MIRA INFORM REPORT

IDENTIFICATION DETAILS

Name :	MICHIGAN STONES PRIVATE LIMITED

Country :	India

Financials (as on) :	31.03.2013

TAN No.: [Tax Deduction & Collection Account No.]	BLRM12106D

Legal Form :	Private Limited Liability Company

No. of Employees :	15 (Approximately)

BUSINESS DETAILS

Line of Business :	Trading and Exporting in Granite Stones and Marbles.

Products :	· Slabs · Tiles · Kitchen Tops · Work Tops · Pavers · Monuments · Cobblestones

Exports :
Countries :	· Germany · UAE · USA

GENERAL INFORMATION

Suppliers :

Tulip Granites

No. of Employees :

15 (Approximately)

Bankers :

· State Bank of India, No. 22, J.C. Road, Bangalore City Branch, Bangalore – 560 002, Karnataka, India

· United Bank of India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand From State Bank of India (Secured by hypothecation of stock and book debts)	13.270	11.775
Loans repayable on demand (Secured by hypothecation of car)	1.201	0.000
Total	14.471	11.775


Banking Relations :	--

Auditors :
Name :	Bhandhari Pincha and Surana Chartered Accountants
Address :	No.324, 1^st Floor, Prabhat Complex, No.8, K G Road, Bangalore – 560 009, Karnataka, India
PAN No.:	AAGPB7968L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

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	9.263	8.073	4.244
(b) Reserves & Surplus	52.130	42.877	24.266
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	1.598
Total Shareholders’ Funds (1) + (2)	61.393	50.950	30.108

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	14.471	11.775	0.000
(b) Trade payables	28.984	16.465	23.336
(c) Other current liabilities	2.133	10.077	14.436
(d) Short-term provisions	2.271	1.629	1.208
Total Current Liabilities (4)	47.859	39.946	38.980

TOTAL	109.252	90.896	69.088

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.212	6.959	6.371
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.002	0.002
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.160	0.120	0.090
Total Non-Current Assets	9.372	7.081	6.463

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.913	0.000	0.000
(c) Trade receivables	86.656	63.586	47.892
(d) Cash and cash equivalents	2.113	2.901	2.361
(e) Short-term loans and advances	1.229	5.995	6.724
(f) Other current assets	5.969	11.333	5.648
Total Current Assets	99.880	83.815	62.625

TOTAL	109.252	90.896	69.088

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Sales	297.051	206.773	149.832
Other Income	NA	0.437	0.184
TOTAL	NA	207.210	150.016

EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade	290.727	202.332	146.411
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade
Employees benefits expense
Other expenses
TOTAL	290.727	202.332	146.411

PROFIT/ (LOSS) BEFORE TAX	6.693	4.878	3.605

TAX	2.200	1.553	1.100

PROFIT/ (LOSS) AFTER TAX	4.493	3.325	2.505

Earnings / (Loss) Per Share (Rs.)	4.85	7.84	5.9

Particulars

31.03.2014

Sales Turnover

650.000

The above information has been parted by Mr. Chandrakanta Adhikari (Director)

FUTURE OUTLOOK:

The company is expected to achieve substantial turnover and profits are expected to be reasonably well during the coming financial years.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

LOCATIONS

Registered Office :	No.301, 2^nd Floor, Kembathahlli Road, Gottigere, Bannaerghtta Main Road, Bangalore – 560 083, Karnataka, India
Tel. No.:	91-80-39350709
Mobile No.:	91-9341168123 (Mr. Amit Khabya) 91-9341940046 (Chandrakanta Adhikari)
Fax No.:	91-80-39350709
E-Mail :	michiganstones@vsnl.net michiganstones@yahoo.com ckadhikari@gmail.com Suranamukesh73@gmail.com accounts@michigastones.com
Website :	http://www.michiganstones.com

NOTE: Registered office of the company has been shifted from No. 146, 1^st Main, 4^th Cross, Nisarga Layout, Koppa Gate, Harapanahalli Village, Jignai, Ankal Taluka, Bangalore – 562105, Karnataka, India, to the present address w.e.f. 16.01.2012

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.