MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	CLASSIC MARBLE COMPANY PRIVATE LIMITED (w.e.f. 03.09.2010)
Formerly Known As :	CLASSIC MARBLE IMPEX PRIVATE LIMITED
Registered Office :	15, Bhandup Village Road, Next to Ceat Tyres, Subhash Nagar, Bhandup [West], Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.03.2008
Com. Reg. No.:	11-180617
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	U74999MH2008PTC180617
IEC No.:	0394030478
TAN No.: [Tax Deduction & Collection Account No.]	MUMC15880E
PAN No.: [Permanent Account No.]	AADCC3249H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Granite, Slabs, Marble and Tiles
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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. Anurag Jain
Designation :	Finance Manager
Contact No.:	91-22-41404140
Date :	28.04.2012

LOCATIONS

Registered Office :	15, Bhandup Village Road, Next to Ceat Tyres, Subhash Nagar, Bhandup [West], Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-41404140/41404100
Fax No.:	91-22-40404141
E-Mail :	rushin@classicmarble.com classic@bom5.vsnl.net.in info@classicmarble.com amit@classicmarble.com nikunj@classicmarble.com
Website :	http://www.classicmarble.com
Area :	100000 sq. ft.
Location :	Owned
Factory 1 :	S. No. 269/1/1/1/1/2, Village Athal, P.O. Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India
Tel. No.:	91-260-3984000
Fax No.:	91-260-3984036
E-Mail :	info@classicmarble.com
Area :	Owned
Factory 2 :	286, Village Naroli, Near RTO Check Post, Silvassa, U.T. of Dadra and Nagar Haveli, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Subodh Popatlal Shah
Designation :	Director
Address :	701, Sankalp, 7^th Floor, 18 Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	14.03.1972
Date of Appointment :	28.03.2008
DIN No.:	00006967
Name :	Mr. Amit Mafatlal Shah
Designation :	Director
Address :	701, Sankalp, 7^th Floor, 18 Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	29.05.1973
Date of Appointment :	28.03.2008
DIN No.:	00007354
Name :	Mr. Madaswami Kurupaswami
Designation :	Director
Address :	Flat No.183, 18^th Floor, 1B, Kalpataru Estate, J V Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	01.06.1961
Date of Appointment :	28.03.2008
DIN No.:	00011613

KEY EXECUTIVES

Name :	Mr. Parul Manshu Maniar
Designation :	Secretary
Address :	A/105, Block No. 102, 2^nd Road, Shree Prastha Complex, Nallasopara (West) Thane – 401203, Maharashtra, India
Date of Birth/Age :	26.07.1982
Date of Appointment :	02.08.2010
PAN NO.:	ARIPM7969H
Name :	Mr. Anurag Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Mafatlal Punamchand Shah	877500
Popatlal Punamchand Shah	877500
Subodh Popatlal Shah	3510000
Amit Mafatlal Shah	3510000
Mukesh Punamchand Shah	540000
Dinesh Punamchand Shah	405000
Jayesh Punamchand Shah	405000
Karuppaswamy Madaswami	2700000
Ramakrishnaswamy	675000
Total	13500000

Names of Shareholders (Preference Shares)	No. of Shares
Deepali Amit Shah	169000
Jayesh Punamchand Shah	19500
Karuppaswamy Madaswami	130000
Mafatlal Punamchand Shah	42250
Popatlal Punamchand Shah	42250
Monica Subodh Shah	169000
Ramakrishnaswamy	32500
Mukesh Punamchand Shah	26000
Dinesh Punamchand Shah	19500
Shirdi Industries Limited, India	500000
Total	1150000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Granite, Slabs, Marble and Tiles

Products / Services :

Product Description	Item Code No. (ITC Code)
Marble	2500 6800
Granite	2500
Power Generation	27160000

Exports :

Products :

Granite, Slabs, Marble and Tiles

Countries :

• European Countries
• China

Imports :

Products :

Marble Bleak, Slabs

Countries :

• Italy
• Turkey
• China

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Block	MT	34512	12432
Marble	MT	76918	43149
Quartz	SqMtr	146170	24061
Granite	MT	7200	492
Power	MW	39858	8632

GENERAL INFORMATION

Suppliers :

• Medmar Mermer
• Madencilik

Customers :

Wholesalers and Retailers

• Hiranandani

No. of Employees :

600 (Approximately)

Bankers :

• Bank of Baroda, Zaveri Bazar Branch, 122, Sheikh Memon Street, Trishla Building, Zaveri Bazar, Mumbai - 400002, Maharashtra, India
• Union Bank of India, Bhandup (West) Branch
• Bank of India
• Standard Chartered Bank

Facilities :

Total Limit Rs.1300.000 Millions (Standard Chartered Bank, Bank of India, Union Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	1069.997	735.255
Working capital loans banks secured	1021.803	789.272
Loans taken for other fixed assets secured	0.741	6.793
Total	2092.541	1531.320
Note: Cash Credit and Buyers Credit Facilities: Both the above facilities are secured against the first charge on all the existing and future fixed assets and hypothecation of the current assets of the company and personal guarantee of all the directors. Vehicle Loans: Secured against by hypothecation of specified vehicles.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	917.463	988.877
Loans directors unsecured	291.934	201.091
Deposits related parties unsecured	313.879	308.497
Total	1523.276	1498.465

Banking Relations :	--
Auditors :
Name :	V. C. Shah and Company Chartered Accountants
Address :	Rajgir Chambers, 3^rd Floor, 12-14, Shahid Bhagat Road, Opposite Old Custom House, Mumbai-400 001, Maharashtra, India
Tel. No.:	91-22-44340123
Fax No.:	91-22-22662667
E-Mail :	vcshahco@vsnl.com
PAN.:	AADFV8088N
Subsidiaries :	Classic Marble Private Limited, Mauritius
Associates :	Regalia Stones Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
13500000	Equity Shares	Rs.10/- each	Rs.135.000 Millions
1150000	Preference Shares	Rs.100/- each	Rs.115.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13500000	Equity Shares	Rs.10/- each	Rs.135.000 Millions
1150000	Preference Shares	Rs.100/- each	Es.115.000 Millions
	Total		Rs.250.000 Millions

Note:

1,35,00,000 Equity Shares of Rs.10/- each fully paid-up. Out of the above 90,00,000 equity shares of Rs.10/- each are issued pursuant to deed of assignment dated 17th May, 2008 on takeover of the business of the erstwhile partnership firms Marmo Classic and Classic Marble to their partners. 11,50,000 3% Redeemable Preference Shares of Rs.100/- each fully paid-up. Preference shares of Rs.100/- each redeemable on 17.11.2023 or optionally convertible into equity shares at the option of the company.

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		250.000	250.000	250.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		223.469	162.231	261.661
4] (Accumulated Losses)		0.000	0.0000	0.000
NETWORTH		473.469	412.231	511.661
LOAN FUNDS
1] Secured Loans		2092.541	1531.320	847.371
2] Unsecured Loans		1523.276	1498.465	1061.696
TOTAL BORROWING		3615.817	3029.785	1909.067
DEFERRED TAX LIABILITIES		255.522	216.492	91.453
TOTAL		4344.808	3658.508	2512.181
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2734.963	2593.816	1095.210
Capital work-in-progress		75.052	70.500	907.346
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	961.636	910.790	599.153
	Sundry Debtors	842.645	546.863	755.750
	Cash & Bank Balances	237.059	201.638	211.363
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	398.629	351.096	242.677
Total Current Assets		2439.969	2010.387	1808.943
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	592.840	786.397	538.187
	Other Current Liabilities	299.780	151.576	700.320
	Provisions	12.557	78.223	60.812
Total Current Liabilities		905.177	1016.196	1299.319
Net Current Assets		1534.792	994.191	509.624
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4344.808	3658.508	2512.181

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3008.910 (Turnover)	2085.539 (Turnover)	2254.759
		Other Income	NA	NA	11.239
		TOTAL (A)	NA	NA	2265.998
Less	EXPENSES
		Cost of Material			1757.875
		Manufacturing / processing and other Cost			80.745
		Payments to and provision for employees			118.286
		Administration, selling and Distribution expense			293.159
		(Increase)/ Decrease in stock			(599.153)
		TOTAL (B)	NA	(2051.430 Including Financial and Depreciation Expenses)	1650.912
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				615.086
Less	FINANCIAL EXPENSES (D)				177.766
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				437.320
Less/ Add	DEPRECIATION/ AMORTISATION (F)				40.484
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		NA	34.109	396.836
Less	TAX (H)		NA	133.538	130.136
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		61.238	(99.429)	266.700
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	4.183
		Dividend Distribution Tax	NA	NA	0.856
	BALANCE CARRIED TO THE B/S		NA	NA	5.039
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	59.360	44.649	1.515
	TOTAL EARNINGS		59.360	44.649	1.515
	IMPORTS
		Raw Materials	NA	662.516	754.837
		Stores & Spares	NA	2.021	0.000
		Capital Goods	NA	628.146	483.513
	TOTAL IMPORTS		NA	1292.683	1238.350
	Earnings Per Share (Rs.)		4.18	(7.37)	27.25

Particulars	31.03.2012
Sales Turnover (Approximately)	3150.000 (Due to more orders)

Expected Sales (2012-13) : Rs.3250.000 Millions

The above information has been parted by Mr. Anurag Jain

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	11.77
Net Profit Margin (PBT/Sales)	(%)	NA	NA	17.60
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.74	13.66
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.78
Debt Equity Ratio (Total Liability/Networth)		9.55	9.81	6.27
Current Ratio (Current Asset/Current Liability)		2.70	1.98	1.39

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

DETAILS OF SUNDRY CREDITORS:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors Due to others	592.840	786.397	538.187
Total	592.840	786.397	538.187

TRADE REFERENCES

• Medmar Mermer
• Madencilik
• Hiranandani

CONTINGENT LIABILITIES

The Company has not been able to meet export obligation in respect of one advance licence and there is a contingent liability .Arrears of Preference Dividend Rs.6.900 Millions on 3% Cumulative Preference Share Capital as on 31.03.2011(Previous Year - Rs.3.450 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH2008PTC180617
Name of the company	CLASSIC MARBLE IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15, Bhandup Village Road, Next to Ceat Tyres, Subhash Nagar, Bhandup (West), Mumbai – 400078, Maharashtra, India nikunj@classicmarble.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10133956
Type of charge	Book Debts Movable Property Others (Plant, Machinery Current Assets)
Particular of charge holder	Bank of Baroda, Zaveri Bazar Branch, Mumbai – 400002, Maharashtra, India ravinputhran@yahoo.com
Nature of instrument creating charge	Working Capital Consortium Agreement
Date of instrument Creating the charge	22.03.2010
Amount secured by the charge	Rs.2950.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin Overall Margin of 30.23% Extent and Operation of the charge first pari passu charge of BOB, UBI and SCB way of hypothecation or pledge of Company's current assets namely stocks in trade, stores and spares not relating to plant and machinery (consumable stores and spares) bill receivables, book debts and all other movables of Company as lying at Bhandup (West) Mumbai, Worly Mumbai, Village Athal, Silvasa Village, Naroli, Silvassa and Bhiwandi and movable fixed assets constituting at Factory land and building.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of current assets namely stocks in trade, stores and spares not relating to plant and machinery (consumable stores and spares) bill receivables, book debts and all other movables of Company.
Particulars of the present modification	Charge increased from Rs.2511.100 Millions to Rs.2950.000 Millions by hypothecation creating charge on the current assets of the Company Nature of Facility Limits Rs. in Millions Term Loan 1500 Working Capital Fund Based 1150 Working Capital Non Fund Based 300 Total 2950

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Office Equipments

· Computer and Software

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] 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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.