MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	DHRUV STONES PRIVATE LIMITED
Registered Office :	Plot No-34, Purohit Ji Ka Baas, 22-Godam, Jaipur - 302006, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.2010
Com. Reg. No.:	17-031694
Capital Investment / Paid-up Capital :	Rs.0.200 million
CIN No.: [Company Identification No.]	U14101RJ2010PTC031694
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Natural Stones Granite Marble, Sandstones etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. The company has achieved a small turnover from its first year operation. There appears some accumulated losses recorded by the company However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The concern can be considered for business dealing on a secured 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Deepak Agarwal
Designation :	Manager
Contact No.:	91-141-4045825
Date :	11.09.2012

LOCATIONS

Registered Office :	Plot No-34, Purohit Ji Ka Baas, 22-Godam, Jaipur - 302006, Rajasthan, India
Tel. No.:	91-141-4045825
Mobile No:	91-8058844000 / 8058799416 (Mr. Sachin Gadia)
Fax No.:	91-141-4045825
E-Mail :	bajoria76@rediffmail.com dhruvstones@gmail.com stones@dhruvgroup.com
Website :	http://www.druvstones.com

DIRECTORS

As on: 21.10.2011

Name :

Mr. Vikas Bajoria

Designation :

Director

Address :

Bihind Bank of Baroda, Churu – 331001, Rajasthan India

Date of Birth/Age :

12.10.1976

Date of Appointment :

07.05.2010

DIN No:

01615290

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120RJ2009PTC030558	Dhruv Broking Services India Private Limited	Director	22/12/2009	22/12/2009	-	Active	NO
2	U80903RJ2010PTC030637	Dhruv Coaching Classes Private Limited	Director	04/01/2010	04/01/2010	-	Active	NO
3	U14101RJ2010PTC031694	Dhruv Stones Private Limited	Director	07/05/2010	07/05/2010	-	Active	NO

Name :

Mr. Puneet Bajoria

Designation :

Director

Address :

Bihind Bank of Baroda, Churu – 331001, Rajasthan India

Date of Birth/Age :

13.07.1978

Date of Appointment :

07.05.2010

DIN No:

02857114

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101RJ2010PTC031153	Dhruv Dinesh Enterprises Private Limited	Director	09/03/2010	09/03/2010	-	Active	NO
2	U14101RJ2010PTC031694	Dhruv Stones Private Limited	Director	07/05/2010	07/05/2010	-	Active	NO
3	U67120RJ2009PTC030558	Dhruv Broking Services India Private Limited	Director	23/06/2010	23/06/2010	-	Active	NO

Name :

Mr. Sachin Gadia

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Deepak Agarwal
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.10.2011

Names of Shareholders	No. of Shares
Vikas Bajoria	10000
Puneet Bajoria	10000
Total	20000

List of Allottees (As on 31.03.2012)

Names of Allottees	No. of Shares
Anuradha Verma	10000
Kamlesh Bajoria	10000
Kanta Bajoria	5000
Manoj Kumarverma	10000
Neha Gadia	5000
Prem Lata Sharma	10000
Punit Bajoria	3000
Punit Poddar	5000
R N Bajoria	5000
Sachin Gadia	12000
Sumit gadia	5000
Total	80000

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Natural Stones Granite Marble, Sandstones etc.

Products :

· Granite

· Stone

· Slate Stone

· Sandstone

· Marble

Item code No.	Product Description
98022390	Marble, Granite and other Natural Stones

Exports :

Products :

Natural Stones Granite Marble, Sandstones etc.

Countries :

· US

· Galf

· China

Terms :

Selling :

L/C / Cash / Credit (30 days)

Purchasing :

L/C / Cash / Credit (30 days)

GENERAL INFORMATION

Customers :	Manufacturer
No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deepak Agarwal Chartered Accountant
Address :	Gudari Bazar, Main Market, Churu – 331001, Rajasthan, India
PAN No :	AUPPA1299Q

CAPITAL STRUCTURE

After 21.10.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs.10/- each	Rs.1.000 million

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity shares	Rs.10/- each	Rs.0.200 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		0.800
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.125)
NETWORTH		0.875
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.875
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2.061
	Cash & Bank Balances	0.553
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		2.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.150
	Other Current Liabilities	0.617
	Provisions	0.000
Total Current Liabilities		1.767
Net Current Assets		0.847
MISCELLANEOUS EXPENSES		0.028
TOTAL		0.875

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	9.692
		Other Income	0.012
		TOTAL	9.704
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.829
	PROFIT / (LOSS) BEFORE TAX		(0.125)
Less	TAX		0.000
	PROFIT / (LOSS) AFTER TAX		(0.125)
	Earnings Per Share (Rs.)		6.25

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	(1.29)
Return on Total Assets (PBT/Total Assets}	(%)	(4.78)
Return on Investment (ROI) (PBT/Networth)		(0.14)
Debt Equity Ratio (Total Liability/Networth)		(2.01)
Current Ratio (Current Asset/Current Liability)		(1.48)

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 t one years	Yes
12]	Profitability for last one 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	No
18]	Major customers	No
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	No
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

OPERATIONS:

The company recorded a significant business turnover. The total turnover of (the year was about Rs. Ninety Seven Lacs four Thousand. The Directors are expected that the turner shall be more than double in next year.

NOTE:

The Registered Office of the company has been shifted from 66, Bajaj Nagar Enclave, Near Gandhi Nagar Railway Station,Jaipur - 302015, Rajasthan, India to the present address w.e.f.20.05.2010

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.55.52
UK Pound	1	Rs.88.85
Euro	1	Rs.70.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		14

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

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.