MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	KAILASH MARBLE INDUSTRIES PRIVATE LIMITED
Registered Office :	Mour Estate, Ashok Van, Shiv Vallabh Link Road, Borivali (East), Mumbai – 400 066, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.1988
Com. Reg. No.:	11-046840
Capital Investment / Paid-up Capital :	Rs.1.900 millions
CIN No.: [Company Identification No.]	U26960MH1988PTC046840
TAN No.: [Tax Deduction & Collection Account No.]	MUMK04119D
PAN No.: [Permanent Account No.]	AABCK5771G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Marble, Granite, Stone, Ceramic, Tile.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 84000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. 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.

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 :	Mour Estate, Ashok Van, Shiv Vallabh Link Road, Borivali (East), Mumbai – 400 066, Maharashtra, India
Tel. No.:	91-22-28974600/ 28284474
Fax No.:	91-22-28284622/ 28974600
E-Mail :	marmoworld@gmail.com vinod@ladhasinghal.com
Factory :	Survey No.15/3, Near Savita Chemicals, Village – Kharadpada, Naroli, Union Territory of Dadra and Nagar Haveli, Silvassa – 396 235, India
Tel. No.:	91-260-2650024
Fax No.:	91-260-2650024

DIRECTORS

As on 30.09.2011

Name :

Mr. Kailashnarayan Madanalal Mour

Designation :

Managing Director

Address :

B-802, Saraswati Tower, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

15.07.1945

Date of Appointment :

30.03.1988

DIN No.:

00478363

Name :

Kamal Kailashnarayan Mour

Designation :

Director

Address :

B-802, Saraswati Tower, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

21.06.1974

Date of Appointment :

01.12.1995

DIN No.:

00478516

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U26960MH1988PTC046840	Kailash Marble Industries Private Limited	Director	01-12-95	01-12-95	Active	NO
2	U45401MH2006PTC159433	K Marmo Private Limited	Director	19-02-08	19-02-08	Active	NO

Name :

Mr. Pramod Kailashnarayan Mour

Designation :

Director

Address :

B-802, Saraswati Tower, Parsi Panchayat Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

16.06.1978

Date of Appointment :

31.05.2002

DIN No.:

00478660

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kailash N. Mour	30000
Kamal Mour	40000
Pramod Mour	30000
Kailash N. Mour HUF	15000
Kamal K. Mour HUF	15000
Pramod K. Mour HUF	15000
Chandrakala Mour	15000
Komal Mour	15000
Meghna Mour	15000
Total	190000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Marble, Granite, Stone, Ceramic, Tile.
Products :	Granite Marble and Stones

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-2011
A. Licensed Capacity	N.A.
B. Installed Capacity (As certified by the Director on which Auditors have relied being of technical nature)	250000 Sq. Mt. (Marble Slabs)
C. Actual Production (Including 111444 Sq. Mt. on Job Work Basis)	132663 Sq. Mt. (Marble Slabs)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Andheri Overseas Branch, Leela Galleria, 1^st Floor, Andheri Kurla Road, Sahar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan
- From Oriental Bank of Commerce	12.719	21.541
Working Capital Facility
- From Oriental Bank of Commerce	45.807	48.046
Total	58.526	69.587

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
- From Body Corporate	9.827	28.592
- From Directors	32.433	26.922
Total	42.260	55.514

Banking Relations :	--
Auditors :
Name :	Ladha Singhal and Associates Chartered Accountants
Address :	209, Apollo Complex, R.K. Singh Marg, Off. Parsi Panchayat Road, Near Sona Udyog, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-28367200/ 28389989
E-Mail :	info@ladhasinghal.com
Income-tax PAN of auditor or auditor's firm :	AABFL6978P

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
190000	Equity Shares	Rs.10/- each	Rs.1.900 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		1.900	1.900	1.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.024	15.898	12.618
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.924	17.798	14.518
LOAN FUNDS
1] Secured Loans		58.526	69.587	64.079
2] Unsecured Loans		42.260	55.514	22.359
TOTAL BORROWING		100.786	125.101	86.438
DEFERRED TAX LIABILITIES		1.647	1.920	0.803
TOTAL		123.357	144.819	101.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.130	49.719	55.569
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.454	62.819	46.836
	Sundry Debtors	49.728	64.435	31.277
	Cash & Bank Balances	1.200	2.015	1.015
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.347	12.086	7.222
Total Current Assets		140.729	141.355	86.350
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.276	39.724	38.820
	Other Current Liabilities	2.583	5.823	1.012
	Provisions	1.663	0.748	0.388
Total Current Liabilities		61.522	46.295	40.220
Net Current Assets		79.207	95.060	46.130
MISCELLANEOUS EXPENSES		0.020	0.040	0.060
TOTAL		123.357	144.819	101.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales & Services	306.752	256.001	165.801
		Other Income	0.143	1.210	0.041
		TOTAL (A)	306.895	257.211	165.842
Less	EXPENSES
		Increase/ Decrease in Stock	(6.031)	(5.973)	(17.846)
		Material Cost	247.485	191.198	139.295
		Manufacturing & Other Direct Expenses	29.727	38.835	22.027
		Payments to and Provision for Employees	6.010	4.350	3.946
		Administrative & Selling Expenses	5.264	4.971	4.140
		Preliminary Expenses	0.020	0.020	0.020
		TOTAL (B)	282.475	233.401	151.582
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.420	23.810	14.260
Less	FINANCIAL EXPENSES (D)		13.586	12.115	7.326
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.834	11.695	6.934
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.309	6.990	4.430
	PROFIT BEFORE TAX (E-F) (G)		4.525	4.705	2.504
Less	TAX (H)		1.400	1.425	1.043
	PROFIT AFTER TAX (G-H) (I)		3.125	3.280	1.461
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.898	3.618	2.157
	BALANCE CARRIED TO THE B/S		10.023	6.898	3.618
	Earnings Per Share (Rs.)		16.45	17.27	10.17

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.02	1.28	0.88
Net Profit Margin (PBT/Sales)	(%)	1.48	1.84	1.51
Return on Total Assets (PBT/Total Assets}	(%)	2.45	2.46	1.76
Return on Investment (ROI) (PBT/Networth)		0.22	0.26	0.17
Debt Equity Ratio (Total Liability/Networth)		7.76	9.63	8.72
Current Ratio (Current Asset/Current Liability)		2.29	3.05	2.15

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	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

Note:

The registered office of the company has been shifted from 206, Apollo Complex, R.K. Singh Marg, Andheri (East), Mumbai – 400 069, Maharashtra to the present address w.e.f. 16.04.2007.

Bankers Charges Report as per Registry

Corporate identity number of the company	U26960MH1988PTC046840
Name of the company	KAILASH MARBLE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Mour Estate, Ashok Van, Shiv Vallabh Link Road, Borivali (East), Mumbai – 400 066, Maharashtra, India E-Mail: ajay@ladhasinghal.com
This form is for	Modification of charge
Charge identification number of the modified	10059480
Type of charge	Book Debts Movable Property (not being pledge) Others (Stock and Plant and Machinery)
Particular of charge holder	Oriental Bank of Commerce, Andheri Overseas Branch, Leela Galleria, 1^st Floor, Andheri Kurla Road, Sahar, Andheri (East), Mumbai – 400 059, Maharashtra, India E-Mail: emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement to secure credit / loan facilities
Date of instrument Creating the charge	31.01.2012
Amount secured by the charge	Rs.109.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest @ Base Rate + 3.50 i.e.14.25% p.a. with monthly rests or such other rate as agreed between the borrower company and the Bank from time to time. Penal Interest in addition to agreed rate in case of default Terms of Repayment: Repayment, as agreed between the Borrower Company and the Bank from time to time. Margin: Margin rate, as agreed between the Borrower Company and the Bank from time to time. Extent and Operation of the charge: At the request of the Borrower Company the Bank has enhanced Overall Banking Limit upto Rs.109.000 millions against Hypothecation of Stocks of Raw Material, Stock in process, Finished Goods, Stores, Spares, Receivable and other chargeable Current Assets and Hypothecation of entire Plant and Machinery of the Company, present and future. Total Charge Stands Modified upto Rs.109.000 millions
Short particulars of the property charged	Hypothecation of Documents of Title to goods in case of L/C on DP basis Hypothecation Charge over the goods in case of L/C on DA basis and documents shall be delivered against Trust Receipt Hypothecation of stocks of Raw materials, stock-in-process, finished goods, stocks, spares, receivables, and other chargeable current assets. Hypothecation of entire Plant and machinery of the company Present and Future
Particulars of the present modification	At the request of the Borrower Company the Bank has enhanced Overall Banking Limit upto Rs.109.000 millions against Hypothecation of Stocks of Raw Material, Stock in process, Finished Goods, Stores, Spares, Receivable and other chargeable Current Assets and Hypothecation of entire Plant and Machinery of the Company, present and future. Total Charge Stands Modified upto Rs.109.000 millions

FIXED ASSETS:

v Computer

v Cabin

v Furniture

v Office Equipments

v Air Conditioner

v Fax Machine

v Machinery

v Water Pump

v Mobile Phone

v Plant and Machinery

v Electrical Installations

v Factory Building

v Flat

v 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 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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

SMN

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	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.