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History of Rich Stones [Indias] Ltd.

RICH STONES [INDIAs] LIMITED was incorporated as a public limited Comp. in January 1, 1992 & the Comp. has envisaged to undertake quarry operations & set up granite processing facilities for manufacture of monuments, both European & Japanese. The Comp. has not done any business except the preliminary work. Presently the company registered office is located in the residential premises of promoter & an undertaking has been given to shift the same from the present premises.

The Comp. had entered into a partnership agreement with Mr.Palaniappan Ramasamy on 1st April, 1994 to promote & carry on the business as quarrying, processors & exporters with the land with quarry right owned by Mr.Palaniappan Ramasamy at Semangalam Village having mining permission from Government of Tamilnadu for a period of 10 years from 29.06.93 & lands at Madivilagam village for proposed granite processing factory.

As the quarry development picked up, the partners felt, that the firm may he converted into a Joint stock Comp. since the activity undertaken by firm was large enough & that the form of Organisation suited to handle such activity will be only the Joint Stock Company. Therefore in December 1994. M/S. Rich Stones [Indias] Ltd., being one of partners in the firm has taken over the business of firm without any Revaluation of all the Assets & Liabilities of firm at the book value. The details of Assets taken over by Comp. is given below.

ASSETS [Amount in Rs.s] Cost of Quarry 1,51,33,000.00 Cost of Land 10,67,000.00 Total 1,62,00,000.00

The partnership firm has not transacted any business.

Subsequently through a dissolution of partnership, with a view to expand & corporatise the business, the assets & liabilities were taken over by Comp. as on 16.12.94 for a consideration of Rs. 162 lacs towards take over of assets at book value of Rs. 162 lacs as against present value of Rs. 1125.47 lacs as per the valuation report of Shri Venkatasubramanian, Chartered Engineer & Registered Valuer. As per the auditor certificate, there were no revaluation of assets in the books of firm.