MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	HILLTOP STONES PRIVATE LIMITED
Formerly Known As :	HILLTOP EXPORTS
Registered Office :	No. 1/18, 1/19, 1/4-1, 1/4-3, Bannerghatta Road, Near Mico Back Gate, Bangalore-560030, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.2008
Com. Reg. No.:	08-045863
Capital Investment / Paid-up Capital :	Rs.21.570 Millions
CIN No.: [Company Identification No.]	U26949KA2008PTC045863
TAN No.: [Tax Deduction & Collection Account No.]	BLRH03751G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gangsaw Sizes Granite Slabs.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 740000
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. Latest profit and loss of the company is not available.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	No. 1/18, 1/19, 1/4-1, 1/4-3, Bannerghatta Road, Near Mico Back Gate, Bangalore-560030, Karnataka, India
Tel. No.:	91-80-22484996/7/22227778
Fax No.:	91-80-22228026
E-Mail :	hilltopgroup@rediffmail.com hilltopgranites@yahoo.com
Website :	www.hiltopgranite.com
Factory :	220/2b, Shoolagiri Village, Hosur, Krishnagiri District – 635117, Tamilnadu, India
Tel. No.:	91-4344-252677
Fax No.:	91-4344-252577
E-Mail :	hilltopeou@yahoo.com
Overseas Office:	Located At: · USA · Canada

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Kamlesh Kumar Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16^th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

01.04.2008

Din No.:

00369621

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26912KA1991PTC011567	HILL TOP GRANITES PRIVATE LIMITED	Director	03-02-97	03-02-97	Active	NO
2	U26949KA2008PTC045863	HILLTOP STONES PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

Name :

Mr. Nilesh Giria

Designation :

Director

Address :

No. 852, Prem Mahal, 16^th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

08.12.1973

Date of Appointment :

01.04.2008

Din No.:

00368990

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26912KA1991PTC011567	HILL TOP GRANITES PRIVATE LIMITED	Director	03-02-97	03-02-97	Active	NO
2	U26949KA2008PTC045863	HILLTOP STONES PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kamlesh Kumar Jain	22624
Premlatha Jain	25624
Pramila Jain	24624
Sanjanna Jain	25624
Varsha Jain	24623
Vimal Jain	22623
Nilesh Giria	22624
Mahalchand Giria HUF	14000
Mahalchand Jain	6000
Kamlesh Giria HUF	334
Nilesh Giria HUF	333
Hilltop Granites Private Limited, India	26667
Total	215700

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.00
Directors or relatives of directors	87.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gangsaw Sizes Granite Slabs.

GENERAL INFORMATION

No. of Employees :

60 [Approximately]

Bankers :

• UCO Bank, MIDC Corporate Branch, No. 13/22, 1^st Floor, K. G. Road, Bangalore-560009, Karnataka, India
• ABN Amro Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Power Generation and Distribution
Foreign Currency Term Loan Windmill [The above loan is secured on the basis of assets and personal guarantee of the directors]	0.000	19.859
EOU
Foreign Currency Loan	37.493	45.836
Packing Credit [The above working capital term loan is based on a security of fixed assets and directors]	0.000	18.355
Bangalore
Bank Overdrafts	0.000	0.012
Foreign Bills Purchased	5.199	0.000
Kotak Mahindra Prime Limited	1.815	0.000
Packing credit	25.685	0.000
Total	70.192	84.062
Unsecured Loan
Bangalore
From Directors	1.275	1.040
From Others	7.728	34.022
Total	9.003	35.062

Banking Relations :	--
Auditors :
Name :	Vimal and Company Chartered Accountants
Address :	No. 13, 2^nd Floor, Paxal Towers, KR Road, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-26705989
Pan No.:	AAAFV9374L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215700	Equity Shares	Rs.100/- each	Rs.21.570 Millions

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		21.570	21.570	21.570
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		165.321	92.619	55.536
4] (Accumulated Losses)		0.000	(8.593)	(10.905)
NETWORTH		186.891	105.596	66.201
LOAN FUNDS
1] Secured Loans		70.192	84.062	109.322
2] Unsecured Loans		9.003	35.062	37.235
TOTAL BORROWING		79.195	119.124	146.557
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		266.086	224.720	212.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.859	135.416	101.656
Capital work-in-progress		0.000	5.000	25.046
INVESTMENT		1.070	1.070	1.070
DEFERREX TAX ASSETS		0.321	0.264	0.207
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.507	53.411	38.895
	Sundry Debtors	95.597	40.489	75.432
	Cash & Bank Balances	4.810	22.052	3.645
	Other Current Assets	2.365	2.400	2.283
	Loans & Advances	33.377	15.475	11.613
Total Current Assets		197.656	133.827	131.868
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.754	47.085	43.735
	Other Current Liabilities	1.143	0.619	0.692
	Provisions	11.994	3.259	2.803
Total Current Liabilities		53.891	50.963	47.230
Net Current Assets		143.765	82.864	84.638
MISCELLANEOUS EXPENSES		0.071	0.106	0.141
TOTAL		266.086	224.720	212.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		241.434	314.099
		Other Income		6.307	12.115
		TOTAL (A)		247.741	326.214
Less	EXPENSES
		Cost of Materials		154.733
		Expenditure on Employees		2.791	248.153
		Operating and Others Expenses		16.406
		TOTAL (B)		173.930	248.153
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	73.811	78.061
Less	FINANCIAL EXPENSES (D)			8.167	13.657
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			65.644	64.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)			24.826	24.826
	PROFIT BEFORE TAX (E-F) (G)			40.818	39.578
Less	TAX (H)			1.423	2.513
	PROFIT AFTER TAX (G-H) (I)		140.181	39.395	37.065
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	19.491	(17.574)
	BALANCE CARRIED TO THE B/S		NA	58.886	19.491
	Earnings Per Share (Rs.)		644.50	182.64	171.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	15.90	11.36
Net Profit Margin (PBT/Sales)	(%)	NA	16.91	12.60
Return on Total Assets (PBT/Total Assets}	(%)	NA	15.16	16.95
Return on Investment (ROI) (PBT/Networth)		NA	0.39	0.60
Debt Equity Ratio (Total Liability/Networth)		0.71	1.61	2.93
Current Ratio (Current Asset/Current Liability)		3.67	2.63	2.79

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10102090
Corporate identity number of the company	U26949KA2008PTC045863
Name of the company	HILLTOP STONES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 1/18, 1/19, 1/4-1, 1/4-3, Bannerghatta Road, Near Mico Back Gate, Bangalore-560030, Karnataka, India
Type of charge	Movable Property [not being pledge] Immovable Property
Particular of charge holder	UCO Bank, MIDC Corporate Branch, No. 13/22, 1^st Floor, K. G. Road, Bangalore-560009, Karnataka, India
Email	prasannakpk@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Preclosure of Term loan towards windmill finance. The charge originally created is now being removed. NOC Letter from UCO Bank, Mid Corporate Branch, KG Road for closure of windmill finance.
Date of instrument Creating the charge	23.04.2011
Amount secured by the charge	Rs.64.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rates as applicable from time to time. Terms of Repayment on demand Extent and Operation of the charge Hypothecation of plant and machineries and Extn. of mortgage on companies immovable properties to continue. The Total Credit facilities reduced from Rs.11,09,00,000/- to Rs.64.000 Millions TL - Granite Unit – Rs.64.000 Millions.
Short particulars of the property charged	Hypothecation of plant and machineries and Extn. of mortgage on company's immovable properties to continue already registered with Modn. of charge dt. 30.06.2009.
Date of latest modification prior to the present modification	12.01.2011
Particulars of the present modification	Total Limits Reduced from 110.900 Millions to 64.000 Millions. (Windmill Term Loan - Rs. 46.900 Millions duly closed with us) Securities to Continue - Hypothecation of Plant and Machineries as per schedule / list, Import of Gangsaw, Head Polishing Machines with accessories and other movable assets and equitable mortgage on the company's imm. property. All other terms and conditions remain unchanged.

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.