MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	KAMAL TRADING COMPANY
Registered Office :	64, Siddharth 7 Bungalows, Andheri [West], Mumbai – 400053, Maharashtra
Country :	India
Year of Establishment :	August 2014
Capital Investment :	Not Divulged
IEC No.:	0309018013
PAN No.: [Permanent Account No.]	ADKPT527OG
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader and Importer of Car Accessories.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new proprietary concern and establishing itself gradually. Mr. Nirav, Proprietor has provided us with all information and he also confirmed that the concern has not yet started its business activity. Payment terms are reported to be unknown. The concern can be considered for business dealings 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	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

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 :	Mr. Nirav Talsania
Designation :	Proprietor
Contact No.:	91-9820178270
Date :	06.09.2014

LOCATIONS

Registered Office :	64, Siddharth 7 Bungalows, Andheri [West], Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26325160/ 23511129
Mobile No.:	91-9820178270 [Mr. Nirav Talsania]
Fax No.:	Not Available
E-Mail :	kamaltradingco65@gmail.com
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Nirav Talsania
Designation :	Proprietor
Address :	2103, Shree Heights, 18 Wadia Street, Tardeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	10.02.1980
Qualification :	B. Com, MA, MBA
Experience :	10 Years

BUSINESS DETAILS

Line of Business :	Trader and Importer of Car Accessories.
Imports :
Products :	Car Accessories
Countries :	· Taiwan China
Terms :
Selling :	Credit [60 Days]
Purchasing :	L/C and Cash

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	5 (Approximately)
Bankers :	Not Divulged

Banking Relations :	--
Auditors :	Not Divulged

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	Not Divulged
Total :	Not Divulged

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW BUSINESS

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

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	No
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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	Estimated	Projected	Projected
	2014-15	2015-16	2016-17
Proprietors Capital	1.698	2.180	2.717
Bank Borrowings	5.000	5.000	5.000
Unsecured Loan and Term Borrowings	0.000	0.000	0.000
TOTAL	6.698	7.180	7.717
Gross Fixed Assets	0.000	0.000	0.000
Less :- Depreciation	0.000	0.000	0.000
Current Assets	6.968	8.800	9.470
Less :- Current Liability excluding Bank Borrowings	(0.270)	(1.619)	(1.753)
Net Working Capital	6.698	7.180	7.717
Misc. Expenditure not W/Off	0.000	0.000	0.000
TOTAL	6.698	7.180	7.717

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ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Estimated	Projected	Projected
		2014-15	2015-16	2016-17
1	Gross Sales
	ii) Sales	25.000	29.950	31.744
	Total	25.000	29.950	31.744
2	Less: Excise	0.000	0.000	0.000
3	Net Sales	25.000	29.950	31.744
4	% rise (+)/fall(-) in net sales as compared to previous year	0%	20%	6%
5	Other Income	0.000	0.000	0.000
	Total	25.000	29.950	31.744
6	Cost of Sales :
7	Purchases
	- Imported	23.900	24.790	25.269
	- Indigenous	0.000	0.000	0.000
		23.900	24.790	25.269
	ix. Add: Opening Stock of Finished Goods	0.000	4.110	4.923
	x. Less: Closing Stock of Finished Goods	4.110	4.923	5.218
	Cost of Goods Sold	19.790	23.976	24.974
8	General and Administrative Expenses and Selling Expenses	4.125	4.331	4.764
9	Cost of Sales	23.915	28.308	29.738
10	Profit before Interest and Tax	1.085	1.642	2.006
11	Interest and Finance Charges	0.365	0.625	0.625
12	Depreciation	0.000	0.000	0.000
13	Profit before tax/Loss	0.720	1.017	1.381
14	Provision for Tax	0.022	0.135	0.244
15	Profit After Tax	0.698	0.882	1.136
16	Retained Profit	0.698	0.882	1.136
17	Retained Profit to Net Profit (%)	100%	100%	100%

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ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Estimated	Projected	Projected
		2014-15	2015-16	2016-17
	LIABILITIES :
	CURRENT LIABILITIES
1	Short term borrowings from bank (including bill purchase, discounted and repayment basis) (Cash Credit)
	i. From Applicant Bank	5.000	5.000	5.000
	ii. From other Banks	0.000	0.000	0.000
	iii. (of which BP and BD)	0.000	0.000	0.000
	Sub-Total (A)	5.000	5.000	5.000
2	Short term borrowings from others	0.000	1.070	1.001
3	Sundry Creditors	0.000	0.000	0.000
4	Advance payments from customers/ deposits from dealers - current	0.000	0.000	0.000
5	Provision for Taxation Including Dividend Tax	0.022	0.135	0.244
6	Dividend payable	0.000	0.000	0.000
7	Other statutory liabilities (due within one year)	0.000	0.000	0.000
8	Deposit/Installments of term loans/ DPG's/debentures etc. (due within one year)	0.000	0.000	0.000
9	Other current liabilities and provisions (due within one year) Creditors for Expenses	0.248	0.414	0.508
	Sub-Total (B)	0.270	1.619	1.753
10	Total Current Liabilities (A+B)	5.270	6.619	6.753
	TERM LIABILITIES
11	Debentures not maturing within one year	0.000	0.000	0.000
12	Preference Shares (Redeemable after one year)	0.000	0.000	0.000
13	Term Loan from OBC	0.000	0.000	0.000
14	Car Loans	0.000	0.000	0.000
15	Term Deposit / Creditors for Capital Goods	0.000	0.000	0.000
16	Unsecured Loan	0.000	0.000	0.000
17	Deferred Tax Liability	0.000	0.000	0.000
17	Total Term Liabilities (Total of 11 to 17)	0.000	0.000	0.000
18	Total Outside Liabilities (10+18)	5.270	6.619	6.753
	NET WORTH
19	Proprietors Capital [Opening Balance]	1.200	1.698	2.180
20	Addition / (Withdrawal)	(0.200)	(0.400)	(0.600)
	Surplus(+)/Deficit(-) in Profit and Loss A/C	0.698	0.882	1.136
	Proprietors Capital [ Closing Balance]	1.698	2.180	2.717
	Total Liabilities	6.968	8.799	9.470
1	Cash and Bank Balances	0.097	0.223	0.217
2	Investments (other than long term investments)
	i) Government and other Trust Securities	0.000	0.000	0.000
	ii) Fixed Deposits with banks (including the margin money)	0.000	0.000	0.000
	iii) Others	0.000	0.000	0.000
3	Receivable
	i) Receivable other than deferred and exports (including bills purchased and discounted by banks)	2.740	3.282	3.479
	ii) Export Receivable (including bills purchased and discounted by bank)	0.000	0.000	0.000
	iii)Duty draw back receivable (DEPB/ License etc. receivable)	0.000	0.000	0.000
4	Installments of deferred Receivable (due within one year)	0.000	0.000	0.000
5	Inventory
	i) Raw Material (including store and other items used in the process of
	a. Imported	0.000	0.000	0.000
	b. Indigenous	0.000	0.000	0.000
	ii) Stock-in-Process	0.000	0.000	0.000
	iii) Finished Goods	4.110	4.923	5.218
	iv) Other consumable spares
	a. Imported	0.000	0.000	0.000
	b. Indigenous	0.000	0.000	0.000
6	Advance to suppliers of Raw materials	0.000	0.000	0.000
7	Advance payment of taxes	0.022	0.135	0.244
8	Other Current Assets (Includes Duty Exemption Entitlement)	0.000	0.236	0.312
9	Total Current Assets	6.968	8.800	9.470
	FIXED ASSETS
10	Gross Block (Land and Building, Machinery and other Fixed Assets)	0.000	0.000	0.000
	Capital W.I.P.	0.000	0.000	0.000
11	Depreciation	0.000	0.000	0.000
12	Net Block (36-37)	0.000	0.000	0.000
	OTHER NON-CURRENT ASSETS
13	Investments/Book Debts/Advances/ Deposits which are not Current Assets
	i) Investment in Subsidiary Company Affiliates Advances to suppliers	0.000	0.000	0.000
	ii) Advances to suppliers of Capital Goods and contractors	0.000	0.000	0.000
	iii) Deferred receivable (maturity exceeding one year)	0.000	0.000	0.000
	iv) Others Deposits (L/C Margin )	0.000	0.000	0.000
14	Non-Consumable Stores and Spares	0.000	0.000	0.000
15	Other non-current assets including dues from directors	0.000	0.000	0.000
16	Total Non-Current Assets	0.000	0.000	0.000
17	Intangible assets (patents, goodwill, Preliminary expenses, bad and doubtful debts not provided for)	0.000	0.000	0.000
18	Total Assets (35+38+42+43)	6.968	8.800	9.470
19	Tangible Net Worth (25-43)	1.698	2.180	2.717
20	Net Working Capital (35-10)	1.698	2.180	2.717
21	Current Ratio (35/10)	1.32	1.33	1.40
22	Total Outside Liabilities/Tangible	3.10	3.04	2.49

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Estimated	Projected	Projected
		2014-15	2015-16	2016-17
A.	CURRENT ASSETS
1	Finished Goods	4.110	4.923	5.218
	(No. of days for which stock held)	60	60	60
2	Receivable other than deferred and exports (including bills purchased)	2.740	3.282	3.479
	(Month's Domestic Sales)	40	40	40
3	Export Receivable (including bills purchased and discounted by banks)	0.000	0.000	0.000
	(Month's Export Sales)	0	0	0
4	Duty draw back receivable	0.000	0.000	0.000
	(months drawback)	0	0	0
5	Advances to suppliers of raw materials and stores/spares consumable	0.000	0.000	0.000
6	Other current assets including cash and bank balances and deferred receivables due within one year (specify major items)	0.119	0.594	0.773
	Total Current Assets	6.968	8.800	9.470
	(To agree with item 35 in Form - II)
	CURRENT LIABILITIES
	(Other than Bank borrowings for Working Capital)
7	Creditors for Expenses	0.000	0.000	0.000
	(No. of days)	0	0	0
8	Advances from customers	0.000	0.000	0.000
9	Statutory Liabilities	0.000	0.000	0.000
10	Other current liabilities (specify major items)	0.270	1.619	1.753
	Total Current Liabilities	0.270	1.619	1.753
	(To agree with sub-total B of Form III)

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	Estimated	Projected	Projected
		2014-15	2015-16	2016-17
1	Total Current Assets (Item 9 in Form IV)	6.968	8.800	9.470
1a	Export Receivables	0.000	0.000	0.000
2	Current Liabilities (Creditors) (Other than Bank Borrowings) (Item 14 of Form IV)	0.270	1.619	1.753
3	Working Capital Gap (WCG)	6.698	7.180	7.717
4	Minimum stipulated Net Working Capital i.e. 25% of WCG or 25 % of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	1.675	1.795	1.929
5	Actual\ projected NWC (Item 46 in Form III)	1.698	2.180	2.717
6	Item 3 minus item 4	5.024	5.385	5.788
7	Item 3 minus item 5	5.000	5.000	5.000
8	Maximum Permissible Bank Finance (Item 6 or 7 whichever is lower)	5.000	5.000	5.000
9	Excess Borrowing representing Short Fall in NWC (4-5)	0.000	0.000	0.000

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VALUATION REPORT

(GENERAL DETAILS)

Regarding	Valuation of Flat located at Tardeo, Mumbai for mortgage loan personal with Bank of India, Branch Nana Chowk, Tardeo Road, Mumbai – 400007.
Name of the Applicant’s	The property is jointly owned by Mr. Nirav A. Talsania and Mrs. Kamal A. Talsania
Name of the Seller’s	M/s. Deekay Realtors Private Limited
Phone No. of Applicant’s	Mobile No.: 91-9820178270
Address of the Applicant’s	Flat No. 2103 and 2104, 21^st Floor along with One Car Parking Space, “Shree Heights” Building, 18, Wadia Street, Opposite Tardeo Bus Depot, Tardeo, Mumbai – 400034.
Address of the Property	Flat No. 2103 and 2104, 21^st Floor along with One Car Parking Space, “Shree Heights” Building, 18, Wadia Street, Opposite Tardeo Bus Depot, Tardeo, Mumbai – 400034.
Survey Nos.	New Survey No. 4/3394 and 6/3394, Cadastral Survey No. 351 of Tardeo Division.
Current possession with	The property was occupied by the Owner at the time of inspection.
Latitude and Longitude	Longitude : 72^048’58.3”E Latitude : 18^058’11.8”N
Type of the property	The property under valuation are Two Flats merged together and forming one single 2 BHK Residential Flat on 21^st Floor of the Residential Building. The Building in which the said flat is situated is consist of Stilt + 23 Upper Floors Building. The flat is totally admeasuring 666 Sq. ft. of Carpet Area and 316 Sq. ft. of Carpet Area of View Balcony [Raw Flat] as per the agreement. The building in which the said flat is situated is having amenities and facilities such as Good Elevation, High Speed Lifts, Car Parking Space, Fir Fighting System, Gymnasium, Club House, Children play area, security services, Intercom, Decorative Entrance Lobby etc. The flat is having internal specifications such as Partly Vitrified Ceramic tiles and Partly White Marble flooring, Powder coated Aluminum frame glazed sliding windows, Wooden frame with solid core flush doors, Concealed Wiring with good quality electrical fittings, Concealed tiles flooring in bathroom with glazed tiles dado on walls, Granite Kitchen Platform with glazed tiles dado on walls with S.S. Sink, Good Quality Paint Internally etc. the said Building was constructed in the Year 2010 or thereabout.
Requested by	The Valuation is initiated by The Asst. Gen. Manager, Bank of India, Branch Nana Chowk, Tardeo Road, Mumbai – 400007.
Date of Inspection	13.08.2014
Survey in the presence of	The property was inspected in the presence of Mr. Nirav Talsania the owner of the property.
Purpose of valuation	Mortgage Loan Proposal with the Bank.
Location	The Property is located in Tardeo, Mumbai. It is located 1.5 Kms away from Mumbai Central Railway Station and it is abutted on Wadia Street. The Tardeo Bus Depot is very close to it. The area is well developed and having basic infrastructure facilities such as good approach roads, water supply, electricity, sewage and storm water drainage system, telecommunication facility, street lightning etc. the basic civic amenities such Market, Banks, Schools and Hospitals etc. are available within 2 to 3 Kms distance from the property. The area falls under the limits of Municipal Corporation of Greater Mumbai. The area is well connected with all parts of Mumbai and Thane by good network of Roads and Railways. Transportation means such as Buses and Taxis are available.
Type of locality	It is a Residential Area.
Class	Upper Class
Nearest Station	It is near from Mumbai Central Railway Station
Distance from Station	It is located 1.5 Kms away from Mumbai Central Railway Station
Civic amenities	Civic amenities are available within 2 to 3 Kms distance from the property
Nearby Landmark	Opposite Tardeo Bus Depot.
BUILDING DETAILS
Type of land	It is a Freehold Property
Plot Boundaries [Documented] North South East West	By Property of Trustees of N.M. Wadia By Property of B.P. Vachha By Wadia Street By Property of Maneckji Patit Manufacturing Co. Limited
Type of occupation – ownership/ tenanted	Ownership type
Type of structure	RCC frame structure
No. of floors in Building	It is a Stilt + 23 Upper floors Building.
No. of lifts	4 Nos. Lifts are available in building [2 Lifts for Car]
Flat Details	The property under valuation is 2 BHK Residential Flat on 21^st Floor of the building.
Floor [This Property]	The Flat is located on 21^st Floor.
Type of flat	2 BHK Residential Flat
Carpet Area	a) Documented Carpet Area of the flat = 666 Sq. ft. b) Documented Carpet Area of View Balcony = 316 Sq. ft. Thus Carpet Area of the Flat = 982 Sq. ft. [Measured Carpet Area of the Flat as per D.C. Regulations of Municipal Corporation of Greater Mumbai, 1991 = 965 Sq. ft.]
Built up Area	Total Carpet Area of the Flat = 982 Sq. ft. Add 20% for Built up Area [As per guidelines provided by Government of Maharashtra in the Ready Reckoner for stamp duty purpose] Hence, Built up Area of the flat = Carpet Area x 1.20 = 1178.4 Sq. ft. Say ~ 1178 Sq. ft.
Saleable Area	For Valuation they have considered Built up Area.
(TECHNICAL DETAILS)
Type of Construction	RCC frame structure
Completion status	Completed
No. of Stories	Stilt + 23 Upper floors Building
Type of foundations	RCC Foundation
Superstructure walls	Bricks masonry walls
Internal Finish	Cement mortar plaster
External Finish	Cement paint over cement mortar plaster
Type of Flooring	Partly Vitrified Ceramic tiles and Partly White Marble flooring
Type of Roof	RCC Slab
Type of paint	Good Quality Paint Internally
Electrification	Concealed Wiring with good quality electrical fittings
Plumbing	Concealed plumbing with good quality sanitary fixtures
Bathroom details	Ceramic tiles flooring in bathroom with glazed tiles dado on walls.
Door details	Wooden frame with solid core flush doors with additional safety door at main entrance.
Window details	Wooden frame glazed flush windows.
Overall Appearance	Good
Architecture Quality	Good as per visual inspection
Other details	The flat is having internal height of 9’6” approx. and it is provided with Granite Kitchen Platform with glazed tiles dado on walls. Also the building is bounded by 7 ft. masonry Compound wall.
Special Amenities	The Building is having amenities such as High speed lifts, Ample Parking Space, Fire Fighting System, Gymnasium, Club house, Children play area, security services, Intercom, Decorative entrance lobby etc.
Quality of Construction	Good
Complete	Good
Age of the property	The Building of 7 years old.
Residual [future] life	@ 58 years under normal circumstances and proper periodic maintenance.
Ind. Building/ Complex of	It is an Individual Building
Separate compound wall	Yes, the building is bounded by 10 ft height masonry compound wall
Paving around the building/ chequered tiles	The open area around the building is provided with cement paver blocks.
Car Parking	Stilt / Open Car parking space is available in the Building.
Maintenance/ first impression	Good
Plans approved by	The sanctioned building plan is not made available for their perusal.
Society Registration No.	Details not known.
Property tax	As per standard norms of Competent Authority
Water availability	Available
Compliance to sanctioned plans	The sanctioned building plan is not made available for their perusal.
Valuation method	Adopted Composite Market Rate Method for Valuation
VALUATION
Fair Market Value of property as on date	Built up Area of the Flat = 1178 Sq. ft. Factors Considered: The Location, Internal condition of premises and amenities/ facilities available, grade and age of building, current demand and supply of real estate properties etc. [The Prevailing Market Rates in vicinity of subject property for similar type of properties having similar amenities and facilities, similar loading factor on carpet area, similar specification is in the range of Rs. 30000/- to Rs. 40000 per Sq. ft.] Considering loading factor, location, age, grade, demand and supply and its present condition in their opinion a rate of Rs. 35000/- per Sq. ft. is fair and reasonable for the subject premises. Hence Fair Market Value of premises as on date = Built up Area of flat x Market Rate adopted = 1178 Sq. ft x Rs. 35000/- = Rs. 41.230 Millions Say ~ Rs. 41.200 Millions
Fair Market Value of the property as on date	The market value obtained in this report is defined as follows: Market value is the estimated amount for which an asset should exchange in the date of valuation between a willing buyer and a willing seller in an Arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably and without compulsion. [As defined by the International Valuation Standards Committee, London]. Thus, the characteristics of the Market Values are: a) It is a free will sale. b) It is an estimated amount and not a predetermined or an actual sale price. c) It is time-specific as on the given date. d) It depends on purpose of valuation e) Buyer and Seller are actuated by business principles. They are unrelated and are acting independently. f) Asset would be exposed to the market in the most appropriate manner to effect its disposal at the best price possible. = Rs. 41.200 Millions
Realizable Value of Property as on date	The value realizable by the bank is generally less than the market value because of various factoes such as mode of payment [strictly by cheque] limitations of effective marketing, costs involved in the process of the sale etc. the percentage variation between RV and MV depends on various factors such as urban or rural property, user and location of the property etc. considering characteristics of the subject property under valuation they consider reduction factor of 10% will be appropriate. They are therefore, discounting 10% in this case. Hence, Realizable Value of the property as on date = Fair Market value of the property as on date x 0.90 = Rs. 41.200 Millions x 0.90 = Rs. 37.080 Millions Say ~ Rs. 37.100 Millions
Forced/ Distress Sale Value of Property as on date	It means the amount which may reasonably be expected to be obtained from the sale of a property in the which one or more characteristics of the definition of market value are not satisfied. The seller may be an unwilling seller and the buyer may be motivated by the knowledge of the disadvantage the seller suffers from . past experience has shown that generally in forced/ distress sale conditions the values fetched are about 10% to 40% [or sometimes even more] below the market value. In their opinion, considering the characteristics of assets under valuation and present market trends, the reduction factor of 20% will be appropriate. They are discounting the above market value by 20%. Hence, Forced/ Distress Sale Value of the property as on date = Fair Market Value of the property as on date x 0.80 = Rs. 41.200 Millions x 0.80 = Rs. 32.960 Millions Say ~ Rs. 33.000 Millions
Basis for recommended rate	Local enquiry with estate agents and comparing with other similar projects in the vicinity.
Suggested sum assured for Fire Insurance Cover [Replacement Cost]	Built up area of the Flat = 1178 Sq. ft. Considering the type and quality of construction, specifications of building materials used, internal height etc. a Replacement Rate of Rs. 2500/- per Sq. ft. is adopted. Hence, Replacement Cost of Premises for Insurance Purpose = Built up area x Replacement Rate = 1178 Sq. Ft. x Rs. 2500/- = Rs. 2.945 Millions
Government value from Stamp Duty purpose	Built up area of the Flat = 1178 Sq. ft. Government Market Rate for New Flat in this locality is Rs. 248300/- per Sq. Mts. i.e. Rs. 23160 per Sq. ft. for Stamp Duty Purpose as per Ready Reckoner for year 2014. The Building is 4 Years old building and % of Depreciation is 5% for 4 years old Building mentioned in Ready Reckoner for Stamp Duty purpose. Also since Flat is situated on higher side floor [multistoreyed building] the % of increase in Rate is 15% for flat located between 21^st to 30^th Floor. Therefore, Government Market Value of Flat = Built up Area x Government Market Rate x Deprecation Factor x 1.15 = 1178 Sq. ft. x Rs. 23160/- x 0.95 x 1.15 = Rs. 29.806 Millions
Reason for deviation if any	Not Applicable
Special Features that add to value	The Building is having amenities such as High speed lifts, Ample Parking Space, Fire Fighting System, Gymnasium, Club house, Children play area, security services, Intercom, Decorative entrance lobby etc.
Agreement	· Agreement for sale date 27.02.2013 between M/s. Deekay Realtors Private Limited. [The promoters] and Mr. Nirav A. Talsania and Mrs. Kamal A. Talsania [The Purchasers], registered at The Sub-Registrar’s Office, Mumbai City – 1 having Sr. No. BBE-1-1773-2013. [Agreement Price is Rs. 22.500 Millions and Government Market Value Rs. 28.048 Millions in the year 2013] Registration Receipt No. 2215 dated 07.03.2013 Extract of Index I and II dated 07.03.2013. Building Commencement certificate bearing Ref. No. EEBPC/610/S/A dated 03.12.2007 issued by Municipal Corporation of Greater Mumbai. Redevelopment Permission bearing Ref. No. R/NOC/F-1322/2311/MBRRB-04 dated 28.05.2004 issued by Maharashtra Building Repairing and Reconstruction Board.
Documents seen	· Agreement for sale date 27.02.2013 between M/s. Deekay Realtors Private Limited. [The promoters] and Mr. Nirav A. Talsania and Mrs. Kamal A. Talsania [The Purchasers], registered at The Sub-Registrar’s Office, Mumbai City – 1 having Sr. No. BBE-1-1773-2013. [Agreement Price is Rs. 22.500 Millions and Government Market Value Rs. 28.048 Millions in the year 2013] Registration Receipt No. 2215 dated 07.03.2013 Extract of Index I and II dated 07.03.2013. Building Commencement certificate bearing Ref. No. EEBPC/610/S/A dated 03.12.2007 issued by Municipal Corporation of Greater Mumbai. Redevelopment Permission bearing Ref. No. R/NOC/F-1322/2311/MBRRB-04 dated 28.05.2004 issued by Maharashtra Building Repairing and Reconstruction Board.
Registration Date	07.03.2013
Registration No.	The Sub-Registrar’s Office, Mumbai City – 1 having Sr. No. BBE-1-1773-2013.
Village	Tardeo Division
Registrar’s Value	Rs. 28.048 Millions in the year 2013.
Receipt No.	Registration Receipt No. 2215 dated 07.03.2013
Agreement between	· Agreement for sale date 27.02.2013 between M/s. Deekay Realtors Private Limited. [The promoters] and Mr. Nirav A. Talsania and Mrs. Kamal A. Talsania [The Purchasers], registered at The Sub-Registrar’s Office, Mumbai City – 1 having Sr. No. BBE-1-1773-2013. [Agreement Price is Rs. 22.500 Millions and Government Market Value Rs. 28.048 Millions in the year 2013] Registration Receipt No. 2215 dated 07.03.2013 Extract of Index I and II dated 07.03.2013. Building Commencement certificate bearing Ref. No. EEBPC/610/S/A dated 03.12.2007 issued by Municipal Corporation of Greater Mumbai. Redevelopment Permission bearing Ref. No. R/NOC/F-1322/2311/MBRRB-04 dated 28.05.2004 issued by Maharashtra Building Repairing and Reconstruction Board.
Any Negative Features	Nothing Specific
Considering the location, condition, maintenance and use of the building, Fair Market Value of Property as on date Rs. 41.200 Millions.

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CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.43
UK Pound	1	Rs. 97.25
Euro	1	Rs. 77.93

INFORMATION DETAILS

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

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.