MIRA INFORM REPORT

Report Date :

21.11.2008

IDENTIFICATION DETAILS

Name :	SHREE AMBICA MARBLE PROCESSORS
Registered Office :	Opposite Kishangarh Granite Private Limited, Harmara Road, Madangaj- Kishangarh, Ajmer-350801, Rajasthan
Country :	India
Financials (as on) :	31.03.2008
Year of Establishment :	2006
PAN No.: [Permanent Account No.]	AJEPG0706E
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturer and Trader of all kinds of Granites, Marbles and Sand Stone Products as Slabs and other Aricals also.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a 2 year old and relatively small concern in its field. Trade relations are fair. Scale of activity is limited. No complaints have been from market sources. It would be advisable to take adequate securities while dealing with the subject.

LOCATIONS

Registered Office/ Factory:	Opposite Kishangarh Granite Private Limited, Harmara Road, Madangaj- Kishangarh, Ajmer-350801, Rajasthan, India
Mobile No.:	91-9887219902
E-Mail :	ambicark@yahoo.com
Area :	3870 sq.ft (Owned)

SOLE PROPRIETOR

Name :	Mr. Rajendra Kumar Gupta
Designation :	Proprietor
Address :	15, Gupta Mansion, Shivaji Nagar, Madangaj-Klshangarh
Date of Birth/Age :	25.12.1961
Qualification :	M.Com
Experience :	20 Years

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of all kinds of Granites, Marbles and Sand Stone Products as Slabs and other Aricals also.
Terms :
Selling :	Cash and Credit ( 15 Days)
Purchasing :	Cash and Credit ( 15 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
All Kind of Granits, Marbles and Sand Stone products as Slabs, Tiles and other Articles	25000 Cub.Ft	15000 Cub. Ft.

GENERAL INFORMATION

Suppliers :

Name of The Customers and their contact numbers	Location	Relationship (No. of Years)	Credit Period Allowed
Kadar Stone Art-91-9928222726	Harmara Road, Ksg.	Three Years	15 Days
Shree Balaji Marble and Granite- 91-9414012041	Ajmer Road, Ksg.	Three Years	15 Days

Customers :

Wholesalers, Retailers and End Users

Name of The Customers and their contact numbers	Location	Relationship (No. of Years)	Credit Period Allowed
Saraswat Marble Handicrafts- 91-9928694668	Harmara Road, Ksg.	Three Years	15 Days
Anukamapa Marbles Handicraft – 91-9414011656	Ajmer Road, Ksg.	Three Years	15 Days

No. of Employees :

6

Bankers :

Corporation Bank

Facilities :

Bank	Nature of Credit Facility	Sanctioned Loan Amount
Corporation of Bank	Cash Credit	Proposed

Banking Relations :	--
Auditors :
Name :	Not Available

CAPITAL STRUCTURE

CAPITAL ACCOUNT

As on 31.03.2008

(Rs.In Millions)

Particulars	Amount (Rs. In Millions)	Particulars	Amount (Rs. In Millions)
To Drawings	0.080	By Balance B/D	0.308
To TDS	0.043	By Account Interest On NSC	0.000
To Balance C/D	0.337	By Net Profit	0.152
Total	0.460	Total	0.460

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		0.337	0.307
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.337	0.307
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.046	0.047
TOTAL BORROWING		0.046	0.047
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.383	0.354
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.085	0.085
Capital work-in-progress		0.000	0.000
INVESTMENT		0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.083	0.227
	Sundry Debtors	0.177	0.000
	Cash & Bank Balances	0.034	0.018
	Other Current Assets	0.001	0.011
	Loans & Advances	0.000	0.010
Total Current Assets		0.295	0.266
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.295	0.266
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		0.383	0.354

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007
Sales Turnover		2.252	2.154
Other Income		0.000	0.000
Total Income		2.252	2.154
Profit/(Loss) Before Tax		0.152	0.212
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		0.152	0.212
Imports :
	Raw Materials	NA	0.226
Expenditures :
	Cost of Goods	0.228	0.000
	Manufacturing Expenses	1.526	1.521
	Administrative Expenses	0.346	0.421
Total Expenditure		2.100	1.942

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	6.75	9.84
Net Profit Margin (PBT/Sales)	(%)	6.75	9.84
Return on Total Assets (PBT/Total Assets}	(%)	40.00	60.39
Return on Investment (ROI) (PBT/Networth)		0.45	0.69
Debt Equity Ratio (Total Liability/Networth)		0.14	0.15
Current Ratio (Current Asset/Current Liability)		0.00	0.00

LOCAL AGENCY FURTHER INFORMATION

Trade Refereces:

· Shree Balaji Marble and Granite – 91-9414012041

· Saraswat Marble Handicraft – 91-9928694668

· Anukamapa Marble Handicraft- 91-9414011656

· Kadar Stone Art – 91-9928222726

BUSINESS ACTIVITIES:

Profile (Nature of Activity)	Manufacturer and Trader
Products	Marble, Granite and Sand Stone Articals, Slabs and Tiles
Installed Capacity	25000 cub,ft
Details of Fixed Assets · Land and Building · Plant and Machinery · Furniture and Fixture · Other Assets	As Unders: 430.97 sq.yards Block Cutter and Gentry Office Furnitures Tools and Equipments
Premises · Owned · Leased (if so, monthly rent to be stated)	Owned In previous two years we used machines on hire basis and premises on rent.

PERSONAL ASSETS OF THE PROPRIETOR:

Name	Description of the Assets owned by them	Amount (Rs. In Millions)
Rajendra Kumar Gupta	1. Land 430.97 sq.Yards 2. Building Covered 430.97 sq. Yards 3. Plant and Machinery 4. Land II 215.48 sq.yards	1.164

FOR MANUFACURTING ENTITIES / FACTORY SITE(S):

Location of Plot, Accessibility, proximity to other units	Harmara Road, Industrial Area, Madangaj, Kishangarh
Principal raw material (s) and sources	From Mines and Local Market
Manufacturing Process
Major branded and imported machines, installed	Local Make
Pollution Control : Any pollutants being generated and their disposal	N.A
Power: Connected load and back up availability	55 HP
Inventory/ WIP/ Finished Goods at the site	0.419 Millions Estimated for current year

OTHER PARTICULARES

Months (during the current year)	Purchase	Sales
Purchase / Sales Job Received	Rs. 0.215 Millions Rs. 0.650 Millions	Rs. 0.350 Millions

OF ORIGINALS VERIFIED:

Balance Sheets and Schedule	Balance Sheet
Profit and Loss Statements and schedules	Profit and Loss A/C
Computation of income	YES
Income Tax Return	YES
Photo Identification	YES

SWOT ANALYSIS OF THE UNIT

STRENGTHS Unique Product No. Compromise in Quality	Weakness
OPPORTUNITIES Greeater Scope Variety of Artrical in Marble Retail end user sale	Threats

PROPERTY VALUATION REPORT

GENERAL INFORMATION
Name of the party / purchaser and address (with Door No. and Survey No.} :		Mr. Rajendra Kumar Gupta and Mr. Ramkant Gupta
Name’s of the reported owner/ Name’s of persons in whose name/s the property registered and address:		Mr. Rajendra Gupta and Mr. Ramakant Gupta S/o Mr. Anandi Lal Gupta Plot No. 04, No. 265, Harmara Road, Madangaj-Kishangarh, District, Rajasthan, India
Purpose of Valuation:		Bank Loan
List of Documents Produced for perusal :
Date of Inspection:		19.09.2008
Date of Valuation:		20.09.2008
Approximate distance from the branch to the property		2.00 Kms
Situation/ Location/ brief description of the land/site and brief description of the building:
Boundaries of the property: East: West: North: South:		Plot of Assenssee Other’s Land K No. 267 Road Other’s Land, K No. 266
Property Tax Details:		N.A
Assuming the entire property is let out, the probable monthly rent and advance building rent:		Rs. 0.020 Million
Whether the building plan has been approved? · If yes, Date of approval, approving authority, and whether the building has been constructed as per the reason for non-approval: · If No, the reason for non-approval		N.A
General Remarks		Good Commercial / industrial Location
VALUATION DETAILS:
LAND
The total Area (Extent) of the site / land		3878.75 sft = 430.97 sq.yds
Description of the site / land
a.	Character of locality	Commercial Location
b.	Classification	Middle
c.	Development of Surrounding areas	Normal
d.	Is the locality subjected to frequent flooding:	No
e.	Feasibility to the civic amenities like School, Hospital, Offices, Markets etc.:	Within 3 ½ Kms
f.	Shape of the land:	Rectangular
g.	Type of use to which it can be put:	Commercial / Industrial
h.	Any other restriction of usage:	N.A
i.	Nature of right whether leasehold freehold:	Free Hold
j.	Road Facility:	Industrial Area Road
k.	Is it corner plot:	No.
l.	Water supply / potentiality:	Own Tube Well
m.	Undeground sewerage system:	No.
n.	Any other sebntimental.social issue which may affect the value	Near N.H. 08
Prevailing Unit market rate:		Rs. 330/- per sft
Prescribed rate by the Local Authority:		Rs. 3000/- per sft
Unit rate adopted in this valuation:		Rs. 300/- per sft
Valuation of the site/land:		Rs. 1.164 Million
BUILDING
Type of constructions		Load bearing
Quality of Construction		Good
Appearance of the Building		Good
Number of Floors		Two
Maintenance of the Building		Good
Description of the Building
a.	Foundation	R/R Stone Masonry over Cement Conc bed
b.	Superstructure	Stone/Brick Mosanry in C.M 1:6
c.	Roof	RCC Slab/ Tin Shed
d.	Doors	Wooden
e.	Windows	Wooden/ M.S
f.	Sanitary fittings	Glazed virteous china
g.	Flooring	Cement conc
h.	Electricity Supply	Conduit Wiring
Total Plinth Area:		348.04 sqm First Floor – 20.91 Sqm
Year of Construction :		2000
Total life of the building estimated:		80 years
General Remarks:		Good Commercial Building
Replacement rate of construction with the existing conditions and specifications		Rs. 2838/- per sqm
Replacement Value:		Rs. 1.047 Million
Depreciation Value at the rate of :		Rs. 0.082 Million
Present Value of the Building:		Rs. 0.966 Million
TOTAL VALUATION
Valuation of the Land		Rs. 1.164 Million
Valuation of the Building		Rs. 0.966 Million
TOTAL		2.129 Millions Say, Rs. 2.129 Millions
Amount in words		Twenty one lakhs twenty nine thousand only
DECLARATION
	The facts furnished above are true and correct to the best of my knowledge and brlif
	I have no Direct or indirect interest in the property valued
	I have inspected site/property personally on 19.09.2008

SHREE AMBICA MARBLE PROCESSORS

CAPITAL ACCOUNT

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009	Particulars	31.03.2011	31.03.2010	31.03.2009
	Projected				Projected
To Drawings	0.125	0.100	0.100	By Balance B/f	0.651	0.471	0.336
To Income Tax	0.050	0.040	0.030	By Net Profit	0.341	0.321	0.265
To Balance C/f	0.817	0.651	0.471
Total	0.992	0.791	0.601		0.992	0.791	0.601

ABRIDGED BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
		Projected
SHAREHOLDERS FUNDS
1] Share Capital		0.817	0.651	0.471
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.817	0.651	0.471
LOAN FUNDS
1] Secured Loans		1.350	1.350	1.350
2] Unsecured Loans		0.047	0.047	0.047
TOTAL BORROWING		1.397	1.397	1.397
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.214	2.048	1.868
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.435	0.435	0.435
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.087	0.791	0.420
	Sundry Debtors	0.575	0.550	0.477
	Cash & Bank Balances	0.114	0.119	0.183
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.150	0.350
Total Current Assets		1.776	1.610	1.430
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		1.776	1.610	1.430
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.214	2.048	1.868

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Projected
Sales Turnover		1.970	1.407	1.005
Other Income		1.724	1.683	2.020
Total Income		3.694	3.090	3.025
Profit/(Loss) Before Tax		0.341	0.321	0.265
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.341	0.321	0.265
Expenditures :
	Cost of Goods sold	1.578	1.082	0.771
	Carriage Inward	0.136	0.115	0.079
	Machinery Hire Charges	0.175	0.175	0.255
	Consumables Store	0.196	0.186	0.238
	D G and Fuel Charges	0.236	0.225	0.278
	Carriage Outwards	0.076	0.070	0.115
	Wages and Salary	0.255	0.242	0.315
	Repairs an Maintenance	0.153	0.146	0.195
	Telephone Expenses	0.019	0.018	0.015
	Traveling Expenses	0.037	0.035	0.030
	Conveyance Expenses	0.031	0.028	0.024
	Printing and Stationery	0.004	0.004	0.003
	Legal Expenses	0.003	0.002	0.002
	Postage and Couriers	0.008	0.008	0.007
	Office Expenses	0.051	0.048	0.042
	Labour and Staff Walfare	0.135	0.125	0.141
	Rent	0.100	0.100	0.150
	Bank Interest	0.160	0.160	0.100
Total Expenditure		3.353	2.769	2.760

MR RAJENDRA KUMAR GUPTA

CAPITAL ACCOUNT

(Rs. In Millions)

Particulars	31.03.2008	31.03.2007	Particulars	31.03.2008	31.03.2008
To Drawings	0.075	0.060	By Balnce B/D	0.667	0.526
To TDS	0.045	0.043	By Profit From Ambica Marbles	0.096	0.036
To Income Tax	0.002	0.004	By Profit From Shree Ambica Marble Processors	0.152	0.212
To Balance C/D	0.803	0.667	By Account Inters on NSC	0.000	0.000
B			By Other Income	0.010	0.000
Total	0.925	0.774	Total	0.925	0.774

ABRIDGED BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.803	0.667
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.803	0.667
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.326	0.326
TOTAL BORROWING		0.326	0.326
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.129	0.993
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.018	0.018
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.024	0.009
	Other Current Assets	1.087	0.966
	Loans & Advances	0.000	0.000
Total Current Assets		1.111	0.975
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		1.111	0.975
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.129	0.993

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.49.74
UK Pound	1	Rs.74.37
Euro	1	Rs.62.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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