MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	SWAMI SAMARTH HYGIENE
Registered Office :	Gala No. 13, Old Patel Industrial Estate, Opposite Dahisar Police Station, S.V Road, Dahisar [East], Mumbai – 400068, Maharashtra
Country :	India
Year of Establishment :	April 2014
Capital Investment :	Not Divulged
PAN No.: [Permanent Account No.]	AAIPI6337A
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturing and Trading of Hygiene Products.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietary concern with limited operational history having moderate track record. Mr. Santosh Ishwalkar, the proprietor provided information and confirmed that erstwhile in 2012 he was personally involved in trading hygiene and cleanliness products as on household basis. Further as the business flourished Mr. Ishwalkar as a proprietor registered and floated a new proprietary concern in April 2014 with the name “Swami Samarth Hygiene”. Trade relations are improving. Business is active. Payment terms are reported as slow but correct. In view of the subject being in embryonic stages, the concern can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Santosh Kashinath Ishwalkar
Designation :	Proprietor
Contact No.:	91-9833705777
Date :	24.09.2014

LOCATIONS

Registered Office :	Gala No. 13, Old Patel Industrial Estate, Opposite Dahisar Police Station, S.V Road, Dahisar [East], Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28965033/ 65555779
Mobile No.:	91-9833705777 [Mr. Santosh Kashinath Ishwalkar]
Fax No.:	Not Available
E-Mail :	info@swamismarthhygiene.com santoshishwalkar13@gmail.com sshygiene1234@gmail.com
Website :	http://swamisamarthhygiene.com

SOLE PROPRIETOR

Name :	Mr. Santosh Kashinath Ishwalkar
Designation :	Proprietor
Address :	B-201, Gopal Darshan, Phase 2, Indralok, Bhayander [East], Thane – 401105, Maharashtra, India
Date of Birth/Age :	37 Years
Qualification :	B. Com
Experience :	10 Years
PAN No.:	AAIPI6337A

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Hygiene Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	22 (Approximately)
Bankers :	Abhyudaya Co-operative Bank Limited

Banking Relations :	--
Auditors :
Name :	Sri Ramkrishnan and Company Chartered Accountants

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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	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	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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CREDIT FACILITIES [PROPOSED]

[RS. IN MILLIONS]

TYPE OF FACILITIES	AMOUNT IN MILLIONS	PURPOSE FOR WHICH REQUIRED	PRIMARY SECURITY
Cash Credit	25.000	Day to Day Business Activity	40.300

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MR. SANTOSH KASHINATH ISWALKAR

COMPUTATION OF TOTAL INCOME

[RS. IN MILLIONS]

PARTICULARS	31.03.2013
INCOME FROM BUSINESS
Net Profit as per Profit and Loss Account		0.498
		________
GROSS TOTAL INCOME		0.454
DEDUCTION UNDER CHAPTER VI-A
u/s 80C HSG Loan Repayment	0.061
u/s 80C HSG Loan Interest	0.101
u/s 80C IDBI Life Insurance	0.029
u/s 80C Tution Fees	0.007
u/s 80C Mediclaim	0.007
	0.205	0.120
		_________
TOTAL INCOME		0.334
Tax Payable Income		0.017
Education Cess		0.001
INCOME TAX PAYABLE		0.018
Less: TDS on Comm		0.054
Less: Self-Assessment Tax		0.000
REFUND DUES		0.036

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

MR. SANTOSH KASHINATH ISWALKAR

ABRIDGED BALANCE SHEET

[RS. IN MILLIONS]

SOURCES OF FUNDS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		3.173	2.289	2.154
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss A/c.		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.173	2.289	2.154
LOAN FUNDS
1] Secured Loans		2.806	0.000	0.283
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.806	0.000	0.283
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.979	2.289	2.437
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.035	0.602	0.657
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.075	0.957	0.885
	Sundry Debtors	0.895	0.625	0.574
	Cash & Bank Balances	0.087	0.194	0.314
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.053	0.037	0.125
Total Current Assets		2.110	1.813	1.898
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.166	0.126	0.118
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.166	0.126	0.118
Net Current Assets		1.944	1.687	1.780
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.979	2.289	2.437

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MR. SANTOSH KASHINATH ISHWALKAR

PROFIT & LOSS ACCOUNT

[RS. IN MILLIONS]

	PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
	SALES
		Sales and Commission	9.865	7.685	5.457
		Other Income	0.000	0.000	0.000
		TOTAL	9.865	7.685	5.457
Less	EXPENSES
		Cost of Goods consumed	7.936	6.100	4.015
		Other Direct Expenses	0.287	0.266	0.261
		Conveyance	0.065	0.051	0.025
		Office Expenses	0.102	0.086	0.075
		Petrol and Motor Car Expenses	0.199	0.187	0.164
		Salary and Bonus	0.256	0.226	0.215
		Business Promotion	0.036	0.024	0.055
		Electricity Charges	0.029	0.026	0.025
		Telephone Charges	0.030	0.024	0.027
		Sundry Expenses	0.036	0.030	0.027
		Interest on loan	0.241	0.101	0.012
		Other Expenses	0.033	0.012	0.015
		TOTAL	9.250	7.133	4.916
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.615	0.552	0.541
Less/ Add	DEPRECIATION/ AMORTISATION		0.046	0.054	0.090
	NET PROFIT		0.569	0.498	0.451

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
1		GROSS INCOME
	i)	Sales [Net of returns]
		a) Domestic Sales	5.457	7.685	9.865	130.000	165.000	200.000
		b) Export Sales	--	--	--	--	--	--
		c) Sub-total [a]	5.457	7.685	9.865	130.000	165.000	200.000
		d) %age rise (+) or fall (-) in net sales as compared to previous year	--	40.83	28.37	1217.79	26.92	21.21
	ii)	Other income	--	--	--	--	--	--
		Total [i + ii]	5.457	7.685	9.865	130.000	165.000	200.000
2		COST OF SALES
	i)	Purchases	4.215	6.172	8.054	131.475	145.510	177.642
	ii)	Other trading expenses [Carriage inward, commission and Brokerage on Purchases]	0.261	0.266	0.287	1.500	1.800	2.100
	iii)	Sub-total [i + ii]	4.476	6.438	8.341	132.975	147.310	179.742
	iv)	Add: Opening stock	0.685	0.885	0.957	1.075	17.500	18.500
	v)	Sub-total [iii + iv]	5.161	7.323	9.298	134.050	164.810	198.242
	vi)	Less: Closing Stock	0.885	0.957	1.075	17.500	18.500	20.000
	vii)	Sub-total [Total cost of sales] [v - vi]	4.276	6.366	8.223	116.550	146.310	178.242
3		Selling, General and Administrative Expenses (including bonus payments)	0.629	0.666	0.786	6.550	8.240	9.958
4		Operating Profit before interest and Depreciation [1(iii)-2(vii)-3]	0.552	0.653	0.856	6.900	10.450	11.800
5		Interest	0.011	0.101	0.241	1.600	3.600	3.600
6		Depreciation	0.090	0.054	0.046	0.300	0.250	0.200
7		Operating profit after interest and depreciation [4-5-6]	0.451	0.498	0.569	5.000	6.600	8.000
8		(i) Add: Other non-operating income	--	--	--	--	--	--
		(ii) Less: Other non-operating expense	--	--	--	--	--	--
		(iii) Net of other non-operating incomes/ expenses (net of 8(i) and 8(ii))	--	--	--	--	--	--
9		Profit before tax/loss (7+8(iii))	0.451	0.498	0.569	5.000	6.600	8.000
10		Provision for taxes	--	--	--	--	--	--
11		Net profit / (loss) [9-10]	0.451	0.498	0.569	5.000	6.600	8.000
12		(a) Dividend [** In case of firms, drawings made during the year by proprietors/ partners]	--	--	--	--	--	--
13		Retained Profit [11-12]	0.451	0.498	0.569	5.000	6.600	8.000
14		Retained profit / Net Profit (%age) [13-11]	100.00	100.00	100.00	100.00	100.00	100.00

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant bank	--	--	--	25.000	25.000	25.000
	(ii) From other banks	--	--	--	--	--	--
	(iii) of which BP and BD	--	--	--	--	--	--
	Sub Total (A)	--	--	--	25.000	25.000	25.000
2	Short term borrowings from others	--	--	--	--	--	--
3	Sundry Creditors (Trade)	0.118	0.126	0.166	0.215	0.270	0.315
4	Advance / Deposits	--	--	--	--	--	--
5	Provision for Taxation	--	--	--	--	--	--
6	Dividend Payable	--	--	--	--	--	--
7	Other statutory liabilities (due within one year)	--	--	--	--	--	--
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	--	--	0.200	0.200	0.200	0.200
9	Other current liabilities and Provisions (due within one year)	--	--	--	--	--	--
	Sub Total (B)	0.118	0.126	0.366	0.415	0.470	0.515
10	Total Current Liabilities [total of 1 to 9]	0.118	0.126	0.366	25.415	25.470	25.515
	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--	--	--	--	--
12	Preference Shares (redeemable after one year)	--	--	--	--	--	--
13	Term loans (excluding instalments payable within one year)	0.283	--	2.606	2.400	2.200	2.000
14	Deferred Payment Credits (excl. instalments due within one year)	--	--	--	--	--	--
15	Unsecured loans (repayable after one year)	--	--	--	--	--	--
16	Other term liabilities	--	--	--	--	--	--
17	Total term liabilities (Total of 11 to 16)	0.283	--	2.606	2.400	2.200	2.000
18	Total Outside Liabilities [10+17]	0.401	0.126	2.972	27.815	27.670	27.515
	NET WORTH
19	Share Capital	2.154	2.289	3.173	9.800	12.500	17.000
20	General Reserve	--	--	--	--	--	--
21	Revaluation Reserve	--	--	--	--	--	--
22	Other Reserves (excluding provisions)	--	--	--	--	--	--
23	Surplus (+) or deficit (-) in Profit & Loss Account	--	--	--	--	--	--
24	NET WORTH	2.154	2.289	3.173	9.800	12.500	17.000
25	TOTAL LIABILITIES [18+24]	2.555	2.415	6.145	37.615	40.170	44.515
	CURRENT ASSETS
26	Cash and Bank balances	0.314	0.194	0.087	0.125	0.156	0.185
27	(i) Investment [Other than long term investment]	--	--	--	--	--	--
	(ii) Fixed Deposits with Banks	--	--	--	--	--	--
28	Receivables other than deferred and exports (including bills purchased and discounted by bankers) (Months Domestic Sales)	0.574	0.625	0.895	16.159	17.919	20.910
29	Export receivables	--	--	--	--	--	--
30	Stock in trade (Months cost of sales)	0.885	0.957	1.075	17.500	18.500	20.000
31	Advance to suppliers of merchandise	--	--	--	--	--	--
32	Advance payment of taxes	--	--	--	--	--	--
33	Other current assets	0.125	0.037	0.053	0.096	0.110	0.135
34	TOTAL CURRENT ASSET [Total 26 to 33]	1.898	1.813	2.110	33.880	36.685	41.230
	FIXED ASSETS
35	Gross Block (land and building machinery, furniture and fittings, vehicles)	--	--	--	--	--	--
36	Depreciation to date	--	--	--	--	--	--
37	NET BLOCK (35-36)	0.657	0.602	4.035	3.735	3.485	3.285
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 and contractors	--	--	--	--	--	--
	iii. Preferred receivables (maturity exceeding one year)	--	--	--	--	--	--
	iv. Security deposits/ tender deposits	--	--	--	--	--	--
	v. Other Deposits	--	--	--	--	--	--
39	Obsolete Stocks	--	--	--	--	--	--
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 and 42)	2.555	2.415	6.145	37.615	40.170	44.515
	To Tally with total Liabilities	2.555	2.415	6.145	37.615	40.170	44.515
44	TANGIBLE NET WORTH (24-42)	2.154	2.289	3.173	9.800	12.500	17.000
45	NET WORKING CAPITAL [(17+24)-(37+41+42)] Totally with (34-10)	1.780	1.687	1.744	8.465	11.215	15.715
46	Current Ratio [34/10]	16.08	14.39	5.77	1.33	1.44	1.62
47	Total outside liabilities / Net worth (18/44)	0.19	0.06	0.94	2.84	2.21	1.62
	Debt/ Quasi Equity Ratio	(0.41)	(0.47)	(0.03)	0.92	0.61	0.31
	Lower of TNW and Quasi Equity	21.54	22.89	31.73	98.00	125.00	170.00
	TNW + Quasi Equity	43.08	45.78	63.46	196.00	250.00	340.00
	TOL – Quasi Equity	(17.53)	(21.63)	(2.01)	180.15	151.70	105.15
	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) Bills accepted / guarantees extended to accommodate associate concerns or other third parties	--	--	--	--	--	--
	(e) Other liabilities not provided for	--	--	--	--	--	--

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COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
	A. CURRENT ASSETS
1.	Stocks-in-trade	0.885	0.957	1.075	17.500	18.500	20.000
	[Months cost of sales]	2.48	1.80	1.57	1.80	1.52	1.35
2.	Receivables other that export and deferred receivables [including bills purchases and discounted by bankers]	0.574	0.625	0.895	16.159	17.919	20.910
	[Months domestic sales]	1.26	0.98	1.09	1.49	1.30	1.25
3.	Export Receivables [Including bills purchases and discounted]	--	--	--	--	--	--
	[Months exports sales]	--	--	--	--	--	--
4.	Advances payment of taxes	--	--	--	--	--	--
5.	Other current assets [Including cash and bank balances and deferred receivables due within one year] [specify major items]	0.439	0.231	0.140	0.221	0.266	0.320
6.	TOTAL CURRENT ASSETS [To agree with item 34 in form III]	1.898	1.813	2.110	33.880	36.685	41.230
	B. CURRENT LIABILITIES
7.	Sundry Creditors (Trade)	0.118	0.126	0.166	0.215	0.270	0.315
	[Months Purchases]	0.34	0.24	0.25	0.02	0.02	0.02
8.	Short term Borrowings from others	--	--	--	--	--	--
9.	Statutory liabilities	--	--	--	--	--	--
10.	Other current liabilities [specify major items] unsecured loans, dividend payable, instalments of TL, DPG, Public deposits, debentures etc.	--	--	0.200	0.200	0.200	0.200
11.	TOTAL CURRENT LIABILITIES [To agree with item 34 in form III]	0.118	0.126	0.366	0.415	0.470	0.515

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
1	Total Current Assets (6 in Form IV)	1.898	1.813	2.110	33.880	36.685	41.230
2	Other Current Liabilities (other than bank borrowings) (11 from Form IV)	0.118	0.126	0.366	0.415	0.470	0.515
3	Working Capital Gap (WCP) (1-2)	1.780	1.687	1.744	33.465	36.215	40.715
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	0.475	0.453	0.528	8.470	9.171	10.308
5	Actual/Projected net working capital (45 in form III)	1.780	1.687	1.744	8.465	11.215	15.715
6	Item 3 minus item 4	1.306	1.234	1.217	24.995	27.044	30.408
7	Item 3 minus item 5	--	--	--	25.000	25.000	25.000
8	Maximum permissible bank finance (item 6 or whichever is less)	--	--	--	24.995	25.000	25.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	(1.306)	(1.234)	(1.217)	0.005	(2.044)	(5.408)

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FINANCIAL INDICATORS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
1.	Paid up Capital:
	Equity Shares	2.154	2.289	3.173	9.800	12.500	17.000
	Preference Shares	--	--	--	--	--	--
2.	Tangible Networth	2.154	2.289	3.173	9.800	12.500	17.000
3.	Investment in Company [Of which in group company’s]	--	--	--	--	--	--
4.	Adjusted TNW	2.154	2.289	3.173	9.800	12.500	17.000
5.	Capital Employed	2.437	2.289	5.779	12.200	14.700	19.000
6.	Net Block	0.657	0.602	4.035	3.735	3.485	3.285
7.	Net Sales Domestic	5.457	7.685	9.865	130.000	165.000	200.000
	Exports	--	--	--	--	--	--
	Total	5.457	7.685	9.865	130.000	165.000	200.000
8.	Other income	--	--	--	--	--	--
9.	EBIDTA	0.552	0.653	0.856	6.900	10.450	11.800
10.	Interest	0.011	0.101	0.241	1.600	3.600	3.600
11.	Gross Profit/ [Loss]	0.541	0.552	0.615	5.300	6.850	8.200
12.	Taxes	--	--	--	--	--	--
13.	Cash Accruals	0.541	0.552	0.615	5.300	6.850	8.200
14.	Depreciation	0.090	0.054	0.046	0.300	0.250	0.200
15.	Net Profit/ [Loss]	0.451	0.498	0.569	5.000	6.600	8.000
16.	Net Profit/ Capital Employed %	4.18	2.36	1.45	3.06	2.00	1.18
17.	Current Assets	1.898	1.813	2.110	33.880	36.685	41.230
18.	Current Liabilities	0.118	0.126	0.366	25.415	25.470	25.515
	RATIOS:
19.	Current Ratio	16.08	14.39	5.77	1.33	1.44	1.62
20.	Debt/ Equity:
	Term Liabilities / Adjusted TNW	(0.41)	(0.47)	(0.03)	0.92	0.61	0.31
	TOL / Adjusted TNW	0.19	0.06	0.94	2.84	2.21	1.62
21.	Profitability %: PAT/ Net Sales	8.26	6.48	5.77	3.85	4.00	4.00
22.	DSCR	--	--	--	--	--	--
23.	Interest Coverage	50.18	6.47	3.55	4.31	2.90	3.28
24.	Inventory + Receivables / Sales %	26.74	20.59	19.97	25.89	22.07	20.46

SR. NO.	PARTICULARS	31.03.2012 Audited	31.03.2013 Audited	31.03.2014 Provisional	31.03.2015 Estimates	31.03.2016 Projection	31.03.2017 Projection
1.	Net Sales	5.457	7.685	9.865	130.000	165.000	200.000
2.	25% of Gross Sales	1.364	1.921	2.466	32.500	41.250	50.000
3.	5% of Gross Sales	0.273	0.384	0.493	6.500	8.250	10.000
4.	Actual / Projected New Working Capital	1.780	1.687	1.744	8.465	11.215	15.715
5.	[b-c]	1.091	1.537	1.973	26.000	33.000	40.000
6.	[b-d]	(0.416)	0.234	0.722	24.035	30.035	34.285
7.	Permissible Bank Finance [Lower of e and f]	(0.416)	0.234	0.722	24.035	30.035	34.285

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

Fair market value for bank finance.

Date as on which valuation is made

21.09.2014

Name of the owner/owners

Mr. Jagdish Poonamchandra Rawat

If the property is under joint ownership / coownership, shares of each such owner. Are the shares undivided?

Sole Ownership

List of documents produced for perusal

(1) Copy of Agreement for sale dated 30th March, 2009, Mr. Rajendra Brijlal Rawat (VENDOR) and Mr. Jagdish Poonamchandra Rawat (PURCHASER).

(2) Copy of 1st Agreement for Sale dated 28th March, 1963 Between Mr. Shobharam MahilaL Gupta (VENDOR) and Mr. Brijlal Kisanlal Rawat. (PURCHASER).

(3) Copy of Property Tax.

(4) Copy of Lease Deed Dated 31^st March, 2009, between

(1) Mr. Poonamchandra Brijlal Rawat

(2) Mr. Suresh Brijlal Rawat

(3) Mr. Radhesham Brijlal Rawat (LESSORS) and ICICI Bank Limited (LESSEE).

(5) Copy of No Objection Certificate dated 23.8.2007.

(6) Copy of Electricity Bill dated 26.5.2014. (Mr. Brijlal K. Rawat).

(7) Copy of Layout Plan.

Brief description of the property

It's a G+2 Storied Building.

Location, Street, Ward No.

Property is located at Survey No. 770, Sitaram Bhawan, Old Agra Road, Igatpuri, Taluka Igatpuri, District Nasik - 422403

Person/s accompanying for site visit

Mr. Jagdish Rawat

Is the property situated in residential area/ commercial area/ mixed area/ Industrial area

Residential Cum Commercial area

Classification of locality : high class/ middle class/ poor class

Middle class.

Proximity to civic amenities, like schools, hospitals, offices, markets, cinemas etc.

Civic amenities are available nearby.

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

ICICI Bank and Approx. 2 Minutes Walking distance from Igatpuri Railway Station.

PLOT:

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

It's a Plot area = 220.74 Sq. m. As per deed and Approved Layout Plan and Ground Floor Perm. Covered area = 1663.06 Sq. ft. and 1st Floor Perm. Covered area = 2078.92 Sq. ft. and 2^nd Floor Perm. Covered area = 2078.92 Sq. ft. as per Approved layout plan.

Roads, streets or lanes on which the land is abutting, surrounded.

Property is bounded by:

North: Road.

South: Road.

East: Other Building.

West: Other Building.

If lease hold, the name of the lessor/lessee, nature of lease, date of commencement and termination of lease and terms of renewal of lease,

(i) Initial Premium

(ii) Ground rent payable per annum

(iii) Unearned increase payable to the lessor in the event of sale or transfer

N.A.

Is there any restrictive covenant in regard to use of land? If so, what is the name of the covenant?

Residential Cum Commercial area.

Are there any agreements of co-ownership. If so attach copies.

No.

Does the land fall in an area included in any Town planning plan of government or any statutory body? If so, give particulars.

No.

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

No.

Has the whole or part of the land been notified for acquisition by Government or any statutory body? Give date of the notification.

No.

IMPROVEMENTS:

Furnish technical details of the building on a separate sheet. (The annexure to this form may be used).

As per Valuation Comments

Is the building owner occupied/ tenanted/ both?

Owner occupied at the time of visit.

RENTS:

Are any of the occupants related to, or close business associates of the owner?

N.A.

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

Owner.

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

Owner.

Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars.

N.A.

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

Owner.

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

Owner.

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

Owner.

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

N.A.

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

No.

Is any dispute between landlord and tenant regarding rent pending in a court of law?

N.A.

Has any standard rent been fixed for the premises under any law relating to the control of rent?

N.A.

SALES:

Give instances of sales of immovable property in the locality on a separate sheet indicating the name and address of the property, registration no., sale price and area of land sold.

Sale instances are not reliable as generally low figures are quoted in sale deeds to avoid stamp duty.

Land rate adopted in this valuation

As per Valuation Comments

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

Local sources, property agents and own professional judgement.

COST OF CONSTRUCTION:

Year of commencement of construction and year of completion.

Year 1983 (Age of the Building 31 Year).

Estimated future life

29 Years

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

Irrelevant to this valuation.

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

As above.

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

As above.

VALUATION COMMENTS

Property is located at Survey No. 770, Sitaram Bhawan, Old Agra Road, Igatpuri, Taluka Igatpuri, District Nasik - 422403. It's a Plot area = 220.74 Sqm. As per deed and Approved Lay out Plan. Ground Floor Perm. Covered area = 1663.06 Sq. ft., 1st Floor Perm. Covered area = 2078.92 Sq. ft. and 2nd Floor Perm. Covered area = 2078.92 Sq. ft. as per Approved layout plan.

They must clarify here that the value is based on data and documents provided and they hereby certify that they have neither present nor prospective interest in the assets appraised or in the value reported.

Market based composite rate in Residential area = 4000 – 7000/- Sq. ft. of Built-up area and in Commercial area is Rs. 13000 – 15000/Sq. ft. Built-up area. In view of all above factors the following rate represents the true intrinsic value of the location of the property. The calculation of value is as under:

A. COMPOSITE:

PORTION	AREA IN SQ. FT.	LAND RATE IN RS./SQ. FT.	COMPOSITE VALUE RS. IN MILLIONS
Ground Floor Shop Area	1663.06	14000	23.283
1st Floor Covered Area	2078.92	6000	12.473
2nd Floor Covered Area	2078.92	4000	8.316
Total	5820.90		44.072

B. DEPRECIATION:

RCC Slab framed structure with accommodation and specifications as under:

Ground Floor	:	4 Shop
1st Floor	:	4 BR, 1 DR, 1 K, 2 W/C.
2nd Floor	:	4 BR, 2 K, 2 DR, 2 W/C.
Flooring/amenities	:	Marble, Kota and Tile.

CPWD Plinth area rates 2012 on Sq. ft. basis:

PORTION	BASIC RATE	SERVICES	FLOORING	INTERIORS	RATE ADOPTED
RCC Slab	650	400	80	380	1359

PORTION	AREA IN SQ. FT.	AGE IN YEARS	PLINTH AREA RATE IN RS./SFT. RS.	COST OF CONSTRUCTION IN RS. IN MILLIONS	DEPRECIATION IN RS. IN MILLIONS
Total Ground	5820.90	31	1,359	7.911	3.678
Floor & 1st
Floor & 2nd
Floor, Perm.
Covered area
Depreciated Replacement cost of property = Rs.				4.232	(Insurance purpose)
Proportionate land share = Rs.				36.161
TOTAL: Composite Value - Depreciation: A - B = Rs.				40.393

Say	Rs. 40.393 Millions

OPINION OF VALUE

Premised on the foregoing, they are of the opinion that as on 21.09.2014. The market value of the property comprising of land (proportionate) and building is fairly represented as Rs. 40.393 Millions.

The Forced Sale Value is estimated to be Rs. 32.300 Millions, i.e., (approx. 20% lower).

Value as per circle rates for colony = Rs. 10.655 Millions (Registration purpose)

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CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.02
UK Pound	1	Rs. 99.43
Euro	1	Rs. 77.84

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.