MIRA INFORM REPORT

Report Date :

09.02.2013

IDENTIFICATION DETAILS

Name :	CHANDNA INFRAPROJECTS INDIA PRIVATE LIMITED
Registered Office :	Plot No. A 49, Laxmi Nagar, Airport Road, Sitawadi, Jaipur – 302015, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.09.2010
Com. Reg. No.:	17-032737
Capital Investment / Paid-up Capital :	Rs.9.580 Millions
CIN No.: [Company Identification No.]	U70101RJ2010PTC032737
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Chandna Marbles, Chandna Slabs and Tiles and Chandna Granites.
No. of Employees :	Not Available

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 220000
Status :	Recently commenced business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of Rajasthan based Chandna Group. Mr. Chandna, director has confirmed that, even though the company was incorporated during September 2010, it has recently commenced its business activity during November 2012 The net worth of the company appears to be good. Trade relations are reported as improving. Business is active. Payment terms are unknown. The company can be considered for business dealings with great 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	B (Cash Credit and Terms Loans [Fund base limit])
Rating Explanation	High risk of default
Date	July 2012

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 (PARTIAL DETAILS)

Name :	Mr. Chandna
Designation :	Director
Contact No.:	91-9950488888
Date :	29.01.2013

LOCATIONS

Registered Office :	Plot No. A 49, Laxmi Nagar, Airport Road, Sitawadi, Jaipur – 302015, Rajasthan, India
Tel. No.:	91-141-4043411/ 4043414
Fax No.:	Not Available
E-Mail :	neeraj_jain2003@yahoo.com info@chandnagroup.com contact@chandnagroup.com
Website :	www.chandnagroup.com
Factory 1:	Opposite Ratan Industry Area, Kishangarh, National Highway 8, Ajmer – 305801, Rajasthan, India
Factory 2:	Jaipur-Kishangarh Highway, Behind Power House, Dindwada Road, Village Patan, Tehsil-Kishangarh, District Ajmer – 305816, Rajasthan, India

DIRECTORS

As on: 05.07.2012

Name :

Mr. Ashok Chandna

Designation :

Director

Address :

Chandna House, Shyopuria Ki Bawri, Nainwa Road, Bundi – 323001, Rajasthan India

Date of Birth/Age :

13.01.1984

Date of Appointment :

06.09.2010

DIN No.:

01930074

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	U14101RJ2005PTC020323	CHANDNA MARBLES PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
2	U14200DL2009PTC188573	CHANDNA GRANITES PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Active	NO
3	U70101RJ2010PTC032737	CHANDNA INFRAPROJECTS INDIA PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
4	U70101RJ2012PTC038939	CHANDNA REALTORS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO

Name :

Mr. Dalveer Chandna

Designation :

Director

Address :

Chandna House, Shyopuria Ki Bawri, Nainwa Road, Bundi – 323001, Rajasthan India

Date of Birth/Age :

24.12.1985

Date of Appointment :

06.09.2010

DIN No.:

02449618

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	U14101RJ2005PTC020323	CHANDNA MARBLES PRIVATE LIMITED	Director	19/12/2008	19/12/2008	-	Active	NO
2	U14200DL2009PTC188573	CHANDNA GRANITES PRIVATE LIMITED	Additional director	15/03/2010	15/03/2010	-	Active	NO
3	U70101RJ2010PTC032737	CHANDNA INFRAPROJECTS INDIA PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
4	U70101RJ2012PTC038939	CHANDNA REALTORS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO

Name :

Ms. Anita Chandna

Designation :

Director

Address :

Gram Shyopuria Ki Bawri, Bundi – 323001, Rajasthan India

Date of Birth/Age :

08.05.1952

Date of Appointment :

30.11.2011

DIN No.:

05143165

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 05.07.2012

Names of Shareholders	No. of Shares
Dalveer Chandna	530994
Ashok Chandna	417600
Anita Chandna	111366
Devlal Chandna	192658
Anjali Chandna	12000
Sohani Bai	22000
Chandna Marbles Private Limited, India	253080
Lalita Chandana	10745
Vandana Deswal	14225
Bhojraj Gurjar	5000
Jagdish Swaroop Mewara	133334
Total	1703002

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	14.86
Directors or relatives of directors	77.02
Other top fifty shareholders	8.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Chandna Marbles, Chandna Slabs and Tiles and Chandna Granites.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur, 2^nd Floor, Tambi Tower, Sansar Chandra Road, Jaipur – 302001, Rajasthan, India

· Adarsh Co-operative Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
From Bank	50.688	0.000
Total	50.688	0.000

Banking Relations :	--
Auditors :
Name :	SMNP and Company Chartered Accountants
Address :	307, Pal Mohan Plaza, Desh Bandhu Gupta Road, New Delhi – 110005, India
PAN No.:	ABJFS2756B

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1703002	Equity Shares	Rs.10/- each	Rs.17.030 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
958002	Equity Shares	Rs.10/- each	Rs.9.580 Millions

1. Reconciliation of the number of shares outstanding is set out as below :

Particulars	As at 31.03.2012
Equity Shares at the beginning of the period	10000
Add : Shares Issued during the year	948002
Equity Shares at the end of the year	958002

2. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

3. The Details of Shareholders holding more than 5% shares :

Particulars	As at 31.03.2012
	No. of Shares
Ashok Chandna	64650
Dalveer Chandna	385100
Anita Chandna	94700
Devlal Chandna	134325
Chandna Marbles Private Limited	235227

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		9.580	0.100
2] Share Application Money		0.000	0.208
3] Reserves & Surplus		45.420	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		55.000	0.308
LOAN FUNDS
1] Secured Loans		50.688	0.000
2] Unsecured Loans		1.324	0.050
TOTAL BORROWING		52.012	0.050
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		107.012	0.358
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.415	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
Other non Current Assets		8.805	0.208
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	34.052	0.150
	Other Current Assets	0.270	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		34.322	0.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.910	0.000
	Other Current Liabilities	0.620	0.000
	Provisions	0.000	0.000
Total Current Liabilities		9.530	0.000
Net Current Assets		24.792	0.150
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		107.012	0.358

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.95	0.16
Current Ratio (Current Asset/Current Liability)	3.60	0.00

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Other	1.324	0.050
Total	1.324	0.050

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U70101RJ2010PTC032737
Name of the company	CHANDNA INFRAPROJECTS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A 49, Laxmi Nagar, Airport Road, Sitawadi, Jaipur – 302015, Rajasthan, India E-mail: neeraj_jain2003@yahoo.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Personal guarantee)
Particular of charge holder	State Bank of Bikaner and Jaipur, 2^nd Floor, Tambi Tower, Sansar Chandra Road, Jaipur – 302001, Rajasthan, India E-mail: sbbj10781@sbbj.co.in
Nature of instrument creating charge	1. Letter regarding the grant of individual limits within the overall limit 2. Agreement of Hypothecation of Goods and Assets 3. Agreement of loan for overall limit 4. Annexure 9 relating to description of Properties given as Security 5. Sanction Letter No. 3943 dated 05.03.2012
Date of instrument Creating the charge	21.03.2012
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25% above base rate (floating), presently 13.75% p.a. with annual reset of interest spread from the date of documents. Terms of Repayment Loan is repayable in 26 Quarterly installments commencing from December 2013 and ending on March 2020 detailed as follows: 6 Installment of Rs. 6.000 Millions each amounting to Rs. 36.000 Millions commencing from 3rd Qtr. of 2013-14 to 4th Qtr of 2014-15 16 Quarterly Installment of Rs. 7.000 Millions each amounting to Rs. 112.00 Millions from 1st Qtr. of 2015-16 to 4th Qtr. of 2018-19 4 Quarterly Installment of Rs. 8.000 Millions each amounting to Rs. 32.000 Millions from 1st Qtr. of 2019-20 to 4th Qtr. of 2019-20 Margin 35.65% Extent and Operation of the charge Charge is created on movable and immovable assets of the company to secure Term Loan of Rs. 18.00 Millions granted to the company which is detailed as follows: (Rs. in Millions) Term Loan 180.000 One Time FLC for Capex (within Term Loan) (100.000) Total 180.000 Others Personel guarantee by following persons: Ashok Chandna Dalvir Chandna Anita Chandna
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First exclusive charge on entire fixed assets , Plant and Machinery including EM of factory land And building situated at Khasra No. 370/1, 377, 371 (measuring 26385 Sq. mtr) behind power house, Dindwaara Road at village: Patan District: Kishangarh, Rajasthan. 2nd Charge by way of hypothecation on company's entire stock of raw materials, stock-in -process, finished goods, semi finished goods stores spares and book-debts and other current assets present and future Equitable Mortgage of Flat No.904, situated at 9th floor, Royal Greens, Sirsi Road Jaipur in the name of Ashok Chandna. Complete parcel of Residential use converted land admeasuring 13 Bigha 16 Biswa (Approx 226183 sq ft) along with building and structures thereon, situated at Khasra no. 244, Village- Gandhi Gram, Sheopuria Ki Bawri, Nainwa Road, Gram Panchayat- Matunda, Tehsil and District- Bundi in the name of Anita Devi.

FIXED ASSETS:

· Land

· Computers

· Eot Crane

· Car

· Gantry Crane

· Bike

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 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.53.57
UK Pound	1	Rs.84.25
Euro	1	Rs.71.79

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	NO
--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.