MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	PUSHAPA CREATION
Registered Office :	Shop No. 3020, 3^rd Floor, Vankar Textile Market, Ring Road, Surat - 395002, Gujarat
Country :	India
Financials (as on) :	15.12.2014
Date of Incorporation/ Year of Establishment :	07.05.2014
Capital Investment :	Rs. 0.496 Million
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	ACIPS4511Q
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Fabrics.
No. of Employees :	5 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Status :	New Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new proprietary concern incorporated as on 07.05.2014 and establishing itself gradually. The concern expects a sizeable turnover from its first year of operations. Trade relations are reported to be improving. Business is active. Payment terms are unknown. The concern can be considered for business dealings on a fully safe and secured trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 :	Mr. Tarachand Shantilal Sagotia
Designation :	Proprietor
Contact No.:	91-9377714227
Date :	01.01.2014

LOCATIONS

Registered Office :	Shop No. 3020, 3^rd Floor, Vankar Textile Market, Ring Road, Surat - 395002, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9377714227 (Mr. Tarachand Shantilal Sagotia)
Fax No.:	Not Available
Location :	Owned

SOLE PROPRIETOR

Name :	Mr. Tarachand Shantilal Sagotia
Designation :	Proprietor
Address :	B. No. 28, Dayalji Park Society, B/H Gopal Nagar Society, Parvat Patia, Surat - 395010, Gujarat, India
Date of Birth/Age :	07.07.1967
Qualification :	11^th
Experience :	15 Years
PAN No.:	ACIPS4511Q
Voter ID No.:	XDA3401924

BUSINESS DETAILS

Line of Business :	Trader of Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit (60 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference:	Mani Export
Name of the Person (with Designation):	Mr. Rakeshbhai
Contact Number:	91-7383313285
Since How Long Known:	1 Years
Maximum Limit Dealt:	Rs. 7.000 Millions
Experience :	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remarks :	They are satisfied and have no complaints against them.

Mani Export

Address: Plot No.20, Bhathena -3, Anjana, Surat, Gujarat, India

Contact Person: Rakeshbhai

Contact No.: 91-9825135790/ 7383313285

Remith Synthetics

Address: Plot No.87, Kalathiya Industry, Near Diamond Nagar, Laskana, Surat, Gujarat, India

Contact Person: Sweetubhai

Contact No.: 91-9879782080

B3 Print

Address: No.1, Gomu Market, Near Golwala Market, Ring Road, Surat, Gujarat, India

Contact Person: Mr. Dolatbhai

Contact No.: 91-9328671657

· Radhika Textiles

· Shanti Enterprise

· Laxmi Silk Mills

· B. M. Textiles

· Ankit Textiles

· Tridev Poly Plast

· Sagar Poly Pack

Customers :

Wholesalers and Retailers

Reference:	Murli Kamal Agency
Address:	17, APC Market, Opposite R.T.C. Bus Stand, Kavali, Andhra Pradesh, India
Name of the Person (with Designation):	Mr. Kamalbhai
Contact Number:	91-9030381416
Since How Long Known:	10 Years he know Proprietor and from 1 year he know company.
Maximum Limit Dealt:	Rs. 3.000 Millions
Experience :	Product Quality: Good Delivery Behaviour: Good Overall: Good
Remarks :	He claimed that subject is a good company and they are satisfied by working with the subject.

Saivikash Agency

Address: A3/4/132, 1st floor, Naka Bazar, Sikandrabad, Andhra Pradesh, India

Contact person: Sinubhai

Mob. No.: 91-9246509780

Veerji Agency

Address: 4-6-159, 1^st floor, Pan Bazar, Sikandrabad, Andhra Pradesh, India

Contact person: Mukeshbhai

Mob. No.: 91-9033532584/ 9825685861

Satyanarayan Soni Textile Agency

Address: Shop No.43, Ground Floor, 451 Textile Market, Ring Road, Surat, Gujarat, India

Contact Person: Mr. Satyanarayan

Mob. No.: 91-9601990394

· Aarti Creation

· Deepak Textiles

· Lalita Silk

· Maa Tharuni Sikl

· Neelam Creation

· New Sunil Textiles

· Suraj Textiles

· Tulsi Saree

No. of Employees :

5 (Approximately) [In Office]

Bankers :

Bank Name:	Bank of India
Branch:	Textile Market Branch, Surat, Gujarat, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Rs. 2.000 Millions
Account Operation:	Not Divulged
Remarks:	Not Divulged

Auditors :	--
Sister Concerns:	--

CAPITAL STRUCTURE

As on 15.12.2014

Capital Investment :
Owned :	Rs. 0.496 Million
Borrowed :	--
Total :	Rs. 0.496 Million

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		07.05.2014 - 15.12.2014 (Provisional)
SHAREHOLDERS FUNDS
1] Proprietors Capital		0.496
2] Share Application Money		0.000
3] Profit and Loss A/c		0.581
4] (Accumulated Losses)		0.000
NETWORTH		1.077
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.361
TOTAL BORROWING		1.361
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.438
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.983
	Sundry Debtors	4.633
	Cash & Bank Balances	0.156
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		5.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.334
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		3.334
Net Current Assets		2.438
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.438

PROFIT & LOSS ACCOUNT

	PARTICULARS		07.05.2014 - 15.12.2014 (Provisional)
	SALES
		Income	8.141
		Other Income	0.000
		TOTAL	8.141
Less	EXPENSES
		Closing Stock	(0.983)
		Embroidery Expenses	0.812
		Ready Good Purchase	1.179
		Grey Purchase	4.477
		Dyeing and Printing	1.779
		Advance	0.010
		Advertisement Exp – A/c	0.012
		Box Exp.	0.086
		Electricity Exp.	0.011
		Municipal Tax	0.006
		Packing Exp.	0.070
		Repair and Maintenance Exp.	0.005
		Salary A/c	0.090
		Stationery Exp.	0.006
		TOTAL	7.560
	NET PROFIT PROFIT/ (LOSS)		0.581

KEY RATIOS

PARTICULARS		07.05.2014 - 15.12.2014 (Provisional)
Net Profit Margin (PAT/Sales)	(%)	7.14
Return on Total Assets (PBT/Total Assets}	(%)	10.07
Return on Investment (ROI) (PBT/Networth)		0.54
Debt Equity Ratio (Total Debt/Networth)		1.26
Current Ratio (Current Asset/Current Liability)		1.73

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 (07.05.2014 - 15.12.2014)	Yes
12]	Profitability for last three (07.05.2014 - 15.12.2014)	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
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	Yes
34]	External Agency Rating, if available	No

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

COMPUTATION OF TOTAL INCOME

MR. TARACHAND SHANTILAL SAGOTIA

(RS. IN MILLIONS)

PARTICULARS	2013-2014
Salaries			0.150
Bee Three Prints: 1, Gomu Market, Ring Road, Market, Surat - 395002, Gujarat, India
Taxable Salary		0.150
Income from Other Sources			0.157
Saving Account Interest		0.003
Interest on Loan and Advances		0.154
Dividend from Companies	0.001
Less: Exempt U/s 10 (34)	0.001
Total		------------- 0.157 -------------
Gross Total Income			------------- 0.307
Less: Deductions Under Chapter-VIA
80C Deduction		0.074
80TTA Interest on Deposits in Savings Account		0.003
Total Deductions			0.077 ------------
Total Income			0.230
Total Income Rounded Off U/s 288A			0.230
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 0.200 Millions		Nil
Tax on Rs. 0.030 (Rs. 0.230 Millions – Rs. 0.200 Millions) @ 10%		0.003 ----------
Tax on Rs. 0.230 Millions			0.003 ------------
			0.003
Less: Rebate U/s 87A			0.002 -----------
			0.001
Add: Education Cess @ 2%			0.000 ---------
			0.001
Add: Secondary and Higher Education Cess @ 1%			0.000 ---------
			0.001
Less: Tax Deducted at Source
Other Interest		0.054	0.054 ---------
			(0.053)
Refundable			(0.053)
Tax Rounded Off U/s 288B			(0.053)

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	2014-15	2015-16
		Estimate	projection
1	Gross Sales
	i) Sales	11.000	12.000
	ii) Commission Income	0.000	0.000
	Total	11.000	12.000
2	Less: Excise Duty	0.000	0.000
3	Net Sales (1-2)	11.000	12.000
4	% age rise (+) or fall (-) in Net Sales Compared to Previous Year	--	9.09
5	Cost of Sales
	i) Raw Materials (including stores & items used in the process of manufacture)
	a) Consignment Purchase	0.000	0.000
	b) Indigenous	9.150	8.550
	ii) Other Spares
	a) Imported	0.000	0.000
	b) Indigenous	0.000	0.000
	iii) Power and Fuel	0.000	0.000
	iv) Direct Labour (Factory Wages & Salaries )	0.000	0.000
	v) Other Manufacturing Expenses	2.450	2.700
	vi) Depreciation	0.000	0.000
	vii) Sub-Total (i to vi)	11.600	11.250
	viii) Add: Opening Stocks-In-Process	0.000	0.000
	Sub-Total	11.600	11.250
	ix) Deduct: Closing Stocks-In-Process	0.000	0.000
	x) Cost of Production	11.600	11.250
	xi) Add: Opening Stock of Finished Goods	0.000	0.000
	Sub-Total	11.600	1.200
	xii) Deduct: Closing Stock of Finished Goods	1.200	1.300
	xiii) Sub-Total (Total Cost of Sales)	10.400	11.150
	Gross Profit	0.600	0.850
6	Selling, General & Administrative Expenses	0.250	0.300
7	Sub-Total (5+6)	10.650	11.450
8	Operating Profit before Interest (3-7)	0.350	0.550
9	Interest	0.100	0.250
10	Operating Profit after Interest (8-9)	0.250	0.300
11	(i) Add: Other Non-Operating Income	0.000	0.000
	Sub-Total (Income)	0.000	0.000
	(ii) Deduct: Other Non-Operating Expenses	0.000	0.000
	Sub-Total (Expense)	0.000	0.000
	(iii) Net of Other Non-Operating Income/Expenses [Net of 11 (i) & 11 (ii)]	0.000	0.000
12	Profit before Tax/Loss (10+11(iii)]	0.250	0.300
13	Provision for Taxes	0.000	0.000
	Net Profit/Loss after tax (12-13)	0.250	0.300
15	(a) Equity Dividend Paid	0.000	0.000
	(b) Dividend Rate	--	--
16	Retained Profit (14-15)	0.250	0.300
17	Retained Profit/Net Profit (%age)	100.00	100.00
	PAT/ SALES %	2.27	2.50

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	2014-15	2015-16
		Estimate	projection
	Current Liabilities
1	Short-Term Borrowing from Banks (incld. bills purchased & discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	2.000	2.000
	(ii) From other banks	0.000	0.000
	(iii) (of which BP & BD)	--	--
	Sub-Total (A)	2.000	2.000
2	Short Term borrowings from Others	0.000	0.000
3	Sundry creditors - Trade	0.350	0.400
4	Advance Payments from Customers/Deposits from Dealers	0.000	0.000
5	Provisions for Taxation	0.000	0.000
6	Dividend Payable	0.000	0.000
7	Other Statutory Liabilities (due within one year)	0.000	0.000
8	Deposits/Instalments of Term Loans/DPGs/ Debentures, etc. (due within one year)	0.000	0.000
9	Other Current Liabilities & Provisions (due within one year) (Specify major items)	0.200	0.250
	Sub-Total (B)	0.550	0.650
10	Total Current Liabilities (Total of 1 to 9)	2.550	2.650
	Term Liabilities
11	Debentures (not maturing within one year)	0.000	0.000
12	Preferences Shares (redeemable after 1 year)	0.000	0.000
13	Term Loans (excluding instalments payable within one year)	0.000	0.000
14	Deferred Payment Credits (excluding CAR instalment payable within one year)	0.000	0.000
15	Term Deposits (repayable after one year)	0.300	0.300
16	Other Term Liabilities	0.000	0.000
17	Total Term Liabilities (Total of 11 to 16)	0.300	0.300
18	Total Outside Liabilities (10+17)	2.850	2.950
	Net Worth
19	Proprietor Capital	0.600	0.850
20	General Reserve/Share Premium	0.000	0.000
21	Deferred tax liability	0.000	0.000
22	Drawings	0.000	(0.100)
23	Surplus (+) or Deficit (-) in Profit & Loss A/c	0.250	0.300
24	Net Worth	0.850	1.050
25	Total Liabilities (18 + 24)	3.700	4.000
	Current Assets
26	Cash and Bank Balances	0.050	0.075
27	Investments (Other than long term investments)
	a) Government and Other Trustee Securities	0.000	0.000
	b) Fixed Deposits with Bank	0.000	0.000
28	a) Receivables other than Deferred and Exports (including bills/purchased discounted by banks)	2.350	2.500
	b) Export Receivables (including bills purchased/discounted by banks)	0.000	0.000
29	Instalments of Deferred Receivables (Due within One Year)	0.000	0.000
30	Inventory
	a) Raw Materials (including stores and other items used in process of manufacture)
	I) Imported	0.000	0.000
	II) Indigenous	0.000	0.000
	b) Stock in Process	0.000	0.000
	c) Finished Goods	1.200	1.300
	d) Other Consumable Spares
	I) Imported	0.000	0.000
	II) Indigenous	0.000	0.000
31	Advance to Suppliers of Raw Materials and Stores/Spares	0.000	0.000
32	Advance Payment of Taxes	0.000	0.000
33	Other Current Assets (Specify major items)	0.100	0.125
34	Total Current Assets (Total of 26 to 33)	3.700	4.000
	Fixed Assets
35	Gross Block (Land-Building, Plant-Machinery, Work in Progress)	0.000	0.000
36	Depreciation-to-date	0.000	0.000
37	Net Block (35-36)	0.000	0.000
	Other Non-Current Assets
38	Investments/Book Debts/Advances/Deposits which are not Current Assets
	( i ) a) Investments in subsidiary companies/ affiliates	0.000	0.000
	b) Others	0.000	0.000
	(ii) Advances to Suppliers of Capitals Goods & Contractors	0.000	0.000
	(iii) Deferred Receivables (maturity exceeding one year)	0.000	0.000
	(iv) Others	0.000	0.000
39	Non-Consumable Stores & Spares	0.000	0.000
40	Other Non-Current Assets including dues from Directors	0.000	0.000
41	Total Other Non-Current Assets (Total of 38 to 40)	0.000	0.000
42	Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad/Doubtful Debts not provided for	0.000	0.000
43	Total Assets (Total of 34, 37, 41 & 42)	3.700	4.000
44	Tangible Net Worth (24-42)	0.850	1.050
45	PAT/Sales*	2.27	2.50
46	Net Working Capital (to tally with 34-10)	1.150	1.350
47	PAT/TNW*	29.41	28.57
48	Current Ratio	1.45	1.51
49	TTL/TNW	0.35	0.29
50	Total Outside Liabilities/Tangible Net Worth	3.35	2.81

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

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	2014-15	2015-16
		Estimate	projection
1	Sources
a	Net Profit After Tax	0.250	0.300
b	Depreciation	0.000	0.000
	Increase in Capital	0.600	0.000
	Increase in Term Liabilities (including Public Deposits)	0.300	0.000
	Decrease in
	1. Fixed Assets	0.000	0.000
	2. Other Non-Current Assets	0.000	0.000
	Others	0.000	(0.100)
	Total	1.150	0.200
	Uses
	Net Loss	0.000	0.000
	Decrease in Term Liabilities (including Public Deposits)
	Increase in
	1. Fixed Assets	0.000	0.000
	2. Other Non-Current Assets	--	--
	Dividend Payments	0.000	0.000
	Others	0.000	0.000
	Total	0.000	0.000
3	Long Term Surplus (+)/ Deficit (-) (1-2)	1.150	0.200
4	Increase/Decrease in Current Assets (as per details given below )	3.700	0.300
5	Increase/Decrease in Current Liabilities other than Bank Borrowings	0.550	0.100
6	Increase/Decrease in Working Capital Gap	3.150	0.200
7	Net Surplus (+)/Deficit (-) (Difference of 3 & 6)	(2.000)	0.000
8	Increase/Decrease in Bank Borrowings	2.000	0.000
	Increase/Decrease in Net Sales	11.000	1.000
	Break Up of (4) above
	a. Increase/Decrease in Raw Materials	0.000	0.000
	b. Increase/Decrease in Stocks-in-process	0.000	0.000
	c. Increase/Decrease in Finished Goods	1.200	0.100
	d. Increase/Decrease in Receivables
	I) Domestic	2.350	0.150
	ii) Export	0.000	0.000
	e. Increase/Decrease in Stores and Spares	0.000	0.000
	f. Increase/Decrease in Other Current Assets	0.150	0.050

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	2014-15	2015-16
		Estimate	projection
A.	Current Assets
1	Raw Materials (including stores & other items used in the process and manufacture)
	(a) Imported	0.000	0.000
	Month's Consumption	--	--
	(b) Indigenous
	Month's Consumption	0.000	0.000
		--	--
2	Other Consumable Spares excluding those included in 1 above
	(a) Imported	0.000	0.000
	Month's Consumption	--	--
	(b) Indigenous	0.000	0.000
	Month's Consumption	--	--
3	Stocks-in-Process	0.000	0.000
	Month's Cost of Production	--	--
4	Finished Goods	1.200	1.300
	Month's Cost of Sales	1.38	1.40
5	Receivable Other than Export and Deferred Receivables (including Bills Purchased and discounted by Bankers)	2.350	2.500
	Month's Domestic Sales	2.56	2.50
6	Export Receivables (Including Bills Purchased and discounted by Bankers)	0.000	0.000
	Month's Export Sales	--	--
7	Advances to Suppliers of Raw Material and Stores/ Spares/ Consumables	0.000	0.000
8	Other Current Assets including Cash & Bank Balances and Deferred Receivables due within one year (Specify major items)	0.150	0.200
9	Total Current Assets (to agree with Item in Form III)	3.700	4.000
B	Current Liabilities (Other than Bank Borrowing for Working Capital)
10	Creditors for Purchases of Raw Materials, Stores and Consumable Spares	0.350	0.400
	Month's Purchases	0.46	0.56
11	Advances from Customers	0.000	0.000
12	Statutory Liabilities	0.000	0.000
13	Other Current Liabilities (Specify major items)
	Short Term Borrowings	0.000	0.000
	Provision for Taxation	0.000	0.000
	Dividend Payable	0.000	0.000
	Accrued Expenses	0.000	0.000
	Deposits/Instalments of Term Loan/DPG/Debentures etc. due within one year	0.000	0.000
	Misc. Current Liabilities	0.200	0.250
14	Total Current Liabilities (to agree with Sub-Total (B) in Form III)	0.550	0.650

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR.NO.	PARTICULARS	2014-15	2015-16
		Estimate	projection
	First Method of Lending
1	Total Current Assets (9 in Form IV)	3.700	4.000
2	Other Current Liabilities (Other than Bank Borrowings) (14 of Form IV)	0.550	0.650
3	Working Capital Gap (WCG)	3.150	3.350
4	Minimum Stipulated Net Working Capital, I.e., 25% of WCG/25% of Total Current Assets as the case may be depending upon method of lending (Export Receivables be excluded under both methods)	0.788	0.838
5	Actual/Projected Net Working Capital (45 in Form III)	1.150	1.350
6	Item 3 minus Item 4	2.363	2.513
7	Item 3 minus Item 5	2.000	2.000
8	Maximum Permissible Bank Finance (Item 6 or 7 whichever is lower)	2.000	2.000
9	Excess Borrowings representing shortfall in NWC (4-5)	0.000	0.000
	Second Method of Lending
1	Total Current Assets (9 in Form IV)	3.700	4.000
2	Other Current Liabilities (Other than Bank Borrowings) (14 of Form IV)	0.550	0.650
3	Working Capital Gap (WCG)	3.150	3.350
4	Minimum Stipulated Net Working Capital, I.e., 25% of WCG/25% of Total Current Assets as the case may be depending upon method of lending (Export Receivables be excluded under both methods)	0.925	1.000
5	Actual/Projected Net Working Capital (45 in Form III)	1.150	1.350
6	Item 3 minus Item 4	2.225	2.350
7	Item 3 minus Item 5	2.000	2.000
8	Maximum Permissible Bank Finance (Item 6 or 7 whichever is lower)	2.000	2.000
9	Excess Borrowings representing shortfall in NWC (4-5)	0.000	0.000

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NET WORTH STATEMENT

MR. TARACHAND SHANTILAL SAGOTIA

(RS. IN MILLIONS)

BANK A/C

BANK	BRANCH	S/B/ C/D A/C NO.	PRESENT BALANCE	LAST 6 MONTH AVG. BAL.
Bank of India	Textile Market	C.A.	--	--

DETAILS OF ASSETS

IMMOVABLE PROPERTY

ASSETS	OWN/ JOINT NAME	AREA	FREE FOR LEASEHOLD	LOCATION /ADDRESS	PURCHASE COST	PRESENT VALUE	WHETHER ENCUMBERED (GIVE DETAILS)
Non Agricultural Land
i. Commercial	Own	148.49 sq. ft	Freehold	3020, Shree Vankar Textile Mkt, Ring Road, Surat - 395002, Gujarat, India	1.100	3.710	Free
ii. Residential	Own	--	Freehold	House No.28, Dayalji Park Roaw House, Parvat Patia, Dumbhal, Surat, Gujarat, India	3.511	5.000	BOB, Zampa Bazar

MOVABLE PROPERTY

SHARES / DEBENTURES / MUTUAL FUND ETC.

Name of Company	No. of shares/	Certificate No./ A/c No./ Demat Account No.	Scheme	Whether fully paid (Yes/No)	Current Market Value
As per Balance Sheet	--	--	--	--	0.041

TERM DEPOSITS

Term Deposit Receipt No.	Bank/Branch Name	Type	Amount & Date of Receipt	Maturity date	Maturity amount
Mutual Fund	--	MF	--	--	0.005

VEHICLES

TYPE OF VEHICLE	REGISTRATION NO.	MODEL	YEAR OF MAKE	COST AT THE TIME OF PURCHASE	RC BOOK DETAILS	PRESENT VALUE
Car	--	--	--	--	--	0.436

OTHER INVESTMENTS/ ASSETS

Other movable assets	0.088
Sundry Debtors	0.000
Stock	0.000
Loan and Advances	0.119
Cash and Bank	0.206
Total	0.413

TOTAL ASSETS

Rs. 9.605 Millions [A]

LIABILITIES

AS BORROWER

BORROWED FROM	PURPOSE OF LOAN	AMOUNT OF LOAN	SECURITY	REPAYMENT TERMS	OUTSTANDING BALANCE
Bank	Hosing Loan	2.800	House	216 month	2.786
TOTAL					2.786 [B]

NET WORTH [A-B]

Rs. 6.819 Millions

LEGAL HEIRS / FAMILY PARTICULARS

NAME	OCCUPATION	RELATION	AGE	MARITAL STATUS	ADDRESS
1. Pushpa T. Sagotia	Housewife	Wife	45	Married	B.No.28, Dayalji Park Society, B/h Gopal Nagar Society Parvat Patia, Surat, Gujarat, India
2. Lovely T. Sagotia	Business	Son	21	Unmarried
3. Ankit T. Sagotia	Study	Son	20	Unmarried

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VALUATION REPORT FOR SHOP

PART: I GENERAL DETAILS

Purpose for valuation

To asses present open fair market value for collateral security purpose from Bank of India, Textile Market Branch, Ring Road, Surat, Gujarat, India

Date as on which valuation is made

07^th November, 2014

Date of site visit for valuation of IP

01^st November, 2014

Name of the reported owner

Mr. Tarachand Shantilalji Sagotia

(As per copy of sale deed registration No. 3930, Dated 21/05/2014)

If the property is under joint ownership

Reported Sole ownership

a. Co-ownership, share of each such owner

Not Applicable

b. Are the shares undivided

No

Brief description of the property

Shop at 3^rd Floor in “Shree Vankar Textile Market”

Location, Wad No., Street No.

Begampura, Ward No. 04, “Shree Vankar Textile Market”, 3^rd Floor, Shop No. 3020, Near Saharagate, Ring Road, Taluka Surat City, District Surat, Gujarat, India

T.P No./ F. P. No./ R. S. No./ Block No./ Ward No./ Nondh No.

Ward No. 04, Nondh No. 2245/B/1

Shop No.

Shop No. 3020

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

Commercial Area

Is the IP bears the same detail/ description as mentioned in the documents/ title deed

Yes

Classified of locality-Upper Class/ Middle Class/ Poor Class

Middle Class

Is the property situated in an unauthorized/ authorized colony

Authorized high rise building

Is the any part of IP is under encroachment

No

Proximity to civic amenities like Schools, Shops, Markets, Cinemas, etc.

All amenities are available within 1 Km. Approx.

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

By road transportation such as Bus, Car, Rickshaw, etc.

Are there any agreements of easements if so, attach copies

As per verbal information furnished by the client and as per their visual observation at the time of site inspection the premise is free from any easement.

Area supported by documentary proof, Shape dimensions and physical features

Shop having carpet area 13.80 Sq. Mts. i.e. 148.49 Sq. Ft. as per sale deed and as per physical measurement

Roads or Streets on which the land is abutting

Property is abutting on Ring Road

If leasehold, name of the lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease

Not Applicable

Does the land fall in an area included in any T.P. Scheme or any Development plan of Government Bodies

Not Applicable

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

Not Known

Has the whole or part of the land been notified for acquisition by any notification

Not Known

Is the construction/ built up property is as per the plan approved by the competent authority

Yes plan is sanctioned by letter No. T.D.O. No. 67, Dated 19/06/2004

(i) Is the building owner occupied/ tenanted/ both:

Owned Occupied

(ii) If partly owner occupied, specify portion and extent of area under owner occupation

Not Applicable

What is F.S.I. permissible and % actually utilized?

2.0 and Fully utilized

Is it freehold or leasehold land

(i) Names of tenants/ lessees/ licensees, etc.

Not Applicable

(ii) Portions in their occupation

Not Applicable

(iii) Monthly/ Annual Rents/ License Fee, etc paid

Not Applicable

(iv) Gross amount receive for the whole property

Not Applicable

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

Not Applicable

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

Not Applicable

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

Not Applicable

Has the tenants to bear the whole or part of the cost of repairs and maintains? Give particulars

Not Applicable

If a lift is installed, who has to bear the cost of maintenance and operation – Owner or Tenant?

Not Applicable

If a pump installed, who has to bear the cost of maintenance and operation – Owner or Tenant?

Not Applicable

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

Not provided by the client

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

Rs. 0.006 Million

Mr. Tarachand Shantilal Sagotiya

Ten. No. 04B-16-8648-0-001

Is the building insured? If so give policy No. and the annual premium

Bank has to take after the release of loan

Whether physical possession of the property can be taken by the bank in case of need without any litigation

Yes

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

No

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

Not Applicable

Given instance of sales of immovable property indicating the locality on a separate sheet with name, address of the property, sales price and area of land sold, etc.

Not relied upon

Composite rate adopted in this valuation

Rs. 25,000/- per Sq. Ft.

What is new Jantri composite rate of the subject property for registration purpose

Rs. 93,250/- per Sq. Mt. 35 %

Less for floor location

If sale instance are not available or not relied upon, the basis of arriving at the composite rate

Property, it’s for commercial utility, potential demand for such shops, other factors affecting prevailing market rate, estimate rate as Rs. 25,000/- per Sq. Ft. after making local inquiry

Year of commencement of construction and year of completion

2010 Approx.

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

Not Known

For items of work done on contract produce copies of agreements

Not Applicable

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

Not Applicable

Factors considered in valuation

The Right to Sell/ Transfer/ Lease of the property.

The marketability, utility, demand and supply of similar Shops in the surrounding area.

The land rates as evident from true sale instances of comparable land found upon market inquiry.

Nature of Land i.e. Freehold

Factors Affecting Valuation of Building

Design of Building, parking facilities, common area available, other infrastructure available medium

Age, remaining useful economies life of the building.

Modern Technology and material used in construction and its impact on cost of construction.

(LOCATION OF FIX ASSET)

Shree Vankar Textile Market is commercial complex at Begampura. Surrounding area is covered by commercial premises. Saharagate, New Textile Market, Reshamwala Market and Radha Krishna Textile Market are famous landmarks near by the subjected property. Middle class locality is occupied in the vicinity. All the infrastructure facilities are readily available. There are may textile market exist on and around ring road. The rates varies from market to market to a large extend which mainly depends upon the infrastructure available in the market. Some of them are having modern infrastructure facilities with wide passage of more than 6’ to 8” wide with sufficient goods lifts. The parking facilities are excellent. The market goodwill is also one of the factors affecting the value. The type of the traders exists in the market and the verities of material like some markets are famous for ladies dress materials while other for sarries. The trends of the textile market to buy properties have changed. Now traders would like to have large space against the old trends of small space. Hence large space could fetch higher value as compare to small space i.e. one shop has less marketability while two or more shops together have better marketability. The SMC has already provided parking below the fly over bridge and also working out the plan to solve the traffic congestion problem over the ring road.

PART: II APARTMENT BUILDING

Shop No. and Floor

Shop No. 3020 and 3^rd Floor

Name of the Complex

“Shree Vankar Textile Market”

Location

Road No.

Begampura

T.P. / Ward No.

Ward No. 04

F.P./ Nondh No.

Nondh No. 2245/B/1

Block/ R.S. No.

Not Available

Taluka and Corporation

Surat City and S.M.C.

Description of the locality

Commercial

Type of Structure

R.C.C. Framed high rise structure

Quality of Construction and Appearance

Good

Year of Construction

2010 Approx.

Age of Construction

5 Years Approx.

Estimated future building life

55 Years if maintained well

Number of Floor

Basement + Ground + Upper Ground + 03 Upper Floors

Facilities (Existing)

Lift

Sufficient Nos. of lifts available

Protected Water Supply Facility

Available

Under Ground Sewerage Facility

Available

Car Parking

Available

Around Compound Wall is Existing

Not Available

Pavement is laid around the building

Bituminous Road

Any Others

Not Available

PART: III TECHNICLA DETAILS

The floor in which the shop is situated

3^rd Floor

Door Number of the Shop

Shop No. 3020

Specification of the Shop

Roof

RCC

Flooring

Ceramic Flooring

Shutters

02 Nos. of Shutters Available

Doors

02 Nos. of Glass Doors Available

Finishing

Smooth Plaster with Color Wash

Sale Deed executed in the name of

Mr. Tarachand Shantilalji Sagtia

What is to be undivided area of land as sale deed?

Not mentioned in document

What is the carpet area of the shop?

13.80 Sq. Mts. i.e. 148.49 Sq. Ft.

Locality is Posh/ Upper/ Medium/ Ordinary?

Medium Class

Is it to be used for Residential or Commercial

Commercial

Is it owner occupied, tenanted or vacant?

Owner Occupied

Boundaries of the shop as per site

North: Adj. Shop No. 3019	East: Entry, Passage and Shop No. 3047
South: Adj. Shop No. 3021	West: Entry, Pssage and Escalator Stair

PART: IV VALUATION APPROACH FOR SHOP UNDER VALUATION

The property under consideration is shops at 3rd Floor having size of 9’9” wide and 15’3” in length resulting area 148.69 Sq. Ft. situated in a Commercial complex known as “Shree Vankar Textile Market”. The complex is having good location, locality and other factors affecting the market value of the property along with demand and supply schedule and local inquiries made in the local market, it is learnt that demand for such shops is good enough in the locality. The prevailing market rate for shops having equivalent specification and amenities is estimated in the range of Rs. 22,000/- to Rs. 27,000/- per Sq. Ft. on carpet area basis. The estimate market value of the property under consideration as mentioned below.

PART: V RATE ANALYSIS

After analyzing the comparable sale instances what is the composite rate for a similar apartment with same specifications in the adjoining locality	Not Relied Upon
Assuming it is a new construction what is the adopted basic composite rate of the shop under valuation after comparing with the specifications and other factors with the apartment under comparison (Details as under)	Rs. 0.025 Million
A) Gross fix assets composite analysis
1. Value of shop having carpet area 148.49 Sq.Ft. @ Rs. 25,000/- per Sq. Ft.	Rs. 3.712 Millions
2. Gross Composite Value	Rs. 3.712 Millions
Say	Rs. 3.710 Millions

Value of the Furniture’s, Interior decorations done as well as the equipments and appliances installed in the subjected shops is added in the above calculation.

The Market Value Definition, as per International Valuation Standards, which has been adopted in this Valuation Exercise, is as follows:

“Market Value is the estimated amount for which a property should exchange hands on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

1. The aforesaid Market Value is normally realizable in an ideal perfect market Scenario where both parties gets minimum 3 to 6 months time for the transaction.

2. For present purpose of valuation marketability may be reduced as the consideration (Sale Amount) has to be through the cheque payments i.e. “by Accounted Money” and within short period of time.

3. It is a well-established fact that a hung parallel economy operates in normal property transactions. The cost may be required to be incurred in advertising and management of sale process. The purchaser would like to have advantage in terms of discount as he would be paying accounted money that too within 30 days. Hence the Realizable value would be lower than the ideal market value because of above cited factors.

4. The Realizable value of the property generally discounted 10% for residential property, 15% for Commercial and gala type industrial property and 20% for medium and large industrial property as compare to open fair market value.

· It is hereby certified in my opinion, without prejudice, that –

· The estimated open fair market value of the said property as discussed in the report with existing condition and specification is Rs. 3.710 Millions as on 07^th November, 2014.

· Realizable value of the said property is Rs. 3.150 Millions.

· Distress sale value of the said property is Rs. 2.780 Millions.

· Insurable building value of the said property is Rs. 1.000 Million.

· Jantri value of the said property is (13.80 Sq. Mts. @ 60,613/- per Sq. Rs. 0.836 Millions Say Rs. 0.840 Million)

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BACKGROUND

The concern has established by Mr. Tarachand Shantilal Sagotia. The concern is engaged in trading of fabrics business. They are purchased grey cloth from market in bulk quantity for taking discount benefit and give to dyeing house for dyeing and printing process as per their requirement. After completion of this process, they dispatch goods to embroidery job worker for embroidery work on fabrics as per their design and color requirement. After this process they are doing finishing and cutting work at their shop. After this, the each cutting fabrics are packed in designed poly thin bag and box. After this completion of process their product are ready for sale to customers.

BORROWER’S EXPERIENCE:

Mr. Tarachand Sagotia is connected with textile business last more than 20 years. He has acquired good experience in textile business and established good network in market through brokers and commission agents.

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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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	MRI

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.