MIRA INFORM REPORT

Report Date :

26.08.2011

IDENTIFICATION DETAILS

Name :	B. M. HOUSE (INDIA) LIMITED LAVINA GRANITES (DIVISION OF BM HOUSE (INDIA) LIMITED)
Formerly Known As :	B.N. FINCAP LIMITED
Registered Office :	B-5/75, Safdarjung Enclave, New Delhi – 110 029
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.05.1995
Com. Reg. No.:	55 – 67630
Capital Investment / Paid-up Capital :	Rs.3.507 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC067630
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Green Granite Stones, Granite, Crystal.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 182448
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal business Dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Rishi Gupta
Designation :	Accounts Department
Contact No.:	991-11-41650833
Date :	20.08.2011

LOCATIONS

Registered Office :	B-5/75, Safdarjung Enclave, New Delhi – 110 029, India
Tel. No.:	91-11-41650833 / 34 / 35 / 26192628
Fax No.:	91-11-41650833
E-Mail :	aumadvisors@gmail.com nsassociates_cs@yahoo.co.in
Location:	Owned
Factory :	Plot No. 14 P-2, Jigani Industrial Area, 1st Phase, Anekal Taluk, Bangalore - 562106, Karnataka, India
Tel. No.:	91-80-25725704/32929375
Fax No.:	91-80-27826927
Mobile No :	91-9880035199 / 9342584659 (Mr. Lalith Mohan Rathi)
Branches :	Located at:: Delhi Bangalore Punjab Ahmedabad Mumbai Akola

DIRECTORS

As on 28.09.2010

Name :	Mr. Shashi Kant Rathi
Designation :	Director
Address :	C-16, Bali Nagar, New Delhi
Date of Birth/Age :	02.04.1962
Date of Appointment :	21.04.1996
Din No.:	01567702
Name :	Mr. Rajnish Rathi
Designation :	Director
Address :	R-178, 1^st Floor, New Rajinder Nagar, New Delhi
Date of Birth/Age :	01.12.1963
Date of Appointment :	24.08.1995
DIN No.:	01520443
Name :	Mr. Hari Kishan Rathi
Designation :	Director
Address :	C-16, Bali Nagar, New Delhi
Date of Birth/Age :	04.06.1934
Date of Appointment :	24.08.1995
DIN No.:	01596635
Name :	Mr. Rakesh Rathi
Designation :	Director
Address :	33/26, 1^st Floor, East Patel Nagar, New Delhi, India
Date of Birth/Age :	14.08.1961
Date of Appointment :	02.04.2002
DIN No.:	01531046
Name :	Mr. Naresh Rathi
Designation :	Director
Address :	C-16, Bali Nagar, New Delhi
Date of Birth/Age :	43 Years
Date of Appointment :	26.10.2002
Din No.:	01567710
Name :	Mr. Lalit Mohan Rathi
Designation :	Director
Address :	R-718, 1^st Floor, New Rajinder Nagar, New Delhi
Date of Birth/Age :	29.12.1968
Date of Appointment :	26.10.2002
DIN No.:	01559955
Name :	Mr. Adil Rathi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rishi Gupta
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON (28.09.2010)

Names of Shareholders	No. of Shares
Shashi Kant Rathi	10100
Rajnish Rathi	10100
Rajeev Maheshwari	100
Hari Kishan Rathi	10100
Shiv Rattan Rathi	10100
Rajesh Gupta	100
Malika Rathi	5100
Mohit Chander Lakhanpal	2500
Deepak Taneja	2500
Satvijay Investment Consultancy Services Private Limited - India	20000
Kamal Cotton Traders Private Limited- India	50000
Mohit Finance and Building Private Limited- India	25000
Victor Credit and Constructions Private Limited- India	55000
Paras Builders Private Limited- India	25000
Dhanraj Bharatraj Properties Private Limited- India	25000
Daulat Ram Delu	50000
Yunesh Kumar Munjai	50000
Total	350700

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Green Granite Stones, Granite, Crystal.
Products :	Granite Slabs Marbles Tiles Monuments
Exports :
Products :	Granite
Countries :	USA UK
Imports :
Products :	Granite Stones
Countries :	Italy Germany
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Not Diulged

Bankers :

• ICICI Bank, New Delhi
• State Bank of India, Abohar Main Branch, Abohar - 152116 Punjab India
• Axis Bank, Abohar

Rs In Millions

Facilities :

Secured Loan	As on 31.03.2010	As on 31.03.2009
Loan from ICICI Bank Limited, New Delhi (Car Loan)	0.197	0.362
Axis Bank Limited (Loan A/C FCL)	12.552	0.000
Axis Bank, Abohar (Loan A/c For Cotton Bales)	6.730	0.000
Total	19.479	0.362

Banking Relations :	--
Auditors :
Name :	Rajesh Laxmi and Associates Chartered Accountant
Address :	205, Basant Complex, 38, Veer Savarkar Block, Shakarpur, New Delhi – 110 092, India
Pan No.:	AAGP5271K

CAPITAL STRUCTURE

AS ON (31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Share	Rs.10/- Each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
350700	Equity Share	Rs.10/- Each	Rs.3.507 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2010	31.03.2009
Sales Turnover (approximately)	31.800	11.800

The above information has been parted by Mr. Rishi Gupta

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.507	3.507	3.507
2] Share Application Money		19.151	19.151	19.151
3] Reserves & Surplus		22.954	18.232	14.242
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.612	40.890	36.900
LOAN FUNDS
1] Secured Loans		19.479	0.362	0.047
2] Unsecured Loans		29.433	24.752	22.470
TOTAL BORROWING		48.912	25.114	22.517
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		94.524	66.004	59.417
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.374	11.554	11.289
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.475	1.475	1.475
DEFERREX TAX ASSETS		0.035	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.077	8.276	10.926
	Sundry Debtors	209.314	233.205	149.451
	Cash & Bank Balances	12.660	8.039	16.697
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.622	17.837	15.136
Total Current Assets		247.673	267.357	192.210
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry creditors	161.281	202.128	135.753
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.752	12.254	9.804
Total Current Liabilities		166.033	214.382	145.557
Net Current Assets		81.640	52.975	46.653
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		94.524	66.004	59.417

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		11.832	9.601
		Other Income		21.679	18.241
		TOTAL (A)	31.892	33.529	27.842
Less	EXPENSES
		Raw material consumed	0.000	0.000	0.000
		Salaries and Wages	4.926	4.665	3.898
		Other Expenditure	18.602	21.116	17.347
		TOTAL (B)	23.528	25.781	21.245
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.364	6.111	6.597
Less	FINANCIAL EXPENSES (D)		Nil	Nil	Nil
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.364	7.748	6.597
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.583	1.637	1.864
	PROFIT BEFORE TAX (E-F) (G)		6.781	6.111	4.733
Less	TAX (I)		2.095	2.106	1.721
	PROFIT AFTER TAX (G-I) (J)		4.686	4.005	3.012
	Earnings Per Share (Rs.)			6.00	4.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.69	11.94	10.82
Net Profit Margin (PBT/Sales)	(%)	NA	51.64	16.99
Return on Total Assets (PBT/Total Assets}	(%)	2.62	2.19	2.33
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		4.71	5.85	3.94
Current Ratio (Current Asset/Current Liability)		1.49	1.24	1.32

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the Company has been shifted from “A-2/135, 1^st Floor Safdarjung, Enclave, New Delhi – 110 029, India” to present w.e.f address 24.08.2007.

Financial Results :

The company has made a profit of Rs. 611.031 millions (Previous Year Rs. 473.222 millions ) before previous of income tax of Rs. 192.500 millions, The Director did not recommended any dividend for the year under review.

Form 8

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1995PLC067630
Name of the company	B.M. HOUSE (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-5/75, Safdarjung Enclave, New Delhi - 110029, Delhi, India aumadvisor@gmail.com
Type of charge	Movable Property
Particular of charge holder	State Bank of India, Abohar Main Branch, Abohar - 152116 Punjab India sbi.00600@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Guarantee Agreement Dated 27.01.2011 Letter Of Undertaking Dated 27.01.2011 Arrangement Letter Dated 27.01.2011
Date of instrument Creating the charge	27.01.2011
Amount secured by the charge	Rs 150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10% Over PLR/SBAR/SBMTLR Terms of Repayment Repayable on demand and interest has to served on regular monthly intervals. Margin As per Attachments Extent and Operation of the charge As per Attachment
Short particulars of the property charged	Warehouse Receipt Backed By 9500 Cotton Bales.

Fixed Assets:

• Land
• Building Account
• Refrigerator
• Water Motor A/C
• Cutting Machine
• Electric Fittings
• Plant Machinery
• Invertor Account
• Air Conditioner
• Furniture and Fixture
• Mobile Handset
• Cycle
• Motor Car
• Motor Cycle
• Computer hardware

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. 46.13
UK Pound	1	Rs. 75.52
Euro	1	Rs. 66.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.