MIRA INFORM REPORT

Report No. :	341026
Report Date :	14.09.2015

IDENTIFICATION DETAILS

Name :	THE HUTTI GOLD MINES COMPANY LIMITED (w.e.f. 12.02.1958)
Formerly Known As :	THE HYDERABAD GOLD MINES COMPANY LIMITED
Registered Office :	3rd Floor, KHB Shopping Complex, National Games Village, Koramangala, Bangalore-560025, Karnataka
Tel. No.:	91-80-25705723
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.1947
Com. Reg. No.:	08-001321
Capital Investment / Paid-up Capital :	Rs. 29.620 Million
CIN No.: [Company Identification No.]	U85110KA1947SGC001321
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Gold
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is Government of Karnataka Undertaking (Established in 1947 as Hyderabad Gold Mines), it has the unique distribution of being the only producer of primary gold in the country. It well established company having a fine track record. The rating take into account company strong financial risk profile as reflected from its debt free status and robust liquidity profile. Rating further gain strength on company’s healthy operations backed by maintaining strong profitability margin. Moreover, the rating continue to comfort from the strong financial and managerial support the company receive from the “Government of Karnataka”. Trade relations are reported to be fair. Business is active. Payments terms are regular and as per commitment. The company can be considered good for normal 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Devraj
Designation :	Account Superintendent
Contact No.:	91-80-25705723
Date :	12.09.2015

LOCATIONS

Registered Office :	3rd Floor, KHB Shopping Complex, National Games Village, Koramangala, Bangalore-560025, Karnataka, India
Tel. No.:	91-80-25705723
Fax No.:	91-80-25718365
E-Mail :	hgml@vsnl.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Monnappa Kuttappa Avaremadanda

Designation :

Managing Director

Address :

No. 409, 2-Cross, Jedges L/O, R.T. Nagar, Ganganagar, Bangalore-560032, Karnataka, India

Date of Birth/Age :

27.12.1955

Date of Appointment :

01.10.2011

DIN No.:

02168980

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	U01100KA1973SGC002325	KARNATAKA STATE AGRO-CORN PRODUCTS LIMITED	Director	03/10/2006	03/10/2006	22/03/2007	Active	NO
2	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	24/09/2008	24/09/2008	07/03/2009	Active	NO
3	U85320KA1987PLC008555	KARNATAKA STATE WOMEN DEVELOPMENT CORPORATION LIMITED	Director	03/12/2008	03/12/2008	19/05/2014	Active	NO
4	U85110KA2004SGC001959	KARNATAKA FISHERIES DEVELOPMENT CORPORATION LIMITED	Director	29/12/2008	29/12/2008	10/07/2009	Active	NO
5	L15428KA1933SGC000142	MYSORE SUGAR COMPANY LIMITED	Nominee director	19/03/2009	19/03/2009	13/05/2011	Active	NO
6	U45100KA2008SGC048745	KARNATAKA PUBLIC LANDS CORPORATION LIMITED	Managing director	05/09/2011	05/09/2011	29/01/2013	Active	NO
7	U85110KA1947SGC001321	THE HUTTI GOLD MINES CO LTD	Managing director	01/10/2011	01/10/2011	-	Active	NO
8	U85110KA1966SGC001620	MYSORE MINERALS LIMITED	Director	22/12/2011	22/12/2011	-	Active	NO
9	U14200KA1971PTC002035	TUNGABHADRA MINERALS PRIVATE LIMITED	Nominee director	27/03/2012	27/03/2012	-	Active	NO

Name :

Mr. Arvind Shrivastava

Designation :

Director

Address :

C58, III Cross, Vasantha Nagar, Bangalore-560001, Karnataka, India

Date of Birth/Age :

16.01.1971

Date of Appointment :

13.06.2013

DIN No.:

02340040

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	U85110KA1993SGC014869	KARNATAKA URBAN INFRASTRUCTURE DEVELOPMENT AND FINANCE CORPORATION LIMITED.	Nominee director	23/11/2011	10/06/2008	13/06/2012	Active	NO
2	U55103KA1980SGC003775	JUNGLE LODGES AND RESORTS LIMITED	Nominee director	28/06/2012	28/06/2012	17/08/2013	Active	NO
3	U75112KA1974SGC002613	KARNATAKA RURAL INFRASTRUCTURE DEVELOPMENT LIMITED	Director	30/06/2012	30/06/2012	-	Active	NO
4	U01409KA1996SGC020350	KARNATAKA STATE AGRICULTURAL PRODUCE PROCESSING AND EXPORT CORPORATION LIMITED	Director	02/07/2012	02/07/2012	13/09/2013	Active	NO
5	U63040KA1971SGC002003	KARNATAKA STATE TOURISM DEVELOPMENT CORPORATION LIMITED	Nominee director	02/08/2012	02/08/2012	26/07/2013	Active	NO
6	U51220KA1973SGC002400	KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED	Director	17/08/2012	17/08/2012	01/08/2013	Active	NO
7	U45209KA1999SGC025497	KARNATAKA ROAD DEVELOPMENT CORPORATION LIMITED	Director	26/09/2012	26/09/2012	05/10/2013	Active	NO
8	U01551KA2003SGC032033	KARNATAKA STATE BEVERAGES CORPORATION LIMITED	Managing director	27/06/2013	10/05/2013	-	Active	NO
9	U75112KA1964SGC001526	KARNATAKA STATE HANDICRAFTS DEVELOPMENT CORPORATION LIMITED	Director	12/06/2013	12/06/2013	23/03/2015	Active	NO
10	U85110KA1966SGC001620	MYSORE MINERALS LIMITED	Director	13/06/2013	13/06/2013	-	Active	NO
11	U85110KA1947SGC001321	THE HUTTI GOLD MINES CO LTD	Director	13/06/2013	13/06/2013	-	Active	NO
12	U85110KA1997PLC021862	NABARD FINANCIAL SERVICES LIMITED	Nominee director	12/09/2014	22/06/2013	12/06/2015	Active	NO
13	L99999KA1936SGC000173	THE MYSORE PAPER MILLS LIMITED	Nominee director	25/06/2013	25/06/2013	-	Active	NO
14	U02005KA1973SGC002314	KARNATAKA STATE FOREST INDUSTRIES CORPORATION LIMITED	Nominee director	31/08/2013	31/08/2013	-	Active	NO
15	U02001KA1971ULL001999	KARNATAKA FOREST DEVELOPMENT CORPORATION LIMITED.	Director	31/08/2013	31/08/2013	-	Active	NO
16	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	26/02/2014	26/02/2014	-	Active	NO
17	U45203KA2001PLC028418	BANGALORE INTERNATIONAL AIRPORT LIMITED	Director appointed in casual vacancy	04/08/2014	04/08/2014	-	Active	NO

Name :

Mr. Somappa Shankara Narayana

Designation :

Director

Address :

No. 22, 14th Cross, 22^nd Main, Padmanabhanagar, Bangalore-560070, Karnataka, India

Date of Birth/Age :

18.11.1955

Date of Appointment :

01.10.2013

DIN No.:

06743818

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	U85110KA1966SGC001620	MYSORE MINERALS LIMITED	Director	10/08/2013	10/08/2013	-	Active	NO
2	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Nominee director	17/08/2013	17/08/2013	21/02/2014	Active	NO
3	U85110KA1947SGC001321	THE HUTTI GOLD MINES CO LTD	Director	01/10/2013	01/10/2013	-	Active	NO
4	U85100KA2014NPL075114	Karnataka Mining Environment Restoration Corporation	Director	30/06/2014	30/06/2014	-	Active	NO

Name :

Gonal Lingamurthy

Designation :

Director

Address :

Karchedu Post, Bellary Taluk, Bellary-583117, Karnataka, India

Date of Birth/Age :

01.06.1976

Date of Appointment :

19.09.2014

DIN No.:

07017129

Other Directorship:

Name :

Rani Satish

Designation :

Director

Address :

# 3412,10th Main,2nd Cross,2nd Stage, Water Tank, Indira Nagar, Bangalore-560038, Karnataka, India

Date of Appointment :

24.11.2014

DIN No.:

07051988

Name :

Naveen Raj Singh

Designation :

Nominee Director

Address :

C-9a 4th Main 8th Cross, Jayamahal, Bangalore-560046, Karnataka, India

Date of Appointment :

13.01.2015

DIN No.:

06854287

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	U75144KA2008SGC047770	Karnataka Vocational Training and Skill Development Corporation Limited	Managing director	10/01/2014	10/01/2014	03/09/2014	Active	NO
2	L99999KA1936SGC000173	THE MYSORE PAPER MILLS LIMITED	Managing director	03/09/2014	03/09/2014	-	Active	NO
3	U75112KA1998PTC023646	KARNATAKA ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Nominee director	15/12/2014	15/12/2014	-	Active	NO
4	U75112KA1998PTC023647	KARNATAKA TRUSTEE COMPANY PRIVATE LIMITED	Nominee director	15/12/2014	15/12/2014	-	Active	NO
5	U74999KA2007PLC042018	KSIIDC - IL&FS Project Development Company Limited	Nominee director	29/12/2014	29/12/2014	-	Active	NO
6	U74900KA2012SGC063386	TADADI PORT LIMITED	Nominee director	03/01/2015	03/01/2015	-	Active	NO
7	U63031KA2008SGC045831	BANGALORE AIRPORT RAIL LINK LIMITED	Director	12/01/2015	12/01/2015	-	Active	NO
8	U85110KA1947SGC001321	THE HUTTI GOLD MINES CO LTD	Nominee director	13/01/2015	13/01/2015	-	Active	NO
9	U85110KA1966SGC001620	MYSORE MINERALS LIMITED	Nominee director	13/01/2015	13/01/2015	-	Active	NO
10	U27101KA1982SGC005078	VIJAYANAGAR STEEL LIMITED	Nominee director	29/01/2015	29/01/2015	-	Active	NO
11	L27102MH1994PLC152925	JSW Steel Limited	Nominee director	30/01/2015	30/01/2015	-	Active	NO
12	U24231KA1981GOI004145	KARNATAKA ANTIBIOTICS AND PHARMACEUTICALS LIMITED	Nominee director	20/02/2015	20/02/2015	-	Active	NO
13	U85110KA1966SGC001612	MYSORE SALES INTERNATIONAL LIMITED	Nominee director	06/03/2015	06/03/2015	-	Active	NO
14	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Managing director	18/03/2015	18/03/2015	-	Active	NO

Name :

Rajeshwari Lingaiah

Designation :

Nominee Director

Address :

371, Bhuvaneshwari Nagar, Kathari Guppe, Banashankari 3rd Stage, Bangalore South, Bangalore-560085, Karnataka, India

Date of Appointment :

16.02.2015

DIN No.:

02559992

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	U85110KA1940SGC000261	THE MYSORE CHROME TANNING COMPANY LIMITED	Director	08/12/2006	08/12/2006	29/06/2012	Active	NO
2	L51434KA1947SGC000503	MYSORE PAINTS AND VARNISH LIMITED	Nominee director	05/08/2013	05/08/2013	-	Active	NO
3	U85110KA2004SGC001959	KARNATAKA FISHERIES DEVELOPMENT CORPORATION LIMITED	Director	28/12/2013	28/12/2013	-	Active	NO
4	U20293KA1975ULL002755	DR. B.R. AMBEDKAR DEVELOPMENT CORPORATION LIMITED	Director	17/07/2014	17/07/2014	-	Active	NO
5	U85110KA1947SGC001321	THE HUTTI GOLD MINES CO LTD	Nominee director	16/02/2015	16/02/2015	-	Active	NO
6	U51220KA1973SGC002400	KARNATAKA FOOD AND CIVIL SUPPLIES CORPORATION LIMITED	Nominee director	16/04/2015	16/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Devraj
Designation :	Account Superintendent
Name :	Mr. Prabhunath
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Government [Central and State]	74.34
Government companies	24.47
Others	1.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Gold

Products :

Item Code No.	Product Description
71141910	Manufacture of Gold

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

Bank Name	State Bank of Hyderabad
Branch	Industrial Finance Branch,No.85,1st Floor, Sheriff House, Richmond Road, Bangalore - 560025, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Subhaschandra P. Kudari and Company Chartered Accountants
Address :	# 15, 1st Floor, I Cross , Nehru Nagar, Seshadripuram, Bangalore-560020, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAQPK6897D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs. 100.000 Million
1,000,000	Preference Shares	Rs.100/- each	Rs. 100.000 Million
	Total		Rs. 200.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
307,933	Equity Shares	Rs.100/- each	Rs. 30.793 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
296,203	Equity Shares	Rs.100/- each	Rs. 29.620 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	29.620	29.620	29.620
(b) Reserves & Surplus	10246.576	9385.123	7724.833
(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)	10276.196	9414.743	7754.453
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	284.458	184.479	222.098
(c) Other long term liabilities	426.493	450.628	315.576
(d) long-term provisions	13.908	14.322	8.028
Total Non-current Liabilities (3)	724.859	649.429	545.702
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	462.359	335.417	545.792
(c) Other current liabilities	130.114	127.866	112.189
(d) Short-term provisions	214.758	202.688	179.317
Total Current Liabilities (4)	807.231	665.971	837.298
TOTAL	11808.286	10730.143	9137.453
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2020.014	1974.991	1943.119
(ii) Intangible Assets	1.172	1.646	2.120
(iii) Capital work-in-progress	362.857	206.121	159.753
(iv) Intangible assets under development	14.187	14.187	14.187
(b) Non-current Investments	0.250	0.250	0.250
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	93.478	89.028	86.224
(e) Other Non-current assets	1.308	1.962	3.322
Total Non-Current Assets	2493.266	2288.185	2208.975
(2) Current assets
(a) Current investments	1013.784	803.540	0.000
(b) Inventories	2214.533	1777.405	1409.270
(c) Trade receivables	3.494	3.132	8.567
(d) Cash and cash equivalents	4777.357	4765.291	4801.084
(e) Short-term loans and advances	1171.756	988.709	494.594
(f) Other current assets	134.096	103.881	214.963
Total Current Assets	9315.020	8441.958	6928.478
TOTAL	11808.286	10730.143	9137.453

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4057.943	5171.994	5101.927
		Other Income	478.168	496.144	418.923
		TOTAL (A)	4536.111	5668.138	5520.850
Less	EXPENSES
		Cost of Materials Consumed	591.489	570.614	448.049
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(353.434)	(191.405)	(259.497)
		Employees benefits expense	1895.952	1743.118	1535.438
		Other expenses	796.117	826.712	693.278
		TOTAL (B)	2930.124	2949.039	2417.268
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1605.987	2719.099	3103.582
Less	FINANCIAL EXPENSES (D)		1.649	0.130	0.003
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1604.338	2718.969	3103.579
Less/ Add	DEPRECIATION/ AMORTISATION (F)		158.060	147.674	143.316
	PROFIT BEFORE TAX (E-F) (G)		1446.278	2571.295	2960.263
Less	TAX (H)		550.172	876.329	918.975
	PROFIT AFTER TAX (G-H) (I)		896.106	1694.966	2041.288
	Earnings Per Share (Rs.)		3025	5726	6896

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	373.303	606.420	2218.490

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	22.08	32.77	40.01
Operating Profit Margin (PBIDT/Sales)	(%)	39.58	52.57	60.83
Return on Total Assets (PBT/Total Assets}	(%)	12.65	24.47	33.03
Return on Investment (ROI) (PBT/Networth)		0.14	0.27	0.38
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		11.54	12.68	8.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	29.620	29.620	29.620
Reserves & Surplus	7724.833	9385.123	10246.576
Net worth	7754.453	9414.743	10276.196
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5101.927	5171.994	4057.943
		1.373	(21.540)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5101.927	5171.994	4057.943
Profit	2041.288	1694.966	896.106
	40.01%	32.77%	22.08%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from No.6/13,Gurappa Avenue,Primrose Road Cross, Bangalore – 560025, Karnataka, India to the present address w.e.f. 24.09.2007

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80018886	11/06/2011 *	60,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH,NO.85,1ST FLOOR, SHERIFF HOUSE,RICHMOND ROAD, BANGALORE, Karnataka - 560025, INDIA	B16447385

* Date of charge modification

FUTURE OUTLOOK:

The robust India Gold Consumption over the years was an important pillar supporting significantly higher prices for gold in the world market. But since mid-2013, the remedial measures such as imposition of gold import tax @ 10% and introduction of 80:20 rule where importers were obligated to re-export 20% of gold brought into the country, introduced by GOI to contain Current Account Deficit (CAD) has affected the gold prices. The average price of gold which was in the order of Rs.3300/gm has been now ruling around Rs.2800/gm post Governments policies on gold imports. The expectations that the New Government will ease the import restrictions are now heavily weighing on India’s appetite for imports and also the world market gold prices. Consequently, India which was the highest importer of Gold globally in 2012, is now reduced to second position next to China. The production of gold in India was just ½ a percent of the annual gold production of about 2700 MTs globally. HGML is the only India’s largest primary producers of gold. It is expected that with lower inflation rate coupled with higher GDP growth over a period of time, there will be much more appetite for Indian gold demand.

FIXED ASSETS

• Land
• Building
• Plant and machinery
• Furniture and fixture
• Vehicle
• Computer
• 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.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.71

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.