MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	BILAKHIA HOLDINGS PRIVATE LIMITED

Registered Office :	Bilakhia House, Muktanand Marg Chala, Vapi – 396191, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	29.04.1992

Com. Reg. No.:	04-017523

Capital Investment / Paid-up Capital :	Rs, 150.000 Millions

CIN No.: [Company Identification No.]	U67120GJ1992PTC017523

TAN No.: [Tax Deduction & Collection Account No.]	SRTB01685F

PAN No.: [Permanent Account No.]	AADCS4420J

Legal Form :	Private Limited Liability Company

Line of Business :	Investment in Subsidiary Company.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 65800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having fine track. General financial position is good. 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.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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

LOCATIONS

Registered Office :	Bilakhia House, Muktanand Marg Chala, Vapi – 396191, Gujarat, India
Tel. No.:	91-260-3052100
Fax No.:	91-260-3052125
E-Mail :	Himmat.Lodha@M3investment.co.in mary.ernest@bilakhiaholdings.com
Website :	http://www.bilakhiaholdings.com

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on 30.09.2010

Name :

Mr. Yunus Gafulbhai Bilakhiya

Designation :

Director

Address :

“Parishram”, Daman Road, Village – Chala, Vapi – 396191, Valsad, Gujarat, India

Date of Birth/Age :

13.10.1957

Date of Appointment :

03.10.2000

DIN No.:

00170981

Name :

Mrs. Anjum Gafulbhai Bilakhia

Designation :

Director

Address :

“Parishram”, Daman Road, Village – Chala, Vapi – 396191, Valsad, Gujarat, India

Date of Birth/Age :

02.08.1961

Date of Appointment :

03.10.2000

DIN No.:

00171014

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	U24220GJ1991PLC016598	Micro Inks Limited	Director	31-01-07	13-11-91	-	Active	NO
2	U65990GJ1999PTC035945	Mixon Holdings Private Limited	Director	06-05-99	06-05-99	-	Active	NO
3	U45201GJ1999PTC036443	Mexus Corporation Private Limited	Director	19-08-99	19-08-99	17-09-07	Active	NO
4	U73100GJ2000PTC038179	Bilakhia Research Private Limited	Director	19-07-00	19-07-00	-	Active	NO
5	U67120GJ1992PTC017523	Bilakhia Holdings Private Limited	Director	03-10-00	03-10-00	-	Active	NO
6	U15499GJ2002PTC040964	Midas Specialty Private Limited	Director	15-07-02	15-07-02	-	Active	NO
7	U65990GJ1999PTC035944	Minix Holdings Private Limited	Director	15-09-04	15-09-04	-	Active	NO
8	U65990GJ1999PTC035882	Marco Private Limited	Director	15-09-04	15-09-04	-	Active	NO
9	U65993GJ2005PTC045417	M3 Investment Private Limited	Director	03-02-05	03-02-05	-	Active	NO
10	U24110GJ2005PTC045414	Hindustan Inks Private Limited	Director	03-02-05	03-02-05	-	Active	NO
11	U67120GJ2006PTC048276	M3 Investment Managers Private Limited	Director	18-05-06	18-05-06	04-12-08	Active	NO
12	U45201GJ2007PTC065729	Marco Infrastructure Holdings Private Limited	Director	23-09-08	09-05-07	-	Active	NO

Name :

Mr. Jakir Gafulbhai Bilakhia

Designation :

Director

Address :

“Parishram”, Daman Road, Village – Chala, Vapi – 396191, Valsad, Gujarat, India

Date of Birth/Age :

20.02.1970

Date of Appointment :

01.09.2005

DIN No.:

00171071

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	U65990GJ1999PTC035944	Minix Holdings Private Limited	Director	06-05-99	06-05-99	-	Active	NO
2	U67120GJ1992PTC017523	Bilakhia Holdings Private Limited	Director	01-09-05	01-09-05	-	Active	NO
3	U67120GJ2006PTC048276	M3 Investment Managers Private Limited	Director	18-05-06	18-05-06	13-12-08	Active	NO
4	U40109GJ2006PTC049225	Mitsu Energy Private Limited	Additional director	09-01-07	09-01-07	01-08-07	Active	NO
5	U45201GJ2007PTC065729	Marco Infrastructure Holdings Private Limited	Director	23-09-08	09-05-07	-	Active	NO
6	U65993GJ2009PTC058459	Moyal Investment Private Limited	Director	29-10-09	29-10-09	21-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Rammohan Venkata Chari
Designation :	Secretary
Address :	403, Royal Twins Apartment, Building No.1, Daman Road, Vapi- 396191, Valsad, Gujarat, India
Date of Birth/Age :	01.08.1964
Date of Appointment :	24.11.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Yunus Gafulbhai Bilakhia		5000000
Zakir Gafulbhai Bilakhia		5000000
Anjum Gafulbhai Bilakhia		5000000
TOTAL		15000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Investment in Subsidiary Company.

GENERAL INFORMATION


No. of Employees :	Not Available

Bankers :	Standard Chartered Bank, Abhijeet ll, Groun Floor, Near Mithakali Six Road, Ahmedabad – 380006, Gujarat, India

Banking Relations :

Auditors :
Name :	Gopalakrishnan Aiyer and Company Chartered Accountant
Address :	206/207, 2^nd Floor, Panchratna Building, G.I.D.C, Char Rasta, Vapi – 396195, Gujarat, India
PAN.:	ABDPA7449K

Associates/Subsidiaries :	Mixon Holdings Private Limited CIN No.: U65990GJ1999PTC035945 Marco Private Limited CIN No.: U65990GJ1999PTC035882 Minix Holdings Private Limited CIN No.: U65990GJ1999PTC035944 Mexus Corporation Private Limited CIN No.: U45201GJ1999PTC036443 Bilakhia Research Private Limited CIN No.: U73100GJ2000PTC038179 Midas Specialty Private Limited CIN No.: U15499GJ2002PTC040964 M3 Investment Private Limited CIN No.: U65993GJ2005PTC045417 Hindustan Inks Private Limited CIN No.: U24110GJ2005PTC045414 Marco Holdings Private Limited CIN No.: U65993GJ2005PTC046848 Milestone Holdings and Infrastructure Private Limited CIN No.: U24120MH1985PTC037717 M3 Holding (Singapore) Private Limited Micro Life Sciences Private Limited CIN No.: U24119GJ2006PTC048361 Mitsu Private Limited , Vapi Mitsu Overseas Pty Limited , Australia Midas Specialty Private Limited, Vapi Mexus Technology Private Limited, Vapi Micro Life Science Private Limited, Vapi Mylife Private Limited, Vapi Mitsu Energy Private Limited, Vapi M3 Investments Managers Private Limited Marco Infrastructure Holdings Private Limited, Mumbai M Graph Industries Private Limited, Mumbai Mipro Solution Private Limited, Vapi Mapel Infrastructure Private Limited, Mumbai Maxx Ortho Private Limited, Vapi Interventional Technologies Devices Private Limited Axiom Education and Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
19980000	Equity Shares	Rs.10/- each	Rs. 199.800 Millions
2000	Preference Shares	Rs.100/- each	Rs. 0.200 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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		150.000	150.000	150.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16310.915	16210.238	15531.859
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16460.915	16360.238	15681.859
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		16460.915	16360.238	15681.859

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		20.915	19.607	21.443
Capital work-in-progress		0.000	5.440	0.000

INVESTMENT		13993.919	11304.414	10318.431
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	8.543	1659.969	4.986
	Other Current Assets	0.000	158.515	110.156
	Loans & Advances	2484.952	3265.345	5277.928
Total Current Assets		2493.495	5083.829	5393.070
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.857	10.662	12.414
	Other Current Liabilities	39.234	39.442	37.260
	Provisions	2.323	3.071	1.656
Total Current Liabilities		47.414	53.175	51.330
Net Current Assets		2446.081	5030.654	5341.740

MISCELLANEOUS EXPENSES		0.000	0.123	0.245

TOTAL		16460.915	16360.238	15681.859

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	280.602	857.823	550.503
		Other Income
		TOTAL	280.602	857.823	550.503

Less	EXPENSES
		Office Expenses	167.519	112.137	96.293
		Administrative Expenses
		Advertising Expenses
		TOTAL	167.519	112.137	96.293

	PROFIT BEFORE TAX		113.083	745.686	454.210

Less	TAX		12.406	67.528	48.137

	PROFIT AFTER TAX		100.677	678.158	406.073

Add	MAT CREDIT ENTITLEMENT		0.000	0.221	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4649.322	4106.575	3781.716

Less	APPROPRIATIONS
		Transfer to General Reserve	20.135	135.632	81.215
	BALANCE CARRIED TO THE B/S		4729.864	4649.322	4106.575

	Earnings Per Share (Rs.)		6.71	45.21	27.07

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	35.88	79.06	73.76

Return on Total Assets (PBT/Total Assets}	(%)	4.00	13.29	7.50

Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.03

Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		52.59	95.61	105.07

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U67120GJ1992PTC017523
Name of the company	BILAKHIA HOLDINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bilakhia House, Muktanand Marg Chala, Vapi – 396191, Gujarat, India
This form is for	Creation of Charge
Type of charge	Others
Particular of charge holder	Standard Charted Bank, Abhijeet ll, Groun Floor, Near Mithakali Six Road, Ahmedabad – 380006, Gujarat, India Email id: reenabang@rediffmail.com
Nature of instrument creating charge	Deed of Charge and irrevocable Lien and Set Off over Fixed Deposit / Cash Deposit
Date of instrument Creating the charge	03.12.2008
Amount secured by the charge	Rs. 2195.550 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment : As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and operations of the charge : The Company has availed Stand-by Letters of Credit (SBLC) facility for INR 2,195,550,000/- or equivalent to EURO 35,000,000 from the Bank for which a Fixed Deposit of INR 1,650,000,000/- is kept under lien to the Bank as security.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Charge on Fixed Deposit / Cash Deposit of Rs.1650.000 Millions

CONTINGENT LIABILITY:

(Rs. in Millions)

Particulars	F.Y 2009 – 2010
Corporate Guarantees given to bank on behalf of the Subsidiary company	Rs. 2119.250
Disputed Income Tax matters, which are contested by/or against the company.	Rs. 2034.310

FIXED ASSETS:

Plant and Machinery
Computer and Hardware
Vehicles
SAP Software
Security Solution

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.

MIRA INFORM REPORT

0.000

0.000

8.543

0.000

2484.952

2493.495

5.857

39.234

2.323

47.414

2446.081

35.88

4.00

0.01

0.00

52.59

Unit