MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	RAMCO CERAMIC LIMITED
Registered Office :	Revenue Survey No.242, Morbi Wankaner Highway, Village Dhuva, District Rajkot – 363 641, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.08.1999
Com. Reg. No.:	04-036496
Capital Investment / Paid-up Capital :	Rs.36.132 millions
CIN No.: [Company Identification No.]	U26914GJ1999PLC036496
TAN No.: [Tax Deduction & Collection Account No.]	RKTR00721A
PAN No.: [Permanent Account No.]	AABCR4142E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vitrified Tiles, Ceramic Floor Tiles etc., Importer of Machinery and Raw Materials.
No. of Employees :	200 (Approximately)

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 549000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Narinder
Designation :	Accounts Department
Contact No.:	91-2828-287513
Date :	19.12.2011

LOCATIONS

Registered Office :	Revenue Survey No.242, Morbi Wankaner Highway, Village Dhuva, District Rajkot – 363 641, Gujarat
Tel. No.:	Not Available
Mobile No.:	91-9879581303/ 9879580858 (Mr. Rajesh Bhai – Marketing Director)
Fax No.:	Not Available
E-Mail :	ramcoceramic@yahoo.com
Website :	http://www.ramcoceramics.com
Location :	Owned
Factory :	8-A National Highway, At Dhuva, Taluka Wankaner,Wankaner – 363 621, Gujarat, India
Tel. No.:	91-2828-287513/ 287523/ 287614/ 287613
Fax No.:	91-2828-287514

DIRECTORS

As on 30.08.2011

Name :

Mr. Virji Chhaganlal Kundariya

Designation :

Managing Director

Address :

'Krishna', Yadunandan Park, Near Mahavir Society, Sanala Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

11.10.1968

Date of Appointment :

16.01.2007

DIN No.:

00434636

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914GJ1999PLC036496	Ramco Ceramic Limited	Managing director	16-01-07	27-08-99	Active	NO
2	U14102GJ2003PLC042424	Ramoji Granite Limited	Whole-time director	01-09-08	23-05-03	Active	NO
3	U26913TN2006PLC061407	Aravind Ceramic Industries Limited	Director	27-09-07	25-08-07	Active	NO
4	U51109GJ2009PTC058059	Ramco Global Tradelink Private Limited	Director	09-09-09	09-09-09	Active	NO

Name :

Mr. Hasmukh Keshavji Kundariya

Designation :

Whole Time Director

Address :

Anupam Society, Opposite G.I.D.C, Sanala Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

25.05.1974

Date of Appointment :

16.01.2007

DIN No.:

00434828

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914GJ1999PLC036496	Ramco Ceramic Limited	Whole-time director	16-01-07	27-08-99	Active	NO
2	U51109GJ2009PTC058059	Ramco Global Tradelink Private Limited	Director	09-09-09	09-09-09	Active	NO

Name :

Mr. Ramji Bechar Kundariya

Designation :

Managing Director

Address :

New Adarsh Society, B/H Sardar Bag, Sanala Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

03.12.1955

Date of Appointment :

16.01.2007

DIN No.:

00434491

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914GJ1999PLC036496	Ramco Ceramic Limited	Managing director	16-01-07	27-08-99	Active	NO
2	U14102GJ2003PLC042424	Ramoji Granite Limited	Managing director	01-09-08	23-05-03	Active	NO

Name :

Mr. Bhagvanji Chhaganbhai Kundariya

Designation :

Managing Director

Address :

Plot No.17, Jayraj Park, Ravapar Road, Morbi – 363 641, Gujarat, India

Date of Birth/Age :

04.03.1971

Date of Appointment :

16.01.2007

DIN No.:

00434752

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914GJ1999PLC036496	Ramco Ceramic Limited	Managing director	16-01-07	27-08-99	Active	NO
2	U14102GJ2003PLC042424	Ramoji Granite Limited	Managing director	01-09-08	16-02-07	Active	NO
3	U51109GJ2009PTC058059	Ramco Global Tradelink Private Limited	Director	09-09-09	09-09-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Narinder
Designation :	Accounts Department
Name :	Mr. Rajesh Bhai
Designation :	Marketing Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders	No. of Shares
Ramji Bechar Kundariya	665600
Virjibhai Chhaganlal Kundariya	537900
Bhagvanjibhai Chhaganbhai Kundariya	746700
Hasmukhbhai Keshavji Kundariya	357700
Rajesh Ramjibhai Kundariya	276100
Ashokbhai Chhaganbhai Kundariya	220650
Shardaben R. Kundariya	50000
Nitaben Bhagvanjibhai Kundariya	150500
Kalpanaben Virjibhai Kundariya	92000
Kanchanben Laljibhai Bavarva	109000
Meenaben Hasmukhbhai Kundariya	30000
Bhudarlal Premjibhai Vithalpara	60000
Ranjanben Ashokbhai Kundariya	65000
Bhagvanji Chhaganbhai Kundariya – HUF	35000
Rajesh Ramjibhai Kundariya – HUF	40000
Ashokbhai Chhaganbhai Kundariya – HUF	40000
Virjibhai C. Kundariya (HUF)	25000
Maheshbhai R. Kundariya	112000
Total	3613150

As on 30.08.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Vitrified Tiles, Ceramic Floor Tiles etc., Importer of Machinery and Raw Materials.
Products :	· Vitrified Tiles Floor Tiles Parking Tiles
Exports :
Products :	Finished Goods
Countries :	Africa
Imports :
Products :	· Ceramic Raw Materials Machinery
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Building Construction
No. of Employees :	200 (Approximately)
Bankers :	Indian Overseas Bank, Bhatia Mahajan Wadi, Sardar Road, Morbi – 363 641, Gujarat, India

Banking Relations :	--
Auditors :
Name :	S. Sharda and Associates Chartered Accountants
Address :	8 - 13, Ashapura Tower, Sanala Road, Morbi – 363 641, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAAFZ3476D

CAPITAL STRUCTURE

As on 30.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3613150	Equity Shares	Rs.10/- each	Rs.36.132 millions

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		36.132	36.132	36.132
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		101.077	94.689	89.621
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		137.209	130.821	125.753
LOAN FUNDS
1] Secured Loans		46.354	29.093	38.200
2] Unsecured Loans		0.000	24.000	0.000
TOTAL BORROWING		46.354	53.093	38.200
DEFERRED TAX LIABILITIES		0.834	0.938	1.143
TOTAL		184.397	184.852	165.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.458	41.199	48.076
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		50.763	49.375	49.375
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.830	47.262	20.423
	Sundry Debtors	64.351	50.772	55.519
	Cash & Bank Balances	6.382	7.363	4.177
	Other Current Assets	2.693	10.331	1.719
	Loans & Advances	11.064	3.217	12.470
Total Current Assets		149.320	118.945	94.308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	45.261	4.617	4.914
	Provisions	7.883	20.050	21.749
Total Current Liabilities		53.144	24.667	26.663
Net Current Assets		96.176	94.278	67.645
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.397	184.852	165.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	328.823	248.533	308.523
		Other Income	1.223	1.725	2.537
		TOTAL (A)	330.046	250.258	311.060
Less	EXPENSES
		Accretion/ Decrease in Stock of Finished Goods	3.529	(5.911)	(3.170)
		Raw Materials Consumed	126.559	104.715	121.909
		Manufacturing Expenses	169.212	122.189	148.349
		Selling and General Administrative Expenses	8.254	9.930	23.056
		TOTAL (B)	307.554	230.923	290.144
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.492	19.335	20.916
Less	FINANCIAL EXPENSES (D)		7.134	5.383	5.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.358	13.952	15.078
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.535	6.551	6.598
	PROFIT BEFORE TAX (E-F) (G)		9.823	7.401	8.480
Less	TAX (H)		3.435	2.333	2.826
	PROFIT AFTER TAX (G-H) (I)		6.388	5.068	5.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.449	22.381	16.727
	BALANCE CARRIED TO THE B/S		33.837	27.449	22.381
	Earnings Per Share (Rs.)		1.77	1.40	0.78

Expected Sales (2011-2012): Rs.350.000 millions

The above information has been parted by Mr. Narinder (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.94	2.03	1.82
Net Profit Margin (PBT/Sales)	(%)	2.99	2.98	2.75
Return on Total Assets (PBT/Total Assets}	(%)	5.26	4.62	5.96
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.07
Debt Equity Ratio (Total Liability/Networth)		0.73	0.59	0.52
Current Ratio (Current Asset/Current Liability)		2.81	4.82	3.54

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
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	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	No

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90107126
Corporate identity number of the company	U26914GJ1999PLC036496
Name of the company	RAMCO CERAMIC LIMITED
Address of the registered office or of the principal place of business in India of the company	Revenue Survey No.242, Morbi Wankaner Highway, Village Dhuva, District Rajkot – 363 641, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Bhatia Mahajan Wadi, Sardar Road, Morbi – 363 641, Gujarat, India E-Mail: ss223141@yahoo.com
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	28.01.2009
Amount secured by the charge	Rs.82.758 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Up to Rs.40.000 millions BPLR - 1% Rest BPLR -0.25 % Terms of Repayment: As per banks Norms Margin: Cash Credit Stock 25 % Book Debts - 50 % LG - 25 % Extent and Operation of the charge: First and Sole Charge in favour of the Bank All that piece and Parcel of immovable property consisting of Factory Land and Building totally admeasuring 6 Acres 03 Guanthas of Non-Agricultural Land Survey No. 242 (p) of Village Dhuva, Taluka Wankaner, District Rajkot, together with building, Shed etc. there on.
Short particulars of the property charged	All that piece and Parcel of immovable property consisting of Factory Land and Building totally admeasuring 6 Acres 03 Guanthas of Non-Agricultural Land Survey No. 242 (p) of Village Dhuva, Taluka Wankaner, District Rajkot, together with building, Shed etc. there on.
Particulars of the present modification	By the present modification, credit facilities granted by the bank shall also be secured by way of mortgage of the immovable properties of the company

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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

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
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.