MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	SALGAOCAR MINING INDUSTRIES PRIVATE LIMITED
Registered Office :	Rizvi Towers, C-Wing, Flat No.102, St. Inez, Panaji – 403 001, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.03.1967
Com. Reg. No.:	24-000072
Capital Investment / Paid-up Capital :	Rs.6.000 millions
CIN No.: [Company Identification No.]	U13209GA1967PTC000072
TAN No.: [Tax Deduction & Collection Account No.]	BLRS15418E
PAN No.: [Permanent Account No.]	AABCS88962
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in business of Mining, Processing, Trading and Export of Minerals and Ore.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 23729000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered good for normal 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 DECLINED BY

Name :	Mr. Nitin Sud
Designation :	General Manager in Finance
Date :	22.09.2011

LOCATIONS

Registered Office :	Rizvi Towers, C-Wing, Flat No.102, St. Inez, Panaji – 403 001, Goa, India
Tel. No.:	91-832-2737301
Fax No.:	91- 832-2732271
E-Mail :	finance@smilindia.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Sameer Anil Salgaocar

Designation :

Director

Address :

Airport Road, Alto Chicalim, Vasco – Da – Gama, South Goa – 403 711, Goa, India

Date of Birth/Age :

27.07.1969

Date of Appointment :

03.09.2001

DIN No.:

00746257

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	U14200KA1971PTC002035	Tungabhadra Minerals Private Limited	Director	06-05-97	06-05-97	-	Active	NO
2	U14290KA1983PTC005385	Karnataka Rock Drills Private Limited	Director	10-11-97	10-11-97	-	Active	NO
3	U74210GA1967PTC000078	Salgaocar Engineers Private Limited	Director	10-01-98	10-01-98	-	Active	NO
4	U13209GA1968PTC000081	Shantilal Khushaldas and Brothers Private Limited	Director	02-08-01	02-08-01	-	Active	NO
5	U13100KA1981PTC004508	Balaji Mines and Minerals Private Limited	Director	02-08-01	02-08-01	-	Active	NO
6	U70200KA1983PTC005403	Vimal Real Estate and Investments Private Limited	Director	03-08-01	03-08-01	-	Active	NO
7	U63090GA1975PTC000223	Salgaocar Shipping Company Private Limited	Director	03-08-01	03-08-01	-	Active	NO
8	U13209GA1964PTC000020	Salitho Ores Private Limited	Director	03-08-01	03-08-01	-	Active	NO
9	U13209GA1967PTC000072	Salgaocar Mining Industries Private Limited	Director	03-09-01	03-09-01	-	Active	NO
10	U85110KA1983PTC005398	Chandana Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
11	U70200KA1983PTC005405	Ganga Real Estate and Investments Private Limited	Director	01-11-01	01-11-01	-	Active	NO
12	U02929KA1983PTC005384	Godavari Demolition and Salvage Engineers Private Limited	Director	01-11-01	01-11-01	-	Active	NO
13	U45201KA1982PTC004820	Jayaraj Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
14	U63012GA1974PTC000193	Goa Ore Transport Private Limited	Director	01-11-01	01-11-01	-	Active	NO
15	U63090GA1968PTC000082	Gosalia Shipping Private Limited	Director	01-11-01	01-11-01	-	Active	NO
16	U45202KA1983PTC005399	Arjun Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
17	U70200KA1983PTC005423	Cipriano Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
18	U45201KA1982PTC004816	Damodar Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
19	U27109KA1982PTC004819	Garuda Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
20	U05001GA1984PTC000593	Babuso Agro Marine Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
21	U63031GA1972PTC000141	Cortalim Shipyard and Engineers Private Limited.	Director	01-11-01	01-11-01	-	Active	NO
22	U70200KA1983PTC005421	Ramakrishna Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
23	U70200KA1983PTC005422	Kumardeo Estate Development And Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
24	U45201KA1982PTC004813	Laxmi Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
25	U45201KA1982PTC004822	Mandovi Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
26	U13206KA1981PTC004217	Nayak Minerals Private Limited	Director	02-11-01	02-11-01	-	Active	NO
27	U45203KA1982PTC004764	New Century Construction and Development Services Private Limited	Director	02-11-01	02-11-01	-	Active	NO
28	U70101KA1983PTC005396	Punam Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
29	U70200KA1983PTC005419	Ramachandra Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
30	U70200KA1983PTC005424	Rameshwara Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
31	U70200KA1983PTC005420	Ganesh Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
32	U51900MH1974PTC017709	Mahalaxmi Real Estates and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
33	U26999KA1981PTC004507	Purohit Minerals Private Limited	Director	02-11-01	02-11-01	-	Active	NO
34	U70200KA1983PTC005406	Leela Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
35	U70200KA1983PTC005407	Mahalakshmi Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	YES
36	U13209GA1965PTC000049	Marzook and Cadar Private Limited	Director	03-11-01	03-11-01	-	Active	NO
37	U13209GA1969PTC000092	S Kantilal and Company Private Limited	Director	03-11-01	03-11-01	-	Active	NO
38	U63090GA1975PTC000210	Vijay Bharat Shipping Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
39	U70103KA1983PTC005397	Shantha Development Serivces Private Limited	Director	05-11-01	05-11-01	-	Active	NO
40	U70103KA1983PTC005400	Sharayu Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
41	U70200KA1983PTC005404	Sudha Real Estate and Investments Private Limited	Director	05-11-01	05-11-01	-	Active	NO
42	U70200KA1983PTC005425	Sulabha Real Estate and Investments Private Limited	Director	05-11-01	05-11-01	-	Active	NO
43	U45201KA1982PTC004815	Vaman Estate Developmnt and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
44	U45201KA1982PTC004812	Vijay Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
45	U65910KA1981PTC004396	Vishal Damoder Investment Private Limited	Director	05-11-01	05-11-01	-	Active	NO
46	U45201KA1982PTC004821	Vishal Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
47	U60232KA1982PTC005091	Vishal Gomantak Shipping Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
48	U22219KA1984PTC006083	Xavier Printing Press Private Limited	Director	05-11-01	05-11-01	-	Active	NO
49	U45201KA1982PTC004814	Zuari Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
50	U51900MH1977PTC019796	Salsaba Trading Company Private Limited	Additional director	30-10-02	30-10-02	-	Active	NO
51	U24239AP1998PLC030697	Kakinada Seaports Limited	Director	06-09-06	06-09-06	24-06-08	Active	NO
52	U63040GA2006PTC004750	Hi Fly Travels India Private Limited	Director	13-10-06	13-10-06	-	Active	NO
53	U29263GA1980SGC000410	Goa Handicrafts Rural and Small Scale Industries Development Corporation Limited	Director	08-07-08	08-07-08	-	Active	NO

Name :

Mr. Arjun Anil Salgaocar

Designation :

Director

Address :

Airport Road, Alto Chicalim, Vasco – Da – Gama, South Goa – 403 711, Goa, India

Date of Birth/Age :

17.09.1975

Date of Appointment :

03.09.2001

DIN No.:

00129523

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	U13209GA1965PTC000049	Marzook and Cadar Private Limited	Director	01-04-00	01-04-00	-	Active	NO
2	U24231GA1980PLC000402	Bevit Pharmaceuticals Limited	Director	01-04-00	01-04-00	-	Active	NO
3	U13100KA1981PTC004508	Balaji Mines and Minerals Private Limited	Director	01-05-01	01-05-01	-	Active	NO
4	U13209GA1968PTC000081	Shantilal Khushaldas and Brothers Private Limited	Director	02-08-01	02-08-01	-	Active	NO
5	U70200KA1983PTC005403	Vimal Real Estate and Investments Private Limited	Director	03-08-01	03-08-01	-	Active	NO
6	U63090GA1975PTC000223	Salgaocar Shipping Company Private Limited	Director	03-08-01	03-08-01	-	Active	NO
7	U13209GA1964PTC000020	Salitho Ores Private Limited	Director	03-08-01	03-08-01	-	Active	NO
8	U13209GA1967PTC000072	Salgaocar Mining Industries Private Limited	Director	03-09-01	03-09-01	-	Active	NO
9	U85110KA1983PTC005398	Chandana Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
10	U70200KA1983PTC005405	Ganga Real Estate and Investments Private Limited	Director	01-11-01	01-11-01	-	Active	NO
11	U02929KA1983PTC005384	Godavari Demolition and Salvage Engineers Private Limited	Director	01-11-01	01-11-01	-	Active	NO
12	U45201KA1982PTC004820	Jayaraj Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
13	U63012GA1974PTC000193	Goa Ore Transport Private Limited	Director	01-11-01	01-11-01	-	Active	NO
14	U63090GA1968PTC000082	Gosalia Shipping Private Limited	Director	01-11-01	01-11-01	-	Active	NO
15	U45202KA1983PTC005399	Arjun Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
16	U70200KA1983PTC005423	Cipriano Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
17	U45201KA1982PTC004816	Damodar Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
18	U27109KA1982PTC004819	Garuda Estate Development and Investment Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
19	U14290KA1983PTC005385	Karnataka Rock Drills Private Limited	Director	01-11-01	01-11-01	-	Active	NO
20	U05001GA1984PTC000593	Babuso Agro Marine Company Private Limited	Director	01-11-01	01-11-01	-	Active	NO
21	U63031GA1972PTC000141	Cortalim Shipyard and Engineers Private Limited	Director	01-11-01	01-11-01	-	Active	NO
22	U70200KA1983PTC005421	Ramakrishna Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
23	U70200KA1983PTC005422	Kumardeo Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
24	U45201KA1982PTC004813	Laxmi Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
25	U45201KA1982PTC004822	Mandovi Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
26	U13206KA1981PTC004217	Nayak Minerals Private Limited	Director	02-11-01	02-11-01	-	Active	NO
27	U45203KA1982PTC004764	New Century Construction and Development Services Private Limited	Director	02-11-01	02-11-01	-	Active	NO
28	U70101KA1983PTC005396	Punam Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
29	U70200KA1983PTC005419	Ramachandra Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
30	U70200KA1983PTC005424	Rameshwara Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
31	U70200KA1983PTC005420	Ganesh Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
32	U51900MH1974PTC017709	Mahalaxmi Real Estates And Investments Private Limited	Director	02-11-01	02-11-01	-	Active	NO
33	U26999KA1981PTC004507	Purohit Minerals Private Limited	Director	02-11-01	02-11-01	-	Active	NO
34	U70200KA1983PTC005406	Leela Estate Development and Investment Company Private Limited	Director	02-11-01	02-11-01	-	Active	NO
35	U70200KA1983PTC005407	Mahalakshmi Real Estate and Investments Private Limited	Director	02-11-01	02-11-01	-	Active	YES
36	U74210GA1967PTC000078	Salgaocar Engineers Private Limited	Director	03-11-01	03-11-01	-	Active	NO
37	U13209GA1969PTC000092	S Kantilal and Company Private Limited	Director	03-11-01	03-11-01	-	Active	NO
38	U63090GA1975PTC000210	Vijay Bharat Shipping Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
39	U70103KA1983PTC005397	Shantha Development Serivces Private Limited	Director	05-11-01	05-11-01	-	Active	NO
40	U70103KA1983PTC005400	Sharayu Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
41	U70200KA1983PTC005404	Sudha Real Estate and Investments Private Limited	Director	05-11-01	05-11-01	-	Active	NO
42	U70200KA1983PTC005425	Sulabha Real Estate and Investments Private Limited	Director	05-11-01	05-11-01	-	Active	NO
43	U45201KA1982PTC004815	Vaman Estate Developmnt and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
44	U45201KA1982PTC004812	Vijay Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
45	U65910KA1981PTC004396	Vishal Damoder Investment Private Limited	Director	05-11-01	05-11-01	-	Active	NO
46	U45201KA1982PTC004821	Vishal Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
47	U60232KA1982PTC005091	Vishal Gomantak Shipping Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
48	U22219KA1984PTC006083	Xavier Printing Press Private Limited	Director	05-11-01	05-11-01	-	Active	NO
49	U45201KA1982PTC004814	Zuari Estate Development and Investment Company Private Limited	Director	05-11-01	05-11-01	-	Active	NO
50	U14200KA1971PTC002035	Tungabhadra Minerals Private Limited	Director	06-07-02	06-07-02	-	Active	NO
51	U51900MH1977PTC019796	Salsaba Trading Company Private Limited	Additional director	30-10-02	30-10-02	-	Active	NO
52	U63040GA2006PTC004750	Hi Fly Travels India Private Limited	Director	17-07-06	17-07-06	-	Active	NO
53	U26950GA2007PTC005473	Lotus Concrete Products Private Limited	Director	21-01-08	21-01-08	-	Active	NO
54	U70101GA2005PTC004283	Audi Constructions Company Private Limited	Additional director	01-03-08	01-03-08	-	Active	NO
55	U70200GA2008PTC005737	Samah Estates and Hospitality Private Limited	Director	04-08-08	04-08-08	-	Active	NO
56	U13203MH2010PTC198442	Veeraditya Mining Industries Private Limited	Director	04-01-10	04-01-10	-	Active	NO
57	U13200MH2010PTC198643	Pateshwar Mining Industries Private Limited	Director	07-01-10	07-01-10	-	Active	NO
58	U13209MH2010PTC198687	Yashavardhan Mining Industries Private Limited	Director	08-01-10	08-01-10	-	Active	NO
59	U13209MH2010PTC198754	Dhananjay Mining Industries Private Limited	Director	11-01-10	11-01-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Sud
Designation :	General Manager in Finance
E-Mail :	finance@smilindia.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Anil V. Salgaocar	800
Lakshmi A. Salgaocar	800
Anil V. Salgaocar (HUF)	802
Sameer A. Salgaocar	800
Chandana A. Salgaocar	800
Poornima A. Salgaocar	800
Arjun A. Salgaocar	800
Garuda Estate Development and Investment Company Private Limited, India	5728
Vishal Estate Developments and Investment Company Private Limited, India	5640
New Century Constructions and Development Services Private Limited, India	5843
Jayaraj Estate Development and Investment Company Private Limited, India	5892
Punam Real Estate and Investments Private Limited, India	5892
Ganga Real Estate and Investments Private Limited, India	5537
Sudha Real Estate and Investments Private Limited, India	5556
Sharayu Estate Development and Investments Company Private Limited, India	5417
Kumardeo Estate Development and Investment Company Private Limited, India	3898
Rameshwar Estate Development and Investment Company Private Limited, India	4997
Total	60002

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	91.00
Directors or relatives of directors	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in business of Mining, Processing, Trading and Export of Minerals and Ore.

Products :

Item Code No. (ITC Code)	260011102
Product Description	Iron Ore Lumpy
Item Code No. (ITC Code)	260011104
Product Description	Iron Ore Fines

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

v ICICI Bank Limited, Landmark, Race Course Circle, Vadodara – 390 007, Gujarat, India

v Bank of India, Rua Jose Inacio, Loyola New Market, P.B. No.272, Margoa – 403 601, Goa, India

v Bank of Baroda, Marchon Building, Behind Grace Church, P.O. Box No.241, Margao – 403 601, Goa, India

v Industrial Development Bank of India

v Bank of India Limited, Star House, Bandra Kurla Complex, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
FROM BANKS
Cash Credit/ Packing Credit (Secured by hypothecation of Iron Ore Stocks, Stores, Spares, Book Debts, Movable Plant and Machinery)	94.671	0.000
Term Loan (Secured by first charge by way of hypothecation of Iron Ore Stocks, Stores, Spares, Book Debts, Movable Plant and Machinery)	0.000	16.032
Foreign Currency Loan (Secured by first charge by way of hypothecation of Pontoon based Transhipper Pyaree Amma, Mobile Harbour crane Liebherr Model LHM 400, and Ocean going Tug Twin Screw 2400 BHP Pyarey Lal	156.016	294.026
Other Loans and Advances
Dues under Hire Purchase Agreements with ICICI Limited secured by lien on respective vehicles and plant and machinery (Due within one year Rs.0.879 million previous year Rs.2.953 millions)	19.714	49.914
Bank of Baroda buyer’s Credit for 180 days	0.000	18.670
Total	270.401	378.642

Banking Relations :	--
Auditors :
Name :	B.V. Kamat and Company Chartered Accountants
Address :	1^st Floor, Shivnery, Behind The Saraswat Co-Operative Bank Limited, Comba, P.O. Box No.169, Margao – 403 601, Goa, India
Tel. No.:	91-832-2713721
Fax No.:	91-832-2732686
E-Mail :	bvkamatco@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AADFB7708B
Subsidiaries :	Salitho Ores Private Limited CIN No.: U13209GA1964PTC000020 Salgaocar Shipping Company Private Limited CIN No.: U63090GA1975PTC000223 Tungabhadra Minerals Private Limited CIN No.: U14200KA1971PTC002035 Best Development and Services Private Limited CIN No.: U51503TN2004PTC053407 Evergiant Developers and Advisors Private Limited CIN No.: U70101TN2007PTC062265 Goldwin Builders Private Limited CIN No.: U45200TN2007PTC062383 Harvest Builders Consultants Private Limited CIN No.: U45200TN2007PTC062353 Leela Estate Development and Investment Company Private Limited CIN No.: U70200KA1983PTC005406 Audi Constructions Company Private Limited CIN No.: U70101GA2005PTC004283

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60002	Equity Shares	Rs.100/- each	Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5926.181	5345.634	4852.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5932.181	5351.634	4858.410
LOAN FUNDS
1] Secured Loans		270.401	378.642	598.840
2] Bank Current Accounts Overdrawn		32.057	0.000	19.821
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		302.458	378.642	618.661
DEFERRED TAX LIABILITIES		48.234	52.195	64.633
TOTAL		6282.873	5782.471	5541.704
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2602.700	1978.773	1790.376
Capital work-in-progress		71.905	141.796	273.908
INVESTMENT		494.200	46.621	157.492
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1032.738	1024.208	489.523
	Sundry Debtors	455.761	273.309	931.470
	Cash & Bank Balances	379.578	261.852	83.529
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4756.058	5091.694	4047.352
Total Current Assets		6624.135	6651.063	5551.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1562.376	1489.651	893.254
	Other Current Liabilities	312.978	76.408	80.603
	Provisions	1634.713	1469.723	1258.089
Total Current Liabilities		3510.067	3035.782	2231.946
Net Current Assets		3114.068	3615.281	3319.928
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6282.873	5782.471	5541.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sale of Processed Ore	3731.331	3439.961	4851.101
		OSFT Charges	92.753	0.000	14.693
		Hire Charges	124.519	0.000	36.160
		Compensation Received	5.329	0.000	0.000
		Other Income	619.203	198.469	546.827
		TOTAL (A)	4573.135	3638.430	5448.781
Less	EXPENSES
		(Increase)/ Decrease in Stocks	(8.530)	(530.432)	(190.495)
		Purchase of Iron Ore	868.839	647.546	1171.240
		Payments to and Provisions for Employees	147.524	59.685	56.823
		Stores and Spares Consumption	271.789	167.907	118.859
		Power and Fuel	5.665	6.975	6.636
		Ore Handling	610.191	850.424	872.185
		Forest Way Charges	0.000	0.362	0.324
		Ore/ Excavation Charges	7.174	44.642	86.928
		Screening Charges	27.504	34.718	22.056
		Barge Hire	376.324	291.620	249.068
		Port Charges	111.891	235.521	372.235
		Demurrage/ Dead Freight	39.031	0.339	0.387
		Repairs and Maintenance	472.573	567.902	478.177
		Other Expenses	204.303	126.934	92.303
		Port Development Expenses	0.000	0.000	0.000
		Compensation	41.486	0.000	0.000
		TOTAL (B)	3175.764	2504.143	3336.726
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1397.371	1134.287	2112.055
Less	INTEREST (D)		46.225	60.744	59.507
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1351.146	1073.543	2052.548
Less/ Add	DEPRECIATION/ AMORTISATION (F)		406.282	371.319	280.367
	PROFIT BEFORE TAX (E-F) (G)		944.864	702.224	1772.181
Less	TAX (H)		364.317	209.001	446.411
	PROFIT AFTER TAX (G-H) (I)		580.547	493.223	1325.770
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5327.235	4834.012	3508.242
	BALANCE CARRIED TO THE B/S		5907.782	5327.235	4834.012
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	2477.522	2908.976	4237.655
		Despatch	0.000	0.000	0.000
	TOTAL EARNINGS		2477.522	2908.976	4237.655
	IMPORTS
		Capital Goods	817.008	190.522	385.698
		Stores & Spare Parts	2.094	1.588	0.511
	TOTAL IMPORTS		819.102	192.110	386.209
	Earnings Per Share (Rs.)		9675.00	8220.00	22095.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.69	13.56	24.33
Net Profit Margin (PBT/Sales)	(%)	25.32	20.41	36.53
Return on Total Assets (PBT/Total Assets}	(%)	10.24	8.14	24.14
Return on Investment (ROI) (PBT/Networth)		0.16	0.13	0.36
Debt Equity Ratio (Total Liability/Networth)		0.64	0.64	0.59
Current Ratio (Current Asset/Current Liability)		1.89	2.19	2.49

LOCAL AGENCY FURTHER INFORMATION

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	1562.376	1489.651	893.254

FINANCIAL RESULTS:

The surplus of profit for the year Rs.756.123 millions together with accumulated surplus of Rs.6058.482 millions amounting to about Rs.6058.000 millions. The Directors propose a dividend of Rs.3256/- per share totaling to Rs.195.364 millions.

OPERATIONS:

During the year the Company has achieved a gross turnover of Rs.3731.300 millions as Rs.3439.900 millions against the previous year, with sale I exports of iron ore of 3,938,564 tons as against previous year of 3,524,472 tons.

FUTURE PROSPECTS:

The Company hopes to improve its volume and price realizations subject to global market continuing to be stable. The Company is investing in the business of ports and logistics in India by making strategic investments in companies involved in such business with a view to enter into the infrastructure sector.

SUBSIDIARIES:

Tungabhadra Minerals Private Limited have shown satisfactory results despite extremely challenging conditions. This subsidiary is now increasing its focus on the domestic markets in line with Government of Karnataka policy.

Salgaocar Shipping Company Private Limited has also shown good performance. Salitho Ores Private Limited has shown improvement in performance.

CONTINGENT LIABILITY IN RESPECT OF:

Particulars	31.03.2010 (Rs. in millions)
a) Claims against the Company not acknowledged as debts.	0.653
b) Guarantee to V.M. Salgaocar and Bros Limited, issued by Bank of Baroda	4.285
c) Disputed demands of Income Tax Authorities	9.519
d) Guarantees issued by Bank of India	4.348
e) Guarantee issued by Bank of Baroda	0.539

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U13209GA1967PTC000072
Name of the company	SALGAOCAR MINING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Salgaocar Chambers, P.O .Box No.135, Margao – 403 601, Goa, India
Type of charge	Movable Property
Particular of charge holder	Bank of Baroda, Marchon Building, Behind Grace Church, Margao – 403 601, Goa, India E-Mail: margao@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of moveable machinery
Date of instrument Creating the charge	23.02.2008
Amount secured by the charge	Rs.57.600 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 6M US Dollar LIBOR + 50 BPS (All Inclusive) Terms of Repayment: Bullet repayment on due date Margin: 10% Extent and Operation of the charge: First charge on asset
Short particulars of the property charged	24 Units of Liugong CLG856 Wheel Loaders with Spares

FIXED ASSETS:

v Land

v Road

v Buildings

v Plant and Machinery

v Furniture and Fittings and Other Equipments

v Barges/ Pontoon

v Vehicles

v Ships

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
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		65

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.