MIRA INFORM REPORT

Report Date :

21.03.2011

IDENTIFICATION DETAILS

Name :	BLUE STAR BUILDING MATERIALS PRIVATE LIMITED
Registered Office :	4, Snehsadan, 1st Floor, R G Gadkari Path, Panvel, Raigarh – 410206, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.09.2007
Com. Reg. No.:	174306
CIN No.: [Company Identification No.]	U45202MH2007PTC174306
TAN No.: [Tax Deduction & Collection Account No.]	PNEB05716E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Readymade Concrete, Power Blocks

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

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 :	--
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered 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. Varsha
Designation :	Accounts Department
Date :	19.03.2011

LOCATIONS

Registered Office :	4, Snehsadan, 1st Floor, R G Gadkari Path, Panvel, Raigarh – 410206, Maharashtra, India
Tel. No.:	91-22-27452557
Fax No.:	91-22-27480246
E-Mail :	bluestarcons@yahoo.co.in jpscs2007@gmail.com
Area :	1000sq.fts
Location :	Owned
Factory 1 :	Uran Panvel Road, Near Shankar Mandir, Post Jasai Taluka Uran, Raigarh, Maharashtra, India
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Pandurang Gajanan Thakur
Designation :	Director
Address :	Ghutum Jasai (S), Uran, Raigarh – 400702, Maharashtra, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	20.09.2007
Name :	Mr. Chetan Pandurang Thakur
Designation :	Director
Address :	Ghutum Jasai (S), Uran, Raigarh – 400702, Maharashtra, India
Date of Birth/Age :	20.05.1975
Date of Appointment :	20.09.2007
Name :	Mr. Ram Gajanan Thakur
Designation :	Director
Address :	H No. 236, Dhutum Uran, Raigarh – 400702, Maharashtra, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	20.09.2007

KEY EXECUTIVES

Name :	Ms. Varsha
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Pandurang Gajanan Thakur	2500000
Chetan Pandurang Thakur	1250000
Ram Gajanan Thakur	1250000
Total	5000000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Readymade Concrete, Power Blocks
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

15 (In office 05 + In factory 10)

Bankers :

Punjab National Bank, Branch Dombivali East, India

Facilities :

CC – Rs.120.000 Millions

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan
Term Loan from Punjab National Bank 0093 Secured against hypothecation of plant, machinery and personal guarantee of directors)	60.665	84.887
Bank Overdraft from Punjab National Bank 4030 (Secured against hypothecation)	125.460	76.148
Loan from Punjab National Bank 0103	8.696	0.000
Total	194.821	161.034
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan From Blue Star Construction	84.297	60.127
Loan to C P Thakur	0.228	0.000
Loan to P G Thakur	3.572	0.000
Loan to R G Thakur	0.228	0.000
Total	88.326	60.127

Banking Relations :	--
Auditors :
Name :	E A Patil and Associates Chartered Accountant
Address :	316, Nirman Vypar Kendra, Sector – 17, Vashi, Navi Mumbai, India
Tel No.:	91-22-39180272/273/274/275/67913754
Email :	exec@eapassociates.com
Associates/Subsidiaries :	Blue Star Construction

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2010-2011) : Rs.400.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(79.579)	6.799	4.013
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		(29.579)	56.799	4.113
LOAN FUNDS
1] Secured Loans		194.821	161.034	138.686
2] Unsecured Loans		88.326	60.127	59.499
TOTAL BORROWING		283.147	221.161	198.185
DEFERRED TAX LIABILITIES		0.000	2.925	1.197
TOTAL		253.568	280.885	203.495
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		144.036	157.515	148.336
Capital work-in-progress		70.614	122.892	55.155
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		38.704	0.194	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.000	0.000	0.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.000	0.000	0.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other 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		0.000	0.000	0.000
MISCELLANEOUS EXPENSES		0.214	0.284	0.004
TOTAL		253.568	280.885	203.495

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	NA	24.126
		Other Income	NA	NA	0.713
		TOTAL (A)	NA	NA	24.839
Less	EXPENSES
		Direct Manufacturing Expenses	NA	NA	51.370
		Movement in Inventory	NA	NA	(41.376)
		Administrative Expenses	NA	NA	2.290
		Preliminary Expenses W/off	NA	NA	0.001
		TOTAL (B)	NA	NA	12.285
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	12.554
Less	FINANCIAL EXPENSES (D)		NA	NA	6.079
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	6.475
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.663
	LOSS BEFORE TAX (E-F) (G)		(127.779)	4.852	5.812
Less	TAX (I)		(0.034	0.533	NA
	LOSS AFTER TAX (G-I) (J)		(127.813)	4.319	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	23.40
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		(4.32)	0.09	1.41
Debt Equity Ratio (Total Liability/Networth)		(9.57)	3.89	NA
Current Ratio (Current Asset/Current Liability)		NA	NA	NA

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Sundry Creditors details are not available

Company overview:

Subject is a manufacturing company engaged In the manufacture of building materials The company has its registered office at 4, Sneh Sadan, R. G. Gadkari Peth, Panvel. Dist. Raigad - 410206. The company was incorporated on 20" Day of September, 1007 under Companies Act 1956.

Form 8:

Corporate identity number of the company	U45202MH2007PTC174306
Name of the company	BLUE STAR BUILDING MATERIALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4, Snehsadan, 1st Floor, R.G. Gadkari Path Panvel, Raigarh - 410206, Panvel, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	PUNJAB NATIONAL BANK
Nature of instrument creating charge	Hypothecation O Good And Book Debts To Secure Cash Credit Facility
Date of instrument Creating the charge	26/05/2010
Amount secured by the charge	Rs.258.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR + 1.50 % + 2 % = 14.50 % Terms of Repayment AD Hoc Limit Sanctioned For A Period Of Three Months Margin Stock - 25 % Book Debts - 40 % Extent and Operation of the charge Charge To Cover All Outstanding Sums, Interest, Costs And Charges Payable By The Company To The Bank From Time To Time As May Be Specified By The Bank.
Short particulars of the property charged	Present And Future Stock of Raw Material, Stock In Process, Finished Goods, Consumables, Spares And Stores Which Belong To The Company And Now Stored or Be In or About Their Premises or Godown At Survey No. 20/21, Village Khalapur, Tal. Khalapur, District - Raigad, More Particularly Described In Clause No. 4 (A) and Schedule of The Agreement For Hypothecation of Goods And Book Debt. Book Debts, Outstanding Decrees, Money Receivables, Claims, Securities, Government Subsidies, Investments, Rights and other Movable Assets Excluding Bills Purchased / Discounted By Banks And Bills Against Which Advances Have Been Made, More Particularly Described In Clause No. 4 (A) And Schedule of The Agreement For Hypothecation of Goods and Book Debt.
Date of instrument modifying the charge	25/02/2009
Particulars of the present modification	AD Hoc Cash Credit Limited Of Rs.25.000 Millions Has Been Sanctioned By The Bank Over And Above The Cash Credit Limit Of Rs.100.000 Millions Earlier Sanctioned. Total Cash Credit Limit Now Stands At Rs.125.000 Millions And Total Charge Amount Enhanced From Rs.233.300 Millions To Rs.258.300 Millions

Trade References:

Thakar poptal Velji and Sons Limited

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.45.09
UK Pound	1	Rs.72.82
Euro	1	Rs.63.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		19

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.