MIRA INFORM REPORT

Report Date :

23.03.2011

IDENTIFICATION DETAILS

Name :	MADHUSUDAN MARBLES PRIVATE LIMITED
Registered Office :	N H 8, Main Road, Sukher, Udaipur-313001, Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.1989
Com. Reg. No.:	17-004877
CIN No.: [Company Identification No.]	U14101RJ1989PTC004877
TAN No.: [Tax Deduction & Collection Account No.]	JDHM03441E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Marbles.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 97000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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	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. Rahul Kumar
Designation :	Director
Contact No.:	91-9829855858
Date :	17.03.2011

LOCATIONS

Registered Office / Factory :	N H 8, Main Road, Sukher, Udaipur-313001, Rajasthan, India
Tel. No.:	91-294-3205858
Mobile No.:	91-9829855858 (Mr. Rahul Kumar)
Fax No.:	91-294-2440347
E-Mail :	deepsoffice@yahoo.com
Website :	www.madhusudanimpex.com
Location :	Owned

DIRECTORS

As On : 27.09.2010

Name :	Mr. Basant Kumar Kabra
Designation :	Director
Address :	74, Modern Complex, Pula, Fatehpura, Udaipur-313001, Rajasthan, India
Date of Birth/Age :	07.07.1960
Date of Appointment :	01.04.1994
DIN No :	01646351
Name :	Mr. Manoj Kabra
Designation :	Director
Address :	Madhusudan Marbles Private Limited, Makrana Road, Boraear, Nagaur, Kuchaman City-341505, Rajasthan, India
Date of Birth/Age :	02.01.1963
Date of Appointment :	21.03.1989
DIN No :	01650451
Name :	Mr. Stya Narayan Kabra
Designation :	Director
Address :	Saket, Station Road, Kuchaman City, Nagaur-341505, Rajasthan, India
Date of Birth/Age :	01.02.1939
Date of Appointment :	22.06.2007
DIN No :	01680615
Name :	Mr. Mukesh Kabra
Designation :	Director
Address :	75, Modern Complex, Pula, Fatehpura, Udaipur-313001, Rajasthan, India
Date of Birth/Age :	12.08.1965
Date of Appointment :	01.04.1997
DIN No :	01681887
Name :	Mr. Rahul Kabra
Designation :	Director
Address :	74, Modern Complex, Pula, Fatehpura, Udaipur-313001, Rajasthan, India
Date of Birth/Age :	18.10.1986
Date of Appointment :	18.03.2010
DIN No :	03035002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Manoj Kabra	30500
Stya Narayan Kabra	27800
Mukesh Kabra	30700
Basant Kumar Kabra	30600
Raghav Kabra	26600
Rahul Kabra	27200
Devkinandan Kabra	26600
Nidhi Kabra	3000
Prabha Kabra	30000
Manisha Kabra	30000
Suchita Kabra	30000
Mukesh Kumar Kabra (HUF)	5000
Madhusudan Kabra	9800
Narayan Kabra	11800
Basant Kumar Kabra (HUF)	100
Manoj Kabra (HUF)	100
Stya Narayan Kabra (HUF)	100
Gopal Saboo	10
Amrita Kabra	30
Raghav Kabra (HUF)	30
Megha Kabra	30
Total	320000

AS ON 27.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		98.33
Others		1.67
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marbles.

Products :

ITC CODE	PRODUCTION
326104003	Marble Slabs

Exports :

Products :

Marble

Countries :

· Italy

· Egypt

Terms :

Selling :

Cash

Purchasing :

Cash

GENERAL INFORMATION

Customers :

· Manufacturer

· Retailers

· Others

No. of Employees :

25 (In Office) (Approximately)

Bankers :

· Bank of Baroda, N. H. B. Industrial Area, Sukher, Udaipur-313014, Rajasthan, India

· ICICI Bank Limited

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Rajasthan Financial Corporation
Term Loan	(0.329)	13.017
(Secured by first charge on all existing assets situated at the Company's factory at N.H. 8, Sukher, Udaipur as also the assets acquired out of the assistance provided under this loan. Further secured by personal guarantee of all the directors of the company.)
Bank of Baroda
Term Loan (Secured by hypothecation of moveable machinery.)	8.296	0.000
Term Loan (Secured by hypothecation of moveable machinery and equitable mortgage of land and building.)	5.475	0.000
EPC, FBP/FBD (Secured by way of hypothecation of paid stocks of raw material, WIP and finished goods meant for export and foreign bills up to 180 days drawn on foreign buyers.)	3.213	0.000
Cash Credit, Hypothecation
Bank of Baroda (Secured by hypothecation of stocks of raw material, finished and semi finished goods, stores and spares, book debts and other claims, monies and receivables; second charge on Plant and Machinery and other fixed assets.)	13.744	12.889
Car Loan
ICICI Bank Limited	0.147	0.799
Kotak Mahindra Prime Limited (Secured by hypothecation of vehicles financed)	0.858	0.000
Total	31.404	26.705
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	4.616	3.503
Others	9.570	4.198
Total	14.186	7.701

Banking Relations :	--
Auditors :
Name :	Ravi and Dev Chartered Accountant
Address :	377-B, J. S.S. Road, Chira Bazar, Mumbai-400002, Maharashtra, India
Sister Concern :	Madhusudan Minerals Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
330000	Equity Shares	Rs. 10/- each	Rs. 3.300 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
320000	Equity Shares	Rs. 10/- each	Rs. 3.200 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		3.200	3.071	3.071
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.179	12.627	11.776
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.379	15.698	14.847
LOAN FUNDS
1] Secured Loans		31.404	26.705	22.355
2] Unsecured Loans		14.186	7.701	7.411
TOTAL BORROWING		45.589	34.406	29.766
DEFERRED TAX LIABILITIES		1.793	1.164	1.312
TOTAL		71.762	51.268	45.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.364	22.092	24.408
Capital work-in-progress		0.087	0.000	0.000
INVESTMENT		0.875	0.875	0.875
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.691	42.481	16.473
	Sundry Debtors	12.202	11.596	10.416
	Cash & Bank Balances	10.967	8.699	6.742
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.296	7.460	4.958
Total Current Assets		73.156	70.236	38.589
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.019	19.658
	Other Current Liabilities	4.801	19.052	15.622
	Provisions	5.900	3.225	2.325
Total Current Liabilities		38.720	41.935	17.947
Net Current Assets		34.436	28.301	20.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		71.762	51.268	45.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	PROFIT BEFORE TAX		10.424	1.551	2.322
Less	TAX		(3.305)	(0.751)	(0.809)
	PROFIT AFTER TAX		7.119	0.800	1.513
Add	EXCESS PROVISION FOR PREVIOUS YEARS WRITTEN BACK		0.000	0.000	0.033
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.850	10.050	8.504
	BALANCE CARRIED TO THE B/S		17.970	10.850	10.050
	EXPORT VALUE		50.457	61.270	NA
	IMPORTS
		Raw Materials	3.409	1.691	NA
		Capital Goods	13.435	0.000	NA
	TOTAL IMPORTS		16.844	1.691	NA
	Earnings Per Share (Rs.)		22.25	2.61	5.03

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	9.52	1.68	3.69
Return on Investment (ROI) (PBT/Networth)		0.43	0.10	0.16
Debt Equity Ratio (Total Liability/Networth)		3.53	4.94	3.30
Current Ratio (Current Asset/Current Liability)		1.89	1.67	2.15

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U14101RJ1989PTC004877
Name of the company	MADHUSUDHAN MARBLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	N H 8, Main Road, Sukher, Udaipur-313001, Rajasthan, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, N. H. B. Industrial Area, Sukher, Udaipur-313014, Rajasthan, India
Nature of instrument creating charge	Memorandum of entry
Date of instrument Creating the charge	17.08.2010
Amount secured by the charge	Rs. 45.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest On Cash Credit @.75% Below Prime Lending Rate Per Annum With Monthly Rests Terms of repayment On demand Margin Stocks 25% Book debts 50% Movable machinery 25% Extent and operation of the charge First charge over entire fixed assets of company by way of Equitable Mortgage of factory land and building of company situated at Araji no. 12,14,15,16,17,22,23 at N. H. 8, Sukher, Udaipur
Short particulars of the property charged (Including location of the property)	Hypothecation of book debts, goods, movable machinery and vehicles First charge over entire fixed assets of company by way of Equitable Mortgage of factory land and building of company situated at Araji no. 12,14,15,16,17,22,23 at N. H. 8, Sukher, Udaipur
Charge identification number of the charge to be modified	10065065
Date of instrument modifying the charge	29.12.2009
Particulars of the present modification	First charge over entire fixed assets of company by way of Equitable Mortgage of factory land and building of company situated at Araji no. 12,14,15,16,17,22,23 at N. H. 8, Sukher, Udaipur

TRADE REFERENCE

ü Madhusudan Mineral Private Limited

ü Madhusudan Grain Marble Private Limited

WEB SIDE DETAILS

PROFILE

Subject is one of the oldest and biggest quarries owner and processor of natural stones in a Southern Rajasthan belt of India at makrana and Udaipur City. Having all the infra structural facilities under one shed only.

Since last three decades, they had enlarged their field of work from a regional to global and overseas scenario because of their promises and commitment, entrepreneurship, faith and confidence of their value added clients in them and their motto, stress and concentration to always give best than better through a superior quality of the products in comparison to others, in which they deals, and not an quantity factor at a priority. For the above purpose, their each and every products is checked and verified through a quality control section.

They always believe to give the best, effective and immediate services to their clients in any field of work, and are open-minded viewers having clarity and not to keep anyone in dark on any matter, and are always ready to imply the valuable suggestions of their clients to further improve their systems for betterment, at our end.

They believe in a team work spirit, joint venture and organized working by proper implementation of policies at various level of management and through a proper and effective channel networking and liasoning, at domestic and global end.

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.44.97
UK Pound	1	Rs.73.35
Euro	1	Rs.63.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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		51

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.