MIRA INFORM REPORT

Report No. :	323287
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	RJ TECHNOLOGIES
Registered Office :	204, Manas Tower, Opposite Star Bazaar, Satellite, Ahmedabad – 380015, Gujarat
Tel. No.:	91-9601696939 [Mr. Jasvindersingh Chhabda]
Country :	India
Financials (as on) :	31.03.2015 [Provisional]
Date of Establishment :	31.03.2014
Capital Investment :	Rs. 1.242 Million
TIN No.:	24073806005
PAN No.: [Permanent Account No.]	AAQFR7848K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Electrical and IT Goods.
No. of Employees :	4 (3 in Office and 1 in Warehouse) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a new partnership concern incorporated on 31^st March 2014 and engaged into trading of Electrical and IT Goods. Mr. Jasvindersingh Chhabda, Partner has provided information to us. As per the financial record of 2015 (unaudited), concern has reported sizable turnover in its first year of business operations and it has achieved minimal profit of Rs. 2.09 lakhs. Rating is constrained on account of concern’s limited track of business operations and recent established history of the concern. Payment terms are reported to be slow but correct. Since it a new concern with limited history of business operations, the concern can be considered for business dealings with great 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	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jasvindersingh Chhabda
Designation :	Partner
Contact No.:	91-9601696939
Date :	20.05.2015

LOCATIONS

Registered Office :	204, Manas Tower, Opposite Star Bazaar, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9601696939 [Mr. Jasvindersingh Chhabda]
Fax No.:	Not Available
E-Mail :	info@rjtech.co.in
Area :	501 Sq. ft.
Location :	Rented
Warehouse :	Basement, Hotel Silvercloud, Opposite Gandhi Ashram, Vadaj, Ahmedabad – 380015, Gujarat, India
Area :	700 Sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Jasvindersingh J. Chhabda
Designation :	Partner
Address :	5, Lilawati Park Society, Uttamnagar, Maninagar, Ahmedabad, Gujarat, India
Date of Birth/Age :	22.02.1988
Qualification :	B.E. (Electrical)
Experience :	5 Years
PAN No.:	AIRPC9797K
Passport No.:	G5842460
Name :	Mr. Rajpal Singh Sisodia
Designation :	Partner
Address :	H-501, Ganesh Homes, Chenpur Road, New Ranip, Ahmedabad, Gujarat, India
Date of Birth/Age :	07.06.1980
Qualification :	B. Com
PAN No.:	BFFPS4820B

BUSINESS DETAILS

Line of Business :	Trader of Electrical and IT Goods.
Brand Names :	· Plexonics · Havells
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit 60 Days
Purchasing :	Credit 60 Days

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

· Cloudberry Technologies Private Limited [91-9876649153]

· Havells India Limited

· Radhe Corporation

· Microlink Solutions Private Limited [91-9099093473]

· Raj Technologies

· Raj Softech

· Vraj Plastic Industries

· NSX Networks

· Mahavir Power Sys Private Limited

Customers :

Wholesalers, Retailers and End Users

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

· Ishan Infotech Limited, Rajkot [91-281-6647433]

· Microlink Solutions Private Limited, Ahmedabad [91-9099093473]

· DP Technologies, Ahmedabad [91-9974146773]

· Kiran Motors Limited, Ahmedabad [91-9824026010]

· Kataria Automobiles Private Limited, Ahmedabad [91-7624013824]

· Shah Audio Infotech Private Limited, Ahmedabad [91-79-25505000]

· Megastar Computer Services, Ahmedabad [91-79-26764812]

· Vardhan Insys, Ahmedabad [91-9924313377]

· Akshar Computer Services, Ahmedabad [91-79-26446686]

· Jas Electricals Private Limited, Ahmedabad [91-9601696939]

· Cantex Systems Private Limited, Ahmedabad

· Unicom Infotel Private Limited, Ahmedabad [91-9879610135]

· Green Cross Laboratory, Ahmedabad [91-9228171672]

· Hindustan IT Services, Ahmedabad [91-9137332001]

· Overseas Corporation, Surat [91-9824137705]

· Lantech Solution, Ahmedabad [91-9825010332]

· Adishwaram Corporation, Ahmedabad [91-9227829295]

· Nabros Pharma Private Limited, Kheda

· Sanghvi Infotech Private Limited, Ahmedabad [91-9825801301]

· World Renewal Spiritual Trust, Ahmedabad [91-9924203089]

· TM Systems Private Limited, Ahmedabad [91-9825062480]

No. of Employees :

4 (3 in Office and 1 in Warehouse) (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	SM Road Branch, Ahmadabad, Gujarat, India
Person Name (with Designation):	Mr. Ramesh Kumar (Credit Manager)
Contact Number:	91-9638198904
Name of Account Holder:	RJ Technologies
Account Number:	202420110000584
Account Since (Date/ Year of A/c Opening):	08.01.2015
Average Balance Maintained (Optional):	Rs. 0.074 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	Current Account
Account Operation:	Satisfactory
Remarks: --

Facilities :

--

Auditors :
Name :	Jain Choudhary and Associates Chartered Accountants
Address :	B-401, Premium House, Opposite Gandhigram Railway Station, Off. Ashram Road, Ahmedabad, Gujarat, India
Mobile No.:	91-9824616440
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Jas Electricals Private Limited Address: Hotel Silvercloud, Opposite Gandhi Ashram, Wadaj, Ahmedabad, Gujarat, India Activity: Electrical Contractors · Vardhan Insys Activity: IT Engineers (System Integrators)

CAPITAL STRUCTURE

AS ON 31.03.2015 [PROVISIONAL]

PARTICULARS	AMOUNT
Jasvindersingh Chhabda	0.619
Rajpal Singh Sisodia	0.623
Total	1.242

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 [Provisional]
SHAREHOLDERS FUNDS
1] Partners Capital		1.242
2] Share Application Money		0.000
3] Reserves & Surplus		0.210
4] (Accumulated Losses)		0.000
NETWORTH		1.452
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.100
TOTAL BORROWING		0.100
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.552
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.048
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.082
	Sundry Debtors	2.747
	Cash & Bank Balances	0.065
	Other Current Assets	0.285
	Loans & Advances	0.025
Total Current Assets		5.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.684
	Other Current Liabilities	0.016
	Provisions	0.000
Total Current Liabilities		3.700
Net Current Assets		1.504
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.552

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 [Provisional]
	SALES
		Income	10.006
		Other Income	0.156
		TOTAL	10.162
Less	EXPENSES
		Cost of Goods sold	8.973
		Bank Charges	0.128
		Bonus Expenses	0.009
		Electricity Expenses	0.006
		Freight Expenses	0.024
		Legal and Professional Fees	0.006
		Office rent Expenses	0.084
		Partners Interest	0.065
		Partners Remuneration	0.539
		Repairing and Maintenance Expenses	0.021
		Salary Expenses	0.085
		Other Expenses	0.012
		TOTAL	9.952
	NET PROFIT		0.210

KEY RATIOS

PARTICULARS		31.03.2015 [Provisional]
Net Profit Margin (PAT/Sales)	(%)	2.10
Return on Total Assets (PBT/Total Assets}	(%)	4.00
Return on Investment (ROI) (PBT/Networth)		0.14
Debt Equity Ratio (Total Debt/Networth)		0.07
Current Ratio (Current Asset/Current Liability)		1.41

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	Yes
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	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
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	No
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

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
1	Gross Sales
	a) Domestic Sales	90.000	100.000
	b) Export Sales	--	--
	c) Other Operating Income	0.040	0.050
	Total	90.040	100.050
2	Less: Excise Duty	--	--
3	Net Sales (1-2)	90.040	100.050
4	%age rise (+) or fall (-) in net sales as compared to previous year	798.15	11.12
5	Cost of Sales
	i) Raw Materials (Including stores and other items used in the process of manufacture)
	Imported	--	--
	Indigenous	88.000	95.000
	ii) Other Spares
	Imported	--	--
	Indigenous	--	--
	iii) Power and Fuel	--	--
	iv) Direct Labour (Factory Wages and Salaries)	0.660	0.720
	v) Other Manufacturing Expenses	--	--
	vi) Depreciation	0.045	0.040
	vii) Sub-total [i to vi]	88.705	95.760
	vii) Add: Opening Stock in process	--	--
	Sub-total	88.705	95.760
	ix) Less: Closing Stock in process	--	--
	x) Cost of Production	88.705	95.760
	xi) Add: Opening Stock in Finished Goods	2.000	6.000
	Sub-total	90.705	101.760
	xii) Less: Closing Stock in Finished Goods	6.000	8.000
	Sub-total (Total Cost of Sales)	84.705	93.760
6	Selling, General & Administrative Expenses (including bonus payments)	1.650	2.400
7	Sub-total [5+6]	86.355	96.160
8	Operating Profit before interest [3-7]	3.685	3.890
9	Interest	0.900	1.200
10	Operating Profit after interest [8-9]	2.785	2.690
11	(i) Add: Other non-operating income	--	--
	Sub-total [Income]	--	--
	(ii) Deduct: Other non-operating expense	--	--
	Sub-total [Expense]	--	--
	(iii) Net of other non-operating incomes/expenses (net of 11(i) & 11(ii))	--	--
12	Profit before Tax/loss (10+11(iii))	2.785	2.690
13	Provision for Taxes	--	--
14	Net Profit / (Loss) [12-13]	2.785	2.690
15	(i) Equity dividend paid/ Drawings	--	--
	(ii) Dividend Rate	--	--
16	Retained Profit [11-12]	2.785	2.690
17	Retained Profit / Net Profit (%age)	100.00	100.00

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
	CURRENT LIABILITIES
1	Short term borrowings from bank (incl. Bills purchased, discounted & excess borrowings placed on repayment basis)
	(i) From applicant bank	10.000	15.000
	(ii) From other banks	--	--
	(iii) of which BP & BD	--	--
	Sub Total (A)	10.000	15.000
2	Short term borrowings from others	--	--
3	Sundry Creditors - Trade	0.200	0.250
4	Advance payments from customers/deposits from dealers	--	--
5	Provision for Taxation	--	--
6	Dividend Payable	--	--
7	Other statutory liabilities (due within one year)	0.175	0.225
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	--	--
9	Other current liabilities & Provisions (due within one year)	0.030	0.035
	Sub-Total (B)	0.405	0.510
10	TOTAL CURRENT LIABILITIES [Total of 1 to 9]	10.405	15.510
	TERM LIABILITIES
11	Debentures (not maturing within one year)	--	--
12	Preference Shares (redeemable after one year)	--	--
13	Term loans (excluding instalments payable within one year)	--	--
14	Deferred Payment Credits (excl. instalments due within one year)	--	--
15	Term deposits (repayable after one year)	--	--
16	Other term liabilities	--	--
17	Total Term liabilities (Total of 11 to 16)	--	--
18	Total Outside Liabilities [10+17]	10.405	15.510
	NET WORTH
19	Ordinary Share Capital	6.685	10.525
20	General Reserve	--	--
21	Revaluation Reserve	--	--
22	Other Reserves (excluding provisions)	--	--
23	Surplus (+) or deficit (-) in Profit & Loss Account	--	--
24	Net Worth	6.685	10.525
25	TOTAL LIABILITIES [18+24]	17.090	26.035
	CURRENT ASSETS
26	Cash & Bank balances	0.185	0.170
27	Investments (other than Long term Investments)
	(ii) Government and Other Trustee Securities	--	--
	(iii) Fixed Deposits with Banks	--	--
28	(ii) Receivables other than Deferred and Exports (Including Bills purchased / Discounted by Banks)	10.500	17.500
	(iii) Export Receivables (including Bills purchased / discounted by banks)	--	--
29	Installment of Deferred receivables (due within one year)	--	--
30	Inventories
	(i) Raw materials (including stores and other items in process of manufacture)
	(a) Imported	--	--
	(b) Indigenous	--	--
	(ii) Stock-in-process	--	--
	(iii) Finished Goods	6.000	8.000
	(iv) Other Consumable Spares
	(a) Imported	--	--
	(b) Indigenous	--	--
31	Advance to suppliers of Raw materials & stores/spares	--	--
32	Advance payment of taxes	--	--
33	Other current assets	--	--
34	TOTAL CURRENT ASSET [Total 26 to 33]	16.685	25.670
	FIXED ASSETS
35	Gross Block (land & building machinery vehicles work-in-progress)	0.500	0.500
36	Depreciation to date	0.095	0.135
37	NET BLOCK (35-36)	0.405	0.365
38	Investments/book debts /advances deposits which are not current assets
	i.(a) Investments in subsidiary companies/ affiliates	--	--
	(b) Others	--	--
	ii. Advances to suppliers of capital goods & contractors	--	--
	iii. Deferred receivables (maturity exceeding one year)	--	--
	iv. Others	--	--
39	Non-consumables Stores & Spares	--	--
40	Other non-current assets (incl. Dues from director)	--	--
41	TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	--	--
42	Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--
43	TOTAL ASSETS (Total of 34, 37, 41 & 42)	17.090	26.035
44	Tangible Net Worth (24-42)	6.685	10.525
45	Net Working Capital [34-10] Totally with (34-10)	6.280	10.160
46	Current Ratio [34/10]	1.60	1.66
47	Total Outside Liabilities / Net Worth (18/44)	1.56	1.47

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

FUND FLOW STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
1	SOURCES
	[a] Net Profit (after tax)	2.785	2.690
	[b] Depreciation	0.045	0.040
	[c] Increase in Capital	1.500	1.500
	[d] Increase in Term Liabilities (including Public deposits)	--	--
	[e] Decrease in
	[i] Fixed Assets	--	--
	[ii] Other non-current Assets	--	--
	[f] Others	--	--
	[g] Total	4.330	4.230
2	USES
	[a] Net Loss	--	--
	[b] Decrease in Term Liabilities (Incl. Public deposits)	--	--
	[c] Increase in
	[i] Fixed Assets	--	--
	[ii] Other non-current Assets	--	--
	[d] Dividend Payments	--	--
	[e] Others	0.300	0.350
	[f] Total	0.300	0.350
3	Long Term Surplus (+) / Deficit (-) (1 minus 2)	4.030	3.880
4	Increase / Decrease in current assets	12.160	8.985
5	Increase / Decrease in current Liabilities other than bank borrowings	0.130	0.105
6	Increase / Decrease in Working Capital Gap	12.030	8.880
7	Net Surplus (+) / deficit (-) (Difference of 3 & 6)	(8.000)	(5.000)
8	Increase / Decrease in Bank Borrowings	8.000	5.000
	* Break up of (4)
1	[i] Increase / Decrease in Raw material	--	--
2	[ii] Increase / Decrease in Stock in process	--	--
3	[iii] Increase / Decrease in finished goods	4.000	2.000
4	[iv] Increase / Decrease in Receivables
	[a] Domestic	8.250	7.000
	[b] Export	--	--
5	[iii] Increase / Decrease in stores & spares	--	--
6	[iii] Increase / Decrease in other Current Assets	(0.090)	(0.015)

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

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
	A. CURRENT ASSETS:
1	Raw Materials (Including stores and other items used in the process of manufacture)
	(a) Imported	--	--
	Months Consumption	--	--
	(b) Indigenous	--	--
	Months Consumption	--	--
2	Other Consumable Spares excluding those included in above
	(a) Imported	--	--
	Months Consumption	--	--
	(b) Indigenous	--	--
	Months Consumption	--	--
3	Stock in process	--	--
	Months Cost of Production	--	--
4	Finished Goods	6.000	8.000
	Months Cost of Sales	0.79	0.94
5	Receivables other than Export and Deferred Receivables (including Bills purchased and discounted by Bankers)	10.500	17.500
	Months Domestic Sales excluding Deferred Sales	1.40	2.10
6	Export Receivables [including Bills purchased and discounted by Bankers]	--	--
	Months Export Sales	--	--
7	Advances to Suppliers of Raw Materials and Stores/Spares consumable	--	--
8	Other Current Assets including Cash and Bank Balances and Deferred Receivables due within one year [Specify major items]
	Cash and Bank Balances	0.185	0.170
	Investments (other than Long term Investments)
	(i) Government and Other Trustee Securities	--	--
	(ii) Fixed Deposits with Banks	--	--
	Installment of Deferred Receivables (Due within one year)	--	--
	Advance Payment of Taxes	--	--
	Other Current Assets [Specify major items]	--	--
9	TOTAL CURRENT ASSETS [To agree with Item 34 in Form III]	16.685	25.670
	B. CURRENT LIABILITIES [Other than Bank Borrowing for Working Capital]
10	Creditors for purchase of Raw Materials, Stores and Consumable Spares	0.200	0.250
	Months Purchases	0.03	0.03
11	Advances from Customers	--	--
12	Statutory Liabilities	0.175	0.225
13	Other Current Liabilities [Specify major items]
	Short term Borrowings from others	--	--
	Provision for Taxation	--	--
	Dividend Payable	--	--
	Deposits/ Instalments of Term Loan/ DPGs/ Debentures etc. (Due within one year)	--	--
	Misc. Current Liabilities
	Accrued Expenses	0.030	0.035
14	TOTAL [To agree with Sub-total B in Form III]	0.405	0.510

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

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
	FIRST METHOD OF LENDING
1	Total Current Assets [9 in Form IV]	16.685	25.670
2	Other Current Liabilities [Other than borrowings] [14 of Form IV]	0.405	0.510
3	Working Capital Gap [WCG]	16.280	25.160
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	4.070	6.290
5	Actual/Projected Net Working Capital (45 in form III)	6.280	10.160
6	Item 3 minus item 4	12.210	18.870
7	Item 3 minus item 5	10.000	15.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	10.000	15.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--

SR. NO.	PARTICULARS	2015-16 Projections	2016-17 Projections
	SECOND METHOD OF LENDING
1	Total Current Assets [9 in Form IV]	16.685	25.670
2	Other Current Liabilities [Other than borrowings] [14 of Form IV]	0.405	0.510
3	Working Capital Gap [WCG]	16.280	25.160
4	Minimum stipulated net working Capital - 25% of total current assets other than Export Receivables (as at 28(ii) of form III)	4.171	6.418
5	Actual/Projected Net Working Capital (45 in form III)	6.280	10.160
6	Item 3 minus item 4	12.109	18.743
7	Item 3 minus item 5	10.000	15.000
8	Maximum permissible bank finance (item 6 or 7 whichever is less)	10.000	15.000
9	Excess borrowings, if any representing short fall in NWC (4-5)	--	--

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

CREDIT FACILITIES (PROPOSED)

(RS. IN MILLION)

TYPE OF FACILITIES	AMOUNT	PURPOSE FOR WHICH REQUIRED	WHETHER COLLATERAL SECURITY OFFERED
Cash Credit
Term Loan
LC/BG	12.500	Bank Guarantee for Material purchase	Extension of mortgage of property

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

NETWORTH STATEMENT

MR. JASVINDERSINGH J. CHHABDA

(RS. IN MILLION)

BANK ACCOUNT

Bank	Branch	S/B, C/D Account No.	Present Balance
Bank of India	Jawahar Chowk	202720110000473	0.075
Bank of India	Jawahar Chowk	202710100015294	0.030

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--		--	--
ii. Residential	--	--	--	--		--	--
Flat / House	Own	54 Sq. Yds.	Freehold	201, Princess Lane, C.G. Road, Ahmedabad	2.400	3.000	Yes with Bank of India S.M. Road Branch
Agri. Land	--	--	--	--		--	--
Others	--	--	--	--		--	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Date of issue	Sum assured	Annual premium	Premium paid upto what period
LIC – Isanpur	838140042	27.01.2012	0.400	0.025	3 Years
LIC – Isanpur	838131355	15.07.2011	0.500	0.032	3.5 Years
LIC – Isanpur	837486718	15.10.2010	0.500	0.025	4.4 Years
LIC – Isanpur	838143641	28.03.2012	0.150	0.030	One time premium

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.

Bonds/ Certificate No.	Date of purchase	Face value	Due date	Maturity amount
49DD479874	25.09.2009	Rs. 5000/-	29.09.2016	0.008
98EE565966	25.09.2009	Rs. 10000/-	29.09.2016	0.016
98EE565967	25.09.2009	Rs. 10000/-	29.09.2016	0.016

VEHICLES

Type of Vehicle	Registration No.	Model	Year to make	Cost at the time of Purchase	Present Value
Four Wheeler	GJ27K8235	Verna CRDiex 1.6	April 2013	1.100	0.784
Two Wheeler	GJ27D6263	Activa 109CC	April 2014	0.065	0.062

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Repayment Terms	Outstanding Balance
HDFC Bank	Car Loan	0.650	Hypothecation	36 months	0.275
Bank of India	Home Loan	1.920	EQM	300 months	1.898

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Prabhjeet Kaur Chhabda	Housewife	Wife	25 Years	Married	5, Lilawati Park Society, Maninagar, Ahmedabad

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NETWORTH STATEMENT

MR. RAJPAL SINGH SISODIA

(RS. IN MILLION)

BANK ACCOUNT

Bank	Branch	S/B, C/D Account No.	Present Balance	Last 6 Months average balance
Axis Bank Limited	Chennai	168010100307086	0.004	0.025
ICICI Bank Limited	C.G. Road	136705500386	0.080	0.200

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Area	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--		--	--
ii. Residential	--	--	--	--		--	--
Flat / House	--	--	--	--		--	--
Agri. Land	Own	1 Hectar	Freehold	Nagdia, Tal. Arnod, District Pratapgarh	0.100	3.000	--
Others	--	--	--	--		--	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Date of issue	Sum assured	Annual premium	Premium paid upto what period
LIC – Isanpur	838146047	17.04.2012	0.250	0.012	2.5 Years
LIC – Pratapgarh	106678314	28.11.2014	0.650	0.031	1 Month
Bajaj Allianz	0223291728	11.06.2011	0.100	0.005	Single Premium
ICICI Prudential	18519492	22.03.2014	0.450	0.030	1 Year

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.

Bonds/ Certificate No.	Date of purchase	Issuing Office / Post Office	Face value	Due date	Maturity amount
05EF442662	28.06.2011	Elllisbridge, Ahmedabad	Rs. 10000/-	28.06.2017	0.016
05EF442663	28.06.2011	Elllisbridge, Ahmedabad	Rs. 10000/-	28.06.2017	0.016
05EF442664	28.06.2011	Elllisbridge, Ahmedabad	Rs. 10000/-	28.06.2017	0.016

VEHICLES

Type of Vehicle	Registration No.	Model	Year to make	Cost at the time of Purchase	Present Value
Four Wheeler	GJ01RC0068	--	February 2013	0.360	0.250
Two Wheeler	GJ01SH7303	Activa 109CC	April 2014	0.065	0.060

CAPITAL INVESTED IN BUSINESS

Name of Company	Amount
Vardhan Insys	0.316

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Repayment Terms	Outstanding Balance
ICICI Bank	Car Loan	0.300	--	3 Years	0.135

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Jay Aditya Singh Sisodia	Student	Son	5 Years	--	H-501, Ganesh Homes, Chenpur Road, New Ranip, Ahmedabad, Gujarat, India
Rajbhadra	Housewife	Wife	32 Years	Married	H-501, Ganesh Homes, Chenpur Road, New Ranip, Ahmedabad, Gujarat, India

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VALUATION REPORT

(GENERAL DETAILS)

Purpose of Valuation

To ascertain the market value of the property for security against loan

Date of Valuation

30.03.2015

Name of the Owner(s)

Property is in the name of Mr. Gurucharansing J. Chhabada

Property tax bill is in the name of Mr. Gurucharansing J. Chhabada. Occupier name is indicated as “Hotel Silver Cloud”.

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

Not Applicable

Brief description of the property

The subject property is a Hotel Building located on Ashram Road i.e. within the limits of Ahmedabad. It is located on the opposite side of Gandhi Ashram and near Old Dandi Bridge. The said hotel is known as Hotel Cloud.

The said building is built on final plot no. of 726 and 727. The original civil structure of hotel was constructed on F.P. No. 727 in the year 2010 and had 40 rooms besides other amenities. Subsequently in 2011 the adjacent plot bearing F.P. No. 726 was purchased and civil construction carried on that plot was amalgamated with the original structure. The original hotel building constructed on F.P. No. 727 had some unauthorized construction which was regularized under IMPACT scheme in the year 2012.

The said composite hotel building is having total 75 Rooms. Out of the 75 rooms, 42 are Deluxe and Utility Rooms, 23 are Super Deluxe Rooms, 6 are Executive Suit Rooms, 4are Presidential Suit Rooms. Apart from the rooms, the said hotel building has 7 Conference Hall, 2 Banquet Halls – named “Silver Platter” and “Silver Bandhan”, 1 Board room and 2 Restaurants – named “The Silver” and “Silver Due”. Moreover, the said hotel building is equipped with 5 lifts for vertical movement – out of which 2 are service lifts and 3 lifts are for guests.

Location, Street, Ward No.

Named as “Silver Cloud”

Near “Dandi” Bridge,

Opposite Gandhi Ashram, Wadaj, Ahmedabad

Latitude = 23⁰ 3’30.57”N

Longitude = 72034’40.14”E

Survey / Plot No. of land

Tenement No.

0530-19-0143-0001-J

0530-19-0143-0002-H

0530-19-0144-0001-D

Final Plot No. 726 and 727, T.P.S. No. 28 Mouje Wadaj, District Ahmedabad

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

Mixed area

Classification of locality-high class/ middle class/ poor class

Middle Class

[Situated nearby Parikshitnagar]

Proximity of civic amenities like schools, hospitals offices, market, cinemas etc.

All are nearby from the premises.

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

Bus, Richshaw and private vehicles etc.

LAND DETAILS

Area of land supported by documentary proof, shape, dimensions and physical features

Total Net Plot area : 1749 Sq. Yds.

Roads, Streets or lanes on which the land is abutting

Abutting to Wadaj – Airport Road

Does the land fall in an area included in any Town Planning Plan of Government or any statutory body? If so, give particular

T.P. Scheme No. 28 of Mouje : Wadaj

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

NA

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

NA

IMPROVEMENTS

Furnish technical details of the building on a separate sheet (The annexure to this form may be used)

As per Technical Details

1) Is the building owner-occupied/ tenanted/ both

2) If partly owner-occupied, specify portion and extent of area under owner-occupation.

Assumed to be owner occupied

What is the floor space Index permissible and percentage actually utilized.

Within permissible limit

1) Names of tenants/ lessees/ licenses etc.

2) Portions in their occupation

3) Monthly or annual rent/ compensation/ license fee etc. paid by each

4) Gross amount received for the whole property

NA

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

NA

Is separate amount being recovered for the use of fixtures, like fans, geysers, refrigerator, cooking ranges, built-in wardrobes, etc. or for service charges? If so, give details

NA

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

NA

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

NA

If a lift is installed, who is to bear the cost of maintenance and operation-owner or tenant?

NA

Is a pump is installed, who has to bear the cost of maintenance and operation-owner or tenant?

NA

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound etc. owner or tenant?

NA

Is the building insured? If so, give the policy no. amount for which it is insured and the annual premium

NA

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

NA

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

NA

SALES

Land rate adopted in this valuation

Rs. 85000/- per Sq. Yds. Based on net plot area after excluding the area acquired by the authorities for road.

Is sale instance are not available or not relied upon the basis of arriving at the land rate.

Rs. 85000/- per Sq. Yds. Based on net plot area after excluding the area acquired by the authorities for road.

COST OF CONSTRUCTION

Year of comment of construction and year of completion

New building was constructed in 2014 and the old one after renovation was merged with the new structure.

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

Not Applicable

For items of works done on contract, produce copies of agreements.

Not Applicable

For items of works done by engaging labour directly, give basic rates of material and labour supported by documentary proof.

Not Applicable

PART II – VALUATION

VALUATION OF BUILDING

The life of structure is estimated depending on the type of construction and condition of structure.

From information so far supplied to me and as per market inquiry, it is learnt that land for commercial property in Wadaj Area (Near RTO Circle) are being sold between Rs. 70000/- per Sq. yds. to Rs. 90000/- per Sq. yds.

As per the analysis of the market inquiries available, considering above facts and factors, looking to the location, situation, present trend and demand force towards commercial premises, amenity to the property etc. the market value of the subject property is estimated at a rate of Rs. 85000/- per Sq. yds. as land rate and Rs. 14000/- per Sq. yds. as land rate and Rs. 14000/- per Sq. yds. for construction based on built up area.

Hence value of said premises,

Value of the land	1749 Sq. yds. X Rs. 85000/-	Rs. 148.665 Million
Replacement Cost	7887 Sq. yds. X Rs. 14000/-	Rs. 110.418 Million
Total		Rs. 259.083 Million
Say		Rs. 259.000 Million

The Market Value of the Hotel Building – named as “Silver Cloud” having Basement, Hollow Plinth + G.F. to 4^th Floor level + Stair cabin situated at Final Plot No. 726 and 727, Town Planning Scheme No. 28, Mouje: Wadaj, District: Ahmedabad owned by Mr. Gurucharansing J. Chhabada is estimated at Rs. 259.000 Million as on 30.03.2015.

The Realizable Value of the subject property is estimated at Rs. 207.200 Million as on 30.03.2015.

The Distress Value of the subject property is estimated at Rs. 194.300 Million as on 30.03.2015.

TECHNICAL DETAILS

No. of floors and height of each floor

Said hotel building is having Basement 1 + Basement 2 + Hollow Plinth + G.F. + 1^st Floor + 2^nd Floor + 3^rd Floor + 4^th Floor + Stair Cabin and M/c Room.

Plinth area floor-wise (As per IS : 3861-)

Total built up area : 7887 Sq. Yds.

Year of construction

2013-14

New building was constructed in 2014 and the old one after renovation was merged with the new structure.

Estimated future life

As per their professional experience future expected economic life of the structure is approximated 59 years subject to regular and preventive maintenance.

It may be mentioned that they have not carried out any structural stability test to estimate future life of the structure. It is based on their professional judgement and visual observation only.

Type of construction-load bearing walls/ R.C.C. frame/ Steel frame

RCC frame structure

Type of foundations

RCC foundation

Walls

a) Ground floor and plinth

b) First floor level

c) Superstructure above ground floor

Brick walls – 4 ½ ” thick

Partitions

4 ½ ” thick brick walls

Doors and windows

Wooden frame and wooden shutter for doors.

Aluminum section sliding glazed shutter for windows.

Flooring

Vitrified tile and Wooden flooring Granite top platform in panty. China mosaic and Artificial garden at terrace level.

Finishing

Inside finish plaster with paint/ texture.

Outside sand face plaster with cement paint/ texture.

Roofing and terracing

Roof is RCC plastered.

Special architectural or decorative features if any

Elegant look and modern touch in elevation

a) Internal wiring – surface or conduit

b) Class of fittings superior/ ordinary/ poor

Concealed electric wiring

Superior

Sanitary installations

a) No. of water closets

b) No. of lavatory basins

c) No. of sinks

75 no.

75 no.

5 no.

Class of fittings. Superior coloured/ Superior white/ ordinary

Superior

Compound wall

a) Height and length

b) Type of construction

Height : 4’00”

9” thick brick masonry wall.

No. of lifts and capacity

5 no.

Underground sump-capacity and type of construction

Details are not available

Overhead tank

a) Where located

b) Capacity

c) Type of construction

Details are not available

Pumps nos. and their horse power

Details are not available

Roads and pavings within the compound approximate area and type of pavings

Stone flooring in compound

Sewage disposal – Whether connected to public sewers. If septic tank provided no. and capacity

In common drainage line.

For Insurance Purpose

Total Built up area = 7887 Sq. Yds.

The Construction Cost of said commercial hotel having RCC frame structure with above specification is considered as Rs. 14000/- per Sq. ft. based on built up area. Hence the replacement cost of above said hotel (only civil structure) may be approximately Rs. 110.400 Million.

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CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.85
UK Pound	1	Rs. 98.38
Euro	1	Rs. 69.64

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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

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

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

RATING EXPLANATIONS

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

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

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