MAA MANOKAMNA AGRO PRIVATE LIMITED
(CIN : U15311BR2010PTC016204)
Fair Valuation Report- Land
Valuation Date: 28-Nov-2024
Report date: 06-Dec-2024
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
To, Date: 06-Dec-2024
The Board of Directors
Maa Manokamna Agro Private Limited
CIN: U15311BR2010PTC016204
Registered office:
Flat No.-106, 180-B S K Puri,
Panchwati, Patna, Bihar-800001
Sub: Fair valuation of Land situated at Patna, Bihar of Maa Manokamna Agro Private Limited (hereinafter referred to as “Maa Manokamna”, or “the company” or
“client”) for purpose of internal use of the company as on 28-Nov-2024.
Dear Sirs,
We, Tattvam Valuer LLP (hereinafter referred to as “Tattvam” or “Valuer” or “Registered Valuer” or “RV”), have been appointed on 15-Nov-2024 (hereinafter referred to as
“Appointment Date”) by the company to determine the Fair Market value of the Land situated at Patna, Bihar held by the company for internal purpose as on 28-Nov-2024
(hereinafter referred to as “Valuation Date”) which is computed as INR 1.07 crores. We are pleased to present herewith our report on the same.
The Valuation is not intended for general circulation or publication and is not to be reproduced without our prior written consent or used for any purpose other than purpose
stated herein this report and can not be relied upon by third parties. This report is to be read in totality, and not in parts, in conjunction with the relevant documents referred to
therein.
We trust our report meets your requirements. Please feel free to contact us in case you require any additional information or clarification.
Yours Faithfully,
Mohit Ahuja,
DP- Tattvam Valuers LLP
IBBI Reg No.: IBBI/RV-E/02/2021/156
VRN:
Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
CONTENT OF THIS REPORT
Content Pg. No.
Executive Summary 4
Nature and Source of Information 5
Caveats, Limitations & Disclaimers 6
Valuation Methodology and Approaches 10
Valuation Method Used 12
Assumptions 13
Valuation Conclusion 13
Annexure – 1 14
Annexure – 2 15
Annexure – 3 16
Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
EXECUTIVE SUMMARY
The Subject property comprise of:
Subject Properties Land measuring 59 decimals situated at Village- Ghamhariya, PS- Raxaul, Po- Raxaul Ward No. 02, District- East
Champaran
Purpose & Important dates for •Purpose: Determination of fair market value of the subject property for purpose of internal use.
Valuation •Appointment Date: 15-Nov-2024
•Valuation Date: 28-Nov-2024
Approach Methodology Used Weightage
Valuation Approach, Cost Approach Depreciated Replacement Cost 0%
Methodology Used & Weightage Income Approach Discounted Cash Flow Method 0%
Market Approach Market Inquiry/Survey Method- Land 100%
Guideline Value Guideline Value
Subject Property
(in INR) (in INR crore)
Valuation Summary Land- Raxaul, East
10,738,000 1.07
Champaran
Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
NATURE AND SOURCE OF INFORMATION
For the purpose of Land & Building valuation exercise, we have relied on the following sources of information:
• Sale Deed of the subject property provided by the company.
• Secondary Data Search.
We have also received the necessary explanations, information and representations, which we believe are adequate and relevant to complete the present
valuation exercise on time from the management/representatives of the company.
Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
CAVEATS, LIMITATIONS & DISCLAIMERS
1. Title deeds of properties: We have not verified the title deeds of the properties with the records of registrar’s office as this is beyond the agreed scope of our
services stated in our engagement letter.
2. Legal and other issues: We assume no responsibility for the legal matters including, but not limited to, legal or title concerns. The assets and interests therein
have been valued free and clear of any liens or encumbrances unless stated otherwise. No hidden or apparent conditions regarding the subject assets or their
ownership are assumed to exist. No opinion of title is rendered by this report and a good title is assumed.
3. Desktop Valuation: Physical conditions are generally known through inspections, observations or indication by others. As this is a desktop valuation, we don’t
assume any responsibility for latent defects of any nature whatsoever, which may affect the value due to these unknown conditions or for any expertise
required to disclose such conditions.
4. Physical inspection: The RV has endeavored to visually identify the land boundaries and dimensions; however, he is not a surveyor. So, where there is a doubt
about the precise position of the structures, it is recommended that a Licensed Surveyor be contacted. Also, the valuation is made on the basis that there are
no encroachments by or upon the property and this should be confirmed by a current survey report and/or advice from a Registered Surveyor. If any
encroachments are noted subsequently by the survey report, the RV should be consulted to reassess any effect on the value stated in this report.
5. No Encroachments upon the property: The valuation is made on the basis that there are no encroachments by or upon the property and this should be
confirmed by a current survey report and/or advice from a Registered Surveyor. If any encroachments are noted subsequently by the survey report, the RV
should be consulted to reassess any effect on the value stated in this report.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
6. Town Planning and Zoning Information: We have not carried out enquiries with respect to Town planning and Zoning information as it is not in the scope
of valuation therefore, we recommend that this zoning or planning area should be done/verified by application to appropriate authority for the issue of a
zoning certificate.
7. Structural Stability: The RV did not have access to a qualified engineer’s structural stability/safety report/survey of the property nor have we inspected
unexposed or inaccessible portions of the premises. The RV is not a building construction and/or structural expert and is, therefore, unable to certify as to
structural soundness of the property. Users of the report would need to make their own enquiries in this regard.
8. Hazardous conditions/material: In the absence of a statement to the contrary, we have assumed that no hazardous conditions or materials exist which
could affect the subject business or the assets. We are not qualified to establish the absence of such conditions or materials, nor do we assume the
responsibility for discovering the same. Our valuation takes no such liabilities into account, except as they have been reported to the RV by the client or by an
environmental consultant of the client, and then only to the extent that the liability was reported to us in an actual or estimated amount. To the extent such
information has been reported to us, the RV has relied on it without verification and offers no warranty or representation as to its accuracy or completeness.
9. Validity of permits and licenses: Unless otherwise stated as part of the terms of engagement, the RV has not made a specific compliance survey or analysis
of the various permits and licenses under central, state and local laws / regulations applicable to the operation and use of the subject property, and this
valuation does not consider the effect, if any, of non-compliance.
10. Continuation of subject business: We have assumed that the business continues normally without any disruptions due to statutory or other
external/internal occurrences.
11. Independent Third Party: We have acted as an independent third party and, as such, shall not be considered an advocate for any concerned party for any
dispute. The valuation has been carried out independently to assess the valuation services. We have no present or planned future interest in the company or
any of its group companies and the fee for this report is not contingent upon outcome of the transaction. Our valuation should not be construed as
investment advice; specifically, we do not express any opinion on the suitability or otherwise of entering into any transaction with the company.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
12. Valuation assumptions made by us: We have made certain assumptions in relation to facts, conditions or situations affecting the subject of, or approach to,
this exercise that has not been verified as part of the engagement rather, treated as “a supposition taken to be true”. If any of these assumptions prove to be
incorrect then our estimate on value will need to be reviewed.
13. Financing arrangements: The sale of the subject property is assumed to be on an all cash basis. Financial arrangements would affect the price at which the
property may sell for if placed on the market.
14. Purpose and Date: Value varies with the purpose and date. This report is not to be referred if the purpose is different other than mentioned and for the post
valuation date events.
15. Actual realizable value: The actual realizable value that is likely to be fetched upon sale of the property under consideration shall entirely depend on the
demand and supply of the same in the market at the time of sale.
16. Company representation: In the course of the valuation, we were provided with both written and verbal information. We have however, evaluated the
information provided to us by the Company through broad inquiry, analysis and review but have not carried out a due diligence or audit of the information
provided for the purpose of this engagement. Our conclusions are based on the assumptions, forecasts and other information given by/on behalf of the
Company.
17. Independence: We are independent of the client/company and have no current or expected interest in the Company or its assets. The fee paid for our
services in no way influenced the results of our analysis.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
18. Usage of report: Our report is meant for the purpose mentioned above and should not be used for any purpose other than the purpose mentioned therein.
The Report should not be copied or reproduced without obtaining our prior written approval for any purpose other than the purpose for which it is
prepared.
19. No procedure performed to corroborate information taken from reliable external sources : We have relied on data from external sources also to
conclude the valuation. These sources are believed to be reliable and therefore, we assume no liability for the truth or accuracy of any data, opinions or
estimates furnished by others that have been used in this analysis. Where we have relied on data, opinions or estimates from external sources, reasonable
care has been taken to ensure that such data has been correctly extracted from those sources and /or reproduced in its proper form and context.
19. Future services including but not limited to Testimony or attendance in courts/ tribunals/ authorities for the opinion of value in the Valuation
Report : We are fully aware that based on the opinion of value expressed in this report, we may be required to give testimony or attend court / judicial
proceedings with regard to the subject assets, although it is out of scope of the assignment, unless specific arrangements to do so have been made in
advance, or as otherwise required by law. In such event, the party seeking our evidence in the proceedings shall bear the cost/professional fee of attending
court / judicial proceedings and our tendering evidence before such authority shall be under the applicable laws. In no case, our liability shall exceed the
professional fees charged for this assignment. In adverse circumstances, whatsoever, the company shall indemnify the RV.
20. No obligation to update, revise or reaffirm of Report for events occurring after date of Report : An analysis of such nature is necessarily based on the
prevailing stock market, financial, economic and other conditions in general and industry trends in particular as in effect on, and the information made
available to us as of, the date hereof. Events occurring after the date hereof may affect this report and the assumptions used in preparing it, and we do not
assume any obligation to update, revise or reaffirm this Report.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
VALUATION METHODOLOGIES & APPROACHES
1. International valuation standards issued by IVSC as required by Rule 8 (1) of Companies (Registered Valuer and Valuation) Rules, 2017 has been used as
guidance in preparation of this report. The standard of value being used in the analysis is ‘Fair Value’ which is often defined as the estimated amount for
which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper
marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
2. It is pertinent to note that the valuation of any company or its assets is inherently imprecise and is subject to certain uncertainties and contingencies, all of
which are difficult to predict and are beyond our control. In performing our analysis, We have made limited economic and industry analysis, which may be
subject to different interpretation. In addition, this valuation will fluctuate with changes in prevailing market conditions, and prospects, financial and
otherwise, of the Companies, and other factors which generally influence the valuation of companies and their assets.
3. The application of any particular method of valuation depends on the purpose for which the valuation is done. Although different values may exist for
different purposes, it cannot be too strongly emphasized that a valuer can only arrive at one value for one purpose. Our choice of methodology of valuation
has been arrived at using usual and conventional methodologies adopted for transactions of a similar nature and our reasonable judgment, in an
independent and bonafide manner based on our previous experience of assignments of a similar nature.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
4. The Principal Valuation approaches are-
S. No. Valuation Approach Description
The cost approach is based on the principle of substitution and recognizes that a prudent buyer will pay no
1. Cost Approach more for an asset than the cost to replace it new with an identical or similar unit of equal utility. In Cost
Approach, Depreciated Replacement cost method is one of the majorly used method.
The Market approach is based on market conditions and recent transactions. The market value is
determined by comparing recent sales/quoted prices of assets located nearby and adjusting these
2. Market Price Method comparable to the asset to be valued based on factors like size, condition, specifications, type of sale etc.
There are two methods under ,market approach of valuation 1) Comparable Property Method and 2)
Development Method.
The Income approach is based on the net economic benefit to be received over a period of time of the asset
to be valued. The approach estimates the expected cash inflows and expected cash outflows of the business
3. Income Method
over a period of time and discounting the net receivables to the present value. In Income Approach, Rent
Capitalisation Method and Profit Method is the most common method.
The goal in selecting valuation approaches and methods for an asset is to find the most appropriate method under the particular circumstances
No one method is suitable in every possible situation. The selection process should consider, at a minimum:
i. The appropriate basis(es) of value and premise(s) of value, determined by the term and purpose of the valuation assignment.
ii. The respective strengths and weaknesses of the possible valuation approaches and methods.
iii. The appropriateness of each method in view of the nature of asset, and the approaches or methods used by the participants in the relevant market,
and the availability of reliable information needed to apply the method(s).
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
.
VALUATION METHOD USED
S. No. Valuation Approach Yes/No Basis of Valuation
In the given case, subject property is a ready for sale asset. Therefore, cost approach is not used for the
1. Cost Approach NO
valuation of subject property.
2. Market Price Method YES We have conducted market surveys and research for the purpose of valuation of subject property (Land).
In the given case, subject property is ready for sale asset. As a result of which the future economic
3. Income Method NO benefits could not be projected and therefore income approach is not considered as appropriate method for
the purpose of valuation of subject property.
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Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
. ASSUMPTIONS
1. Any discrepancy in the total and the sums of the amounts listed is due to rounding.
2. We have only carried out reasonable inspection and not the due diligence of the documents provided by the client. Thus, we have completely relied upon the
information and documents provided.
3. We have conducted desktop valuation for the subject properties based on the mandate provided to us by the client.
4. The valuation exercise is subjective and shall be valid for 180 days only from the Date of this report.
VALUATION CONCLUSION
Guideline Value Guideline Value
Subject Property
(in INR) (in INR crore)
Land- Raxaul, East
10,738,000 1.07
Champaran
Yours Faithfully,
Mohit Ahuja,
DP- Tattvam Valuers LLP
IBBI Reg No.: IBBI/RV-E/02/2021/156
VRN: 13
Registered Valuer | Land & Building | Plant & Machinery | Securities & Financial Assets
. ANNEXURE 1 – DETAILS OF SUBJECT PROPERTY
GENERAL DETAILS
Location of the property Village- Ghamhariya, PS- Raxaul, Po- Raxaul Ward No. 02, District- East Champaran
Brief description of the property It is a residential land. The area of land is 59 decimal as per documents.
Owner Name Maa Manokamna Agro Private Limited
Type Residential land
Land Area of the Subject Property 59 decimals
Circle Raxaul
Thana Gamhariya
Location coordinates 28°41'48.4"N 77°11'25.5"E
Whether Urban/ Semi-urban/ Rural/ Metro Rural
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Registered Valuer | Land & Building | Securities & Financial Assets l Plant & Machinery
. ANNEXURE 2- VALUATION WORKING- LAND
Area Guideline Rate Guideline Value Guideline Value
Subject Property
(in decimal) (Per decimal) (in INR) (in INR crore)
Land- Raxaul, East
59 182,000 10,738,000 1.07
Champaran
Notes:
1. Based on market research and data obtained from property portals and other sources, the guideline rate comes out to be INR 1,82,000 per decimal.
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Registered Valuer | Land & Building | Securities & Financial Assets l Plant & Machinery
. ANNEXURE 3- GOOGLE MAPS SNAPSHOT OF SUBJECT PROPERTY
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Registered Valuer | Land & Building | Securities & Financial Assets l Plant & Machinery
