. Summary Information

		Country	India
Company Name	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED	Principal Name 1	Mr. Mahesh Jatashankar Thanki
Status	Moderate	Principal Name 2	Mr. Bhavin Harihar Thanki
		Registration #	11-168380
Street Address	94A, Mittal Court, 224, Nariman Point, Mumbai 400021, Maharashtra, India
Established Date	29.01.1999	SIC Code	--
Telephone#	91-22-22829191	Business Style 1	Manufacturer
Fax #	91-22-22829193	Business Style 2	--
Homepage	http://www.rawmin.com	Product Name 1	Bauxite
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 196,201,440/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100.00%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	13 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	141,604,000	Current Liabilities	4116,000
Inventories	135,665,000	Long-term Liabilities	13,306,9000
Fixed Assets	82,887,000	Other Liabilities	12,386,000
Deferred Assets	0,000	Total Liabilities	149,571,000
Invest& other Assets	13,455,000	Retained Earnings	27,839,000
		Net Worth	224,040,000
Total Assets	373,611,000	Total Liab. & Equity	373,611,000
Total Assets (Previous Year)	409,427,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	NA	Net Profit(Prev.yr)	NA

MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED
Registered Office :	94A, Mittal Court, 224, Nariman Point, Mumbai 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1999
Com. Reg. No.:	11-168380
Capital Investment / Paid-up Capital :	Rs.196.201 Millions
CIN No.: [Company Identification No.]	U26999MH1999PTC168380
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bauxite
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 890000
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. However, 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 cautions. Note: 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 :	94-A,Mittal Court, 224, Nariman Point, Mumbai – 400021,Maharashtra, India
Tel. No.:	91-22-22829191
Fax No.:	91-22-22829193
Email:	rawmin@vsnl.com mail@rawmin.com bhargav@rawmin.com
Website:	http://www.rawmin.com
Branch 1 :	Gujarat Office East Kadia Plots,Porbandar-360575, Gujarat, India
Tel. No.:	91-286-2241108 / 2248179
Fax No.:	91-286-2245237
Branch 2 :	Goa Office Plot No. 22-B, GF – 1, Happy Home Co operative Society, La Campala, Miramar 403002, Goa, India
Tel. No.:	91-832-2465899
Fax No.:	91-832-2464399
E-Mail :	mahesh@rawmin.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Mahesh Jatashankar Thanki

Designation :

Managing Director

Address :

“Madhav Bhuvan” 2, Bhojeshwar Plot, Porbandar – 360575, Gujarat, India

Date of Birth/Age :

21.07.1958

Date of Appointment :

29.01.1999

DIN No.:

00045946

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26999MH1999PTC168380	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED	Managing director	1/04/2007	29/01/1999	-	Active	NO
2	U25543GJ1952PTC000691	SAURASHTRA MINERALS PRIVATE LIMITED	Director	1/04/2001	1/04/2001	-	Active	NO

Name :

Mr. Bhavin Harihar Thanki

Designation :

Whole-time Director

Address :

2, Wadi Plot, Porbandar – 360575, Gujarat, India

Date of Birth/Age :

21.08.1972

Date of Appointment :

29.01.1999

DIN No.:

00046393

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26999MH1999PTC168380	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED	Whole-time director	1/04/2007	29/01/1999	-	Active	NO
2	U25543GJ1952PTC000691	SAURASHTRA MINERALS PRIVATE LIMITED	Director	1/04/2001	1/04/2001	-	Active	NO

Name :

Mr. Bhargav Girjashankar Thanki

Designation :

Whole-time Director

Address :

“Shree Siddhivinayak” Gayatri Plots, Opp. Brahm Samaj Jubilee, Porbandar – 360 577, Gujarat, India

Date of Birth/Age :

24.02.1968

Date of Appointment :

29.01.1999

DIN No.:

00046364

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26999MH1999PTC168380	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED	Whole-time director	1/04/2007	29/01/1999	-	Active	NO
2	U25543GJ1952PTC000691	SAURASHTRA MINERALS PRIVATE LIMITED	Director	1/04/2001	1/04/2001	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Mahesh Jatashankar Thanki	3582936
Bhargav Girjashankar Thanki	4036536
Bhavin Harihar Thanki	3695436
Kalpana Ashwin Thanki	3312936
Mamta Mahesh Thanki	1322100
Hema Bhargav Thanki	868500
Hansaben Harihar Thanki	1209600
Gautam Ashwin Thanki	1592100
Total	19620144

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bauxite

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, M G Road, Branch, Porbandar 360575, Gujarat, India

· Canara Bank, Overseas Branch, Dalamal Towers, Nariman Point, Mumbai - 400021, Maharashtra, India.

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	133.069	165.857
Total	133.069	165.857

Banking Relations :	--
Auditors :
Name :	M. J. Rindani and Associates Chartered Accountants
Address :	205 Trade Centre, Sardar Nagar, Main Road, Rajkot – 360001, Gujarat, India
PAN.:	ABXPR2609C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19620144	Equity Shares	Rs.10/- each	Rs.196.201 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		196.201	196.201	109.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.839	26.012	112.546
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		224.040	222.213	221.546
LOAN FUNDS
1] Secured Loans		133.069	165.857	30.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		133.069	165.857	30.000
DEFERRED TAX LIABILITIES		3.603	3.484	3.169
TOTAL		360.712	391.554	547.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.887	86.738	77.539
Capital work-in-progress		13.077	6.933	13.744
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.665	97.712	87.704
	Sundry Debtors	1.246	4.085	0.930
	Cash & Bank Balances	13.384	21.215	9.894
	Other Current Assets	8.938	16.687	11.922
	Loans & Advances	118.036	175.319	73.419
Total Current Assets		277.269	315.018	183.869
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.555	0.238	1.493
	Other Current Liabilities	0.561	0.280	1.389
	Provisions	8.783	17.355	18.024
Total Current Liabilities		12.899	17.873	20.906
Net Current Assets		264.370	297.145	162.963
MISCELLANEOUS EXPENSES		0.378	0.738	0.469
TOTAL		360.712	391.554	254.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	TURNOVER		NA	196.829
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.759	64.327
Less/ Add	DEPRECIATION/ AMORTISATION		4.281	4.096
	PROFIT BEFORE TAX		1.478	60.231
Less	TAX		0.583	7.650
	PROFIT AFTER TAX		0.895	52.581
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	NA
		Dividend	0.196	NA
		Tax on Dividend	0.033	NA
	BALANCE CARRIED TO THE B/S		0.666	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	115.556	158.927
		Export Dispatch Money	0.000	2.586
	TOTAL EARNINGS		115.556	161.513
	Earnings Per Share (Rs.)
	- Basic		0.05	4.82
	- Diluted		0.05	2.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.53	19.12	NA
Return on Investment (ROI) (PBT/Networth)		0.00	0.27	NA
Debt Equity Ratio (Total Liability/Networth)		0.06	0.08	0.09
Current Ratio (Current Asset/Current Liability)		21.49	17.63	8.79

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	No
12) Profitability for last two 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	--
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:

Registered office of the company has been shifted from F – 605, Dheeraj Presidency, MG Road, Kandivali (West) Mumbai – 400067, Maharashtra, India to the present address w.e.f 19.03.2007

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26999MH1999PTC168380
Name of the company	RAWMIN MINING AND INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	94-A,Mittal Court, 224, Nariman Point, Mumbai – 400021,Maharashtra, India Email: mail@rawmin.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80033292
Type of charge	Movable property (not being pledge)
Particular of charge holder	Canara Bank, Overseas Branch, Dalamal Towers, Nariman Point, Mumbai - 400021, Maharashtra, India. Email: mcity@canbank.co.in
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement.
Date of instrument Creating the charge	29.04.2010
Amount secured by the charge	Rs.260.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable to Export finance. Terms of Repayment Repayable on Demand. Margin 10% Extent and Operation of the charge The charge is to operate as security, by way of first exclusive charge, for the due repayment of the credit facility of Rs.260.000 Millions together with interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation, by way of first charges, of all the Company's stocks of raw materials, work-in-progress and finished goods.
Date of instrument modifying the charge	28.04.2010
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.240.000 Millions to Rs.260.000 Millions. Facility: ---------- Packing Credit/ PCFC/FDB/FBE/BRD/RA - Rs.240.000 Millions Guarantee - Rs.20.000 Millions

Fixed Assets:

· Land and Land Development

· Leasehold Mines and Mining Rights

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Equipments

· Vehicles

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject Mumbai, India, is a family owned, professionally managed private company in the business of Mining, Beneficiation and Export of Metallurgical Grade and Cement Bauxite and Iron Ore since the year 1981. It is a Government of India Recognized Star Export House and also registered as a 100 % Export Oriented Unit under the special scheme of the Government of India. It enjoys a Green Card Status as an exporter with the government. It exports Bauxite from the Porbandar and Okha all-weather ports situated on the west coast of Gujarat State in India. The export of Iron Ore takes place from Goa in India. Rawmin has ventured into Export of Iron Ore from January 2010 and successfully performed Iron Ore fines shipments to China.

Rawmin provides the Bauxite and Iron Ore to its customers in various countries to their complete satisfaction right upto their doorstep. Rawmin believes in timely supply of Bauxite and Iron Ore to its clients and has always supplied quality Bauxite and Iron Ore to the end users. It may be considered noteworthy that since its formation in the year 1981, Rawmin’s consignments to its customers have always been carried out with utmost precision and dedication as per the terms of the respective contracts and met the approval of the buyers.

Their parent company - Saurashtra Minerals Private Limited., has been established in the year 1951 and the promoters of their company are third generation entrepreneurs having a deep and thorough knowledge of the mining industry. The company’s management is fully conversant with the Mining business due to its vast experience of more than 55 years in this field. Qualified Geologists and Mining Engineers with a long standing and rich experience in the field of Mining and Beneficiation of Bauxite and Iron Ore actively support the management.

They have a strong and a dedicated team of professionals working round the clock to meet the international standard for Quality, Management and Environment Management System in Mining, Processing, Logistics and Export. Their strong base in Mineralogy coupled with a strong control on shipping and logistics a thorough knowledge of the freight market makes us one of the most reputed and distinguished suppliers of Bauxite and Iron Ore from India. Rawmin being a privately owned company enjoys the advantage of making quick business decisions and significantly expedite any business opportunity.

At each step, be it the minehead or the beneficiation process or the sampling at the time of the actual shipment, the Bauxite as well as Iron ore sampling is carried out by world renowned surveyors -SGS India Private Limited., an ISO company, which is retained to control the quality for each shipment by us.

Rawmin’s group companies owns Mineral Concession Rights for various minerals like Bauxite, Laterite, Chalk, Limestone and Clay. The Bauxite mines are located in Jamnagar and Porbandar Districts of Gujarat State.

The Govt. of Maharashtra, in India has recently granted a “Mega Project” status to Rawmin’s proposed project to set up a 0.75 - 1 million MTPA Alumina refineries which includes setting up of a captive power plant as well as establishing port and warehousing facilities. The project is valued at US $ 600 million and is one of the first of its kind in the state of Maharashtra. A Memorandum of Understanding to this effect has already been executed between Rawmin and the Maharashtra state government.

Recently, Rawmin has acquired Bauxite mining area of in Maharashtra with substantial Bauxite deposits for subsequent export through the ports located close to these mining areas. Resulting into the substantial increase in the net worth of Rawmin and at the same time the reserves of export grade Bauxite available with us has increased manifold. It is planned to commence exports of Bauxite from these mines shortly from another 100% Export Oriented Unit being established there.

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.56.28
UK Pound	1	Rs.88.25
Euro	1	Rs.70.81

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	2
--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		28

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.