MIRA INFORM REPORT

Report No. :	322278
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	GAJANAN GANGAMAI INDUSTRIES LLP

Registered Office :	2^nd Floor, Tapdia Tereeces, Adalat Road, Mulay Bros., Aurangabad – 431001, Maharashtra
Tel. No.:	91-240-2333927

Country :	India

Financials (as on) :	31.03.2015 (Provisional)

Date of Incorporation :	21.07.2014

Total Obligation of Contribution :	Rs. 290.175 Million

LLPIN :	AAC-4849

IEC No.:	0314052411

TAN No.: [Tax Deduction & Collection Account No.]	NSKG06025F/ NSKG06405A

PAN No.: [Permanent Account No.]	AANFG3885A

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacturer of Soyabean Oil, Soyabean Doc, etc.

No. of Employees :	120 (Approximately) [In Office: 20 + In Factory: 100]

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new Limited Liability Partnership Concern incorporated during July 2014 having a moderate track record. Mr. Rajendra Mittal (Chief Financial Officer) provided with all the information and also claimed that the subject commenced its commercial operation by the end of October, 2014. The rating takes into consideration extensive experience of GGIL’s promoters in the oil extraction industry along with signification scale up in the first year of operations and equity infusion of partners. However, the rating is further constrained on account of subject recent establishment and limited track record of business operation. Trade relations are reported to be improving. Business is active. Payment terms are slow but correct. In view of extensive experience of promoters, the limited liability partnership concern can be considered for business with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating: “BBB-”
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	03.03.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Rajendra Mittal
Designation :	Chief Financial Officer
Contact No.:	91-9011771006
Date :	24.06.2015

LOCATIONS

Registered Office :	2^nd Floor, Tapdia Tereeces, Adalat Road, Mulay Bros., Aurangabad – 431001, Maharashtra, India
Tel. No. :	91-240-2333927/ 2364271/ 72
Mobile No. :	91-9673555566 (Mr. Nitin Ramchandra Jadhav)
Fax No. :	91-240-2364273
E-Mail :	devendraring@gmail.com rajendratakalkar@gajananoil.com kulkarnisp@vsnl.com nitin@gajananoil.com admin@gajananoil.com s.p.kulkarni_kulkarni@vsnl.com
Website :	www.gajananoil.com
Location :	Rented

Factory :	C-13, MIDC, Limbala Makta, MIDC, Hingoli – 431513, Maharashtra, India
Tel. No.:	91-7263-277065/ 277065/ 277066
E-mail:	devendrasharma@gajananoil.com
Location :	Owned

DIRECTORS

Name :

Mr. Ranjeet Padmakar Mulay

Designation :

Designated Partner

Address :

'Sahyadri' Rachnakar Colony, Station Road, Aurangabad - 431005, Maharashtra, India

Date of Birth/Age :

23.06.1975

Qualification :

B.E. (Prod.)

Date of Appointment :

21.07.2014

PAN No.:

ABEPM0796Q

DPIN No. :

00397184

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	U01100MH1986PTC039814	AJEET SEEDS PRIVATE LIMITED	Director	10-08-1994	10-08-1994	-	Active	NO
2	U01122MH1996PLC097547	ARYA HYBRID SEEDS LIMITED	Director	22-02-1996	22-02-1996	-	Active	NO
3	U15420MH1999PLC119930	GANGAMAI INDUSTRIES AND CONSTRUCTIONS LIMITED	Managing director	19-05-1999	19-05-1999	-	Active	NO
4	U92130MH2005PTC152694	HATHWAY MCN PRIVATE LIMITED	Director	19-04-2005	19-04-2005	-	Active	NO
5	U92100MH2008PTC177328	HATHWAY LATUR MCN CABLE AND DATACOM PRIVATE LIMITED	Director	15-01-2008	15-01-2008	-	Active	NO
6	U45200MH1991PTC060238	MULAY BROTHERS PRIVATE LIMITED	Director	30-09-2009	20-11-2008	31-05-2011	Active	NO
7	U22100MH2011PTC222450	MCN TELEMEDIA PRIVATE LIMITED	Director	27-09-2011	27-09-2011	-	Active	NO
8	U74120MH2012PTC231784	HATHWAY MCN JALNA - HINGOLI CABLE NETWORK PRIVATE LIMITED	Director	04-06-2012	04-06-2012	-	Strike off	NO
9	U01403MH2012PTC230728	ARJUN SUGAR INDUSTRIES PRIVATE LIMITED	Director	19-11-2012	19-11-2012	-	Active	NO
10	U70102MH2013PTC248358	GANGAMAI HEIGHTS PRIVATE LIMITED	Director	20-09-2013	20-09-2013	-	Active	NO
11	U74999MH2013PTC248753	FRISK HEALTHCARE PRIVATE LIMITED	Director	01-10-2013	01-10-2013	-	Active	NO
12	AAC-4849	GAJANAN GANGAMAI INDUSTRIES LLP	Designated Partner	21-07-2014	21-07-2014	-	Active	NO

Name :

Mr. Nitin Ramchandra Jadhav

Designation :

Designated Partner

Address :

Flat No. G-8, Tirupati Park, Gurusahani Nagar, N-4, CIDCO, Aurangabad - 431003, Maharashtra, India

Date of Birth/Age :

21.08.1980

Qualification :

B. E. (Mech.)

Date of Appointment :

21.07.2014

PAN No.:

AFRPJ7241Q

DPIN No. :

01059987

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	U01403MH2007PLC175584	GAJANAN INDUSTRIES LIMITED	Director	01-11-2007	01-11-2007	-	Active	NO
2	U15143MH2009PTC190181	NIRVEDH OIL AND AGRO PRODUCTS PRIVATE LIMITED	Director	09-02-2009	09-02-2009	-	Active	NO
3	U15147MH2010PLC208730	GAJANAN SOLVEX LIMITED	Managing director	05-07-2013	07-10-2010	-	Active	NO
4	U74120MH2012PTC227541	GAJANAN REFINERIES PRIVATE LIMITED	Director	01-03-2012	01-03-2012	08-03-2013	Active	NO
5	U70102MH2012PTC235015	GAJANAN TECHNOLOGIES PRIVATE LIMITED	Director	27-08-2012	27-08-2012	-	Active	NO
6	AAC-4849	GAJANAN GANGAMAI INDUSTRIES LLP	Designated Partner	21-07-2014	21-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra Mittal
Designation :	Chief Financial Officer

Name :	Mr. Devendra Sharma
Designation :	Business Head

Name :	Mr. Satish Shilhar
Designation :	GM Tech

Name :	Mr. Umesh Agarwal
Designation :	GM Purchase

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Persons	Monetary Value of Contribution (Rs. In Million)
Ranjeet Padmakar Mulay	0.050
Nitin Ramchandra Jadhav	0.050
Total	0.100

BUSINESS DETAILS

Line of Business :	Manufacturer of Soyabean Oil, Soyabean Doc, etc.

Products :	· Soyabean Oil · Soyabean Doc, etc.

Brand Names :	--

Agencies Held :	--

Exports :	--

Imports :	--

Terms :
Selling :	Credit (30 Days/ 60 Days)

Purchasing :	Cash

PRODUCTION STATUS

Particulars	Installed Capacity

Soyabean Oil, Soyabean Doc.	1200/ TPD

GENERAL INFORMATION

Suppliers :

Reference:	Mundada Company
Address:	Ganpati Chook, New Cloth Line, Hingoli, Maharashtra, India
Name of the Person (Designation):	Mr. Pawan Mundada (Proprietor)
Contact Number:	91-9823061626
Since how long known:	1 Year
Maximum limit dealt:	As per Requirement
Experience:	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remark	It’s a new company but till date they have good experienced with the subject and payment behaviour is be on time.

Reference:	Mr. Vijay Trading Company
Address:	Main Road, Manora, Washim, Nagpur, Maharashtra, India
Name of the Person (Designation):	Mr. Chandrakant Rathi (Proprietor)
Contact Number:	91-9422162952
Since how long known:	4 Months
Maximum limit dealt:	As per Requirement
Experience:	Payment Behaviour: Average Market Goodwill: Average Overall: Average
Remark	He told that sometime subject was cleared their dues but sometime there was a delay in payment, but they had cleared their payment.

SR. NO.	NAME OF SUPPLIERS	ADDRESS	MOB. NO.

1.	Agrawal Trading Company	New Mondha, Hingoli, Maharashtra, India	91-9850322570
2.	Chemtrade Overseas Private Limited	--	--
3.	Devyani Enterprises	Latur, Maharashtra, India	--
4.	Rajesh Furniture and Aluminium Works	Hingoli, Maharashtra, India	--
5.	Sajan Paint and Water Proof	Akola, Maharashtra, India	--
6.	Zen Aluminium and Glass	Hingoli, Maharashtra, India	--
7.	Gomti Trading Company	Yavatmal, Maharashtra, India	--
8.	Shital Industries	Akola, Maharashtra, India	--
9.	Maharashtra Glass House	Hingoli, Maharashtra, India	--
10.	Hi-Tech Industries	Nashik, Maharashtra, India	--

Customers :

Reference:	Soyabean Broker
Address:	Indore, Madhya Pradesh, India
Name of the Person (Designation):	Mr. P.D. Jain (Proprietor)
Contact Number:	91-9302112827
Since how long known:	1 Year
Maximum limit dealt:	As per Requirement
Experience:	Product Quality: Good Delivery Behaviour: Good Overall: Good
Remark	Product Quality is good and their delivery behaviour is on time.

Reference:	Gala Pulse Mill, Nagpur
Address:	Nagpur, Maharashtra, India
Name of the Person (Designation):	--
Contact Number:	91-9673008888 (Ringing)
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

SR. NO.	NAME OF CUSTOMERS	ADDRESS	MOB. NO.

1	Coronation Finvest Private Limited	Amravati, Maharashtra, India	91-9827033925
2.	Kohinoor Feeds and Fats Limited	Nanded, Maharashtra, India	91-9764311000
3.	Radhey Agro Commodity	Hyderabad	91-9949666650
4.	Arihant Agri Trade	Akola, Maharashtra, India	--
5.	Gala Pulse Mill	Nagpur	--
6.	Galaxy Agro Oil Industries	Kannankurichi, Salem, Tamilnadu, India	--
7.	J.R.B. Breeders Private Limited	Medchal, Hyderabad, Andhra Pradesh, India	--
8.	Kamlesh Poultry Farm	Shamsabad, Hyderabad, Andhra Pradesh, India	--
9.	Leci Impex	Indore, Madhya Pradesh, India	--
10.	Laxmi Poultry Farm	Bethamangala, Kolar, Karnataka, India	--

No. of Employees :

120 (Approximately) [In Office: 20 + In Factory: 100]

Bankers :

Bank Name:	Abhyudaya Co-Operative Bank Limited
Branch:	Gulmandi Branch, Gomtesh Market, Aurangabad, Maharashtra, India
Person Name (with Designation):	Mrs. Sunayana P. Kulkarni (Branch Manager)
Contact Number:	91-240-2346043
Name of Account Holder:	GAJANAN GANGAMAI INDUSTRIES LLP
Account Number:	068031100000014
Account Since (Date/ Year of A/c Opening):	November, 2014
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit: Rs. 400.000 Million Term Loan: Rs. 333.700 Million
Account Operation:	Standard
Remarks:	Satisfactory Transaction

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million) (Provisional)
Cash Credit from Abhyudaya Co-Operative Bank Limited	404.706
Term Loan from Abhyudaya Co-Operative Bank Limited	333.701
Car Loan from Abhyudaya Co-Operative Bank Limited	1.324
Total	739.731

Banking Relations :	--

Auditors :
Name :	S.M. Bangad and Company Chartered Accountants
Address :	1^st Floor, Tapadia Terraces, Adalat Road, Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-240-2333140/ 2328467/ 2363165/ 2337520
Mobile No.:	91-9822073563/ 9764090999
Fax No.:	Not Available
E-Mail :	bsbangad@gmail.com nitin_bangad@rediffmail.com bipinbangad@yahoo.co.in

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015 (PROVISIONAL)

PARTICULAR	AMOUNT

Total Obligation of Contribution	Rs. 290.175 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 (Provisional)
SHAREHOLDERS FUNDS
1] Partners Share Capital		290.175
2] Share Application Money		0.000
3] Profit and Loss Account		42.163
4] (Accumulated Losses)		0.000
NETWORTH		332.338
LOAN FUNDS
1] Secured Loans		739.731
2] Unsecured Loans		26.065
TOTAL BORROWING		765.796
DEFERRED TAX LIABILITIES		0.000

TOTAL		1098.134

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		432.315
Capital work-in-progress		0.000

INVESTMENT		13.144
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	293.199
	Sundry Debtors	281.616
	Cash & Bank Balances	130.049
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		704.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.140
	Other Current Liabilities	0.000
	Provisions	0.049
Total Current Liabilities		52.189
Net Current Assets		652.675

MISCELLANEOUS EXPENSES		0.000

TOTAL		1098.134

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)
	SALES
		Income	3242.193
		Other Income	0.555
		TOTAL (A)	3242.748

Less	EXPENSES
		Increase/ (Decrease) in Stocks [Including for Raw Materials, WIP and Finished Goods and Stores]	(293.199)
		Raw Material Purchase	3300.348
		Stores, Consumables and Spare Parts	42.816
		Direct Labour	26.454
		Power and Fuel	16.184
		Packing Material	15.484
		Personnel Expenses	7.907
		Administrative Expenses	6.818
		Selling Expenses	3.768
		Other Expenses (Freight, Factory Expenses, etc.)	8.179
		TOTAL (B)	3134.759

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.989

Less	FINANCIAL EXPENSES (D)		36.441

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.548

Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.385

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		42.163

Less	TAX (H)		0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		42.163

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)
Net Profit Margin (PAT / Sales)	(%)	1.30

Operating Profit Margin (PBDIT/Sales)	(%)	3.33

Return on Total Assets (PBT/Total Assets}	(%)	3.71

Return on Investment (ROI) (PBT/Networth)		0.13

Debt Equity Ratio (Total Liability/Networth)		2.30

Current Ratio (Current Asset/Current Liability)		13.51

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last one year	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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

UNSECURED LOANS

(PROVISIONAL)

(RS. IN MILLION)

PARTICULAR

31.03.2015

(Provisional )

Unsecured Loans from Friends and Relatives

26.065

Total

26.065

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

DEBT SERVICE COVERAGE RATIO

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

Cash Accrual	132.900	127.500

Interest on TL/ Deferred Loans	4.23	3.58

Repayment Obligations of TL	0.000	55.600

Repayment of other Deferred Loans	--	--

Total Repayment	42.300	91.500

Net Debt Service Coverage Ratio (DSCR)	--	2.29

Gross Debt Service Coverage Ratio (DSCR)	4.14	1.79

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

SECURITY COVERAGE RATIO

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

Net Block	37.41	32.37

Term Loan outstanding (Including Instalment)	33.37	27.81

Security Cover Available (NB-TL/NB)	0.11	0.14

Security Cover including Collateral Security
Security Cover Available (NB+Collateral-TL/NB)	10.81%	14.10%

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

Operating Statement
I. Sales Domestic	6923.800	6923.800

II. Sales Exports	2028.000	2028.000

Total Gross Sales	8951.800	8951.800

Less: Excise Duty/ Sales Tax	--	--

Net Sales (1-2)	8951.800	8951.800

Growth in Sales	176%	--

Cost of Sales

a. Raw Material (Imported)	--	--

b. Raw Material (Indigenous)	8179.400	8179.400

c. Hexane Cost	27.700	27.700

d. Stores and Consumables	78.100	78.100

e. Electricity and Water Expenses	53.100	53.100

f. Packing Materials	51.200	51.200

g. Repairs and Maintenance	8.300	8.700

h. Labour Direct	73.100	73.100

i. Other Manufacturing Expense	17.200	17.200

j. Depreciation	58.600	50.400

Sub Total	8546.700	8538.900

Add: Opening Stock in Process	--	--

Sub Total	8546.700	8538.900

Deduct: Closing Stock in Process	--	--

Cost of Production	8546.700	8538.900

Add: Opening Stock of Finished Goods	--	--

Sub Total	8546.700	8538.900

Deduct: Closing Stock of Finished Goods	--	--

Sub Total (Total cost of Sales)	8546.700	8538.900

Gross Profit	405.100	412.900

Gross Profit/ Sales	4.53%	4.61%

Administrative and Selling Expenses	47.700	52.500

Salaries	47.500	52.800

Sub Total	8641.900	8644.200

Operating Profit Before Interest	309.900	307.600

a. Interest on CC	155.000	154.900

b. Interest on TL	42.300	35.800

c. Other Interests including LC	--	--

Total Interest	197.300	190.700

Operating Profit after Interest	112.500	116.800

Add: Other non-operating income	--	--

a. Interest/ Dividend/ Royalties, etc.	--	--

b. Other Income (interest on Deposit)	--	--

Sub Total	--	--

Deduct other Non-operating expenses

a. Interest/ Dividend/ Royalties, etc.	--	--

b. Other Expenses	--	--

c. Intangible written off-1	--	--

Sub Total	--	--

Net of other non-operating Income/ Expense	--	--

Profit Before Tax/ Loss (PBT)	112.500	116.800

Interest to Partners on Capital	--	--

Remuneration to Partners	--	--

Provision for Taxes	38.200	39.700

Net Profit/ Loss (PAT)	74.300	77.100

Cash Accruals	132.900	127.500

Dividend Paid + IT on Dividend	--	--

Retained Profit	74.300	77.100

Retained Cash Profits	132.900	127.500

RM content in sales	92.55%	92.55%

PBDIT/ Sales	4.12%	4.00%

Operating Profits/ Sales	3.46%	3.44%

PBT/ Sales	1.26%	1.31%

PAT/ Sales	0.83%	0.86%

Cash Accruals/ Sales	1.48%	1.42%

Interest on CC	155.000	154.900

Interest on TL	42.300	35.800

Other Interests	--	--

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

LIABILITIES

Current Liabilities

Cash Credit	1250.000	1250.000

Short Term loans from other Banks including BP & BD	--	--

Sub Total (A)	1250.000	1250.000

Short term borrowings from others	--	--

Sundry Creditors (Trade)	72.000	76.800

Accrued Expenses	--	--

Advance Payment from Customers	--	--

Net Provision for Taxation (If Positive)	5.700	6.000

Dividend Payable	--	--

Other Statutory Liabilities (Due within one year)	--	--

Overdue Term Liabilities	--	--

Installments of Term Loan/ DPGs/ Deposits/ Debentures due within next year	55.600	55.600

Other Current Liabilities and Provisions (Due within one year)	10.000	10.000

Sub Total (B)	143.300	148.400

TOTAL CURRENT LIABILITIES	1393.300	1398.400

TERM LIABILITIES

Debentures (not maturing within one year)	--	--

Term Loan from Bank (Less next year Instament)	278.100	222.500

Term Loan from Other Banks/ Inst-SICOM (Ecl. Instal due next year)	--	--

Creditors for Capital Goods	--	--

Deferred ST (Ecl. Instal. Due next year)	--	--

Other term liabilities	--	--

TOTAL TERM LIABILITIES	278.100	222.500

TOTAL OF OUTSIDE LIABILITIES	1671.400	1620.800

NET WORTH

Share Capital	300.000	300.000

General Reserve	--	--

Unsecured Loans	275.000	275.000

Revaluation Reserve	--	--

Share Application Money	--	--

Surplus(+) or deficit (-) in Profit and Loss A/c	116.500	193.600

Deferred Tax balance	--	--

NET WORTH	691.500	768.600

TOTAL LIABILITIES (18+24)	2362.900	2389.500

ASSETS

Current Assets

Cash and Bank Balances	132.500	122.100

Government and other Trustee Securities	5.000	5.000

Fixed Deposits with Banks	--	--

Domestic Receivables including BP/BD	704.500	751.400

Export Receivables including BP/BD	100.000	100.000

Branch Receivables	--	--

Imported Raw Material	--	--

Indigenous Raw Material	528.200	563.400

Stock in Process	49.100	52.300

Finished Goods	373.900	373.900

Die and Die Parts	--	--

Indigenous Consumables	13.100	13.900

Advances to Suppliers	--	--

Net Advance Payment of Taxes (If positive)	32.500	33.700

Other current assets	50.000	50.000

TOTAL CURRENT ASSETS	1988.800	2065.800

FIXED ASSETS

Gross Block (Land and Building Machinery)	462.100	462.100

Add: Capital expenditure in work-in-process	--	--

Depreciation to Date	88.000	138.400

Net Block	374.100	323.700

OTHER NON CURRENT ASSETS

a. Investments in Sub. Cos./ Affiliates	--	--

b. Investment in Others	--	--

c. Advance to Suppliers of Capital Goods	--	--

d. Deferred Receivables (Maturing after a year)	--	--

e. Other Non-current Investment	--	--

f. Non-consumable Stores and Spares	--	--

g. Long outstanding dues	--	--

TOTAL OTHER NON CURRENT ASSETS	--	--

Intangible Assets

a. Preliminary Expenses	--	--

b. Deferred Revenue Expenditures	--	--

c. Other Intangibles (Patents, Goodwill, etc.)	--	--

Total Intangible Assets	--	--

TOTAL ASSETS	2362.900	2389.500

Tangible Net Worth (TNW)	691.500	768.600

Net Working Capital (NWC)	595.400	667.400

Opening TNW	358.500	691.500

Plough back of profit	74.300	77.100

Increase in Capital/ (Decrease in Rev. Reserve)	258.700	0.000

Intangible written off	--	--

Less: Increase in Revaluation Reserve	--	--

Closing TNW	691.500	768.600

Current Ratio	1.43	1.48

Debt/ Equity	0.40	0.29

TOL/ Equity	2.42	2.11

Current Assets/ Tangible Assets	0.84	0.86

ROCE (PBDIT incl. other income/ TTA)	0.16	0.15

DSCR (Including TL and CC Interest)	4.14	1.79

Inventory + Receivables as days of net sales	721.200	756.300

ADDITIONAL INFORMATION

a. Arrears of Depreciation	--	--

b. Contingent Liabilities	--	--

c. Arrears of Cumulative Dividends	--	--

d. Gratuity Liability non provided for	--	--

e. Dispute Custom/ Excise/ Tax Liabilities	--	--

f. Other Liabilities not provided for	--	--

Repayment Schedule	--	--

Term Loan Repayment	--	55.600

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

COMPARATIVE STATEMENT OF CURRENT ASSETS AND LIABILITIES

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

WORKING CAPITAL ASSESSMENT

Stock of Imported RM - (Days Consumption)	--	--

Stock of Indigenous RM - (Days Consumption)	24.00	25.00

Die and Die Parts - (Days Consumption)	--	--

Indigenous Consumables - (Days Consumption)	45.00	48.00

Stock in Process – (Days of Cost of Production)	2.00	2.00

Finished Goods – (Days of Cost of Sales)	16.00	16.00

Total Inventory	964.300	1003.500

Total Inventory/ Sales (Days)	39.32	40.92

Domestic Receivables (Days Gross Domestic Sales)	37.00	40.00

Export Receivables – (Days Exports)	18.00	18.00

Total Receivables	804.500	851.400

Total Receivables/ Gross Sales (Days)	32.80	34.72

Creditors – (Days Consumption)	3.00	3.00

Total Current Assets	1988.800	2065.800

Financed by

Sundry Creditor % of Current Assets	4 %	4 %

Other Current Liability % of Current Assets	4 %	3 %

Bank Finance % of Current Assets	63 %	61 %

NWC % to Current Assets	30 %	32 %

	100 %	100 %
BY PBS Method

Total Current Assets	1988.800	2065.800

Other Current Liabilities	87.700	92.800

Working Capital Gap	1901.100	1973.000

Net Working Capital	497.200	516.400

Bank Finance Available	1403.900	1456.600

Bank Finance	1250.000	1250.000

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

FUNDS FLOW ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

LONG TERM SOURCES

Profit after Tax	74.300	77.100

Depreciation	58.600	50.400

Intangibles written off	--	--

Increase in Capital and Reserves	258.700	--

Increase in Term Liability
i. Decrease in Fixed Assets	13.200	--

ii. Decrease in Other Non-current Assets	404.800	127.500

LONG TERM USES

Net Loss	--	--

Increases in Intangibles	--	--

Decrease in Capital and Reserves/ Share Buyback	--	--

Term Loan Repayments	1.300	55.600

i. Increase in Fixed Assets	0.400	--

ii. Increase in Non-current Assets	--	--

iii. Increase in Intangibles	--	--

Dividend Paid	--	--

Total	1.700	55.600

Surplus/ Deficit	403.100	71.900

Short Term Sources

Increase in Bank Borrowings	845.300	--

Increase in other Current Liabilities	35.600	5.000

Decrease in Inventory	--	--

Decrease in Receivables	--	--

Decrease in Cash/ Deposits/ Government Securities	--	10.400

Decrease in Other Current Assets	--	--

Total	880.900	15.400

SHORT TERM USES

Increase in Inventory	671.100	39.200

Increase in Receivables	533.500	46.900

Increase in Cash/ Deposits/ Government Securities	7.500	--

Increase in Other Current Assets	71.900	1.300

Decrease in Other Current Liabilities	--	--

Decrease in Bank Borrowings	--	--

Total	1284.000	87.400

SUMMARY OF FUND FLOW ANANLYSIS

Long Term Sources (i)	404.800	127.500

Long Term Uses (ii)	1.700	55.600

Surplus/ Deficit (i-ii)	403.100	71.900

Short Term Sources (iii)	880.900	15.400

Short Term Uses (iv)	1284.000	87.400

Surplus/ Deficit (iii-iv)	(403.100)	(72.000)

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

CALCULATION OF BREAKC EVEN LEVELS

(RS. IN MILLION)

PARTICULARS	Variable %	2015-2016	2016-2017
PARTICULARS	Variable %	Projection	Projection

BREAK EVEN POINT

Sales	--	8951.800	8951.800

Variable Cost	--	--	--

i. Raw Material	1.00	8179.400	8179.400

ii. Consumables	0.80	84.600	84.600

iii. Direct Labour	0.40	20.500	20.500

iv. Power and Fuel	0.80	42.500	42.500

v. Other Manufacturing Expenses	0.95	69.400	69.400

Total Variable Costs	--	8396.400	8396.400

Percent of Sales	--	9.400	9.400

Fixed Costs	--	442.800	438.500

Break Even Level of Sales	--	7138.000	7068.300

Percentage to Sales	--	8.000	7.900

Cash Break Even of Sales	--	6193.400	6255.900

Sensitivity Analysis

If Sales go down by	0.05	--	--

Sales (When down by)	0.05	8504.200	8504.200

Variable costs if sales go down by	0.05	7976.600	7976.600

Contribution	--	527.600	527.600

BEP if Sales go down by	0.05	7138.000	7068.300

% to Sales	--	8.400	8.300

If RM cost goes up by	0.05	--	--

Sales	--	8951.800	8951.800

Variable cost (RM goes up by)	0.05	8805.400	8805.400

Contribution	--	146.400	146.400

BEP if RM cost goes up by	0.05	27080.100	26815.700

% to Sales	--	30.300	30.000

Other Variable costs up by	0.05	--	--

Sales	--	8951.800	8951.800

Other Variable cost up by	0.05	8407.300	8407.300

Contribution	--	544.500	544.500

BEP if Variable Expn. Go up by	0.05	7280.300	7209.200

% Sales	--	0.81	0.81

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

RATIO ANALYSIS

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

RATIOS

Growth in Sales	176.10%	--

Gross Profit Ratio	4.53%	4.61%

PBDIT/ Sales	3.46%	3.44%

Operating Profits/ Sales	3.46%	3.44%

PBT/ Sales	1.26%	1.31%

PAT/ Sales	0.83%	0.86%

Cash Accruals/ Sales	0.01	0.01

Sales/ Equity	12.95	11.65

Sales/ TTA	3.79	3.75

Interest Coverage (Interest/ PBDIT)	54%	53%

PBDIT/ Interest (Times)	1.87	1.88

Deferred Debt/ Equity	0.40	0.29

TOL/ Equity	2.42	2.11

Current Ratio (CA/CL)	1.43	1.48

Current Ratio excluding TL Instalments	1.49	1.54

CA/TTA (%)	0.84	0.86

Inventory+Receivables as days of Net Sales	721.200	756.300

Bank Borrowings/ Current Assets	0.63	0.61

RM content in sales	92.55%	92.55%

ROCE (PBDT incl. Other Income/ TTA)	15.59%	14.98%

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

KEY INDICATORS

(RS. IN MILLION)

PARTICULARS	2015-2016	2016-2017
PARTICULARS	Projection	Projection

Net Sales	8951.800	8951.800

Operating Profit	112.500	116.800

Net Other Income	--	--

PBDIT/ Sales	0.03	0.03

PBT/ Sales	0.01	0.01

PAT	74.300	77.100

PAT/ Net Sales	0.01	0.01

Cash Accruals	132.900	127.500

Cash Accruals/ Sales	0.01	0.01

Paid up Capital	300.000	300.000

TNW	691.500	768.600

TOL/ TNW	2.42	2.11

C/R	1.43	1.48

C/R excluding T/L instalments due in 1 year	1.49	1.54

Net Sales/ TTA (Times)	3.79	3.75

PBT/TTA (%)	0.05	0.05

Operating Costs/ Sales (%)	0.99	0.99

Bank Finance/ Current Assets (%)	0.63	0.61

Inv + Rec./ N.S. (Days)	72.12	75.63

NWC/ CA (%)	0.30	0.32

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NETWORTH STATEMENT

MR. NITIN RAMCHANDRA JADHAV

(RS. IN MILLION)

SR. NO.	DESCRIPTION OF THE PROPERTY	AMOUNT

1.	Bunglow No. 6, 30 Greens, Next to Disha Sanskriti, Paithan Road, Aurangabad	36.100

2.	House at Misar Nagar, Jintur Road, Parbhani	2.700

3.	NA Land at Gut No.: 22, Mauje Sujatpur, Khamgaon, District Buldhana	50.400

4.	NA Land at Gut No.: 63 & 58, Mauje Dhotra Khamgaon, Chikhli Road, District Buldhana	56.800

5.	NA Land at Gut No.: 630 at Tembhurni, Taluk Khamgaon, District Buldhan	136.100

6.	Shops at Shreynagar, Kalda Corner, Aurangabad	2.700

7.	Shop at Shanta Complex, Nutan Colony, Aurangabad	1.000

8.	Investment in Gajanan Solvex Limited	41.745

9.	Investment in Shree Gajanan Oil and Agro Products India Private Limited	31.499

10.	Investment in Nirvedh Oil Agro and Products Private Limited	3.300

11.	Gold and Silver Jewellery and Cash in Hand and Bank Balances	2.500

	TOTAL	364.844

	Loans: Housing Loan from SBI, Krantichowk Branch	9.000

	TOTAL	355.844

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NETWORTH STATEMENT

MR. RANJEET PADMAKAR MULAY

(RS. IN MILLION)

(AS ON 31.03.2014)

SR. NO.	DESCRIPTION OF THE PROPERTY	Purchase Price	Present Market

	Agricultural Land

1.	G. No. 48, Golwadi, Taluka and District Aurangabad	0.962	22.000

2.	G. No. 66, Hanumantgaon, Taluka Ganapur and District Aurangabad	0.055	1.500

3.	G. No. 64, Hanumantgaon, Taluka Ganour and District Aurangabad	0.162	2.500

4.	G. No. 132, Pakhora, Taluka Gangapur, District Aurangabad	0.201	3.900

5.	G. No. 43, Imampur, Taluka Paithan, District Aurangabad	0.131	2.500

6.	G. No. 45, Imampur, Taluka Paithan, District Aurangabad (In the name of minor Son - Parth)	0.227	3.500

7.	G. No.45, Imampur, Taluka Paithan, District Aurangabad	0.144	2.500

8.	G. No. 8, Imampur, Taluka Paithan, District Aurangabad	0.192	4.500

9.	G. No. 7, Pakhora, Taluka Gangapur, District Aurangabad	0.039	1.500

10.	G. No. 187, Dhamori, Agricultural land with Bhagatwadi Farm	4.687	8.800

11.	G. No. 20, Golwadi, Taluka and District Aurangabad	2.100	5.500

12.	G. No. 228/233/232/6 to Shevgaon, District Ahmednagar	4.489	16.500

13.	G. No. 134, Waladgaon, Taluka/ District Aurangabad	0.884	4.000

14.	G. No. 47, Waladgaon, Taluka/ District Aurangabad	2.616	5.800

15.	G. No. 16/2, Pandharpur, Taluka/ District Aurangabad	1.578	5.000

16.	G. No. 219, Patihan under Joint Purchase Agreement with	4.375	8.000

17.	S. N. 188/1, 188/5, 190/3, 192/2 at Rahata	7.223	12.000

	House Property

18.	Residential Flat No. SD-83, Erandwade, Pune, CTS No. 149/1410	2.604	22.500

19.	Bunglow No. 19, Mhada, Shahnoorwadi, Darga Road, Aurangabad	1.154	4.500

20.	Plot at Kanchanwadi, Aurangabad	0.950	5.500

21.	Row House No. H-16, Tirupati Enclave, Paithan Road	4.274	11.000

	Movable Properties

22.	Cash and Bank	0.000	3.466

23.	Loans and Advances	0.000	13.367

24.	Gold and Silver	0.000	1.749

25.	Investments in Shares	0.000	82.080

26.	Investments in Firms	0.000	28.639

	Total	39.047	282.801

	Liabilities
	Secured Loans	0.000	13.248

	Unsecured Loans	0.000	8.850

	Sub Total	0.000	22.098

	Net worth	0.000	260.703

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

NETWORTH STATEMENT

MR. AMOL RAMACHANDRA JADHAV (GUARANTOR)

(RS. IN MILLION)

SR. NO.	DESCRIPTION OF THE PROPERTY	AMOUNT

1.	NA Land at Gut No. 20, Mauje Sujatpur, Taluka Khamgaon, District Bhuldhana	33.000

2.	Half Share in Survey No. 100/1, Plot No. 1, 2 & Plot No. 8 to 18 at Mauje Ghatpuri, Taluka Khamgaon, District Buldana	2.100

3.	NA Land at Gut No. 63, Mauje Dhotra, Khamgaon-Chikhali Road, Khamgaon, District Buldhana	18.000

4.	NA Land at Gut No. 58, Mauje Dhotra, Khamgaon-Chikhali Road, Khamgaon, District Buldhana	17.600

5.	NA Land at Gut No. 630, Mauje Temburni, Khamgaon, District Buldhana	63.600

6.	Investment in Gajanan Solvex Limited	25.841

7.	Investment in Shree Gajanan Oil and Agro Products India Private Limited	1.592

8.	Gold and Silver Jewellery	0.200

	TOTAL	161.933

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

VALUATION REPORT

GENERAL DETAILS

Purpose for valuation	To ascertain the fair market value

Date as on which valuation is made	03.03.2015

Name of the owner/ owners	Reportedly owned by Mr. Amol Ramachandra Jadhav

If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?	Not applicable

Brief description of the property	The property comprises of town planning sanctioned Layout consisting of Non-agricultural residential use open plots.

Location, Street, Ward No.	Various Plots as described in the Report, Gat No. 356, Sutala Budruk, Taluka Khamgaon, District Buldhana

Survey/ Gat No. of Land	Various Plots as described in the Report, Gat No. 356, Sutala Budruk, Taluka Khamgaon, District Buldhana

Is the property situated in residential/ commercial/ mixed area/ industrial area?	Mixed area – Residential/ Commercial/ Industrial Area

Classification of Locality – High Class/ Middle Class/ Poor Class	Upper Middle Class

Proximity to civic amenities like Schools, Hospitals, Offices, Market, Cinemas, etc.	Within a distance of 1-5 Kms. Periphery of the site

Means and proximity to surface communication by which the locality is served	By Road. All possible means of Road transportation

LAND

Area of land supported by documentary proof. Shape dimension and physical features	Documented Area of plots is totally admeasuring 7328.565 Sq.m., as per enclosed Agreement, N.A. Order and 7/12 Extract

Roads, Streets or lanes to which the land is abutting	Off Nagpur-Mumbai NH-6 and Khamgaon-MIDC Road

Is it freehold or lease – hold land?	Freehold

If Lease – hold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease i. Initial Premium ii. Ground rent payable per annum iii. Unearned increase payable to lessor	Not Applicable

Is there any restrictive covenant in regard to use of land?	No

Are there any agreements of easements?	Not Applicable

Does the land fall in an area included in any Town Planning Scheme or any Government or Any statutory body:	Fall within limits of KMC

Has any contribution been made towards development or is any demand for such contribution still outstanding?	Not Applicable

Has the whole or part of the land been notified for acquisition by government or any statutory body?	Not Applicable

IMPROVEMENTS

Attach plans and elevations of all structures standing on the land and a layout plan	Not Applicable, as being open plots only

i.. Is the building owner occupied/ tenanted/ both? ii. If partly owner occupied, specify portion and extent of the area under owner occupation	Not Applicable, as being open plots only Not Applicable

What is the floor space index permissible and percentage actually utilized	Not Applicable, as being open plots only

i. Names of tenants/ lessees/ Licensees, etc. ii. Portions in their occupation iii. Monthly or annual rent/ compensation/ license fees, 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 use of fixtures, like fans, geysers, refrigerators, cooking ranges, built in wardrobes, etc. or for service charges?	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?	Not Applicable

If a lift is installed, who is 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 compounds, etc. owner or tenant?	Not Applicable

Is the building insured? If so, give the Policy No., Amount for which it is insured and the annual premium	Not Applicable

Is any dispute between landlord and tenant regarding rent pending in a court of law?	Not Applicable

Has any standard rent been fixed for the premises under any law relating to the control of rent?	Not Applicable

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property, registration no., sale price an area of land sold	The details of sales of similar type of properties in nearby area are not available. Assessment done on General Market Rates

If sale instances are not available or not relied upon, the basis of arriving at the land rate	Present market value on the basis of local survey conducted in the nearby area. Extensive enquiries of prevailing market rates for acquiring the property of similar nature. Assessment done on general market rates.

Year of commencement of construction and year of completion	Not Applicable, as being open plots only

What was the method of construction by contract/ by employing labour directly/ both?	Not Applicable, as being open plots only

For items of work done on contract, produce, copies of agreements	Not Applicable, as being open plots only

For items of work done by engaging labour directly, give basic rates of materials and labour supported by documentary proof	Not Applicable, as being open plots only

VALUATION 1. Preamble As requested by Mr. Amol Ramchandra Jadhav, they have inspected the properties i.e. Town Planning Sactioned Layout consisting of Non-agricultural residential use open plots bearing Plot Nos. 1A, 1B, 2A, 2B, 3, 4, 5, 6, 7A, 7B, 8, 9, 10A TO 13B, 17A, 20B, 14, 15, 16, 21, 22, 23A to 26B, 27, 28A, 28B, 29A, 29B, 30A, 31, 32A, 32B, 33 & 34 situated at Gat No. 356, Sutala Budruk, Taluka Khamgaon, District Buldhan to evaluate fair market price of the said properties. 2. Information in Brief Mr. Amol Ramchandra Jadhav is the owner of the properties i.e. Town Planning Sactioned Layout consisting of Non-agricultural residential use open plots bearing Plot Nos. 1A, 1B, 2A, 2B, 3, 4, 5, 6, 7A, 7B, 8, 9, 10A to 13B, 17A, 20B, 14, 15, 16, 21, 22, 23A to 26B, 27, 28A, 28B, 29A, 29B, 30A, 31, 32A, 32B, 33 & 34 situated at Gat No. 356, Sutala Budruk, Taluka Khamgaon, District Buldhan and is totally admeasuring 7328.565 Sqm, as per enclosed Agreement, N.A. Order and 7/12 Extract. The plotted land is admeasuring 1H21 Are i.e. 12100 Sqm. The Asst. Director, Town Planning, Buldhana, has approved the detailed Development Plan of the area vide his No. NRB/07 dated 03.01.2013. The sub divisional officer of Khamgaon has granted Nonagricultural permission and approved the development of land vide his Order No. RPK/NAP-34/SUTLABD/35/2012-13 dated 17.04.2013. The land is freehold and has to be developed. All civic services like road, water supply, drainage, electricity, telephone line are made available at site. Amenities such Hospital, School, Shopping Center, Recreation, Play Ground, etc. are at within the distance of 1-5 Kms from site. The petrol pump outlets, cinema, cultural halls, MIDC, etc are situated withing a distance of about 1-5 Kms. The substantial development activities such as residential complexes, commercials, Hotels, Hospitals, etc. are fastly taking place in the surrounding area. Locality has been occupied by Higher class people. Emphasis of this report is on the value of the property and not on the area measurement or title verification of the property. The encumbrance on the asset due to any other loan, lien, government dues, duties, etc. is not considered in this valuation. In fact they have treated the assets as free of encumbrances. The valuation is carried out by considering the clear and marketable title of the properties and is based on documents and particulars provided by assesse’s. therefore the valuation is valid for the clear and marketable title of the properties. The legal search of the properties if required is to be taken. 3. Valuation of Land The guideline rates prevailing as on date to compute the Stamp Duty for non-agricultural land is Rs. 1250/- per Sq.m., as per Sub Registrar, Khamgaon. As per the market inquiries, the land cost is Rs. 1300/- to Rs. 1700/- per Sq. ft. depending upon the access to main road passing through the area. The rubber soiling, hard murum filling is done for a WBM surface. The plot is leveled and is made of table land. Their market inquiries reveals that presently no plots of commercial use are available in nearby area for sale purpose and the above said property have very good commercial value, due to being situated nearer to MIDC, NH-6, KMC and in major intensive market area. The said property is very close to MIDC. The property have very good residential and commercial potentialities. The commercial and business activities in the above said area have very high demand and therefore they command excellent values. The properties in this area possess high demand due to market potentiality and scare availability. The rates are increased drastically due to unavailability of plots and huge number of buyers. Considering the market inquiries, the access to main road, size of land , present market scenario, unavailability of open land in nearby area due to large number of buyers and minimum number of sellers, development and infra structural facilities available on the plot, building potentialities, etc. therefore they are of the opinion that the rate of Rs. 1400/- per Sq. ft. is fair and reasonable for valuation purpose. On perusal of site conditions, on subsequent reasonable rate analysis and fair market price appraisal, it is their opinion that the price of the property i.e. non-agricultural use land admeasuring about 7328.565 Sqm i.e. 78884.67 Sq.ft. would be Rs. 110.439 Million. Valuation Opinion On inspection of th properties i.e. Town Planning sanctioned Layout consisting of Nonagricultural residential use open plots bearing Plot Nos. 1A, 1B, 2A, 2B, 3, 4, 5, 6, 7A, 7B, 8, 9, 10A TO 13B, 17A, 20B, 14, 15, 16, 21, 22, 23A to 26B, 27, 28A, 28B, 29A, 29B, 30A, 31, 32A, 32B, 33 & 34 situated at Gat No. 356, Sutala Budruk, Taluka Khamgaon, District Buldhana and on perusal of site conditions, construction specifications, present age, depreciation, amenities provided, the particulars provided by assesses etc. and on subsequent reasonable rate analysis and fair market price appraisal, it is their opinion that the price of the property as on prevailing date in aforesaid conditions would be Rs. 110.439 Million. Hence they certify that Fair Market Value of the above said asset as on prevailing date in aforesaid conditions would be Rs. 110.439 Million. When the asset is sold through the auction, the realizable value will invariably be less than true market value since realizable value depends on varied factors such as type of asset, demand, prevailing site conditions and circumstances, mode of payment and transaction, general depression, negative sentiments, etc. With this in view and considering the present market conditions and based on their knowledge, information, experience and belief, they are of the opinion that the Realizable Value of the above property as on prevailing date in the aforesaid conditions would be about 90% of the present market value and Distress Sale Value of the above property as on prevailing date in the aforesaid conditions would be about 80% of the present market value.

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

VALUATION REPORT

GENERAL DETAILS

Purpose for valuation	To ascertain the fair market value

Date as on which valuation is made	03.03.2015

Name of the owner/ owners	Gajanan Gangamai Industries LLP

If the property is under joint ownership/ co-ownership, share of each such owner. Are the shares undivided?	Not applicable

Brief description of the property	There is open agricultural land having industrial/ building potentialities

Location, Street, Ward No.	Gat No. 180 & 184, Raholi Khurd, Taluka and District Hingoli

Survey/ Gat No. of Land	Gat No. 180 & 184, Raholi Khurd, Taluka and District Hingoli

Is the property situated in residential/ commercial/ mixed area/ industrial area?	Industrial Area/ Mixed Area

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

Proximity to civic amenities like Schools, Hospitals, Offices, Market, Cinemas, etc.	Within a distance of 5-7 Kms.

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

LAND

Area of land supported by documentary proof. Shape dimension and physical features	The land is admeasuring about 7 H 93 Are i.e. 19.59 Acres

Roads, Streets or lanes to which the land is abutting	Road

Is it freehold or lease – hold land?	Freehold land

If Lease – hold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease and terms of renewal of lease i. Initial Premium ii. Ground rent payable per annum iii. Unearned increase payable to lessor	Not Applicable

Is there any restrictive covenant in regard to use of land?	For agricultural use. The property is adjacent to M.I.D.C. “Sanad” is to be obtained. Application is submitted

Are there any agreements of easements?	Not Applicable

Does the land fall in an area included in any Town Planning Scheme or any Government or Any statutory body:	Grampanchayat Area Jurisdiction of Collectorate of Hingoli

Has any contribution been made towards development or is any demand for such contribution still outstanding?	No

Has the whole or part of the land been notified for acquisition by government or any statutory body?	No

IMPROVEMENTS

Attach plans and elevations of all structures standing on the land and a layout plan	Not applicable as being open land only

i.. Is the building owner occupied/ tenanted/ both? ii. If partly owner occupied, specify portion and extent of the area under owner occupation	Not applicable as being open land only

What is the floor space index permissible and percentage actually utilized	Not applicable as being open land only

i. Names of tenants/ lessees/ Licensees, etc. ii. Portions in their occupation iii. Monthly or annual rent/ compensation/ license fees, 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 use of fixtures, like fans, geysers, refrigerators, cooking ranges, built in wardrobes, etc. or for service charges?	Not Applicable

Give details of water and electricity charges. If any, to be borne by the owner	Not applicable as being open land only

Has the tenant to bear the whole or part of the cost of repairs and maintenance?	Not Applicable

If a lift is installed, who is 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 compounds, etc. owner or tenant?	Not Applicable

Is the building insured? If so, give the Policy No., Amount for which it is insured and the annual premium	Not applicable as being open land only

Is any dispute between landlord and tenant regarding rent pending in a court of law?	Not Applicable

Has any standard rent been fixed for the premises under any law relating to the control of rent?	Not Applicable

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property, registration no., sale price an area of land sold	The details of sales of similar types of properties in nearby area are not available. Assessment done on general market value as described in Valuation report

If sale instances are not available or not relied upon, the basis of arriving at the land rate	Present market value on the basis of local survey conducted in the near by area

Year of commencement of construction and year of completion	Not applicable as being open land only

What was the method of construction by contract/ by employing labour directly/ both?	Not applicable as being open land only

For items of work done on contract, produce, copies of agreements	Not applicable as being open land only

For items of work done by engaging labour directly, give basic rates of materials and labour supported by documentary proof	Not applicable as being open land only

VALUATION PREAMBLE As requested by Gajanan Gangamai Industrial LLP, they have inspected the property i.e. open agricultural land having industrial/ building potentialities bearing Gat No. 180 and 184, situated at Raholi Khurd, Taluka and District Hingoli to evaluate fair market price of the said property. They have carried out the detailed inspection of the above said property in presence of the owner on 21/02/2015. INFORMATION IN BRIEF Gajanan Gangamai Industrial LLP, is the owner of the land bearing Gat No. 180, situated at Raholi Khurd, Taluka and District Hingoli and admeasuring about 3H17 Are. Gajanan Gangamai Industrial LLP is the owner of the land bearing Gat No. 184, situated at Raholi Khurd, Taluka and District Hingoli and Admeasuring about 4H76 Are. The land is freehold and is to be developed for industrial/ commercial purpose. The land is adjacent to purely Industrial area – Hingoli M.I.D.C. and Agricultural Produce Market Committee. The above said property is in industrial zone and adjacent to M.I.D.C. as per 7/12 extract, the above said property is agricultural. Even though this property is classified as agricultural land, no crops were grown since last several years. The structure of land indicates the land is not fertile and there is no means of irrigation, land is in barren state since long. The land is fairly leveled. The surrounding area is developed as Industrial/ Commercial. Locality has been occupied by cosmopolitan middle class people. All civic services like a road, water supply, drainage, electricity, telephone line, etc. will be made easily available at the site. Amenities such as Hospital, School, Shopping Center, Recreation. Play Ground, etc. are within a distance of the about 1-3 Kms from site. The petrol pump outlet is the situation within a distance of about 2-3 Kms. From site. The above said property possesses necessary potentialities for Industrial/ Commercial use. The above said property have building potentialities. The valuation is carried out by considering the clear and marketable title of the property and is based on documents and particulars provided by assesses. Therefore the valuation is valid for the clear and marketable title of the property. The legal search if required is to be taken. PRESENT COST OF LAND As per the market inquiries, the land cost for Industrial use land in above said locality is Rs. 4.000 Millkion to Rs. 4.500 Million per acre depending upon the access to main road passing through the area, size and shape of the plot location, access to the land, availability of infra structural facilities, potentialities, etc. Their market inquiries reveals that presently no land are available in nearby area for sale purpose and the said property have very good value and building potentialities because of being situated nearer to M.I.D.C. and Market Committee. The property have very good building potentialities. The commercial and business activities in the above said area have very high demand and therefore they command excellent values. The properties in this area possess high demand due to market potentiality and scare availability due to less number of sellers. Considering the market inquiries, the access to main road, size of land, present market scenario, unavailability of open land in nearby area due to large number of buyers and minimum number of sellers, building potentialities, etc., therefore they are of the opinion that the average rate of Rs. 42 Lakh per Acre is fair and reasonable for valuation purpose. On perusal of site conditions, on subsequent reasonable rate analysis and fair market price appraisal, it is their opinion that the price of the property i.e. open agricultural land having industrial/ building potentialities in an undeveloped stage would be Rs. 82.278 Million. VALUTION OPINION On inspection of the property i.e. open agricultural land having industrial/ building potentialities bearing Gat No. 180 & 184 situated at Raholi Khurd, Taluka and District Hingoli and on the subsequent reasonable rate analysis and the fair market price appraisal, it is their opinion that the price of the property as on prevailing date in aforesaid conditions would be Rs. 82.278 Million. Hence they certify that Fair Market Value of the above said asset in an undeveloped stage as on prevailing date in the aforesaid conditions would be Rs. 82.278 Million. When the asset is sold through the auction. The realizable value will invariably be less than true market value since realizable value depends on varied factors such as type of asset, demand, prevailing site conditions and circumstances, mode of payment and transaction, general depression, negative sentiments, etc. With this in view and considering the present market conditions and based on their knowledge, information, experience and belief, they are of the opinion that the Realizable Value of the above property as on prevailing date in the aforesaid conditions would be about 90% of the present market value and distress sale value of the above property as on prevailing date in the aforesaid conditions would be about 80% of the present market value.

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VALUATION REPORT

GENERAL DETAILS

Purpose of Valuation

To arrive at present market value

Date of Valuation

14.03.2015

Name of Owner/ Firm of the Assets under valuation

Gangamai Industries and Construction Limited

Gat No. 6, Forest Compartment No. 439 at Village Sada Waghapur, Taluka Patan, District Satara

Description of Project

Gangamai Industries and Construction Limited is the owner of Wind Mill-Wind Turbine Electric Generator of capacity about 1.25 MW. Presently the Wind Mill is in working condition

Description of Plant and Machineries

The details of plant and machineries are as follows

SR. NO.	DESCRIPTION OF PLANT AND MACHINERIES	QTY	VALUE (IN MILLION)

1.	Wind Mill-Wind Turbine Generator	1 Set	60.000

INSPECTION AND VALUATION

As per the request of Mr. Pankaj Chaudhary, Manager of the company, they have visited the Wind Farm of Suzlon Energy Limited located at Gat No. 6, Forest Compartment No. 439, at Village Sada Waghapur, Taluka Patan, District Satara on 13.03.2015 for the purpose of inspection and valuation of WTG belonging i.e. Gangamai Industries and Construction Limited to arrive at its fair market value. They have carried out detail inspection of the WTG in presence of Mr. Pankaj Chaudhary. The WTG is in operation at the time of inspection. It is observed that the Plant and Machineries are well maintained. It is also observed that all essential and necessary preventive/ protective have been taken to maintain the plant and machineries in good working condition.

The value of machinery and plant is worked out by considering the reinstatement value, make and model, year, condition of machinery, depreciation, maintenance, present capacity utilization and other technical aspects, etc.

The information regarding ownership, as told by the borrower, is believed to be correct.

Considering above aspects, the present day replacement cost, allowable depreciation, obsolescence, condition of machineries, other technical aspects etc and based on actual observations, the information, the particulars provided by assesses and on detailed assessment, estimate, examination, etc. and on subsequent reasonable rate analysis and the fair market price appraisal, it is their fair and un-prejudiced opinion that the fair market value of the Plant and Machineries-WTG as explained and shown to them at Gat No. 6, Forest Compartment No. 439 at Village Sada Waghapur, Taluka Patan, District Satara belonging to Gangamai Industries and Construction Limited as on prevailing date in aforesaid conditions would be Rs. 60.000 Million

When the asset is sold through the auction, the realizable value will invariably be less than true market value since realizable value depends on varied factors such as type of asset, demand, prevailing site conditions and circumstances, mode of payment and transaction, general depression, negative sentiments, etc.

With this in view and considering the present market conditions and based on their knowledge information, experience and belief, they are of the opinion that the realizable value of the above said machineries as on prevailing date in the aforesaid conditions would be about 90% of the present market value and the forced sale value of the above said machineries as on prevailing date in aforesaid conditions would be about 80% of the present market value.

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VALUATION REPORT

GENERAL DETAILS

Purpose of Valuation

To arrive at present market value

Date of Valuation

12.03.2015

Name of Owner/ Firm of the Assets under valuation

Gangamai Industries and Construction Limited

Gat No. 562 & 563 at Village Mandal, Taluka and District Nandurbar

Description of Project

Gangamai Industries and Construction Limited is the owner of Wind Mill-Wind Turbine Electric Generator of capacity about 2.1 MW. Presently the Wind Mill is in working condition

Description of Plant and Machineries

The details of plant and machineries are as follows

SR. NO.	DESCRIPTION OF PLANT AND MACHINERIES	QTY	VALUE (IN MILLION)

1.	Wind Mill-Wind Turbine Generator	1 Set	90.000

INSPECTION AND VALUATION

As per the request of Mr. Pankaj Chaudhary, Manager of the company, they have visited the Wind Farm of Suzlon Energy Limited located at Gat No. 6, Forest Compartment Gat No. 562 & 563 at Village Mandal, Taluka and District Nandurbar on 12.03.2015 for the purpose of inspection and valuation of WTG belonging i.e. Gangamai Industries and Construction Limited to arrive at its fair market value. They have carried out detailed inspection of the WTG in presence of Mr. Pankaj Chaudhary. The WTG is in operation at the time of inspection. It is observed that the Plant and Machineries are well maintained. It is also observed that all essential and necessary preventive/ protective have been taken to maintain the plant and machineries in good working condition.

The information regarding ownership, as told by the borrower, is believed to be correct.

Considering above aspects, the present day replacement cost, allowable depreciation, obsolescence, condition of machineries, other technical aspects etc and based on actual observations, the information, the particulars provided by assesses and on detailed assessment, estimate, examination, etc. and on subsequent reasonable rate analysis and the fair market price appraisal, it is their fair and un-prejudiced opinion that the fair market value of the Plant and Machineries-WTG as explained and shown to them at Gat No. 562 & 563 at Village Mandal, Taluka and District Nandurbar belonging to Gangamai Industries and Construction Limited as on prevailing date in aforesaid conditions would be Rs. 90.000 Million

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VALUATION REPORT

(IMMOVABLE PROPERTY: LEASEHOLD LAND AND BUILDING)

GENERAL DETAILS

Purpose for valuation

To ascertain the fair market value

Date as on which valuation is made

21.02.2015

Name of the owner/ owners

Lessor: M.I.D.C., Limbala Makta, Hingoli

Lessee: Gajanan Gangamai Industries LLP

Repordly owned by Gajanan Gangamai Industries LLP, on the basis of Lease-Hold rights from M.I.D.C., as per the conditions of lease – hold agreement

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

Not applicable

Brief description of the property

There is an Industrial Complex. The property comprises of Nonagricultural industrial use Land of Sanctioned Layout developed by M.I.D.C. and Industrial Sheds and Offices building constructed thereon.

Location, Street, Ward No.

Plot No. C-13, M.I.D.C. Limbala Makata, Hingoli, Taluka and District Dingoli

Survey/ Gat No. of Land

Plot No. C-13, M.I.D.C. Limbala Makta, Hingoli, Taluka and District Hingoli

Is the property situated in residential/ commercial/ mixed area/ industrial area?

Mixed Area/ Industrial Area

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

Middle Class

Proximity to civic amenities like Schools, Hospitals, Offices, Market, Cinemas, etc.

Within a distance of 2-5 Kms. Periphery of the site

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

By road. All possible means of Road transportation

LAND

Area of land supported by documentary proof. Shape dimension and physical features

Documented Area of plot is admeasuring 78994 Sq.m.

Roads, Streets or lanes to which the land is abutting

Internal layout road of industrial area, M.I.D.C.

Is it freehold or lease – hold land?

Leasehold land

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

i. Initial Premium

ii. Ground rent payable per annum

iii. Unearned increase payable to lessor

M.I.D.C.

As per Agreements

Rs. 1/- per annum

10 to 30% depending on BCC condition

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

For Industrial use only

Are there any agreements of easements?

Not Applicable

Does the land fall in an area included in any Town Planning Scheme or any Government or Any statutory body:

Falls within limits of M.I.D.C.

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

Not Applicable

Has the whole or part of the land been notified for acquisition by government or any statutory body?

Not Applicable

IMPROVEMENTS

i.. Is the building owner occupied/ tenanted/ both?

ii. If partly owner occupied, specify portion and extent of the area under owner occupation

Owner occupied

Not applicable

What is the floor space index permissible and percentage actually utilized

The permissible F.S.I. is

1. F.S.I. utilized – 0.248

i. Names of tenants/ lessees/ Licensees, etc.

ii. Portions in their occupation

iii. Monthly or annual rent/ compensation/ license fees, 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 use of fixtures, like fans, geysers, refrigerators, cooking ranges, built in wardrobes, etc. or for service charges?

Not Applicable

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

The details are with assesses

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

Not Applicable

If a lift is installed, who is 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 compounds, etc. owner or tenant?

Not Applicable

What is the amount of property tax? Who is to bear:

The details are with assesses

Is the building insured? If so, give the Policy No., Amount for which it is insured and the annual premium

The details are with assesses

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

Not Applicable

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

Not Applicable

SALES

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

The details of similar type of properties in nearby area are not available. Assessment done on General Market Rates and M.I.D.C. Rates

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

Present Market Value on the basis of local survey conducted in the nearby area. Extensive enquiries of prevailing market rates for acquiring the property of similar nature. Assessment done on General Market Rates

Year of commencement of construction and year of completion

About 2008-2009, subsequently renovated in the year 2014 as reported by the assesses

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

Not known to them

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

VALUATION

1. Preamble

As requested by Manager, they have inspected the properties of Gajanan Gangamai Industries LLP, i.e. Non agricultural industrial use land and industrial sheds and office building situated at Plot No. C-13, M.I.D.C, Limbala Makta, Hingoli, Taluka and District Hingoli to evaluate fair market price of the said property.

2. Information in Brief

The plot is leasehold and standard transfer fees have been paid and accordingly agreements to lease have been executed for the period of 99 years, as reported. The Plot No. C-13 is admeasuring about 78994 Sqm.

All civic services like road, water supply, drainage, electricity, telephone line are made available at plot site. Amenities such as Hospital, School, Shopping Center, Recreation, Play Ground, etc. are within the distance of 2-5 Kms from site. Locality has been occupied by cosmopolitan middle class people. The substantial development activities such as residential complexes, industrial complexes commercials, hotels, hospitals, etc. have been taken place in the surrounding area.

Emphasis of this report is on the value of the property and not on the area measurement or title verification of the property.

The encumbrance on the asset due to any other loan, lien, government dues, duties, etc. is not considered in this valuation. In fact they have treated the assets as free of encumbrances.

The copy of approval building plan and completion certificate is made available to them. It is assumed that the construction is as per the approved plan and completion certificate is obtained accordingly. The valuation is carried out by considering the clear and marketable title of the properties and is based on documents and particulars provided by assesse’s. therefore the valuation is valid for the clear and marketable title of the properties. The legal search of the properties if required is to be taken.

3. Valuation of Land, Site Development, Building:

Valuation of Land:

The rates prevailing as on date for M.I.D.C. land is about Rs. 35/- per Sq. m. since 2012. The said guideline rate is old when permissible F.S.I. was 0.5 and no subsequent revision is made, as reported.

As per M.I.D.C. Guidelines:

If the plot is facing State Highway/ National Highway or the service road parallel to highways, then 15 % additional premium will have to be paid.

If the plot is having the more frontage than the standard size, then additional frontage charges will have to be paid for the excess frontage per running meter decided by the corporation time to time.

If the plot is situated at the junction as stated at

1) Above or having the excess frontage as stated at

2) Above, in that case the additional premium will have to be recovered.

It is noticed from market inquiries that the average fair market rates in the above said area for land is in the range of Rs. 1000/- to Rs. 1300/- per Sqm. Depending on the size, location, access to the land availability of infra structural facilities, etc.

However no vacant plots are available in M.I.D.C. Presently there is huge demand for M.I.D.C. plots and therefore rates are on higher side. The commercial and business activities in the above said area have very high demand and therefore they command excellent values. The properties in this area possess high demand due to market potentiality and scare availability due to less number of sellers.

With reference to government notification and Circulars additional FSI upto 0.5 as per New Industrial Policy-2013 is permissible. Additional FSI upto 0.5 over and above the basic FSI of 1.00 is made available for MIDC area subject to recovery of premium. It is further clarified that the plot holder can apply for building plan approval in parts or an application can also be made for total 1.50 FSI at the very first instance and it is not mandatory for the plot holder to apply for additional 0.5 FSI only after completion of construction up to basic FSI. As per this circular, additional F.S.I. up to 0.50 over and above the basic FSI of 1.00 is permissible for MIDC area subject to recovery of premium as Additional premium for industrial activities/ industrial plot: 25% of prevailing industrial rate of MIDC in that area.

Considering the market inquiries, the access to main road, size of land, present market scenario, unavailability of open land in nearby area due to large number of buyers and minimum number of sellers, development and infra struct00ural facilities available on the plot, unspent lease period, etc. therefore they are of the opinion that the rate of Rs. 1100/- per Sqm. For lease hold rights for the said industrial land is fair and reasonable for valuation purpose.

On perusal of site conditions, on subsequent reasonable rate analysis and fair market price appraisal, it is their opinion that the price of the properties i.e. developed industrial use land would be Rs. 86.893 Million.

Total of Land = Rs. 86.893 Million

B. Site Development and Others: Site development consisting of

i. Compound: Compound wall of BB masonry in cement mortar for all sides.

ii. Compound: Compound of barbed wire fencing for all sides of solvent extraction plant, hexane storage tanks and transformer – D.P. Structure.

iii. M.S. Gates: Dully painted

iv. Site development: The rubber soiling, hard murum fitting is done for a WBM surface. The plot is leveled and is made of table land.

v. Borewell and Well

vi. Machinery foundation

vii. Plantation, Landscaping, etc.

vii. Internal Roads

ix. Paving around buildings and sheds

x. Trimix flooring about 7000 Sqm

The site development and compound, etc. as described above are assessed at Rs. 23.000 Million.

Total of Site Development = Rs. 23.000 Million

C. Valuation of Buildings and Civil Structures

Particulars	Built up Area	Rate	Value
i. Office Building	558 Sqm	Rs. 16000/- per Sqm	Rs. 8.928 Million

ii. Security Cabin	29.68 Sqm	Rs. 14000/- per Sqm	Rs. 0.416 Million

iii. Meal – DOC Storage Godown	5070.00 Sqm	Rs. 11500/- per Sqm	Rs. 58.305 Million

iv. Preparatory I & II, Cleaning, Cooking, Flaker, Expander and Cracker Plant Building/ Godowns	5265.25 Sqm	Rs. 12000/- per Sqm	Rs. 63.183 Million

v. Sedd Unloading Shed and Bardana Godown	1200 Sqm	Rs. 5000/- per Sqm	Rs. 6.000 Millon

vi. Solvent Extraction Plant Shed and Building	4410 Sqm	Rs. 1000/- per Sqm	Rs. 44.100 Million

vii. Electrical and Generator Room	375 Sqm	Rs. 8500/- per Sqm	Rs. 3.187 Million

viii. Boiler Shed	900 Sqm	Rs. 7500/- per Sqm	Rs. 6.750 Million

ix. Stores	170 Sqm	Rs. 7000/- per Sqm	Rs. 1.190 Million

x. R.O. Water Plant	160 Sqm	Rs. 8000/- per Sqm	Rs. 1.280 Million

xi. Other Structures	--	--	Rs. 25.000 Million

Total of Building/ Shed

Rs. 218.339 Million

Total of Factory

Rs. 328.232 Million

VALUATION OPINION

On inspection of the property located at Plot No. C-13, M.I.D.C., Limbala Makta, Hingoli, Taluka and District Hingoli and on perusual of site conditions, construction specifications, present age, depreciation, amenities provided, the particulars provided by assesses, etc. and on subsequent reasonable rate analysis and fair market price appraisal, it is their opinion that the price of the property as on prevailing date in aforesaid conditions would be Rs. 328.232 Million. Hence they certify that fair market value of the above said asset as on prevailing date in aforesaid conditions would be Rs. 328.232 Million.

When the asset is sold through the auction, the realizable value will invariably be less than true market value since realizable value depends on varies factors such as type of asset, demand, prevailing site conditions and circumstances, mode of payment and transaction, general depression, negative sentiments, etc.

With this in view and considering the present market conditions and based on their knowledge, information, experience and belief, they are of the opinion that the realizable value of the above property as on prevailing date in the aforesaid conditions would be about 90% of the present market value and Distress Sale Value of the above property as on prevailing date in the aforesaid conditions would be about 80% of the present market value.

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VALUATION REPORT

PLANT AND MACHINERIES

GENERAL DETAILS

Purpose of Valuation

To arrive at present market value

Date of Valuation

21.02.2015

Name of Owner/ Firm of the Assets under valuation

Gajanan Gangamai Industries LLP,

Plot No. C-13, M.I.D.C., Limbala Makta, Hingoli, Taluka and District Hingoli

Description of Project

Gajanan Gangamai Industries LLP is Limited Liability Partners Company. The Captioned Company is engaged in the manufacturing of Solvent Extracted Oils and Deoiled cakes, Presently the Captioned Company is in working condition.

Description of Plant and Machineries

The details of plant and machineries are as follows

SR. NO.	DESCRIPTION OF PLANT AND MACHINERIES	QTY	VALUE (IN MILLION)

1.	Material Handling Section	1 Set	Rs. 65.000 Million

2.	Seed Cleaning Section	1 Set	Rs. 15.000 Million

3.	Preparatory Section	1 Set	Rs. 27.000 Million

4.	Solvent Extraction Plant	1 Set	Rs. 34.000 Million

5.	Distillation Section	1 Set	Rs. 9.800 Million

6.	Recuperation System	1 Set	Rs. 1.200 Million

7.	Chilling System	1 Set	Rs. 1.400 Million

8.	DOC Section	1 Set	Rs. 8.000

9.	Boiler Section	1 Set	Rs. 32.000 Million

10.	CHP Section	1 Set	Rs. 5.200 Million

11.	Storage Tank Yard – Storage Section	1 Set	Rs. 33.000 Million

12.	Hexane Storage Yard	1 Set	Rs. 3.000 Million

13.	Cooling Water System	1 Set	Rs. 5.000 Million

14.	Piping, Valves and Fittings	1 Lot	Rs. 4.700 Million

15.	Electrical Installation	1 Lot	Rs. 15.000 Million

16.	D.G. Sets	2 Sets	Rs. 5.500 Million

17.	R.O. Water Plat	1 Set	Rs. 2.200 Million

18.	W.R.S. Plant	1 Set	Rs. 0.700 Million

19.	Fire Hydrant System	1 Set	Rs. 4.500 Million

20.	Other Machineries and Items	1 Set	Rs. 35.000 Million

21.	Workshop Equipment’s	1 Set	Rs. 0.300 Million

22.	Lab Equipment’s	1 Lot	Rs. 0.700 Million

23.	Other Equipment’s/ Items	1 Set	Rs. 1.200 Million

24.	Office Equipment’s and Miscellaneous Items	1 Lot	Rs. 4.500 Million

25.	Machinery Stores and Spares and Stand by Equipment’s	1 Lot	Rs. 18.000 Million

	Total		Rs. 331.900 Million

INSPECTION AND VALUATION

As per the request of Manager of the Compnay, they have visisted the factory i.e. Gajanan Gangamai Industries LLP located at Plot No. C-13, M.I.D.C., Limbala Makta, Hingoli, Taluka and District Hingoli on 21.02.2015 for the purpose of inspection and valuation of plant and machineries to arrive at its fair market value. They have carried out detailed inspection of the plant and machineries in presence of officers of the captioned company.

The factory is in operation at the time of inspection. It is observed that the plant and machineries are well maintained. It is also observed that all essential and necessary preventive/ protective measures have been taken to maintain the plant and machineries in good working condition.

Gajanan Gangamai Industries LLP has purchased the Soybean Extraction Oil Plant along with Land and Building from Bhaskar Foods Private Limited after acquiring the Plant and Machineries, the captioned company have carried out expansion cum modernization programme in plant by way increasing its installed capacity from 1000 TPD to 1200 TPD, as reported.

Some of the Plant and Machineries have been refurbished and some of the Plant and Machineries have been replaced after acquisition. Company has incurred major capital expenditure by adding some plant and machinery in the above plant, as reported.

The information regarding ownership, as told by the borrower, is believed to be correct.

Because of general rise in business and trades and manufacturing industries, the prices of assets have appreciated significantly. Also due price rise in fuel, basic metals and minerals, there is overall rise in cost of materials i.e. structural steel, metals and labours. Therefore, while estimating present value they have give due considering above aspects, the present day replacement cost, allowable depreciation, obsolescence, condition of machineries, other technical aspects etc and based on actual observations, the information, the particulars provided by assesses and on detailed assessment, estimate, examination, etc. and on subsequent reasonable rate analysis and the fair market price appraisal, it is their fair and un-prejudiced opinion that the fair market price appraisal, it is their fair and un-prejudiced opinion that the fair market value of the Plant and Machineries as explained and shown to them at Plot No. C-13, M.I.D.C., Limbala Makta, Hingoli, Taluka and District Hingoli belonging to Gajanan Gangamai Industries LLP as on prevailing date in aforesaid conditions would be Rs. 331.900 Million.

With this in view and considering the present market conditions and based on their knowledge, information, experience and belief, they are of the opinion that the realizable value of the above said machineries as on prevailing date in the aforesaid conditions would be about 85% of the present market value and the forced sale value of the above said machineries as on prevailing date in aforesaid conditions would be about 75% of the present market value.

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545843	12/01/2015	733,700,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	ADMINISTRATIVE OFF, K.K. TOWER, ABHYUDAYA BANK LANE, OFF. G.D. AMBEKAR MARG, PAREL VILLAGE, MUMBAI, MAHARASHTRA - 400012, INDIA	L02296945
2	10529104	18/10/2014	400,000,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	ADMINISTRATIVE OFF, K.K.TOWER, ABHYUDAYA BANK LANE, OFF. G.D. AMBEKAR MARG, PAREL VILLAGE, MUMBAI, MAHARASHTRA - 400012, INDIA	L02008381
3	10519928	05/09/2014	333,700,000.00	ABHYUDAYA CO-OPERATIVE BANK LIMITED	ADMINISTRATIVE OFFICE, K. K. TOWER, ABHYUDAYA BANK, LANE, OFF. G.D. AMBEKAR MARG, PAREL VILL, MUMBAI, MAHARASHTRA - 400012, INDIA	L01810928

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installations

· Vehicle

· Furniture and Fixture

· Computer

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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 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. 63.60
UK Pound	1	Rs. 100.09
Euro	1	Rs. 71.23

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	DIV

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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

1.30

3.33

3.71

0.13

2.30

13.51

Unit