MIRA INFORM REPORT

Report Date :

26.12.2007

IDENTIFICATION DETAILS

Name :	MICRON MINERALS PRIVATE LIMITED
Registered Office :	135 Fulor Apartment, Shivaji Nagar, Nagpur – 440010, Maharashtra
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	09.10.2003
Com. Reg. No.:	11 - 142593
CIN No.: [Company Identification No.]	U27200MH2003PTC142593
TAN No.: [Tax Deduction & Collection Account No.]	NGPM03905G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Magnese, Chemicals Metals and Minerals.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 24880
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :
	No latest financials of the company could be available from any sources. Management remained non-cooperative during current investigations. However the company has been successful in getting substantial loans from their banker. The company’s estimated annual turnover can be around Rs.50.000 Millions. In absence of require financial details, it would be advisable to deal with the company on fully safe and secured trade terms and conditions, initially.

LOCATIONS

Registered Office :	135 Fulor Apartment, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2221560

DIRECTORS

Name :	Mr. Sandeep R. Goenka
Designation :	Director
Address :	201, Yash Complex, Bharat Nagar, Nagpur – 440010, Maharashtra, India
Date of Appointment :	09.09.2004
Name :	Mr. Ashok O. Goenka
Designation :	Director
Address :	135, Fulor Apartments, Shiivaji Nagar, Nagpur – 440010, Maharashtra, India
Date of Appointment :	09.10.2003
Name :	Mr. Ravikant R. Goenla
Designation :	Director
Address :	54/A, Neev Aprajita, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
Date of Appointment :	09.09.2004
Name :	Mr. Chandrakant Goenka
Designation :	Director
Address :	54/A, Neev Aprajita, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
Date of Appointment :	09.09.2004
Name :	Mr. Manoj Agrawal
Designation :	Director
Address :	Anupam Nagar, Raipur, Triipur Maharashtra, India
Date of Appointment :	09.09.2004
Name :	Mr. Ravi Mittal
Designation :	Director
Address :	Deo Nagar, Nagpur – 440001, Maharashtra, India
Date of Appointment :	09.09.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Ashok O. Goenka	500
Mr. Sandeep R. Goenka	500
Total	1000
Category	Percentage
Directors or relatives directors	100

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Magnese, Chemicals Metals and Minerals.

GENERAL INFORMATION

Bankers :

Nagpur Nagrik Sahakari Bank Limited Dharampeth Branch, West High Court Road,Nagpur – 440010, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	Mr. Ashish B Mukim Chartered Accountants

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.100/- Each

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		6.120
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		6.220
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.500
TOTAL BORROWING		0.500
DEFERRED TAX LIABILITIES		0.000
TOTAL		6.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.641
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.056
	Sundry Debtors	0.994
	Cash & Bank Balances	0.396
	Other Current Assets	0.167
	Loans & Advances	1.577
	Deposits	0.078
Total Current Assets		3.268
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		2.057
MISCELLANEOUS EXPENSES
Preliminary Expenses		0.013
Profit & Loss Account		0.009
TOTAL		6.720

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005
Sales Turnover	3.259
Other Income	0.000
Total Income	3.259
Profit/(Loss) Before Tax	(0.008)
Provision for Taxation	0.000
Profit/(Loss) After Tax	(0.008)
Expenditures :
Total Expenditure	3.267

KEY RATIOS

PARTICULARS		31.03.2005
PAT / Total Income	(%)	(0.24)
Net Profit Margin (PBT/Sales)	(%)	(0.24)
Return on Total Assets (PBT/Total Assets}	(%)	(0.24)
Return on Investment (ROI) (PBT/Networth)		(0.00)
Debt Equity Ratio (Total Liability/Networth)		NA
Current Ratio (Current Asset/Current Liability)		NA

LOCAL AGENCY FURTHER INFORMATION

Form:

Corporate identity number (CIN) Foreign company registration number	U27200MH2003PTC142593
Name of the Company	MICRON MINERALS PRIVATE LIMITED
Address	135 Fulor Apartment, Shivaji Nagar, Nagpur – 440010, Maharashtra, India
This form is for	Creation of charge
Type of Charge	Hypothecation
Particulars of the charge holder	Nagpur Nagrik Sahakari Bank Limited Dharampeth Branch, West High Court Road,Nagpur – 440010, Maharashtra, India gaja_476@sify.com
Nature or description of the instrument(s) creating or modifying the charge	Agreement of Term Loan
Date of the instrument creating or modifying the charge	25.05.2006
Amount secured by the charge	Rs.4.300 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Banking Limit of Term Loan of Rs.4.300 Millions Interest at the rate of 11.00%p.a. with monthly rests Other Terms and Conditions as per Loaning Documents.
Short particulars of the property charged (including location of the property)	Stock in trade Plant and Machinery Book debts Vehicles Furniture and fixture At the request of the borrower, The bank has sanctioned the term loan limits of Rs. 4.300 Millions, to secure due repayments of above limits alongwith interest and other charges thereon, first charge and hypothecation on all the plant and machinery [ Both Present and Future] Land and buiding, Stocks and Book debts, Vehicles and all other movable property of the company.
Particular of the present modification	N.A.

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 records 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.39.49
UK Pound	1	Rs.78.33
Euro	1	Rs.56.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		20

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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