MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	HILLTOP STONES PRIVATE LIMITED
Formerly Known As :	HILLTOP EXPORTS
Registered Office :	No. 1/18, 1/19, 1/4-1, 1/4-3, Bannerghatta Road, Near Mico Back Gate, Bangalore-560030, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.2008
Com. Reg. No.:	08-045863
Capital Investment / Paid-up Capital :	Rs. 21.570 millions
CIN No.: [Company Identification No.]	U26949KA2008PTC045863
TAN No.: [Tax Deduction & Collection Account No.]	BLRH03751G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gangsaw Sizes Granite Slabs.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 880000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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. 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 – 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+ (ICRA has suspended Long term rating)
Rating Explanation	Due to lack of information available with them
Date	October, 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.

LOCATIONS

Registered Office :	No. 1/18, 1/19, 1/4-1, 1/4-3, Bannerghatta Road, Near Mico Back Gate, Bangalore-560030, Karnataka, India
Tel. No.:	91-80-22484996/7/22227778
Fax No.:	91-80-22228026
E-Mail :	hilltopgroup@rediffmail.com hilltopgranites@yahoo.com
Website :	www.hiltopgranite.com
Factory :	220/2b, Shoolagiri Village, Hosur, Krishnagiri District – 635117, Tamilnadu, India
Tel. No.:	91-4344-252677
Fax No.:	91-4344-252577
E-Mail :	hilltopeou@yahoo.com
Overseas Office:	Located At: · USA · Canada

DIRECTORS

As on 29.09.2012

Name :

Mr. Kamlesh Kumar Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

01.04.2008

Din No.:

00369621

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	U26912KA1991PTC011567	HILL TOP GRANITES PRIVATE LIMITED	Director	03-02-97	03-02-97	-	Active	NO
2	U26949KA2008PTC045863	HILLTOP STONES PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

Name :

Mr. Nilesh Giria

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

08.12.1973

Date of Appointment :

01.04.2008

Din No.:

00368990

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	U26912KA1991PTC011567	HILL TOP GRANITES PRIVATE LIMITED	Director	03-02-97	03-02-97	-	Active	NO
2	U26949KA2008PTC045863	HILLTOP STONES PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

Name :

Mrs. Pramila Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

11.01.1972

Date of Appointment :

01.04.2011

DIN No.:

00367411

Name :

Mrs. Varsha Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

15.07.1978

Date of Appointment :

Director

DIN No.:

02652592

Name :

Mrs. Premlatha Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

10.05.1947

Date of Appointment :

01.04.2011

DIN No.:

02652596

Name :

Malchand Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

02.03.1946

Date of Appointment :

01.04.2011

DIN No.:

02652655

Name :

Mrs. Sanjana Jain

Designation :

Director

Address :

No. 852, Prem Mahal, 16th Main, 3^rd Block, Behind BDA Complex, Bangalore-560034, Karnataka, India

Date of Birth/Age :

28.02.1975

Date of Appointment :

01.04.2011

DIN No.:

02709473

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Kamlesh Jain	22624
Premlatha Jain	25624
Pramila Jain	24624
Sanjanna Jain	25624
Varsha Jain	24623
Vimal Jain	22623
Nilesh Giria	22624
Mahalchand Giria HUF	14000
Mahalchand Jain	6000
Kamlesh Giria HUF	334
Nilesh Giria HUF	333
Hilltop Granites Private Limited, India	26667
Total	215700

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	13.00
Directors or relatives of Directors	87.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gangsaw Sizes Granite Slabs.

GENERAL INFORMATION

No. of Employees :

60 [Approximately]

Bankers :

• UCO Bank, MIDC Corporate Branch, No. 13/22, 1^st Floor, K. G. Road, Bangalore-560009, Karnataka, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Bangalore
Kotak Mahindra Prime Limited – Vehicle Loan (Repayable after 1 year)	0.499	0.000
Short term foreign bills purchased	4.490	5.199
Kotak Mahindra Prime Limited Repayable within 1 year)	0.690	1.814
Packing Credit SCH [The above working capital term loan is based on a security of stock, book debts and directors personal guarantee]	19.641	25.685
EOU
Foreign currency term loan (Repayable after 1 year) The above long term is based on security of fixed assets and directors personal guarantee	12.490	37.494
Foreign term loan (Repayable within 1 year)	13.198	0.000
Foreign currency bill purchase	10.449	0.00
Total	61.457	70.192

Banking Relations :	--
Auditors :
Name :	Vimal and Company Chartered Accountants
Address :	No. 13, 2^nd Floor, Paxal Towers, KR Road, Bangalore-560002, Karnataka, India
Tel. No.:	91-80-26705989 / 41517544
Pan No.:	AAAFV9374L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215700	Equity Shares	Rs.100/- each	Rs.21.570 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.570	21.570	21.570
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		200.108	165.321	92.619
4] (Accumulated Losses)		0.000	0.000	(8.593)
NETWORTH		221.678	186.891	105.596
LOAN FUNDS
1] Secured Loans		61.457	70.192	84.062
2] Unsecured Loans		10.569	9.003	35.062
TOTAL BORROWING		72.026	79.195	119.124
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		293.704	266.086	224.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		114.097	120.859	135.416
Capital work-in-progress		2.854	0.000	5.000
INVESTMENT		2.069	1.070	1.070
DEFERREX TAX ASSETS		1.086	0.321	0.264
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.476	61.507	53.411
	Sundry Debtors	124.816	95.597	40.489
	Cash & Bank Balances	15.535	4.810	22.052
	Other Current Assets	3.233	2.435	2.400
	Loans & Advances	35.852	33.377	15.475
Total Current Assets		229.912	197.726	133.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.468	40.754	47.085
	Other Current Liabilities	1.067	0.048	0.619
	Provisions	20.779	13.088	3.259
Total Current Liabilities		56.314	53.890	50.963
Net Current Assets		173.598	143.836	82.864
MISCELLANEOUS EXPENSES		0.000	0.000	0.106
TOTAL		293.704	266.086	224.720

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	422.704	397.368	241.434
		Other Income	9.624	39.123	6.307
		TOTAL (A)	432.328	436.491	247.741
Less	EXPENSES
		Cost of Materials	NA	NA	154.733
		Expenditure on Employees			2.791
		Operating and Others Expenses			16.406
		TOTAL (B)	NA	NA	173.930
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	73.811
Less	FINANCIAL EXPENSES (D)		NA	NA	8.167
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	65.644
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	24.826
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	40.818
Less	TAX (H)		NA	NA	1.423
	PROFIT AFTER TAX (G-H) (I)		NA	140.181	39.395
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	19.491
	BALANCE CARRIED TO THE B/S		NA	NA	58.886
	Earnings Per Share (Rs.)		NA	644.50	182.64

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	32.12	15.90
Net Profit Margin (PBT/Sales)	(%)	NA	NA	16.91
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	15.16
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.39
Debt Equity Ratio (Total Liability/Networth)		0.58	0.71	1.61
Current Ratio (Current Asset/Current Liability)		4.08	3.67	2.63

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	Yes
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 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 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

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Director	0.000	1.274
From Shareholder	10.569	7.729
Total	10.569	9.003

FIXED ASSETS

• Plant and Machinery
• Land
• Computer
• Buildings
• Furniture
• Vehicles
• Tempo
• Office Equipment

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 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.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		47

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.