MIRA INFORM REPORT

Report No. :	314757
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	J B MEDICAL AGENCIES
Registered Office :	G/1/2/3 Floor, Vibhag-B, Tika No.11/3, Ambli Falia, Near Kama Chambers, Behind Shiv Temple, Shiyapura, Raopura, Vadodara – 390001, Gujarat
Tel. No.:	91-265-2415170
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Year of Establishment :	01.04.2008
Capital Investment / Paid-up Capital :	Rs.10.620 Million (Provisional)
IEC No.:	Not Divulged
VAT No.:	24190600440
CST No.:	24690600440
PAN No.: [Permanent Account No.]	AAGFJ0035Q
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Trader and Distributor of Pharmaceutical Products.
No. of Employees :	10 (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 :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 2008 as partnership concern and it is a trader and distributor of pharmaceutical products. It is an established partnership concern having a satisfactory track record. Concern has reported sound topline growth backed by its established track record of business operations and decent experience of partner in a segment. Our executive had world with Mr. Pravin R Desai, partner and he has provided the information. Trade relations are reported to be fair. Payment terms are reported to be usually correct. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and condition.

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. Pravin R. Desai
Designation :	Partner
Contact No.:	91-9376216277
Date :	25.05.2015

LOCATIONS

Registered Office :	G/1/2/3 Floor, Vibhag-B, Tika No.11/3, Ambli Falia, Near Kama Chambers, Behind Shiv Temple, Shiyapura, Raopura, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-2415170 / 2414974 / 2413974 / 2428063
Mobile No.:	91-9376216277 (Mr. Pravin R. Desai)
Fax No.:	Not Available
E-Mail :	jbmedicalagency@yahoo.co.in
Area :	3000 sq. ft.
Location :	Owned

PARTNERS

Name :	Mr. Pravin Ratilal Desai
Designation :	Partner
Address :	Plot No. A/12, Krishna Darshan Duplex, Near Manmohan Society, Ahead of Global Hospital, Lalbaug Road, Vadodara – 390010, Gujarat, India
Date of Birth/Age :	13.07.1950
Qualification :	H.S.C.
Experience :	30 Years
PAN No.:	ADEPD3543J
Name :	Mr. Amit Pravin Desai
Designation :	Partner
Address :	Plot No. A/12, Krishna Darshan Duplex, Near Manmohan Society, Ahead of Global Hospital, Lalbaug Road, Vadodara – 390010, Gujarat, India
Date of Birth/Age :	28.10.1977
Qualification :	B. Com
Experience :	14 Years
PAN No.:	ADEPD5864G
Name :	Mr. Mohit Pravin Desai
Designation :	Partner
Address :	Plot No. A/12, Krishna Darshan Duplex, Near Manmohan Society, Ahead of Global Hospital, Lalbaug Road, Vadodara – 390010, Gujarat, India
Date of Birth/Age :	03.06.1979
Qualification :	H. S. C.
Experience :	13 Years
PAN No.:	ADVPD0307K

BUSINESS DETAILS

Line of Business :	Trader and Distributor of Pharmaceutical Products.
Products :	Pharmaceutical Products
Brand Names :	Not Divulged
Agencies Held :	Sun Pharma Torrent Pharma Lupin Labs Pfizer German Agencies
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit (30 / 90 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Company Name :	Lupin Laboratories Limited
Address :	9, Raghuvir Estate, Near Shrinath Estate, Aslali, Ahmedabad, Gujarat, India
Contact No.:	91-9825857693

Company Name :	Pfizer Limited
Address :	Kanchan Pharma House, Aslali, Ahmedabad, Gujarat, India
Contact No.:	91-2718-300320 / 21 / 22

Company Name :	Aditya Medisales Limited
Address :	3^rd Floor, R K Centre, Fateshgunj, Vadodara, Gujarat, India
Contact No.:	91-265-2791381 / 2794517

Company Name :	Cadila Healthcare Limited
Address :	Plot No.1 and 2, Near Eahard+Leimer, Sarkhej Bavla Highway, Ahmedabad, Gujarat, India
Contact No.:	91-9974051012

Company Name :	Torrent Pharma
Address :	31/A Highway Estate, Opposite Kiran Motors, Sanand-Sarkhej Road, Sarkhej, Ahmedabad, Gujarat, India
Contact No.:	91-79-26891224 / 679

Customers :

Retailers, Others

Company Name :	Alkapuri Medicals
Address :	3, Niharika, Near Alkapuri Petrol Pump, Vadodara, Gujarat, India
Contact No.:	91-265-2325031

Company Name :	Shree Vir Medical Store
Address :	17/1, Anxira Apartment, Kharivav Road, Raopura, Vadodara, Gujarat, India
Contact No.:	91-265-2416077 / 2412895

Company Name :	Sheetal Medical and Provision Manjalpur
Address :	17, Lalbaug Shopping Centre, Manjalpur Naka, Vadodara, Gujarat, India
Contact No.:	91-265-2653070

Company Name :	Baroda Departmental
Address :	Kadak Bazar Corner, Near Vadodara Station, Vadodara, Gujarat, India
Contact No.:	91-265-2363442

Company Name :	Vishwas Medicines
Address :	2, Saidhws Complex, R. V. Desai Road, Vadodara, Gujarat, India
Contact No.:	91-9825872973

No. of Employees :

10 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Urmi Society Branch, Akota, Vadodara, Gujarat, India
Person Name (With Designation) :	Mr. A. S. Thukral
Contact Number :	91-265-2352701
Name of Account Holder :	Not Divulged
Account Number :	66023314807
Bank Branch MICR Code :	390002024
Bank Branch RTGS IFSC / NEFT IFSC Code :	SBIN0007442
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Rs.10.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Provisional)	31.03.2014
Bank Overdraft	9.256	0.000
Secured Loans	2.889	0.000
SBI Car loan-i20-3341599879	0.000	0.667
SBI Car loan 32817639555	0.000	0.754
SBI loan for LED TV	0.000	0.006
Bajaj Auto Finance Limited	0.000	0.042
Kotak Mahindra Bank	0.000	2.913
SBI SLC 32699288993	0.000	1.013
SBS- 66023314807	0.000	6.541
Total	12.145	11.936

Auditors :
Name :	P Patel and Company Chartered Accountants
Address :	14/B, Kuber Nagar, Manjalpur, Vadodara, Gujarat, India
Mobile No.:	91-9924784411
E-Mail :	info@ppatel.co.in
Website :	www.ppatel.co.in
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concern :	Arihant Pharma Paras Distributors

CAPITAL STRUCTURE

AS ON 31.03.2015 (PROVISIONAL)

Partner’s Capital A/c :
Owned :	Rs.10.620 Million
Borrowed :	--
Total :	Rs.10.620 Million

FINANCIAL DATA

[all figures are in Rupees Million]

BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 Provisional	31.03.2014	31.03.2013
PARTNER’S FUNDS
1] Partner’s Capital		10.620	7.687	7.422
2] Share Application Money		0.000	0.000	0.000
3] Profit / (Loss) Account (Current Account)		0.246	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.866	7.687	7.422
LOAN FUNDS
1] Secured Loans		12.145	11.936	8.283
2] Unsecured Loans		4.291	2.003	1.614
TOTAL BORROWING		16.436	13.939	9.897
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		27.302	21.626	17.319
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.406	4.931	3.059
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.032	10.188	9.032
	Sundry Debtors	10.614	9.358	10.614
	Cash & Bank Balances	0.164	0.156	0.164
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.021	0.160	7.021
Total Current Assets		26.831	21.057	19.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.879	0.000	3.879
	Other Current Liabilities	0.017	5.602	0.017
	Provisions	0.039	0.000	0.039
Total Current Liabilities		3.935	4.362	5.602
Net Current Assets		22.896	16.695	14.260
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.302	21.626	17.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 Provisional	31.03.2014	31.03.2013
	SALES
		Income	101.354	99.730	94.297
		Other Income	0.007	0.494	0.112
		TOTAL	101.361	100.224	94.409
Less	EXPENSES
		Cost of goods sold	94.351	91.566	87.247
		Fright & octroi on purchase	0.029	0.000	0.000
		Advertisement Account	0.004	0.000	0.000
		Auditor fees	0.039	0.000	0.000
		Bank charges & commission	0.028	0.000	0.000
		Bank loan processing fees	0.015	0.000	0.000
		Bonus	0.298	0.000	0.000
		Bony	0.027	0.000	0.000
		Cash discount	0.019	0.000	0.000
		Computer expenses	0.051	0.000	0.000
		Consultancy charges	0.063	0.000	0.000
		Conveyance (Rickshaw)	0.043	0.000	0.000
		Corporation / Municipal tax	0.105	0.000	0.000
		Delivery charges	0.308	0.000	0.000
		Donation	0.015	0.000	0.000
		Electricity & gas expenses	0.187	0.000	0.000
		Entertainment gift	0.038	0.000	0.000
		ESIC expenses	0.063	0.000	0.000
		Income tax paid	0.057	0.000	0.000
		Insurance charges	0.083	0.000	0.000
		Interest on car (2)	0.074	0.000	0.000
		Interest on car (3) – i20	0.066	0.000	0.000
		Interest on CC	1.039	0.000	0.000
		Interest to Depositors	0.219	0.000	0.000
		Kasar & Vatav	0.003	0.000	0.000
		Legal & professional charges	0.008	0.000	0.000
		Miscellaneous expenses	0.017	0.000	0.000
		Office expenses	0.187	0.000	0.000
		Packing expenses	0.009	0.000	0.000
		Petrol expenses	0.257	0.000	0.000
		Postage and telegraph expenses	0.011	0.000	0.000
		Professional tax	0.005	0.000	0.000
		Professional tax – Staff	0.005	0.000	0.000
		Rent house	0.077	0.000	0.000
		Rent office-2	0.336	0.000	0.000
		Rent shop-1	0.240	0.000	0.000
		Repairs & maintenance	0.051	0.000	0.000
		Sales commissions	0.005	0.000	0.000
		Sales promotion	0.045	0.000	0.000
		S/P F.O.R.	0.093	0.000	0.000
		Staff salary	0.959	0.000	0.000
		Staff welfare	0.091	0.000	0.000
		Stationery & printing expenses	0.132	0.000	0.000
		Tea/ Coffee / Snacks / Lunch expenses	0.106	0.000	0.000
		Telephone expenses	0.149	0.000	0.000
		Transporter	0.032	0.000	0.000
		Travelling expenses	0.463	0.000	0.000
		Vehicle expenses	0.048	0.000	0.000
		Employee benefit expenses	0.000	1.594	1.372
		Administrative, selling & other expenses	0.000	2.931	2.047
		Salary	0.000	0.800	0.950
		Interest	0.000	0.668	0.817
		TOTAL	100.550	97.559	92.433
	PROFIT / (LOSS) BEFORE INTEREST AND DEPRECIATION		0.811	2.665	1.976
Less	FINANCIAL EXPENSES		0.000	1.474	1.285
	PROFIT / (LOSS) BEFORE DEPRECIATION		0.811	1.191	0.691
Less	DEPRECIATION		0.565	0.483	0.205
	NET PROFIT / (LOSS)		0.246	0.708	0.486

KEY RATIOS

PARTICULARS		31.03.2015 Provisional	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.24	0.71	0.52
Operating Profit Margin (PBDIT/Sales)	(%)	0.80	2.67	2.10
Return on Total Assets (PBT/Total Assets)	(%)	0.79	2.72	2.12
Return on Investment (ROI) (PBT/Networth)		0.02	0.09	0.07
Debt Equity Ratio (Total Debt /Networth)		1.55	1.81	1.33
Current Ratio (Current Asset/Current Liability)		6.82	4.83	3.55

The above information has been parted by Mr. Pravin R. Desai (Partner)

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

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	Rs. In Million	Rs. In Million	Rs. In Million
Partner’s Capital	7.422	7.687	10.620
Profit / (Loss) Account (Current Account)	0.000	0.000	0.246
Net worth	7.422	7.687	10.866
Secured Loans	8.283	11.936	12.145
Unsecured Loans	1.614	2.003	4.291
Total borrowings	9.897	13.939	16.436
Debt/Equity ratio	1.333	1.813	1.513

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	94.297	99.730	101.354
		5.762	1.628

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	94.297	99.730	101.354
Profit	0.486	0.708	0.246
	0.52%	0.71%	0.24%

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
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

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

UNSECURED LOANS

PARTICULARS	31.03.2015 Rs. In Million (Provisional)	31.03.2014 Rs. In Million
Unsecured loans	4.291	0.000
Mrs. Tarulata P Desai	0.000	1.755
Pravin Desai and Sons (HUF)	0.000	0.248
Total	4.291	2.003

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

MRS. TARULATABEN DESAI (INDIVIDUAL)

BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
1] Capital Account		2.802	2.308	2.590
2] Share Application Money		0.000	0.000	0.000
3] Profit / (Loss) Account (Current Account)		0.501	0.457	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.303	2.765	2.590
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.303	2.765	2.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.699	0.699	0.698
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.043	0.043	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.373	0.361	0.331
	Other Current Assets	0.270	0.219	1.637
	Loans & Advances	1.372	1.519	0.000
Total Current Assets		2.015	2.099	1.968
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.076	0.076	0.076
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.076	0.076	0.076
Net Current Assets		1.939	2.023	1.892
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
SUSPENSE ACCOUNT		0.622	0.000	0.000
TOTAL		3.303	2.765	2.590

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

MRS. TARULATABEN DESAI (INDIVIDUAL)

PROFIT & LOSS ACCOUNT

(RS. IN MILLION)

Particulars	31.03.2013	31.03.2012
Indirect Incomes
Bank Interest	0.014	0.012
Dividend	0.014	0.010
Interest received on loan	0.273	0.255
Rent received	0.200	0.180
NET PROFIT	0.501	0.457

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PARAS DISTRIBUTORS

BALANCE SHEET AS ON 31.03.2014

(RS. IN MILLION)

SOURCES OF FUNDS	31.03.2014
PARTNERS FUNDS
1] Partners Capital	1.714
2] Share Application Money	0.000
3] Profit and Loss Account	0.000
4] (Accumulated Losses)	0.000
NETWORTH	1.714
LOAN FUNDS
1] Secured Loans	0.000
2] Unsecured Loans	0.006
TOTAL BORROWING	0.006
DEFERRED TAX LIABILITIES	0.000
TOTAL	1.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	0.000
Capital work-in-progress	0.000
INVESTMENT	0.000
DEFERRED TAX ASSETS	0.000
CURRENT ASSETS, LOANS & ADVANCES
Inventories	0.546
Sundry Debtors	0.770
Cash & Bank Balances	0.129
Other Current Assets	0.040
Loans & Advances and Deposits	0.000
Total Current Assets	1.485
Less : CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	(0.235)
Other Current Liabilities / Duty and Taxes	0.000
Provisions	0.000
Total Current Liabilities	(0.235)
Net Current Assets	1.720
MISCELLANEOUS EXPENSES	0.000
TOTAL	1.720

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

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
GROSS SALES
Domestic Sales	140.000	165.000
Export Sale	--	--
Other Operating Income	--	--
Total	140.000	165.000
Less: Excise Duty	--	--
NET SALES (1-2)	140.000	165.000
Growth in sales	22%	18%
COST OF SALES
Raw material (Imported)	--	--
Raw material (Indigenous)	126.910	149.160
Stores & spares (Imported)	--	--
Stores & spares (Indigenous)	--	--
Power & fuel	0.280	0.330
Direct labour	2.100	2.475
Repairs & maintenance	--	--
Other manufacturing expenses	3.500	4.290
Depreciation	0.375	0.328
Other expenses	--	--
Sub-Total	133.165	156.583
Add: Opening stock – in progress	--	--
Sub-total	133.165	156.583
Less: Closing Stock in process	--	--
Cost of Production	133.165	156.583
Add: Opening stock – Finished Goods	11.939	14.510
Sub-total	145.104	171.094
Less: Closing Stock – Finished Goods	14.510	17.109
Sub-total [Cost of Sales]	130.594	153.984
Gross Profit	9.406	11.016
Gross Profit/Sales	6.72%	6.68%
Selling Expenses	--	--
Administrative Expenses	5.460	6.600
Sub-total	136.054	160.584
Operating Profit before interest	3.946	4.416
Interest on CC	2.083	2.450
Interest on TL/ DPG	--	--
Other financial charges	0.499	0.296
Total interest	2.582	2.746
Operating Profit after interest	1.364	1.670
Add: Other Non-operating Income
Interest/Dividend/Discount etc.	--	--
Other income	0.300	0.325
Sub-total	0.300	0.325
Deduct other non-operating expense
Interest/Dividend/Discount etc.	--	--
Other income	--	--
Bad debts W/o	--	--
Sub-total	--	--
Net of other non-operating incomes / expenses	0.300	0.325
Profit before tax/loss [PBT]	1.664	1.995
Provision for tax	0.499	0.598
Net Profit / (Loss) [PAT]	1.165	1.396
CASH ACCRUAL	1.540	1.725
Dividend paid + IT on dividend	--	--
Retained profit	1.165	1.396
Retained cash profits	1.540	1.725
RM content in sales	89%	89%
PBDIT	4.621	5.069
PBDIT / Sales	3.30%	3.07%
Operating profits / Sales	0.97%	1.01%
PBT / Sales	1.19%	1.21%
PAT / Sales	0.83%	0.85%
Cash Accruals / Sales	1.10%	1.05%

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

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
CURRENT LIABILITIES
Short term loans from Applicant bank (including BP / BD)	--	--
Short term loans from other bank (including BP / BD)	17.000	20.000
Sub Total (A)	17.000	20.000
Short term borrowings from others	--	--
Sundry creditors (Trade)	3.525	4.143
Advance payment from customers	--	--
Net Provision for Taxation	0.125	0.150
Dividend Payable	--	--
Other statutory liabilities (due within one year)	0.071	0.072
Overdue term liabilities	--	--
Installments of term loans / DPGs due within next year	1.282	0.232
Other current liabilities & provisions (Due within one year)	0.320	0.620
Others	--	--
Creditors for expenses	0.110	0.120
Outstanding expenses	--	--
Other loans / provisions	--	--
Sub Total (B)	5.323	5.217
TOTAL CURRENT LIABILITIES	22.323	25.217
TERM LIABILITIES
Debentures (not maturing within one year)	--	--
Preference Shares (redeemable after one year)	--	--
Term loans from our Bank (excluding instalments due next year)	--	--
Term loans from other Bank (excluding instalments due next year)	0.855	0.623
Deferred Payment Credits (excluding instalments due next year)	--	--
Term deposits / Term liabilities (excluding instalments due next year)	2.000	2.000
Other term liabilities	--	--
Creditors for capital goods	--	--
Corporate loan	--	--
Total term liabilities	2.855	2.623
Total Outside Liabilities	25.178	27.840
NET WORTH
Share capital	10.746	12.142
General Reserve	--	--
Revaluation Reserve	--	--
Adjustments for previous year costs	--	--
Other reserves (excluding provisions)	--	--
Others	--	--
NET WORTH	10.746	12.142
TOTAL LIABILITIES	35.924	39.982
CURRENT ASSETS
Cash & Bank balances	0.161	0.066
Government and Other Trustee Securities	--	--
Fixed Deposits with Banks	--	--
Domestic receivables including BP/BD	16.726	18.534
Export receivables [Including BP & BD]	--	--
Deferred receivables [Due within one year]	--	--
Import Raw materials	--	--
Import Raw Indigenous	--	--
Stock-in-process	--	--
Finished Goods	14.510	17.109
Imported consumables	--	--
Indigenous consumables	--	--
Advance to suppliers	--	--
Net Advance payment of taxes	0.375	0.449
Other current assets	0.025	0.025
TDS/VAT etc.	--	--
Other deposits / Advances	0.025	0.025
TOTAL CURRENT ASSET	31.797	36.183
FIXED ASSETS
Gross Block (land & building, machinery)	4.286	4.286
Add: Capital expenditure in work-in-progress	--	--
Depreciation to date	1.659	1.987
Net Block	2.627	2.299
OTHER NON-CURRENT ASSETS
Investments in subsidiary companies / Affiliates	--	--
Investments in Others	--	--
Advances to suppliers of capital goods	--	--
Deferred receivables (maturing after a year)	--	--
Other Non-current Investments	--	--
Non-consumables stores & spares	--	--
Long outstanding dues & other non-current assets / dues from directors	--	--
Debtors exceeding six months	--	--
Deposits with Government department / deposits	--	--
TOTAL OTHER NON-CURRENT ASSETS	--	--
Intangible assets
Preliminary expenses	--	--
Deferred revenue expenditures	--	--
Other intangibles (Patents, Goodwill etc.)	1.500	1.500
TOTAL INTANGIBLE ASSETS	1.500	1.500
TOTAL ASSETS	35.924	39.982
TANGIBLE NET WORTH (TNW)	9.246	10.642
NET WORKING CAPITAL (NWC)	9.474	10.966

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

FUND FLOW STATEMENT

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
FUND FLOW ANALYSIS
LONG TERM SOURCES	--	--
Profit After Tax	1.165	1.396
Depreciation	0.375	0.328
Intangible written off	--	--
Increase in Capital and Reserves	1.000	--
--Decrease in Fixed Assets	--	--
-- Decrease in Other Non Current Assets	--	--
Total	2.540	1.725
LONG TERM USES
Net Loss	--	--
Increase in Intangibles	--	--
Decrease in Capital and Reserves	--	0.000
Decrease in Term Liabilities	1.282	0.232
--Increase in Fixed Assets	--	--
-- Increase in Non Current Assets	--	--
--Increase in Intangibles	--	--
Dividend Paid	--	--
Total	1.282	0.232
SURPLUS / DEFICIT	1.258	1.493
Short Term Sources
Increase in Bank Borrowings	2.000	3.000
Increase in Other Current Liabilities	0.765	0.000
Decrease in Inventory	--	--
Decrease in Receivables	--	--
Decrease in Cash / Deposits / Government Security	0.188	0.095
Decrease in Other Current Assets	--	--
Total	2.953	3.095
Short Term Uses
Increase in Inventory	2.571	2.599
Increase in Receivables	1.548	1.808
Increase in Cash / Deposits / Government Security	--	--
Increase in Other Current Assets	0.092	0.074
Decrease in Other Current Liabilities	--	0.106
Decrease in Bank Borrowings	--	--
Total	4.212	4.588
Summary of fund flow analysis
Long Term Sources	2.540	1.725
Long Term Uses	1.282	0.232
Surplus / Deficit	1.258	1.493
Short Term Sources	2.953	3.095
Short Term Uses	4.212	4.588
Surplus / Deficit	(1.258)	(1.493)

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

COMPARATIVE STATEMENT

CURRENT ASSETS AND CURRENT LIABILITIES

WORKING CAPITAL / BANK BORROWING ASSESSMENTS

(RS. IN MILLION)

	PARTICULARS	2015-16 Projected	2016-17 Projected
WORKING CAPITAL ASSESSMENT
Stock of Imported RM – Days Consumption		--	--
Stock of Indiginous RM - Days Consumption		--	--
Imported Consumables - Days Consumption		--	--
Indiginous Consumables - Days Consumption		--	--
Stock in Process - Days of cost of Production		--	--
Finished Goods – Days Cost of Sales		4.100	4.100
Total Inventory		14.510	17.109
Total Inventory / Sales (Days)		3.800	3.800
Domestic Receivables (Days Gross Domestic Sales)		4.400	4.100
Export Receivables (Days Exports)		--	--
Total Receivables		16.726	18.534
Total Receivables / Gross Sales (Days)		4.400	4.100
Creditors – (Days Consumption)		1.000	1.000
Total Current Assets		31.797	36.183
Financed by
Sundry Creditor % of Current Assets		11.09%	11.45%
Other Current Liabilities % of Current Assets		5.65%	2.97%
Bank finance % of Current Assets		53.46%	55.27%
NWC % to Current Assets		29.79%	30.31%
		100.00%	100.00%
By PBS Method		31.797	36.183
Total Current Assets		5.323	5.217
Other Current Liabilities		26.474	30.966
Working Capital gap		9.474	10.966
Net Working Capital		17.000	20.000
Bank Finance

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

FINANCIAL RATIOS

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
Ratios
Growth in Sales	22%	18%
Gross Profit Ratio	6.72%	6.68%
PBDIT	4.621	5.069
PBDIT / Sales	3.30%	3.07%
Operating Profit / Sales	0.97%	1.01%
PBT / Sales	1.19%	1.21%
PAT / Sales	0.83%	0.85%
Cash Accruals / Sales	1.10%	1.05%
Sales / Equity	1.514	1.550
Sales / TTA	0.407	0.429
Interest Coverage (Interest / PBDIT)	64.42%	62.19%
PBDIT / Interest (Times)	1.79	1.85
Deferred Debt / Equity	0.031	0.025
TOL / Equity	0.272	0.262
Current Ratio (CA / CL)	0.142	0.143
Current Ratio Excluding TL Installments	0.153	0.145
CA / TTA (%)	92.37%	94.03%
Inventory + Receivables as days of Net Sales	8.100	7.900
Bank Borrowings / Current Assets	53.46%	55.27%
RM Content in Sales	89.00%	89.00%
ROCE (PBDIT including other Income / TTA)	13.42%	13.17%

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

KEY INDICATORS

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
Ratios
Net sales	140.000	165.000
Operating profit	1.364	1.670
(Net) other Income	0.300	0.325
PBDIT / Sales	3.30%	3.07%
PBT / Sales	1.19%	1.21%
PAT	1.165	1.396
PAT / Net Sales	0.83%	0.85%
Cash Accruals	1.540	1.725
Cash Accruals/ Sales	1.10%	1.05%
Paid up capital (PUC)	10.746	12.142
TNW	9.246	10.642
Adjusted TNW (TNW – Investment in associates)	9.246	10.642
TOL / TNW	0.272	0.262
TOL / Adjusted TNW	0.272	0.262
C/R	0.142	0.143
C/R excluding T/L Installments due in 1 year	0.151	0.145
NWC	9.474	10.966
NWC including T/L Installments due in 1 year	10.756	11.198
Net Sales / TTA (Times)	4.07	4.29
PBT/TTA (%)	4.84%	5.18%
Operating Costs / Sales (%)	99.03%	98.99%
Bank Finance / Current Assets (%)	53.46%	55.27%
Inv + Rec. / N.S. (Days)	81	79
NWC / CA (%)	29.79%	30.31%
PAT / Operating Income (%)	85.39%	83.63%
Retained Profit / Total Assets (%)	3.24%	3.49%
Net Cash Accruals / Total Debt (%)	6.12%	6.19%

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

PERMISSIBLE BANK FINANCE

FIRST METHOD OF LANDING

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
1.Total Current Assets	31.797	36.183
2.Other Current Liabilities (other bank borrowings)	5.323	5.217
3.Working Capital Gap [1-2]	26.474	30.966
4.Min. Stipulated net working capital : (25% of WCG excluding export receivables)	6.618	7.742
5.Actual / Projected net working capital	9.474	10.966
6.Item – 3 minus Item -4	19.855	23.225
7. Item – 3 minus Item -5	17.000	20.000
8. Max. permissible bank finance (Item 6 or 7, whichever is lower)	17.000	20.000
9. Excess borrowings representing [Shortfall in NWC (4-5)]	--	--

SECOND METHOD OF LANDING

(RS. IN MILLION)

PARTICULARS	2015-16 Projected	2016-17 Projected
1.Total Current Assets	31.797	36.183
2.Other Current Liabilities (other bank borrowings)	5.323	5.217
3.Working Capital Gap [1-2]	26.474	30.966
4.Min. Stipulated net working capital : (25% of WCG excluding export receivables)	7.949	9.046
5.Actual / Projected net working capital	9.474	10.966
6.Item – 3 minus Item -4	18.525	21.921
7. Item – 3 minus Item -5	17.000	20.000
8. Max. permissible bank finance (Item 6 or 7, whichever is lower)	17.000	20.000
9. Excess borrowings representing [Shortfall in NWC (4-5)]	--	--

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

MOVEMENT OF TNW

(RS. IN MILLION)

Opening TNW	7.081	9.246
Plough back of profit	1.165	1.396
Increase in capital / reserves	1.000	0.000
Intangible written off
Closing TNW	9.246	10.642

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

IMPORTANT RATIOS

Current ratio	1.42	1.43
Debt/Equity	0.31	0.25
TOL/ Equity	2.72	2.62
Current Assets / Tangible Assets	92.37%	94.03%
ROCE (PBDIT Including other income/TTA)	13.42%	13.17%
Inventory + Receivables as days of net sales	81	79

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

NETWORTH STATEMENT

MR. PRAVIN RATILAL DESAI [PARTNER]

(RS. IN MILLION)

BANK DETAILS

Bank	Branch	SB / CD Account No.	Present Balance	Last 6 Months
SBI Bank	--	56387002036	0.040	0.050

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint Name	Area	Free hold or lease hold	Location / Address	Purchase Cost	Present Value	Whether encumbered
Non-Agricultural Land
Commercial	50%	--	--	1.Sai Krupa Compund, 2.Shiyapura, Raopura	--	0.500 0.500	--
Residential	50%	--	--	12, Krishnadarshan Duplex, Lalbaug Road	--	2.500	--
Flat / House	--	--	--	--	--	--	--
Agricultural Land	--	--	--	--	--	--	--
Others	--	--	--	--	--	--	--

MOVABLE PROPERTY

Type of vehicle	Cost at the time of purchase	Present Value
Vehicle	--	0.200

Particulars	Valuation (Approx)	Details of ‘Shridhan’, if any
Jewellery / Silver / Gold Others	0.300	--

CAPITAL INVESTED IN BUSINESS

Name of the firm	Amount
J B Medical Agencies	5.400
Arihant Pharma	0.402
Paras Distributors	0.603
Total	6.405

OTHER INVESTMENTS/ ASSETS

Name of the firm	Amount
Cash and Bank Balance	0.200
Other Loans and Advances	0.100
Total	0.300

DETAILS OF LIABILITIES

AS GUARANTOR

Bank	Branch	SB / CD Account No.	Guarantee Amount	Outstanding Balance
SBI Bank	--	--	10.000	--

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Tarulataben Desai	Housewife	Wife	--	Married	12, Krishna Darshan Duplex, Lalbaug Road, Vadodara
Amit Desai	Business	Son	37 Years	Married
Mohit Desai	Business	Son	35 Years	Married

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

NETWORTH STATEMENT

MR. AMIT PRAVIN DESAI [PARTNER]

(RS. IN MILLION)

BANK DETAILS

Bank	Branch	SB / CD Account No.	Present Balance	Last 6 Months
SBI Bank	--	--	0.056	0.100

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint Name	Area	Free hold or lease hold	Location / Address	Purchase Cost	Present Value	Whether encumbered
Non Agricultural Land	--	--	--	--	--	--	--
Agricultural Land	--	--	--	--	--	--	--
Others	--	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICY

Type of company	Policy No.	Date of Issue	Sum assured	Surrender Value	Annual premium	Premium paid upto what period
LIC	--	--	--	0.300	--	--

SHARES / DEBENTURES / MUTUAL FUND ETC.

Name of company	No. of Shares	Certificate No.	Scheme	Whether fully paid	Current market value
Shares	--	--	-	-	0.100

VEHICLE

Particulars	Cost at the time of purchase	Present value
Vehicle	--	0.050

Particulars	Valuation (Approx)	Details of ‘Shridhan’, if any
Jewellery / Silver / Gold Others	0.250	--

CAPITAL INVESTED IN BUSINESS

Name of the firm	Amount
J B Medical Agencies	1.117
Arihant Pharma	0.195
Paras Distributors	0.200
Total	1.512

OTHER INVESTMENTS/ ASSETS

Name of the firm	Amount
Cash and Bank Balance	0.200
Other Loans and Advances	0.175
Total	0.375

DETAILS OF LIABILITIES

AS GUARANTOR

Bank	Branch	SB / CD Account No.	Guarantee Amount	Outstanding Balance
SBI Bank	--	--	Cash Credit : 10.000	--

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Amit Desai	Business	Son	--	Married	12, Krishna Darshan Duplex, Lalbaug Road, Vadodara
Ansh Desai	Study	Son	--	--

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

NETWORTH STATEMENT

MR. MOHIT PRAVIN DESAI [PARTNER]

(RS. IN MILLION)

BANK DETAILS

Bank	Branch	SB / CD Account No.	Present Balance	Last 6 Months
SBI Bank	--	56387002058	0.050	0.050

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint Name	Area	Free hold or lease hold	Location / Address	Purchase Cost	Present Value	Whether encumbered
Non Agricultural Land	--	--	--	--	--	--	--
Agricultural Land	--	--	--	--	--	--	--
Others	--	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICY

Type of company	Policy No.	Date of Issue	Sum assured	Surrender Value	Annual premium	Premium paid upto what period
LIC	--	--	--	0.450	--	--

SHARES / DEBENTURES / MUTUAL FUND ETC.

Name of company	No. of Shares	Certificate No.	Scheme	Whether fully paid	Current market value
Shares	--	--	-	-	0.050

VEHICLE

Particulars	Cost at the time of purchase	Present value
Vehicle	--	0.050

Particulars	Valuation (Approx)	Details of ‘Shridhan’, if any
Jewellery / Silver / Gold Others	0.250	--

CAPITAL INVESTED IN BUSINESS

Name of the firm	Amount
J B Medical Agencies	1.170
Arihant Pharma	0.146
Paras Distributors	0.555
Total	1.871

OTHER INVESTMENTS/ ASSETS

Name of the firm	Amount
Cash and Bank Balance	0.200
Other Loans and Advances	0.025
Total	0.225

DETAILS OF LIABILITIES

AS GUARANTOR

Bank	Branch	SB / CD Account No.	Guarantee Amount	Outstanding Balance
SBI Bank	--	--	10.000	--

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Rupa Desai	Housewife	Wife	33 Years	Married	12, Krishna Darshan Duplex, Lalbaug Road, Vadodara
Dhruvi Desai	Study	Daughter	6 Years	--

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

NETWORTH STATEMENT

MRS. TARULATABEN PRAVIN DESAI [GUARANTOR]

(RS. IN MILLION)

BANK DETAILS

Bank	Branch	SB / CD Account No.	Present Balance	Last 6 Months
SBI Bank	--	56387002058	0.100	0.100

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint Name	Area	Free hold or lease hold	Location / Address	Purchase Cost	Present Value	Whether encumbered
Non Agricultural Land	--	--	--	--	--	--	--
Commercial	50%	--	--	1.Sai Krupa Compund, 2.Shiyapura, Raopura	--	0.500 0.500	--
Residential	50%	--	--	12, Krishnadarshan Duplex, Lalbaug Road	--	2.500	--
Flat / House	--	--		--	--	--	--
Agricultural Land	--	--	--	--	--	--	--
Others	--	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICY

Type of company	Policy No.	Date of Issue	Sum assured	Surrender Value	Annual premium	Premium paid upto what period
LIC	--	--	--	--	--	--

SHARES / DEBENTURES / MUTUAL FUND ETC.

Name of company	No. of Shares	Certificate No.	Scheme	Whether fully paid	Current market value
Shares	--	--	-	-	-

VEHICLE

Particulars	Cost at the time of purchase	Present value
Vehicle	--	--

JEWELLERY

Particulars	Valuation (Approx)	Details of ‘Shridhan’, if any
Silver / Gold Others	0.500	--

CAPITAL INVESTED IN BUSINESS

Name of the firm	Amount
J B Medical Agencies	1.755
Arihant Pharma	--
Paras Distributors	--
Total	1.755

OTHER INVESTMENTS/ ASSETS

Name of the firm	Amount
Cash and Bank Balance	0.200
Other Loans and Advances	0.100
Total	0.300

DETAILS OF LIABILITIES

AS GUARANTOR

Bank	Branch	SB / CD Account No.	Guarantee Amount	Outstanding Balance
SBI Bank	--	--	--	--

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Amit Desai	Business	Son	37 Years	Married	12, Krishna Darshan Duplex, Lalbaug Road, Vadodara
Mohit Desai	Business	Son	35 Years	Married

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

VALUATION REPORT

GENERAL DATA (FURNISHED BY THE APPLICANT / OWNER)

(RS. IN MILLION)

Purpose of valuation			To ascertain the fair market value of the subject property for banking purpose.
Name of the applicant			J B Medicals Agencies
Name of owner(s)			Pravin Ratilal Desai and Tarulata Pravin Desai
Person identify/shown the property			Representative of owner
Property address			J B Medicals Agencies, Flat No.102, (First Floor, Eastern Part), Sai Krupa Apartment, Near Santha Vasahat, Shiyapura, Raopura, Vadodara.
Survey / plot no. of land			Vibhag B., Tikka No.11/3, C S No.132/A
VALUATION
Description	Area (Sq. Ft.)	Composite Rate (Rs. In Million/ Sq. Ft.)	Gross Current Replacement (Rs. In Million)	Depreciation (Rs. In Million)	Depreciated Replacement Cost/ Value (Rs. In Million)
Carpet Area	240
Super Built up Area	315	0.002	0.701	*	0.701
[* Note: Composite rate id derived after deducting depreciation part] (Total)					0.701
FAIR MARKET VALUE (SAY)					0.700
REALISABLE VALUE	95% [Assumed] of Fair Market Value				0.665
DISTRESS VALUE	85% [Assumed] of Fair Market Value				0.595

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

VALUATION REPORT

GENERAL DATA (FURNISHED BY THE APPLICANT / OWNER)

(RS. IN MILLION)

Name of the applicants

Pravinbhai Ratilal Desai

Tarulataben Pravinbhai Desai

Name of owners

Pravinbhai Ratilal Desai

Tarulataben Pravinbhai Desai

Address of property

Plot No. A/12, Krishna Darshan Duplex, Near Manmohan Society, Ahead of Global Hospital, Lalbaug Road, Vadodara – 390010, Gujarat, India

Revenue survey no/ Final plot no

Revenue survey no.385 paiki 1 of Maije Vadodara Kasba, Taluka Vadodara in Vadodara District under Vadodara Municipal Corporation. The Property is duplex housing plot and is surrounded by

North : Plot No. A/13 of same society

South : Plot No. A/11 of same society

East : 6.00 MTR wide society road

West : Plot No. B/8 of same society

Municipal census no

04 20 150 012 000 (Tax Rs.0.005)

Purpose of valuation

Obtaining financial assistance

VALUATION

(RS. IN MILLION)

ITEM	QUANTITY	RATE/SFT	VALUE
Total super built up area On ground floor On first floor	563.17 SFT 518.28 SFT	1200.00/- SFT 1150.00/- SFT	0.676 0.596
Built in cup board	300.00 SFT	500.00/- SFT	0.150
Value of compound Payment	400.00 SFT	60.00/- SFT	0.024
Value of compound wall with gate	JOB	LUMPSUM	0.030
Value of underground water tank with pipes	1500.00 LTR	8.00/- LTR	0.012
Value of overhead water tank with pipes	1000.00 LTR	10.00/- LTR	0.010
Value of external stair case with mosaic tile steps to first floor and to terrace	JOB	LUMPSUM	0.070
Total Value			1.568
Depreciation for 20 years @1.5% per year	30.00% LESS VALUE @ 8		(0.470)
Net value			1.097
Land value (Free hold)	1007.40 SFT	400.00/- SFT	4.030
Total value			5.127
The realizable sale value of property			Rs.4.614
The distress sale value of the property			Rs.4.102
He sub registrar (Government Jantri) value of the property			Rs.3.266
The insurance value of the property			Rs.1.097

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

VALUATION REPORT

GENERAL DATA (FURNISHED BY THE APPLICANT / OWNER)

(RS. IN MILLION)

Purpose for which valuation is made	Obtaining financial assistance
Date on which valuation is made	29.11.2014
Name of the owner / owners / developers	Pravinbahi Ratilal Desai Tarulataben Pravinbahi Desai
If the property is under joint ownership/ Co ownership. share of each such owner, are the shares undivided	Joint ownership
Brief description of property	Plot No. A/12, Krishna Darshan Duplex, Near Manmohan Society, Ahead of Global Hospital, Lalbaug Road, Vadodara – 390010, Gujarat, India
Location, Street, Ward no.	Lalbaug Road, Vadodara
Survey / plot no. of land	Revenue survey no. 385 Paiki 1 of mauje Vadodara Kasba
Land rate adopted in this valuation/ pro rata value	Rs.4000.00/- SFT
If the sales instances are not available or not relied upto, the basis of arriving at the land rate	From local market

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

VALUATION REPORT

GENERAL DATA (FURNISHED BY THE APPLICANT / OWNER)

(RS. IN MILLION)

Name of the applicants

Tarulataben Pravinbhai Desai

Pravinbhai Ratilal Desai

Name of owners

Shashikant Mulchandbhai Shah

Address of property

Property bearing Vibhag B, Tikka no.11/3, City, Survey No.114, Ambli Faliya, Shiyapura, Raopura to Dandia Bazaar Road, Raopura, Vadodara – 390001, Gujarat, India

Revenue survey no/ Final plot no

Vibhag B, Tikka no.11/3, City, Survey No.114 of Maije Vadodara Kasba, Taluka Vadodara in Vadodara District under Vadodara Municipal Corporation. The Property is row housing plot and is surrounded by

North : Property of S.No.110 of same village

South : Property of S.No.115 of same village

East : 10 FT road

West : Property of S. No.113 of same village

Municipal census no

05 22 178 000 000 102 (Tax Rs.0.022)

05 22 178 000 000 103 (Tax Rs.0.017)

05 22 178 000 000 104 (Tax Rs.0.002)

05 22 178 000 000 105 (Tax Rs.0.001)

Purpose of valuation

Obtaining financial assistance

VALUATION

(RS. IN MILLION)

ITEM	QUANTITY	RATE/SFT	VALUE
Total super built up area On ground floor On first floor On second floor On third floor	1007.00 SFT 1010.00 SFT 1010.00 SFT 1010.00 SFT	1200.00/- SFT 1150.00/- SFT 1100.00/- SFT 1050.00/- SFT	1.208 1.162 1.111 1.061
Built in cup board	Nil	-----------------	-----------------
Value of compound Payment	Nil	-----------------	-----------------
Value of compound wall with gate	Nil	-----------------	-----------------
Value of underground water tank with pipes	1000.00 LTR	8.00/- LTR	0.008
			0.010
Value of overhead water tank with pipes	1000.00 LTR	10.00/- LTR
Value of external stair case with mosaic tile steps to first floor and to terrace	JOB	LUMPSUM	0.120
Total Value			4.679
Depreciation for 3 years @1.5% per year	4.50% Less value @8		(0.211)
Net value			4.469
Land value (Free hold)	1080.00 SFT	5250.00/- SFT	5.670
Total value			10.139
The realizable sale value of property			Rs.9.125
The distress sale value of the property			Rs.8.111
He sub registrar (Government Jantri) value of the property			Rs.7.124
The insurance value of the property			Rs.4.468

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VALUATION REPORT

GENERAL INFORMATION:

(RS. IN MILLION)

Purpose for which valuation is made	Obtaining financial assistance
Date on which valuation is made	29.11.2014
Name of the owner / owners / developers	Dr. Shashikant Mulchandbhai Shah
If the property is under joint ownership/ Co ownership. share of each such owner, are the shares undivided	Single ownership
Brief description of property	Property bearing Vibhag B, Tikka no.11/3, City, Survey No.114, Ambli Faliya, Shiyapura, Raopura to Dandia Bazaar Road, Raopura, Vadodara – 390001, Gujarat, India
Location, Street, Ward no.	Raopura to dandia bazar road
Survey / plot no. of land	Vibhag B, Tikka no.11/3, City, Survey No.114 of Mauje Vadodara Kasba
Land rate adopted in this valuation/ pro rata value	Rs.5250.00/- SFT
If the sales instances are not available or not relied upto, the basis of arriving at the land rate	From local market

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BRIEF BACKGROUND

J b Medical Agencies is a partnership doing the business of wholesale medical trading. They are listed with branded medical agencies. J B Medical Agencies is run by current partners since 2008. Mr. Pravin Desai being the experienced business man has acquired the running business of J B Medical Agencies in year 2008 since then there is consistent growth in the sales of the company and currently the company has achieved the turnover of Rs.105.400 Million.

Mr. Pravin Desai looks after the Administration and Finance of the company. Other two partners Mr. Amit Desai and Mr. Mohit Desai son of Mr. Pravin Desai looks after general administration and smooth running of the business. It’s a totally family owned business and they have threshold experience for taking this business to great heights.

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FIXED ASSETS

· Computer

· Furniture

· Car

· Scooter

· CCTV Camera

· Air Conditioner

· Refrigerator

· Cycle

· Mobile instrument

· Goodwill

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	NKT / SNT

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	4
--LIQUIDITY	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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

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

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

RATING EXPLANATIONS

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

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

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