MIRA INFORM REPORT

Report Date :

18.01.2011

IDENTIFICATION DETAILS

Name :	LAND MARK TILES PRIVATE LIMITED
Registered Office :	Old Ghuntu Road, 8 A, National Highway, Morbi – 363641, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.09.2003
Com. Reg. No.:	04-42958
CIN No.: [Company Identification No.]	U26933GJ2003PTC042958
PAN No.: [Permanent Account No.]	AAACL9217D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Floor Tiles.

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 60000
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 – 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 (General Details)

Name :	Mr. Kamlesh Patel
Designation :	Director
Contact No.:	91-9879000982
Date :	07.01.2011

LOCATIONS

Registered Office/ Factory :	Old Ghuntu Road, 8 A, National Highway, Morbi – 363641, Gujarat, India
Tel. No.:	91-2822-243658
Mobile No.:	91-9879000982 (Mr. Kamlesh Patel)
Fax No.:	91-2822-240997
E-Mail :	info@landmarktiles.com
Website :	http://www.landmarktiles.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Laxmanbhai Sunderji Zakasaniya
Designation :	Director
Address :	Toral Apt, 403, Paradisrtower, Station Road, Opp. Civil Hospital, Navasari, Gujarat, India
Date of Birth/ Age :	28.05.1956
Date of Appointment :	25.09.2003
Name :	Mr. Kishorekumar Sunderji Zakasanya
Designation :	Director
Address :	Arya Bhatt, Krishna Nagar Society, Sanala Road, Morbi – 363641, Gujarat, India
Date of Birth/ Age :	06.02.1962
Date of Appointment :	25.09.2003
Name :	Mr. Kailesh Sakasanya
Designation :	Director
Address :	403, Toral Apartment, Paradise Tower, Station Road, Navsari, Gujarat, India
Date of Birth/ Age:	29.05.1979
Date of Appointment :	31.12.2009
Name :	Mr. Sunil Zakasanya
Designation :	Director
Address :	Shree Umiya Tower – 2, Flat No.101, Near Uniya Chowk, Ravapar Road, Morbi, Gujarat, India
Date of Birth/ Age:	24.01.1985
Date of Appointment :	31.12.2009
Name :	Mr. Kamlesh Patel
Designation :	Director
Name :	Mr. Narendra Kantilal Likhiya
Designation :	Director
Address :	Arya Bhatt, Krishna Nagar Society, Sanala Road, Morbi – 363641, Gujarat, India
Date of Birth/ Age:	19.08.1980
Date of Appointment :	25.09.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kishorekumar S Jakasaniya	161165
Laxman S Zakasanya	324670
Naresndra Likhia	178000
Manjibhai Zakasaniya	84215
Ganeshbhai S Zakasania	39590
Sumitaben K Zakasaniya	37090
Rasilaben K Zakasaniya	4980
Kailash L Zakasaniya	4500
Kamleshbhai L Zakasaniya	4970
Bhannuben T Zakasaniya	4950
Ashish T Zakasaniya	4985
Shardaben G Zakasaniya	4500
Diptiben L Bhalodia	10000
Mohanbhai N Bhalodia	10000
Hemrajbhai P Bhalodia	5000
Lalit P Bhalodia	10000
Jyotshnaben H Bhalodia	6000
Gitaben D Zakasaniya	20000
Saileshbhai A Zakasaniya	4000
Total	918615

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Floor Tiles.
Products :	· Regular Plain color · Regular Anti-skid · Regular Cloudy · Anti-Cloudy Series · White Matt Print · Ivory Matt Print · Wooden Glossy · Special Plain Color · Special Anti-skid · White Glossy · Ivory Glossy · S.Sp. Glossy · Leather Series · Aqua Series · Satin-Matt Series · Rustic Series
Exports :
Products :	· Floor Tiles · Ceramic Floor Tiles · Regular Plain Colour Floor Tiles
Countries :	· UAE · Qatar · Kenya · Sri Lanka
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Ceramics Floor Glazed Tiles	MTPA	24000	--

GENERAL INFORMATION

Suppliers :

· Gee Pee Electro Spark Private Limited

· Pooja Chemicals

· Mineral Colour Centre

· Sun Minerals – Beawar

· Sharad Minerals

· Kuber Trading Company

· Alka Electric Store

· Amrut Export

· Kishan Minerals

· Sunil Enterprise

· Jai Chand lal Daga

· Asshia Enterprise

· Nirav Trading

· Patel Hydraulics

· Locus Lab

· Alpha Products

· Sharad Mine Chem

· Pankaj Traders

· Hasti Belting

Customers :

Wholesalers, Retailers and Manufacturer

·

· Shanty Chambers

· Shree Ganesh Traders

· Navdeeo Tiles

· Sinsi Tiles Centre

· Gemini Traders

· Pan India Tiles

· Suman Traders

· Krishna Trading Company

· Goyal Enterprise

· Hari Enterprise

· Nayan Enterprise

· Sonali Construction

· Mehta Marble

· Umiya Trading

· Mahalaxmi Traders

· Soniya Traders

· Santhi Enterprise

· ATK Enterprise

· Bharat Coating

· Jalani Ceramics

No. of Employees :

500

Bankers :

· State Bank of India,

SME Branch, Lalpar, Morbi – 363642, Gujarat, India

· HDFC Bank Limited

HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Bank of India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	Rs. in Millions
From Bank and Financial Institute
State Bank of India Cash Credit Account	14.507	13.744
HDFC Bank Loan Accent Car Loan	0.280	0.000
HDFC Bank Loan	2.869	0.000
Kotak Mahindra Bank Loan	2.658	0.000
HDFC Bank Loan Car Loan	0.398	0.414
State Bank of India Loan Account	0.115	1.069
State Bank of India Loan Account	0.000	0.740
HDFC (110) Car Loan	0.400	0.000
Total	21.227	15.967
Unsecured Loans	31.03.2010	31.03.2009
	Rs. in Millions
From Directors	9.873	8.354
From Shareholders, Relatives of directors and Ass.	24.957	10.073
Total	34.830	18.427

Banking Relations :	--
Auditors :
Name :	Nanalal P Hadiyal Chartered Accountant
Address :	1^st Floor, Shakti Complex, Near Dr. Rupala Hospital, Savsar Plot, Morbi – 363641, Gujarat, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10 /- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
918615	Equity Shares	Rs.10 /- each	Rs.9.186 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.186	9.186	9.186
2] Share Application Money		0.080	0.080	0.080
3] Reserves & Surplus		7.110	3.390	0.676
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.376	12.656	9.942
LOAN FUNDS
1] Secured Loans		21.227	15.967	14.899
2] Unsecured Loans		34.830	18.427	5.580
TOTAL BORROWING		56.057	34.394	20.479
DEFERRED TAX LIABILITIES		0.394	0.311	0.283
TOTAL		72.827	47.361	30.704
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.008	19.133	20.340
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.515	12.954	7.583
	Sundry Debtors	29.876	24.282	15.677
	Cash & Bank Balances	11.146	3.122	0.809
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.568	6.324	1.960
Total Current Assets		70.105	46.682	26.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.821	15.215	13.276
	Other Current Liabilities	1.592	1.397	2.197
	Provisions	0.873	1.842	0.257
Total Current Liabilities		16.286	18.454	15.730
Net Current Assets		53.819	28.228	10.299
MISCELLANEOUS EXPENSES		0.000	0.000	0.065
TOTAL		72.827	47.361	30.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL INCOME	172.805	171.821	49.503
Less	EXPENSES
		TOTAL EXPENSES	165.261	164.498	45.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.544	7.323	3.997
Less/ Add	DEPRECIATION/ AMORTISATION		2.925	2.853	2.968
	PROFIT BEFORE TAX		4.619	4.470	1.029
Less	TAX		0.874	1.842	0.270
	PROFIT AFTER TAX		3.745	2.628	0.759
	Earnings Per Share (Rs.)		4.08	2.86	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.17	1.53	1.53
Return on Total Assets (PBT/Total Assets}	(%)	5.18	6.79	2.22
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.10
Debt Equity Ratio (Total Liability/Networth)		4.42	4.18	3.64
Current Ratio (Current Asset/Current Liability)		4.30	2.53	1.65

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of Charge
Corporate identity number of the company	U26933GJ2003PTC042958
Name of the company	Land Mark Tiles Private Limited
Address of the registered office or of the principal place of business in India of the company	Old Ghuntu Road 8 Anational Highway, Morbi – 363641, Gujarat, India info@landmarktiles.com
Type of charge	Immovable property
Particular of charge holder	· HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transactions of creation of mortgage by deposit of title deeds.
Date of instrument Creating the charge	25.05.2010
Amount secured by the charge	Rs.29.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interests at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital Facility shall be repayable on demand. Term Loan shall be repayable in suitable instilments. Margin As may be stipulated by the Bank from Time to Time. Extent and Operation of the charge First company created an equitable mortgaged by way of deposit of title deeds in respect of its immovable properties as stated under item No. 15 as a security for the due repayment of Rs.29.500 Millions by the company, including principal amount of the facility, interests, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Industrial property situated at Revenue Survey No.13, Paiki Village Trajpar, Taluka Morbi – 363642, district Rajkot (Owned by Orchid Ceramic (Being Owners) and Landmark Tiles Private Limited (Being Lessees) An open land situated at Revenue survey No.1132 Paikee of Village Vajepar, Tal Morbi, District Rajkot, Plot No.8 and 9 Morbi (Owned by Kishorbhai Sunderjibhai Patel).

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Machinery

· Spray Drier

· Kiln Account

· Electrifications

· Gas Storage Tank

· DG Set

· Weight and Scale

· Computer

· fax

· Mobile

· Gasifire

· Car

· EPAX

· Dead Stock

· Air Conditioner

WEBSITE DETAILS:

PROFILE:

Subject was estalished recently with an objective to be recognied as one of the distinguished manufactures and exporters of Floor Tiles. Company has become synonyms with innovation. New Techniques are diligently applied to create tiles that stand apart and speak the language of soul. They are know for manufacturing existing new concept that voice new emotions and keep up with current trends. It is a continuous process, which allow them to express through tiles that words can’t say and provide the consumers with new and innovative options.

Subject aims at expanding it self to meet the growing demands. The Company has invested heavily in procuring modern machines and boats of having one of the finest infrastructures.

The workforce of experts and dedicated labors, work hard to produce the best product in the market according to the requirements of the customers by performing stringent quality checking at each every stage of production process.

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.45.59
UK Pound	1	Rs.72.31
Euro	1	Rs.60.73

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.