MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	RBBR INFRASTRUCTURE PRIVATE LIMITED [w.e.f. 08.10.2009]
Formerly Known As :	DAGA MINERALS PRIVATE LIMITED
Registered Office :	Sonawala Building, 65, 2^nd Floor, Bombay Samachar Marg, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.03.1996
Com. Reg. No.:	11-098515
Capital Investment / Paid-up Capital :	Rs.18.000 Millions
CIN No.: [Company Identification No.]	U45400MH1996PTC098515
TAN No.: [Tax Deduction & Collection Account No.]	MUMR25819D
PAN No.: [Permanent Account No.]	AAACD3931C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of reinforced and non-reinforced concrete products that are used for civil engineering purposes in road, rail, irrigation and sewerage projects. They also manufacture Ready Mix Concete.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca [21]

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

Status :	Recently Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 1996, the company has commenced its commercial business activities recently in May, 2011. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

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

LOCATIONS

Registered / Head Office :	Sonawala Building, 65, 2^nd Floor, Bombay Samachar Marg, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22664621 / 0221
Fax No.:	91-22-22663373 / 71
E-Mail :	ymdaga@gmail.com info@rbbrinfra.com
Website :	http://www.rbbrinfra.com
Factory Office :	Survey No: 48/2, Ungatti Village, Athimugam Road, Doripalli Post, Hosur Taluq -635109, Tamilnadu, India
Tel. No.:	91-4344-291014
E-Mail :	hosur@rbbrinfra.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Yashovardhan Madhusudan Daga

Designation :

Director

Address :

5 / B, Alt-View, 7, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

11.08.1987

Date of Appointment :

09.09.2010

DIN :

02766374

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24100MH1977PLC019705	MAHAVIR MINERALS LIMITED	Director	30/09/2010	1/10/2009	Active	NO
2	U45400MH1996PTC098515	RBBR INFRASTRUCTURE PRIVATE LIMITED	Director	9/9/2010	1/10/2009	Active	NO
3	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Additional director	17/01/2011	17/01/2011	Active	NO

Name :

Mr. Madhusudan Laxminarayan Daga

Designation :

Director

Address :

5 / B, Alt-View, 7, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.02.1961

Date of Appointment :

28.03.1996

DIN :

01332694

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24100MH1977PLC019705	MAHAVIR MINERALS LIMITED	Managing director	5/2/1979	5/2/1979	-	Active	NO
2	U14297MH1987PTC043296	MAHESH MINERALS PRIVATE LIMITED	Director	29/04/1987	29/04/1987	-	Active	NO
3	U67120MH1993PTC075866	DARAK AND DAGA INVESTMENTS PRIVATE LIMITED	Director	21/12/1993	21/12/1993	-	Active	NO
4	U45202MH1994PTC081534	BISESAR HOUSE CONSTRUCTIONS PRIVATE LIMITED	Director	28/09/1994	28/09/1994	-	Active	NO
5	U45400MH1996PTC098515	RBBR INFRASTRUCTURE PRIVATE LIMITED	Director	28/03/1996	28/03/1996	-	Active	NO
6	U45202MH1994PTC082912	BANSILAL RAMCHAND CONSTRUCTIONS PRIVATE LIMITED	Director	14/11/1997	14/11/1997	-	Active	NO
7	U26940MH1983PTC030182	NAVYUG CEMENT PRODUCTS AND INDUSTRIES PRIVATE LIMITED	Director	5/12/2003	5/12/2003	-	Active	NO
8	U51900MH2004PLC095395	R B B R EXPORTS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
9	U65999WB1996PTC081556	RELIANCE FINVEST PRIVATE LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
10	U65191WB1923PTC004712	JUTE AND GUNNY BROKERS PRIVATE LIMITED	Director	26/09/2008	2/11/2007	4/12/2009	Active	NO
11	L65910DL1975PLC007781	VARISTHA LEASING INTERNATIONAL LIMITED	Director	30/09/2008	12/11/2007	14/01/2010	Active	NO
12	U17111WB1973PTC028713	PODDAR COTTON DEALERS PRIVATE LIMITED	Director	26/09/2008	12/11/2007	14/01/2010	Active	NO
13	U74899DL1968PTC007388	MOHTA COTTON MILLS PRIVATE LIMITED	Director	27/09/2008	22/11/2007	15/01/2010	Active	NO
14	U23209WB1995PTC076073	AMTEK AGENTS PRIVATE LIMITED	Additional director	24/04/2009	24/04/2009	-	Active	NO
15	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
16	U45200MH1994PTC078334	ARYAVARTA CONSTRUCTIONS PRIVATE LIMITED	Director	30/09/2010	12/10/2009	-	Active	NO
17	U40101MH2010PTC205494	ULTRA ENERGY PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Active	NO
18	U40101MH2010PTC205519	HELIOS ENERGY PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
19	U40108MH2010PTC205507	RAY SOLAR POWER PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
20	U40300MH2010PTC205880	ROSHNI ENERGY PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Madhusudan Laxminarayan Daga	279000
Yashovardhan Madhusudan Daga	178200
Vandana Daga	270000
Harshvardhan Daga	178200
M.L. Daga [HUF]	178200
RBBR Exports Limited, India	358200
Mahesh Minerals Private Limited, India	358200
Total	1800000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	39.80
Directors or relatives of Directors	60.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of reinforced and non-reinforced concrete products that are used for civil engineering purposes in road, rail, irrigation and sewerage projects. They also manufacture Ready Mix Concete.
Products :	Ready Mix Concrete RCC Pipes RCC Pre Cast Manholes and Chambers RCC Pre Cast Box Culverts RCC Pre Cast U-Shaped Channel Sections Pre Cast Concrete Slabs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Tamarind Lane, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Canara Bank [Term Loan] [secured against land and building plant and machinery and other fixed assets sistuated at survey no.48/2, Doripalli Village, HOSUR Taluka, Krishnagiri District, Tamilnadu and personal guarantee of the directors and corporate guarantee of Mahavir Minerals Limited]	61.461	0.000
Total	61.461	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Mr. M.L. Daga	7.500	0.755
Mr. Y. M. Daga	3.200	0.400
Total	10.700	1.155

Banking Relations :	--
Auditors :
Name :	R.C. Reshamwala and Company Chartered Accountants
Address :	323, Varma Chambers, 11, Homji Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66355488
Fax No.:	91-22-22642855
E-Mail :	rcrco@bom5.vsnl.net.in
PAN :	AAFFR7901L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,800,000	Equity Shares	Rs.10/- each	Rs.18.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		18.000	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[0.129]	[0.129]	0.129
NETWORTH		17.871	[0.029]	[0.029]
LOAN FUNDS
1] Secured Loans		61.461	0.000	0.000
2] Unsecured Loans		10.700	1.155	0.055
TOTAL BORROWING		72.161	1.155	0.055
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		90.032	1.126	0.026
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.578	0.000	0.000
Capital work-in-progress		74.753	1.143	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.297	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	4.026	0.063	0.031
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.113	0.065	0.000
Total Current Assets		20.436	0.128	0.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.700	0.144	0.005
	Other Current Liabilities	0.035	0.001	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		6.735	0.145	0.005
Net Current Assets		13.701	[0.017]	0.026
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.032	1.126	0.026

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	4.41	[44.83]	[2.07]
Current Ratio (Current Asset/Current Liability)	3.03	0.88	6.20

LOCAL AGENCY FURTHER INFORMATION

Financial Results :

During the year the company has not carried out any business activities as the setting up of its RCC concrete plan at Hosur [Tamilnadu] was in advance stage and the commercial production has commenced in May 2011.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45400MH1996PTC098515
Name of the company	RBBR INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sonawala Building, 65, Bombay Samachar Marg, Mumbai – 400023, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Canara Bank, Tamarind Lane, Mumbai - 400023, Maharashtra, India
Nature of instrument creating charge	Letter Evedencing Deposit of Title Deeds
Date of instrument Creating the charge	21.09.2010
Amount secured by the charge	Rs.94.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest At Such Rate As May Be Specified By The Bank From Time To Time Terms of Repayment - As Per Agreement Margin - As Per Agreement Extent and Operation of the charge – 100% Others - The Above is to Secure CC Limit of Rs.12.500 millions and TL Of Rs.82.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	EMT of Property Situated Under Survey No. 48/2 Doraipally Hosur, Krishna Giri District, Tamilnadu

FIXED ASSETS :

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Motor Car

Webdetails

Company Profile

The Business Group

subject has been formed by the promoters of the Daga Group - a group with a 200 year old business history and existing business interests in Mining and Mineral Processing, Imports and Exports, Dental Products and Real Estate. their promoters operate Mahavir Minerals Limited, a mineral processing and mining firm with 25 mines across Rajasthan and production units that together have a 200,000 MT annual production capacity. Another Daga Group company, RBBR Exports, has been an exporter of ceramic raw materials for the last 14 years. The group also co-promotes Corner Stone Energy Private Limited, which is setting up a 5 MW Solar Power Plant in Gujarat.  With diversified interests such as these, their promoters bring valuable experience and insight to the table.

The Team

Their senior management and advisory board has experience in the concrete product industry for over 20 years, and is well exposed to relevant industry best practices. They are also in the process of building a strong team of technically qualified engineers and executives, in order to maximize the quality of products they provide. They can find more information on their careers page.

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		21

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.