MIRA INFORM REPORT

1. Summary Information

		Country	INDIA
Company Name	GTP GRANITES LIMITED	Principal Name 1	MR. SENGODA GOUNDER MUTHURAJAN
Status	SATISFACTORY	Principal Name 2	MR. JEBAMANI JAYA SINGH
		Registration #	18-002722
Street Address	NO. 4/36, BHARATHI STREET, SWARNAPURAI, SALEM – 636 004, TAMILNADU
Established Date	29.05.1990	SIC Code	--
Telephone#	91-427-2448490	Business Style 1	MANUFACTURERS
Fax #	91-427-2448744	Business Style 2	EXPORTERS
Homepage	http://www.gtpgranites.com	Product Name 1	CUT AND POLISHED GRANITE
# of employees	1500 (Approximately)	Product Name 2	SLABS AND MONUMENTS
Paid up capital	Rs.38,164,480/-	Product Name 3	--
Shareholders	OTHER 12% DIRECTORS OR RELATIVES OF DIRECTORS 88%	Banking	THE LAKSHMI VILAS BANK LIMITED
Public Limited Corp.	NO	Business Period	21 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATES	--	GTP FINANCE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	253,446,000	Current Liabilities	51,332,000
Inventories	119,266,000	Long-term Liabilities	95,422,000
Fixed Assets	154,190,000	Other Liabilities	26,193,000
Deferred Assets	000	Total Liabilities	172,947,000
Invest& other Assets	20,362,000	Retained Earnings	335,671,000
		Net Worth	374,317,000
Total Assets	547,264,000	Total Liab. & Equity	547,264,000
Total Assets (Previous Year)	528,318,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	426,314,000	Net Profit	9,737,000
Sales(Previous yr)	432,104,000	Net Profit(Prev.yr)	1,975,000

MIRA INFORM REPORT

Report Date :

27.07.2011

IDENTIFICATION DETAILS

Name :	GTP GRANITES LIMITED

Registered Office :	No. 4/36, Bharathi Street, Swarnapurai, Salem – 636 004, Tamilnadu

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	29.05.1990

Com. Reg. No.:	18-002722

Capital Investment / Paid-up Capital :	Rs.38.164 Millions

CIN No.: [Company Identification No.]	U14102TZ1990PLC002722

IEC No.:	3292000441

TAN No.: [Tax Deduction & Collection Account No.]	CHEG05934F

PAN No.: [Permanent Account No.]	AAACG7711K

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.

No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1400000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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

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

LOCATIONS

Registered / Corporate Office / Headquarter :	No. 4/36, Bharathi Street, Swarnapurai, Salem – 636 004, Tamilnadu, India
Tel. No.:	91-427-2448490 / 2447645 / 2346392 / 6
Fax No.:	91-427-2448744 / 2341531 / 2346304
E-Mail :	gtpgl@sancharnet.in / gtpglho@gmail.com
Website	http://www.gtpgranites.com

Factory 1 :	Unit 1, 151/1, Jagir Ammapalayam, Mamangam, Salem – 636 302, Tamilnadu, India
Tel. No.:	91-427-2341932/2340722/2340663
Fax No.:	91-427-2341531/2341099
E-Mail :	info@gtpgranites.com

Factory 2 :	Unit 2, 63/1C, Venkatachalapathy, Chetichavadi, Omalur, Salem – 636 012, Tamilnadu, India
Tel. No.:	91-427-2448733/445943
Fax No.:	91-427-2430256
E-Mail :	siva@gtpgranites.com

DIRECTORS

As on 29.09.2010

Name :	Mr. Sengoda Gounder Muthurajan
Designation :	Managing Director
Address :	134, Manickavasagam Street, Balaji Nagar, Fairlands, Salem – 636016, Tamilnadu, India
Date of Birth/Age :	03.08.1947
Date of Appointment :	02.09.1996

Name :	Mr. Jebamani Jaya Singh
Designation :	Whole Time Director
Address :	16, Indira Nagar, Judge Road, Salem – 636 008, Tamilnadu, India
Date of Birth/Age :	11.12.1942
Date of Appointment :	20.07.1995

Name :	Mr. K. Kamalakannan
Designation :	Whole Time Director
Address :	1/367, Thirumalai Street, P and T Colony, Alagapuram, Salem – 636016, Tamilnadu, India
Date of Birth/Age :	30.07.1963
Date of Appointment :	02.09.1996

Name :	Mr. R. Sivasubramnian
Designation :	Whole Time Director
Address :	3, Greenlands, Nagarmalai Road, Salem – 636016, Tamilnadu, India
Date of Birth/Age :	17.10.1956
Date of Appointment :	20.07.1995

Name :	Mr. P. Gunasekaran
Designation :	Director
Address :	58, Marimuthu Street, Ammapet, Salem-636003, Tamilnadu, India
Date of Birth/Age :	17.04.1955
Date of Appointment :	16.05.2007
Date of Ceasing:	31.03.2010

Name :	Mr. Palaniappan Thangavelu
Designation :	Director
Address :	276, Tvk Road, Ammapet, Salem – 636 003, Tamilnadu, India
Date of Birth/Age :	10.04.1946
Date of Appointment :	16.05.2007
Other Directorship:	Golden Spinning Mills Private Limited Sri Murugan Spinning Mills Private Limited

Name :	Mr. Palaniappan Sundaram
Designation :	Director
Address :	169, Tvk Road, Ammapet, Salem – 636 003, Tamilnadu, India
Date of Birth/Age :	24.07.1948
Date of Appointment :	16.05.2007
Other Directorship:	Golden Spinning Mills Private Limited Sri Murugan Spinning Mills Private Limited

Name :	Mr. Thangavel Ganesh
Designation :	Director
Address :	276, T V K Road, Ammapet, Salem-636 003, Tamilnadu, India.
Date of Birth/Age :	31.03.1974
Date of Appointment :	16.05.2007

Name :	Mr. Ashokraj Muthurajan
Designation :	Whole- time Director
Address :	134, Manickavasagar Street, Balaji Nagar, Salem- 636016, Tamilnadu, India
Date of Birth/Age :	30.05.1986
Date of Appointment :	01.01.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders		No. of Shares
S. Muthurajan		3265948
K. Muthusamy		11
K. Kamalakannan		1011
S Manickam		1000
M. Baby Saroja		93500
Arora Trading Limited, Jersey		452978
M Ashokraj		1000
M Ramya		1000

Total		3816448

As on 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		88.00
Other		12.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.

PRODUCTION STATUS (As on 31.03.2010)

Particulars

Unit

Installed Capacity

Actual Production

Granite Monuments and Slabs

Qty / Sq. ft

326400

246297

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

The Lakshmi Vilas Bank Limited, 62-63, Bazaar Street, Salem – 636 001, Tamilnadu, India
State Bank of India, Siruthozhil Branch, 68, Cherry Road, Salem – 636 007 , Tamilnadu, India
Punjab National Bank, 774, Oppanakkra Street, Coimbatore – 641 001, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From The Lakshmi Vilas Bank Limited
Packing credit limit	40.720	29.331
Post shipment credit	48.292	62.774
Term Loan (Secured by Equitable Mortgage of the immovable properties of the company and by hypothecation of stocks, consumables, spares, Plant and Machinery, book debts both present and future and guaranteed by the directors)	6.077	0.000
Hire Purchase Loan from Reliance Capital	0.333	0.263
Total	95.422	92.368


Banking Relations :	--

Financial Institution:	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India Bajaj Finance Limited, Akurdi Pune, Pune-411035, Maharashtra, India

Auditors :
Name :	Bala and Sakthi Chartered Accountants
Address :	7AA, Ramakrishna Road, Sundaram Nursing Home Building, Salem – 636 004, Tamil Nadu, India
Tel. No.:	91-427-210676/212718

Memberships :	IMMA – Indian Monument Manufactures Association AIGSA – All India Granite and Stone Association MBNA – Monument Builders of North America World Stonex

Associates/Subsidiaries :	GTP Finance Limited (U65921TZ1991PLC003149)

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3816448	Equity Shares	Rs.10/- each	Rs.38.164 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		38.164	38.164	38.164
2] Share Application Money		0.482	0.482	0.482
3] Reserves & Surplus		335.671	325.935	323.414
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		374.317	364.581	362.060
LOAN FUNDS
1] Secured Loans		95.422	92.368	81.598
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		95.422	92.368	81.598
DEFERRED TAX LIABILITIES		24.554	25.865	29.395

TOTAL		494.293	482.814	473.053

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		154.190	132.605	142.855
Capital work-in-progress		3.687	4.262	3.717

INVESTMENT		16.675	10.075	9.074
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.266	120.019	117.305
	Sundry Debtors	170.875	177.372	168.775
	Cash & Bank Balances	7.076	3.793	4.571
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	75.495	80.192	73.916
Total Current Assets		372.712	381.376	364.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.244	33.793	38.709
	Other Current Liabilities	5.088	5.793	5.302
	Provisions	1.639	5.918	3.149
Total Current Liabilities		52.971	45.504	47.160
Net Current Assets		319.741	335.872	317.407

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		494.293	482.814	473.053

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	426.314	432.104	454.546
		Income from Wind Power Generation	24.376	21.171	20.418
		Other Income	0.358	10.274	0.712
		TOTAL (A)	451.048	463.549	475.676

Less	EXPENSES
		Raw Material	193.543	203.104	184.288
		Consumables	37.177	33.637	27.347
		Power and Fuel	9.603	8.594	5.533
		Purchase for trading exports	24.547	46.761	49.813
		Employee remuneration and benefits	20.778	20.209	21.399
		Other Manufacturing Expenses	55.406	68.611	63.512
		Administrative Expenses	40.690	26.528	36.347
		Selling Expenses	28.744	31.590	30.376
		Net increase in Process Stock and Finished Goods	7.846	(7.021)	(8.060)
		TOTAL (B)	418.334	432.013	410.555

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.714	31.536	65.121

Less	FINANCIAL EXPENSES (D)		9.197	9.404	9.558

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.517	22.132	55.563

Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.451	17.769	32.618

	PROFIT BEFORE TAX (E-F) (G)		10.066	4.363	22.945

Less	TAX (H)		0.329	2.388	4.754

	PROFIT AFTER TAX (G-H) (I)		9.737	1.975	18.191

	Prior Period Items:
	Gratuity provision of earlier year reversed		0.000	0.731	0.000
	Quarry Development Expenditure W/off		0.000	0.000	0.000
	Income Tax for Earlier Years		0.001	0.000	0.339
	Wealth Tax for Earlier Years		0.000	0.186	0.000
	Profit after adjustment of Prior Period Items		9.736	2.521	17.851

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		225.125	222.604	204.753

	BALANCE CARRIED TO THE B/S		234.862	225.125	222.604

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	400.426	399.927	425.555

	IMPORTS
		Raw Materials	33.202	25.521	19.803
		Stores & Spares	0.000	10.091	8.921
		Capital Goods	0.000	0.000	0.000
		Others	0.000	2.025	0.751
		Polishing Material and Consumable Spares	9.080	0.000	0.000
		Material for Segment Manufacturing	2.699	0.000	0.000
		Machinery Spares	0.491	0.000	0.000
		Plant and Machinery	11.590	0.000	0.000
	TOTAL IMPORTS		57.062	37.637	29.475

	Earnings Per Share (Rs.)		2.55	0.66	4.68

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.16	0.43	3.82

Net Profit Margin (PBT/Sales)	(%)	2.36	1.01	5.05

Return on Total Assets (PBT/Total Assets}	(%)	1.91	0.85	4.52

Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.05

Debt Equity Ratio (Total Liability/Networth)		0.40	0.38	0.13

Current Ratio (Current Asset/Current Liability)		7.04	8.38	7.73

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The net profit for the year stood at Rs.9.736 millions after providing for interest, depreciation and tax.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U14102TZ1990PLC002722
Name of the company	G T P GRANITES LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 4/36, Bharathi Street, Swarnapurai, Salem – 636 004, Tamilnadu, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Email	shailesh.rajadhyaksha@tatacapital.com
Nature of description of the instrument creating or modifying the charge	Loan cum Hypothecation cum Guarantee Agreement No. 7000114029 dated 21.05.2011
Date of instrument Creating the charge	21.05.2011
Amount secured by the charge	Rs.5.580 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 10.87% per annum Terms of Repayment As mutually agreed between Tata Capital Limited and the Borrower from time to time Margin Rs 0.620 Million. Extent and Operation of the charge The loan together with all interest, costs, fees and expenses and all monies payable in terms of this Loan Agreement is secured by hypothecation of the Asset as specified in Annexure I to the Loan Agreement.
Short particulars of the property charged	Doosan 340 excavator

FIXED ASSETS

Land
Building
Plant and Machinery
Electrical Installations
Furniture and Fixture
Vehicles
Office Equipment
Computer
Miscellaneous Assets
Wind Electric Generators

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.44.29
UK Pound	1	Rs.72.37
Euro	1	Rs.64.17

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.

253,446,000

51,332,000

119,266,000

26,193,000

MIRA INFORM REPORT

119.266

120.019

170.875

177.372

7.076

3.793

0.000

0.000

75.495

80.192

372.712

381.376

46.244

33.793

5.088

5.793

1.639

5.918

52.971

45.504

319.741

335.872

2.16

0.43

2.36

1.01

1.91

0.85

0.03

0.01

0.40

0.38

7.04

8.38

Unit