MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	PAT INTERNATIONAL PRIVATE LIMITED
Registered Office :	77 – B, Road No. 3, Jigani Industrial Area, Anekal Taluk, Banglore, 562106, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.01.2000
Com. Reg. No.:	08-26201
Capital Investment / Paid-up Capital :	Rs.3.975 Millions
CIN No.: [Company Identification No.]	U14102KA2000PTC026201
TAN No.: [Tax Deduction & Collection Account No.]	BLRP01930F
PAN No.: [Permanent Account No.]	AABCP9504C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Granite Slabs, Marbles, Tiles and Monuments.
No. of Employees :	40 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 50136
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Director
Contact:	91-9845204656
Date :	25.04.2012

LOCATIONS

Registered Office/Factory :	77 – B, Road No. 3, Jigani Industrial Area, Anekal Taluk, Banglore, 562106, Karnataka, India
Tel. No.:	91-80-26684046/26681632
Mobile No. :	91-9845204656 (Mr. Manish) 91-9448389569 (Mr. Suresh)
Fax No.:	91-80-26684046
E-Mail :	nlsomani@yahoo.com primestones@gmail.com
Area:	440 sq.mtr.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Manish Somani
Designation :	Director
Address :	No. 98, 34^th Main, BTM Ist Stage, Dolloars Scheme, Bangalore – 560 068,India
Date of Birth/Age :	30.10.1975
Qualification :	Post Graduate
Date of Appointment :	10.01.2000
Name :	Mr. Nandlal L. Somani
Designation :	Director
Address :	No. 98, 34^th Main, BTM Ist Stage, Dolloars Scheme, Bangalore – 560 068,India
Date of Birth/Age :	10.04.1948
Qualification :	Graduate (Science)
Date of Appointment :	10.01.2000
Name :	Mr. Mitesh Somani
Designation :	Director
Address :	No. 17, 29thMain, BTM 2^nd Stage, Bangalore – 560 076, Karnataka, India
Date of Birth/Age :	04.08.1978
Qualification :	Graduate
Date of Appointment:	28.03.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anil Ku mar Dhul Chand Pokharna	1000
Anitha Ashok Agarwal	1000
Chandrakala Ashok Kumar Kothari	1000
Jagdish Prasad Nityanand	17500
Kishori Lal Verma	10000
Manish Nand Lal Somani	5110
Mitesh Nand Lal Somani	25110
Nand Lal Somani (HUF)	120000
Nand Lal Somani	9110
Navneet Kumar Vardi Chand	1000
Neetu Sanjay Kumar Jain	1000
P. Kantilal Jain	1000
S. Parasamal Jain	1000
Satvir Kumar Kishori Lal Verma	10000
Pushpa Nandi Lal Somani	5000
Somani Agro Private Limited	40000
Suresh Chand HUF	1000
Suresh Chand Agarwal	2500
Tara Kumari	1000
Vardichand	1000
Shilpa Manish Somani	25000
Amrita Mitesh Somani	15000
Smt.Poonam Garg	10000
Vishwa Nath Sharma	5000
Smt.Radha Rani	5000
Mr.Surender Pal Magoon	8750
Sh. Anil Kapor, Huf	15000
Smt. Meena Garg	6250
Smt. Parveen Rani	5000
Smt.Sarla Rani	7500
Smt. Sushma Bansal	8750
Mr.Anand Gupta	6250
Mr.Madan Lal	6250
Smt.Jamuna Devi	5000
Mr.Anup Goyal	5000
Mr. Kapil Goyal	6250
Smt. Prem Lata	3125
Gaurav Agarwal Huf	100
Total	397555

AS ON 30.09.2011

Category	Percentage
Bodies corporate	10.00
Directors or relatives of Directors	90.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Granite Slabs, Marbles, Tiles and Monuments.

Products:

ITC Codes	Products Description
680223	Granite Blocks

Exports :

Products:

Granite Slabs, Marbles

Countries :

Switzerland, European Countries, Africa, Sri Lanka

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Suppliers :

Swati Export

Customers :

· Wholesalers

· AL Hahal Marbles and Building Material Trading Company

No. of Employees :

40 Approximately

Bankers :

• State Bank of India
• State Bank of Patiala, No. 1347, J. P. Nagar, South End Road, Jayanagar, Bangalore – 560 069, Karnataka, India
• ICICI Bank
• Indian Overseas Bank
• The Bank of Rajasthan Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
State Bank of Patiala CC Account	2.225	5.726
HSBC Bank	0.000	0.004
Total	2.225	5.730
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Amrita Somani	1.569	1.184
Gaurav Agarwal (HUF)	1.247	1.247
Manish Somani	0.900	0.638
Mitesh Somani	0.699	0.752
Nandlal Somani	0.000	0.151
Nandlal Somani (HUF)	3.974	3.568
Pushpa Devi Somani	3.442	2.311
Shilpa Somani	0.993	0.594
Suresh Chand Agarwal (HUF)	1.125	1.125
Total	13.949	11.570

Banking Relations :	--
Auditors :
Name :	Pitaliya and Associates Chartered Accountants
Address :	No. 9, II Floor, Sriram Mansion, Subramanya Temple Road, 4^th Main Road, Kumarapark (West), Bangalore – 560 020, Karnataka, India
Pan No. :	ACAPP6574C
Memberships :	Capexil
Sister Concern :	Prime Stones, Madurai, Tamilnadu, India Line of Business : Manufacturer and Exporter of Granite Slabs, Marbles, Tiles and Monuments.

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
397555	Equity Shares	Rs.10/- each	Rs.3.975 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		3.975	3.975	2.943
2] Share Application Money		0.000	0.000	2.250
3] Reserves & Surplus		8.559	7.390	1.331
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.534	11.365	6.524
LOAN FUNDS
1] Secured Loans		2.225	5.730	1.321
2] Unsecured Loans		13.949	11.570	11.348
TOTAL BORROWING		16.174	17.300	12.669
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		28.708	28.665	19.193
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.382	7.552	6.049
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.036	0.036	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.819	5.928	6.724
	Sundry Debtors	11.026	8.563	15.044
	Cash & Bank Balances	0.374	0.087	0.545
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.047	20.468	10.167
Total Current Assets		32.266	35.046	32.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.087	12.744	18.660
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.889	1.225	0.682
Total Current Liabilities		11.976	13.969	19.342
Net Current Assets		20.290	21.077	13.138
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.708	28.665	13.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Income	62.143	66.740	62.670
		TOTAL (A)	62.143	66.740	62.670
Less	EXPENSES
		TOTAL (B)	59.148	64.173	61.617
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.995	2.567	1.053
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.995	2.567	1.053
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.379	1.137	0.850
	PROFIT BEFORE TAX (E-F) (G)		1.616	1.430	0.202
Less	TAX (I)		0.447	0.468	0.057
	PROFIT AFTER TAX (G-I) (J)		1.169	0.962	0.145
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.292	0.330	0.185
	BALANCE CARRIED TO THE B/S		2.461	1.292	0.330
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	35.225	34.807	43.216
	TOTAL EARNINGS		35.225	34.807	43.216
	Earnings Per Share (Rs.)		2.94	2.42	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.88	1.44	0.24
Return on Total Assets (PBT/Total Assets}	(%)	3.97	2.25	0.53
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.03
Debt Equity Ratio (Total Liability/Networth)		2.24	2.75	4.91
Current Ratio (Current Asset/Current Liability)		2.69	2.50	1.68

LOCAL AGENCY FURTHER INFORMATION

Notes:

The Registered Office of the company has been shifted from No. 98, 34^th Main Dollars Scheme, BTM 1^st Stage, Bangalore – 560 068, Karnataka, India to the present address w.e.f. 27.03.2006

OPERATIONS:

The directors have pleasure to report that during the period under review, the operations of the company were satisfactory.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Corporate identity number of the company	U14102KA2000PTC026201
Name of the company	PAT INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 98, 34^th Main Dollars Scheme, BTM 1^st Stage, Bangalore – 560 068, Karnataka, India
Type of charge	Immovable Property Book Debts Stocks
Particular of charge holder	State Bank of Patiala, No. 1347, J. P. Nagar, South End Road, Jayanagar, Bangalore – 560 069, Karnataka, India Email: jsurya@vsnl.com
Nature of description of the instrument creating or modifying the charge	Agreement Of Loan Cum Hypothecation Letter Confirmation For Extension Of Mortgage By Deposit Of Title Deeds Covering Enhanced Limits (Both the documents relate to the same modification)
Date of instrument Creating the charge	24.03.2010
Amount secured by the charge	Rs.20.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest WC : Interest @ 2.00% above BPLR 12.25% w.e.f. Present effective rate 14.25% p.a. Terms of Repayment Repayable on demand Margin CC : 25% LC : 20% BG : 100% Extent and Operation of the charge Charge extends by way of first charge on all the assets throughout the period of sanctioned limits. Others NIL
Short particulars of the property charged	Hypothecation of the whole of the present and future stocks of raw materials, such as raw block of granites and finished granite slabs, finished goods, book debts, receivables, outstandings monies, bills, claims, etc belonging to the company EM on co's immovable property comprising of Industrial land and building with plant and machineries situated at No. 77B and 77C, 1st Phase, Jigani Industrial Area, Bangalore
Date of instrument modifying the charge	06.11.2006
Particulars of the present modification	Total limits enhanced from Rs. 5.000 millions to Rs. 20.000 millions. EM on co's immovable property comprising of Industrial land and building with plant and machineries situated at No. 77B and 77C, 1st Phase, Jigani Industrial Area, Bangalore. All other terms, conditions and existing securities to continue.

FIXED ASSETS:

• Factory Buidling
• Computer
• Factory Land
• Motor Bike
• Motor Car
• Plant and Machinery

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	No
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 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

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.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.81

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.