MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	CROWN CRAFT (INDIA) PRIVATE LIMITED (w.e.f. 12.10.2009)
Formerly Known As :	CERAVIT SANITARYWARES (INDIA) PRIVATE LIMITED
Registered Office :	B – 12, M G D Market, Jaipur – 302002, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1990
Com. Reg. No.:	17-005352
Capital Investment / Paid-up Capital :	Rs.14.472 Millions
CIN No.: [Company Identification No.]	U26914RJ1990PTC005352
TAN No.: [Tax Deduction & Collection Account No.]	JPRC02393G
PAN No.: [Permanent Account No.]	AAACC6867C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Kitchen Wares and Crockery Items.
No. of Employees :	100 (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 74000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses being incurred by the company in the current year i.e. 2010-11. 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. Sahu
Designation :	Export/ Import Manager
Contact No.:	91-9414249409
Date :	04.11.2011

LOCATIONS

Registered Office :	B – 12, M G D Market, Jaipur – 302002, Rajasthan, India
Tel. No.:	91-141-2460573/4021110
Mobile No.:	91-9414249409 (Mr. Sahu)
Fax No.:	91-141-2331734
E-Mail :	info@crowncraftindia.com crown_craft@yahoo.com
Website :	www.crowncraftindia.com
Area :	900 Sq. ft
Location :	Rented
Factory :	F-668-670, Road No-9F2, V.K.I. Area, Jaipur – 302013, Rajasthan, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Rajesh Narain Agarwal

Designation :

Director

Address :

A-4, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

10.02.1956

Date of Appointment :

20.12.1999

DIN No.:

00492137

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
U67120RJ1993PTC007284	Ekling Ji Industries Private Limited	Director	24/03/1993	24/03/1993	-	Active	NO
U26914RJ1990PTC005352	Crown Craft (India) Private Limited	Director	20/12/1999	20/12/1999	-	Active	NO
U26913RJ1990PLC005290	Bharat Potteries Limited	Director	13/03/2000	13/03/2000	26/02/2010	Active	NO
U14101RJ2004PTC019083	Topstar Granites Private Limited	Director	10/03/2004	10/03/2004	10/06/2009	Active	NO
U26933RJ2008PTC026254	Ceramic Tableware Private Limited	Whole-time director	1/04/2008	1/04/2008	22/06/2009	Active	NO
U26933RJ1988PTC004677	Clay Craft India Private Limited	Director	1/12/2008	1/12/2008	-	Active	NO
U27107RJ1991PTC005885	Mahima Engineers Private Limited	Director	6/04/2009	6/04/2009	-	Active	NO
U26911RJ2009PTC028754	Bharat Tableware Private Limited	Director	24/04/2009	24/04/2009	-	Active	NO

Name :

Ms. Asha Rani Agarwal

Designation :

Director

Address :

A-17, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

15.11.1950

Date of Appointment :

31.07.2009

DIN No.:

01974942

Name :

Mr. Vikas Agarwal

Designation :

Director

Address :

A-17, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

31.12.1976

Date of Appointment :

30.10.2000

DIN No.:

00985596

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
U26933RJ1988PTC004677	Clay Craft India Private Limited	Director	20/12/1999	20/12/1999	-	Active	NO
U26914RJ1990PTC005352	Crown Craft (India) Private Limited	Director	30/10/2000	30/10/2000	-	Active	NO
U15421RJ1981PTC002329	Jindal Cane Crushing Industries Private Limited	Director	20/01/2003	20/01/2003	-	Active	YES

Name :

Mr. Deepak Agarwal

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Sahu
Designation :	Export/ Import Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rajesh Narain Agarwal	59950
Padam Narain Agarwal	34600
Usha Rani Agarwal	5450
Vikas Agarwal	4850
Asha Rani Agarwal	20120
Deepak Agarwal	850
Bharat Agarwal	2100
Eklingji Industries Private Limited, India	11500
Clay Craft (India) Private Limited, India	5000
Padam Narain Agarwal and Sons HUF, India	100
Rajesh Narain Agarwal and Family HUF, India	100
Ruchi Agarwal	100
Total	144720

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	11.40
Directors or relatives of Directors	88.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Kitchen Wares and Crockery Items.
Exports :
Products :	Kitchen Wares
Countries :	· Egypt · UAE · UK · USA
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Plasticware	K.G.	553351.998

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

100 (Approximately)

Bankers :

· Small Industries Development Bank of India, 1^st Floor, Umrao Complex, Sansar Chandra Road, Jaipur – 302001, Rajasthan, India

· IDBI Bank

· State Bank of Bikaner and Jaipur

· Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Car Loan (Secured by Hypothecation of Car to BMW Financial Private Limited)	3.436	0.000
FROM SIDBI
(A) Term Loan (Secured by way of flrst charge of equitable mortgage In favour of SlDBl of all immovable properties of the borrower including lease hold rights of the factory land, both present 8 future situated at Plot No. F668, 669, 670 Road No. 9F2. V.K.I. Area. Jaipur (Rajasthan) alongwith hypothecation of movable assets including current assets, book debts etc. situated there at both present and future Also first charge by way of hypothecation on all movables of the borrower including plant and machinery, equipment, machinery spares, tools and accessories, office equipments etc. both present and future. Also by way of hypothecation of whole of the current assets of the borrower both present and future and including but not limiting to all stocks of Raw Materials, Work In Process also first charge by way of hypothecation of all the present and future book debts and actionable claims arising out of genine trade transactions)	47.500	0.000
(B) Working Capital (Secured by all dues related to working capital limit of Rs.20.000 Millions by way of first charge of all the immovable and movable properties of the borrower situated at Plot No. F668 669, 670 Road No. 9F2, V.K.I. Area. Jaipur both present and future Also first charge by way of hypothecation on all movables of the borrower including plant and machinery,equipment, machinery spares, tools and accessories, office equipment, etc. both present and future. Also by way of hypothecation of whole of the current assets of the borrower both present and future and including but not limiting to all stocks of Raw Materials. Work In Process also first charge by way of hypothecation of all the present and future book debts and actionable claims arising out of genine trade transactions]	12.172	0.000
Total	63.108	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Anjali Agarwal	1.493	0.000
Asha Rani Agarwal	2.063	0.000
Bharat Agarwal	0.536	0.000
Deepak Agarwal	0.408	0.000
Eklingji Industries Private Limited	2.489	0.000
Padam Narian Agarwal	0.107	0.000
Padam Narian Agarwal and Sons	3.534	1.680
Rajesh Narian Agarwal and Family	2.564	1.890
Ruchi Agarwal	2.132	0.000
Vikas Agarwal	0.214	0.000
Total	15.540	3.570

Banking Relations :	--
Auditors :
Name :	S. K. Bakliwal and Company Chartered Accountants
Address :	Second Floor, S – 2, Behind Rai Choudhary Hospital, Yudhistar Marg, C – Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-141-2221879/ 2221698
Mobile No.:	91-9414074032
Fax No.:	91-141-2221698
E-Mail :	bakliwalindia@yahoo.co.in
PAN.:	ABSPB6779Q

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.15.472 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
144720	Equity Shares	Rs.100/- each	Rs.14.472 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		14.472	14.472	9.442
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.092	12.365	12.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.564	26.837	21.762
LOAN FUNDS
1] Secured Loans		63.108	0.000	0.000
2] Unsecured Loans		15.540	3.570	0.000
TOTAL BORROWING		78.648	3.570	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		97.212	30.407	21.762
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.974	4.609	6.345
Capital work-in-progress		0.129	2.065	0.000
INVESTMENT		0.001	1.201	1.301
DEFERREX TAX ASSETS		0.000	0.200	0.121
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.913	0.110	1.441
	Sundry Debtors	12.308	0.530	0.512
	Cash & Bank Balances	0.402	9.739	0.162
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.069	13.705	13.407
Total Current Assets		40.692	24.084	15.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.212	1.381	0.268
	Other Current Liabilities	0.750	0.000	0.001
	Provisions	0.010	0.528	1.258
Total Current Liabilities		6.972	1.909	1.527
Net Current Assets		33.720	22.175	13.995
MISCELLANEOUS EXPENSES		0.388	0.157	0.000
TOTAL		97.212	30.407	21.762

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TOTAL RECEIPTS (INCLUDING INTEREST, OTHER INCOME AND STOCKS)	72.800	3.800	NA
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION	1.647	0.586	0.966
Less/ Add	DEPRECIATION/ AMORTISATION	9.716	0.407	0.504
	PROFIT/ LOSS BEFORE TAX	(8.069)	0.179	0.462
Less	TAX	(3.366)	0.134	0.340
	PROFIT/ LOSS AFTER TAX	(11.435)	0.045	0.122
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	10.731	10.686	10.564
	BALANCE CARRIED TO THE B/S	(0.704)	10.731	10.686
	Earnings/ Loss Per Share (Rs.)	(79.01)	0.31	1.29

The above information has been parted by Mr. Sahu.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(7.78)	0.62	2.10
Return on Investment (ROI) (PBT/Networth)		(0.43)	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		4.61	0.20	0.07
Current Ratio (Current Asset/Current Liability)		5.84	12.61	10.16

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 two years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	--
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	--
23) Banking Details	Yes
24) Banking facility details	No
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, if available	--

FINANCIAL RESULTS

During the year their company has earned profit Rs.1.647 Millions (Previous year Rs.0.586 Millions) before providing depreciation and provision for Income Tax.

OUTLOOK FOR FUTURE :

The Directors anticipate considerable growth due to plastic product unit has been started its production.

FIXED ASSETS

· Goodwill

· Residential Land

· Building and Tubewell

· Leasehold Land

· Plant and Machinery

· Mould

· Office Equipment

· Photo Copier

· Air Conditions

· Furniture and Fixtures

· Vehicles

· Computer

· Patent and Trade Mark

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	YES
--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.