Loan Application for Project and Equipment Financing through ESCO

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Loan Application for Project and Equipment Financing through ESCO Powered By Docstoc
					                        IREDA
 APPLICATION FOR LOAN ASSISTANCE FOR
  SPV WATER PUMPING SYSTEMS UNDER
NATIONAL PROGRAMME FOR AGRICULTURE &
                  RELATED USES




INDIAN RENEWABLE ENERGY DEVELOPMENT
           AGENCY LIMITED
              (A Govt. of India Enterprise)
  Core 4-A, East Court, India Habitat Centre Complex,
      1st Floor, Lodhi Road, New Delhi – 110 003.

     Tel : 4682214-21                 – 4682202

            E-mail: mdireda@rediffmail.com
     Useful Information for Filling up the Application Form
1. All communications to be addressed to the Managing Director, IREDA
2. Application to be submitted in the Performa provided by IREDA only. Application shall conform to
   IREDA’s Guidelines for Financial Assistance.
3. Two signed copies of the application form are to be submitted alongwith one floppy copy
   compatible to Microsoft Word.
4. Demand Draft for amount indicated below, drawn in favour of Indian Renewable Energy
   Development Agency Ltd., payable at New Delhi, to be enclosed as application registration fee
   towards processing and documentation charges.

     Rs.10,000         for   Loan   upto Rs.1.00 Crores
     Rs.25,000         for   Loan   above Rs.1.00 Crores and upto Rs.10.00 Crores
     Rs.35,000         for   Loan   above Rs.10.00 Crores and upto Rs.20.00 Crores
     Rs.45,000         for   Loan   above Rs.20.00 Crores and upto Rs.30.00 Crores
     Rs.60,000         for   Loan   exceeding Rs.30.00 Crores

5. If any of the points given in the application format is not applicable, please specify so. Enclose
    additional notes/ sheets wherever necessary.
6. The application shall be signed by an authorised signatory.
7. All the necessary documents and forms as listed under Item No.3 of Loan Application should be
    completed and enclosed.
8. Incomplete and/ or ineligible applications shall not be registered by IREDA. For the speedy
    process of loan application, applicants are advised not to leave blank any of the
    information asked in loan application.
9. Mere submission/ registration of loan application does not entail automatic loan sanction.
10. IREDA accepts application forms filled in English and Hindi only. Any document in any other
    language to be submitted along with attested translated copy.

General Eligibility: All types of applicants, who have borrowing powers and powers to take up the
project as per their Charter, are eligible to avail financial assistance from IREDA except the following:

 Government Departments/ State Electricity Boards/ utilities unless they are restructured or in the
  process of restructuring and are also eligible to borrow from REC/PFC.
 Individual, Proprietary concerns and Partnership firms unless security of Bank Guarantee is
  provided. Also Applicants with accumulated losses (without taking into account effect of revaluation
  of assets, if any) as per audited Annual Accounts of the immediate preceding financial year unless
  security of Bank Guarantee is provided.
 Loss making applicants as per Audited Annual Accounts of the immediate last year of operation
  unless security of Bank Guarantee is provided. Also if there is erosion of paid up equity share capital
  of the Applicant as per the latest Annual Report.
 Applicants whose existing Debt Equity Ratio {total borrowings (other than unsecured loans and
  working capital loans) to net worth} exceeds 3:1 after taking into account the proposed borrowings
  from IREDA.
 Trust/Societies with accumulated revenue deficit or revenue deficit immediately during the past
  year unless Bank Guarantee is provided.
 Applicants who are in default in payment of dues to Financial Institutions, Banks NBFCs and/or
  IREDA at the time of submission of application.
 Applicants/Group Companies and/or main promoters of the applicants company which are in default
  in payment of IREDA dues at the time of submission of application.
 Applicants/Group Companies classified as willful defaulters as defined by RBI/classified by other FIs.
 Refinancing
 Projects Commissioned prior to the date of sanction of the current programme by MNES.

                                                      1
 Second-hand project, equipment and machinery. Cost overrun financing.
 Applicants/Group companies who had availed OTS from IREDA.
 Applicants requesting financial assistance of less than Rs. 10 Lakhs (Rs. 5 lakhs in case of users)
 Applicants/Group Companies and/or main promoters of the applicant Company convicted by court
  for criminal/economic offences or under national security laws.
 Applicants registered outside India.
 Companies which do not have minimum paid up capital of Rs. 1.00 Lakh/Rs. 5.00 Lakhs or such
  higher paid up capital as may be prescribed for private and public companies respectively.

Terms: IREDA provides user loan for SPV Water Pumping Programme at the following terms:

                             Maximum
            Rate of      repayment period        Max.           Maximum IREDA
           Interest          including        Moratorium           loan(%)
           (%) p.a.     moratorium (Years)     (Years)
              2.5                10               1         Upto      90%   of    the
                                                            unsubsidised cost after
                                                            taking into account the
                                                            financial      assistance
                                                            (subsidy)


Concessions/Rebates and Special Provisions from IREDA

 Rebate of 1.00% in interest rate for furnishing security of Bank Guarantee Or unconditional and
  irrevocable guarantee of All India Public Financial Institution with “AAA” or equivalent rating.
 Rebate of 0.5% in interest rate for timely payment of interest & repayment of loan instalment.
 Special Concessions for entrepreneurs belonging to SC/ST, Women, Physically Handicapped and Ex-
  servicemen Categories and those setting up projects in North Eastern States, Sikkim, Jammu &
  Kashmir, and Islands including Estuaries and desert areas.

Security for IREDA’s Loan: Please refer to Para 2.3.3 on page 8 of loan application.




                                                 2
                                                                     Date of loan application: -- -- ----

1.0    PARTICULARS OF APPLICANT                           :

       1.1       Name (In block letters)                  :

       1.2       Address (with pin code)                  :
                 (Regd. Office & Admn. Office/
                 Head Office Separately)
       1.3       Telephone                         :
       1.4       Fax                               :
       1.5       Email ID                          :
       1.6       Website                           :
       1.7       Date/Place of Incorporation:
       1.8       Date of commencement of business:
       1.9       Name of the Group, the company belongs to:
       1.10      Name & Designation of the
                 Chief Executive                   :
       (Also give the names and attach Bio-data of Directors indicating name of other companies
       where these directors are common directors and Key Executives of the Company )

       1.11      a) Share Holding pattern of the company (current as well as proposed):
         S.No.          Name of Share Holder           No. of Shares        Value of      % of Share
                                                                             Share




              b) Share Holding of the Promoters/Directors/their relatives, friends & associates in the
              applicant company:
        S.No.    Name of Promoter/       Networth       Available         Share       Unsecured        Total
                Promoter Company/         (Rs. in     liquid cash      equity (Rs.    loans (Rs.     taxable
                Promoter Directors/       lakhs)         (Rs. in        in lakhs)      in lakhs)     income
                      NRI etc.                           lakhs)                                       (Rs. in
                                                                                                      lakhs)




                 c) Details of investment by applicant company in the share capital of other Corporate Body:
         S.No.         Name of Company where             No. of Shares      Value of        % of Share
                      investment has been made                                Share




              d) Details on Income Tax assessments/ wealth tax assessments & sales tax assessments of
       promoter companies / promoters/ Directors
              Income Tax Assessment         Wealth Tax Assessment         Sales Tax Assessment
              Assessed        Tax Paid      Wealth         Wealth Tax     Sales Tax       Sales Tax
              Taxable                       Assessed       Paid           assessed        Paid
              Income
Promoter
companies



                                                      3
Promoters




       1.12 List of Associated/ Sister Companies (give the financial performance for last 3 years
       and enclose annual reports)


       1.13   Name & Designation of
              Authorised Dealing Officer         :
              (Enclose authorisation documents and attested signature)

       1.14   Constitution                          :
              (Please specify whether Public/Pvt.
              Ltd. Co., Co-operative Society/
              NGO/Trust/Society)

              a) Kindly enclose copies of Memorandum & Articles of Association/ Certificate of
                 Commencement of Business/By-laws/Registration Certificate/Certificate of
                 Incorporation etc. as applicable to the applicant.
              b) Indicate Clause No. of Memorandum & Articles of Association/ Bye-laws to
                 Undertake the Project and to borrow the loan.
              c) Enclose Published audited Balance Sheet and Profit and loss account for the past
                 three years of the Applicant/Borrower company/ firm.
              d) Board’s resolution to undertake the Project, if applicable.
              e) Certificate by a Chartered Accountant indicating the net worth and borrowing
                 capacity.

       1.15   Relevant Article/By-law     :
              Nos. that empower the
              Applicant to undertake the
              proposed project & Borrow Funds

       1.16   CRISIL/ICRA/CARE Credit rating, or any other rating, if available:

       1.17   Valid NBFC Registration No. with Reserve Bank of India, if applicable:

       1.18   Sector                                :
              (Please specify whether Public/
              Joint/Private/Co-operative)

       1.19   Size                                  :
              (Small scale/Medium scale/
              Large scale / others)

       1.20   Date/Place of Incorporation/ Registration:

       1.21   Date of Commencement of Business:




                                                4
1.22    Current Activity/Business                 :
        (Please provide a small write up
        along with details of products,
        Licensed capacity, existing installed
        capacity, utilisation etc. for the last
        three years and also mention the
        Name of Business Group, if any)

1.23    Whether listed on stock exchanges         :
        (give the name of exchange)




1.24    Financial Performance           :

        A) For Existing concerns / and Associated Companies (Enclose Audited Balance
           Sheets and Profit & Loss Account for last three years and provisional accounts
           for the current year upto last quarter)
 Item                                                       Audited Results       Provisional
                                                      Year 1   Year 2    Year 3   Current
                                                                                  year
Paid-up Capital
Reserves and Surplus
Net Worth
Fixed Assets
Total Assets
Secured Loans
Capital employed
Contingent Liabilities (as per the annual report)
Debt equity Ratio (Current)
Debt equity Ratio (After Proposed Loan from
IREDA)
Debt Service Coverage Ratio (DSCR)
Current Ratio
Turnover
Capacity utilisation
Profit before Depreciation and Taxes (PBDT)
Tax Paid
Net Profit
Earnings per share
Dividend
Return on Equity (ROE)
Return on Investment(ROI)

        B) For New Promoters /
            New Companies (Enclose IT Returns, CA Certificate for Net Worth and Projected
            Balance Sheets/Profit & Loss Account)
        1. Income                           :
        2. Wealth                           :
        3. Net Worth                        :



                                             5
         1.25     Have you given any corporate guarantee for any other loan/purpose:
         (If yes, please provide complete details)


         1.26 Convictions/Pending Litigation (against the Applicant/Group Companies and/or Main
         Promoters of the Applicant Company) under any criminal/ economic offence or under
         national security laws:      (Please provide complete details)


        1.27       Whether Existing Borrower of IREDA (Yes/No)
                   If yes, please give following details:

        Purpose of       Project No./     Security           Sanction           Amount              Present         Overdue, if
        loan             Date of                             amount             disbursed           outstanding     any
                         sanction                            (Rs.Lakhs)         (Rs.Lakhs)          (Rs.Lakhs)      (Rs.Lakhs)




        1.28       Whether any of your group company is existing borrower of IREDA (Yes/No)
                   If yes, please give following details:

        Purpose of       Project No./     Security           Sanction           Amount              Present         Overdue, if
        loan             Date of                             amount             disbursed           outstanding     any
                         sanction                            (Rs.Lakhs)         (Rs.Lakhs)          (Rs.Lakhs)      (Rs.Lakhs)




 1.29              Kindly provide details of each of the loans availed by your company from
                   other financial institutions/banks:

 Name of        Purpose of      Amt.       Date                  Details   of the loan               Security   Reschedul     Repayment
 Institution/   loan         sanctioned      of      Inter   Moratori      Repay      Outstanding               ement/        Status
 Bank                         & Date of   execut     est     um            ment       Amount (Rs.               Restructuri
                              sanction    ion of             (yrs)         Period     in lakhs)                 ng/ One
                                           loan                            (yrs)                                time
                                          agree                                                                 Settlement
                                           ment                                                                 availed, if
                                                                                                                any.
                                                                                                                Give
                                                                                                                details



        1.30       Do you figure in RBI Defaulters List? :

2.0      PARTICULARS OF THE PROJECT :

         2.1      Project Highlights                               : Enclose Business Plan

        2.1.1     Size of PV Array (Total) :_______________________________(Wp)

       2.1.2      Number of SPV Pumping Systems in Application: ________________


                                                               6
        2.1.3      Total Cost of SPV Project:______________________(Lk Rs)


        2.1.4       Funding of the Project
        No. of SPV         Total Cost           Subsidy                   Loan          Total Assistance
         Pumping
          System


     2.1.5         Type of pump (Tick Mark)
                                                                      √          Nos.
                               DC Surface mounted                 (       )
                               Centrifugal pump
                               DC Submersible pumpset             (       )
                               DC Floating pumpset                (       )
                               AC Submersible pumpset             (       )

  2.2           Locations to be targeted for installation of Pumping Systems
           S.No.      States            Districts                         No. of Pumping Systems
           1.
           2.
           3.
           4.
           5.
           6.
           7.
           8.
           9.
           10.
(Please provide a list of addresses if users already selected)
          2.3       Commercial Features                       :

          2.3.1     SPV Water Pumping System Model No.:
                            (Please enclose separate sheet for each model)

    S.No.               Items         Specifications     Quantity     Unit Price                   Total Price
     1.              PV Modules
     2.            Motor-Pump Set
     3.           Mounting Structure
     4.             Control Panel
     5.                Inverter
     6.               Pipes etc.
     7.              Cables etc.
     8.                 Spares
                          (a)
                          (b)
     9.               Any other
                          (a)
                          (b)
                  Total Ex-works Price of the integrated Pumping System




                                                          7
2.3.2   Proposed Means of Finance:

Source                                      Amount             %
Promoter’s Contribution (Please give
break-up of sources like Equity, Internal
Accruals etc.)
Financial Assistance (Subsidy)
Loan Assistance sought from IREDA
Total


2.3.3 Security Offered              : Tickmark on appropriate security
 OPTION ADVANCE                              LOAN
          Bank Guarantee from a              Bank Guarantee from a Scheduled
          Scheduled Bank                     Bank
 Or       State Government Guarantee         State Government Guarantee
 Or       Unconditional and irrevocable      Unconditional and irrevocable
          guarantee of All India Public      guarantee of All India Public
          Financial Institution with “AAA” Financial Institution with “AAA” or
          or equivalent rating.              equivalent rating.
 Or                                           Demand Promissory Note for
                                                 the amount of user loan
                                              Exclusive charge by way of
                                                 hypothecation of all movable
                                                 assets    acquired/     to  be
                                                 acquired out of IREDA’s loan
                                                 and Borrowers’ own funds
                                                 under the project, both
                                                 existing and future
                                              Guarantees by promoters/
                                                 promoter      directors    and
                                                 promoter companies
                                              Deposit of post dated cheques
                                                 in accordance with repayment
                                                 schedule of principal loan
                                                 amount and interest.

Note:
1) All equipment financing loans (where mortgage of immovable properties either
   on exclusive or pari-passu or second charge basis is not stipulated) will have to
   be secured by additional security in the form of equitable mortgage of
   immovable non-agricultural properties located either in urban or rural areas
   (excluding waste/barren lands) belonging to promoters/directors of the borrower
   company and/or close relatives and friends of the promoters having market
   value equivalent to at least 33% of IREDA’s Loan. The valuation of the property
   shall be arranged from any of the approved and registered valuers/architects at
   the cost of the borrowers to the satisfaction of IREDA and the borrower shall
   establish the title of such property to the satisfaction of IREDA. Alternatively,
   Bank Guarantee from a scheduled bank or pledge of Fixed Deposit Receipt
   (FDR) can be submitted.
                                   8
      2) In case the Borrower is loss making/having accumulated losses or individual/
         partnership concerns, security of only Bank Guarantee for the amount of loan
         shall be accepted.

      3) In case of guarantees by promoters/ promoter directors and promoter
         companies, pl. provide the names, address, net worth (in Format attached at
         Annexure V) and percentage shareholding of promoter directors/ promoters
         companies whose personal/ corporate guarantees are proposed to be offered by
         the applicant (In case of government companies, the securities of
         personal/corporate guarantees are not applicable).

      4) Kindly note that above set of securities are only minimum and IREDA can
         stipulate additional securities on case to case basis taking into account the risk
         perception, nature of the industry and background of applicant.

      2.3.4   Moratorium (Years) proposed for IREDA’s Loan :

      2.3.5   Loan repayment (Years)         :

      2.3.6   Name of Bankers                :

      2.4     Proposed Financial Mechanism

S.    Financial            Total   Loan or       Rate of    Repayment   Security for
No.   Mechanism            Price   Lease         Interest   Schedule    Loan
                                   Rent                                 /Lease
                                   Amount
1.    Out-right Sale
      (availing subsidy
      only)
2.    Hire-Purchase
      (Providing loan to
      users for pump)
3.    Leasing




                                        9
3.0    ENCLOSURES (Essential for Registration the Application)

              Document to be Submitted                     Yes/No/   Annexure     Reasons for non-
                                                           N.A.      / Page No.   submission/
                                                                                  expected date of
                                                                                  submission
General:

3.1    Demand Draft as applicable drawn in favour of
       Indian Renewable Energy Development Agency
       Ltd. payable at New Delhi (as processing and
       documentation charges)

3.2    Copies of Application Form (both hard and
       computer copies)

3.3    Filled up Form-I, II, III, IV & V (enclosed)



Legal Documents:

3.4    Copy of By-laws/Registration Certificate/
       Certificate of Incorporation/ memorandum &
       Articles of Association etc. as applicable.

3.5    Board’s Resolution to undertake the project

3.6    Authorisation for the dealing/Liaisoning officer.

3.7    Letter authorising your bankers to provide any
       information to IREDA.

3.8    Valid NBFC Registration Certificate

Information on Promoters/ Directors/
Management:

3.9    Bio-Data of Promoters

3.10   Bio-Data of Directors of the Company
3.11   Name/Qualification/Experience of Key Top
       Management

Financial Statements

3.12   Printed/Audited Balance Sheets, Profit and Loss
       Account and Annual Report for the last three
       years of the applicant company and promoter/
       associated companies

                                                10
3.13    Statement of Asset & Liability of the Principal
        Promoter (s)

3.14    CA’s Certificate of net worth and borrowing
        capacity of the applicant (in case of existing
        companies)

3.15    Copy of IT & Wealth Tax assessment of the
        applicant

3.16    Credit Rating Certificate


Equipments/Suppliers

3.17   MoU already entered into for installation with
       Manufacturers (in case of intermediaries)

3.18    Performance Guarantee from Equipment
        supplier


3.19    Any other document (please specify)

4.0    DECLARATION

       I/We certify that:

       4.1      All information furnished is true to the best of my/our knowledge.

       4.2      No borrowing arrangements except as indicated are made.

       4.3      No legal action is being taken against me/us.

       4.4    I/We shall furnish all other information that may be required by you in connection
       with the application.

       4.5   The information pertaining to us may be exchanged by IREDA with any agency you
       may deem fit.

       4.6    IREDA or its nominees or any agency authorised by IREDA may, at any time
       inspect/verify our assets, books of accounts, etc. in my/our factory & business premises.

       4.7      We agree to comply with all the requirements of Installation Documents and will be
                submitted in the format provided by IREDA.

       4.8      Any change in the data/information given will be informed to IREDA immediately by
                Registered Post.

       Place:
       Date:
                Name & Designation:            (Authorised Signatory & Seal)
                                                 11
                                                                           FORM-I

 (Authorisation Letter to the Banker of the applicant concern)

                                                                   Date:




Name of the Banker
and Address




Dear Sir,

       We hereby authorise you to discuss/ disclose our affairs or any other matters
relating thereto with the Indian Renewable Energy Development Agency Ltd., First
Floor, East Court, Core 4A, India Habitat Centre Complex, Lodhi Road, New Delhi –
110 003, to whom we are making an application for financial assistance.



                                                                    Yours faithfully,




                                                            (Name & Designation of
                                                             the authorised person)



(Note : The letter should be written on printed letterhead and signed by a person
or persons authorised to operate the account with the Banker).



                                     12
                                                                             FORM-II

  CERTIFICATE TO BE GIVEN ON THE LETTER HEAD OF
     THE STATUTORY AUDITORS OF THE APPLICANT
I/We     ……………………………………………….,                Auditor(s)/Chartered   Accountant(s)
of the applicant company, hereby CERTIFY that,

                              Items                            Yes/No/N.A.
    1. Whether the Applicant is having accumulated losses
        (without taking into account effect of re-valuation of
        assets, if any) as per audited Annual Accounts of the
        immediate preceding financial year?
    2. Whether the Applicant (in case of Company/Co-
        operative) is Loss making as per Audited Annual
        Accounts of the immediate last year of operation?
    3. Is there a erosion of paid up equity share capital of
        the Applicant as per the latest Annual Report?
    4. Whether the Applicant’s existing Debt Equity Ratio
        (total borrowings (other than unsecured loans and
        working capital loans) to net worth) exceeds 3:1 after
        taking into account the proposed borrowings from
        IREDA?
    5. Whether the Applicant (in case of non-profit
        Trust/Societies) has accumulated revenue deficit or
        revenue deficit immediately during the past year?
    6. Whether the Applicant is in default in payment of
        dues to Financial Institutions, Banks, NBFCs at the
        time of submission of application?
    7. Whether the Applicant and/or Group Companies
        and/or main promoters of the applicant company are
        in default in payment of IREDA dues at the time of
        submission of application?
    8. Whether the Applicant/Group Company is classified as
        willful defaulter by RBI/ any other Financial
        Institution?
    9. Whether The present loan is for Refinancing of
        financial assistance availed of from other financing
        institutions, Banks, NBFCs etc.
   10. Whether Applicant is forming part of the Group, of
       which any company had availed One Time Settlement
       (OTS) from IREDA.


Date:                                                           (Signature & Seal)
                                          13
                                                                          FORM-III

        Declaration to be furnished by the applicant


I/We …………………………….., the applicant for the loan hereby DECLARE that:

                                                                     Yes/No/N.A.
                    Eligibility Conditions
     1. Whether the present proposal of loan is for cost overrun
        financing?
     2. Whether the present proposal of loan is for procurement
        of any Second-hand equipment and machinery?
     3. Whether the Applicant and/or Group Companies and/or
        main promoters of the Applicant Company have been
        convicted for criminal/economic offences or under national
        security laws.
     4. Whether the project under consideration is already
        commissioned?




Date:                                                            (Signature & Seal)




                                          14
                                                                                         FORM-IV

   CERTIFICATE TO BE GIVEN ON THE LETTER HEAD OF
     THE STATUTORY AUDITORS OF THE APPLICANT
                                                                             Dated the....................

The Managing Director,
Indian Renewable Energy Development Agency Limited,
Lodhi Road,
New Delhi

     Sub: Request for Loan from IREDA made by (Name of the Applicant to be
                mentioned here) for Setting up ............................

Dear Sir,

        We note that above named company proposes to apply to IREDA for financial
assistance for setting up this project of .......................... at ........................

2.      We have gone through the books and records of the company including the share-
holding held by promoters, their friends & associates and others in the company as also the
composition of the Board of the company and the involvement of the Directors in other body
Corporates as Promoters/ Directors. We have had discussions with the promoters/ executives
of the company. Based on the examination of the books of the company and discussions with
the Promoters and others, we hereby certify that the above company belongs to group
known as .................. , OR the said company does not belong to any group going by the
principle of commonality of management and effective control by other companies; corporate
bodies/ does not belong to known large industrial house/ groups in the country.

3.     We note that above certificate is being furnished as requested by the Company to
enable IREDA to consider the Company’s request for financial assistance on merit.

Yours faithfully,


                                              (Signature & Seal)
___________________________________________________________________
Note:

1) Delete whatever is not applicable.

2) Additional Enclosures to be submitted alongwith Loan Application:

1. In case, any of the directors of Applicant Company is common director in any other company,
   give the name of director/company.
2. Give share Holding of the Promoters/Directors/their relatives, friends & associates in the
   Shareholding of the company.
3. Give details of investment by Applicant Company in the share capital of other Body Corporates
                                                 15
                                                                                           FORM-V

REPORT ON NETWORTH OF INDIVIDUAL GUARANTORS
   A.     DETAILS OF THE GUARANTOR
   1.     Name of the assisted concern
   2.     Name of the guarantor/address
   3.     Members of his family
   4.     Capacity of the guarantor in the assisted concern
   B.     DETAILS OF ASSETS (RS. IN MILLION)                   VALUE_______(AS ON
                                                               ____________)
   B.1.   Details of immovable property:-
          i) Land
           Particulars
           Location
           Ancestral or self-acquired
           Share in the total property
           If encumbered, to what extent
           Total market value
          ii) Buildings
           Particulars
           Whether residential or commercial
           Location
           Ancestral or self-acquired
           Share in the total property
           If encumbered, to what extent
           Total market value
          iii) Others (specify)
          TOTAL IMMOVABLE ASSETS (B1)
   B.2.   Details of movable properties
          i)        Cash/Bank balances
          ii)       Marketable investments (cost price)
          iii)      Realisable book debts
          iv)       Life policies (surrender value)
          v)        Others (give details)
          TOTAL MOVABLE ASSETS (B2)
          TOTAL ASSETS (B1+B2)
   C.     DETAILS OF LIABILITITES
          i)        Borrowings
          -         Sources
          -         Security
          -         Value of Security
          -         Amount
          ii)       Other liabilities, if any
                          TOTAL LIABILITIES (B)
   D.                     NET ASSETS (B1+B2-C)
I hereby declare that the above is a true and correct statement of my assets and liabilities and
that the lands/building and any other properties, mentioned above, are held in my name.


Signature of the Chartered Accountant                         Signature of the guarantor


Name, address and seal of Chartered Accountant                Name of the guarantor
                                                     16