location of the building, physical condition/ life of the building, technical details of the building as well as of the premises under consideration for valuation, 10^th Floor, saleable area of the premises and various other information gathered in this regard, ascertain the fair market rate of the aforesaid premises as Rs. 5000/- Per Sq. ft., resulting into a fair market value of

1971 Sq. ft. x Rs. 5000/- Per Sq. ft.

Rs. 9.855 Millions

[As on 07.06.2014 for bank purpose.]

Insurance Value is Rs. 2000/- Per Sq. ft. on saleable area

Considering the factors as stated above I am of the opinion that the 15% less distress sale value of the aforesaid premises would be about Rs. 7.884 Millions.

(TECHNICAL DETAILS)

No of floors and height of each floor

S + 10 storied building.

Plinth area –floor wise [As per IS 3861-1966]

Built up area = 1271 Sq. ft. [As per agreement copy]

Saleable area = 1971 Sq. ft. [As per builders records]

Year of Construction

2009-10 or thereabout

Estimated future life

35 Years of thereabout

[With proper maintenance and care]

Type of construction [Load bearing walls/ RCC frame/ steel frame structure]

RCC Frame Structure

Type of foundations

RCC Foundation

Walls:

- Basement and Plinth

- Ground Floor

- Superstructure above ground floor

230 mm thick burnt brick masonry walls in

Cement mortar

Partitions

115 mm thick burnt brick masonry walls in cement mortar

Door, Windows etc. (Floor-Wise)

Wooden Doors, Aluminum framed glazed sliding windows.

Flooring (Floor-wise)

- Ground Floor

- 9^th Floor

Marbonite flooring

Finishing (Floor Wise)

- Ground Floor

- 1^st Floor

- 9^th Floor

Neeru Plastered

Roofing and Terracing

RCC slab roofing

Internal Wiring – Surface or Conduit

Concealed wiring

Class of fitting. Superior/ Ordinary/ Poor

Ordinary

Sanitary Installations

- No. of water closets

- No. of lavatory basins

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Class of fittings

- Superior Colored

- Superior white/ ordinary

Ordinary

Compound Wall

- Height and Length

- Type of construction

About 3’0” all around

BB masonry walls

No. of lifts and capacity

2 nos. lifts, 5 person each

Underground pump capacity and type of construction

RCC underground water tank

Overhead Tanks

- Where located

- Capacity

- Type of construction

RCC overhead water tank at terrace

Pump No and their H.P.

As per requirement

Roads and paving with in the Compound, approximate area and type of paving

PCC paved compound

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

Connected to municipal sewage system.

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For assessment of fair market value of the property for bank purpose.

Date as on which valuation is made

07.06.2014

Name of the Owner

Mrs. Sarla Rajkumar Varma

It the property is under Joint Ownership/ Co Ownership Share of each such owners are the shares undivided?

Sole Ownership

Brief description of the property

Flat No. 1002, 10^th Floor, A Wing, Shiv Nandan Residency, Opposite Nandanvan Residency 2, Vesu, Palm Ave Road, Off VIP Road, Surat – 395007, Gujarat

Boundaries

North	Palm Ave Road
South	Open Plot
East	Internal Road
West	Open Plot

Latitude	21⁰08’19.15” N.
Longitude	72⁰46’42.00” E.

Location, Street, Ward No.

Plot No. 133, Survey No. 379/1, 379/2, Block No. 423.

Survey/Plot No.

Off VIP Road, Surat - 395007

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

Residential Area

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

Middle Class

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

Available within 1 – 2 Km

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

Nearest Railway Station is Surat [W. Rly] Buses, Auto as well as Taxis are easily available from the station near to / up to the particular locality. The site is well connected by roads.

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

Valuation for flat admeasuring

Built up area = 1271 Sq. fts. [As per agreement copy]

Saleable Area = 1971 Sq. fts. [As per Builders records]

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

Within limit of Surat Municipal Corporation

Attach a dimensioned site plan

Owner may attach on demand it required.

Attach plans and elevations of all structures standing on the land and a layout plan

Owner may attach on demand it required.

Is the building owner Occupied/ tenanted / both?

Lying Vacant

If party owner-occupied, specify portion and extent of area under owner-occupation

Full

What is the Floor Space Index Permissible and percentage actually utilized?

As permissible.

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

These charges are to be borne by the owner.

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

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

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

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

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

Give instance of sales of immovable property in the locality on the separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold

Year of commencement of construction and year of completion

2009-10 or thereabout

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

The builder had constructed the said building and had sold the premises to prospective buyers.

For items of work done on contract, produce copies of agreements

For items of work done by engaging labour directly, give basic rtes of materials and labour supported documentary proof

PART II

After having considered all the aforesaid factors, marketability, real estate market conditions, locality, well developed residential locality, proximity to civic amenities, year of construction of the building, location of the building, physical condition/ life of the building, technical details of the building as well as of the premises under consideration for valuation, 10^th Floor, saleable area of the premises and various other information gathered in this regard, ascertain the fair market rate of the aforesaid premises as Rs. 5000/- Per Sq. ft., resulting into a fair market value of

1971 Sq. ft. x Rs. 5000/- Per Sq. ft.

Rs. 9.855 Millions

[As on 07.06.2014 for bank purpose.]

Insurance Value is Rs. 2000/- Per Sq. ft. on saleable area

Considering the factors as stated above I am of the opinion that the 15% less distress sale value of the aforesaid premises would be about Rs. 7.884 Millions.

(TECHNICAL DETAILS)

No of floors and height of each floor

S + 10 storied building.

Plinth area –floor wise [As per IS 3861-1966]

Built up area = 1271 Sq. ft. [As per agreement copy]

Saleable area = 1971 Sq. ft. [As per builders records]

Year of Construction

2009-10 or thereabout

Estimated future life

35 Years of thereabout

[With proper maintenance and care]

Type of construction [Load bearing walls/ RCC frame/ steel frame structure]

RCC Frame Structure

Type of foundations

RCC Foundation

Walls:

- Basement and Plinth

- Ground Floor

- Superstructure above ground floor

230 mm thick burnt brick masonry walls in

Cement mortar

Partitions

115 mm thick burnt brick masonry walls in cement mortar

Door, Windows etc. (Floor-Wise)

Wooden Doors, Aluminum framed glazed sliding windows.

Flooring (Floor-wise)

- Ground Floor

- 9^th Floor

Marbonite flooring

Finishing (Floor Wise)

- Ground Floor

- 1^st Floor

- 9^th Floor

Neeru Plastered

Roofing and Terracing

RCC slab roofing

Internal Wiring – Surface or Conduit

Concealed wiring

Class of fitting. Superior/ Ordinary/ Poor

Ordinary

Sanitary Installations

- No. of water closets

- No. of lavatory basins

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Class of fittings

- Superior Colored

- Superior white/ ordinary

Ordinary

Compound Wall

- Height and Length

- Type of construction

About 3’0” all around

BB masonry walls

No. of lifts and capacity

2 nos. lifts, 5 person each

Underground pump capacity and type of construction

RCC underground water tank

Overhead Tanks

- Where located

- Capacity

- Type of construction

RCC overhead water tank at terrace

Pump No and their H.P.

As per requirement

Roads and paving with in the Compound, approximate area and type of paving

PCC paved compound

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

Connected to municipal sewage system.

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

For assessment of fair market value of the property for bank purpose.

Date as on which valuation is made

09.06.2014

Name of the Owner

Mr. Arvind Omprakash Varma

It the property is under Joint Ownership/ Co Ownership Share of each such owners are the shares undivided?

Sole Ownership

Brief description of the property

Office No. 203, Second Floor, Madhuli Complex, Near Kodiwala School, Ring Road, Surat – 495001, Gujarat

Boundaries

North	Purshottam Complex
South	Kodiala School
East	Internal Road/ Narmada Complex
West	Geeta Bhavan Complex

Latitude	21⁰10’55.68” N.
Longitude	72⁰49’23.05” E.

Location, Street, Ward No.

Ward No. 2, City Nondh No. 1944/B

Survey/Plot No.

District Surat, Gujarat

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

Commercial Area

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

Middle Class

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

Available within 1 – 2 Kms

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

Nearest Railway Station is Surat [W. Rly] Buses, Auto as well as Taxis are easily available from the station near to / up to the particular locality. The site is well connected by roads.

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

Valuation for Office

Area = 1900 Sq. Ft. [As per agreement copy]

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

Within limit of Surat Municipal Corporation

Attach a dimensioned site plan

Owner may attach on demand it required.

Attach plans and elevations of all structures standing on the land and a layout plan

Owner may attach on demand it required.

Is the building owner Occupied/ tenanted / both?

Owner occupied

If party owner-occupied, specify portion and extent of area under owner-occupation

Full

What is the Floor Space Index Permissible and percentage actually utilized?

As permissible.

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

These charges are to be borne by the owner.

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

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

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

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

Give instance of sales of immovable property in the locality on the separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold

Adopting the ‘Comparable Sale Method’ of valuation and based on information gathered and survey done, the fair market rates are found to be varying anything around Rs. 8000/- per Sq. ft. for well-furnished interiored premises.

Year of commencement of construction and year of completion

1998-99 or thereabout

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

The builder had constructed the said building and had sold the premises to prospective buyers.

For items of work done on contract, produce copies of agreements

For items of work done by engaging labour directly, give basic rtes of materials and labour supported documentary proof

PART II

After having considered all the aforesaid factors, marketability, real estate market conditions, locality, well developed residential locality, proximity to civic amenities, year of construction of the building, location of the building, physical condition/ life of the building, technical details of the building as well as of the premises under consideration for valuation, 2^nd Floor, area of the premises, interiors carried out within the premises and various other information gathered in this regard, ascertain the fair market rate of the aforesaid premises as Rs. 8000/- Per Sq. ft., resulting into a fair market value of

1900 Sq. ft. x Rs. 8000/- Per Sq. ft.

Rs. 15.200 Millions

[As on 07.06.2014 for bank purpose.]

Considering the factors as stated above I am of the opinion that the distress sale value of the aforesaid premises would be 15% less than the fair market value of the property viz. Rs. 12.200 Millions.

(TECHNICAL DETAILS)

No of floors and height of each floor

S + 4 storied building.

Plinth area –floor wise [As per IS 3861-1966]

Area = 1900 Sq. ft. [As per agreement copy]

Year of Construction

1998-99 or thereabout

Estimated future life

40 Years [after completion] or thereabout

[With proper maintenance and care]

Type of construction [Load bearing walls/ RCC frame/ steel frame structure]

RCC Frame Structure

Type of foundations

RCC Foundation

Walls:

- Basement and Plinth

- Ground Floor

- Superstructure above ground floor

230 mm thick burnt brick masonry walls in

Cement mortar

Partitions

115 mm thick burnt brick masonry walls in cement mortar

Door, Windows etc. (Floor-Wise)

Wooden Doors, Aluminum framed glazed sliding windows.

Flooring (Floor-wise)

- Ground Floor

- 9^th Floor

Marbonite tiles flooring

Finishing (Floor Wise)

- Ground Floor

- 1^st Floor

- 9^th Floor

Plastered and distempered

Roofing and Terracing

RCC slab roofing

Internal Wiring – Surface or Conduit

Concealed wiring

Class of fitting. Superior/ Ordinary/ Poor

Medium

Sanitary Installations

- No. of water closets

- No. of lavatory basins

- No. of urinals

- No. of sinks

- No. of bath tubs

- No. of bidets

- No. of geysers

Class of fittings

- Superior Colored

- Superior white/ ordinary

Ordinary

Compound Wall

- Height and Length

- Type of construction

About 5’0” all around

BB masonry walls

No. of lifts and capacity

Yes, 1 No. lift

Underground pump capacity and type of construction

RCC underground water tank

Overhead Tanks

- Where located

- Capacity

- Type of construction

RCC overhead water tank at terrace

Pump No and their H.P.

As per requirement

Roads and paving with in the Compound, approximate area and type of paving

PCC paved compound

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

Connected to septic tank and soakage pit.

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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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 records 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. 60.44
UK Pound	1	Rs. 98.64
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	SUB

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--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.

MIRA INFORM REPORT

Unit