Ref. No.

VALUATION REPORT

of

IMMOVABLE PROPERTY

Industrial plot of land with factory shed

and other allied structures standing thereon in a designated industrial area.
The total plot area is 800.00 SMT.

Located at
Plot No, Survey No
Dan Udyog Industrial Estate, Pipariya, Silvassa,
Village Xxx, Talula , Xxxxxxx District Xxxxxxx, State Xxxxxx 396 230.

Owner
M/s. x x x x x x Containers.

Bank Client A/c.

xxxxxxxxxxxx

For
BANK OF x x x x x Goregaon West Branch,
Sanjay Bldg., x x x x x , Road No. 1, Goregaon (West), Mumbai - 400 062.

SHAILESH WANI & CO.

Govt. Regd. Valuers, Chartered Engineers
Licensed Surveyors & Project Consultants
MUMBAI, INDIA.

Valuation Techno Economic Feasibility Lender`s Independent Engineer Technical Due Diligence
To,
The Manager,
BANK of xxxxxxxxx Report Ref. No. :

Date :
Bank Client A/C : M/s. X x x x Containers.

Sub : Periodic valuation report of property.

The subject valuation report is enclosed herewith. Summary as under,

1 Owner : M/s. xxxxxxxx Containers. (Owner indicated as per
photocopies of documents provided. Our scope of work does not
include verification of legal ownership. Refer latest title certificate
to confirm ownership details. Valuation subject to clear legal
marketable title)

2 Location of the property : xxxxxxx, Survey No xxxxxx, Dan Udyog Industrial Estate,
Pipariya, Silvassa, Village Amli, xxxxxxxxxxxx
xxxxxxxxxxxxxxxx
3 Fair Market Value (FMV) : Rs. 2,24,85,000/- (Rupees Two Crores Twenty Four Lakhs
Eighty Five Thousand Only)

4 Realizable Value (RV) : Rs. 2,02,36,000/- (Rupees Two Crores Two Lakhs Thirty Six
= 0.90 x FMV Thousand Only)

5 Distress Sale Value (DSV) : Rs. 1,79,88,000/- (Rupees One Crore Seventy Nine Lakhs
= 0.80 x FMV Eighty Eight Thousand Only)

The above values are subject to the conditions recorded in the site remarks and limiting conditions in the report.
This report contains 13 pages (including annexures). Kindly acknowledge.

Thanking you,
Yours Sincerely

Valuer

1
 VALUATION REPORT

PART I

A. WORK ASSIGNMENT DETAILS

01 Assigned By Mr. Ramesh Chaturvedy

02 Representative of BANK OF xxxxxxxxxxxxxxx

Goregaon West Branch,
Sanjay Bldg., Jawahar Nagar, Road No. 1,
xxxxxxxxxxxx, Mumbai - 400 062.
03 Assigned on date 07/12/2022
04 Date of Inspection 21/12/2022
05 Documents received on 07/12/2022
06 Date on which valuation is made 24/12/2022
07 Fresh Valuation/ Revaluation Revaluation
08 Purpose of Valuation Periodic valuation report of the property.
09 Applicant Name M/s. xxxxxxxxxx Containers.
10 Contact Details -
11 Address of the Property Plot No 28, Survey No 66/1, Dan Udyog Industrial Estate,
Pipariya, Silvassa xxxxxxxxxx
12 Landmarks Near Pipariya Police Station
Opp. R G Enterprises
13 Survey No. / CTS No. / Plot No Plot No 28, Survey No 66/1
14 Ward Name & No. Not applicable
15 Pin Code 396 230

B. DOCUMENTS
1 Name of the customer / Owner as per M/s. Rusapi Containers. (Owner indicated as per photocopies
documents of documents provided. Our scope of work does not include
verification of legal ownership. Refer latest title certificate to
confirm ownership details. Valuation subject to clear legal
marketable title)
2 Description of the property Industrial plot of land with factory shed with GA sheet roof
truss shed and other allied structures standing thereon in a
designated industrial area. The total plot area is 800 SMT.
3 Documents provided
A Copy of agreement / title deed Provided
B Index II Not Provided
C Share certificate Provided
D If property is joint ownership then share of Not applicable
each owner
E Occupancy certificate Not Provide
F Commencement certificate Not Provided
G Approved building plan Not Provided
H RERA no. Not applicable
I Society maintenance bill details Not applicable
J Electricity bill details Not provided
K Other documents Nil
L Land holding type Freehold
(Leasehold / Freehold/ Gaothan/Others)

C. SITE VISIT REPORT

1 Name of the Person met at site Mr. Jinesh Shah
2 Contact no. of person met at site Xxxxxx
3 Relationship of person met at site with the Owner representative
Customer

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4 Property occupied / vacant Occupied
5 Name of the Occupant M/s. X x x x xx Containers.
6 Relationship of the Occupant with the N.A
Customer
7 Occupied since 2008
8 Name displayed on Door No
9 Name displayed on society board Not Applicable

D. DESCRIPTION OF THE LOCALITY

1 i) Proximity to civic amenities distance from All Civic amenities like Banks, hospital, park, garden, shops
nearest (School, Hospital, Park / Garden, and market are available within 10 to 20 Kms.
Market / Shopping Complex)
ii) Main road Off. Silvassa Vapi Road
iii) Railway Station / Bus Stop About 16 to 17 Kms Vapi Rly Stn.
About 300 Mtrs Bus Stop
2 Residential Area/ Commercial/ Industrial Industrial
3 Classification of Area
i) High/Middle/Poor Middle
ii) Developed / Developing /Gaothan Developed
4 Coming under Corporation limit / Village Silvassa Municipal Council
Panchayat / Municipality.
5 Infrastructure Surrounding Area Industrial
6 Condition & Width of Approach Road Good & more than wide 20 Ft Road
7 Whether covered under any State/Central No
Govt. enactments (e.g. Urban Land Ceiling
Act) or notified under agency area/ scheduled
area / cantonment area.
8 In Case it is an agriculture land, any Not applicable
conversion to house site plots is
contemplated.
9 Has the whole or part of the land been No
notified for acquisition by Government or any
statutory body? Give date of the notification

E. DESCRIPTION OF THE PROPERTY – PART A

1 Completed/ under construction Completed
2 % of completion 100%
3 Type of Property Industrial
4 Usage Industrial
5 Type of Structures RCC Frame Structure
6 Number of Wings Not applicable
7 Number of floors Ground Floor
8 Society Registration Number Not applicable
9 Flats per floor / Position Ground Floor
10 Maintenance of the Building Good
11 Year of construction Old Building : 2004
New Building : 2008
Office Area : 2009
12 Age of the building About 18 year old
13 Life of the building estimated 32 years
14 % Depreciation 18%
15 Facilities Available
A Lift Nil
B CCTV/ Fire fighting Available on site

2
 C Amenities (Gym / Swimming Pool / Club Security & CCTV Camera
house / Amphi theatre / Garden / Banquet /
Others)
16 Car Parking – Open/Covered Adequate
17 Protected Water Supply GIDC
18 Underground Sewerage GIDC
19 Does Compound wall exist? Yes
20 Is pavement laid around the Building? PCC
21 Boundaries of the property As Per Documents As per Site Inspection
North Bhagirathi Synthetics P Ltd.
South Internal Road
Details not available
East Aerocom Industries
West Laxmi Industries
21A Boundaries of the Flat / Office As Per Documents As per Site Inspection
North
South
Not applicable Not applicable
East
West
22 What is the undivided area of land as per Sale 800.00 SMT (as per sale deed)
Deed?

F. DESCRIPTION OF THE PROPERTY – PART B

1 The floor in which the Property is situated
2 Flat No.
3 Accommodation Not applicable
4 Single Property / merged Property /
Independent Property
5 Specification
A Exterior
B Interior
C Furnished / Unfurnished
D Flooring
E Doors Standard industrial fittings
F Windows
G Fittings
H Kitchen Platform
6 Violations

G. MARKETABILITY
1. How is the Marketability? Average

2. What are the factors favoring for an extra Nil

Potential Value?

3. Any negative factors are observed which No

affect the market value in general.

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 PART II – VALUATION

A. METHOD OF VALUATION
1 Method of Valuation adopted Contractor’s Method (Land And Building) After considering
the prevailing market rate in the locality for Land and
adding cost of construction of building and allied structures.

B. VALUATION OF LAND
1 Land Area as per Agreement 800.00 SMT (as per sale deed)

2 Land area As per approved plan Details not provided

3 Land Area Consider For valuation 800.00 SMT (as per sale deed)

4 Land Rate adopted Rs. 18,000/per SMT (After considering the prevailing market
rate in the locality for comparable plots and necessary allowance
in rate for variation due to location, size, shape and topography of
the plots and effect of all market forces)
5 Land value = 800 x 18,000
= Rs. 1,44,00,000/-
6 Govt. Ready Reckoner Land Rate Land Rate = Rs. 4,840/SMT
Village Silvassa Land Area = 800 SMT
Land Value = Rs. 38,72,000/-

C. VALUATION OF BUILDING
1 Constructed area As per Agreement Details not available

2 Constructed area as per Plan Details not provided

3. Constructed area as per physical -

measurement

4 Construction area (built up) consider for Description Built-up Area

valuation A. Main Building 317.00 SMT
B. Office Area 46.47 SMT
C. Side Shed 366.26 SMT
D. Loft Area 49.00 SMT
Total 778.73 SMT

5 Construction Value
Sr. Particular of. Item Built up *New Replacement Depre- Net value after
No. Area Construction Rate cost for ciation depreciation
insurance value
SMT Rs./ SMT Rs. % Rs.
A Main Building with 317.00 20,000 63,40,000 18% 51,98,800
AC sheet roof
B Office Area 46.47 25,000 11,61,750 18% 9,52,635
C Lean to roof shed 366.26 5,500 20,14,430 18% 16,51,833
D Loft Area 49.00 7,000 3,43,000 18% 2,81,260
Total 98,59,180 - 80,84,528
Round Off 98,59,000 - 80,85,000
*After considering the prevailing construction rate in the locality for comparable buildings and necessary allowance in
rate for variation due to design, and quality of materials & workmanship.

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 D. TOTAL ABSTRACT OF THE ENTIRE PROPERTY
1 Summary
Fair Market Value
A Value of Land 1,44,00,000
B Value of Building 80,85,000
C Extra Items 0
D Amenities 0
E Miscellaneous 0
F Services 0
Total 2,24,85,000

Fair Market Value (FMV) Rs. 2,24,85,000/- (Rupees Two Crores Twenty Four Lakhs
(As per above) Eighty Five Thousand Only)

Realizable Value (RV) Rs. 2,02,36,000/- (Rupees Two Crores Two Lakhs Thirty Six
= 0.90 x FMV Thousand Only)

Distress Sale Value (DSV) Rs. 1,79,88,000/- (Rupees One Crore Seventy Nine Lakhs
= 0.80 x FMV Eighty Eight Thousand Only)

Replacement cost for insurance Rs. 98,59,000/-

Govt. Ready Reckoner Value for Land Rs. 38,72,000/-

2 Remarks

1. Approach of Valuation – Market Approach has been adopted for the subject valuation. This approach is
generally recommended in all marketable properties. Land, ownership flats, shops and offices (none
tenanted) are valued by this approach.
2. Method of Valuation – Contractor’s Method (Land and Building Method). In this method after
determining the value of land, the cost of depreciated value of structures is added to arrive at total cost
of the property.
3. Land Rate – The land rate is adopted after considering the prevailing market rate in the locality for
comparable land and necessary allowance in rate for variation due to size, shape, location, land
development condition, sales instances, govt. ready reckoner rate and effect of all market forces
4. Price Indicators – Prevailing market rates are obtained from either of the following sources; enquiry with
society office, enquiry with local brokers, search of sales offers from reputed real estate web sites, search
of property price trend in the locality from reputed real estate websites, comparison with govt. stamp
duty ready reckoner rates, comparison with actual sales transactions index on govt. registration website.
5. Documents - Valuation is based on the site visit & the photocopies of the documents provided by the
owner. Document photocopies have been returned to bank / borrower after reference.
6. Assumptions -The Valuation is subject to general assumptions and limiting condition in Annexure II
attached herewith.

3 Conclusion

As a result of our appraisal and analysis it is our considered opinion that the present Fair Market Value of
the property situated Plot No xxx, Survey No xxxx, xxx Udyog Industrial Estate, Pipariya, Silvassa, Village
Amli, Union Territory of Dadara & Nagar Haveli, Silvassa 396 230, is Rs. 2,24,85,000/- (Rupees Two Crores
Twenty Four Lakhs Eighty Five Thousand Only) in the prevailing condition with aforesaid specifications.

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 PART III

We further declare that: - DECLARATIO

1. The information furnished in this Report is true and correct to the best of our knowledge and belief.
2. I / my representative has personally inspected and the right property on 21/12/2022.
3. We have no present or prospective interest in the property that is the subject of this report, and we have no
personal interest with respect to the parties involved.
4. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting
conditions and is our personal, impartial, and unbiased professional analyses, opinions and conclusions.
5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this
assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. Our compensation for completing this assignment is not contingent upon the reporting of a predetermined value
or direction in value that favours the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
8. Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with
standards adopted by the Indian Institution of Valuers and generally accepted market practices.
9. We have not been convicted of any offences or sentenced to a term of imprisonment and have not been found
guilty of misconduct in our professional capacity.

Valuer

List of Annexures

Annexure No. of pages

I List of Documents Referred 1

II Assumptions and Limiting Conditions 1

III Site Photographs 1

IV Google Location Map 1

V Govt Ready Reckoner Rate / Circle Rate 1

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 ANNEXURE – I
List of Documents Referred

A photocopy of following documents provided by Bank / Borrower / Owner was referred by us and this valuation
report is based on information provided in the documents. It is assumed that Bank/FI has verified the photocopies of
the document with the originals before handing over of documents to us.

1) Sale Deed :

Agreement Date : 19/03/2008 Agreement Amount : Rs. 30,00,000/-

Registration Date : 19/03/2008

Registration No : 1198-2008

Purchaser : M/s. xxxxxxxxx Containers.

2) Share Certificate :

Registration Date : 306

Registration No : 26/03/2008

Purchaser : Dan Udyog Sakari Sagar Ltd.

The documents have been returned to the Bank / Borrower / Owner after reference.

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 ANNEXURE – II
General Assumptions and Limiting Conditions
1) Clear Title : The valuation is subject to legally clear and marketable ownership title of the property. It is assumed
that the expert legal opinion is obtained by the Bank and only then the Valuer is referred for valuing the asset. The
bank or concerned user of this report is advised to verify the extend of area described in this valuation with the latest
legal title of the property.
2) Scope of Assignment : As informed by the Bank, The scope of our work is limited to providing our opinion
regarding bank realizable value of the property referred based on documents provided to us. Our scope of work,
does not include, verification of, legal ownership, land/building area measurement, structural stability of the
building, approval of plans, approval of land/building for intended use, special reservations if any, deed of
declaration for common areas etc. It is assumed the above approvals are in order unless stated otherwise in the
report. The values stated in the report are subject to the abovementioned assumed approvals.
3) Validity : Valuation is a function of time, place and purpose. It is valid only for the stated time, place and purpose
mentioned in this report.
4) Report Emphasis : Due to various misconceptions in the market regarding reporting rates of land
[Industrial land, N.A land, developed land, undeveloped land etc] and built-up area [carpet area, plinth area, built-up
area, super built-up area, usable area etc] in the market more emphasis is placed on assessing the total value of the
property and rate is reported for general comparison purpose only.
5) Encumbrances : Details of encumbrances of various loans, Government, Co-op Society or any other statutory
dues, registration charges, transfer charges, hindrances like tenancy, Govt. site acquisition, etc. if any, are not
available and not considered in the valuation. We have assumed the property is free from all encumbrances.
6) Opinion only : The value indicated in the report is reasoned opinion of the valuer and not a guarantee of price
realization. The property prices in some locations, have in recent past, abruptly (within six months) fluctuated upto
30% due to various unanticipated reasons.
7) Assumptions : Assumptions are made to the best of our knowledge and belief. We rely on the information
provided by the Bank, the owner or owner representative at site in good faith, intention & belief of the concern
person. Where it is stated that the Bank has supplied information to the valuer, this information is believed to be
reliable, but the valuer can accept no responsibility if this should prove to be incorrect. Where information is given
without being attributed directly to another party, this information has been obtained from our experience and
market research.
8) Limited Liability : In no event shall the valuer be held responsible or liable for special, direct, indirect or
consequential damages as the assignment has been completed on our best efforts, available knowledge and in good
intentions. The report shall be regard as void in case the total professional fee for the valuation report is not realized
within one month from the date of invoice. If our presence is required, we will be pleased to appear and give the
necessary clarifications, provided the fees for each appearance (including out of pocket expenses) are pre-
determined. The report is for the sole use of the Bank, it has been addressed to; neither the whole nor any part of
this valuation report and any reference thereto may be utilized without our prior written approval. The valuer’s
responsibility in connection with this valuation report is limited to the Bank to whom it is addressed and to that Bank
only. The valuer disclaims all responsibility and will accept no liability to any other party.
9) Fair Market Value : Fair Market Value is defined as the estimated amount for which an asset should exchange on
the date of valuation between a willing seller and willing buyer in an arm’s length transaction after proper marketing
wherein the parties had acted knowledgeably and without compulsion.
10) Bank Realizable Value : Bank Realizable Value is generally less than the fair market value of property because
of various factors such as, mode of sale i.e. by public auction, mode of payment strictly by cheque, strict payment
terms (i.e. 30 days etc.), Limitations of effective marketing etc
11) Distress Value : Distress Value means the amount which may be obtained from the sale of a property in which
one or more characteristics of the definition of fair market value are not satisfied, such as the seller may be in
compulsion to sell in a very short period of time etc.
....X….

8
 Annexure III
Site Photographs

9
 Annexure IV
Google Location Map
20°17'20.0"N 72°59'36.7"E

1
 Annexure V
Govt Ready Reckoner Rate / Circle Rate