MIRA INFORM REPORT

Report No. :	301662
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	J P DEVELOPERS
Registered Office :	102, Vardhman Apartments, 40, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.01.2015 [Provisional]
Date of Establishment :	01.04.2009
Capital Investment :	Rs. 211.859 Millions [Provisional]
TIN No.:	27090996040
PAN No.: [Permanent Account No.]	ANYPS9998Q
Legal Form :	Sole Proprietary Concern
Line of Business :	Construction Activities.
No. of Employees :	7 (2 in Office and 5 in Site) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the proprietary concern was incorporated during 01 April, 2009. Its project is still under implementation. As claimed by Ms. Gautami Wale (Chartered Accountant) that project of the concern is under implementation and it will get complete till 2016. Further she also provided general information to us. Payments are unknown. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Gautami Wale
Designation :	Chartered Accountant
Contact No.:	91-9892062820
Date :	11.02.2015

LOCATIONS

Registered Office :	102, Vardhman Apartments, 40, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26120616/ 26135068
Mobile No.:	91-9892062820 [Ms. Gautami Wale]
Fax No.:	91-22-26135068
E-Mail :	jpdevelopers123@gmail.com
Location :	Owned
Project Site :	Sheroo Villa, J P Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26730322
Location :	Owned

SOLE PROPRIETOR

Name :	Mrs. Jaya P. Shah
Designation :	Proprietor
Address :	501, Vardhman Apartment, 40, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	03.03.1942
Experience :	30 Years
PAN No.:	ANYPS9998Q

KEY EXECUTIVES

Name :	Ms. Gautami Wale
Designation :	Chartered Accountant

BUSINESS DETAILS

Line of Business :	Construction Activities.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Guardian Castings Private Limited

Relcon Infraprojects Limited

No. of Employees :

7 (2 in Office and 5 in Site) (Approximately)

Bankers :

Bank Name:	Corporation Bank
Branch:	Andheri [West], J.P. Road Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	Mr. Prabhu Nayer [Branch Manager]
Contact Number:	91-9921989112
Name of Account Holder:	J P Developers
Account Number:	11401601000566
Account Since (Date/ Year of A/c Opening):	30.07.2013
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	Good
Remarks: --

Auditors :
Name :	Pankaj P. Sanghavi and Company Chartered Accountants
Address :	302, Jyoti Chambers, 372, Narshi Natha Street, Masjid Bunder [West], Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-40234156/ 57/ 58
Fax No.:	91-22-23414156
E-Mail :	admin@cappsco.in
Website :	www.cappsco.in
Associates/Subsidiaries :	· Vipul Dye Chem Limited Address: 102, Andheri Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India Activity: Manufacturer, Exporter and Importer of Chemicals, Dyes, Pigments etc. · Amar Trading Corporation Address: 339, Samule Street, Rawal, Chembur, Mumbai – 400003, Maharashtra, India Activity: Trader of Pigments, Chemicals etc.

CAPITAL STRUCTURE

AS ON 31.01.2015 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 211.859 Millions
Borrowed :	--
Total :	Rs. 211.859 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.01.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		211.859	205.218	160.254	159.455
2] Share Application Money		0.000	0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		211.859	205.218	160.254	159.455
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000	0.000
2] Unsecured Loans		70.117	56.294	21.314	2.150
TOTAL BORROWING		70.117	56.294	21.314	2.150
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		281.976	261.512	181.568	161.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.031	0.047	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	303.122	273.132	187.957	176.929
	Sundry Debtors	0.000	0.000	0.000	0.000
	Cash & Bank Balances	0.356	0.092	(7.736)	0.108
	Deposits	2.035	0.238	0.165	0.165
	Loans & Advances	1.607	1.611	1.256	3.104
Total Current Assets		307.120	275.073	181.642	180.306
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			0.020
	Other Current Liabilities			0.034
	Provisions			0.020
Total Current Liabilities		25.175	13.608	0.074	18.701
Net Current Assets		281.945	261.465	181.568	161.605
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		281.976	261.512	181.568	161.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.01.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	0.000	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000	0.000
		Inventory Variation	29.990	85.174	11.028	0.000
		TOTAL	29.990	85.174	11.028	0.000
Less	EXPENSES
		Consumption of Construction Material	17.788	28.174	0.349	(1.613)
		Cost of Development Rights	3.500	38.632	0.010	0.000
		Development and Project Cost	5.515	16.836	9.486	0.000
		Selling and Admin Expenses	0.883	1.228	0.799	0.000
		Architect fees	--	--	--	0.155
		Interest on loan	--	--	--	0.310
		Building Construction A/c.	--	--	--	0.205
		Salary	--	--	--	0.195
		Commission and Brokerage	--	--	--	0.363
		Bank Charges	--	--	--	0.177
		Other Expenses	--	--	--	0.208
		TOTAL	27.686	84.870	10.644	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2.304	0.304	0.384	0.000
Less	FINANCIAL EXPENSES		3.171	1.517	0.384	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.867)	(1.213)	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		0.016	0.015	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(0.883)	(1.228)	0.000	0.000
Less	TAX		0.000	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.883)	(1.228)	0.000	0.000

KEY RATIOS

PARTICULARS		31.01.2015 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	0.00	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.29)	(0.45)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.33	0.27	0.13	0.01
Current Ratio (Current Asset/Current Liability)		12.20	20.21	2454.62	9.64

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Proprietor’s Capital	159.455	160.254	205.218
Reserves & Surplus	0.000	0.000	0.000
Net worth	159.455	160.254	205.218
Secured Loans	0.000	0.000	0.000
Unsecured Loans	2.150	21.314	56.294
Total borrowings	2.150	21.314	56.294
Debt/Equity ratio	0.013	0.133	0.274

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 and 10 Months	Yes
12]	Profitability for last three years and 10 Months	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	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	Yes
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

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

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Unsecured Loans	56.294	21.314
Total	56.294	21.314

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

COMPUTATION OF TOTAL INCOME

MRS. JAYA PRAVINCHANDRA SHAH

(RS. IN MILLIONS)

PARTICULARS	31.03.2013
Income from Business or Profession [Chapter IV D]			(0.350)
From Firm Jayshree Chemicals
Remuneration		0.000
Interest		(0.350)
		--------------
		(0.350) --------------
Income from Other Sources [Chapter IV F]			3.155
Interest from Saving Bank A/c		0.037
Vijaya Bank Capital Gain		1.799
FDR Interest [Cosmos Bank]		0.583
Bond Interest		0.434
FDR Interest [SBI]		0.443
		--------------
		3.296
Less:
Professional Fees and Interest	0.141
		0.141
		--------------
		3.155 --------------
			--------------
Gross Total Income			2.805
Less: Deductions [Chapter VI-A]
u/s 80 C
P.P.F.	0.070
		0.070
u/s 80 TTA [Interest from Saving Bank Account]		0.010
u/s 80 D [Payment Rs. 0.020 Million]		0.020
u/s 80 G Donation
Restricted According to Income (50%)	0.007
Eligible Deduction		0.003
		--------------
			0.103
			--------------
Total Income			2.702
Round off u/s 288 A			2.702
Income Exempt u/s 10			0.280
Deduction u/s 10 AA, 80H to 80RRB [except sec. 80p] not claimed hence AMT not applicable.
Tax Due [Exemption Limit Rs. 0.250 Million]		0.636
Educational Cess		0.019
		--------------
		0.655
T.D.S.		0.146
		--------------
		0.509
Interest u/s 234 A/B/C		0.120
		--------------
		0.629
Round off u/s 288B		0.629
Deposit u/s 140A		0.629
		--------------
Tax Payable		0.000

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

BALANCE SHEET

MRS. JAYA PRAVINCHANDRA SHAH

(RS. IN MILLIONS)

LIABILITIES	31.03.2013	31.03.2012	ASSETS	31.03.2013	31.03.2012
Capital Account			Investment
Jaya P. Shah	276.813	271.621	Investment in Residential Flat	48.110	48.110
			Shares Invested	4.260	4.260
Secured Loan
The Cosmos Bank OD	0.000	1.525	Land at Goathan Vile Parle	0.000	2.643
Loans and Advances			Bank Fixed Deposits
Sudoko Comm Serv Private Limited	1.690	1.690	State Bank of India	4.122	4.122
Kavita J. Varaiya	1.650	1.650	Interest [Accrued]	0.203	0.202
Amar Trading Corporation	1.952	4.629	FD with Vijaya Bank [Capital Gain Account]	29.299	0.000
P.B. Shah	0.533	0.000	FD with Cosmos	00000	18.710
Vip Chem Private Limited	0.000	0.012
			Tax Saving Scheme
			PPF [SBI]	0.553	0.483
Capital with Firm			PPF Accrued Int.	0.424	0.352
Jayashree Chemicals	3.491	1.861	UTI MEP ‘94	0.010	0.010
			UTI MEP ‘95	0.010	0.010
Current Liabilities and Provisions			Bonds
Other Liabilities	0.408	0.408	8% HDFC Bond	5.800	1.300
Sundry Creditors	0.000	0.011	8% SBI Bond	0.000	1.400
			Jewellery / Diamonds	0.529	0.529
			Principal Mutual Fund	0.005	0.005
			Fixed Assets
			Flat at Vardhaman Apartment 501	3.050	0.000
			Land at Gaothan	2.643	0.000
			Office at Vardhaman 102	1.608	0.000
			Current Assets
			Sundry Debtors [Rent]	0.000	0.224
			Loans and Advances
			JP Developers	160.254	159.455
			Paras Warehousing Corporation	0.727	0.158
			J.P. Investment and Properties	22.403	27.869
			Vip Chem Private Limited	0.064	0.000
			Advances	0.050	0.050
			Kapil D. Doshi [HUF]	0.000	1.500
			Manmohan Khurana	0.000	0.500
			Mehul D. Doshi [HUF]	0.000	1.500
			P.B. Shah	0.000	9.350
			Bank Balance	--	0.645
			SBI	0.370	--
			The Cosmos Co-op. Bank Limited	1.852	--
			Vijaya Bank	0.003	--
			Cash and Bank Balance
			Cash in hand	0.188	0.018
TOTAL	286.537	283.407	TOTAL	286.537	283.407

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATES	31.03.2016 PROJECTED	31.03.2017 PROJECTED
1	Gross Income / Sales
	i) Domestic Sales	0.000	466.430	362.606
	ii) Other Operating Income	0.000	0.000	0.000
	iii) Export Sales	0.000	0.000	0.000
	Total [1]	0.000	466.430	362.606
2	Less: Excise Duty and Sales Tax	0.000	0.000	0.000
3	Net Sales [1-2]	0.000	466.430	362.606
4	% age of rise [+]/ fall [-] in Net Sales	--	--	--
5	Cost of sales
	i) Consumption of Construction Material	28.500	61.830	50.000
	ii) Cost of Development Rights	7.500	3.500	0.000
	iii) Development and Project Cost	125.000	0.050	0.000
	iv) Depreciation	0.014	0.012	0.011
	Cost of Production	161.014	65.392	50.011
	Add: Opening stock of Finished Goods	0.000	250.436	196.771
	Sub-total	161.014	315.828	246.782
	Deduct: Closing stock of Finished Goods	0.000	0.000	0.000
	Total Cost of Sales	161.014	315.828	246.782
6	Selling, General and Admin. Expenses	2.500	2.500	2.500
7	Directors Remuneration	0.000	1.200	1.200
8	Sub-total [5+6+7]	163.514	319.528	250.482
9	Operating Profit before Interest [3-8]	(163.514)	146.901	112.123
10	Interest
	Of which – Loan
	Bank Interest
	- Term Loan	2.763	10.936	7.183
	- Unsecured Loan	7.800	7.800	1.000
11	Operating Profit after Interest [9-10]	(174.076)	135.965	104.941
	Amount Transferred to Capital work in progress	174.076	--	--
12	Operating Profit after Transfer to Capital WIP--	--	135.965	104.941
13	i) Add: Other / Non-operating Income	--	--	--
	ii) Deduct: Non-operating Expenses	--	--	--
	iii) Net of Non-operating Income/ Expenses	--	--	--
14	Profit before Tax/ (Loss) [12+13 (iii)]	--	135.965	104.941
15	Provision for taxes	--	40.790	31.482
16	Net Profit / (Loss) [14-15]	--	95.176	73.459
17	Drawings	--	--	--
18	Retained Profit [16-17]	--	95.176	73.459
19	Retained Profit / Net Profit [%]	--	--	--
20	Add: Depreciation	0.014	0.012	0.011
	P&P Expenses w/off	--	--	--
21	Cash Accruals [18+20]	0.014	95.188	73.470

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATES	31.03.2016 PROJECTED	31.03.2017 PROJECTED
	CURRENT LIABILITIES
1	Short term borrowings from Banks
	(i) From applicant bank	--	--	--
	(ii) From other banks	--	--	--
	(iii) of which BP & BD	--	--	--
	Sub Total (A)	--	--	--
2	Short term borrowings from others	60.000	--	--
3	Sundry Creditors - Trade	6.113	--	--
4	Advance payments from customers/deposits from dealers	25.000	--	--
5	Provision for Taxation	--	--	--
6	Term Liabilities payable within 1 year	--	--	--
7	Dividend payable	--	--	--
8	Other Statutory liabilities [due within 1 year]	2.000	2.000	2.000
9	Other Current Liabilities and Provisions	--	--	--
10	Sub Total (B)	93.113	2.000	2.000
11	TOTAL CURRENT LIABILITIES [1 + 10]	93.113	2.000	2.000
	TERM LIABILITIES
12	Debentures (not maturing within 1 year)	--	--	--
13	Unsecured Loan	65.000	55.000	55.000
14	Term Loans [Payable after 1 year]	--	--	--
	Applicant Bank	85.000	74.500	32.500
15	Deferred Sales Tax	--	--	--
16	Capex Payable	--	--	--
17	TOTAL TERM LIABILITIES [11 to 16]	150.000	129.500	87.500
18	TOTAL OUTSIDE LIABILITIES [11 + 17]	243.113	131.500	89.500
	NETWORTH
19	Proprietors Capital	224.445	319.621	393.079
20	Surplus/ Deficit in Profit and Loss Account	--	--	--
21	Drawings	--	(50.000)	(350.000)
22	NETWORTH	224.445	269.621	43.079
23	TOTAL LIABILITIES [18 + 24]	467.558	401.121	132.579
	ASSETS
	CURRENT ASSETS
24	Cash and Bank Balances	0.079	6.783	2.261
25	Investment – Fixed Deposit	10.000	17.050	19.250
26	MCGM Deposits	0.239	0.239	0.250
27		--	--	--
28	Yearly Installment of Deferred Receivables	--	--	--
29	Inventory	447.207	317.028	--
	Land	151.200	151.200	--
	Building Work in Progress	296.007	165.828	--
30	Advance to Suppliers	--	--	--
31	Sundry Debtors	--	--	--
32	Other Current Assets	--	--	--
33	TOTAL CURRENT ASSETS [26 to 33]	457.525	341.100	21.761
	FIXED ASSETS
34	Gross Block	0.061	0.061	46.061
35	Depreciation	0.029	0.041	0.052
36	WDV at the end of the year	0.033	0.020	46.009
	OTHER NON-CURRENT ASSETS
37	Investments/ Book Debts/ Advances/ Deposits
	1. a) Investments in Subsidiary / Affiliates	--	--	--
	b) Others	--	--	--
	2. Others – Deposits	10.000	60.000	64.809
38	Non consumables stores & spares	--	--	--
39	Other non-current assets – Advance for Capex	--	--	--
40	OTHER NON-CURRENT ASSETS [38 to 40]	10.000	60.000	64.809
41	Intangible Assets	--	--	--
42	TOTAL ASSETS [34+37+41+42]	467.558	401.121	132.579
43	TANGIBLE NETWORTH [24-42]	224.445	269.621	43.079
44	NET WORKING CAPITAL [(17+24) - (37+41+42)] To tally with (34-11)	364.412	339.100	19.761
45	Current Ratio [taking TL instalment payable in 1 year]	4.91	170.55	10.88
	Current Ratio [not taking TL installment payable in 1 year]	4.91	170.55	10.88
46	Outside Liabilities / Tangible Networth [18/44]	1.08	0.49	2.08
47	Outside Liabilities / Tangible Networth	0.62	0.24	0.35

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

NETWORTH STATEMENT

MRS. JAYA PRAVINCHANDRA SHAH

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	AREA	ACTUAL COST AS PER BALANCE SHEET OR AGREEMENT	TOTAL
1	Immovable Properties
a	Lant at Sheroo Villa under project [JP Road, Andheri [West] as per Valuation Report as on 20.03.2010]	1740 Sq. Mt. [After SET BACK 1505 Sq. Mt.]	151.200
b	Flat at Vardhaman Apartment [Vile Parle East] [50% - 900 Sq. ft.]	450 Sq. ft.	3.050
c	Office at Vardhaman Apartment [102, Vile Parle East]	295 Sq. ft.	1.608
d	Land at Gaonthane [Vile Parle [West]]	547 Sq. Mt.	2.625	158.483
			-----------------
2	Investment in Business Capital
a	JP Developers [Proprietor]		16.025
b	JP Investment and Properties [Proprietor]		22.403	38.428
			-----------------
3	Deposit held with Banks/ Companies/ Other Lender
	Bank Balances		0.581
	FD with SBI/ Vijaya Bank		12.481
	HDFC Bonds		9.100	22.162
			-----------------
4	Government Securities / NSC / NSS etc.
	PPF/ UTI Mepus		1.109	1.109
			-----------------
5	Shares/ Debentures/ Mutual Funds/ Units etc.
	With Companies		4.260	4.260
			-----------------
6	Life Insurance Policies		0.000	0.000
7	Vehicles Owned		0.000	0.000
8	Other Assets
	Furniture and Fixtures, Plant and Machinery		0.000
	Cash in Hand		0.025
	Jewellery		0.528
	Other Assets [Advances and Loans]		0.737	1.290
			-----------------	-----------------
	TOTAL ASSETS			225.732
9	Liabilities [Please furnish loans availed from Banks/ Financial Institutions and Other borrowing]
	Secured Loan
	Other Loans and Advances		8.839
			-----------------
	LIABILITIES			8.839
				-----------------
	NETWORTH			216.893

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

PROJECT REPORT

NATURE OF INDUSTRY AND PRODUCT:

Real estate in India continues to be a favoured destination globally for investors, developers and non-resident Indians, The sector's progress is driven by factors such as rapid urbanisation, a growing trend towards nuclear families, positive demographics, rural-urban migration, ever developing infrastructure, higher income levels and housing demand. The real estate sector, with its growing investment opportunities, is expected to post annual revenues of US$ 180 billion by 2020.

BRIEF HISTORY:

Vipul Group of Companies, founded by Mr. Pravinchandra Shah, commenced its operations as a trader of chemical products in the year 1964 with firm name Amar Trading Corporation, The success of the trading activities inspired Pravinbhai to spread the Groups wings internationally by venturing into Imports and Exports of chemical products. Having reached a formidable business size, the Group decided to have its own manufacturing facilities. Under the flagship company, Vipul Dye Chem Limited, a listed company there are manufacturing plants located at Thane, Vashi, Ambernath, Ahmednagar and Turbhe.

Mr. Vipul Shah, a chemical engineer graduate succeeded the chemical business of the Group, providing room for Mr. Pravinbhai to venture in the Real Estate business. The Group has successfully completed two projects one commercial and the other residential.

SR. NO.	NAME OF THE GROUP CONCERN	PROJECT NAME	LOCATION	CONSTRUCTION WORK [START AND END MONTH]	BUILT UP AREA [SQ. FT.]	AVERAGE SELLING RATE PER SQ. FT.	PROJECT COST [APPROX.] [RS. IN MILLIONS]	SALE VALUE [RS. IN MILLIONS]
1	J. P. Investment and Properties	Mahaveer Chember (Elder House)	Elder House, Plot No. C-9, Dalia Industrial Estate, Off Veera Desai Road, Andheri West, Mumbai 400053	July 1997 to Jan 2000	35510 Sq. ft.	Rs. 5116/-	84.700	181.700
2	P. B. Shah HUF	Vardhman Apartment	Vardhman Apartment, 40 Hanurnan Road, Vile Parle East, 400057	Dec 2002 to August 2005	15656 Sq. ft.	Rs. 2750/-	31.500	42.500

MANAGEMENT OF THE PROJECT

Mrs. Jaya P Shah: She is the financial back bone of this project. The Land and the requisite promoters contribution shall be effortlessly are brought in by her.

Pravin B. Shah: He is the CEO of the project. Been at the helms of two successfully executed projects, he has an excellent team of professionals that shall be required for the completion of the project.

IND+ Architects: The chief architects of the Project. Established in 2008, Ind+ Architects has principally practiced in architecture and the provision of architectural services. Based in Mumbai, India the firm has completed a diversified type of work all over India. Ind+ Architects is headed by its founding Principal Director, Hemal Sanghavi.

SACPL: They are the chief RCC Consultants of the project. SACPL was founded in 1973 by their chairman Mr. Suresh P. Shanghvi, in the structural Engineering field. Since the inception, they focus on providing professional services to their clients, for various projects in Industrial, Commercial, Institutional and Residential Projects. They are Structural Consultants providing most effective design solutions.

S Pathak and Co: They are a long established and highly successful law firm in Mumbai, India providing a full range of services to businesses, institutions and individuals. Mr. S.M. Pathak, the Founder and Managing Partner of the firm with his vast experience of over 36 years is well known in the industry for his knowledge and expertise in the field. Their clients have come to expect a combination of excellent technical skill with a high quality service delivery. Their reputation is based on reliability and expertise.

J. Kumar Infraprojects Limited: J Kumar is a name synonymous with infrastructure, with history dating from the 1980's. It has transformed itself to a full-fledged infra projects company of the country. Competing brick by brick, stroke by stroke with all the leading Infraprojects giants of the region. They have been appointed as a contractor for Piling and soil excavation work, which they have successfully completed.

Guardian Castings Private Limited: A leading manufacturer and exported of Steel, Steel bars and other allied products. They are the principal suppliers of Steel for the project.

Relcon Infraprojects Limited: With years of exposure to the construction business, RELCON has witnessed and experienced firsthand the emerging needs of this industry. Given the growing demands of infrastructure and urban living construction, it identified Ready Mix Concrete as a venture with immense growth potential. RELCON therefore launched a full-fledged and highly professional Ready Mix Concrete business vertical - as a value addition to its infrastructure and building construction service portfolio.

Focused on offering ECO FRIENDLY concrete using state-of-the-art equipment, this vertical lays emphasis on providing consistent quality and good service.

THE PROJECT:

GENERAL:

The Project Rishabh Apartments, is located at J.P. Road, Andheri West, Mumbai - 400053. Andheri is one of the largest suburbs of Mumbai with a population of well over 1.5 million. It is a good mixture of Commercial and Residential complexes, and is slowly becoming the epicenter of Mumbai.

The project is a residential tower, with 16 floors. Each Floor shall have two flats each, one 3 BHK and another 3BHK Grand. The plot is close to the Metro Station. The Andheri Railway station is at a distance of 15 minutes from the project location and it also has a proximity to the Kokilaben Dhirubhai Ambani Hospital.

GOVERNMENT CONSENT:

The project work had received the Building and development permission from the BMC. The project work is already under progress and is estimated to be completed by December 31, 2015.

TIME SCHEDULE:

Implementation Schedule of the project

Sr. No.	Nature of Work	Commencement Date	Completion Date
1	Land Acquisition	27.09.2005	31.03.2010
2	Plan Approvals	14.10.2013	Approved
3	Land Development/ Basement	05.01.2013	31.12.2012
4	Plinth	01.01.2014	30.06.2012
5	Slabs/ RCC	07.01.2014	31.05.2015
6	Brick work	11.01.2014	30.10.2015
7	Internal plastering	01.01.2015	31.12.2015
8	Sanitary	01.01.2015	31.03.2016
9	Flooring	01.01.2015	31.03.2016
10	Electrical	01.01.2015	31.03.2016
11	Painting	09.01.2015	31.05.2016
12	External plastering	10.01.2015	30.06.2016
13	Water supply	10.01.2015	30.06.2016

LOCATION

Factors that make Rishabh Towers an ideal location:

· Andheri West, an epicenter of Mumbai

Very near to the Metro Station.

10-15 minutes from Andheri Station

10-15 to Kokilaben Dhirubhai Ambani Hospital

Access to Theaters, Infiniti Shopping Malls, etc. in a span of 5-10 minutes

COST OF PROJECT

PARTICULARS	RS. IN MILLIONS
a. Development Cost	46.000
b. TDR Cost	26.278
c. Construction Cost	191.933
d. Plan Approval Charges	137.600
e, Architect Fees / Consultant Charges	10.543
f. Marketing and Administration Expenses	21.000
TOTAL	433.354

MEANS OF FINANCE

PARTICULARS	RS. IN MILLIONS
a. Promoters' Funds	151.501
b. Unsecured Loans	33.959
c. Advanced Receipts against Sale bookings	162.894
d. Term Loan	85.000
TOTAL	433.354

THE MARKET

Mumbai, referred to as the financial capital of the country, is the hub of banking and financial services industries, home to the stock exchanges and financial regulators like Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI); headquarters for many prominent corporate houses; and an important port as well as a centre for trading activity. The commercial relevance of the city has been a key driver for the real estate industry. Mumbai Metropolitan Region (MMR), which is the conurbation of Mumbai comprising of Greater Mumbai, along with its neighboring satellite towns and urban areas, like Thane and Navi Mumbai, forms the second largest urban centre in the country with a population of 20.7 mn, The MMR market is fairly vast and diverse in itself, comprising of various micro markets distinct in their characteristics, development profile and maturity levels.

As the country waits for the new government to take charge at the centre, future sentiments have improved across all zones in realty sector. Majority of the developers and financial institutions are quite bullish about the future of the economy as well as the funding scenario. The stakeholders are cheerful and expect the business environment to be upbeat in the coming years.

Andheri has become the epicenter of Mumbai with both Commercial as well as Housing market coexisting. With the development of the new International Airport, the inauguration of the Metro and the JVLR project, Andheri is well connected to all the regions of Mumbai.

The Project is situated very near the newly build Metro Station. It is situated in the heart of Andheri with all amenities available at short distance from the project, be it the market, school, recreational facilities, the Bus, Train, Metro systems. The project is well designed and an reputed and experienced team to drive the project to its ultimate result. The area enjoys good demand due its proximity to important centers of the city and beyond. The price appreciation of this locality in the future appears to be very promising.

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

VALUATION REPORT

(GENERAL DETAILS)

Regarding

Valuation of Property located at Andheri [West], Mumbai for Mortgage Loan Proposal with Bank of India, Churchgate Branch, Mumbai – 400020.

Name of the Applicant’s

The property is owned by Mrs. Jayalaxmi Pravinchandra Shah

And it is being Developed by

M/s. J.P. Developers

Name of the Sellers

The property is purchased from Mr. Mahernosh Jehangir Humranwala and Ms. Parinaz Jehangir Humranwala

Phone No. of Applicant

91-22-26135068/ 32228185

Address of the Applicants

Having Office at:

102, Vardhaman Apartment, Hanuman Road, Above ICICI Bank, Vile Parle (East), Mumbai – 400057.

Address of the property

Land alongwith Proposed Basement + Ground + 16 Upper Floors Residential cum Commercial Building Project named “Rishabh Apartment” on it situated on Land bearing CTS No. 806, 806/1 to 3 of Village Ambivali, Opposite Wadia School, J.P. Road, Andheri [West], Mumbai – 400053.

Survey Nos.

CTS No. 806, 806/1 to 3 of Village Ambivali.

Current possession with

The property is in the possession of the Owner / Developer of the property.

Latitude and Longitude

Longitude = 72⁰50’8” E

Latitude = 19⁰7’39” N

Type of the property

The property is under valuation is Non Agricultural Land admeasuring 1729 Sqm which is sanctioned and proposed with Basement + Ground + 16 Upper Floors Residential cum Commercial Building Project situated in upper middle class locality Residential cum Commercial Area. The Property purchased by the Owner was earlier consist of Land alongwith Structure on it known as “Sheroo Villa”. As per the Deed of Conveyance the Previous Owners of the Property transferred and sold the Part portion on Ground Floor Premises of said Villa admeasuring 2500 Sq. ft. of Built up area to M/s. Bhavna Construction Company. Now the New Owners of the Property has proposed to Redevelop the said Property by constructing New building on the said plot by demolishing the old Bungalow / Structure on it.

It is reported that the Owner / Developer has agreed to provide the alternate accommodation i.e. area of 2500 Sq. ft. of Built up Area on Ground Floor to the said M/s. Bhavna Construction Company in Lieu of their old existing structure.

The Land is sanctioned with Building Project with Loading of TDR and use of applicable Fungible FSI. The total built up area proposed on the Plot is 3899.34 Sqm The Permissible Area Statement as per the Building Plan sanctioned by Municipal Corporation of Greater Mumbai under Permission No. CE/8700/WS/AK dated 27.02.2013 is as below:

Table - 1

SR. NO.	AREA STATEMENT	AREA IN SQ. MT.
A	Area Statement
1	Area of Plot CTS No. 806 = 1454.00 Sqm CTS No. 806/1 = 111.5 Sqm CTS No. 806/2 = 127.20 Sqm CTS No. 806/3 = 47.50 Sqm Area as per Conveyance	1740.20 1729.00
2	Deduction for
	a) Road Set Back Area	235.20
	b) Proposed Road
	c) Any Reservation [Sub - Plot]
	d) ____% Amenity Space as per DCR 56/57 [Sub-Plot ____]
3	Balance Area of Plot [1 - 2]	1493.80
4	Deductions for
	15% Recreation Ground / 10% Amenity Space [If Deduction for IND]
5	Net Area of Plot [3 - 4]	1493.80
6	Addition for FSI Purpose
	2(a) 100% D.P. Road [Restricted to 40% or 80% of “3” above]
	2(b) 100% Setback [Restricted to 40% or 80% of “3” above]	235.2
7	Total Area [5 + 6]	1729.00
8	F.S.I. Permissible	2.00
9	a) F.S.I. Credit available by Development Rights
	Additions for F.S.I.
	b) 0.33 F.S.I. as per DCR 32	492.95
	c) 0.67% as per DCR	765.65
	d) Other
10	Permissible Floor Area	2987.60
11	a) Existing Built up Area	40.50
	b) Total Proposed Built up Area	2947.10
12	FSI Consumed on Net Holding = 11/3	2987.60
B.	Details of Residential / Non Residential Area
1	Purely Residential Built up Area	2304.72
2	Remaining Non-Residential Area Built up Area	682.88
C.	Details of FSI Availed as per DCR 35 (4)
1	Fungible Built up Area Component proposed vide DCR 35 (4) for Purely Residential = OR < (B1 X 0.35)	783.27
2	Fungible Built up Area Component proposed vide DCR 35 (4) for Purely Non Residential = OR < (B1 X 0.20)	128.47
3	Total Fungible Built up Area vide DCR 35(4) (C1+C2)	911.74
4	Total Gross Built up Area Proposed (11+C3)	3899.34

The Building is proposed with Commercial Premises on Ground, First and Second Floor with Independent staircase for access to these Floors. The basement floor is exclusively proposed for Car Parking and there will be provision of total 24 Nos of Stack Car Parking on the said floor. The Basement is also proposed with Sub Station. There are Two Car Lifts proposed in the between Ground and Basement Floor of Building for access and movement of Cars. The Ground Floor is sanctioned with 4 Nos. of Commercial (Bank) Premises. Out of which 3 nos. of Premises are proposed for the alternate accommodation for Bhavna Construction Company in lieu of their old existing structure. The One Premises admeasuring 48.83 Sq. Mt. of Carpet Area shown on sanctioned Plan is Owners/ Developers Sale Portion. The First Floor is sanctioned with2 Nos. of Office Premises, One 2 BHK Residential Flat with attached Terrace, Gymnasium and Society Office. The Second floor is sanctioned with 2 Nos. of Office Premise and One residential Flat consists of 3 BHK Flat. Both the Office Premises are attached with large Terrace.

The internal height of the Basement Floor is 5.1 Mt. and internal height of Ground, First and Second floor 3.9 Mt. The 3rd floor to 15^th Floor are sanctioned with 2 Nos. of 3 BHK Flats with Dining Area on each floor. The 16^th Floor is proposed with 2 Nos. of Floors. Out of said Two Flats one Flat is 3 BHK Flat with Dining Area and attached with Terrace. The Building is proposed with 3 Nos. of High Speed Lifts and the Refuge Area is proposed on 7^th, 9^th, 11^th, 13^th and 15^th Floor. There is a separate Building/ Structure proposed for Puzzle Car Parking on the Rear side of the Building. It is a proposed Ground + 14 Upper Floors Steel Structure which will accommodate 42 Nos. of Car Parking. The internal height of each floor of said Structure is 1.80 Mt. except ground floor which is proposed with internal height of 3 Mt. Apart from this there a Jain Temple provided on the rear side of the Building.

The Building is proposed with following Amenities and Facilities:

Good Elevation and Architectural View.

Decorative Entrance Lobby.

Jain Temple inside the Complex.

Gymnasium

Society Office Provision

Covered Car Parking Space at Basement and Puzzle Car Parking

Fire Fighting System

3 Nos. High Speed Passenger Lifts

2 Nos. of Car Lifts

Garden and Children’s Play Area.

Progress of the Building

The Building is presently under construction and as on date Foundation and Backfilling is 100% completed. The RCC frame structure of Basement + Ground + 2 Upper Floor is completed. [The Reinforcement and Shuttering/ Formwork for Second Floor Ceiling Slab is over and it is ready to Cast]. Hence as on date the % of Overall Completion of Work is 20%.

Sub-Structure: Foundation and Backfilling 100% Completed. The Basement Floor is Completed.

Superstructure: RCC frame work of Ground, First and Second Floor is completed. The Second Floor Ceiling Slab is ready for Casting.

Requested of

The Valuation is initiated by The Asst. Gen. Manager, Bank of India, Churchgate Branch, Mumbai – 400020.

Date of Inspection

24.12.2014

Survey in the presence of

The property was inspected in the presence of Mr. Janak Patel, the Project Engineer of the J.P. Developers.

Purpose of Valuation

Mortgage Loan Proposal with the Bank

Location (Nature and Locality)

The Property is situated in Andheri (West), Mumbai. It is located 3 to 4 Kms away from Andheri Railway Station and it is abutted on J.P. Road. It is merely 5 to 8 minutes walkable distance from Link Road. The Andheri Sports Club is very close to the property and it is located opposite to B. Wadia School. The Kokilaben Ambani Hospital is located 1.5 to 2 Kms away from the property. The Azad Nagar Metro Railway Station is just 5 minutes walkable distance from the property. The Domestic and International Airports area 15 to 20 minutes’ drive from the property. It is a Residential cum Commercial Area. 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 lighting 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, Taxis and Rickshaws are available.

Type of locality

It is a Residential cum Commercial Area

Class

Middle Class

Nearest Station

It is near from Andheri Railway Station. The Azad Nagar Metro Railway Station is just 5 minutes walkable distance from the property.

Distance from Station

It is located 3 to 4 Kms away from Andheri Railway Station and it is abutted on J.P. Road.

Civic amenities

Civic amenities are available within 2 to 3 Kms distance from the property.

Nearby Landmark

Opposite B. Wadia School

Building Details

Type of Land

It is a freehold property

Plot Boundaries

North

South

East

West

By Residential Building

By J. P. Road

By New Shree Krupa Building.

By Parag CHSL

Type of occupation – ownership / tenanted

Ownership Type

Type of structure

RCC framed Structure

No. of floors in building

It is a proposed Basement + Ground + 16 Upper Floors Residential cum Commercial Building

No. of Lifts

3 Nos. of Passenger Lifts are proposed in Building. There are 2 Nos of Car Lifts are also proposed in the Building

Flat Details

The Ground Floor is proposed with 4 Nos. of Commercial / Bank Premises. The First Floor is proposed with 2 Nos. of Office Premises, One Residential Flat, Gymnasium and Society Office. The Second floor is proposed with 2 Nos. of Office Premise and One Residential Flat. The 3^rd Floor to 16^th Floor are proposed with 2 Nos. of Flats on each floor.

Floor (This Property)

Valuation is for entire Basement + Ground + 16 Upper Floors

Type of Flat

The Building is proposed with Commercial Premises as well as 3 BHK/ 2 BHK Flats

Carpet Area

The Carpet Area Statement of each Premises as per sanctioned Building Plan is given in Table – 1

Built up Area

The Sanctioned Built up Area Statement and Gross Built up Area (Actual Construction Area) as per Building Plan sanctioned by Municipal Corporation of Greater Mumbai under Permission No. CE/8700/WS/AK dated 27/02/2013 is as below:

TABLE – 2

SR. NO.	DESCRIPTION	MUNICIPAL BUILT UP AREA (INCLUDING FUNGIBLE FSI and TDR) [A]	STAIRCASE/ LIFT/ LOBBY AREA [B]	GROSS CONSTRUCTION AREA [A+B]
1	Basement Floor	Free of FSI	--	832.05 Sq.m
2	Ground Floor		--
	A) Existing Area of Temple	40.50 sqm	--
	B) Proposed Built up Area on Ground Floor Commercial Premises	322.28 Sqm	59.65	422.43 Sqm
3	First Floor	372.42 Sqm	59.11 Sqm	431.53 Sqm
4	Second Floor	346.96 Sqm	59.11 Sqm	406.07 Sqm
5	Third Floor	212.55 Sqm	44.11 Sqm	256.66 Sqm
6	Fourth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
7	Fifth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
8	Sixth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
9	Seventh Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
10	Eighth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
11	Ninth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
12	Tenth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
13	Eleventh Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
14	Twelfth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
15	Thirteenth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
16	Fourteenth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
17	Fifteenth Floor	202.31 Sqm	44.11 Sqm	246.42 Sqm
18	Sixteenth Floor	176.91 Sqm ----------------	44.11 Sqm	246.42 Sqm
	Total	3899.34 Sqm		5526.80 Sqm i.e. 59490 sft

Saleable Area

Now-a-days as per the current market trends the Commercial Properties in New Buildings are getting sold on Saleable area/ Super Built up Area which is getting sold on Saleable area/ Super Built up Area which is 65% to 75% more than carpet area and Residential Properties in New Buildings are getting sold on Saleable area/ Super Built up Area which is 50% to 60% more than carpet area. For valuation purpose they have considered loading factor of 70% for commercial premises and 55% for Residential Premises for Saleable area/ Super Built up Area.

The Carpet Area Statement as per Sanctioned Building Plan and Saleable Area Statement as per the current market Trend is as below:

TABLE – 3

SR. NO.	DESCRIPTION	CARPET AREA IN SQM	CARPET AREA IN SFT	% OF LOADING	SALEABLE AREA
1	Ground Floor
	a. Commercial (Bank) Premises No.1	89.85 Sqm	967.14 Sft	70%	1644.13 Sft
	b. Commercial (Bank) Premises No. 2	85.61 Sqm	921.50 Sft	70%	1566.55 Sft
	c. Commercial (Bank) Premises No. 3	62.83 Sqm	676.30 Sft	70%	1149.71 Sft
	d. Commercial (Bank) Premises No.4	48.83 Sqm	525.60 Sft	70%	893.52 Sft
2)	First Floor
	a. Office No. 1	127.39 Sqm	1371.23 Sft	70%	2331.09 Sft
	b. Office No. 2	64.11 Sqm	690.08 Sft	70%	1173.13 Sft
	c. Residential Flat No. 103	59.19 Sqm	637.12 Sft	55%	987.54 Sft
3)	Second Floor
	a. Office No. 1	43.3 Sqm	466.08 Sft	70%	792.33 Sft
	b. Office No. 2	40.95 Sqm	440.79 Sft	70%	749.34 Sft
	c. Residential Flat No. 203	91.7 Sqm	987.06 Sft	55%	1529.94 Sft
4.	Third to Fifteenth Floor
	a. Flat No. 1	88.4 Sqm x 13 Nos. of Flats = 1149.2 Sqm	12369.98 Sft	55%	17193.5 Sft
	b. Flat No. 2	91.7 Sqm x 13 Nos. of Flats = 1192.1 Sqm	12831.76 Sft	55%	19889.2 Sft
5.	Sixteenth Floor
	a. Flat No. 1	88.4 Sqm	951.54 Sft	55%	1474.89 Sft
	b. Flat No. 2	87.95 Sqm	946.69 Sft	55%	1467.37 Sft

TECHNICAL DETAILS

Type of Construction

RCC Framed Structure

Completion Status

The building is presently under construction and RCC frame structure of Basement + Ground + 2 Upper Floors is completed

No. Of Storeys

Proposed Basement + Ground + 16 Upper Floors

Type of Foundation

RCC Foundation

Superstructure Walls

Proposed Bricks/ Concrete Block Masonry Walls

Internal Finish

Proposed Cement mortar plaster

External Finish

Proposed Cement paint over cement mortar plaster

Type of Flooring

Proposed Vitrified Ceramic tile flooring

Type of Roof

RCC Slab

Type of Paint

Proposed good quality paint internally

Electrification

Proposed Concealed wiring with good quality electrical fittings

Plumbing

Proposed Concealed Plumbing with good quality sanitary fixtures

Bathroom Details

Proposed Ceramic tiles flooring with glazed tiles dado upto door height

Door Details

Proposed Wooden frame with sold core flush doors

Window Details

Proposed Anodized Aluminium frame glazed sliding windows

Overall Appearance

Good

Architecture Quality

The building is proposed good elevation and architectural view

Other details

The each flat is proposed with internal height of 2.9 mtr approx.. and it is proposed with Granite Kitchen Platform with glazed tiles dado on walls

Special Amenities

The Building/ Complex is proposed with amenities such as 3 Nos. of High Speed Lifts, 2 Nos. of Car Lifts, Puzzle Car Parking Building, Fire Fighting System, Gymnasium, Garden, Security Services, Intercom, Decorative Entrance Lobby, Servant Toilet on each Floor, etc.

Quality of Construction

Good

Complete

Good

Age of the Property

The Building is presently under Construction

Residual (Future) Life

@ 65 years after completion certificate under normal circumstances and proper periodic maintenance.

Ind. Bldg./ Complex of

It is an Individual Building

Separate Compound Wall

Presently the building is bounded by temporarily M.S. Sheet Fencing

Paving around the building/

chequered tiles

Work not yet done.

Car parking

Basement Car Parking and Separate Puzzle Car parking Building is proposed in the complex.

Maintenance/ first impression

Not applicable

Plans approved by

Building Plan sanctioned by Municipal Corporation of Greater Mumbai under Permission No. CE/8700/WS/AK dated 27/02/2013.

Society Registration No.

Not applicable

Property Tax

As per standard norms of Competent Authority.

Water availability

Provision will be made.

Compliance to sanctioned plans

The progress at site is as per the sanctioned Building Plan.

Valuation method

Adopted Composite Market Rate Method for valuation.

Valuation

Fair Market Value of property as on date

The property under valuation is Land along with Under Construction Building on it. The Building is proposed AND sanctioned for Basement + Ground + 16 Upper Floors. It is partially constructed and as on date RCC frame work of Basement + Ground + 2 Upper floors is completed. The Part of the Ground Floor admeasuring 2500 sft of Built up Area is to be handed over to the old Tenant named M/s. Bhavna Construction Company and Commercial Premises No. 1, 2 and 3 are proposed / agreed to be given to the said Bhavna Construction Company. The Building Plan is already sanctioned upto 16th floor by loading of TDR and by sanctioning of fungible FSl. Thus, considering the characteristic of the property, they have assessed the Fair Market Value of the property i.e. Residual Value of the Land by development potential method + Value of Construction completed as on date.

A) VALUE OF THE LAND

Factors Considered: The Location, location features, size and shape of land, availability, topography, soil conditions, encumbrances, infrastructure, land use regulations, government legislation etc.

Generally the value of the any land depend on its potential Even in the same locality, plots of lands can have different rates depending upon their statutory

status, Few may have public purpose reservations, few may attract provisions of urban land ceiling act , CRZ or NDZ restrictions, few may have restrictions covenants on use and few may be freehold or leasehold etc. other important factors are location, permissible FSI, size, shape, frontage, user of the plot Commercial, Residential, Industrial or mix, etc.

The said Land is already sanctioned for Residential cum commercial Building Project for Basement + Ground + 16 Upper floors Hence, the value of land is

derived by deducting the Cost required for completion of the project and Builders profit from Anticipated Sales Realization from the property.

Anticipated Sales Realization from the Property:

Factors Considered: The Location, present condition of the site and amenities/facilities proposed, grade and age of building, current demand and supply of real estate properties etc.

(The Prevailing Market Rates of Residential Premises 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. 16,000/- to Rs. 20,000/- per sft and commercial premises on Ground Floor is in the Range of Rs. 30,000/- to Rs. 40,000/- per sft)

Considering loading factor, location, age, grade, demand and supply and its present condition in our opinion a rate of Rs. 18,000/- per sft for Residential Premise and Rs. 35,000/- per sft for commercial property on Ground Floor and Rs. Rs. 25,000/- per sft for Office Premise is fair and reasonable for the subject premises.

Hence, the Anticipated Sales Realization from the Property is as below:

TABLE – 4

SR. NO.	DESCRIPTION	USER OF THE PREMISES	SALEABLE AREA	RATE ADOPTED	ANTICIPATED SALES REALIZATION FROM TEH
1	Ground Floor
	a. Shop No.1	Commercial	1644.13 sft	--	It is a Rehab portion for Bhavna Construction Company (Old existing occupant of the property)
	b. Shop No. 2	Commercial	1566.55 sft	--
	c. Shop No. 3	Commercial	1149.71 sft	--
	d. Shop No. 4	Commercial	893.52 sft	Rs. 35,000/-	Rs. 31.273 Millions
2.	First Floor
	a. Office No. 1	Commercial	2331.09 sft	Rs. 25,000/-	Rs. 58.277 Millions
	b. Office No. 2	Commercial	1173.13 sft	Rs. 25,000/-	Rs. 29.328 Millions
	c. Residential Flat No. 103	Residential	987.54 sft	Rs. 18,000/-	Rs. 17.776 Millions
3.	Second Floor
	a. Office No. 1	Commercial	792.33 sft	Rs. 25,000/-	Rs. 19.808 Millions
	b. Office No. 2	Commercial	749.34 sft	Rs. 25,000/-	Rs. 18.733 Millions
	c. Residential Flat No. 203	Residential	1529.94 sft	Rs. 18,000/-	Rs. 27.539 Millions
4.	Third to Fifteenth Floor
	a. Flat No. 1	Residential	19173.5 sft	Rs. 18,000/-	Rs. 345.123 Millions
	b. Flat No. 2	Residential	19889.2 sft	Rs. 18,000/-	Rs. 358.006 Millions
5.	Sixteenth Floor
	a. Flat No. 1	Residential	1474.89 sft	Rs. 18,000/-	Rs. 26.548 Millions
	b. Flat No. 2	Residential	1467.37 sft	Rs. 18,000/-	Rs. 26.413 Millions
6.	Covered Car Parking Space (Total 24 Nos of Parking in Basement and 42 Nos. of Puzzle Parking)	Parking Space	66 Nos.	Rs. 6,00,000/-	Rs. 39.600 Millions
7.	Open Car Parking Space (9 Nos.)	Parking Space	9 Nos.	Rs. 3,00,000/-	Rs. 2.700 Millions
	Total				Rs. 1001.124 Millions
	Say				Rs. 1001.100 Millions

In order to assess the Residual Value of the Land by Development Potential Method, the Cost of the Construction/ Project alongwith Builders Profit and other incidental expenses are to be deducted from the Anticipated Sales Realization of the property. Following Cost to be incurred towards project for Completion of the Building:

TABLE – 5

SR. NO.	PARTICUALARS	COST
1	Cost of Construction of the Building [59490 sft (Residential Building Area) x Rs. 2,500/-] + [6930 sft (Puzzle Parking Building Area)] x Rs. 3,000/- per sft] = Rs. 169.515 Millions Say Rs. 170.000 Millions	Rs. 170.000 Millions
2	Land Development Cost such as Compound Wall, External Electrification, Pavement, Under Ground RCC Tanks, Pump House, Garden, Electric Substation, Watchmen’s Cabin, Gate, etc.	Rs. 10.000 Millions
3	Expenses towards Municipal Plan Approval Charges such as scrutiny fees, Premium for fungible FSI and Premium to be paid for staircase, Development Charges, etc.	Rs. 65.000 Millions
4	Premium to be paid for deficiency in Parking Space	Rs. 55.000 Millions
5	Architech and Consultants Fees (7.5% of the Cost of Construction)	Rs. 12.800 Millions
6	TDR Purchase Cost (1729 sqm x 067 x Rs. 24,000/- per sqm)	Rs. 27.800 Millions
7	Marketing, Administrative Expenses @ Rs. 10% of Cost of Construction	Rs. 17.000 Millions
8	Brokerage Charges @ 2% of the Anticipated Sales Realization of the Project	Rs. 20.000 Millions
9	Interest on Bank Loan @ 15% of the Cost of Construction	Rs. 25.500 Millions
10	Contingencies Charges @ 5% of the Cost of Construction	Rs. 8.500 Millions
11	Unforeseen and Hidden Expenses @ 2.5% of the Cost of Construction	Rs. 4.250 Millions
12	Builders/ Developers Profit @ 20% of the Anticipated Sales Realization	Rs. 200.000 Millions ---------------------------
	Total	Rs. 615.850 Millions
	Say	Rs. 615.900 Millions

SR. NO.	PARTICUALARS	COST
1	Cost of Construction of the Building [59490 sft (Residential Building Area) x Rs. 2,500/-] + [6930 sft (Puzzle Parking Building Area)] x Rs. 3,000/- per sft] = Rs. 169.515 Millions Say Rs. 170.000 Millions	Rs. 170.000 Millions
2	Land Development Cost such as Compound Wall, External Electrification, Pavement, Under Ground RCC Tanks, Pump House, Garden, Electric Substation, Watchmen’s Cabin, Gate, etc.	Rs. 10.000 Millions
3	Expenses towards Municipal Plan Approval Charges such as scrutiny fees, Premium for fungible FSI and Premium to be paid for staircase, Development Charges, etc.	Rs. 65.000 Millions
4	Premium to be paid for deficiency in Parking Space	Rs. 55.000 Millions
5	Architech and Consultants Fees (7.5% of the Cost of Construction)	Rs. 12.800 Millions
6	TDR Purchase Cost (1729 sqm x 067 x Rs. 24,000/- per sqm)	Rs. 27.800 Millions
7	Marketing, Administrative Expenses @ Rs. 10% of Cost of Construction	Rs. 17.000 Millions
8	Brokerage Charges @ 2% of the Anticipated Sales Realization of the Project	Rs. 20.000 Millions
9	Interest on Bank Loan @ 15% of the Cost of Construction	Rs. 25.500 Millions
10	Contingencies Charges @ 5% of the Cost of Construction	Rs. 8.500 Millions
11	Unforeseen and Hidden Expenses @ 2.5% of the Cost of Construction	Rs. 4.250 Millions
12	Builders/ Developers Profit @ 20% of the Anticipated Sales Realization	Rs. 200.000 Millions
	Total	Rs. 615.850 Millions
	Say	Rs. 615.900 Millions

Hence, Fair Market Value of Land by Development potential method

= Anticipated Sales Realization from the Property – Expenses to be incurred towards project with Developers Profit

=Rs. 1001.100 Millions – Rs. 615.900 Millions

= Rs. 385.200 Millions

B) VALUE OF CONSTRUCTION

The Building is under construction and as on date the RCC Frame Structure of Basement + Ground + 2 Upper Floors is completed. The cost incurred towards the construction of Basement + Ground + 2 Upper Floors is as below:

SR. NO.	DESCRIPTION	GROSS CONSTRUCTION AREA IN SQM	GROSS CONSTRUCTION AREA IN SFT	REPLACEMENT RATE	COST OF CONSTRUCTION
1	Basement Floor	832.05 sqm	8956.18 sft	Rs. 2,500/-	Rs. 22.391 Millions
2	Ground Floor	426.38 sqm	4589.55 sft	Rs. 1,500/-	Rs. 6.884 Millions
3	First Floor	469.09 sqm	5049.28 sft	Rs. 1,500/-	Rs. 7.574 Millions
4	Second Floor	391. sqm	4209.46 sft	Rs. 1,500/-	Rs. 6.314 Millions
	Total				43.163 Millions
	Say				Rs. 43.200 Millions

Note: Apart from the cost of construction the Develop has spent expenses towards fungible FSI, Premium to be paid for staircase, Purchase of TDR which is not independently verified by them. Hence, the said cost is not considered in Valuation.

Hence, Total Value of the Property (Land + Construction) as on date

= Value of Land + Value of Construction

= Rs. 385.200 Millions + Rs. 43.200 Millions

= Rs. 428.400 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 on 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 Value’s 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. 428.400 Millions

Realizable Value of Property as on date

The value realizable by the bank is generally less than the market value because of various factors 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. 42,84,00.000/- x 0.90

= Rs. 385.560 Millions

Say Rs. 385.600 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 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 our 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. 42,84,00,000/- x 0.80

= Rs. 342.720 Millions

Say Rs. 342.700 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)

Rs. 170.000 Millions as per Table – 4 Above

Government Value

Govt. Market Rate for New Residential Flat in this locality is Rs. 1,60,900/- per sqm i.e. Rs.14,948/- per sft and Govt. Market Rate for New Commercial Property on Ground Floor in this locality is Rs. 1,94,900/- per sqm i.e. Rs.18,106/- per sft for Stamp Duty Purpose as per Ready Recknoner for year 2014.

Reason for deviation if any

Not Applicable

Special Features that add to value

Refer Saleable Area Above

Agreement

Refer Documents Seen Below

Documents seen

· Indenture of Conveyance dated 27/09/2005 between Mr. Mahernosh Jehangir Humranwala and Ms. Parinaz Jehangir Humranwala (The Vendors) and Mr. Jehangir M. Wankadia and Mrs. Nargish Jegangir Wankadia (The Confirming Party) and Mr. Jayalaxmi Pravinchadra Shah (The Purchase), registered at the Sub – Registrar’s Office, Andheri-1 having Sr. No. BDR-1-09672-2005

· (Agreement Price is Rs. 7.000 Millions and Government Market Value Rs. 4.344 Millions in the year 2005)

· istration Receipt No. 9759 dated 27/09/2005

· Extract of Index I and II dated 27/09/2005

· Building Commencement Certificate Ref. No. CE/8700/WS/AK dated 14/10/2013 issued by Municipal Corporation of Greater Mumbai

· IOD bearing Ref. No. EE/CE/8700/WS dated 20/01/2006 issued by Municipal Corporation of Greater Mumbai

· Building Plan sanctioned by Municipal Corporation of Greater Mumbai under Permission No. CE/8700/WS/AK dated 27/02/2013

Registration Date

27/09/2005

Registration No.

The Sub-Registrar’s Office, Andheri-1 having Sr. No. BDR-1-09672-2005

Village

Village Ambivali

Registrar’s Value

Rs. 4.344 Millions in the year 2005

Receipt No.

Registration Receipt No. 9759 dated 27/09/2005

Agreement Between

Refer Document Seen Above

Any Negative Features

Nothing Specific

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

FIXED ASSETS

· Computer

Printer

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. 62.43
UK Pound	1	Rs. 95.02
Euro	1	Rs. 70.63

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	BVA / MRI

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
--PROFITABILITY	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.