MIRA INFORM REPORT

Report Date :

30.12.2011

IDENTIFICATION DETAILS

Name :	SUNRAJ CERAMIC PRIVATE LIMITED
Registered Office :	Survey No. 178p2 and 179, Matel Road, Taluka Wankaner, Lakaddhar - 363 622, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.12.2009
Com. Reg. No.:	04-58762
Capital Investment / Paid-up Capital :	Rs.17.000 millions
CIN No.: [Company Identification No.]	U26914GJ2009PTC058762
TAN No.: [Tax Deduction & Collection Account No.]	RKTS06635G
PAN No.: [Permanent Account No.]	AANCS6035R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Wall Tiles, Ceramic Tiles, Lustre Wall Tiles etc.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 68000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. Paras Patel
Designation :	Marketing Manager
Contact No.:	91-9825605436
Date :	19.12.2011

LOCATIONS

Registered Office :	Survey No. 178p2 and 179, Matel Road, Taluka Wankaner, Lakaddhar - 363 622, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825605436 (Mr. Paras Patel)
Fax No.:	Not Available
E-Mail :	sunrajceramic@hotmail.com harshtiles@rediffmail.com
Location :	Owned
Factory :	Dhuva Matel Road, At: Lakddhar, Taluka Wakaner, District Rajkot, Rajkot – 363 621, Gujarat, India
Tel. No.:	91-2828-287680
Fax No.:	91-2828-287780

DIRECTORS

As on 30.09.2011

Name :	Mr. Dhirajlal Babulal Kavathia
Designation :	Director
Address :	19, Mota Devliya-2, Taluka Babra, District Amreli, Mota Devliya – 365 422, Gujarat, India
Date of Birth/Age :	01.04.1958
Date of Appointment :	03.12.2009
DIN No.:	02846209
Name :	Mr. Pravinbhai Narsibhai Patel
Designation :	Director
Address :	Block No. 30, Shri Ram Society, Opposite Gokuldham, Ravapar Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	15.09.1961
Date of Appointment :	03.12.2009
DIN No.:	01935034

Other Directorship

S.No.	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
1	U26914GJ1996PTC029963	Varmora Ceramics Private Limited	Director	30-09-08	08-12-07	26-02-10	Active	NO
2	U26914GJ1999PTC036444	Sunhill Ceramics Private Limited	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	Sunshine Tiles Company Private Limited	Director	28-08-09	28-08-09	-	Active	NO
4	U26914GJ2009PTC058762	Sunraj Ceramic Private Limited	Director	03-12-09	03-12-09	-	Active	NO
5	U26933GJ2011PTC064789	Sunray Plus Tiles Private Limited	Director	05-04-11	05-04-11	-	Active	NO

Name :	Mr. Paras Dhirajlal Kavathiya
Designation :	Director
Address :	Sandip, Yogi Nagar, 6 (District Rajkot), Gondal – 360 311, Gujarat, India
Date of Birth/Age :	19.12.1982
Date of Appointment :	03.12.2009
DIN No.:	02297621

Other Directorship

S.No.	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
1	U26955GJ2007PTC049879	Sunray Tiles Private Limited	Director	01-09-08	01-09-08	15-11-09	Active	NO
2	U26914GJ2009PTC058762	Sunraj Ceramic Private Limited	Director	03-12-09	03-12-09	-	Active	NO

Name :	Mr. Manojkumar Govindbhai Patel
Designation :	Director
Address :	4, Shakti Society, Ravapar Road, Morbi – 363 641, Gujarat, India
Date of Birth/Age :	18.04.1979
Date of Appointment :	03.12.2009
DIN No.:	00095240

Other Directorship

S.No.	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
1	U26914GJ2003PTC043194	Varmora Granito Private Limited	Director	18-11-03	18-11-03	01-07-09	Active	NO
2	U26914GJ1999PTC036444	Sunhill Ceramics Private Limited	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	Sunshine Tiles Company Private Limited	Director	28-08-09	28-08-09	-	Active	NO
4	U26914GJ2009PTC058762	Sunraj Ceramic Private Limited	Director	03-12-09	03-12-09	-	Active	NO
5	U26900AS2010PTC010278	Sunshine Global Ceratiles Private Limited	Director	16-11-10	16-11-10	-	Active	NO

Name :	Mr. Jentilal Babulal Kavathia
Designation :	Director
Address :	Mahadev Vadi, 6, Gondal, District Rajkot, Gondal – 360 311, Gujarat, India
Date of Birth/Age :	01.01.1961
Date of Appointment :	03.12.2009
DIN No.:	02851219

KEY EXECUTIVES

Name :	Mr. Paras Patel
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhirajlal Babulal Kavathia	18800
Pravinbhai Narsibhai Patel	68800
Paras Dhirajlal Kavathiya	214800
Manojkumar Govindbhai Patel	40800
Hardik Hareshbhai Varmora	800
Jentilal Babulal Kavathiya	180800
Sandipkumar Dhirajlal Kavathiya	120800
Bhudarbhai Ganeshbhai Patel	140000
Bhudarbhai Ganeshbhai Patel (HUF)	100000
Ganeshbhai Shivabhai Patel	406400
Govindbhai Ganeshbhai Patel (HUF)	100000
Jayaben Jayantilal Kavathiya	208000
Rukshmaniben Dhirajlal Kavathiya	100000
Total	1700000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Wall Tiles, Ceramic Tiles, Lustre Wall Tiles etc.
Products :	· Wall Tiles · Ceramic Tiles · Lustre Wall Tiles
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity*	Actual Production
Ceramic Glazed Tiles	MTs.	NA	25000	7667

Note : * Being technical matter capacity as reported by the director of the company

GENERAL INFORMATION

Suppliers :

· Glass Tech

· Iris Enterprise

· Prime Ceramic Private Limited

· Indian Pack

· Krishna Ceracoats Industries

· Belgium Glass and Ceramic Private Limited

· Sangam Impex

· Sunraj Minerals

· Shiv Impex

Customers :

Wholesalers, Retailers and End Users

· Bhavna Ceramic

· Swagat Ceramic

· Patel and Company

· Samartrh Tiles

· Nobel Traders

· Kaizen Ceramic Private Limited

· Orange Glaze Ceramic Private Limited

· Shreya Enterprise

No. of Employees :

75 (Approximately)

Bankers :

State Bank of India

Para Bazar Branch, Near GPO, Morbi – 363 641, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term Loans
State Bank of India, Main Branch, Morbi (Term Loan)	26.320	0.000
Working Capital Loans from Banks
State Bank of India, Main Branch, Morbi (Cash Credit)	14.828	0.000
Total	41.148	0.000

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Directors and Shareholders	0.000	0.000
From Others (Trade Deposits)	9.431	0.000
Total	9.431	0.000

Banking Relations :	--
Auditors :
Name :	Ankit Gajjar and Associates Chartered Accountants
Address :	19, Ramvihar Society, Narayannagar Road, Paldi, Ahmedabad – 380 007, Gujarat, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.10/- each	Rs.17.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.000	0.400
2] Share Application Money		0.000	15.336
3] Reserves & Surplus		0.055	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		17.055	15.736
LOAN FUNDS
1] Secured Loans		41.148	0.000
2] Unsecured Loans		9.431	0.000
TOTAL BORROWING		50.579	0.000
DEFERRED TAX LIABILITIES		0.035	0.000
TOTAL		67.669	15.736
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.227	5.600
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.272	0.000
	Sundry Debtors	19.388	0.000
	Cash & Bank Balances	3.371	8.074
	Other Current Assets	0.000	0.000
	Loans & Advances	5.172	1.971
Total Current Assets		47.203	10.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.725	0.067
	Other Current Liabilities	2.035	0.010
	Provisions	0.022	0.000
Total Current Liabilities		23.782	0.077
Net Current Assets		23.421	9.968
MISCELLANEOUS EXPENSES		0.021	0.168
TOTAL		67.669	15.736

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	67.740
		Other Income
		TOTAL	67.740
Less	EXPENSES
		Office Expenses	67.628
		Administrative Expenses
		Advertising Expenses
		TOTAL	67.628
	PROFIT/(LOSS) BEFORE TAX		0.112
Less	TAX		0.057
	PROFIT/(LOSS) AFTER TAX		0.055
	Earnings Per Share (Rs.)		0.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.08	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.12	NA
Return on Investment (ROI) (PBT/Networth)		0.01	NA
Debt Equity Ratio (Total Liability/Networth)		4.36	0.00
Current Ratio (Current Asset/Current Liability)		1.98	130.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
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	NO
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	NO
15.	Capital in the business	NO
16.	Details of sister concerns	--
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	--
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

CONTINGENT LIABILITY NOT PROVIDED FOR

Particulars	As on 31.03.2011 Rs. in millions
Bank Guarantees Outstanding	6.000

FORM 8

Corporate identity number of the company	U26914GJ2009PTC058762
Name of the company	SUNRAJ CERAMIC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 178p2 and 179, Matel Road, Taluka Wankaner, Lakaddhar - 363 622, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10217496
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India Para Bazar Branch, Near GPO, Morbi – 363 641, Gujarat, India E-Mail : sbi.60071@sbi.co.in
Nature of instrument creating charge	i) Suppl. Agreement of Loan-cum-Hypothecation, ii) Memo. of Deposit of Title Deeds.
Date of instrument Creating the charge	19.09.2011
Amount secured by the charge	Rs.59.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC : 14.25% p.a. TL : 15.00% p.a. Terms of Repayment CC : On demand TL : 60 Monthly Installment (As per Original Sanction) Margin 50% : Receivables (cover 90 days) 25% : Stocks 25% : BG Extent and Operation of the charge First Charge of SBI
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Hypothecation of all stocks including r/m, semi-finished and finished goods, book-debts, all current assets, all plant and machineries, present and future · EM of Land and Building Situated at S. No. 179, Village Lakddhar, Taluka Wankaner
Particulars of the present modification	The Bank enhanced cash credit facility by Rs.10.000 millions aggregating total limits to Rs.59.500 millions as under : CC : 25.000 millions TL : 26.000 millions BG : 8.500 millions ------------------------ TOTAL: 59.500 millions ------------------------

TRADE REFERENCES

· Bhavna Ceramic

· Glass Tech

FIXED ASSETS

· Factory Land

· Factory Shed

· Plant and Machineries

· Imported Plant and Machinery

· Electric Installation

· Generator Account

· Computer System

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.53.35
UK Pound	1	Rs.82.50
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.