MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	MILAGRO CERAMIC PRIVATE LIMITED
Registered Office :	CTS No. 1285 A/D, Old Bulb Factory, Nehru Nagar, Opposite Hanuman Temple. Kanjur Marg (East), Mumbai – 400042, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.07.2006
Com. Reg. No.:	11-163272
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51432MH2006PTC163272
TAN No.: [Tax Deduction & Collection Account No.]	MUMM30228C
PAN No.: [Permanent Account No.]	AAECM733E
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Supplier of Ceramic Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION DECLINED BY

Name :	Mr. Lalit Jain
Designation :	Director
Contact No.:	91-22-25790686
Date :	16.12.2011

LOCATIONS

Registered Office :	CTS No. 1285 A/D, Old Bulb Factory, Nehru Nagar, Opposite Hanuman Temple. Kanjur Marg (East), Mumbai – 400042, Maharashtra, India
Tel. No.:	91-22-25790686/ 87/ 88
Fax No.:	91-22-25790684
E-Mail :	mhjain@vsnl.net info@milagroceramic.com
Website :	www.milagroceramic.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Suresh Kumar Nanalal Jain

Designation :

Director

Address :

G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai – 400083, Maharashtra, India

Date of Birth/Age :

21.06.1963

Date of Appointment :

24.07.2006

DIN No.:

01383300

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U14101RJ1989PTC005032	Anmol Marble Private Limited	Director	5/07/1989	5/07/1989	-	Active	YES
U51432MH2006PTC163272	Milagro Ceramica Private Limited	Director	24/07/2006	24/07/2006	-	Active	NO
U26900MH1998PTC117090	Vaishali Sanitation Private Limited	Director	28/06/2007	28/06/2007	-	Active	NO

Name :

Mr. Tansukhkumar Nanalal Jain

Designation :

Director

Address :

G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai – 400083, Maharashtra, India

Date of Birth/Age :

15.04.1966

Date of Appointment :

24.07.2006

DIN No.:

01502122

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U26900MH1998PTC117090	Vaishali Sanitation Private Limited	Director	11/11/1998	11/11/1998	-	Active	NO
U51432MH2006PTC163272	Milagro Ceramica Private Limited	Director	24/07/2006	24/07/2006	-	Active	NO

Name :

Mr. Lalitkumar Nanalal Jain

Designation :

Director

Address :

G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli West, Mumbai – 400083, Maharashtra, India

Date of Birth/Age :

16.10.1970

Date of Appointment :

21.02.2007

DIN No.:

01263470

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U26900MH1998PTC117090	Vaishali Sanitation Private Limited	Director	20/07/1999	20/07/1999	-	Active	NO
U51432MH2006PTC163272	Milagro Ceramica Private Limited	Director	21/02/2007	21/02/2007	-	Active	NO

Name :

Mr. Happy Kumar Surya

Designation :

Director

Address :

C-7, Mini Land, Tank Road, Bhandup West, Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

12.11.1979

Date of Appointment :

21.02.2007

DIN No.:

01474838

Name :

Ms. Priya Happy Kumar Surya

Designation :

Director

Address :

C-7, Pooja Villa, Mini Land, Tank Road, Bhandup West, Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

02.02.1980

Date of Appointment :

10.09.2009

DIN No.:

02755816

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51432MH2006PTC163272	Milagro Ceramica Private Limited	Director	30/09/2010	10/09/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anita Jain	10
Happykumar Surya	100
Hulasben Jain	10
Kisanlal Surya	100
Kusum Surya	50
Lalit Jain	10
Nanalal Jain	10
Nirmala S. Jain	10
Pooja Nitin Kothari	50
Priya H. Surya	50
Rishub S. Jain	10
Riya Sachin Surya	50
Sudha T. Jain	10
Sujata L. Jain	10
Sureshkumar N. Jain	320
Tansukhkumar N. Jain	200
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Supplier of Ceramic Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Saraswat Co-Operative Bank Limited, Small And Medium Enterprise Branch, Prabhat Bhavan, Block B,96 LBS Marg, Vikhroli (W),, Mumbai - 400083,

Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Citi Bank A/c CFIL Tata Tempo	0.000	0.038
Tata Capital Limited - Toyota Fortuner Loan	1.092	1.624
Total	1.092	1.663
Unsecured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Director	31.786	25.936
From Shareholders	20.971	12.329
Total	52.757	38.265

Financial Institute :	Tata Capital Limited
Banking Relations :	--
Auditors :
Name :	M.H. Jain and Company Chartered Accountants
Address :	103, Kothari Niwas, Sanetorium Lane, Ghatkopar(W), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25125416
Fax No.:	91-22-23449097
PAN.:	AABCV1107B

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.742	24.488	15.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.842	24.588	15.356
LOAN FUNDS
1] Secured Loans		1.092	1.662	0.470
2] Unsecured Loans		52.757	38.265	38.411
TOTAL BORROWING		53.849	39.927	38.881
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		85.691	64.515	54.237
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.166	5.171	1.567
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.025	0.025
DEFERREX TAX ASSETS		0.142	0.047	0.053
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.169	72.285	53.627
	Sundry Debtors	29.360	23.208	21.683
	Cash & Bank Balances	3.958	3.284	0.894
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	25.069	18.619	7.828
Total Current Assets		156.556	117.396	84.032
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.428	23.360	14.846
	Other Current Liabilities	33.050	23.699	7.942
	Provisions	14.827	11.103	8.698
Total Current Liabilities		79.305	58.162	31.486
Net Current Assets		77.251	59.234	52.546
MISCELLANEOUS EXPENSES		0.032	0.038	0.045
TOTAL		85.691	64.515	54.237

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	217.239	NA	165.655
		Other Income	NA
		TOTAL (A)	NA	NA	165.655
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.779	21.915	22.775
Less	FINANCIAL EXPENSES (D)		9.415	6.978	6.066
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.364	14.937	16.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.481	0.658	0.395
	PROFIT BEFORE TAX (E-F) (G)		10.883	14.279	16.314
Less	TAX (H)		3.629	5.047	6.038
	PROFIT AFTER TAX (G-H) (I)		7.254	9.232	10.276
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.488	15.256	5.131
Less	APPROPRIATIONS
		General Reserve/ adjustments Dividend (Proposed)	0.000	0.000	0.000
		Fright Benefit Tax	0.000	0.000	0.150
		Income Tax	0.000	0.000	0.000
		Profession Tax	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		31.742	24.488	15.256
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	6.20
Net Profit Margin (PBT/Sales)	(%)	5.00	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.60	11.64	19.06
Return on Investment (ROI) (PBT/Networth)		0.34	0.58	1.06
Debt Equity Ratio (Total Liability/Networth)		4.18	3.99	4.58
Current Ratio (Current Asset/Current Liability)		1.97	2.02	2.67

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Trade Creditors	21.154	17.191	12.738
Creditors for Expenses	10.274	6.169	2.108
Total	31.428	23.360	14.846

FORM 8

Corporate identity number of the company	U51432MH2006PTC163272
Name of the company	MILAGRO CERAMICA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	CTS NO.1285 A/D, Old Bulb Factrory, Nehru Nagar, Opposite Hanuman Temple, Kanjur Marg (East), Mumbai - 400042, Maharashtra, India Email Id : mhjain@vsnl.net
This form is for	Modification of charge
Charge Identification number	10073005
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	The Saraswat Co-Operative Bank Limited, Small and Medium Enterprise Branch, Prabhat Bhavan, Block B,96 LBS Marg, Vikhroli (W),, Mumbai - 400083, Maharashtra, India Email Id : kamalax_saraf@hotmail.com
Nature of instrument creating charge	Deed of hypothecation for additional advances (supplementary deed)
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs.60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit limit : 14.50% p. a. with monthly rests Terms of repayment Repayable on demand Margin cash credit limit (hypothecation of stock Add: Debtors,(upto 90 days) Less: Creditors. (including LC creditors) : 30% Extent and operation of the charge Cash credit limit (hypothecation of stock and book debts)
Short particulars of the property charged	All the tangible movable property (both present and future) hypo. of the bank by way of first charge all the book debts, outstanding, monies, receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrowers in the course of business by any person, firm, company or by the government or any or public body or authority
Date of instrument modifying the charge	25.11.2010
Particulars of the present modification	The original charge was created on 26.10.2007 for rs.50 lacs.1stly modified on 10.3.2008 for Rs.90 lacs.2ndly modified on 16.12.2008 for Rs.15.000 Millions. 3rdly modified on 10.8.2009 for Rs.20.000 Millions 4thly modified on 9.2.2010 for Rs.30.000 Millions. 5thly modified on 25.11.2010 for Rs.40.000 Millions. Now by the present modification. dated 9.11.2011 the cash credit limit has been increased by Rs.20.000 Millions making total to Rs.60.000 Millions

Fixed Assets

• Air Conditioner
• Borewell Pump
• Computer
• Furniture and Fixtures
• Laptop
• Office Equipment
• Plant and Machinery
• Vehicles

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 records 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 records 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

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	6
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.