MIRA INFORM REPORT

Report No. :	295957
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	FUTURE STONE WORKS PRIVATED LIMITED
Registered Office :	S-720, South Block, 7^th Floor, Manipal Centre, Dickenson Road, Bengaluru - 560042, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.10.2009
Com. Reg. No.:	08-051084
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U14200KA2009PTC051084
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Granites, Marbles, Sandstones, Slates and Quartzite’s.
No. of Employees :	Information Declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 65000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has failed to file its financials of 2014 with government department. As per financials of 2013, overall financial position of the company. Trade relation are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sunil Bansal
Designation :	Director
Contact No.:	91-9538402215
Date :	07.01.2015

LOCATIONS

Registered Office :	S-720, South Block, 7th Floor, Manipal Centre, Dickenson Road, Bangalore – 560042, Karnataka, India
Tel. No.:	91-8040923983/40923984/40923985
Mobile No.:	91-9538402215 (Mr. Sunil Bansal)
Fax No.:	91-8040923987
E-Mail :	jindal_gaurav@yahoo.com
Website :	http://www.futurestoneworks.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Bansal

Designation :

Director

Address :

House No. 146 Mahi Khanna Ward No.16, Faridkot – 151203, Punjab, India

Date of Birth/Age :

09.12.1981

Date of Appointment :

10.05.2010

DIN No.:

00603920

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	U51430CH2004PTC026822	STONEAGE IMPEX PRIVATE LIMITED	Director	17-02-2004	17-02-2004	01-04-2013	Active	NO
2	U70100CH2006PTC029676	MEGAVIEW PROMOTERS PRIVATE LIMITED	Director	10-02-2006	10-02-2006	04-09-2012	Active	NO
3	U45400CH2000PTC034713	3B Infrastructure Private Limited	Director	18-01-2009	18-01-2009	-	Active	NO
4	U14200KA2009PTC051084	FUTURE STONE WORKS PRIVATE LIMITED	Director	10-05-2010	10-05-2010	-	Active	NO
5	U26960KA2013FTC070572	Steady Stone Works Private Limited	Director	17-08-2013	17-08-2013	-	Active	NO
6	U55101CH2012PTC033711	VENEZIA HOSPITALITY PRIVATE LIMITED	Director	30-09-2013	26-08-2013	28-03-2014	Active	NO

Name :

Mr. Rajinder Kumar

Designation :

Director

Address :

B-I-633, Mohh. Mahi Khana, Kamiana Gate, Faridkot – 151203, Punjab, India

Date of Birth/Age :

01.04.1952

Date of Appointment :

05.10.2009

DIN No.:

02305697

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	U45400CH2000PTC034713	3B Infrastructure Private Limited	Director	14-08-2006	14-08-2006	08-10-2010	Active	NO
2	U14200KA2009PTC051084	FUTURE STONE WORKS PRIVATE LIMITED	Director	05-10-2009	05-10-2009	-	Active	NO
3	U55101CH2012PTC033711	VENEZIA HOSPITALITY PRIVATE LIMITED	Director	03-09-2012	03-09-2012	01-04-2013	Active	NO

Name :

Mr. Gaurav Jindal

Designation :

Director

Address :

Sant Ram Advocate Street, H.No.B-V/745, Mansa – 151505, Punjab, India

Date of Birth/Age :

07.10.1977

Date of Appointment :

05.10.2009

DIN No.:

02733866

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	U14200KA2009PTC051084	FUTURE STONE WORKS PRIVATE LIMITED	Director	05-10-2009	05-10-2009	13-02-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Bansal
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Mr. Sunil Bansal	125000	50.00
Mr. Rajinder Kumar	100000	40.00
Mr. Gaurav Jindal	25000	10.00
Total		100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Granites, Marbles, Sandstones, Slates and Quartzite’s.
Products :	Granites o Black Granite o Black Galaxy Granite o Tan Brown Granite o Ivory Brown Granite o Imperial Red Granite o Multicolor Red Granite o Viskont White Granite o Black Granite o Absolute Black Granite o Crystal Yellow Granite o Kashmir Gold Granite o Forest Green Marble o Lady Onyx Green Marble o Rainbow Marble o Rainforest Brown Marble o Rainforest Green Marble o Teakwood Marble o Black Slates o Green Mica Natural Slates o Ocean Slates o Imported Pine And Spruce o Russian Pine Marbles Sandstones Slates Quartzite’s
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information Declined by the management

Bankers :

Axis Bank Limited, SCO 343-344, Sector-35 B, Chandigarh – 160035, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loan from bank
- Axis Bank - DC	24.086	0.000
- Axis Bank – Vehicle loan	1.690	0.534
Short-term borrowings
From bank repayable on demand
- Axis Bank - OD	49.981	24.840
Total	75.757	25.374

Auditors :
Name :	Prasan Kumar And Company Chartered Accountants
Address :	No.160, 4th Floor, KCI Chambers, Puttanna Chetty Road, 5th Main, Chamrajpet, Bangalore – 560018, Karnataka, India
Tel. No.:	91-80-26670609/41476859
Mobile No.:	91-9448480609
Fax No.:	Not Available
E-Mail :	prasan_sethiya@yahoo.co.in
PAN No.:	AAEPK5173G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

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	2.500	2.500	2.500
(b) Reserves & Surplus	20.183	13.535	7.318
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	22.683	16.035	9.818
(3) Non-Current Liabilities
(a) long-term borrowings	25.776	0.534	0.000
(b) Deferred tax liabilities (Net)	0.098	0.051	0.029
(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)	25.874	0.585	0.029
(4) Current Liabilities
(a) Short term borrowings	56.431	27.987	25.472
(b) Trade payables	54.822	42.854	19.674
(c) Other current liabilities	0.461	9.830	0.679
(d) Short-term provisions	0.042	1.523	2.336
Total Current Liabilities (4)	111.756	82.194	48.161
TOTAL	160.313	98.814	58.008
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.794	1.317	0.700
(ii) Intangible Assets	0.005	0.006	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	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.799	1.323	0.700
(2) Current assets
(a) Current investments	18.507	18.508	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	37.659	45.059	25.550
(d) Cash and cash equivalents	26.067	0.413	1.104
(e) Short-term loans and advances	61.131	33.361	30.504
(f) Other current assets	0.150	0.150	0.150
Total Current Assets	143.514	97.491	57.308
TOTAL	160.313	98.814	58.008

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	326.313	209.946	217.620
Less	EXPENSES	316.600	200.689	207.884
	PROFIT/ (LOSS) BEFORE TAX	9.713	9.257	9.736
Less	TAX	3.064	3.040	3.236
	PROFIT/ (LOSS) AFTER TAX	6.649	6.217	6.500
	Earnings / (Loss) Per Share (Rs.)	26.60	24.87	26.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.04	2.96	2.99
Operating Profit Margin (PBIDT/Sales)	(%)	2.98	4.41	4.47
Return on Total Assets (PBT/Total Assets}	(%)	6.06	9.37	16.78
Return on Investment (ROI) (PBT/Networth)		0.43	0.58	0.99
Debt Equity Ratio (Total Debt /Networth)		3.62	1.78	2.59
Current Ratio (Current Asset/Current Liability)		1.28	1.19	1.19

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	2.500	2.500	2.500
Reserves & Surplus	7.318	13.535	20.183
Net worth	9.818	16.035	22.683
long-term borrowings	0.000	0.534	25.776
Short term borrowings	25.472	27.987	56.431
Total borrowings	25.472	28.521	82.207
Debt/Equity ratio	2.594	1.779	3.624

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	217.620	209.946	326.313
		(3.526)	55.427

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	217.620	209.946	326.313
Profit	6.500	6.217	6.649
	2.99%	2.96%	2.04%

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	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	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	No
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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478916	07/02/2014	50,000,000.00	Axis Bank Limited	SCO 343-344,, Sector-35 B, Chandigarh, Chandigarh - 160035, India	B96922356

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From related parties repayable on demand
- Loan from Director	5.616	2.647
- Loan from relatives	0.834	0.500
-
Total	6.450	3.147

FIXED ASSETS

Tangible Assets

• Computer
• Vehicles
• Mobile Equipment
• Furniture
• Machinery
• Tally Software

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.