MIRA INFORM REPORT

Report No. :	310968
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	NILA INFRASTRUCTURES LIMITED
Registered Office :	1st Floor, Sambhav House, Opposite Chief Justices Bungalow, Bodakdev, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.02.1990
Com. Reg. No.:	04-013417
Capital Investment / Paid-up Capital :	Rs. 295.226 Millions
CIN No.: [Company Identification No.]	L45201GJ1990PLC013417
TAN No.: [Tax Deduction & Collection Account No.]	AHMN00512B
PAN No.: [Permanent Account No.]	AAACN5059K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged primarily in the business of urban infrastructure development, real estate, construction of housing projects and leasing of properties.
No. of Employees :	60 (30 in Office and 30 in Sites) (Approximately)

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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported rise in its turnover and decent profitability for the financial year 2013-14. The financial position of the company seems to be sound. Trade relations are fair. Business is active. Payments are reported to be slow but 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 – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = BB+ [Suspended]
Rating Explanation	Inadequate credit quality and high credit risk.
Date	February 06, 2014

Rating Agency Name	CARE
Rating	Short term Bank facilities = A4+ [Suspended]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 06, 2014

Reason for suspension: The rating has been suspended as the company has not furnished the information required by CARE for monitoring of the rating.

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. Himanshu Bavishi
Designation :	Finance Controller
Contact No.:	91-9099594000
Date :	12.03.2015

LOCATIONS

Registered Office :	1st Floor, Sambhav House, Opposite Chief Justices Bungalow, Bodakdev, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40036817/ 18/ 26870258
Mobile No.:	91-9099594000 [Mr. Himanshu Bavishi]
Fax No.:	91-79-30126371
E-Mail :	dipen@nilainfra.com accounts@nilainfra.com info@nilainfra.com
Website :	http://www.nilainfra.com
Location :	Rented

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Manojbhai Bhupatbhai Vadodaria
Designation :	Chairman and Managing Director
Address :	1, Anjani Avenue Bungalows, Opposite Chief Justice, Bungalow, Bodakdev, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	29.04.1958
Date of Appointment :	26.02.1990
PAN No.:	AALPV5038N
DIN No.:	00092053
Profile :	Self-made businessman who likes keeping a low profile. Exhaustive experience, knowledge and insight into the industry. Belief in value investments rather than short term gains. Tremendous spirit and execution capabilities.
Name :	Mr. Kiranbhai Bhupatbhai Vadodaria
Designation :	Joint Managing Director
Address :	2, Anjani Avenue Bungalows, Opposite Chief Justice, Bungalow, Bodakdev, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	18.08.1960
Qualifications :	B.E. [Mechanical] – L.D. Engineering College, Ahmedabad
Date of Appointment :	30.07.2009
PAN No.:	AAMPV2793B
DIN No.:	00092067
Profile :	Varied experience and exposure base has developed unique insight and judgmental capabilities about the socio-political dynamics.
Name :	Mr. Hiren G. Pandit
Designation :	Director
Address :	No 9, Dhaval Cooperative Housing Society Limited, Memnagar Road Navarangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	27.05.1955
Date of Appointment :	03.10.1995
PAN No.:	ABDPP0455C
DIN No.:	01683959
Name :	Mr. Dilip Dahyabhai Patel
Designation :	Director
Address :	601, Homelands, 3rd Cross Lane, Lokhandwala Complex, Andheri [West], Mumbai - 400058, Maharashtra, India
Date of Birth/Age :	23.06.1946
Date of Appointment :	30.07.2009
PAN No.:	AAGPP4463Q
DIN No.:	01523277
Name :	Mr. Shyamal Shivkumar Joshi
Designation :	Director
Address :	40, Prerana Tirth - 1, B/H. Someshwar - II, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	12.08.1949
Date of Appointment :	14.08.2010
PAN No.:	AAZPJ7420J
DIN No.:	00005766
Name :	Mr. Ashok R. Bhandari
Designation :	Director
Address :	1403, Horizon Tower, Marina, Dubai UAE
Date of Birth/Age :	02.06.1952
PAN No.:	ABVPB1331K
DIN No.:	01802390
Name :	Mr. H.P. Jamdar
Designation :	Director
Address :	5, Vishwakarma Colony, Shahibaug, Ahmedabad - 380004, Gujarat, India
Date of Birth/Age :	06.05.1944
Date of Appointment :	29.05.2014
PAN No.:	ADQPJ4146F
DIN No.:	00062081

KEY EXECUTIVES

Name :	Mr. Dipen Y. Parikh
Designation :	Company Secretary
Date of Birth/Age :	33 Years
Qualifications :	Graduate in Commerce
Experience :	9 years of experience of secretarial practice, corporate laws and general legal affairs.
Name :	Mr. Himanshu Bavishi
Designation :	Finance Controller
Date of Birth/Age :	42 Years
Qualifications :	MBA
Experience :	More than 18 Years in the field of construction, project execution and project management.
Name :	Mr. Prashant H. Sarkhedi
Designation :	Chief Finance Officer
Date of Birth/Age :	45 Years
Qualifications :	MBA, CFA
Experience :	More than 23 years of experience in finance, accounting, fund raising and general management.
Name :	Mr. Deep S. Vadodaria
Designation :	Chief Operating Officer
Date of Birth/Age :	30 Years
Qualifications :	Graduate in Commerce
Experience :	More than 8 years of experience in the field of general management, operations, project execution and general management.
Name :	Mr. Jignesh Patel
Designation :	Project Head
Date of Birth/Age :	49 Years
Qualifications :	Civil Engineer
Experience :	Vast experience of more than 23 years in field of construction, project execution and project management.
Name :	Mr. Ritesh Parikh
Designation :	Industrial Project Head
Date of Birth/Age :	40 Years
Qualifications :	Civil Engineer
Experience :	More than 15 years in the field of construction, project execution and project management.
Name :	Mr. Parag Shastri
Designation :	Finance and Accounts Manager
Experience :	Having more than 20 years of experience in corporate finance, banking, debt management, general management, legal and documentation matters.
Name :	Mr. Darshan Shah
Designation :	Finance and Accounts Manager
Experience :	Having more than 15 years of experience in accounting, banking, taxation, audit, etc. matters.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Any Others (Specify)	221325187	74.97
Directors/Promoters & their Relatives & Friends	221325187	74.97
Sub Total	221325187	74.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	221325187	74.97
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	9430	0.00
Foreign Institutional Investors	1480012	0.50
Sub Total	1489442	0.50
(2) Non-Institutions
Bodies Corporate	11689883	3.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	39114141	13.25
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	15022907	5.09
Any Others (Specify)	6584640	2.23
Hindu Undivided Families	3997277	1.35
Non Resident Indians	2587363	0.88
Sub Total	72411571	24.53
Total Public shareholding (B)	73901013	25.03
Total (A)+(B)	295226200	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	295226200	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in the business of urban infrastructure development, real estate, construction of housing projects and leasing of properties.
Brand Names :	--
Agencies Held :	--
Exports :
Products :
Countries :
Imports :
Products :
Countries :
Terms :
Selling :	Credit [90 Days]
Purchasing :	Cash and Credit [30 Days and 60 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Manibhadra Associates [Cement Supplier]
Name of the Person (Designation):	Mr. Pravin Katare
Contact Number:	91-9714504495
Since how long known:	2 Years
Maximum limit dealt:	Approximately Rs. 10.000 Millions
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	We don’t have any negative experience with this company, their payment comes on time.

· Vishal Multitrade Private Limited [Steel Supplier]

Address: G-44, Shrikrishna Centre, Mithakhali Six Road, Navrangpura, Ahmedabad, Gujarat, India

Contact No.: 91-79-26425550

Contact Person: Mrs. Shetal Shah

Mobile No.: 91-9998027826

Customers :

End Users for Real Estate and Others [Government Bodies/ Dept./ Agencies/ Private Builders]

Reference:	Adani Infrastructures and Developers Private Limited
Name of the Person (Designation):	Mr. Madhusudan Rao
Contact Number:	91-9099055011
Since how long known:	2013
Maximum limit dealt:	Rs. 220.000 Millions
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	Company is doing good work, no negative remarks against them.

· Ahmedabad Municipal Corporation

Address: Sardar Patel Bhavan, Danipith, Ahmedabad, Gujarat, India

Contact No.: 91-79-25391811

Contact Person: Mr. Anand Patel

Mobile No.: 91-9327038738

No. of Employees :

60 (30 in Office and 30 in Sites) (Approximately)

Bankers :

Bank Name:	Central Bank of India
Branch:	Ashram Road Branch, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Sreedharan M. [Chief Manager]
Contact Number:	91-79-27544837
Name of Account Holder:	Nila Infrastructures Limited
Account Number:	3203772329
Account Since (Date/ Year of A/c Opening):	13.09.2012
Average Balance Maintained (Optional):	Not Applicable
Credit Facilities Enjoyed (CC/OD/Term Loan):	OD
Account Operation:	Satisfactory
Remarks:	--

Bank Name:	Dena Bank
Branch:	15, Sumangalam Society, Near Asia School, Drive-in-Road, Ahmedabad, Gujarat, India
Person Name (with Designation):	Mr. Hemant Rampurkar [Chief Manager]
Contact Number:	91-79-26852171
Name of Account Holder:	Nila Infrastructures Limited
Account Number:	121813023754
Account Since (Date/ Year of A/c Opening):	2012
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Mortgage OD
Account Operation:	Satisfactory
Remarks:	--

· Central Bank of India

Near Jain Temple, Ushmanpura Cross Road, Ahmedabad, Gujarat, India

· Axis Bank Limited

· Central Bank of India

· Development Credit Bank Limited

· State Bank of India

· ICICI Bank Limited

· HDFC Bank Limited

· Yes Bank Limited

· DCB Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Indian rupee loan from - Banks	161.143	223.896
- Financial Institutions	432.756	197.372
Vehicle loans from - Banks	4.239	0.426
- Financial Institutions	2.513	6.156
SHORT TERM BORROWINGS
Overdraft facility from Banks*	93.773	64.912
Inter-Corporate Deposit repayable on demand	0.000	120.000
Total	694.424	612.762
SHORT TERM BORROWINGS * Overdraft facility of Rs. 93.773 Millions (P.Y. 64.912 Millions) is secured by way of equitable mortgage of properties situated at 7th to 9th floor Sambhaav House, Ahmedabad and personal guarantee of Mr. Manoj Vadodaria and Mr. Kiran Vadodaria.

Financial Institutions :	· Gruh Finance Limited Gruh Netaji Margnr Mithakali Six Roads, Ellisbridge, Ahmedabad - 380006, Gujarat, India · Religare Finvest Limited D3, P3B, District Centre, Saket, New Delhi - 110017, India · Fedbank Financial Services Limited Federal Towersalwaye, Ernakulam - 683101, Kerala, India
Auditors :
Name :	O.P. Bhandari and Company Chartered Accountants
Address :	30, Omkar House, C.G. Road, Navrangpura, Ahmedabad, Gujarat, India
Tel. No.:	91-79-26462539
Fax No.:	91-79-26563388
E-Mail :	opbhandarica@gmail.com
Joint Ventures/ Associates :	· Shree Matangi Projects LLP Address: 12, Saket Bungalows, Near Takshashila Apartment, Vastrapur, Ahmedabad, Gujarat, India Activity: Real Estate Developers · Nilsan Projects LLP Address: Sandesh Bhavan, Near Lad Society, Bodakdev, Ahmedabad, Gujarat, India · Fungadi Land Developers LLP Address: 33, Amrapalash Bungalow, B/h. Fun Republic, Satellite, Ahmedabad, Gujarat, India Activity: Real Estate Developers · Megacity Cinemall Private Limited Address: 10^th Floor, Madhuban, B/h. Rown Hall, Ellisbridge, Ahmedabad, Gujarat, India Activity: Entertainment
Enterprise in which Key Managerial Personnel have significant influence :	Sambhaav Media Limited

CAPITAL STRUCTURE

AFTER 20.09.2014

Authorised Capital : Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 302.262 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000,000	Equity Shares	Re. 1/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
295,226,200	Equity Shares	Re. 1/- each	Rs. 295.226 Millions

Reconciliation of number of equity shares

Particulars	31st March, 2014
	Numbers	Amount
Balance as at the beginning of the year	295226200	295.226
Addition / Deduction during the year	--	--
Balance as at the end of the year	295226200	295.226

Terms/rights attached to Equity shares

The company has one class of equity shares having a par value of Re.1/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Details of shareholders holding more than 5% shares in the company

Name of Shareholders	31st March, 2014
	Number of Shares	% holding
Equity shares of Re. 1/- each fully paid
Mr. Manoj B. Vadodaria	44154712	14.96
Mrs. Nila M. Vadodaria	43955267	14.89
Mrs. Alpa K. Vadodaria	36800000	12.46
Mr. Kiran B. Vadodaria	31858100	10.79
Mr. Deep S. Vadodaria	25002108	8.47

Out of above, 17,20,00,000 equity share of Re. 1/- each fully paid up allotted pursuant to the Scheme of Amalgamation, for consideration other than cash on 24/07/2010.

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	295.226	295.226	295.226
(b) Reserves & Surplus	804.855	720.888	627.130
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1100.081	1016.114	922.356
(3) Non-Current Liabilities
(a) Long-term borrowings	724.883	523.906	265.351
(b) Deferred tax liabilities (Net)	1.446	1.364	0.907
(c) Other long term liabilities	6.536	7.728	11.861
(d) Long-term provisions	1.825	1.295	1.928
Total Non-current Liabilities (3)	734.690	534.293	280.047
(4) Current Liabilities
(a) Short term borrowings	93.773	184.912	129.000
(b) Trade payables	114.215	117.889	140.621
(c) Other current liabilities	154.312	168.573	113.866
(d) Short-term provisions	98.235	97.866	85.082
Total Current Liabilities (4)	460.535	569.240	468.569
TOTAL	2295.306	2119.647	1670.972
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	322.838	322.060	313.301
(ii) Intangible Assets	0.033	0.499	0.958
(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	31.651	31.613	8.443
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	122.661	144.173	84.589
(e) Other Non-current assets	13.929	7.012	4.158
Total Non-Current Assets	491.112	505.357	411.449
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	889.018	938.643	540.417
(c) Trade receivables	258.413	167.166	134.654
(d) Cash and cash equivalents	40.760	10.072	13.502
(e) Short-term loans and advances	616.003	498.409	570.950
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1804.194	1614.290	1259.523
TOTAL	2295.306	2119.647	1670.972

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	966.530	930.066	865.490
		Other Income	34.963	45.399	40.706
		TOTAL (A)	1001.493	975.465	906.196
Less	EXPENSES
		Project Expenses	631.769	1072.787	875.607
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	49.625	(398.226)	(245.626)
		Employees benefits expense	26.220	20.572	17.485
		Other expenses	23.403	16.115	13.530
		TOTAL (B)	731.017	711.248	660.996
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		270.476	264.217	245.200
Less	FINANCIAL EXPENSES (D)		79.304	63.101	56.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		191.172	201.116	188.489
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.351	8.211	7.787
	PROFIT BEFORE TAX (E-F) (G)		181.821	192.905	180.702
Less	TAX (H)		63.314	64.608	56.256
	PROFIT AFTER TAX (G-H) (I)		118.507	128.297	124.446
	Earnings Per Share (Rs.)		0.40	0.43	0.42

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	275.900	283.600	310.100
Total Expenditure	226.800	237.500	246.200
PBIDT (Excl OI)	49.100	46.100	64.000
Other Income	9.900	12.200	18.300
Operating Profit	59.100	58.300	82.300
Interest	23.900	23.300	31.000
Exceptional Items	0.000	0.000	0.000
PBDT	35.200	35.000	51.300
Depreciation	3.500	3.300	4.500
Profit Before Tax	31.700	31.700	46.800
Tax	11.300	11.200	16.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	20.500	20.500	30.300
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	20.500	20.500	30.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	12.26	13.79	14.38
Operating Profit Margin (PBDIT/Sales)	(%)	27.98	28.41	28.33
Return on Total Assets (PBT/Total Assets}	(%)	8.03	9.24	10.87
Return on Investment (ROI) (PBT/Networth)		0.17	0.19	0.20
Debt Equity Ratio (Total Debt/Networth)		0.74	0.70	0.43
Current Ratio (Current Asset/Current Liability)		3.92	2.84	2.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	295.226	295.226	295.226
Reserves & Surplus	627.130	720.888	804.855
Net worth	922.356	1016.114	1100.081
Long-term borrowings	265.351	523.906	724.883
Short term borrowings	129.000	184.912	93.773
Total borrowings	394.351	708.818	818.656
Debt/Equity ratio	0.428	0.698	0.744

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	865.490	930.066	966.530
		7.461	3.921

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	865.490	930.066	966.530
Profit	124.446	128.297	118.507
	14.38%	13.79%	12.26%

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	Yes
25]	Conduct of the banking account	Yes
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	Yes

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

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
Indian Rupee Loan from - Financial Institutions	124.232	96.056
Total	124.232	96.056

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

COMPUTATION OF DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
INFLOW:
Cash accruals	176.000	246.000	279.800
Interest on Term Loan	121.200	125.500	93.800
Sub-Total (a)	297.200	371.500	373.600
OUT FLOW:
Loan installments	164.700	164.900	149.500
Interest on Term Loan	121.200	125.500	93.800
Sub-Total (b)	286.000	290.400	243.400
Gross DSCR [Cash accruals/ Loan Installments]	1.04	1.28	1.54
Net DSCR (a) / (b)	1.27

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
Installed Capacity
Actual Production (Qty.in MT)
% Capacity utilization
1. Gross Sales
Domestic Sales	1150.000	1800.000	2000.000
Import Sales	--	--	--
Add: other revenue income - Tooling Income	0.000	0.000	0.000
Total	1150.000	1800.000	2000.000
2. Less: Excise duty	0.000	0.000	0.000
Deduct other items	--	--	--
3. Net Sales (item 1 - item 2)	1150.000	1800.000	2000.000
4. % age rise (+) or fall (-) in net sales as compared to previous year (annualised)	18.98%	56.52%	11.11%
5. Cost of sales
i) Raw materials (including stores and other items used in the process of manufacture)
(a) Imported	0.000	0.000	0.000
(b) Indigenous	1010.000	1260.000	1400.000
ii) Tooling
(a) Imported	0.000	0.000	0.000
(b) Indigenous	0.000	0.000	0.000
iii) Power and fuel	9.700	10.700	11.700
iv) Direct Labour (Factory Wages and Salary)	25.800	28.400	31.200
v) Other Manufacturing Expenses	20.400	22.400	24.600
vi) Depreciation	14.500	14.500	14.500
vii) SUB-TOTAL (i to vi)	10.803	13.359	14.820
viii) Add: Opening stocks-in-process	161.700	400.000	420.000
ix) Deduct: Closing stocks-in- process	400.000	420.000	450.000
x) Cost of Production	842.000	1315.900	1452.000
xi) Add : Opening stock of finished goods	727.300	860.200	950.000
xii) Deduct: Closing stock of finished goods	860.200	950.000	1000.000
xiii) SUB-TOTAL (Total cost of sales)	709.100	1226.100	1402.000
6. Selling, general and administrative expenses	44.100	48.500	53.400
7. SUB-TOTAL (5+6)	753.200	1274.600	1455.400
8. Operating profit before interest (3-7)	396.800	525.400	544.600
9a. Interest on Term Loan	121.200	125.500	93.800
9b. Interest on WC Limit and Bank charges	79.800	107.000	112.700
10. Operating profit after interest (8-9)	195.700	293.000	338.000
11. (i) Add other non-operating income
(a) Intt. On FDRs	43.700	50.300	55.300
(b)	0.000	0.000	0.000
(c)	0.000	0.000	0.000
Sub-total (Income)	43.700	50.300	55.300
ii) Deduct other non-operating expenses
(a)	0.000	0.000	0.000
(b)	0.000	0.000	0.000
(c)	0.000	0.000	0.000
Sub-total (Expenses)	0.000	0.000	0.000
(iii) Net of other non-operating income/expenses	43.700	50.300	55.300
12. Profit before tax/loss [10 + 11(iii)]	239.400	343.200	393.300
13. Provision for taxes	77.900	111.700	128.000
14. Net Profit/Loss (12-13)	161.500	231.500	265.300
15. (a) Equity Dividend Paid	37.600	37.600	39.300
(b) Dividend Rate	10.00	10.00	10.00
16. Retained profit (14-15)	123.900	193.900	226.100
17. Retained Profit/Net Profit % age	77%	84%	85%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
CURRENT LIABILITIES
1. Short-term borrowings from banks (Including bills purchased, discounted and excess borrowings placed on repayment basis)
(i) From applicant bank	0.000	0.000	0.000
(ii) From other banks	830.000	930.000	980.000
(iii) (of which BP and BD)	0.000	0.000	0.000
Sub-total (A)	830.000	930.000	980.000
2. Short term borrowings from others	0.000	0.000	0.000
3a. Sundry Creditors (Trade)	110.700	138.100	153.400
3b. Sundry Creditors for Capital Goods	0.000	0.000	0.000
3c. Sundry Creditors against Usance FLC	0.000	0.000	0.000
4. Advance payments from customers/ deposits from dealers	0.000	0.000	0.000
5. Provision for Taxation	0.000	0.000	0.000
6. Dividend Payable	0.000	0.000	0.000
7. Other statutory liabilities (due within one year)	0.000	0.000	0.000
8. Deposits/Installments of term loans/DPGs/ Debentures, etc. (due within one year)	175.300	207.100	191.700
9. Other current liabilities and provisions (due within 1 year) (Specify major items)	260.000	273.000	286.700
Sub-total (B)	546.000	618.200	631.800
10. TOTAL CURRENT LIABILITIES (total of 1 to 9 excld 1(iii))	1376.000	1548.200	1611.800
TERM LIABILITIES
11. Debentures (not maturing within one year)	0.000	0.000	0.000
12. Preference Shares (redeemable after one year)	0.000	0.000	0.000
13. Term Loans (Incl. Intt. Accrued)	575.400	527.500	335.700
14. Deferred payment credits (excl installments due within one year)	0.000	0.000	0.000
15. Term deposits (repayable after one year) (Intt. Free, Long term)	0.000	0.000	0.000
16. Other Term Liabilities	9.200	10.100	11.100
17. TOTAL TERM LIABILITIES	584.600	537.600	346.800
Deferred Tax Liability	1.400	1.400	1.400
18. TOTAL OUTSIDE LIABILITIES (Item 10 plus item 17)	1962.000	2087.200	1960.100
NET WORTH
19. Share Capital	375.800	375.800	392.600
20. General Reserve / Term Deposits/ CIS	62.500	72.500	82.500
21. Share Application Money	0.000	0.000	0.000
22. Share Premium	590.300	590.300	657.800
23. Surplus(+) or deficit(-) in Profit and Loss A/c	592.100	769.700	979.100
23a.Others(specify)	0.000	0.000	0.000
24. NET WORTH	1620.700	1808.300	2112.000
25. TOTAL LIABILITIES	3582.700	3895.500	4072.100
CURRENT ASSETS
26.Cash and bank balances (Cheques and Drafts under collection)	157.900	67.700	53.000
27.Investments (other than long term investments)
(i) Government and other Trustee securities	0.000	0.000	0.000
(ii) Fixed Deposits with banks	0.000	0.000	0.000
28.(i) Receivables other than deferred and exports (including Bills purchased and discounted by banks)	378.100	591.800	657.500
(ii) Export Receivables (including bills purchased and discounted by banks)	0.000	0.000	0.000
29.Instalments of deferred receivables (due within one year)	0.000	0.000	0.000
30.Inventory:
(I) Raw Materials (including stores and other items used in the process of manufacture)
a) Imported	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000
(ii) Stock in Process	400.000	420.000	450.000
(iii) Finished Goods	860.200	950.000	1000.000
(iv) Other consumable stores
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
31. Advances to suppliers of Raw materials and stores /spares	0.000	0.000	0.000
32. Advance Payment of Taxes	0.000	0.000	0.000
33. Other Current Assets	1166.000	1250.000	1300.000
34. TOTAL CURRENT ASSETS (Total of 26 to 33)	2962.200	3279.500	3460.500
35. Gross Block	360.800	388.200	388.200
Add: Additions during the year	27.400	0.000	0.000
Less: Sales / Adj.	0.000	0.000	0.000
Closing Gross Block	388.200	388.200	388.200
36. Depreciation to date	52.400	66.800	81.300
37. NET BLOCK (35-36)	335.800	321.400	306.900
OTHER NON-CURRENT ASSETS
38. Investments/ book debts/ advances/ deposits which are not Current Assets
(i) a) Investments in subsidiary companies/affiliates	31.400	31.400	31.400
b) Others	109.100	109.100	109.100
(ii) Advances to suppliers of capital goods and contractors	0.000	0.000	0.000
(iii) Deferred receivables	--	--	--
(iv) Others-Security Deposits	30.000	40.000	50.000
39.Non-consumables stores and spares	0.000	0.000	0.000
40.Other non-current assets including dues from directors	114.200	114.200	114.200
41. TOTAL OTHER NON-CURRENT ASSETS	284.600	294.600	304.600
42. Intangible assets (patents, goodwill, prelim. expenses, bad/ doubtful expenses not provided for, etc.)	0.000	0.000	0.000
Sub-total	620.500	616.000	611.600
43. TOTAL ASSETS (34+37+41+42)	3582.700	3895.500	4072.100
44. Tangible Net Worth (24-42)	1620.700	1808.300	2112.000
45. Net Working Capital [(17+24)-(37+41+42)]	1586.300	1731.300	1848.700
46. Current Ratio	2.15	2.12	2.15
47. Total Outside Liabilities/Tangible Net worth + USD	1.21	1.15	0.93
48. Total Term Liabilities/ Tangible Net Worth	0.36	0.30	0.16
49. ADDITIONAL INFORMATION
(A) Arrears of Depreciation	--	--	--
(B) Contingent Liabilities
(I) Arrears of cumulative dividends	--	--	--
(II) Gratuity liabilities not provided for	--	--	--
(III) Disputed Tax liabilities	--	--	--
(IV) Other liabilities not provide for	--	--	--

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

FUND FLOW STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
SOURCES
a) Net Profit (after tax)	107.500	177.600	209.400
b) Depreciation	14.500	14.500	14.500
c) Increase in Capital	80.600	0.000	16.800
d) Increase in Term Liabilities (Including public deposits)	0.800	0.900	1.000
e) Increase in Reserves	332.500	10.000	77.500
f) Increase in Term Loan	0.000	0.000	0.000
e) Decrease in
1. Fixed Assets	0.000	0.000	0.000
2. Other non-current assets	0.000	0.000	0.000
3. Others (Intangible Assets)	0.000	0.000	0.000
g) TOTAL	535.900	202.900	319.200
USES
a) Net Loss	0.000	0.000	0.000
b) Decrease in Term Liabilities (Including public deposits)	149.500	47.900	207.100
Decrease in Capital	0.000	0.000	0.000
c) Increase in
1. Fixed Assets	27.400	0.000	0.000
2. Increase in Non-Current Assets	116.400	10.000	10.000
3. Others (Intangible Assets)	0.000	0.000	0.000
d) Accumulated Loss	0.000	0.000	0.000
e) Dividend payments	0.000	0.000	0.000
f) Total	293.300	57.900	217.100
3. LONG TERM SURPLUS / DEFICIT (1 - 2)	242.600	145.000	102.100
4. Increase / Decrease in Current assets	1158.000	317.200	181.000
5. Increase / Decrease in Current Liabilities other than bank borrowings	179.200	72.200	13.600
6. Increase / Decrease in WCG	978.800	245.000	167.400
7. Net surplus (+) Deficit (-) Difference of ( 3 - 6 )	(736.200)	(100.000)	(65.400)
8. Increase / Decrease in bank borrowings	736.200	100.000	50.000

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
A. CURRENT ASSETS
1) Raw material including stores and other items use in the process of manufacture
a) Imported	0.000	0.000	0.000
Months consumption	--	--	--
b) Indigenous	0.000	0.000	0.000
Months consumption	0.00	0.00	0.00
2) Other consumable spares
a) Imported	0.000	0.000	0.000
Months consumption	0.00	0.00	0.00
b) Indigenous	0.000	0.000	0.000
Months consumption	0.00	0.00	0.00
(3) Stocks-in-process	400.000	420.000	450.000
Months cost of production	5.70	3.83	3.72
4) Finished goods	860.200	950.000	1000.000
Months cost of sales	14.56	9.30	8.56
5) (i) Receivables other than deferred and exports (including bills purchased and discounted by banks)	378.100	591.800	657.500
Months Domestic sales :	3.95	3.95	3.95
Excluding deferred Payment sales
6). Export receivables (including bills purchased and discounted by banks)	0.000	0.000	0.000
7). Advances to suppliers of raw materials and stores/spares	0.000	0.000	0.000
8) .Other current assets inclusive cash and bank balances (specify major items)	1323.900	1317.700	1353.000
9) TOTAL CURRENT ASSETS	2962.200	3279.500	3460.500
B CURRENT LIABILITIES
10 a) Creditors for purchase of raw materials, stores other than borrowing for working capital	110.700	138.100	153.400
(Holding in Months)	1.32	1.32	1.32
10 B) Creditors against Capital Goods	0.000	0.000	0.000
10 C) Creditors for Usance FLC	0.000	0.000	0.000
11) Statutory Liabilities	0.000	0.000	0.000
12) Other Current Liabilities (Specify major items) Current .Loan Inst.	435.300	480.100	478.400
Short-term borrowings from banks (including unsecured loans dividend, installments of public deposits, debentures etc.	830.000	930.000	980.000
13) TOTAL CURRENT LIABILITIES	1376.000	1548.200	1611.800
To agree with sub-total B Form III

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
1. Total Current Asset (9) in form IV )	2962.200	3279.500	3460.500
2. Other Current Liabilities (Other than bank borrowing) (14 of form IV)	546.000	618.200	631.800
3. Working Capital Gap (WCG) (1 - 2)	2416.300	2661.300	2828.700
4. Minimum stipulated net working capital i.e. 25% of WCG / 25% of local current assets the case may be depending upon the method of lending being applied (export receivable to be excluded under both method)	740.600	819.900	865.100
5. Actual/ Projected net working capital (45 in form III)	1586.300	1731.300	1848.700
6. Item 3 - item 4	1675.700	1841.400	1963.600
7. Item 3 - item 5	830.000	930.000	980.000
8. Maximum permissible bank finance (item 6 or 7) whichever is less	830.000	930.000	980.000
9. Excess borrowing representing short fall in NWC	0.000	0.000	0.000

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

FINANCIAL RATIOS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
(A)	LIQUIDITY RATIO
1-	Current Ratio	2.15	2.12	2.15
	Current Assets/Current Liabilities
(B)	SOLVENCY RATIOS
2-	Solvency Ratio	1.83	1.87	2.08
	= Net Tangible Assets/Total Outside Liabilities
(C)	EFFICIENCY RATIOS
(i)	Financial Management Ratios
3-	Debt Equity Ratio	0.36	0.30	0.16
	= (Total Outside Debt /Net Worth)
4-	Quasi Debt Equity Ratio	0.36	0.30	0.16
5-	Fixed Assets Coverage Ratio	0.57	0.60	0.00
	= (Net fixed Assets/Long, Medium term debts)
6-	Debtors Turnover Ratio	120	120	120
	= Outstanding Debtors x 365 / Credit Sales
7-	Creditors Turnover Ratio (No. of days)	40	40	40
	= Outstanding Debtors x 365 / Credit Purchases
(ii)	Material Management Ratio
8-	Raw Material Turnover Ratio (Number of Days)	0	0	0
	= Raw material on hand x 365 / Raw material consumed during the year
9-	Process Stock Turnover Ratio (Number of Days)	8	8	8
	= Process of Stock on hand x 365 / Cost of goods sold during the year
10-	Finished Goods Turnover Ratio (Number of Days)	443	283	260
	= Finished Goods on hand x 365 / Cost of goods sold during the year
11-	Assets Turnover Ratio	3.42	5.60	6.52
	= Sales / Net Operating Assets
(iii)	PROFITABILITY RATIOS
12-	Gross Profit Ratio (Gross profit/Gross sales)	39.60	32.69	30.62
13-	Net Profit Ratio (Net Profit/net Sales)	14.05	12.86	13.27
14-	Operating Profit (Operating Profit/Net Sales)	17.02	16.28	16.90
15-	Return on Investment (EBIT) / Net Operating Assets	118.15	163.49	177.45
	OTHER RATIOS
16	Paid up capital	375.800	375.800	392.600
17	T N W	1620.700	1808.300	2112.000
18	Total Outside Liabilities /TNW	1.21	1.15	0.93
19	Net Sales/Total Tangible Assets	0.32	0.46	0.49
20	PBT/ Total Tangible Assets	6.68	8.81	9.66
21	POA (PBT/TTA) (Net Sales)%	7.69	15.86	19.32
22	Operating Cost/Net Sales %	82.98	83.72	83.10
23	Assessed Bank Finance	830.000	930.000	980.000
24	Inventory + Receivables /Net Sales (In Days)	519.98	397.81	384.63
25	Inventory + Receivables	1638.300	1961.800	2107.500
26	PBDIT	411.200	539.800	559.000
27	PBDIT/Intt. (Times)	2.05	2.32	2.71
28	ROCE (%) PBDIT/Total Assets	11.48	13.86	13.73
29	Total Current Assets	2962.200	3279.500	3460.500
30	Other Current Liabilities	546.000	618.200	631.800
31	Working Capital Gap	2416.300	2661.300	2828.700
32	NWC	1586.300	1731.300	1848.700
33	Bank Finance/Current Assets%	28.02	28.36	28.32
34	NWC /Total Current Assets%	53.55	52.79	53.42
35	Sundry Creditors To Total Current Assets %	3.74	4.21	4.43
36	Other Current Liabilities /Total Current Assets%	14.69	14.64	13.82
37	Chargeable Assets(Inclusive Debtors)	2804.300	3211.800	3407.500
38	Less: Sundry Creditors	110.700	138.100	153.400
39	Net Chargeable Current Assets	2693.600	3073.700	3254.100
40	Loan Installment Repaid / Repayable	1.61	20.71	52.75
41	Interest Paid / Payable	20.10	23.24	20.65
42	Total Purchases	1010.000	1260.000	1400.000

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

BUILD UP OF NET CURRENT ASSETS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015 Estimated	31.03.2016 Projected	31.03.2017 Projected
Current Assets
Raw Material
Indigenous	0.000	0.000	0.000
(Holding in Months)	0.00	0.00	0.00
Imported	0.000	0.000	0.000
(Holding in Months)	0.00	0.00	0.00
Finished Goods	860.200	950.000	1000.000
(Holding in Months)	14.56	9.30	8.56
Stock in Process	400.000	420.000	450.000
Receivables	378.100	591.800	657.500
(Holding in Months)	3.95	3.95	3.95
Other Assets
Cash and Bank	157.900	67.700	53.000
Consumables	0.000	0.000	0.000
Advance to Suppliers	0.000	0.000	0.000
Others	1166.000	1250.000	1300.000
TOTAL	2962.200	3279.500	3460.500
CURRENT LIABILITIES
Sundry Creditors	110.700	138.100	153.400
(holding in months)	1.32	1.32	1.32
Others	260.000	273.000	286.700
Advance from customers	0.000	0.000	0.000
Others	0.000	0.000	0.000
Loan Installment Repayable within 12 M	175.300	207.100	191.700
TOTAL	546.000	618.200	631.800

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

NETWORTH STATEMENT

MR. KIRAN VADODARIA

[AS ON SEPTEMBER 30, 2014]

(RS. IN MILLIONS)

INVESTMENT IN IMMOVABLE PROPERTY

Sr. No.	Details of location of property including extent [As per Revenue and Municipal, Postal Address]	Type of Property	If in joint names with others [Indicate names]	Date of acquisition	Built up area [in Sq. Mt.]	Cost [Rs. in Millions]	Market Value [Rs. in Millions] [Note 2]
1	2, Anjani Avenue Bungalow, Opposite Chief Justice Bungalow, Bodakdev, Ahmedabad – 380015 [Note 1]	Residential	Alpaben Vadodaria	30.06.1999	232	4.922	18.560
2	Agriculture Land at Makarba S. No. 18	Land	--	--	--	0.788	0.788
3	Agriculture Land at Makarba S. No. 369/2	Land	--	30.12.2009	2327	0.760	93.080
4	Agriculture Land at Makarba S. No. 369/2 paiki	Land	--	13.01.2010	930.80	0.636	37.232
5	Agriculture Land at Makarba S. No. 392	Land	--	06.08.2004	19223	2.464	768.920
6	Land S. No. 190 S, Plot No. 39	Land	--	30.07.2011	334	1.909	1503.000
7	Land S. No. 190-1-2/P SP4	Land	--	10.08.2004	252	0.070	11.340
8	Land S. No. 190 (47 Road) Thaltej	Land	--	17.01.2006	--	2.331	2.331
9	Land Survey No. 190 (Paiki - 21)	Land	--	31.03.2009	256	1.282	11.520
10	Land Survey No. 190 (Sp1)	Land	--	10.11.2004	258.94	0.091	11.652
11	Land Survey No. 190 (Sp17) Paiki South	Land	--	06.09.2005	278	0.099	12.510
12	Land Survey No. 190 (Sp17) P North	Land	--	06.09.2005	278	0.099	12.510
13	Land Survey No. 190 (Sp18P)	Land	--	24.02.2005	279	0.098	12.555
14	Land Survey No. 190 (Sp18P) South	Land	--	26.04.2005	279	0.097	12.555
15	Land Survey No. 190 (Sp19P) North	Land	--	29.11.2005	334.44	0.100	15.050
16	Land Survey No. 190 (Sp19P) South	Land	--	29.11.2005	334.44	0.100	15.050
17	Land Survey No. 190 (Sp1) South	Land	--	06.05.2005	258.93	8.989	11.652
18	Land Survey No. 190 (Sp2)	Land	--	23.11.2004	508.35	0.153	22.876
19	Land Survey No. 190 (Sp20) P North	Land	--	07.09.2005	334.44	0.167	15.050
20	Land Survey No. 190 (Sp20) P South	Land	--	07.09.2005	334.44	0.167	15.050
21	Land Survey No. 190 (Sp21) P South	Land	--	07.09.2005	256.27	0.149	11.532
22	Land Survey No. 190 (Sp22p) P North	Land	--	25.11.2006	251	0.122	11.295
23	Land Survey No. 190 (Sp22p) P South	Land	--	15.06.2005	251	0.088	11.295
24	Land Survey No. 190 (Sp23) P North	Land	--	25.07.2005	234.11	0.083	10.535
25	Land Survey No. 190 (Sp23) P South	Land	--	11.05.2005	234.11	0.083	10.535
26	Land Survey No. 190 (Sp24)	Land	--	03.12.2004	503	0.177	22.635
27	Land Survey No. 190 (Sp3)	Land	--	08.11.2004	508	0.177	22.860
28	Land Survey No. 190 (Sp33)	Land	--	24.11.2004	668.88	0.232	30.100
29	Land Survey No. 190 (Sp34P) North	Land	--	07.09.2005	334	0.101	15.030
30	Land Survey No. 190 (Sp34P) South	Land	--	16.09.2005	334	0.101	15.030
31	Land Survey No. 190 (Sp36)	Land	--	09.11.2004	717.38	0.216	32.282
32	Land Survey No. 190 (Sp39P) South	Land	--	03.06.2005	439	0.156	19.755
33	Land Survey No. 190 (Sp40P) North	Land	--	28.02.2005	288.45	0.084	12.980
34	Land Survey No. 190 (Sp40P) South	Land	--	09.05.2005	288.46	0.101	12.981
35	Land Survey No. 190 (Sp4P) North	Land	--	03.03.2005	252	0.088	11.340
36	Capex on Land at Thaltej S. No. 190	Capex	--	--	--	25.608	25.608
37	Agriculture land at Vejalpur S. No. 1335/1	Land	--	17.09.2007	506	0.361	5.903
38	Agriculture Land at Vejalpur S. No. 818	Land	--	25.01.2002	--	0.178	0.178
39	Agriculture Land at Rasulpura S. No. 33 paiki 3, 6, 7	Land	--	18.07.2008	21313	0.372	0.559
	Total					53.799	2885.714

NOTE:

1) Immovable Property vide Sr. No. 1 is encumbrance with Gruh Finance Limited.

2) Market value is based on value provided by management

3) Thaltej Land Survey No. 190, paiki 17, 19, 20, 21, 22, 23 and 24 are encumbrance with SIDBI, paiki 1, 2, 3 with ICICI Bank Limited and 33, 39 and 40 with Gruh Finance Limited.

INVESTMENT IN SHARES / DEBENTURES / CAPITAL / SECURITIES / BONDS / MUTUAL FUNDS / FIXED DEPOSITS [FD], ETC.

Sr. No.	Name of the Company/ Concern/ Bank	Name, ID and address of DP, Bank	Investment Type/ [listed/ unlisted]/ Physical Form/ Demat	No. of units	Cost [Rs. in Millions]	Market Value [Rs. in Millions] [Note 2]
Associate/ Sister/ Group Concern
1	Nila Infrastructures Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	31858100	13.732	153.875
2	Sambhav Media Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	24826935	27.928	49.654
	Sub-total				41.660	203.529
Investment in Partnership Firm
1	Vadodaria Real Estate Developers	--	--	--	3.702	3.702
	Sub-total				3.702	3.702
Others
1	Reliance Power Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	27	0.007	0.002
2	NHPC	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	25369	1.116	0.493
3	Mahindra and Mahindra Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	1000	0.356	1.361
4	Radico Khaitan Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	2000	0.262	0.156
5	Mangalore Refinery and Petrochemicals Limited	SHCIL, DPID-IN301276, Account No. 30268364	Listed/ Demat	5000	0.228	0.307
6	LIC	--	--	--	3.169	3.169
7	PPF	--	--	--	0.697	0.697
8	Misc. Physical Shares	--	--	--	0.574	0.574
	Sub-total				6.409	6.759
	Total				51.771	213.990

LOANS AND ADVANCES [EXTENDED]

Sr. No.	Name of the Company/ Concern	Loan Type	Tenor of Loan	Amount in Millions
Associate/ Sister/ Group Concern
1	Ms. Chhaya Vadodaria	Long Term	--	2.100
2	Ms. Kajal Vadodaria	Long Term	--	0.022
3	Mr. Karan Vadodaria	Long Term	--	6.500
4	Mr. Manoj Vadodaria	Long Term	--	10.116
5	Mr. Shailesh Vadodaria	Long Term	--	28.163
	Sub-total			46.901
Others
1	Satelite Sunlight NTC	--	--	0.604
2	Hardik H. Patel	--	--	0.486
	Sub-total			1.090
	Total			47.991

OTHER ASSETS [INCLUDING GOLD, JEWELLERY, VEHICLES ETC]

Sr. No.	Details	Amount in Millions	Long Term/ Short Term
1	Gold and Ornaments	0.648	Long Term
2	Furniture and Fixtures	3.612	Long Term
3	Deposit with HDFC Bank	1.722	--
4	Other Deposits	0.014	Long Term
5	Cash and Bank Balances	1.600	Short Term
	Total	7.596

SECURED/ UNSECURED BORROWINGS FROM

Sr. No.	Name of the Lendor	Nature of borrowing [Long Term/ Short Term]	Purpose	Amount Outstanding	Amount Overdue, if any	Nature of Security offered
Banks/ Financial Institutions/ Finance Companies		--	--	--	--	--
	Sub-total				--	--
Associate/ Sister/ Group Concern
1	Vadodaria Real Estate Developers	--	--	0.101	--	--
2	Nila Infrastructures Limited	--	--	61.000	--	--
	Sub-total			61.101	--	--
Others
1	Kirtikumar Mehta	--	--	0.500	--	--
2	Misc.	--	--	0.027	--	--
	Sub-total			0.527	--	--
	Total			61.628	--	--

NETWORTH

RS. 99.529 MILLIONS

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

NETWORTH STATEMENT

MR. MANOJ VADODARIA

[AS ON SEPTEMBER 30, 2014]

(RS. IN MILLIONS)

INVESTMENT IN IMMOVABLE PROPERTY

Sr. No.	Details of location of property including extent [As per Revenue and Municipal, Postal Address]	Type of Property	If in joint names with others [Indicate names]	Date of acquisition	Built up area [in Sq. Mt.]	Cost [Rs. in Millions]	Market Value [Rs. in Millions] [Note 3]
1	1, Anjani Avenue Bungalow, Opposite Chief Justice Bungalow, Bodakdev, Ahmedabad – 380015 [Note 1]	Residential	Mrs. Nila M. Vadodaria	30.06.1999	234	5.391	18.720
2	Land at Makarba S. No. 68 [Note 1]	Land	--	29.09.2011	1821	17.915	72.840
3	Land at Makarba S. No. 47/1, F.P. No. 48/1 [Note 2]	Land	--	27.10.2007	7499	1.413	299.960
4	Land at Makarba S. No. 124	Land	--	09.09.2014	3460	24.091	138.400
5	Land at Makarba S. No. 193	Land	--	09.09.2014	25698	73.345	1027.920
6	Land at Thaltej, S. No. 190 (35)	Land	--	10.03.2010	259	1.138	11.655
7	Agriculture Land at Vejalpur S. No. 1335/1	Land	Mr. Kiran Vadodaria and Mr. Shailesh Vadodaria	17.09.2007	506	0.136	5.903
8	Agriculture Land at Vejalpur S. No. 764	Land	--	18.09.2008	853	1.366	29.855
9	Agriculture Land at Rasulpura, S. No. 33 Paiki 3, 6, 7	Land	Mr. Kiran Vadodaria and Mr. Shailesh Vadodaria	18.07.2008	21313	0.372	0.466
10	Agriculture Land at Rasulpura, S. No. 33 paiki 2	Land	--	03.12.2009	32375	0.703	0.879
11	Agriculture Land at Bavla, S. No. 1514	Land	--	06.08.2012	17402	10.791	26.103
12	Agriculture Land at Bavla, S. No. 721/2	Land	--	20.09.2011	1416	0.402	2.124
13	Agriculture Land at Bavla, S. No. 725/1	Land	--	20.09.2011	1619	0.490	2.429
14	Agriculture Land at Bavla, S. No. 758	Land	--	20.09.2011	3440	0.976	5.160
15	Agriculture Land at Nabhoi, S. No. 128/1/2/1	Land	--	08.11.2007	7887	0.666	0.999
16	Agriculture Land at Ognaj – Greenvillage, S. No. 516	Land	--	10.06.2014	6171	0.301	0.452
17	Agriculture Land at Sitapur, S. No. 595	Land	--	31.01.2013	64750	10.507	10.507
18	Agriculture Land at Sitapur, S. No. 594	Land	--	14.05.2014	74626	13.396	13.396
19	Agriculture Land at Vatva S. No.1167	Land	--	30.12.2009	2023	1.194	1.821
20	Agriculture Land at Vatva S. No. 477	Land	--	30.12.2009	4249	2.609	3.824
21	Agriculture Land at Vatva S. No. 608/1	Land	--	30.12.2009	1821	1.198	1.639
22	Agriculture Land at Vatva S. No. 624	Land	--	30.12.2009	3035	2.198	2.732
23	Agriculture Land at Vatva S. No. 688	Land	--	02.04.2008	958	0.527	--
	Total					171.125	1677.784

NOTE:

1) Immovable Property vide Sr. No. 1 and 2 are encumbrance with Gruh Finance Limited.

2) Immovable Property vide Sr. No. 3 is encumbrance with Tata Capital Limited.

3) Market value is based on value provided by management.

INVESTMENT IN SHARES / DEBENTURES / CAPITAL / SECURITIES / BONDS / MUTUAL FUNDS / FIXED DEPOSITS [FD], ETC.

Sr. No.	Name of the Company/ Concern/ Bank	Name, ID and address of DP, Bank	Investment Type/ [listed/ unlisted]/ Physical Form/ Demat	No. of units	Cost [Rs. in Millions]	Market Value [Rs. in Millions]
Associate/ Sister/ Group Concern
1	Nila Infrastructures Limited	SHCIL, DPID-IN301276, Account No. 30268305	Listed/ Demat	44154712	38.152	213.267
2	Sambhav Media Limited	Mangal Keshav	Listed/ Demat	11235376	27.394	22.471
	Sub-total				65.546	235.738
Investment in Partnership Firm
1	Vadodaria Real Estate Developers				1.659	1.659
	Sub-total				1.659	1.659
Others
1	NHPC	SHCIL, DPID-IN301276, Account No. 30268305	Listed/ Demat	25369	1.116	0.493
2	Reliance Power Limited	SHCIL, DPID-IN301276, Account No. 30268305	Listed/ Demat	25	0.007	0.002
3	LIC	--	--		1.105	1.105
4	PPF	Account with SBI	--		0.445	0.445
5	Bond	IDBI Infra Bond	--		0.020	0.020
6	Misc. Share	--	Physical		0.542	0.542
	Sub-total				3.235	2.607
	Total				70.440	240.004

LOANS AND ADVANCES [EXTENDED]

Sr. No.	Name of the Company/ Concern	Loan Type	Tenor of Loan	Amount in Millions
Associate/ Sister/ Group Concern
1	Manoj Associates	--	--	2.620
2	Neha Vadodaria	--	--	0.005
	Sub-total			2.625
Others
1	Under various names	--	--	82.063
	Sub-total			82.063
	Total			84.688

OTHER ASSETS [INCLUDING GOLD, JEWELLERY, VEHICLES ETC]

Sr. No.	Details	Amount in Millions	Long Term/ Short Term
1	Deposit	0.005	Long Term
2	Cash and Bank Balances	0.727	Short Term
3	Furniture and Fixtures	1.399	Long Term
	Total	2.131

SECURED/ UNSECURED BORROWINGS FROM

Sr. No.	Name of the Lendor	Nature of borrowing [Long Term/ Short Term]	Purpose	Amount Outstanding	Amount Overdue, if any	Nature of Security offered
Banks/ Financial Institutions/ Finance Companies		--	--	--	--	--
	Sub-total				--	--
Associate/ Sister/ Group Concern
1	Vadodaria Real Estate Developers	Short Term	--	0.842	--	--
2	Mr. Shailesh Vadodaria	Long Term	--	5.128	--	--
3	Ms. Alpa Vadodaria	Long Term	--	20.416
4	Mr. Kiran Vadodaria	Long Term	--	10.116
5	Nila Vadodaria	Long Term	--	4.540
6	Nila Infrastructures Limited	Long Term	--	54.100
7	Shirdi Ispat	Long Term	--	5.000
8	Bhadrakali Enterprise	Long Term	--	5.000
9	Faizan Developers	Long Term	--	4.500
10	Namra Developers	Long Term	--	65.000
	Sub-total			174.642	--	--
Others
1	Misc.	--	--	0.325	--	--
2	Nayna A. Shah HUF	--	--	2.500	--	--
3	Karnavati Petrochem Private Limited	--	--	55.089
	Sub-total			57.914	--	--
	Total			232.556	--	--

NETWORTH

RS. 95.828 MILLIONS

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PROFILE

Subject is headquartered in “megacity” Ahmedabad, the commercial nerve-centre of India’s fastest growing state, Gujarat. The Company is a public limited company listed on Bombay Stock Exchange.

Nila, a Company in its 25^th year of operations, is engaged in the execution of turnkey infrastructure contracts [e.g. affordable housing schemes, BRTS bus shelters, specially designed bus stops, etc.], housing construction, real estate, and leasing. The Company is also executing selected Industrial projects. The Quality Management System of the Company is accredited ISO 9001:2008 by Certification International (UK) Limited. The Company is leasing its owned commercial and residential premises. The operations of the company are mainly concentrated in western India i.e. Gujarat and Rajasthan.

With such business model, that has ensured continuous growth, the Company is favourably placed to withstand any downturn in the economy, while it stands to gain from the accelerated economic activities in the Western India.

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

VALUATION REPORT

REPORT ON VALUATION OF NON AGRICULTURE OPEN PLOT OF LAND SITUATED AT BAVLA, AHMEDABAD OWNED BY NILA INFRASTRUCTURE LIMITED

PROPERTY DETAILS

Property Valued

Non-Agriculture Open Plot of Land of Nila Infrastructure Limited, A Sambhav Group of Company, Ahmedabad.

Location

Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Village Bavla, Near Bavla Flyover Ahmedabad – Bagodara Highway (N. H. No. 8A) Taluka Bavla, District Ahmedabad.

Area

102132.50 Sq. Mt. i.e. 122150 Sq. Yd.

VALUATION

Purpose of Valuation

For Bank Loan or Security Purpose

Date of Valuation

12.03.2015

Date of Inspection

12.03.2015

Market Value

The Market Value of Non Agriculture Open Plot of Land Nila Infrastructures Limited situated at Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Village Bavla, Near Bavla Flyover, Ahmedabad – Bagodara Highway [N. H. No. 8A] Taluka Bavla, District Ahmedabad, Gujarat, India is estimated at Rs. 593.000 Millions as on 12.03.2015.

Valuation done by

RBSA Valuation Advisor LLP

Valuation done for

Nila Infrastructures Limited

Introduction

Nila Infrastructures, a Sambhav Group Company, is a growing entity in the real estate and urban infrastructure space. The company has been engaged in turnkey civic infrastructure constructions, besides the development and marketing of residential real estate schemes. Nila Infrastructures is a public limited company listed on Bombay Stock Exchange. It is an ISO 9000:2008 accredited company having its headquarters in Ahmedabad.

RSBA Valuations Advisors LLP referred as ‘consultants’ has been appointed by Nila Infrastructures Limited, to estimate the Market Value of the Non Agriculture Open Plot of Land of Nila Infrastructures Limited situated at Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Village Bavla, Near Bavla Flyover, Ahmedabad – Bagodara Highway [N. H. No. 8A] Taluka Bavla, District Ahmedabad, State Gujarat, India.

Accordingly, their team of experts visited the site on 12.03.2015 to inspect the subject property and to carry out Market Survey to estimate fair market value for bank loan or security purpose.

Inspection and Background of the Property

The property under valuation is a Non Agriculture open plot of land owned by Nila Infrastructures Limited. The property was inspected on 12.03.2015 in presence of Mr. Hemang Vadodaria, a representative of Nila Infrastructures Limited. Its geographical coordinates are 22⁰50’22.13”N and 72⁰21’34.52”E.

Owner	Nila Infrastructures Limited
Address	Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Village Bavla, Near Bavla Flyover, Ahmedabad – Bagodara Highway [N. H. No. 8A] Taluka Bavla, District Ahmedabad, State Gujarat, India

The subject property is abutting on internal road [proposed 80’ road] leading towards the bavla flyover. It is accessible through the village road shooting out from the highway. It has a good visibility from Ahmedabad – Bagodara highway.

Total area of amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 is 204265 Sq. Mt. i.e. 244301 Sq. Yd. which is owned by Nila Infrastructures Limited and Kataria Infrastructure Private Limited. Entire land area is equally owned i.e. Part B admeasuring 122150 Sq. Yd. by Kataria Infrastructure Private Limited and Part A admeasuring 122150 Sq. Yd. by Nila Infrastructures Limited. A copy of rectification sale deed of this effect alongwith division map is also provided for their perusal.

Thus, the scope of this exercise is restricted towards the valuation of Open Plot of land owned by Nila Infrastructures Limited i.e. Part A which is referred as subject property hereafter. As observed during the site inspection one side boundary was constructed and fencing work of rest of the sides are in progress to well demarcate the boundaries of subject property.

Real Estate Scenario

The economy of Bavla has largely rests on agro-based industries, pharmaceutical units and industrial development in neighboring locations such as Kerala GIDC and Changodar, Government of Gujarat has proposed a SIR at Changodar to provide quality infrastructure development for industrial activities. Pharma plants like Zydus Cadila, Claris, Intas have been operating their units since long now. Some new pharma players have also set up their plants here, Amneal Life Sciences being one of the recent company to do so. Bavla is also emerging as a logistics centre with number of companies setting up their warehouses in close proximity to Bavla such as Om Logistics, Big Box Containers etc. The development of Dholera SIR may have a vast impact on the development of Bavla especially due to enhanced connectivity via proposed six lane road and a metro rail. There being a strong economic base, the town is poised to continue growing backed by a stable demand.

Looking at the urban landscape of Bavlas, the bulk of residential development is concentrated on the eastern side of the Ahmedabad Bagodara Highway except of a few residential societies like Hariom Society, Devyani Society etc. on the western side of Ahmedabad Bagodara Highway, most of the development is in the form of rice mills and agro based units. Bavla town is growing in the north-east direction towards Rajoda Village, a number of residential societies in form of rowhouses, low-rise apartments and bungalow have come up over the past 4-5 years in this area. Out of the 3 TP schemes sanctioned in Bavla, TP scheme no. 1 and TP scheme no. 3 are located in this area and infrastructure development in form of roads and drainage lines is in progress. Fresh residential schemes are under construction by local developers in TP Scheme 1 and 3. Residential Apartment schemes comprising 1 and 2 bhk product mix have also started developing along the Ahmedabad Bagodara Highway, just outside Bavla town. The onging rates of residential apartment is in the range of Rs. 13000/- Sq. yd. to Rs. 14000/- Sq. yd. based on super built up area and for residential plots are in the range of Rs. 12000/- to Rs. 13000/- per Sq. yd.

Basis and Methodology of Valuation

The Market Value basis of valuation is adopted as per the framework and guidelines provided in International Valuation Standards.

The definition of Market Value as per the International Valuation Standards is as under –

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

Sale Comparison Method under Market Approach

The estimation of fair market rate of open plot of land is carried out by adopting Sales Comparison method by conducting local enquiry and market survey with property dealers, brokers of the property in the surrounding area. The prevalent market rate of industrial property in the vicinity of the property under Valuation is considered to estimate the Market value of the subject property. The factors which have been considered are shape, size, location, frontage, access to main road, visibility, demand and supply of similar properties etc.

VALUATION ANALYSIS

The property under valuation is a Non Agriculture Open Plot of Land owned by Nila Infrastructures Limited situated at Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Village Bavla, Near Bavla Flyover, Ahmedabad Bagodara Highway [N. H. No. 8A] Taluka Bavla, District Ahmedabad, Gujarat, India.

Their inquiries amongst property owner, property developer and real estate agents has revealed that current market rates of comparable large size plots of land varies from Rs. 4000/- per Sq. yd. to Rs. 5000/- per Sq. yd. depending upon the size, shape, location, frontage, amenities, usage of land, distance and access from the main road, distance from the civic amenities, demand and supply of similar premises etc. in the vicinity of the subject property.

The instances of comparable Properties available for Sale and already sold in the vicinity of the subject property are identified as follows:

LIST OF INSTANCES

List of comparable properties available for sale in the vicinity of the subject property.

Sr. No.	Type of	Description	Total Plot Area [Sq. Yd.]	Negotiated Total Consideration	Land Rate Rs. /- Sq. Yd.
A1	Agriculture Land	A corner facing agriculture land is available for sale. The said land is situated at Sanand Chowkdi, Bavla. It is located approximately 1.2 Km away from subject property.	4000	23.000	5800
A2	Land with allied Structure [Industrial]	A Non Agriculture land with allied structure thereon main National highway 8-A, Near Rupal Patiya, Mouje Rupal is available for sale. It is located approximately 3 km away from subject property. Estimated Depreciated replacement cost of construction is negligible and hence not considered.	30000	144.000	4800
A3	Land with allied Structure [Industrial]	A cotton press [land with allied structure thereon] abutting on internal road, Near Adroda Circle, Bavla is available for sale. The said unit is approximately 2.5 km away from subject property. Estimated Depreciated replacement cost of construction is negligible and hence not considered.	45000	247.530	5500
A4	Land with allied Structure [Industrial]	A rice mill [land with allied structure thereon] abutting on main state highway No. 74, Village Salajada is available for sale. The said unit is approximately 3.5 km away from subject property. Estimated Depreciated replacement cost of construction is negligible and hence not considered.	21000	101.000	4800

List of comparable properties recently sold in the vicinity of the subject property.

Sr. No.	Type of	Description	Total Plot Area [Sq. Yd.]	Negotiated Total Consideration	Land Rate Rs. /- Sq. Yd.
S1	Land with allied Structure [Industrial]	A land with allied structure was sold one month ago situate at Opposite A K Vidhyamandir, Near Adroda Circle, Bavla, The said unit is approximately 1.9 km away from subject property. Estimated Depreciated replacement cost of construction is negligible and hence not considered.	20000	100.000	5000

COMPARABLE SALE ANALYSIS

Details of Comparable properties available for sale:

Element	Subject Property	A1	A2	A3	A4
Type of Property	Industrial Land	Agriculture Land	Land with allied Structure [Industrial]	Land with allied Structure [Industrial]	Land with allied Structure [Industrial]
Location	Bavla	Bavla	Rupal	Bavla	Salajada
Property Rights	Freehold	Freehold	Freehold	Freehold	Freehold
Negotiated Price Rs. per Sq. yd.	--	5800	4800	5500	4800
PHYSICAL SITE INFORMATION
Shape of the plot	Irregular	Irregular	Irregular	Irregular	Irregular
Encumbrance of Structure	Vacant Land	Vacant Land	Land with allied construction	Land with allied construction	Land with allied construction
Frontage	Good	Good	Good	Good	Good
Access – Type	Secondary	Primary	Primary	Secondary	Secondary
Size [in Sq. Yd.]	122150	4000	30000	45000	21000
Distance from the subject property [in Km]	--	1.2 km	3 km	2.5 km	3.5 km
Topography	Not leveled	Not leveled	Not leveled	Leveled	Leveled
Visibility	Good	Good	Good	Good	Good
Availability of Utilities Services	Not Available	Not Available	Not Available	Not Available	Not Available

Data Adjustment Chart for Properties available for sale

Comparison Elements	A1	A2	A3	A4
Negotiated price per Sq. yd. in Rs.	5800	4800	5500	4800
Change of Usage - Conversion charges in Rs. / Sq. yd.	150	0	0	0
Adjusted Price	5950	4800	5500	4800
Location and Physical Adjustments
Location	0%	10%	0%	0%
Encumbrance of Structure	0%	0%	0%	5%
Frontage	0%	0%	0%	0%
Access	-5%	-5%	0%	0%
Shape of Plot	0%	0%	0%	0%
Size	-15%	-5%	-5%	-5%
Visibility	0%	0%	0%	0%
Topography	0%	0%	-5%	-5%
Utility	0%	0%	0%	0%
Final Adjusted Price per Sq. yd.	4760	4800	4950	5040
For Reconciliation Purposes:
Total Net Adjustment	-20.00%	0.00%	-10.00%	5.00%
Total Gross Adjustment	15.00%	15.00%	10.00%	20.00%
Final Adjusted	4760	4800	4950	5040
Weighting	20.00%	20.00%	25.00%	15.00%
Weighted Reconciliation	952	960	1238	756
Total of Weighted Reconciliation	3906 [X]

Details of Comparable Property already sold

Element	Subject Property	S1
Type of Property	Industrial Land	Land with allied Structure [Industrial]
Location	Bavla	Bavla
Property Rights	Freehold	Freehold
Negotiated Price Rs. /- per Sq. yd.	--	5000
Physical Site Information
Shape of the plot	Irregular	Regular
Encumbrance of Structure	Vacant Land	Land with allied construction
Frontage	Good	Good
Access – Type	Secondary	Tertiary
Size [in Sq. yd.]	122150	20000
Distance from the subject property [in km]	--	1.9 km
Topography	Leveled	Leveled
Visibility	Good	Good
Availability of Utilities Services	Not Available	Not Available

Details of Comparable Property already sold

Comparison Elements	S1
Negotiated price per Sq. yd. in Rs.	5000
Change of Usage- Conversion Charges in Rs/ Sq. yd.	0
Adjusted Price	5000
Location and Physical Adjustments
Location	0%
Encumbrance of Structure	0%
Frontage	0%
Access	10%
Shape of Plot	-5%
Size	-10%
Visibility	0%
Topography	0%
Utility	0%
Final Adjusted Price per Sq. yd.
For Reconciliation Purposes:
Total Net Adjustment	-5.00%
Total Gross Adjustment	15.00%
Final Adjusted Price	4750
Weighting	20.00%
Weighted Reconciliation	950
Total of Weighted Reconciliation	950 [Y]

Derived Rate of Land	= W.R. of Available Instances [X] + W.R. of Sold Instances [Y]
	= Rs. 3906 + Rs. 950
	= Rs. 4856/-
Or Say	= Rs. 4850/- per Sq. yd.

Market Value of Land	Area [Sq. yd.] X Rate [Rs. / Sq. yd.]
	= 122150 X Rs. 4850/-
	= Rs. 592.428 Millions
Or Say	= Rs. 593.000 Millions

The Market Value and Realizable Value of Non Agriculture Open Plot of Land Nila iNfrastructures Limited situated at Part A of Amalgamated Survey No. 1537, 1555/2, 1556/1, 1567, 1584/1 of Villlage Bavla, Near Bavla Flyover, Ahmedabad Bagodara Highway [N. H. No. 8A], Taluka Bavla, District Ahmedabad, Gujarat, India as on 12.03.2015 is estimated as follow……..

PARTICULARS	AMOUNT IN MILLIONS
Market Value	593.000
Realizable Value	504.000

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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	10537580	15/12/2014	3,468,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C37418456
2	10540476	08/12/2014	130,188,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER PAREL,MUMBAI,  MAHARASHTRA - 400013, INDIA	C39145578
3	10534352	01/12/2014	5,995,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C35658251
4	10534546	01/12/2014	982,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C35705805
5	10533462	24/11/2014	350,000,000.00	GRUH FINANCE LIMITED	GRUH NETAJI MARGNR MITHAKALI SIX ROADS, ELLISBRIDGE, AHMEDBAD, GUJARAT - 380006, INDIA	C35104918
6	10534219	01/11/2014	4,586,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C35556968
7	10527411	29/10/2014	171,305,145.00	RELIGARE FINVEST LIMITED	D3, P3B,, DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA	C30908651
8	10506312	17/06/2014	50,000,000.00	FEDBANK FINANCIAL SERVICES LIMITED	FEDERAL TOWERSALWAYE, ERNAKULAM, KERALA - 683101, INDIA	C09480278
9	10444547	08/12/2014 *	130,188,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI,  MAHARASHTRA - 400013, INDIA	C39146261
10	10437655	07/06/2013	97,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B79973103
11	10379508	12/09/2012	95,000,000.00	CENTRAL BANK OF INDIA	ASHRAM ROAD BRANCH, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	B59296699
12	10353729	25/04/2012	250,000,000.00	DENA BANK	RETAIL ASSET BRANCH, 15 SUMANGALAM SOCIETY NR. ASIA SCHOOL, DRIVE IN ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA	B38936118
13	10310548	20/09/2013 *	320,000,000.00	GRUH FINANCE LIMITED	GRUH NETAJI MARGNR MITHAKALI SIX ROADS, ELLISBRIDGE, AHMEDBAD, GUJARAT - 380006, INDIA	B85971950

* Date of charge modification

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

CORPORATE INFORMATION

Subject is a Company based in Ahmedabad, Gujarat. It is currently engaged in construction as well as development of real estate and infrastructure projects. Nila Infrastructures Limited is a public company incorporated on 20^th February, 1990 and listed on BSE (Bombay Stock Exchange).

REVIEW OF OPERATIONS

The Company is engaged primarily in the business of urban infrastructure development, real estate, construction of housing projects and leasing of properties.

In spite of the slowdown in the economy in general and in real estate and construction sector in particular, the Company has reported increase in turnover due to efficient management of resources and timely exection of projects.

During the year, total turnover of the Company increased by 2.67% from Rs. 9754.65 to Rs. 10014.92 as compared to the previous financial year.

EXPANSION PLANS

The Company foresees acceleration in growth of infrastructural development in the nation in general and in the city where the company mainly operates owing to the expectation of steady government, reforms of policies, faster approvals of pending projects and overall improvement in the investment sentiment of the economy. This is likely to provide ample opportunities to infrastructure developers in one or another way. The Company endeavors to identify profitable projects and bid for the same.

As mentioned during previous year, the Company has obtained several projects of construction of Affordable Housing and is also looking to bid several other projects as and when opportunity appears. The Company anticipates enormous opportunity in the affordable housing segment in years to come. The Company is also under planning to develop its own land by various residential housing schemes in the back of expected housing demand in years to come.

The Company foresees to expand its leasing activities to ensure steady cash flow income and planning is under process to offer some immovable properties and land on long term lease to repute corporate.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC SCENARIO

At the macro economy level, the challenges of the previous financial year in terms of low growth rate, persistently high inflation, sluggish Index of Industrial Production, slowdown in the investment cycle and increasing current account deficit continued during the financial year 2013-14. The major hurdles that the Indian economy experienced during the year were steep fall in the value of currency, high interest rates, high prices of food and commodities, low demand of industrial products, and deteriorated sentiment of capital investment.

The cumulative growth rate of eight core sectors during year 2013-14 has slowed down to 2.6% from 6.5% of the previous year 2012-13. The Index of Industrial Production has contracted to -0.10% in March 2014 as compared to 1.10% in the corresponding month a year ago.

In spite of the obstacles, the Indian economy is likely to accelerate in the next fiscal predominantly due to implementation of stalled projects, prospects of steady government and recovery in industry on higher internal and external demand. The improved GDP for the next fiscal may be driven by reforms in domestic policies as well as improved global growth prospects. This, together with improved domestic consumption demand, is likely to trigger acceleration in growth. As we have stated in earlier reports, the prominent factor for India to grow in years to come shall be its aspirant youth generation. Their aspirations and demands are increasing and channelizing the cycle of economy by increasing domestic consumption.

THE INDUSTRY SCENARIO:

REAL ESTATE SECTOR

The Indian real estate sector has traditionally been dominated by a number of small regional players with relatively low levels of expertise, financial resource, lesser transparency and governance by different local laws. This scenario underwent a change in line with the sector’s growth, and as of today, the real estate industry’s dynamics reflect consumers’ expectations of higher quality with India’s increasing integration with the global economy.

Residential sector in India has witnessed rapid growth in the past decade mainly due to continuous growth in population, migration towards urban areas, ample job opportunities in service sectors, growing income levels, rise in nuclear families, and easy availability of housing finance. During the years 2006-08 demand for houses increased considerably whilst supply of houses could not keep pace with demand thereby leading to a steep rise in residential price values especially in urban areas.

Thereafter during the year 2009-10, the industry witnessed slowdown in demand due to spoiled affordability and deteriorated economic environment. What they have been witnessing since 2011 may be consolidation of the industry with demand, supply and prices gradually moving up in line with the improvement in economic scenario.

Real estate in India continues to be a favoured sector globally for investors, developers and non-resident Indians, The real estate sector, with its growing investment opportunities, is expected to post annual revenues of US$ 180 billion by 2020. The foreign direct investment (FDI) in the sector is expected to touch US$ 25 billion in the next 10 years from its current US$ 4 billion.

The real estate sector which is deeply linked to the economic performance is expected to be major beneficiary in the expected strong Indian economic growth. The share of real estate sector in the overall GDP is also expected to increase from 6.3% in 2013 to 13% by 2018. Further the residential segment which contributes about 80% of the real estate sector is expected to grow significantly over the next few decades. In order to cater the housing need as per an estimate India needs to develop 45 to 50 Million housing units by 2028. Further the Affordable Housing segment which refers to housing for economically weaker section and lower income group is expected to account for 85 to 90 percent of the total development of housing units.

The Government is also keen for the growth of the real estate sector because of its ability to generate employment due to cascading effect on multiple industries. According to the existing FDI policy, 100 per cent FDI in the construction development sector is permitted through the automatic route. One of the major initiatives of the Ministry of Housing and Urban Poverty Alleviation (MHUPA) is to provide affordable housing for poor people living in urban areas. The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) is one its flagship schemes. Further the Real Estate (Regulation and Development) Bill, 2013, as approved is a pioneering initiative aimed at for uniform regulatory environment to protect the consumer, help in quick judgments of disputes and ensure systematic growth of the sector.

URBAN INFRASTRUCTURE

India is poised to have nearly fifty per cent of population living in urban areas in next decade and that poses a challenge for the urban development. According a study, in 2001 the number of people lived in urban India was around 285 Million and it is projected that around 433 Million people will live in urban area of India by 2021. According to a report from Barclays the urban sector is likely to contribute nearly 70 to 75 percent of the GDP by 2020. The rapid increase in urban population is the result of aggressive industrialization. This increased population in cities will demand for development of urban infrastructures including town planning, construction of roads, bridges, mass transportation facilities, sewerages, sanitation and solid waste management, water management, amusement parks, and much more unique kind of developments.

With respect to Ahmedabad city, it is considered as one of the growth engines of nation and due to integration of nearby villages during past several years the city has been spreading rapidly. This has necessitated the development of quality infrastructure all across the city. During past several years there has been many infrastructural projects taken up by the Government of Gujarat under various schemes and plans. Dholera SIR, Dahej PCPIR, Metro Rail, BRTS, Sabarmati River Front, GIFT City at Gandhinagar are few prestigious projects to name. The Government at Gujarat is encouraging in a big way investments in infrastructural development of the state.

BUSINESS OVERVIEW:

REAL ESTATE PROJECTS

During the year the construction of residential project “ATUULYAM” has been completed successfully. The Company is in process of handing over possession to the buyers of the units of the project. Construction of sample house for 58 bungalows scheme at Thaltej, Ahmedabad is completed and the construction of the bungalows is likely to start during the current year.

INFRASTRUCTURE PROJECTS

The Company has during the year completed construction work of 23 bus shelters of BRTS corridor from (1) Kalupur bridge to Naroda – 16 bus shelters (2) Soni ni Chali to Odhav – 7 bus shelters.

The Company has during the year completed the construction work of 68 residential bungalows awarded by “Applewoods Estate Township” of Applewoods Estate Private Limited – The Sandesh Group. The Company has been allotted finishing work of further 31 bungalows for the same township.

As mentioned previous year, the Company has been awarded construction contract for mini township at Tragad, Ahmedabad by Adani Infrastructure and Developers Private Limited. The work allotted is in two phases and two parts of each phase. The company has successfully completed construction of Part A of the First Phase and the possession of site for Part B of First Phase and Second Phase has been given recently. The Construction work is being carried out as per schedule.

During the year, the Company has been allotted a tender from Rajasthan Government for construction of affordable housing for Economic Weaker Section (EWS), Low Income Group (LIG), and for Middle Income Group (MIG) segment at Jodhpur. The company is expecting to start construction of the project during the current year after obtaining possession of the site. Similarly a tender from Ahmedabad Muncipal Corporation has been allotted for construction of LIG Package - 6 at various locations in Ahmedabad under affordable housing scheme.

The Company has bided aggressively during the year for several government tenders at Ahmadabad and has successfully obtained work of construction of multi-level car parking at Navrangpura, Ahmedabad. The construction work is expected to be completed in two years.

LEASING ACTIVITIES

The Company possesses leasing rights for 88000 sq. fts of constructed property situated at the most prominent area of Ahmedabad and the same been given on lease to various renowned corporate.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED ON 31.12.2014

(RS. IN MILLIONS)

PARTICULARS	Quarter Ended		Nine Months Ended
	31.12.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
Income from Operations
Net Sales/Income from Operations	310.125	283.586	869.572
Other Operating Income	0.000	0.000	0.000
Total Income from operations (net)	310.125	283.586	869.572
Expenditure
(a) Consumption of raw material / Project Expenses	330.481	264.865	733.208
(b) Purchase of traded goods	0.000	0.000	0.000
(c) Changes in inventories of finished goods, work in progress and stock in trade	(100.852)	(36.416)	(63.464)
(d) Employee cost	7.383	6.629	20.192
(e) Depreciation	4.529	3.326	11.304
(f) Other Expenses	9.159	2.398	20.457
Total Expenses	250.700	240.802	721.697
Profit from Operations before Other Income, Finance costs and Exceptional item	59.425	42.784	147.875
Other Income	18.304	12.200	40.443
Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item	77.729	54.984	188.318
Finance costs	30.971	23.293	78.123
Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item	46.758	31.691	110.195
Exceptional item	0.000	0.000	0.000
Profit/ Loss from Ordinary Activities before tax	46.758	31.691	110.195
Tax Expenses	16.500	11.200	38.975
Net Profit/ Loss from Ordinary Activities after tax	30.258	20.491	71.220
Extraordinary Items	0.000	0.000	0.000
Net Profit for the period	30.258	20.491	71.220
Paid- up Equity Share Capital (Face value of the share – Re. 1/-)	295.226	295.226	295.226
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year	0.000	0.000	0.000
Earnings per share (before extraordinary items) (of Re. 1/- each) (not annualized) - Basic	0.10	0.07	0.24
- Diluted	0.10	0.07	0.24
Earnings per share (after extraordinary items) (of Re. 1/- each) (not annualized) - Basic	0.10	0.07	0.24
- Diluted	0.10	0.07	0.24
PARTICULARS OF SHAREHOLDING
1. Public shareholding
Number of Shares	73901013	73901013	73901013
Percentage of Shareholding	25.03	25.03	25.03
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of Shares	NA	NA	NA
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	NA	NA	NA
- Percentage of Shares (as a % of the Total Share Capital of the Company)	NA	NA	NA
Non - encumbered
- Number of Shares	221325187	221325187	221325187
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of Shares (as a % of the total share capital of the company)	74.97	74.97	74.97

	PARTICULARS	Quarter Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

NOTES:

1) The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meetings held on 14.02.2015. The Statutory Auditor has carried out limited review of the same.

2) Since the company has only one primary reportable segment, there is no separate reportable segment as required by Accounting Standard - 17 issued by the Institute of Chartered Accountants of India.

3) The previous period's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bank Guarantees given in respect of performance of contracts in favour of Municipal Commissioner, Ahmedabad Municipal Corporation for BRTS Bus Shelter Project.
Phase I Project (upto 15/12/2013)	0.000	12.570
Phase II Project (upto 25/10/2014)	10.092	10.092
LIG-6 package under mukhyamantri avas yojna Project (05/04/2016)	31.706	0.000
Multistoried Parking-Navrangpura (upto 31-01-2016)	25.782	0.000
BRTS 13 Project (upto 19-12-2016)	8.311	0.000
Rajeev Avas Yojna (upto 24-08-2014)	2.962	0.000
In favour of Adani Infrastructure and Developers Private Limited. For Construction work of project at Tragad, Ahmedabad (upto 10-03-2015)	13.000	13.000
In favour of Rajasthan Avas Vikas and Infrastructure Limited for Construction work of project at Jodhpur Rajasthan Megahousing Project (upto 22-04-2016)	25.471	0.000
Total	117.324	35.662

FIXED ASSETS:

· Land

· Building / Office Premises

· Furniture and Fixtures

· Electrifications

· Vehicles

· Commercial Vehicles

· Computer Equipments

· Office Equipments

· Plant and Machinery

· Software

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.82
UK Pound	1	Rs. 92.83
Euro	1	Rs. 66.17

INFORMATION DETAILS

Information Gathered by :	HNA / PPT
Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	YES
--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.