MIRA INFORM REPORT

Report Date :

12.05.2011

IDENTIFICATION DETAILS

Name :	BALAJIKRIPA MARBLE AND GRANITE PRIVATE LIMITED
Registered Office :	2-B, First Floor, Sagar Krishna Complex, Subcity Centre, Opposite Savina Sabji, Mandi, Udaipur – 313002, Rajasthan
Country :	India
Financials (as on) :	31.03.2010 (Summarized)
Date of Incorporation :	01.08.2007
Com. Reg. No.:	17-024795
Capital Investment / Paid-up Capital :	Rs.19.575 Millions
CIN No.: [Company Identification No.]	U14101RJ2007PTC024795
TAN No.: [Tax Deduction & Collection Account No.]	JDHB04893A
PAN No.: [Permanent Account No.]	AADCB1895Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Marble Slabs.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. M.H. Vora
Designation :	Admin Manager
Contact No.:	91-9414808087
Date :	09.05.2011

LOCATIONS

Registered Office :	2-B, First Floor, Sagar Krishna Complex, Subcity Centre, Opposite Savina Sabji, Mandi, Udaipur – 313002, Rajasthan, India
Tel.No. :	91-294-2442370
Mobile No. :	91-9414808087 (Mr. M.H. Vora)
Fax No.:	91-294-241773
E-Mail :	balajikripa.udr@gmail.com niteshdoshi79@gmail.com
Website :	http://www.balajikripamarble.com
Factory :	398-399, Sukher Industrial Area, Udaipur – 313001, Rajasthan, India
Tel. No.:	91-294-2442370
Fax No.:	91-294-2441773

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Khiv Singh Rajpurohit
Designation :	Director
Address :	House No. 16, Near JB Hospital Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	12.07.1967
Date of Appointment :	01.08.2007
DIN No. :	00632165
Name :	Mr. Navratan Singh Rajporohit
Designation :	Director
Address :	House No. 16, Near JB Hospital Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	15.01.1972
Date of Appointment :	01.08.2007
DIN No. :	00632279
Name :	Mr. Narayan Lal Pandya
Designation :	Director
Address :	Tehsil Chouraha, Dungarpur – 314001, Rajathan, India
Date of Birth/Age :	27.07.1961
Date of Appointment :	01.01.2009
DIN No. :	02478801

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Anoop Kunwar Rajpurohit	15000
Aashish Pokharna	50000
Ashok Rajpurohit	45000
Basant Kumar Sen	10000
Bheru Lal Dangi	10000
Harshad Joshi	30000
Jabbar Singh	20000
Jai Prakash Bihari	10000
Jitendra Suhalka	50000
Khiv Singh Rajpurohit	1165000
Kishor Mantri	10000
Mool Singh Purohit	12500
Moti Lal Chourasia	100000
Mukesh Jain	9400
Narayan Pandya	10000
Navratan Singh Rajpurohit	270000
Rajendra Kumar Sain	10000
Sandeep Bhatnagar	10000
Shambhay Singh Sisodia	10000
Shambu Lal Mehta	80000
Subhash Panikh	10000
Uday Singh Rathore	10000
Vijay Singh Rathore	10000
Tej Singh Sisodia	100
Fakkruddin Pathan	100
Vinod Jain	100
Rajesh Jain	100
Badri Ji Rajpurohit	100
Mumtaz Begum	100
Total	1957500

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Marble Slabs.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Installed Capacity	Actual Production
Installed Capacity (As Stated in project report and change in thickness of slabs cutting during the year)	879400 (Approximately) (For 9 Months)	1172500 sq. ft.
Actual Production Own Manufacturing Less-normal Loss	763373 140547 622826	--
Manufacturing for Job Workings	14240	--
Percentage of Capacity
Utilized (637066/879400*100)72.44%

GENERAL INFORMATION

Suppliers :

• A.D. Mehta and Company
• Ahinsa Traders
• LC International
• Marble Kingdom India Private Limited
• Mayura Marbles
• Meridian Contracts P. Limited
• Orma Marbles Palace
• Paras Marbles and Granite
• Vijay Exports

Customers :

Retailers

No. of Employees :

20 (Approximately)

Bankers :

Bank Of Baroda, Town Hall, Udaipur – 313001, Rajasthan, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Bank of Baroda Term Loan	14.678	5.148
Bank of Baroda CC A/c (Against Stock)	2.786	0.000
Total	17.464	5.148
Unsecured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Loan from directors and Relatives	17.713	13.275
Total	17.713	13.275

Banking Relations :	--
Auditors :
Name :	Nitesh Doshi Chartered Accountant
Address :	44 A-B, Indraprasth Complex, Near Shastri Circle, Udaipur – 313001, Rajasthan, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1957500	Equity Shares	Rs.10/- each	Rs.19.575 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMARIZED FIGURES

Particulars	31.03.2010
Share Capital	19.575
Reserves and Surplus	0.573
Secured Loans	23.495
Unsecured Loans	20.945
Fixed Assets (Net)	46.323
Net Current Assets	18.586
Miscellaneous Expenditure	0.156
Turnover	23.678
Total Expenditure	22.708
Profit Before Tax	0.924
Profit After Tax	0.495
Earning Per Share (Rs.)	0.25

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.575	0.100
2] Share Application Money		0.108	21.083
3] Reserves & Surplus		0.078	0.008
4] (Accumulated Losses)		0.000	0.000
NETWORTH		19.761	21.191
LOAN FUNDS
1] Secured Loans		17.464	5.148
2] Unsecured Loans		17.713	13.275
TOTAL BORROWING		35.177	18.423
DEFERRED TAX LIABILITIES		0.036	0.000
TOTAL		54.974	39.614
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.699	0.119
Capital work-in-progress		0.318	33.120
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.823	0.232
	Sundry Debtors	2.139	0.127
	Cash & Bank Balances	0.253	2.013
	Other Current Assets	0.000	0.000
	Loans & Advances	1.468	4.674
Total Current Assets		10.683	7.046
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	5.344	0.871
	Provisions	0.560	0.000
Total Current Liabilities		5.904	0.871
Net Current Assets		4.779	6.175
MISCELLANEOUS EXPENSES		0.178	0.200
TOTAL		54.974	39.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	23.678
		Other Income	NA
		TOTAL	NA	13.405	0.146
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Interest
		TOTAL	22.708	11.304	0.133
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	2.101	0.013
Less/ Add	DEPRECIATION/ AMORTISATION		NA	1.981	0.000
	PROFIT BEFORE TAX		0.924	0.120	0.013
Less	TAX		0.429	0.051	0.004
	PROFIT AFTER TAX		0.495	0.069	0.009
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.009	0.000
	BALANCE CARRIED TO THE B/S		NA	0.078	0.009
	Earnings Per Share (Rs.)		0.25	0.03	0.00

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008
PAT / Total Income	(%)	0.51	6.16
Net Profit Margin (PBT/Sales)	(%)	0.89	8.90
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.18
Return on Investment (ROI) (PBT/Networth)		0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		2.07	0.91
Current Ratio (Current Asset/Current Liability)		1.80	8.08

LOCAL AGENCY FURTHER INFORMATION

Form : 8

Corporate identity number of the company	U14101RJ2007PTC024795
Name of the company	BALAJIKRIPA MARBLE AND GRANITE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2-B, First Floor, Sagar Krishna Complex Subcity Centre, Opposite Savina Sabji Mandi Udaipur - 313002, Rajasthan, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank Of Baroda, Town Hall, Udaipur – 313001, Rajasthan, INDIA
Nature of instrument creating charge	1. Supplemental Composite Agreement Of Hypothecation Of goods, book-debts, moveable machinery and vehicles. 2. Memorandum of extension of equitable mortgage by deposit of title deeds.
Date of instrument Creating the charge	17/08/2010
Amount secured by the charge	Rs. 18.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : N.A (Lumsum Fees Rs. 1.800 millions) Terms of repayment : Repayable On Demand Margin : Cash margin of 10% in respect of DPG facility. Extent and operation of the charge : Upto Rs. 18.600 millions Other : Other Terms And Conditions
Short particulars of the property charged (Including location of the property)	1. Hypothecation of plant and machinery and other fixed assets, and proposed plant and machinery to be purchased. 2. Equitable mortgage of factory land and building situated at plot no. 398-399, ind. Area, sukher, udaipur.

Fixed Assets :

• Factory
• Building
• Plant and Machinery
• Furniture and Fixture
• Motor Cycle
• Office Machinery
• Factory Land
• Capital WIP

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. 44.69
UK Pound	1	Rs. 73.12
Euro	1	Rs. 64.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.