MIRA INFORM REPORT

Report Date :

05.07.2014

IDENTIFICATION DETAILS

Name :	PACIFIC INDUSTRIES LIMITED
Registered Office :	Survey No.13, N.H.48, Kempalinganhalli, Nelamangala Taluka, Bangalore – 562123, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.07.1989
Com. Reg. No.:	17-062041
Capital Investment / Paid-up Capital :	Rs.13.515 Millions
CIN No.: [Company Identification No.]	L14101KA1989PLC062041
TAN No.: [Tax Deduction & Collection Account No.]	JDHP01647C
PAN No.: [Permanent Account No.]	AAACP7645R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in manufacturing of Granites and Marble Slabs.
No. of Employees :	282 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	August 2013

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 DENIED BY

Name :	Mr. Varma
Designation :	Export Import Department
Contact No.:	91-9343830192
Date :	03.07.2014

LOCATIONS

Registered Office :	Survey No.13, N.H.48, Kempalinganhalli, Nelamangala Taluka, Bangalore – 562123, Karnataka, India
Tel. No.:	91-80-27723004
Mobile No.:	91-9343830192 (Mr. Varma)
Fax No.:	91-80-27723005
E-Mail :	arvindfca@yahoo.com pilsouth@pacificgranites.com pacundltd@gmail.com pacificindi@123india.com vijaylaxmi2277@gmail.com
Web site:	www.pacificgranites.com
Corporate Office/Factory 1:	Village- Bedla, Udaipur – 313 004, Rajasthan, India
E-Mail :	pacificind@rediffmail.com
Website :	www.pacificindustriesltd.com
Corporate Office 2:	Village- Bedla, P.O. Box No.119, Udaipur -313001, India
Tel. No.:	91-294-2440196/2440388/2440933/2400934
Fax No.:	91-294-2440780
E-Mail :	pilnorth@pacificgranites.com
Factory 2 :	Village : Survey No. 13, Kemplingahalli Nelamangala Taluk (Rural) Bangalore-562123 (Karnataka), India
Tel. No.:	91-80-27723004
Fax No.:	91-80-27723005

DIRECTORS

Name :

Mr. J P Agarwal

Designation :

Chairman and Managing Director

Name :

Mr. Jagdishprasad M. Agrawal

Designation :

Director

Address :

19-C, Old Fatehpur – 313001, Rajasthan, India

Date of Birth/Age :

55 Years

Qualification:

C.A (Inter)

Experience:

23 Years

Date of Appointment:

29.08.2002

DIN No.:

00386418

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	U14101RJ1989PTC004995	RAHUL MARBLES PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
2	U14101RJ1995PTC011076	OJASWI MARBLES AND GRANITES PRIVATE LIMITED	Director	19/01/2001	19/01/2001	-	Active	NO
3	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	29/08/2002	29/08/2002	-	Active	NO
4	U72200RJ2008PTC026847	TRINITY INFOPARK PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
5	U55101RJ2008PTC027141	PARAGON HERITAGE HOTELS AND RESORTS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
6	U45201RJ2010PTC033352	PEARL REALHOME DEVELOPERS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO

Name :

Mr. Kapil Agarwal

Designation :

Executive Director

Address :

19-C, Old Fatehpur – 313001, Rajasthan, India

Date of Birth/Age :

28 Years

Qualification:

M.B.A

Experience:

7 Years

Date of Appointment:

23.07.2005

PAN No.:

AERPA5486M

DIN No.:

00386298

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	U65922RJ1995PTC011098	LAKECITY HOUSING DEVELOPMENT AND FINANCE PRIVATE LIMITED	Director	14/08/2002	14/08/2002	-	Active	NO
2	U65910MH1993PLC220160	PACIFIC LEASING AND RESEARCH LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
3	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	23/07/2005	23/07/2005	-	Active	NO
4	U14101RJ1995PTC011076	OJASWI MARBLES AND GRANITES PRIVATE LIMITED	Director	23/08/2005	23/08/2005	-	Active	NO
5	U70109RJ2008PTC025840	GEETANJALI INFOSYSTEMS PRIVATE LIMITED	Director	07/02/2008	07/02/2008	24/12/2009	Active	NO
6	U72200RJ2008PTC026847	TRINITY INFOPARK PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
7	U55101RJ2008PTC027141	PARAGON HERITAGE HOTELS AND RESORTS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
8	U45201RJ2010PTC033352	PEARL REALHOME DEVELOPERS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
9	U70101RJ2010PTC033428	PARIDHI BUILDCON PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO
10	U27101MH2011PLC217392	PACIFIC IRON MANUFACTURING LIMITED	Director	12/05/2011	12/05/2011	-	Active	NO
11	U67120KA2011PTC058643	GEETANJALI INVESTECH HOLDINGS INDIA PRIVATE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO
12	U45201RJ2010PTC031940	SHIVKARUNKRIPA ENTERPRISES PRIVATE LIMITED	Director	30/09/2011	02/06/2011	-	Active	NO
13	U70101RJ2012PTC038305	SURYA BUILDSQUARE PRIVATE LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO
14	U70101RJ2012PTC038304	RAVI BUILDMART PRIVATE LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO
15	U70101RJ2012PTC038303	BHASKAR BUILDMART PRIVATE LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO
16	U45201RJ2012PTC037682	Galaxy Realventure Private Limited	Director	01/06/2012	01/06/2012	-	Active	NO
17	U70101RJ2013PTC041926	REYANSH INFRASTRUCTURE PRIVATE LIMITED	Director	25/03/2013	25/03/2013	-	Active	NO
18	U45201RJ1999PTC016014	STEADFAST BUILDERS PRIVATE LIMITED	Director	26/04/2013	26/04/2013	-	Active	NO
19	U70101RJ2013PTC043643	GEETANJALI BUILDTECH PRIVATE LIMITED	Director	02/09/2013	02/09/2013	-	Active	NO

Name :

Mr. Amit Jagdish Agarwal

Designation :

Non-executive Independent Director

Address :

19-C, Old Fatehpur – 313001, Rajasthan, India

Date of Birth/Age :

24.09.1979

Date of Appointment :

29.08.2002

DIN No.:

00386418

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	U14101RJ1989PTC004995	RAHUL MARBLES PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
2	U14101RJ1995PTC011076	OJASWI MARBLES AND GRANITES PRIVATE LIMITED	Director	19/01/2001	19/01/2001	-	Active	NO
3	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	29/08/2002	29/08/2002	-	Active	NO
4	U72200RJ2008PTC026847	TRINITY INFOPARK PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
5	U55101RJ2008PTC027141	PARAGON HERITAGE HOTELS AND RESORTS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
6	U45201RJ2010PTC033352	PEARL REALHOME DEVELOPERS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
7	U70101RJ2010PTC033428	PARIDHI BUILDCON PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO

Name :

Mr. Jayanti Hiralal Oza

Designation :

Non-executive Independent Director

Address :

Rajasthan, India

Date of Birth/Age :

25.05.1943

Date of Appointment :

25.08.1991

DIN No.:

00923740

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	U24100MH1974PTC017805	GOMATI CHEMICALS PRIVATE LIMITED	Director	30/09/1974	30/09/1974	27/12/2012	Active	NO
2	U31102MH1985PTC035154	PRECISION TRANSFORMERS PRIVATE LIMITED	Director	24/01/1985	24/01/1985	-	Dormant	NO
3	U31200MH1989PTC053751	DIAMOND BIO - LIFE PRIVATE LIMITED	Director	04/10/1989	04/10/1989	-	Dormant	NO
4	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	25/08/1991	25/08/1991	-	Active	NO

Name :

Mr. Sagarmal Mangilal Agarwal

Designation :

Non-executive Independent Director

Address :

Thane, Maharashtra, India

Date of Birth/Age :

01.03.1941

Date of Appointment :

13.07.1989

DIN No.:

01560532

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	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	13/07/1989	13/07/1989	-	Active	NO
2	U65910MH1997PTC106727	SAMS FINVEST PRIVATE LIMITED	Managing director	20/03/1997	20/03/1997	-	Active	NO
3	U28992TN1999PTC042021	PACKINGS & JOINTINGS GASKETS PRIVATE LIMITED	Director	11/01/2002	11/01/2002	-	Active	NO
4	U99999MH1994NPL082995	CHIKHLOLI MORIVLI EFFLUENT TREATMENT	Director	26/09/2002	26/09/2002	-	Active	NO
5	U67110MH2012PTC238622	VITTA FINVEST PRIVATE LIMITED	Director	08/12/2012	08/12/2012	-	Active	NO

Name :

Mr. Mangi Lal Dangi

Designation :

Non-executive Independent Director

Address :

Mangtala, Malvi, Udaipur – 313203, Rajasthan, India

Date of Birth/Age :

28.07.1978

Date of Appointment :

10.05.2007

DIN No.:

01988948

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	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	30/09/2008	05/10/2007	-	Active	NO

Name :

Mr. Sumit Agarwal

Designation :

Non-executive Independent Director

Address :

19-C, Old Fatehpur – 313001, Rajasthan, India

Date of Birth/Age :

02.03.1975

Date of Appointment :

29.08.2002

DIN No.:

02484015

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	L14101KA1989PLC062041	PACIFIC INDUSTRIES LIMITED	Director	29/08/2002	29/08/2002	-	Active	NO
2	U45201RJ2010PTC033351	ANKIT BUILDMART PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
3	U70101RJ2010PTC033430	ANKIT BUILDESTATE PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO

KEY EXECUTIVES

Audit Committee :	Mr. S. M. Agarwal Mr. Jayanti Ojha Mr. Sumit Agarwal
Remuneration Committee	Mr. S. M. Agarwal Mr. Jayanti Ojha Mr. Sumit Agarwal
Shareholders Grievance Committee	Mr. S. M. Agarwal Mr. Jayanti Ojha Mr. Sumit Agarwal

SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	493030	36.48
Bodies Corporate	74610	5.52
Sub Total	567640	42.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	567640	42.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6380	0.47
Financial Institutions / Banks	60	0.00
Insurance Companies	10	0.00
Foreign Institutional Investors	10	0.00
Sub Total	6460	0.48
(2) Non-Institutions
Bodies Corporate	89954	6.66
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	563241	41.68
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	108213	8.01
Any Others (Specify)	15992	1.18
Non Resident Indians	12078	0.89
Clearing Members	3914	0.29
Sub Total	777400	57.52
Total Public shareholding (B)	783860	58.00
Total (A)+(B)	1351500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1351500	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing of Granites and Marble Slabs.

Products :

Product Description	Item Code No.
Polished Granite Slabs/ Tiles	68022301

Exports :

Countries :

• Italy
• Thailand
• China

Imports :

Countries :

Europe

Middle East

Switzerland

Asian Country

Far East Countries

USA

UK

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity
Polished Granite Slabs /Tiles	SQM	420000
Marble Slabs / Tiles	SQM	100000

Particulars	Unit	Installed Capacity
Granite Slabs	SQM	360000
Tiles	SQM	180000
Marble Slabs	SQM	100000

GENERAL INFORMATION

No. of Employees :

282 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• Fedral Bank Limited
• ICICI Bank, Udaipur
• Indian Bank
• State bank of India, Bangalore
• Bank of Baroda, Main Branch, Opposite Town Hall, Udaipur, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Secured Vehicle Loan from Banks
ICICI Bank	2.545	5.812
HDFC Bank	9.552	0.035
Total	12.097	5.847

Notes :

(a) Loans from ICICI bank for Vehicles carries interest @ 9.99% To 10.07%. The loans are repayable in 36 Monthly installments.

(b) Loans from HDFC Bank for Vehicles carries interest @ 8.00% To 09.14%. The loans are repayable in 36 monthly installments.

All the above Loans are secured by way of Hypothecation of respective assets.

Banking Relations :
Auditors :
Name :	A Bafna and company Chartered Accountants
Address :	K-2, Raj Apartment, Keshav Path, C-Scheme, Jaipur - 302 001, Rajastan
PAN No.:	AAGFA3909A
Entities in which key management personnel and their relatives are interested :	Ankit Buildmart Private Limited Dhawal Marbles and Granites Private Limited Divya Finlease Private Limited Geetanjali Education Society Geetanjali Foundation Geetanjali Infosystems Private Limited Geetanjali Institute of technical studies Geetanjali Investech Holdings Private Limited Geetanjali Marble Geetanjali University Trust J P Marble Kapil Exports Krishna Marble Lakecity Housing Private Limited Ojaswi Marbles and Granites Private Limited Pacific Export Pacific Leasing Pearl Exports Pearl real home developer Rahul Awas yojna Private Limited Rahul Marbles Private Limited Shephali Hotel and Resorts Private Limited Shruti Syntheices Limited Yash Processors Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- Each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1351500	Equity Shares	Rs.10/- Each	Rs.13.515 Millions

Reconciliation of the number of shares

Equity Shares	Number of Shares
At the beginning of the Period	1351500
Add:- Issued during the Period	--
Outstanding at the end of the period	1351500

The Company has only one Class of Equity Shares having a par value of 10 per shares. Each holder of equity shares is entitled to one vote per share.

Shares held by each shareholders holding more than 5% shares as on 31.03.2013

Name of Shareholder	Number of Shares	% holding
Geeta Devi Agarwal	189421	14.02%
Kapil Agarwal	134635	9.96%
Lalita Devi Modi	73884	5.47%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.515	13.515	13.515
(b) Reserves & Surplus	487.328	400.864	355.882
(c) Money received against share warrants	0.000	0.000	0.000
			0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	500.843	414.379	369.397
(3) Non-Current Liabilities
(a) long-term borrowings	87.874	137.756	82.616
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.985	11.443	8.144
Total Non-current Liabilities (3)	100.859	149.199	90.760
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	9.244
(b) Trade payables	209.615	149.447	127.828
(c) Other current liabilities	143.884	132.645	133.686
(d) Short-term provisions	26.741	15.151	12.128
Total Current Liabilities (4)	380.240	297.243	282.886
TOTAL	981.942	860.821	743.043
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	178.401	166.606	178.911
(ii) Intangible Assets	0.034	0.000	0.000
(iii) Capital work-in-progress	1.604	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.450	0.450	0.450
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.313	7.589	7.306
(e) Other Non-current assets	7.997	0.000	0.000
Total Non-Current Assets	193.799	174.645	186.667
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	318.429	303.173	259.963
(c) Trade receivables	200.879	172.598	165.728
(d) Cash and cash equivalents	74.527	17.868	13.119
(e) Short-term loans and advances	193.571	191.895	117.104
(f) Other current assets	0.737	0.642	0.462
Total Current Assets	788.143	686.176	556.376
TOTAL	981.942	860.821	743.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	882.511	581.079	608.823
		Other Income	29.124	32.721	1.101
		TOTAL	911.635	613.800	609.924
Less	EXPENSES
		Cost of Material Consumed	257.630	182.521	210.662
		Purchased of stock-in-trade	91.579	29.207	24.686
		Changes in inventories of finished goods, work-in-progress, stock-in-trade	23.584	17.480	(8.315)
		Manufacturing expenses	213.709	182.184	0.000
		Employee Benefit Expenses	56.181	47.912	39.517
		Other Expenses	126.876	68.729	259.305
		TOTAL	769.559	2.528	525.855
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		142.076	611.272	84.069
Less	FINANCIAL EXPENSES		4.173	2.528	4.332
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		137.903	608.744	79.737
Less/ Add	DEPRECIATION/ AMORTISATION		28.061	26.803	34.129
Less	PRE OPERATIVE EXPENSES WRITTEN OFF		0.888	0.000	0.000
	PROFIT BEFORE TAX		108.954	581.941	45.608
Less	TAX		22.490	11.453	9.978
	PROFIT AFTER TAX		86.464	570.488	35.630
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		400.864	355.882	320.252
	BALANCE CARRIED TO THE B/S		487.328	400.864	355.882
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	810.752	554.082	569.445
	TOTAL EARNINGS		810.752	554.082	569.445
	IMPORTS
		Raw Materials	15.645	9.588	3.945
		Stores & Spares	82.281	76.636	75.782
		Capital Goods	1.369	0.000	0.000
	TOTAL IMPORTS		99.295	86.224	79.727
	Earnings Per Share (Rs.)		63.98	33.28	26.36

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.48	92.94	5.84
Net Profit Margin (PBT/Sales)	(%)	12.35	100.15	7.49
Return on Total Assets (PBT/Total Assets}	(%)	11.12	67.64	6.14
Return on Investment (ROI) (PBT/Networth)		0.22	1.40	0.12
Debt Equity Ratio (Total Debt /Networth)		0.18	0.33	0.25
Current Ratio (Current Asset/Current Liability)		2.07	2.31	1.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	13.515	13.515	13.515
Reserves & Surplus	355.882	400.864	487.328
Net worth	369.397	414.379	500.843
long-term borrowings	82.616	137.756	87.874
Short term borrowings	9.244	0.000	0.000
Total borrowings	91.860	137.756	87.874
Debt/Equity ratio	0.249	0.332	0.175

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	608.823	581.079	882.511
		(4.557)	51.875

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	608.823	581.079	882.511
Profit	35.630	570.488	86.464
	5.85%	98.18%	9.80%

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	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	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	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:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Related Parties	23.050	51.982
From Companies	50.500	77.700
Securities Deposits from Customers	2.227	2.227
Total	75.777	131.909

CORPORATE INFORMATION

Subject is a public Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in manufacturing of Granites and Marble Slabs. In the current financial year 2012-13, the company has expanded its line of business to mining of granite blocks operation which is carried out under a unit of company located in Chennai. The Company is having 100% EOU & caters huge demand of Foreign Markets for Granite & Marbles Slabs.

BUSINESS RESULTS

During the year the turnover of the company has been increased by 51.87% to Rs.882.511 Millions as against Rs.581.079 Millions in the previous year. The Net Profit after Tax of the Company is Rs.86.464 Millions as against Rs.44.982 Millions in the previous year.

OVERVIEW OF INDIAN ECONOMY AND COMPANY OUTLOOK

India continues to witness a very challenging economic environment. India's GDP growth not only remained weak, but also continued to decline throughout the year 2012-13; the GDP growth rate for the year 2012-13 was being 5% which is the lowest growth in a decade. Looking to the slowdown in the growth of the construction and infrastructure sector, your company may also be affected in coming years. But at the same time, overall production of the Company will also be affected in coming years due to panic created in between mines owners because of the environmental issue which is great concern today. The company has to foresee the situation in its favor in near future. With increasing global integration, the Indian economy was impacted by global uncertainties, while at the same time faced significant domestic challenges of persistent and high inflation, tight monetary conditions, low investment and delays in policy making.

OUTLOOK:

India is the world's third largest producer of natural stones and fifth in export of finished products. Even today the Indian share of world market is less than 10%. There is, however, a bright future for increasing the Indian share in the world market with its vast area of granite deposits spreading over more than 15 states and with wide variety of colours and skilled work force. The growth of the granite sector, which provides a lot of employment, particularly for the rural masses, is important for the socio-economic development of the country.

Moreover with the production of Pacific Red Granite, your Company has command dominance in the global market.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10452733	07/03/2014 *	207,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B98324262
2	10425166	14/05/2013	8,010,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B74949686
3	10362933	29/06/2012	16,376,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B42588475
4	90075587	01/07/1997	1,962,450.00	Sundaram Finance Limited	No. 21, Patullos Road, Madras, Tamilnadu - 600002, India	-
5	90072789	13/02/1996	20,000,000.00	Industrial Development Bank of India	I.D.B.I. Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
6	90075606	12/01/1996	20,000,000.00	Industrial Development Bank of India	I.D.B.I. Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
7	90072778	21/12/1995	20,000,000.00	Industrial Development Bank of India	I.D.B.I. Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
8	90072732	19/04/1995	20,000,000.00	Industrial Development Bank of India	Anand Bhawan, S. C. Road, Jaipur, Rajasthan, India	-
9	90072503	01/11/1991	1,400,000.00	Industrial Development Bank of India	I.D.B.I. Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
10	90072490	23/08/1991 *	5,000,000.00	Industrial Development Bank of India	I.D.B.I. Tower, Cuffe Parade, Bombay, Maharashtra - 400005, India	-
11	90072415	23/04/1991 *	8,000,000.00	Industrial Credit & Investment Corp. Of India Limited	163; Backbay Reclamation, Bombay, Maharashtra - 400020, India	-

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicle

· Mise. Ass. Mining Equipments

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.59.72
UK Pound	1	Rs.102.45
Euro	1	Rs.81.54

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.