MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	PRIME MINERAL EXPORTS PRIVATE LIMITED

Registered Office :	F-1, 1^st Floor, Oceanic Apartments, Behind Hanuman Temple, Miramar, Panaji-403001, Goa

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	07.11.2003

Com. Reg. No.:	24-003324

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U51420GA2003PTC003324

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Minerals, Coals, Coke, etc.

No. of Employees :	More than 80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 15000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct 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.

INFORMATION PARTED BY

Name :	Mr. Prashant
Designation :	Finance Department
Contact No.:	91-832-2441000
Date :	30.09.2011

LOCATIONS

Registered Office :	F-1, 1^st Floor, Oceanic Apartments, Behind Hanuman Temple, Miramar, Panaji-403001, Goa, India
Tel. No.:	91-832-2441000/2465389/90/91/ 2465408/2465409
Fax No.:	91-832-2465394
E-Mail :	shilpa@pmepl.in
Area :	Owned

DIRECTORS

AS ON 20.09.2010

Name :

Mr. Dileep Anant Verlekar

Designation :

Director

Address :

G 4, Fatima Apartments, Alto Betim-403521, North Goa, India

Date of Birth/Age :

05.06.1956

Date of Appointment :

07.11.2003

Din No.:

01231823

Other Directorship:

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	U31200GA1957PLC000127	MORMUGAO MARITIMA LIMITED	Director	02-02-01	02-02-01	Active	NO
2	U51420GA2003PTC003324	PRIME MINERAL EXPORTS PRIVATE LIMITED	Director	07-11-03	07-11-03	Active	NO
3	U92199GA2005PTC003799	SHADOW BOX ENTERTAINMENT PRIVATE LIMITED	Director	28-01-05	28-01-05	Strike off	NO
4	U55101GA2009PTC006050	AMBOLI RESORTS AND HOTELS PRIVATE LIMITED	Director	12-04-09	12-04-09	Active	NO
5	U22130GA2006PTC004727	PRUDENT MEDIA (GOA) PRIVATE LIMITED	Director	30-09-10	01-01-10	Active	NO
6	U22300GA2010PTC006537	SAND AND SEA PRODUCTIONS PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO

Name :

Mr. Kaustubh Vinayak Sawkar

Designation :

Director

Address :

C1-F2, Elisa Estate, Near Tivim Industrial Estates, Karaswada, Mapusa-403507, North Goa, India

Date of Birth/Age :

04.06.1976

Date of Appointment :

16.08.2008

Din No.:

01682544

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	U35113GA2005PTC004256	VASA MARINE AND LOGISTICS PRIVATE LIMITED	Director	28-03-06	28-03-06	31-03-08	Active	YES
2	U74140GA2003PTC003325	INFRA CONSULTANCY PRIVATE LIMITED	Director	05-04-06	05-04-06	-	Active	NO
3	U13209AP2006PTC051359	FOSA MINING AND LOGISTICS PRIVATE LIMITED	Director	07-10-06	07-10-06	-	Active	NO
4	U51420GA2003PTC003324	PRIME MINERAL EXPORTS PRIVATE LIMITED	Director	29-09-08	16-08-08	-	Active	NO
5	U45203GA2005PTC004200	MARINE INFRASTRUCTURE GOA PRIVATE LIMITED	Director	30-09-09	11-06-09	-	Active	NO
6	U13204MH2010PTC204221	MAHARASHTRA RESOURCES PRIVATE LIMITED	Director	14-06-10	14-06-10	-	Active	NO

Name :

Mr. Ambar Auduth Timblo

Designation :

Director

Address :

F-2, Dona Paula Apartments, Near Ocean Heights, Dona Paula-403004, North Goa, India

Date of Birth/Age :

09.04.1974

Date of Appointment :

01.07.2010

Din No.:

00213068

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	U63023GA2000PLC002903	SHELVONA RIVERSIDE RAILWAY TERMINAL LIMITED	Director	05-10-00	05-10-00	-	Active	NO
2	U70109GA1997PTC002282	FOMAR PRIVATE LIMITED.	Director	02-08-02	02-08-02	-	Active	NO
3	U45203GA2005PTC004200	MARINE INFRASTRUCTURE GOA PRIVATE LIMITED	Director	27-10-05	27-10-05	11-06-09	Active	NO
4	U13207GA1999PTC002691	FOMENTO (KARNATAKA) MINING COMPANY PRIVATE LIMITED	Managing director	29-09-07	01-12-06	-	Active	NO
5	U51909GA2005PTC004187	COVIEN IMPEX PRIVATE LIMITED	Director	27-11-07	27-11-07	-	Active	YES
6	U13100GA2007PTC005389	KARNATAKA FERRO CONCENTRATES PRIVATE LIMITED	Director	29-09-08	18-04-08	-	Active	NO
7	U65921MH2007PTC168614	GRASS INVESTMENT CONSULTANCY PRIVATE LIMITED	Additional director	19-05-09	19-05-09	-	Active	NO
8	U51420GA2003PTC003324	PRIME MINERAL EXPORTS PRIVATE LIMITED	Director	20-09-10	01-07-10	-	Active	NO
9	U13209GA2010PTC006440	FOMENTO RESOURCES PRIVATE LIMITED	Director	08-07-10	08-07-10	-	Active	NO

Name :

Mr. Apoorva Kailash Nath Misra

Designation :

Director

Address :

Flat A 502, Block A, Castle Rock, Landscape Town, Odxel, Dona Paula-403004, North Goa, India

Date of Birth/Age :

04.07.1974

Date of Appointment :

01.07.2010

Din No.:

02722155

Other Directorship:

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	U45203GA2005PTC004200	MARINE INFRASTRUCTURE GOA PRIVATE LIMITED	Director	30-09-09	11-06-09	Active	NO
2	U51420GA2003PTC003324	PRIME MINERAL EXPORTS PRIVATE LIMITED	Director	20-09-10	01-07-10	Active	NO
3	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Additional director	01-07-10	01-07-10	Active	NO
4	U13209GA2010PTC006440	FOMENTO RESOURCES PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO
5	U13207GA1999PTC002691	FOMENTO (KARNATAKA) MINING COMPANY PRIVATE LIMITED	Additional director	15-09-11	15-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2010

Names of Shareholders		No. of Shares
Auduth M. Timblo		3750
Anju Auduth Timblo		3750
Infra Consultancy Private Limited, India		1600
Ambar Auduth Timblo		900

Total		10000

AS ON 20.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		16.00
Other top fifty shareholders		84.00
Total		100.00

BUSINESS DETAILS

Line of Business :	Trader of Minerals, Coals, Coke, etc.

Exports :
Countries :	China

Imports :
Products :	Raw Material
Countries :	UK

Terms :
Selling :	L/C / Cash and Credit (30 days)

Purchasing :	L/C / Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

OEM’s and Others

No. of Employees :

More than 80 [Approximately]

Bankers :

Yes Bank Limited, 9ht Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan

As on 31.03.2010

[Rs. in Millions]

As on 31.03.2009

[Rs. in Millions]

Srei Infrastructure Finance Limited

[Loan from Srei Infrastructure Finance Limited is secured by hypothecation of plant and machinery]

0.000

0.150

Total

0.000

0.150


Banking Relations :	--

Auditors :
Name :	Aparanji and Company Chartered Accountant
Address :	2^nd Floor, D’silva Building, Erasmo Carvello Road, Margao-403601, Goa, India
Tel. No.:	91-832-2732643 [Office] 91-832-2741216 [Residential]

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3998.642	2487.545	1321.513
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3998.742	2487.645	1321.613
LOAN FUNDS
1] Secured Loans		0.000	0.150	7.934
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.150	7.934
DEFERRED TAX LIABILITIES		5.010	4.582	3.641

TOTAL		4003.752	2492.377	1333.188

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		507.381	477.943	220.292
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		483.963	665.775	510.073
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	387.886	145.487	298.969
	Sundry Debtors	672.687	447.956	434.414
	Cash & Bank Balances	1424.689	1500.629	390.644
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2376.734	1363.736	732.016
Total Current Assets		4861.996	3457.808	1856.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	493.380	737.471	539.898
	Other Current Liabilities	31.723	61.369	11.998
	Provisions	1324.485	1310.309	701.324
Total Current Liabilities		1849.588	2109.149	1253.220
Net Current Assets		3012.408	1348.659	602.823

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		4003.752	2492.377	1333.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	NA	8568.492	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	6735.032	NA
		Advertising Expenses
		TOTAL	NA	6735.032	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2279.460	1833.460	1361.096

Less/ Add	DEPRECIATION/ AMORTISATION		40.660	36.360	14.077

	PROFIT BEFORE TAX		2238.800	1797.100	1347.019

Less	TAX		727.700	630.100	466.492

	PROFIT AFTER TAX		1511.100	1167.000	880.527

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6478.230	8115.580	4117.246
		Dispatch Money Earned	13.642	13.272	3.682
	TOTAL EARNINGS		6491.872	8128.852	4120.928

	Earnings Per Share (Rs.)		151110	116700	--

Particulars

31.03.2011

31.03.2010

Sales Turnover [Approximately]

11000.000

6700.000

Expected Sales (2011-12) : Rs.15000.000 Millions

The above information has been parted by Mr. Prashant.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	13.62	NA

Return on Total Assets (PBT/Total Assets}	(%)	41.70	45.66	64.87

Return on Investment (ROI) (PBT/Networth)		0.55	0.72	1.02

Debt Equity Ratio (Total Liability/Networth)		0.46	0.85	0.95

Current Ratio (Current Asset/Current Liability)		2.63	1.64	1.48

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 1^st Floor, Velho Building, Opposite Municipal Garden, Panjim-403001, Goa, India to the present address w.e.f.13.12.2006.

Details of Sundry Creditors:

Particulars

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

493.380

737.471

539.898

Check List by Info Agents	Available in Report (Yes / No)
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 variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations 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, if available	--

Financial Results:

Due to the unhealthy market conditions first two quarters of the financial year were not so encouraging. The second half of financial year 2009-10 showed the improved Chinese Market which resulted in a huge demand for iron ore. The Company could actually make total number of 55 shipments out of which 36 shipments were made in the last quarter of the year 2009-10. With this rally annual sales volume increased from 3.930 million tons in 2008-09 to 3.940 million tons in 2009-10. During the second quarter the Government of India changed the basis of levy of Royalty from specific rates based on grades to ad-valorem 10%. The change was effective from 13^th August 2009. Also, in December 2009, the export duty on Iron Ore lumps was increased from 5% to 10% along with the introduction of export duty on iron ore fines by 5%.

During the year Company sold its investment in Shares of Sesa Goa Limited, whereby it made a Capital Gains of Rs. 280 million.

During the year Mr. Ambar Timblo and Mr. Apoorva Misra were appointed as the Additional Directors of the Company who hold office till the ensuing Annual General Meeting of the Company.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U51420GA2003PTC003324
Name of the company	PRIME MINERAL EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F-1, 1^st Floor, Oceanic Apartments, Behind Hanuman Temple, Miramar, Panaji-403001, Goa, India
Type of charge	Movable Property (not being pledge) Others
Particular of charge holder	Yes Bank Limited, 9ht Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Email	shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	1. Agreement for loan 2. Agreement for cash credit 3. Deed of hypothecation (PMEPL) 4. Annexure to serial no. 15
Date of instrument Creating the charge	28.12.2010
Amount secured by the charge	Rs.3750.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan and Cash credit YES Bank base Rate plus 3.0% Terms of Repayment Term Loan: 6 months moratorium period and repayment in 26 equal quarterly installments CC: On demand Margin As per bank terms and conditions Extent and Operation of the charge To the extent of Rs. 3750.000 millions towards extension of security by way of hypothecation of company's whole of the current assets, stock of raw materials

Contingent Liabilities:

Guarantees amounting to Rs.483.953 millions (Previous year Rs.266.768 millions) given by bankers to government departments, are 100% backed by fixed deposits amounting to Rs.533.287 millions (Previous year RS.282.744 millions)

Claims by Custom Authorities relating to differential export duty on export shipment of Rs.10.327 millions (Previous year Rs.10.327 millions). Company has obtained the stay order passed by the customs excise and service tax appellate tribunal on 17.04.2009.

Fixed Assets:

Leasehold Land
Land
Building
Plant and Machinery
Computer
Office Equipments
Electrical Installation
Furniture and Fixtures
Vehicles

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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.