MIRA INFORM REPORT

Report Date :

19.02.2011

IDENTIFICATION DETAILS

Name :	PRINCE VITRIFIED PRIVATE LIMITED
Registered Office :	Survey No. 141, Matel Road, Village Dhuva Taluka, Wankaner – 363622, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.02.2010
Com. Reg. No.:	04-059723
CIN No.: [Company Identification No.]	U26933GJ2010PTC059723
TAN No.: [Tax Deduction & Collection Account No.]	RKTP02574F
PAN No.: [Permanent Account No.]	AAFCP2676E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of vitrified ceramic flooring tiles.

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As per available details, the company has not started its commercial activities. Payment terms are not known. The company can be considered for business dealings on a secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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. Ankit Patel
Designation :	Director
Contact No.:	91-9727400003
Date :	29.01.2011

LOCATIONS

Registered Office :	Survey No. 141, Matel Road, Village Dhuva Taluka, Wankaner – 363622, Gujarat, India
Tel. No.:	91-2828-287742 / 287747
Mobile No.:	91-9727400003 (Mr. Ankit Patel)
Fax No.:	91-2828-287817
E-Mail :	ss223141@yahoo.com info@princetiles.com
Website :	http://www.princetiles.com

DIRECTORS

(AS ON 31.08.2010)

Name :	Mr. Chandreshkumar Maganbhai Patel
Designation :	Director
Address :	6, Vidyutnagar, Ravapar Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	28.05.1973
Date of Appointment :	27.02.2010
DIN No. :	02106505
Name :	Mr. Maganlal Vashrambhai Vithalpara
Designation :	Director
Address :	Vidhyut Nagar, Block No. 6, Laxmi Narayan R. Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	24.07.1951
Date of Appointment :	27.02.2010
DIN No. :	02645450
Name :	Mr. Narendra Kantilal Likhia
Designation :	Director
Address :	Ariya Bhatt, Krishna Nagar Society, Opposite News Bus Stand Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	19.08.1980
Date of Appointment :	15.04.2010
Name :	Mr. Ankit Vallabhbhai Patel
Designation :	Director
Address :	Rudraksh 5 Umiya Nagar Society, B/H Power House, Wadhwan, Surendranagar, Gujarat
Date of Birth/Age :	29.10.1985
Date of Appointment :	15.04.2010
Name :	Mr. Dilipbhai Mohanbhai Patel
Designation :	Director
Address :	3 Vrundavan Park Society, national Highway Bapunagar, Rakhiyal Zone, Ahmedabad – 380025, Gujarat, India
Date of Birth/Age :	25.12.1967
Date of Appointment :	15.04.2010
Name :	Mr. Dushyant Manjibhai Daravadiya
Designation :	Director
Address :	Gujarat Housing Colony, Street No. 11 Block No. 163, Sama, Kantha, Morbi, Rajkot – 363642, Gujarat, India
Date of Birth/Age :	02.03.1987
Date of Appointment :	15.04.2010
Name :	Mr. Anil Morarji Panchotiya
Designation :	Director
Address :	At Navasadulka, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	20.05.1978
Date of Appointment :	15.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Gokul Leasing & Finance Private Limited	28500
Devi Durga Vintrade Private Limited	14500
Jekyll Vintrade Private Limited	10500
Canary Tradecom Private Limited	25000
Jeevan Commotrade Private Limited	11500
Dynamic Commotrade Private Limited	30000
TOTAL	120000

(AS ON 16.06.2010)

Names of Shareholders	No. of Shares
Chandresh Maganbhai Patel	19825
Maganbhai Vashrambhai Vitthalpara	14375
Narendrakumar Kantilal Likhiya	19000
Anilbhai Morarjibhai Panchotiya	13625
Ankitbhai Vallabhbhai Patel	1250
Dilipbhai Mohanbhai Patel	16250
Dushyant Manjibhai Saravadiya	12925
Arvindbhai Harjivanbhai Barasara	6875
Balvantbhai Dalubhai Kotadiya	6500
Bhanumatiben Balvantbhai Kotadiya	7250
Bharatbhai Morarjibhai Panchotiya	16875
Bharatiben Hasmukhbhai Savsani	5500
Bhavesh Jayantilal Varmora	5000
Bhavishaben Mahadevbhai Patel	750
Ghanshyambhai Dhanjibhai Varmora	6000
Hasmukhbhai Amarshibhai Savsani	11750
Hiteshbhai Harjivanbhai Barasara	6875
Jayantibhai Jivrajbhai Vithalpara	6000
Jayendrabhai Gordhanbhai Kanjiya	9250
Jayeshbhai Manjibhai Viramgama	5000
Kalpesh Bhagvanjibhai Khavadiya	9500
Kiritbhai Ranchoodbhai Kunapara	4000
Kundanben Hasmukhbhai Patel	1000
Maheshbhai Amarshibhai Savsani	10250
Mohanbhai Vasrambhai Vithalpara	2000
Poojaben Ashvinbhai Kadivar	7500
Rajnikantbhai Vashrambhai Patel	13250
Savan Chandubhai Jakasaniya	4150
Urmilaben Sureshbhai Pachotiya	5000
Vijayben Ramnikbhai Pachotiya	5000
TOTAL	252525

(AS ON 18.08.2010)

Names of Shareholders	No. of Shares
Chandresh Maganbhai Patel	4000
Jeevan Commotrade Private Limited	10000
Narendrakumar Kantilal Likhiya	1000
Arvindbhai Harjivanbhai Barasara	2500
Balvantbhai Dalubhai Kotadiya	3000
Bhanumatiben Balvantbhai Kotadiya	1500
Hiteshbhai Harjivanbhai Barasara	2500
Jayendrabhai Gordhanbhai Kanjiya	3875
Kalpesh Bhagvanjibhai Khavadiya	5000
Kundanben Hasmukhbhai Patel	2500
Savan Chandubhai Jakasaniya	1000
Chandrikaben Chandreshbhai Patel	9325
Balvantbhai Vashrambhai Panchotiya	2500
TOTAL	48700

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

(AS ON 27.11.2010)

Names of Shareholders	No. of Shares
Chandresh Maganbhai Patel	12000
Narendrakumar Kantilal Likhiya	12000
Maheshbhai Amarshibhai Savsani	2000
Mohanbhai Vasrambhai Vithalpara	2400
Chandrikaben Chandreshbhai Patel	9640
Labhuben Maganbhai Vithalapara	4000
Jignesh Dharamshibhai Loriya	9600
Geetaben Jigneshbhai Loriya	4800
Jyotshnaben Dharmshibhai Loriya	1600
TOTAL	58040

(AS ON 29.11.2010)

Names of Shareholders	No. of Shares
Makeover Vintrade Private Limited	5500

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of vitrified ceramic flooring tiles.
Imports :
Products :	Raw Material
Countries :	Spain China Italy Ukraine
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :	Wholesalers Retailers End users
No. of Employees :	150 (In Office : 50; In Factory : 100)
Bankers :	State Bank of India, 8-A, National Highway, Lalpar, Morbi – 363642, Gujarat, India

Banking Relations :	--
Auditors :
Name :	S. Sharda and Associates Chartered Accountants
Address :	8-13, Ashapura Tower, Sanala Road, Morbi – 363641, Gujarat, India

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
431225	Equity Share	Rs. 10/- each	Rs. 4.312 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.300
2] Share Application Money		15.075
3] Reserves & Surplus		22.800
4] (Accumulated Losses)		0.000
NETWORTH		39.175
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		39.175
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.960
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	7.100
	Cash & Bank Balances	5.690
	Other Current Assets	6.500
	Loans & Advances	0.025
Total Current Assets		19.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	0.088
	Provisions	3.197
Total Current Liabilities		3.285
Net Current Assets		16.030
MISCELLANEOUS EXPENSES		0.185
TOTAL		39.175

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	0.08
Current Ratio (Current Asset/Current Liability)	5.88

LOCAL AGENCY FURTHER INFORMATION

Corporate identity number of the company	U26933GJ2010PTC059723
Name of the company	PRINCE VITRIFIED PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 141, Matel Road, Village Dhuva Tal, Wankaner - 363622, Gujarat, India ss223141@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property
Particular of charge holder	State Bank of India 8 - A, National Highway, Lalpar, Morbi – 363642, Gujarat sbi.10191@sbi.co.in
Nature of instrument creating charge	Form C.1 : - Agreement of Loan for Overall Limit Form C.2 : - Agreement of Hypothecation of Goods and Assets Form C.5 : - Letter Regarding the Grant of Individual Limits within the Overall Limit Form C.9A : - Memorandum Relating to Deposit of Title Deeds for Creation of Charge for the Term Loan / Overall Limit
Date of instrument Creating the charge	10.07.2010
Amount secured by the charge	Rs. 225.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit : - 3.75 % above Base Rate i.e. 11.25% Term Loan : - 4.00% above Base Rate i.e. 11.50 % Terms of repayment The Term Loan will be repaid in 92 months including moratorium of 12 months. 20 monthly installments of Rs. 1.500 Millions, 60 Monthly installments of Rs. 1.900 Millions, Interest will be serviced as and when due. Margin Raw Materials : - 25% Stock in Process : - 25% Finished Goods : - 25% BGRLC : - 25% Book Debts / receivables (Cover Period of 90 Days) 50 % Land and building / Plant & Machinery (Imported) : 25 % Plant & Machinery (Imported) Inland : 50 % Plant & Machinery (Indigenous) : 25 % Extent and operation of the charge First and Sole Charge of the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of All Stocks including Raw Materials, SIP, Finished Goods, all Receivables / Book Debts and Other Current Assets (Present and Future) of the Company. Hypothecation of All Plant and Machinery and Fixed Assets (Present and Future) 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 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.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.