MIRA INFORM REPORT

Report No. :	302859
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	DEVAK MERCANTILE PRIVATE LIMITED

Registered Office :	318, Hubtown Viva Western Express Highway, Near Shankar Wadi, Andheri (East), Mumbai – 400060, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.12.2009

Com. Reg. No.:	11-197680

Capital Investment / Paid-up Capital :	Rs. 1.950 Millions

CIN No.: [Company Identification No.]	U52390MH2009PTC197680

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCD3050H

Legal Form :	Private Limited Liability Company

Line of Business :	Trading of Art and Silk Cloths.

No. of Employees :	5 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual 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

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. Basant Kumar Swain
Designation :	CA
Contact No.:	91-9909945444
Date :	10.01.2015

LOCATIONS

Registered Office :	318, Hubtown Viva Western Express Highway, Near Shankar Wadi, Andheri (East), Mumbai – 400060, Maharashtra
Tel. No. :	Not Available
Mobile No. :	91-9909945444 (Mr. Basant Kumar Swain)
Fax No. :	Not Available
E-Mail :	kcpl@yahoo.com
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :

Mrs. Manju Vijaykumar Poddar

Designation :

Director

Address :

101, Shagun Villa, VIP Road, Surat, Gujarat, India

Date of Birth/Age :

25.05.1960

Qualification :

Under Graduate

Experience :

More than 14years

Date of Appointment :

22.12.2009

Profile :

Mrs. Manju Vijay Poddar is 54 years old. She is a hardworking and efficient person. She provides helping hand to her husband in day to day activity of the company. She is also engaged in textile business from 14 years and is aware of changing market trends.

PAN No.:

AGTPP6963G

DIN No. :

02186300

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17116GJ2004PLC043431	LASCO LIFESTYLE LIMITED.	Director	04-02-2012	02-01-2004	-	Active	NO
2	U17120MH2009PTC197148	KAARTHIKA TEXFAB PRIVATE LIMITED	Director	22-12-2009	22-12-2009	-	Active	NO
3	U71300MH2009PTC197548	KOSAS INDUSTRIES PRIVATE LIMITED	Director	22-12-2009	22-12-2009	13-11-2010	Active	NO
4	U52390MH2009PTC197680	DEVAK MERCANTILE PRIVATE LIMITED	Director	22-12-2009	22-12-2009	-	Active	NO
5	U74300WB1998PTC086595	JAIN INFRACON PRIVATE LIMITED	Director	15-10-2011	15-10-2011	11-01-2013	Active	NO

Name :

Mr. Vijay Daluram Poddar

Designation :

Director

Address :

101, Shagun Villa, VIP Road, Surat, Gujarat, India

Date of Birth/Age :

24.05.1963

Qualification :

Graduate

Experience :

More than 18 years

Date of Appointment :

22.12.2009

Profile :

Mr. Vijay Daluram Poddar is 51 years old. He is engaged in textiles business since 18 years. As he has got very good knowledge and experience of this line as he is dealing into this line since so many years. He is in regular contact with the manufacturer of art silk cloth i.e. Yarn, this has provided him complete knowledge of manufacturing of yarn. He is taking care of the entire management of the company. He is in charge of purchases, liasoning with customers and overall administration.

PAN No. :

AGTPP6957A

DIN No. :

02876541

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17120MH2009PTC197148	KAARTHIKA TEXFAB PRIVATE LIMITED	Director	22-12-2009	22-12-2009	-	Active	NO
2	U71300MH2009PTC197548	KOSAS INDUSTRIES PRIVATE LIMITED	Director	22-12-2009	22-12-2009	13-11-2010	Active	NO
3	U52390MH2009PTC197680	DEVAK MERCANTILE PRIVATE LIMITED	Director	22-12-2009	22-12-2009	-	Active	NO
4	U74300WB1998PTC086595	JAIN INFRACON PRIVATE LIMITED	Director	15-10-2011	15-10-2011	11-01-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Basant Kumar Swain
Designation :	CA

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Manju Vijaykumar Poddar	55000	28.21
Vijay Daluram Poddar	140000	71.79
Total	195000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Art and Silk Cloths.

Brand Names :	--

Agencies Held :	--

Exports :	--

Imports :	--

Terms :
Selling :	Credit (60 Days)

Purchasing :	Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:

Bindu Trends Private Limited

Address

17, Jethababu Building, K-Nayak Road, Mumbai, Maharashtra, India

Name of the Person (with Designation):

Mr. Jay (Chief Executive Officer)

Contact Number:

91-9373333140

Since How Long Known:

2 Years

Maximum Limit Dealt:

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remarks :

Management is good and having satisfactory trade record.

Name of Customers	Address	Mobile No.

Shreebhav Polyknitts Private Limited	238, Unity Estate, Pandesara, Surat, Gujarat, India	91-7698809997

Somnath Textiles Private Limited	Block No. 130, Plot No. 137 to 146, Village Tati Tahiya, B/h Vinus Mill, Taluka Palsana, Surat, Gujarat, India	91-9879044979

Customers :

Wholesalers

Reference:

Shiv Shankar Textile, Bhiwandi

Address:

Gala No. 192, Maru Compound, Bhiwandi, Mumbai Maharashtra, India

Name of the Person (with Designation):

Mr. Sachet Jogani (Partner)

Contact Number:

91-9820570775

Since How Long Known:

1.6 Years

Maximum Limit Dealt:

As per Requirements

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remarks :

Good Company, Providing Good Service also and Management is also good.

Name of the Customers	Address	Mobile No.

Dhoomsain Sureshchand	Shop No. 55, Managldas Market, Kalbadevi Road, Mumbai, Mahrashtra, India	91-9320121521

Pawan Silk Mills	Plot No. 7301/A, Road No. 7, GIDC, Sachin, Surat, Gujarat, India	91-9374274840

Lifestyle Fabrics	Shop No. 3, Kakkad Market, Kalbadevi Road, Mumbai – 400002, Maharashtra, India	91-9726189926

No. of Employees :

5 (Approximately) [In Office]

Bankers :

Bank Name:	Bank of India
Branch:	Churchgate Branch, Mumbai, Maharashtra, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	DEVAK MERCANTILE PRIVATE LIMITED
Account Number:	001020110000706
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – From Banks	2.367	3.811

SHORT TERM BORROWINGS
Loans Repayable on Demand – From Banks	3.053	3.112
Total	5.420	6.923


Auditors :
Name :	AGKR and Company Chartered Accountants
Address :	H No-2886/ B/ 1-2, Grround Floor, Office A+B, F.S. Tower Corporate House, Salabatpura, Ring Road, B/H Trividh Build, Surat – 395002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAKFG7532K

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Kaarthika Texfab Private Limited Address :318 Hubtown Viva Western Express Highway Near Shankar Wadi Andheri (East), Mumbai – 400060, Maharashtra, India Line of Business: Trading of Art and Silk Cloths.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

350,000	Equity Shares	Rs.10/- each	Rs. 3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

195,000	Equity Shares	Rs.10/- each	Rs. 1.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.950	1.260	1.260
(b) Reserves & Surplus	7.937	5.008	4.912
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	3.450	3.450
Total Shareholders’ Funds (1) + (2)	9.887	9.718	9.622

(3) Non-Current Liabilities
(a) Long-term borrowings	7.965	3.811	5.081
(b) Deferred tax liabilities (Net)	0.170	0.166	0.116
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.135	3.977	5.197

(4) Current Liabilities
(a) Short term borrowings	3.053	3.112	2.234
(b) Trade payables	20.402	2.656	5.604
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.016	0.016	0.000
Total Current Liabilities (4)	23.471	5.784	7.838

TOTAL	41.493	19.479	22.657

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.974	8.102	9.411
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	2.565
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.974	8.102	11.976

(2) Current assets
(a) Current investments	0.000	2.565	0.000
(b) Inventories	9.653	2.572	1.019
(c) Trade receivables	24.097	5.395	8.910
(d) Cash and cash equivalents	0.655	0.706	0.664
(e) Short-term loans and advances	0.114	0.139	0.088
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	34.519	11.377	10.681

TOTAL	41.493	19.479	22.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	113.841	80.576	72.302
		Other Income	0.058	0.055	0.040
		TOTAL (A)	113.899	80.631	72.342

Less	EXPENSES
		Purchases of Stock-in-Trade	117.733	78.635	65.547
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.080)	(1.554)	1.990
		Employees benefits expense	0.363	0.311	0.847
		Other expenses	0.411	0.530	0.950
		TOTAL (B)	111.427	77.922	69.334

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.472	2.709	3.008

Less	FINANCIAL EXPENSES (D)		1.107	1.253	1.267

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.365	1.456	1.741

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.127	1.309	1.521

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.238	0.147	0.220

Less	TAX (H)		0.073	0.008	0.014

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.165	0.139	0.206

	Earnings / (Loss) Per Share (Rs.)		0.84	1.10	1.63

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.14	0.17	0.28

Operating Profit Margin (PBDIT/Sales)	(%)	2.17	3.36	4.16

Return on Total Assets (PBT/Total Assets}	(%)	0.57	0.75	1.09

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02

Debt Equity Ratio (Total Debt/Networth)		1.11	0.71	0.76

Current Ratio (Current Asset/Current Liability)		1.47	1.97	1.36

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)
Share Capital	1.260	1.260	1.950
Reserves & Surplus	4.912	5.008	7.937
Share Application money pending allotment	3.450	3.450	0.000
Net worth	9.622	9.718	9.887

long-term borrowings	5.081	3.811	7.965
Short term borrowings	2.234	3.112	3.053
Total borrowings	7.315	6.923	11.018
Debt/Equity ratio	0.760	0.712	1.114

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	72.302	80.576	113.841
		11.444	41.284

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	72.302	80.576	113.841
Profit	0.206	0.139	0.165
	0.28%	0.17%	0.14%

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

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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – From Other Parties	5.598	0.000
Total	5.598	0.000

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

COMPUTATION OF TOTAL INCOME

DEVAK MERCANTILE PRIVATE LIMITED

(RS. IN MILLIONS)

PARTICULARS	2013-2014

ROFIT AND GAINS FROM BUSINESS AND PROFESSION			0.231

DEVAK MERCANTILE PRIVATE LIMITED

Profit Before Tax as per Profit and Loss account		0.238

Add: Depreciation Disallowed		1.127 --------
		1.365

Less: Allowed Depreciation		1.134 --------
		0.231 ----------
BROUGHT FORWARD LOSSES SET-OFF

UNABSORBED DEPRECIATION FOR THE A.Y. 2011-12 FROM:
Business Income			0.022 ----------

Gross Total Income			0.209 ----------

Total Income			0.209

Total Income Rounded off U/s 288A			0.209

COMPUTATION OF TAX ON TOTAL INCOME

Tax on Rs. 209130 @ 30%		0.063 ----------
		0.063

Add: Education Cess @ 2%		0.001 ----------
		0.064

Add: Secondary and Higher Education Cess @ 1%		0.001 ----------
Tax as per Normal Provisions		0.065 ----------

CALCULATION OF BOOK PROFIT U/S 115JB

Net Profit as shown in the Profit and Loss Account	0.238 ----------

Tax @ 18.5% on Book Profit of Rs. 238157 u/s 115JB	0.044

Add: Education Cess @ 2%	0.001 ----------
	0.045

Add: Secondary and Higher Education Cess @ 1%	0.000 ----------
	0.045 ----------
Higher of (64621 or 45381)		0.065

Less: Credit u/s 115JAA Utilised		0.020 ----------
		0.045
LESS TAX DEDUCTED AT SOURCE

Contractors and Sub-Contractors	0.046

Other Interest	0.005 ----------	0.051 ----------
		(0.006)

Refundable		(0.006)

Tax Rounded off u/s 288B		(0.006)

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

COMPUTATION OF TOTAL INCOME

MR. VIJAY DALURAM PODDAR

(RS. IN MILLIONS)

PARTICULARS	2012-2013

PROFIT AND GAINS FROM BUSINESS AND PROFESSION			0.188

PROFIT U/S 44AD – PROFIT FROM RETAIL TRADE

Profit deemed u/s 44AD @ 8% of Rs. 694700	0.056

Profit declared u/s 44AD	0.188 --------

Profit (Higher of the Above)	0.188

INCOME FROM OTHER SOURCES			0.000

Bank – Interest		0.000 --------

Total		0.000 --------
			--------
Gross Total Income			0.188

LESS DEDUCTION UNDER CHAPTER-VIA

80TTA Interest on deposits in savings account		0.000 --------

Total Deductions			0.000 --------

Total Income			0.188

Total Income Rounded off u/s 288A			0.188

COMPUTATION OF TAX ON TOTAL INCOME

Tax on Rs. 0.188		0.000

Tax Payable		0.000

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

COMPUTATION OF TOTAL INCOME

MRS. MANJU VIJAY PODDAR

(RS. IN MILLIONS)

PARTICULARS	2012-2013

PROFIT AND GAINS FROM BUSINESS AND PROFESSION		0.176

MANJU VIJAY PODDAR

Profit Before Tax as per Profit and Loss Account	0.176 ----------
	0.176 ----------
Gross Total Income		---------- 0.176 ----------

Total Income		0.176

Total Income Rounded of u/s 288A		0.176

COMPUTATION OF TAX ON TOTAL INCOME

Tax on Rs. 0.176	Nil

Tax Payable	Nil

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

COMPUTATION OF TOTAL INCOME

MR. OMPRAKASH RAMCHANDRA AGARWAL (GUARANTOR)

(RS. IN MILLIONS)

PARTICULARS	2012-2013

SALARIES			0.300

LASCO LIFESTYLE LIMITED: 204. JAY DURGA ESTATE, NEAR ARIHANT COMPLEX, UDHNA, SURAT - 394210, GUJARAT, INDIA

Taxable Salary		0.300

PROFIT AND GAINS FROM BUSINESS AND PROFESSION			0.007

PROFIT U/S 44AD – D.S. TEXTILES
Profit Deemed u/s 44AD @ 8% of Rs. 85260	0.007

Profit Declared u/s 44AD	0.007 ---------

Profit (Higher of the Above)	0.007

INCOME FROM OTHER SOURCES			0.001

Bank Interest		0.001 --------
Total		0.001

Gross total income			-------- 0.308

LESS DEDUCTIONS UNDER CHAPTER-VIA

80C Deduction		0.100

80TTA Interest on deposits in savings account		0.001 --------
Total Deductions			0.101 --------

Total Income			0.207

Total Income Rounded off u/s 288A			0.207

COMPUTATION OF TAX ON TOTAL INCOME

Tax on Rs. 0.207 Millions		0.000

Tax Payable		0.000

Detail of Deduction u/s 80C
LIC	0.100 ---------
Total	0.100 ---------

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16
SR. NO.	PARTICULARS	Estimated	Projection

1	GROSS SALES

	(i)Domestic Sales/ Job Work	142.302	163.647

	(ii) Export Sales	--	--

	(iii) Other Income	0.061	0.064

	Total	142.363	163.711

2	Less Excise duty	--	--

3	Net Sales (1-2)	142.363	163.711

4	%age rise (+) or fall (-) in net sales as compared to previous year	24.99%	15.00%

5	COST OF SALES
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	153.408	160.698

	(ii) Other spares
	(a) Imported	--	--
	(b) Indigenous	--	--

	(iii) Power and fuel	0.403	0.463

	(iv) Direct Labour (factory wages and salaries and job work)	0.453	0.521

	(V) Other Mfg. Expenses	--	--

	(vi) Depreciation	0.689	0.050

	(vii) Subtotal [(i) to (vi)]	154.952	161.733

	(viii) Add: Opening Stock of raw material and WIP	--	--

	Sub-total	154.952	161.733

	(ix) Deduct: Closing stock of raw material and WIP	--	--

	(x) Cost of production	154.952	161.733

	(xi) Add Opening stock of finished goods	9.653	25.441

	Sub total	164.605	187.174

	(xii) Deduct closing stock of finished goods	25.441	29.143

	(xiii) Subtotal - Total Cost of Sales	139.164	158.032

6	Selling, General and Administrative Expenses	0.318	0.366

7	Subtotal - [2+3]	139.482	158.397

8	Operating Profit before interest[1-4]	2.881	5.314

9	Bank Interest - CC	1.500	3.000
	TL	0.162	0.000

10	Operating Profit after interest [1-4]	1.219	2.314

11	(i) Add other non-operating income	--	--
	Subtotal (income)	--	--

	(ii) Deduct other non-operating expense
	(a) Remuneration	--	--
	(b) Preliminary Exp.	--	--
	Subtotal (expenses)	--	--

	(iii) Net of other non-operating incomes/expenses (net of 11(i) and 11(ii))	--	--

12	Profit before tax/loss (10-11(iii))	1.219	2.314

13	Provision for tax	0.377	0.715

14	Net profit / (loss)(12-13)	0.842	1.599

15	(i) Equity dividend paid/ Drawings	--	--

16	Retained Profit(14-15)	0.842	1.599

17	Retained profit / Net Profit (%age)	100.00%	100.00%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16
SR. NO.	PARTICULARS	Estimated	Projection

	CURRENT LIABILITIES

1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)

	(i) From applicant bank	25.000	25.000

	(ii) From other banks	--	--

	(iii) of which EP and BD	--	--

	Sub Total (A)	25.000	25.000

2	Short term borrowings from others	--	--

3	Sundry Creditors - Trade	2.101	4.403

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

5	Provision for Taxation (Net of advance tax)	0.377	0.715

6	Dividend Payable	--	--

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

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

9	Other current liabilities and Provisions (due within one year)	0.017	0.018

	Sub Total (B)	2.495	5.136

10	Total Current Liabilities [total of 1 to 9]	27.495	30.136

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

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

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

14	Deferred Payment Credits (excl. instalments due within one year)	--	--

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

16	Unsecured Loans
	(a) From friends and relatives	5.598	5.598
	(b) Others	--	--

17	Total term liabilities (Total of 11 to 16)	5.598	5.598

18	Total Outside Liabilities [10+17]	33.093	35.733

	NET WORTH

19	Capital
	Share Capital	1.950	1.950
	Share Application Money	--	--
	Security Premium	7.400	7.400

23	Surplus (+) or deficit (-) in Profit and Loss Account	1.379	2.978

24	Net worth	10.729	12.328

25	TOTAL LIABILITIES [18+24]	43.822	48.061

	CURRENT ASSETS

26	Cash and Bank Balances	0.700	0.800

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

28	(i) Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	17.031	17.419
	(ii) Export receivable (incl. Bills purchased and discounted by banks)	--	--

29	Instalments of deferred receivable (due within one year)	--	--

30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores	--	--
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.441	29.143

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

32	Advance payment of taxes	--	--

33	Other current assets	0.200	0.300

34	Total Current asset [Total 26 to 33]	43.372	47.661

	FIXED ASSETS

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

36	Depreciation to date	0.050	0.100

37	NET BLOCK (35-36)	0.450	0.400

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

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

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

	iii. Deferred Tax Assets	--	--

	iv. Security deposits/ tender deposits	--	--

	v. Others	--	--

39	Non consumables stores and spare	--	--

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

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

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

43	TOTAL ASSETS (Total of 34,37,41 and 42)	43.822	48.061

44	Tangible net worth (24-42)	10.729	12.328

45	Net working Capital [(17+24)-(37+41+42)] Totally with (34-10)	15.877	17.526

46	Current Ratio [34/10]	1.58	1.58

47	TOL / Net worth	3.08	2.90

48	TOL/Quasi Net worth	1.68	1.68

	ADDITIONAL INFORMATION
	A. Arrears of depreciation	--	--

	B. Contingent Liab-ilities:	--	--
	(a)Arrears of cumulative dividends	--	--
	(b)Gratuity liability not provided for	--	--
	(c)Disputed excise/ customs/tax liabilities	--	--
	(d)Bills accepted/ guarantees extended to accommodate associate/ sister concerns or other third parties	--	--
	(e)Other liabilities not provided for	--	--

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16
SR. NO.	PARTICULARS	Estimated	Projection

	A. CURRENT ASSETS:

1	Cash and Bank Balances	0.700	0.800

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

3	(i) Receivables other than deferred and exports (incl. Bills purchased and discounted by banks)	17.031	17.419
	(ii) Export receivable (incl. Bills purchased and discounted by banks)	--	--

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

5	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Other consumable stores	--	--
	(a) Imported	--	--
	(b) Indigenous	--	--
	(iv) Finished Goods	25.441	29.143

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

7	Advance payment of taxes	--	--

8	Other current assets	0.200	0.300

9	Total Current Assets [1 to 8]	43.372	47.661

	B. CURRENT LAIBILITES (Other than bank borrowings for working capital)

10	Short term borrowings from others	--	--

11	Sundry Creditors - Trade	2.101	4.403

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

13	Provision for Tax	0.377	0.715

14	Dividend Payable	--	--

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

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

17	Other current liabilities and Provisions (due within one year)	0.017	0.018

18	Total Current Liabilities [10 to 17]	2.495	5.136

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16
SR. NO.	PARTICULARS	Estimated	Projection

1	Total Current Assets	43.372	47.661

2	Other Current Liabilities (other than bank borrowings)	2.495	5.136

3	Working Capital Gap (WCP) (1-2)	40.877	42.526

4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables	10.843	11.915

5	Actual/ projected net working capital	15.877	17.526

6	Item 3 minus item 4	30.034	30.610

7	Item 3 minus item 5	25.000	25.000

8	Maximum permissible bank finance (item 6 or 7 whichever is less)	25.000	25.000

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

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

FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16
SR. NO.	PARTICULARS	Estimated	Projection

a)	Share capital	1.950	1.950

b)	Tangible Net worth	10.729	12.328

c)	Investment in cos (Of which in group cos)	0.000	0.000

d)	Adjusted TNW	10.729	12.328

e)	Term Liabilities	5.598	5.598

f)	Capital Employed	16.327	17.926

g)	Net Block	0.450	0.400

h)	Net sales :	142.302	163.647

i)	Other Income	0.061	0.064

j)	EBIDTA	3.570	5.364

k)	Interest	1.662	3.000

l)	Taxes	0.377	0.715

m)	Cash Accruals	1.531	1.649

n)	Depreciation	0.689	0.050

o)	Net Profit/(Loss)	0.842	1.599

p)	Current Assets	43.372	47.661

q)	Current Liabilities	27.495	30.136

	RATIOS :

r)	Current ratio	1.58	1.58

s)	Debt/Equity :

	Term liabilities/ TNW	0.52	0.45

t)	TOL/TNW	3.08	2.90

u)	TOL/ Adjusted TNW	3.08	2.90

v)	TOL/Quasi Equity	1.68	1.68

w)	Profitability%: PAT/Net Sales	0.59%	0.98%

x)	Interest Coverage	1.92	1.55

y)	Inventory + Receivables/ Sales (%)	29.85%	28.45%

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

NET WORTH STATEMENT

MR. VIJAY DALURAM PODDAR

(AS ON 31.03.2014)

(RS. IN MILLIONS)

PARTICULARS	NATURE	BOOK VALUE	MARKET VAUE

ASSET

INVESTMENT IN BUSINESS

Share in Kaarthika Texfab Private Limited	Movable	1.550	1.550

Share in Devak Mercatile Private Limited	Movable	6.800	6.800

Current Assets

Gold Jewellery	Movable	0.000	1.500

Cash and Bank Balances	Movable	0.483	0.483

Total		8.833	10.333

Liabilities	--	--	--

Total	--	--	--

Net Worth (A) – (B)		8.833	10.333

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

NET WORTH STATEMENT

MRS. MANJU VIJAY PODDAR

(RS. IN MILLIONS)

PARTICULARS	NATURE	BOOK VALUE	MARKET VAUE

ASSET

Investment in Business

Share in Kaarthika Texfeb Private Limited	Movable	5.550	5.550

Share in Devak Mercantile Private Limited	Movable	2.550	2.550

Current Assets

Gold Jewellery	Movable	0.000	1.850

Cash and Bank	Movable	0.478	0.478

Loans and Advances	Movable	0.075	0.075

Total (A)		8.653	10.503

LIABILITIES	--	--	--

Total (B)	--	--	--

Net Worth (A) – (B)		8.653	10.503

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

NET WORTH STATEMENT

MR. OMPRAKASH RAMCHANDRA AGARWAL (GUARANTOR)

(RS. IN MILLIONS)

PARTICULARS	NATURE	BOOK VALUE	MARKET VAUE

ASSET

FIXED ASSETS

Laxmi Narayan Industrial Estate, Plot No. D-112, Bhedwad, Surat, Gujart, India	Immovable	1.561	9.000

Laxmi Narayan Industrial Estate, Plot No. D-112-M, Bhedwad, Surat, Gujarat, India	Immovable	1.561	9.000

Laxmi Narayan Industrial Estate, Plot No. F-35, Bhedwad, Surat, Gujarat, India	Immovable	0.400	9.000

Laxmi Narayan Industrial Estate, Plot No. F-36, Bhedwad, Surat, Gujarat, India	Immovable	0.400	9.000

Flat No. 202, Shyam Villa, Bharthana-Vesu, Surat, Gujarat, India	Immovable	5.000	15.000

INVESTMENTS

Investment in Lasco Lifestyle Limited	Movable	1.650	1.650

Reliance Growth Fund	Movable	0.100	0.100

Star Union Dai-Ichi (Life Insurance)	Movable	0.075	0.075

CURRENT ASSETS

Gold Jewellery	Movable	0.000	3.036

Closing Stock	Movable	0.009	0.009

Sundry Debtors	Movable	0.172	0.172

Cash and Bank	Movable	1.000	1.000

Loan and Advances	Movable	3.212	3.212

Total (A)		15.140	60.253

LIABILITIES

Sundry Creditors		0.864	0.864

Provisions		0.010	0.009

Total (B)		0.874	0.873

NET WORTH (A-B)		14.266	59.380

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

VALUATION REPORT

GENERAL DETAILS

Purpose for which valuation is made

For ascertaining fair market value of the property to be offered to Bank of India

Date as on which valuation is made

16/09/2014

Name of the Owner

Mr. Omprakash Ramchandra Agrawal

If the property is under joint owner-ship/ Co-ownership, share of such Owner. Are the shares of such Owner. Are the shares undivided?

Ownership Above

Brief description of the property

The subject property under valuation is an open Industrial Plot situated at Plot No. F-36, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Roadm Udhna, Surat, Gujarat, India

Location, Street, Ward No.

Plot No. F-36, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna, Udhna-Navsari Road, Surat, Gujarat, India

Survey/ Plot No. of land

R.S. No. 151, Moje: Udhna, Taluka Surat City, District Surat

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

Mixed Area

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

Middle Class

Proximity to civic amenities like School, Hospital, offices, markets, cinema etc

Within the radius of 1-2 Kms.

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

By Auto Richshaw/ City Bus/ Own Vehicles

LAND

Area of land

Land Area = 1, 600 Sq. Ft.

Roads, streets or lanes on which the land is abutting

Udhna-Navsari Road

Is it freehold or leasehold land

Freehold

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

Is there any restrictive covenant in regard to use of land?

Are there any agreements of easements?

Does the land fall in an area included in any town Planning Scheme or any Development Plan of government or any statutory body?

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

IMPROVEMENTS

(a) Is the shop, owner occupied / tenanted/ both?

Open plot in possession of water

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

Not Applicable

What is the Floor Space Index

(a) Permissible

(b) Percentage actually utilized

Not Applicable

RENTS

(i) Names of tenant/ lessees/ licenses, etc.

(ii) Portion in their occupation

(iii) Monthly or annual rent/ compensation/ license fee, etc. paid by each

(iv) Gross amount received 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, refrigeration’s, cooking ranges, built-in wardrobes, etc. or for service charges? If so, give details

Not Applicable

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

Not Applicable

Has the tenant to bear the whole or part of the cost of repairs and maintenance? 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 is 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, passages, etc. owner or tenant?

Not Applicable

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

Details are not Provided

Is the building insured? If so, give the (a) Policy No., (b) Amount Rs. (C) Annual premium

Not Applicable

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

Not Applicable

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

Not Applicable

SALES

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

Sale instances are not relied upon but they have made substantial market inquiries before finalizing the rate

Prevailing market Rate adopted in this valuation

Rs. 5100/- per Sq. Ft.

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

Inquiries made with various estate agencies, upcoming societies, builders, developers of nearby area, and other reliable sources

Year of

(a) Commencement of construction

(b) Year of completion

Not Applicable

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

Not Applicable

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

Not Applicable

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

Not Applicable

TECHNICAL DETAILS

No of Floors and Height

Not Applicable

Built-up area

Not Applicable

Year of Construction

Not Applicable

Estimated Future Life

Not Applicable

Type of Construction – Load Walls/ RCC frame/ Steel Frame

Not Applicable

Type of foundations

Not Applicable

Brick Masonry Walls

Not Applicable

Partitions

Not Applicable

Door (D) and Windows (W)

Not Applicable

Flooring (Floor Wise)

Not Applicable

Finishing (Floor Wise)

Not Applicable

Roofing and Terracing

Not Applicable

Special architectural or decorative features, if any

Not Applicable

(i) Internal Wiring – Surface or Conduit

(ii) Class of fitting

Not Applicable

Sanitation Installation

Not Applicable

Compound Wall

Not Applicable

No. of Lifts and Carrying Capacity

Not Applicable

Underground Pump Capacity and Type of Construction

Not Applicable

Over-head Tank

Not Applicable

Pumps No. and their horse power

Not Applicable

Roads and paving within the compound, approximate area and type of paving

Not Provided

Sewage disposal whether if septic tanks provided No. and capacity

Not Applicable

Value of the property as per Jantry

Rs. 2.081 Millions

Boundaries of the Property

North:

South:

East:

West:

Plot No. F-35

Margin and Plot No. F-37

Internal Society Road

Plot No. E-36

VALUATION REMARKS

BASIS OF VALUATION

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

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

VALUATION OF LAND:

The Methodology is Sales Comparison Method in which due weightages have been given to factors such as:

· Demand and Prospective buyers for such sized plots of land.

· Shape, Size, Prominence and Location of Land.

· The Marketability, Utility, Demand and Supply of similar Land in the surrounding area.

· The Land rates as derived from the Sale Instances of comparable instances found upon market enquiry.

· The Land rates prevailing in nearby Areas.

· Legal and Physical Encumbrance on Land

· Freehold and Leasehold nature of Land, etc.

· Usage – Residential, Commercial or Industrial

· Locational Advantages/ Disadvantages

· Easements/ Covenants regarding the usage of land

· Availability of basic facility and Amenities

As per copy of documents, area of the subject plot is 1,600 SFT. Hence, documented area i.e. 1,600 SFT adopted for the purpose of this valuation exercise.

They visited the above property under valuation and inspected the same minutely. After the detailed inspection, carrying out independent market survey/ inquiries, after having a complete overview of the prevailing rates of similar properly sales, purchase, based upon their years of valuation experience and their independent judgment, they submit their tabulated calculations vide which they have determined the Fair Market Value of the property as on 15/09/2014 as mentioned hereunder

Available for Sale instances:

Sale Instance Sr. No.	Particulars	Land Area in SFT	Total Consideration in Rs.	Prevailing Rate in Rs.

A-1	One open Industrial Plot is available for sale in same Society	1,600 SFT	Rs. 8.640 Millions	Rs. 5400/-

A-2	One open Industrial Plot is available for sale in City Industrial Society. It is located about 150 mtr away from subject property	1,800 SFT	Rs. 9.900 Millions	Rs. 5500/-

As above sale instance no. A-1 is comparable with property under valuation: They have adopted the same rate for the purpose of the Valuation.

Market Rate	Rs. 5400/- per SFT

Less 5% for negotiation	Rs. 270/- per SFT

Derived Market Rate	Rs. 5130/- per SFT

Adopted Rate	Rs. 5100/- per SFT

Land Area in SFT	1,600 SFT

Value of Land	Rs. 8.160 Millions

FAIR MARKET VALUE: Rs. 8.160 Millions as on 15.09.2014 (It is the estimated amount for which the property should exchange on the date valuation between a willing buyer and a willing seller at an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion)

NET REALIZABLE VALUE: Rs. 7.344 Millions as on 15.09.2014 (The value of an asset that can be realized by a company or entity upon the sale of the asset, less a reasonable prediction of the costs associated with either the eventual sale or the disposal of the assets in question.)

DISTRESS VALUE: Rs. 6.528 Millions @ 80% of the Fair Market Value (The Value of a property offered for immediate sale by its owner, who is under legal compulsion for immediate recovery of legal dues from him and where there is absolute urgency to liquidate assets in terms of Money is called the Distress Value of the property)

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

VALUATION REPORT

GENERAL DETAILS

Purpose for which valuation is made

For ascertaining fair market value of the property to be offered to Bank of India

Date as on which valuation is made

16/09/2014

Name of the Owner

Mr. Omprakash Ramchandra Agrawal

If the property is under joint owner-ship/ Co-ownership, share of such Owner. Are the shares of such Owner. Are the shares undivided?

Ownership Above

Brief description of the property

The subject property under valuation is an open Industrial Plot situated at Plot No. F-35, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna Navsari Road, Udhna, Surat, Gujarat, India

Location, Street, Ward No.

Plot No. F-35, Laxminarayan Industrial Park, B/h. Laxminarayan Temple, Udhna, Udhna-Navsari Road, Surat, Gujarat, India

Survey/ Plot No. of land

R.S. No. 151, Moje: Udhna, Taluka Surat City, District Surat, Gujarat, India

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

Mixed Area

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

Middle Class

Proximity to civic amenities like School, Hospital, offices, markets, cinema etc

Within the radius of 1-2 Kms.

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

By Auto Rickshaw/ City Bus/ Own Vehicles

LAND

Area of land

Land Area = 1,600 SFT

Roads, streets or lanes on which the land is abutting

Udhna-Navsari Road

Is it freehold or leasehold land

Freehold

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

Is there any restrictive covenant in regard to use of land?

Are there any agreements of easements?

Does the land fall in an area included in any town Planning Scheme or any Development Plan of government or any statutory body?

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

IMPROVEMENTS

(a) Is the shop, owner occupied / tenanted/ both?

Open plot in possession of owner

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

Not Applicable

What is the Floor Space Index

(a) Permissible

(b) Percentage actually utilized

Not Applicable

RENTS

(i) Names of tenant/ lessees/ licenses, etc.

(ii) Portion in their occupation

(iii) Monthly or annual rent/ compensation/ licence fee, etc. paid by each

(iv) Gross amount received 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, refrigeration’s, cooking ranges, built-in wardrobes, etc. or for service charges? If so, give details

Not Applicable

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

Not Applicable

Has the tenant to bear the whole or part of the cost of repairs and maintenance? 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 is 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, passages, etc. owner or tenant?

Not Applicable

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

Details are not provided

Is the building insured? If so, give the (a) Policy No., (b) Amount Rs. (C) Annual premium

Not Applicable

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

Not Applicable

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

Not Applicable

SALES

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

Sales instances are not relied upon but they have made substantial market inquiries before finalizing the rate

Prevailing market Rate adopted in this valuation

Rs. 5100/- per SFT

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

Inquiries made with various estate agencies, upcoming societies, builders, developers of nearby area, and other reliable sources.

Year of

(a) Commencement of construction

(b) Year of completion

Not Applicable

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

Not Applicable

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

Not Applicable

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

Not Applicable

TECHNICAL DETAILS

No of Floors and Height

Not Applicable

Built-up area

Not Applicable

Year of Construction

Not Applicable

Estimated Future Life

Not Applicable

Type of Construction – Load Walls/ RCC frame/ Steel Frame

Not Applicable

Type of foundations

Not Applicable

Brick Masonry Walls

Not Applicable

Partitions

Not Applicable

Door (D) and Windows (W)

Not Applicable

Flooring (Floor Wise)

Not Applicable

Finishing (Floor Wise)

Not Applicable

Roofing and Terracing

Not Applicable

Special architectural or decorative features, if any

Not Applicable

(i) Internal Wiring – Surface or Conduit

(ii) Class of fitting

Not Applicable

Sanitation Installation

Not Applicable

Compound Wall

Provided to Laxminarayan Industrial Park

(i) Height and Length

8 Feet

(ii) Type of Construction

RCC Frame Structure

No. of Lifts and Carrying Capacity

Not Applicable

Underground Pump Capacity and Type of Construction

Not Applicable

Over-head Tank

Not Applicable

Pumps No. and their horse power

Not Applicable

Roads and paving within the compound, approximate area and type of paving

Not Provided

Sewage disposal whether if septic tanks provided No. and capacity

Not Applicable

Value of the property as per Jantry

Rs. 2.081 Millions

Boundaries of the Property

North:

South:

East:

West:

Plot No. F-34

Plot No. F-36

Internal Society Road

Plot No. E-35

VALUATION REMARKS

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

VALUATION OF LAND:

The Methodology is Sales Comparison Method in which due weightages have been given to factors such as:

· Demand and Prospective buyers for such sized plots of land.

· Shape, Size, Prominence and Location of Land.

· The Marketability, Utility, Demand and Supply of similar Land in the surrounding area.

· The Land rates as derived from the Sale Instances of comparable instances found upon market enquiry.

· The Land rates prevailing in nearby Areas.

· Legal and Physical Encumbrance on Land

· Freehold and Leasehold nature of Land, etc.

· Usage – Residential, Commercial or Industrial

· Locational Advantages/ Disadvantages

· Easements/ Covenants regarding the usage of land

· Availability of basic facility and Amenities

As per copy of documents, area of the subject plot is 1,600 SFT. Hence, documented area i.e. 1,600 SFT adopted for the purpose of this valuation exercise.

Available for Sale instances:

Sale Instance Sr. No.	Particulars	Land Area in SFT	Total Consideration in Rs.	Prevailing Rate in Rs.

A-1	One open Industrial Plot is available for sale in same Society	1,600 SFT	Rs. 8.640 Millions	Rs. 5400/-

A-2	One open Industrial Plot is available for sale in City Industrial Society. It is located about 150 mtr away from subject property	1,800 SFT	Rs. 9.900 Millions	Rs. 5500/-

As above sale instance no. A-1 is comparable with property under valuation: They have adopted the same rate for the purpose of the Valuation.

Market Rate	Rs. 5400/- per SFT

Less 5% for negotiation	Rs. 270/- per SFT

Derived Market Rate	Rs. 5130/- per SFT

Adopted Rate	Rs. 5100/- per SFT

Land Area in SFT	1,600 SFT

Value of Land	Rs. 8.160 Millions

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PROFILE

Subject was established on 08-12-2009. The company incorporated with the main objective of Manufacturing of art and silk clothes. Since its incorporation the company was totally indulged in carrying on the activity of Manufacturing of art and silk cloth. Now the Company decided to close its manufauring unit and Started trading in Art and Silk Cloths. The Company is engaged in trading as well as value addition as per the requirement of customer.

In value addition the Company purchases Ready Cloth from the local market/vendors, and Same is Send for Value Addition. The value added cloth is then sold in Bombay as well as Local Market.

Textile business is the traditional business of the promoters of the company. The company decided to expand its business portfolio by entering into the activity of Trading in Art and Silk Cloths.

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INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The registered office of the company has been shifted from I-401, Tapovan-D-1, Rani Sati Marg (Extension) (N), Malad (East), Mumbai – 400097, Maharashtra, India to the present address.

FIXED ASSETS

· Land

· Factory Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Leasehold Equipment

· Computer

· Mobile Set

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 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.62.10
UK Pound	1	Rs.94.10
Euro	1	Rs.73.42

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	SUB

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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