MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	SHREE RISHABH MARMO PRIVATE LIMITED
Registered Office :	Shikarwadi Road, Village-Bedla, District Udaipur – 313011, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.11.1995
Com. Reg. No.:	17-011112
Capital Investment / Paid-up Capital :	Rs.2.493 Millions
CIN No.: [Company Identification No.]	U14101RJ1995PTC011112
TAN No.: [Tax Deduction & Collection Account No.]	JDHS00376F
PAN No.: [Permanent Account No.]	AACCS1197D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Green Marble, Granites and Sandstone.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Company performance capacity appears to be well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Shikarwadi Road, Village-Bedla, District Udaipur – 313011, Rajasthan, India
Tel. No.:	91-294-2440957
Fax No.:	91-294-2440768/ 2441951
E-Mail :	kksahlot@yahoo.co.in info@rishabhmarbles.com mail@rishabhmarbles.com fca.anupam@gmail.com
Website :	http://www.rishabhmarbles.com

DIRECTORS

(AS ON 21.09.2012)

Name :	Mr. Aditya Kumar Karwa
Designation :	Director
Address :	6-A, Anand Vihar, New Fatehpur, Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	21.11.1962
Date of Appointment :	23.11.1995
DIN No.:	00441186
Name :	Mr. Hemant Kothari
Designation :	Director
Address :	12-C, Madhuwan, Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	04.09.1961
Date of Appointment :	23.11.1995
DIN No.:	00441343
Name :	Mr. Kalit Bhandari
Designation :	Director
Address :	31, Alkapuri, Udaipur – 313001, Rajasthan, India
Date of Birth/Age :	25.07.1965
Date of Appointment :	23.11.1995
DIN No.:	01416601

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 21.09.2012)

Names of Shareholders	No. of Shares
Hemant Kothari	83100
Aditya Kumar Karwa	43100
Kalit Bhandari	83100
Shobha Karwa	30000
Archana Karwa	10000
Total	249300

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Green Marble, Granites and Sandstone.

Products :

Products Description	Item Code No.
Marble Slabs	25151220
Granite Slabs	68022390

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

Panchsheel Marg, Udaipur – 313001, Rajasthan, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Punjab National Bank (Against equitable mortgage of Land and Building)	2.769	0.000
HDFC Bank (Against hypothecation of Car)	0.445	0.767
Total	3.214	0.767
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	3.101	0.000
From Others	18.800	19.200
Total	21.901	19.200

Banking Relations :	--
Auditors :
Name :	Anupam Pamecha and Company Chartered Accountant
Address :	4-5, Second Floor, 53, Talesara Chambers Bhupalpura, Udaipur – 313001, Rajasthan, India
Tel No.:	91-294-2417217
Mobile No.:	91-9928881158
PAN No.:	AAZPP5689H

CAPITAL STRUCTURE

(AS ON 21.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249300	Equity Shares	Rs.10/- each	Rs.2.493 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.493	2.493	2.493
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.948	72.742	61.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.441	75.235	64.333
LOAN FUNDS
1] Secured Loans		3.214	0.767	0.000
2] Unsecured Loans		21.901	19.200	22.700
TOTAL BORROWING		25.115	19.967	22.700
DEFERRED TAX LIABILITIES		0.569	0.728	0.922
TOTAL		114.125	95.930	87.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.192	17.363	17.520
Capital work-in-progress		1.919	0.000	0.000
INVESTMENT		5.471	5.086	4.473
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.536	22.259	18.443
	Sundry Debtors	64.901	50.568	46.329
	Cash & Bank Balances	1.507	11.281	8.995
	Other Current Assets	0.846	0.727	0.000
	Loans & Advances	13.572	12.806	11.421
Total Current Assets		137.362	97.641	85.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.578	0.606	13.626
	Other Current Liabilities	28.641	18.054
	Provisions	6.600	5.500	5.600
Total Current Liabilities		47.819	24.160	19.226
Net Current Assets		89.543	73.481	65.962
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		114.125	95.930	87.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	295.921	252.578	243.754
		Other Income		1.210	1.256
		TOTAL (A)	295.921	253.788	245.010
Less	EXPENSES
		TOTAL (B)	276.177	231.467	224.325
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses and Depreciation)	22.321	20.685
Less	FINANCIAL EXPENSES (D)			3.420	2.342
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			18.901	18.343
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.755	2.600
	PROFIT BEFORE TAX (E-F) (G)		19.744	16.146	15.743
Less	TAX (H)		6.851	5.244	5.251
	PROFIT AFTER TAX (G-H) (I)		13.207	10.902	10.492
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	61.839	51.347
	BALANCE CARRIED TO THE B/S		NA	72.741	61.839
	Earnings Per Share (Rs.)		52.98	43.73	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.46	4.30	4.28
Net Profit Margin (PBT/Sales)	(%)	NA	6.39	6.46
Return on Total Assets (PBT/Total Assets}	(%)	12.77	14.04	15.33
Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.24
Debt Equity Ratio (Total Liability/Networth)		0.82	0.59	0.65
Current Ratio (Current Asset/Current Liability)		2.87	4.04	4.43

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10071467
Corporate identity number of the company	U14101RJ1995PTC011112
Name of the company	SHREE RISHABH MARMO PVT LTD
Address of the registered office or of the principal place of business in India of the company	Shikarwadi Road,Village - Bedla, District - UDAIPUR -313011, Rajasthan, India kksahlot_clients@yahoo.co.in
Type of charge	Immovable property Book Debts Movable Property Others: Loans and Advances
Particular of charge holder	Punjab National Bank Panchsheel Marg, Opposite Town Hall, Udaipur – 313001, Rajasthan, India mnparmar@pnb.co.in
Nature of description of the instrument creating or modifying the charge	a) Term loan Agreement b) Hypothecation of Assets to secure term loan c) Hypothecation of goods and book debts to secure Cash Credit facility d) Hypothecation of movable assets forming part of fixed/block assets. e) Post shipment credit(PSC) f) Memorandum of the deposit of title deeds.
Date of instrument Creating the charge	19/10/2011
Amount secured by the charge	Rs.32.976 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest TL : BR + 2% + 0.50% TP(under marble cluster) PSC : BR + 0.75% CC (hyp. and BD) : BR + 2% i.e 12.75% (Subject to change from time to time) Terms of Repayment TL: 54 monthly installment of Rs. 0.055 Million starting from 30.11.2011 Margin TL: 25% of project cost or difference in cost of project & term loan whichever is higher PSC: 25% CC: Stock 25%, Book Debts: 30% Extent and Operation of the charge All fund based and non fund based working capital facilities to be secured by way of 1st charge on all current assets, present and future, and Term Loan by way of 1st charge on entire block assets, present and future. For the entire credit facilities i.e. Term Loan of Rs. 2.976 Millions, Cash credit of Rs. 20.000 Millions and Post shipment credit(FABC) of Rs. 10.000 Millions i.e. total credit facilities of Rs. 32.976 Millions. Further collaterally secured by the personal guarantee of directors.
Short particulars of the property charged	EM of factory land and building situated at Araji No. 2000-2003, 2005, 2507/2009, 2508/1973, Shikarwadi Road, Bedla, Udaipur. Ist charge on all moveable fixed assets present and future, including plant and machinery, MFA, furniture, fixtures etc. Ist charge on entire current assets present and future, including entire stocks, book debts, loans and advances etc. Docy. Sight/ usance bills accompanied with shipping documents including BOL/Airway Bill drawn on foreign buyers.
Particulars of the present modification	The Overall Credit Limit Enhance to Rs. 32.976 Millions

FIXED ASSETS:

· Land

· Leasehold Land

· Building

· Plant and Machinery

· Computers

· Electric Installment and Fittings

· 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 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 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.54.96
UK Pound	1	Rs.88.68
Euro	1	Rs.72.45

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.