MIRA INFORM REPORT

Report Date :

11.03.2011

IDENTIFICATION DETAILS

Name :	MMTC - PAMP INDIA PRIVATE LIMITED
Registered Office :	Rojka Meo Industrial Estate, Tehsil Nuh, Mewat, Sohna, Mewat – 122103, Haryana
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	18.01.2008
Com. Reg. No.:	55-172885
CIN No.: [Company Identification No.]	U27310DL2008PTC172885
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Gold coins and Bullions

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2288700
Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a Joint Venture between MKS Holding B.V., the Netherlands, and MMTC Limited, government of India Trading House. Latest financial of the company is not available. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of strong holding, 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	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 :	Ms. Rajesh Singh
Designation :	Accountant
Contact No.:	91-124-2395051
Date :	08.03.2011

LOCATIONS

Registered Office :	Rojka Meo Industrial Estate, Tehsil Nuh, Mewat, Sohna, Mewat – 122103, Haryana
Tel. No.:	91-124-2395051
E-Mail :	rajesh.khosla@mmtcpamp.com
Location :	Owned
Corporate Office :	Amer Hall, Radisson Hotel, Mahipalpar, New Delhi- 110037, Delhi, India.
Location :	Rented

DIRECTORS

Name :	Mr. Rajesh Khosala
Designation :	Managing Director
Address :	73, Paschimi Marg, Vasant Vihar, New Delhi- 110057, Delhi, India.
Date of Birth/Age :	14.08.1942
Date of Appointment :	18.01.2008
Name :	Mr. Rohit Tandon
Designation :	Non Executive Director
Address :	A- 124, Shivalik, Near Malviya Nagar,New Delhi- 110017, Delhi, India.
Date of Birth/Age :	18.02.1960
Date of Appointment :	15.07.2009
Name :	Mr. Bhaskara Nageswara Rao Mandavilli
Designation :	Non Executive Director
Address :	Canara House No. 6, First Block Jaya Nagar, Bangalore- 560011, Karnataka, India.
Date of Birth/Age :	19.06.1948
Date of Appointment :	15.07.2009
Name :	Mr. Venkatasubramanian Gopalakrishnan
Designation :	Non Executive Director
Address :	DE Vriendschap 13, 1188 GJ, Amstelveen, Amstelveen, 1188, Netherlands.
Date of Birth/Age :	07.03.1968
Date of Appointment :	15.07.2009
Name :	Mr. Mehdi Barkhordar
Designation :	Non Executive Director
Address :	CH, Byron 4, 1223 Cologny, Cologny, 1223, Switzerland.
Date of Birth/Age :	18.02.1962
Date of Appointment :	15.07.2009
Name :	Mr. Marwan Shakarchi
Designation :	Non Executive Director
Address :	32 Route DE, Corsinge, 1252, Meinier, Meinier, 1252, Switzerland.
Date of Birth/Age :	02.12.1961
Date of Appointment :	15.07.2009
Name :	Mr. Vijay Pal
Designation :	Non Executive Director
Address :	B- 196, Pocket- B, Mayur Vihar, Phase- II, Delhi- 110091, Delhi, India.
Date of Birth/Age :	30.09.1958
Date of Appointment :	15.07.2009
Name :	Mr. Balaji Nagarajan
Designation :	Non Executive Director
Address :	E- 88 City Group Housing Society, Vasundhara Enclave, Delhi-110096, India.
Date of Birth/Age :	22.12.1961
Date of Appointment :	15.07.2009
Name :	Mrs. Anita Khosla
Designation :	Director
Address :	73, Paschimi Marg, Vasant Vihar, New Delhi- 110057, Delhi, India.
Date of Birth/Age :	14.11.1945
Date of Appointment :	18.01.2008
Date of Cessation:	17.03.2009
Name :	Mr. Vishal Arya
Designation :	Additional Director
Address :	14/145, 3^rd floor, Subhash Nagar, New Delhi- 110027, India.
Date of Birth/Age :	24.12.1970
Date of Appointment :	20.02.2009
Date of Cessation:	09.03.2009
Name :	Mr. Asheesh Majumdar
Designation :	Additional Director
Address :	G- 1308, Chittranjan Park, New Delhi- 110019, India.
Date of Birth/Age :	05.06.1956
Date of Appointment :	17.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 31.03.2009

Names of Shareholders	No. of Shares	Percentage of Holding
MKS Holding B.V	34308135	73.33
MMTC Limited	12480000	26.67
TOTAL	46788135	100

BUSINESS DETAILS

Line of Business :	Trader of Gold coins and Bullions
Imports :
Products :	Machinery
Countries :	Europe
Terms :
Selling :	Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Customers :

Banks

No. of Employees :

70 (In Office)

Bankers :

State Bank of Hyderabad- Scope Complex, Lodhi Road, New Delhi

Facilities :

Unsecured Loans	As on 31.03.2009 Rs. in Millions
From Others	44.620
TOTAL	44.620

Banking Relations :	--
Auditors :
Name :	S R Batlibol and Associates Chartered Accountant
Address :	Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon- 122002, Haryana, India.

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- Each	Rs.480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46788135	Equity Shares	Rs.10/- Each	Rs.467.881 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2010
Sales Turnover (Approximately)	20.000

Expected Sales (2010-11): Rs.25.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		467.881
2] Share Application Money		2.519
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(12.660)
NETWORTH		457.740
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		44.620
TOTAL BORROWING		44.620
DEFERRED TAX LIABILITIES
TOTAL		502.360
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.123
Capital work-in-progress		44.383
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	416.197
	Other Current Assets	0.613
	Loans & Advances	0.703
Total Current Assets		417.513
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	43.363
	Provisions	0.296
Total Current Liabilities		43.659
Net Current Assets		373.854
MISCELLANEOUS EXPENSES		0.000
TOTAL		502.360

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2009
Total Income	1.183
Profit/(Loss) Before Tax	(12.280)
Provision for Taxation	0.380
Profit/(Loss) After Tax	(12.660)
Total Expenditure	13.463
Earnings Per Share (Rs.)	(0.27)

KEY RATIOS

PARTICULARS		31.03.2009
PAT / Total Income	(%)	(1070.16)
Return on Total Assets (PBT/Total Assets}	(%)	(2.68)
Return on Investment (ROI) (PBT/Networth)		0.03
Debt Equity Ratio (Total Liability/Networth)		0.19
Current Ratio (Current Asset/Current Liability)		9.56

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from 73, Paschimi Marg, Vasant Vihar, New Delhi- 110057, Delhi, India to present w.e.f. 21.01.2011

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U27310DL2008PTC172885
Name of the company	MMTC- PAMP INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	73, Paschimi Marg, Vasant Vihar, New Delhi- 110057, Delhi, India.
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	State Bank of Hyderabad- Scope Complex, Core- 6, Lodhi Road, New Delhi- 110003, India.
Nature of description of the instrument creating or modifying the charge	First charge on the entire assets including plant, machinery and other movable assets of the company (both present and future) set at industrial estate, Rojka- Meo, Mewat, Haryana.
Date of instrument Creating the charge	23.06.2009
Amount secured by the charge	Rs. 1400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 2% below SBHBPLR i.e. at present 11.00% per annum, floating, payable monthly, with a minimum of 10.50% per annum, to be reset on annual basis from the date of first disbursement. Terms of Repayment: As per terms and conditions conveyed vide sanction letter no. F/ADV/1281 dated 26.03.2009 Margin: As per terms and conditions conveyed vide sanction letter no. F/ADV/1281 dated 26.03.2009 Extent and Operation of the charge: As per terms and conditions conveyed vide sanction letter no. F/ADV/1281 dated 26.03.2009 and agreement of hypothecation of goods and assets dated 23.06.2009
Short particulars of the property charged	First charge on the entire assets including plant, machinery and other movable assets of the company (both present and future) set up at industrial estate, Rojka- Meo, Mewat, Haryana.

Fixed Assets:

v Land Freehold

v Office Equipments

v Furniture and Fittings

v Computers

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 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.45.11
UK Pound	1	Rs.72.90
Euro	1	Rs.62.56

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	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		44

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.