MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	MADHUCON GRANITES LIMITED (w.e.f. 28.03.1994)
Formerly Known As :	MADHU MINERALS TRADING COMPANY LIMITED (w.e.f. 09.02.1994) MADHU MINERALS TRADING COMPANY PRIVATE LIMITED
Registered Office :	1-7-70, Jubilee Pura, Khammam – 507 003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.02.1988
Com. Reg. No.:	01-8311
Capital Investment / Paid-up Capital :	Rs.150.000 millions
CIN No.: [Company Identification No.]	U13209AP1988PLC008311
TAN No.: [Tax Deduction & Collection Account No.]	HYDM02242C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Granites.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Raymond
Designation :	Marketing Executive
Contact No.:	91-8742-233108
Date :	29.11.2011

LOCATIONS

Registered Office :	1-7-70, Jubilee Pura, Khammam – 507 003, Andhra Pradesh, India
Tel. No.:	91-8742-225141 / 233108 / 225381
Fax No.:	91-8742-224408
E-Mail :	marketing@madhucongranites.com info@madhucongranites.com hyd1_madhucon@sancharnet.in madhucon@hd1.vsnl.net.in madhucongranites@gmail.com madhucongranites@sancharnet.in csinfra@madhucon.com
Website :	http://www.madhucongranites.com
Location :	Owned
Head Office :	D-27, East of Kailash, New Delhi - 110 065, India
Tel. No.:	91-11-26425507 / 26425820
Location :	Owned
Corporate Office :	Madhucon House, Plot: 1129/A, Road No: 36, Hitec City Road, Jubilee Hills, Hydrabad - 500 034, Andhra Pradesh, India
Tel. No.:	91-40-23556001 / 2 / 3 / 4
Fax No.:	91-40-23556005
Website:	http://www.madhucon.com
Factory 1 :	Beside D. No. 135, Addakurukki (V), Kamanadoddi (Po.) Hosur (Tq), Krishnagiri (District) 635 109, Tamil Nadu, India
Tel. No.:	91-4344-200631 / 33 / 34 / 35
Fax No.:	91-4344-200632 / 257309
Location :	Owned
Factory 2 :	Gollagudem Village, Khammam Rural Mandal, Kammam District, Andhra Pradesh, India
Location :	Owned

DIRECTORS

As on 29.09.2011

Name :	Mr. Nama Krishnaiah
Designation :	Managing Director
Address :	H. No. 339, 5^th Main, 1^st Block, Koramangala, Bangalore – 560 034, Karnataka, India
Date of Birth/Age :	15.12.1967
Date of Appointment :	15.05.2004
DIN No.:	00022778

Other Directorship

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	U51909AP1990PLC011796	Nama Properties Limited	Managing director	01-10-08	26-09-90	-	Active	NO
2	U65993AP1993PLC016360	Nama Investments Limited	Director	29-09-93	29-09-93	-	Active	NO
3	U13209AP1999PTC031622	Varalakshmi Granites Private Limited	Managing director	04-05-99	04-05-99	19-03-10	Active	NO
4	U15427AP2002PLC039859	Madhucon Sugar And Power Industries Limited	Whole-time director	01-04-09	05-11-02	-	Active	NO
5	U45200AP1998PLC029310	MBN-Anchored Earth Limited	Director	05-03-04	05-03-04	22-03-10	Active	NO
6	U13209AP1988PLC008311	Madhucon Granites Limited	Managing director	01-04-09	15-05-04	-	Active	NO
7	U70102AP2005PLC045060	Madhucon Land Developers Limited	Director	15-01-05	15-01-05	19-03-10	Active	NO
8	U45200AP2005PLC045366	Madhucon Properties Limited	Director	15-02-05	15-02-05	19-03-10	Active	NO
9	U72200AP2000PLC034060	Madhucon Infotech Limited	Director	28-03-06	28-03-06	-	Active	NO
10	U40101AP2005PTC048264	Simhapuri Energy Private Limited	Whole-time director	14-04-07	14-04-07	-	Active	NO
11	U45309AP2000PLC034007	Madhucon Energy Limited	Director	01-07-07	01-07-07	-	Active	NO
12	U45209AP2007PTC056733	Madhucon Heights Private Limited	Director	18-12-07	18-12-07	-	Active	NO
13	U55101AP2007PTC056818	Nama Hotels Private Limited	Director	24-12-07	24-12-07	19-03-10	Active	NO
14	U74999AP2008PLC059009	Madhucon Mineral Resources Limited	Director	06-05-08	06-05-08	-	Active	NO
15	U74900AP2008PTC059203	NNR Infra Investments Private Limited	Director	16-05-08	16-05-08	-	Active	NO
16	U45200AP2006PLC049235	Madhucon Infra Limited	Director	03-10-09	03-10-09	14-11-09	Active	NO
17	U45203AP2005PLC045689	Madhucon Agra-Jaipur Expressways Limited	Director	24-07-10	16-12-09	-	Active	NO
18	U93000AP2008PLC060479	Madhucon Toll Highways Limited	Director	29-09-10	16-12-09	-	Active	NO
19	U40108AP2010PTC066560	Rajanagaram Gas Power Private Limited	Director	05-01-10	05-01-10	-	Active	NO
20	U40108AP2010PTC066570	Nama Energy Private Limited	Director	06-01-10	06-01-10	-	Active	NO
21	U40108AP2010PTC071246	Ramnagar Power Private Limited	Director	16-11-10	16-11-10	-	Active	NO

Name :	Mr. Kamma Srinivasa Rao
Designation :	Director
Address :	Varalakshmi Nilayam, H. No. 11-4-65/C, Nehru Nagar, Khammam – 507 002, Andhra Pradesh, India
Date of Birth/Age :	22.08.1973
Date of Appointment :	05.03.2004
DIN No.:	00022855

Other Directorship

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	U13209AP1998PTC030278	Madhucon Stone Crushers Private Limited	Whole-time director	05-10-98	05-10-98	-	Active	NO
2	U70102AP1989PTC010666	Bima Quarring Private Limited	Director	01-12-01	01-12-01	-	Active	NO
3	U15427AP2002PLC039859	Madhucon Sugar And Power Industries Limited	Director	05-11-02	05-11-02	-	Active	NO
4	U13209AP1988PLC008311	Madhucon Granites Limited	Director	05-03-04	05-03-04	-	Active	NO
5	U13209AP1999PTC031622	Varalakshmi Granites Private Limited	Director	05-03-04	05-03-04	-	Active	NO
6	U70102AP2005PLC045060	Madhucon Land Developers Limited	Director	15-01-05	15-01-05	19-03-10	Active	NO
7	U45200AP2005PLC045366	Madhucon Properties Limited	Director	15-02-05	15-02-05	-	Active	NO
8	U45203AP2005PLC045689	Madhucon Agra-Jaipur Expressways Limited	Whole-time director	13-10-11	23-03-05	-	Active	NO
9	L74210AP1990PLC011114	Madhucon Projects Limited	Director	21-11-05	21-11-05	-	Active	NO
10	U45200AP2006PLC048941	TN (DK) Expressways Limited	Director	31-01-06	31-01-06	-	Active	NO
11	U45200AP2006PLC049235	Madhucon Infra Limited	Managing director	03-10-09	22-02-06	-	Active	NO
12	U45200AP2006PLC049815	Trichy-Thanjavur Expressways Limited	Director	13-04-06	13-04-06	-	Active	NO
13	U45203AP2006PLC050114	Madurai-Tuticorin Expressways Limited	Whole-time director	01-01-10	11-05-06	-	Active	NO
14	U40101AP2005PTC048264	Simhapuri Energy Private Limited	Director	14-04-07	14-04-07	20-11-07	Active	NO
15	U45400AP2007PTC056734	Madhucon Mega Mall Private Limited	Director	18-12-07	18-12-07	-	Active	NO
16	U93000AP2008PLC060479	Madhucon Toll Highways Limited	Director	05-08-08	05-08-08	-	Active	NO
17	U45209AP2010PLC068742	Chhapra-Hajipur Expressways Limited	Director	02-06-10	02-06-10	-	Active	NO
18	U40108AP2010PTC070880	Pallakurichi Power Private Limited	Director	19-10-10	19-10-10	-	Active	NO
19	U40108AP2010PTC071051	Tiruchendur Power Private Limited	Director	02-11-10	02-11-10	-	Active	NO
20	U45203AP2011PLC073469	Barasat-Krishnagar Expressways Limited	Director	24-03-11	24-03-11	-	Active	NO
21	U45209AP2011PLC073568	Ranchi Expressways Limited	Director	29-03-11	29-03-11	-	Active	NO
22	U45209AP2011PLC077676	Vijayawada-Machilipatnam Expressways Limited	Director	28-11-11	28-11-11	-	Active	NO

Name :	Mallampati Madhu
Designation :	Director
Address :	H. No. 11-465/C, Nehru Nagar, Khammam – 507 002, Andhra Pradesh, India
Date of Birth/Age :	21.08.1981
Date of Appointment :	26.08.2010
DIN No.:	00368625

Other Directorship

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	U45203AP2006PLC050829	Madhucon Estates Limited	Director	07-08-06	07-08-06	-	Active	NO
2	U45203AP2005PLC045689	Madhucon Agra-Jaipur Expressways Limited	Director	09-06-08	09-06-08	-	Active	NO
3	U45200AP2006PLC049815	Trichy-Thanjavur Expressways Limited	Whole-time director	17-07-11	17-07-08	-	Active	NO
4	U93000AP2008PLC060479	Madhucon Toll Highways Limited	Director	05-08-08	05-08-08	-	Active	NO
5	U65993AP1993PLC016360	Nama Investments Limited	Director	14-03-09	14-03-09	-	Active	NO
6	U72200AP2000PLC034060	Madhucon Infotech Limited	Director	16-03-09	16-03-09	-	Active	NO
7	U45203AP2006PLC050114	Madurai-Tuticorin Expressways Limited	Director	16-03-09	16-03-09	-	Active	NO
8	U74900AP2008PTC059203	NNR Infra Investments Private Limited	Director	16-03-09	16-03-09	-	Active	NO
9	U45400AP2007PTC056734	Madhucon Mega Mall Private Limited	Director	16-03-09	16-03-09	-	Active	NO
10	U55101AP2007PTC056818	Nama Hotels Private Limited	Managing director	19-03-10	16-03-09	-	Active	NO
11	U45200AP2006PLC049235	Madhucon Infra Limited	Whole-time director	25-04-09	16-03-09	03-10-09	Active	NO
12	U51909AP1990PLC011796	Nama Properties Limited	Director	29-09-10	08-10-09	-	Active	NO
13	U74999AP2008PLC059009	Madhucon Mineral Resources Limited	Director	29-09-10	08-10-09	-	Active	NO
14	U74140AP2000PLC035025	Meltech Infrastructure Engineers Limited	Director	29-09-10	08-10-09	-	Active	NO
15	U45200AP2006PLC048941	TN (DK) Expressways Limited	Director	24-07-10	16-12-09	-	Active	NO
16	U45309AP2000PLC034007	Madhucon Energy Limited	Director	31-08-10	16-12-09	-	Active	NO
17	U13209AP1999PTC031622	Varalakshmi Granites Private Limited	Director	30-09-10	17-12-09	-	Active	NO
18	U13209AP1988PLC008311	Madhucon Granites Limited	Director	26-08-10	17-12-09	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Raymond
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Nama Nageswar Rao	7200000
Nama Chinnamma	4050000
Nama Krishnaiah	2250000
Nama Seethaiah	1404000
Thottampudi Venugopal Rao	21000
Nama Varalakshmi	54000
Nama Rama Rao	21000
Total	15000000

As on 29.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Granites.

Products :

Product Description	ITC Code
Polished granite slabs	6807.90
Granite Rough Blocks	680223.10

· Granites Stones

· Marble Stones

· Marble Slabs

· Marble Tiles

· Marble Powder

· Marble White Paint

Exports :

Products :

Granites

Countries :

· Middle East

· European Countries

Imports :

Products :

· Machinery

· Raw Material

Countries :

· USA

· Singapore

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

400 (Approximately)

Bankers :

· Canara Bank

Khammam Branch, Madhu Complex, Jubilipura, Khammam – 507 003, Andhra Pradesh, India

· ABN Amro Bank

N V DLF Centre, Sansad Marg, New Delhi – 110 001, India

· State Bank of India

· ING Vysya Bank

· Andhra Bank

· ICICI Bank, Hyderabad, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	252.461	178.223
Hire purchase installment payable secured	2.332	19.393
Total	254.793	197.616

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Other debt unsecured	253.508	0.000
Total	253.508	0.000

Banking Relations :	--
Auditors :
Name :	Kota and Company Chartered Accountants
Address :	H. No. 331, Plot No. 13, Arora Colony – 2, Road No. 3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India
PAN No.:	ADFPK0270N
Group Companies :	· Madhucon Engineers Limited · Madhucon Sugars and Power Industries Limited · Varalakshmi Granites Limited
Associates :	· Madhucon Projects Limited · Madhucon Infra Limited
Subsidiaries :	· Varalakshmi Granites Private Limited · Madhucon Sugar and Power Industries limited · MBN-Anchored Earth Limited · Madhucon Finance Limited · Madhucon Infotech Limited · Madhucon Land Developers Limited · Madhucon Properties Limited · Nama Properties Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		150.000	150.000	150.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1451.453	1262.414	898.318
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1601.453	1412.414	1048.318
LOAN FUNDS
1] Secured Loans		254.793	197.616	109.385
2] Unsecured Loans		253.508	0.000	385.145
TOTAL BORROWING		508.301	197.616	494.530
DEFERRED TAX LIABILITIES		46.408	43.424	38.816
TOTAL		2156.162	1653.454	1581.664
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		485.622	512.180	558.155
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		734.639	279.639	290.874
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	511.582	297.433	412.405
	Sundry Debtors	383.840	366.118	371.339
	Cash & Bank Balances	45.633	52.237	16.953
	Other Current Assets	33.165	28.738	33.787
	Loans & Advances	337.339	385.760	151.165
Total Current Assets		1311.559	1130.286	985.649
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	109.512	193.730	56.276
	Other Current Liabilities	233.338	61.122	170.680
	Provisions	32.808	13.799	26.058
Total Current Liabilities		375.658	268.651	253.014
Net Current Assets		935.901	861.635	732.635
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2156.162	1653.454	1581.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	1185.878	1402.419	1189.772
		Other Income	39.715	49.209	89.142
		TOTAL (A)	1225.593	1451.628	1278.914
Less	EXPENSES
		Cost of Goods Sold	756.544	292.376	290.117
		Consumables and Stores Consumption		132.834	110.860
		Mining Expenses		197.869	210.547
		Factory Expenses		93.846	86.288
		Administration Expenses		114.362	42.346
		Selling Expenses		84.217	96.297
		TOTAL (B)	756.544	915.504	836.455
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		469.049	536.124	442.459
Less	FINANCIAL EXPENSES/INTEREST (D)		28.659	32.923	74.654
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		440.390	503.201	367.805
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.513	74.674	75.572
	PROFIT BEFORE TAX (E-F) (G)		372.877	428.527	292.233
Less	TAX (H)		27.897	12.255	64.874
	PROFIT AFTER TAX (G-H) (I)		344.980	416.272	227.359
	EARNINGS IN FOREIGN CURRENCY		NA	1132.000	1179.100
	Earnings Per Share (Rs.)		23.00	27.75	15.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	28.15	28.68	17.78
Net Profit Margin (PBT/Sales)	(%)	31.44	30.56	24.56
Return on Total Assets (PBT/Total Assets}	(%)	20.75	26.09	18.93
Return on Investment (ROI) (PBT/Networth)		0.23	0.30	0.28
Debt Equity Ratio (Total Liability/Networth)		0.55	0.33	0.71
Current Ratio (Current Asset/Current Liability)		3.49	4.21	3.90

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	YES
14.	Estimation for coming financial year	NO
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

REVIEW OF OPERATION

The Company achieved a Gross Income of Rs.1225.590 Millions as against Rs.1450.970 Millions of previous year. After providing depreciation of Rs.67.500 Millions, the company earned net profit of Rs.372.880 Millions as against net profit of Rs.428.500 Millions of previous year.

The Company considering the expected growth has planned to increase its capacity through expansion. In this regard, the company has applied for and obtained an approval to set up a Special Economic Zone (SEZ) unit at a 40 acre land allotted by SIPCOT at the Bargur Industrial Area. By setting up this facility the company will be able to expand its product tool kit beyond granite slabs to tiles and cut to size segments. Technical evaluation of equipment required for this is underway and the company expects to commence sales from this unit by April 2012.

The Company is also planning to set up another granite processing unit near Khammam in Andhra Pradesh to produce tiles and cutter sizes from granite blocks sourced mainly from nearby quarries. Development of this facility is expected to decrease the time-to-market as well increase the company's reach to a broader market.

CONTINGENT LIABILITIES (As on 31.03.2011)

Guarantee and Counter Guarantee Outstanding : Rs.5.095 Millions

Foreign Letters of Credit : Rs.62.446 Millions

Income-tax demand on Appeals : Rs.132.331 Millions

FORM 8

Corporate identity number of the company	U13209AP1988PLC008311
Name of the company	MADHUCON GRANITES LIMITED
Address of the registered office or of the principal place of business in India of the company	1-7-70, Jubilee Pura, Khammam – 507 003, Andhra Pradesh, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90116143
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others o Plant and Machinery, Current Assets
Particular of charge holder	Canara Bank Khammam Branch, Madhu Complex, Jubilipura, Khammam – 507 003, Andhra Pradesh, India
Nature of instrument creating charge	1. Appendix-30 - Ceding IInd Charge on Fixed / Current Assets of the Company at Hosur Unit. 2. NOC from State Bank of India for ceding second charge on Fixed Assets of the Hosur Unit of the Company.
Date of instrument Creating the charge	16.08.2011
Amount secured by the charge	Rs.113.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest EPC: (Upto 270 days) Interest @ 3% below SBAR, Present effective rate 8.75% p.a. FBD: (Upto 365 days) interest @ 3% below SBAR, Present effective rate 8.75% p.a. Terms of Repayment Repayable on Demand Margin FG and Raw Materials : 10% LC and BG : 15% Extent and Operation of the charge First Charge on all the Fixed Assets and Current Assets of the Company at Khammam Plant; and Second Charge on all the Fixed Assets and Current Assets of the Company at Hosur unit (First Charge held by SBI, Overseas Branch, Bangalore-1). Others The total limits sanctioned by the Banks are as under: Canara Bank Rs.113.000 millions and SBI: Rs.300.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· First Charge on all Fixed Assets and Current Assets of the Company situated at Khammam Plant. · Second Charge on all Fixed Assets and Current Assets of the Company situated at Hosur Unit, Bangalore.
Particulars of the present modification	Total limits remains unchanged at Rs.113.000 millions. Further extending the second charge on all Fixed Assets and Current Assets of the Company situated at Hosur Unit, Bangalore.

FIXED ASSETS

· Land

· Mining Land

· Lease Land

· Temprary Shed

· Building

· Plant and Machinery

· Electrical and DG Room

· Office Equipment

· Furniture and Fixtures

· Motor Vehicles

· Mining Equipment

· Heavy Mining Equipment

· 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 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.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.