MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	SUNORA TILES PRIVATE LIMITED
Registered Office :	Survey No.105/P, Kandla By- Pass N.H.8A, Taluka, Morbi, Mahendranagar-363642, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.01.2007
Com. Reg. No.:	04-49849
Capital Investment / Paid-up Capital :	Rs.46.000 Millions
CIN No.: [Company Identification No.]	U26914GJ2007PTC049849
TAN No.: [Tax Deduction & Collection Account No.]	RKTS05337D
PAN No.: [Permanent Account No.]	AAKCS5845E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Floor Tiles, Interior Tiles and Vitrified Floor Tiles.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 280000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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

INFORMATION PARTED BY

Name :	Mr. Vishal Patel
Designation :	Director
Contact No.:	91-9978000800
Date :	15.11.2011

LOCATIONS

Registered Office :	Survey No.105/P, Kandla By- Pass N. H.8A, Taluka, Morbi, Mahendranagar-363642, Gujarat, India
Tel. No.:	91-2822-240777 / 241777 / 241677
Mobile No.:	91-9978000800 (Mr. Vishal)
Fax No.:	91-2822-241777
E-Mail :	sunoratiles@yahoo.co.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Bhanjibhai Nagjibhai Fultariya
Designation :	Director
Address :	Shri Ram Vijay Nagar, Ravapar Road, Morbi-363 641, Gujarat, India
Date of Birth/Age :	01.09.1957
Date of Appointment :	23.01.2007
DIN No.:	01172341
Name :	Mr. Savjibhai Rugnathbhai Rangpariya
Designation :	Director
Address :	At Rajpara, Taluka Morbi, State- Gujarat, India
Date of Birth/Age :	21.06.1969
Date of Appointment :	23.01.2007
DIN No.:	01172326
Name :	Mr. Vishal Bhanjibhai Fultariya
Designation :	Director
Address :	Shriram Vijay Nagar, Ravapar Road, Morbi-363 641, Gujarat, India
Date of Birth/Age :	31.12.1983
Date of Appointment :	16.10.2010
DIN No.:	02807597
Name :	Mr. Vishal Patel
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vishal Patel	1434320
Savjibhai Patel	850930
Vinodbhai Ptel	108600
Rameshbhai Patel	99000
Dineshbhai Patel	89000
Bhanjibhai Fultariya	414180
Jivrajbhai Fultariya	126500
Rekhabhen Fultariya	370000
Swetaben Patel	122500
Virenbhai Fultariya	618000
Jagrutiben Patel	333070
Nileshbhai Patel	185000
Kalpanaben Patel	105000
Rugnathbhai Patel	158200
Damjibhai Patel	124000
Mansikhbhai Patel	225550
Ansuyaben Patel	160000
Gangarmbahi Patel	140900
Savjibhai Patel	367500
Jigneshbhai Patel	147000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Floor Tiles, Interior Tiles and Vitrified Floor Tiles.
Products:	Floor Tiles Vitrified Tiles Polished Porcelain Ceramic Products
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2010

Licensed Capacity and Installed Capacity

Particulars	Unit	Licensed Capacity	Installed Capacity
Ceramic Vitrified Tiles	(MTPA	Not Applicable	36000

Production

Particulars	Unit	Production
Finished Goods	MTs	35777.856
Broken Goods	MTs	1065.252

GENERAL INFORMATION

Suppliers :

· Dangi Ball Mills

· Patidar Marketing

· Hari Enterprises

· Parishram Trading

· Ambika Minerals

· Tulsi Electric Stores

· Core Graphics

· Patel Foam

· Alfa Products

· Patel suppliers

· Jain Minechem

· Om Hydraulic

· Art Chem Industries

Customers :

Wholesalers

· Keshav Sales

· Shri Ram Marketing

· Sunora Marketing

· Krishna Agency

· Tiles India

· Mahavir Store

· Patel Sanitary

· Sunora Network

· Kailas Traders

· Balalji Marketing

· Creative Industries

· Spice Ceramics

· Samman Ceramics

No. of Employees :

800 (Approximately)

Bankers :

· State Bank of India, SME Branch, Opposite Omkar Petroleum, NH 8A, Taluka-Morbi, Lalpur-363 642, Gujarat, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans from financial Institutions
SBI Term Loan (1)	32.326	35.761
SBI Term Loan (2)	32.960	41.880
SBI C. C.	37.716	36.274
HDFC Bank Car Loan	0.509	0.869
Total	103.511	114.784
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors, Shareholders and Relatives of Directors
Sunora Ceramic Industries	6.999	6.316
Sunora Electrical	0.000	3.152
Shitalben Vipulbhai	2.870	2.656
Ritaben P. Patel	2.382	2.203
Total	12.251	14.327

Note : Accepted in pursuant to the stipulation of financial institutions/Bank

Banking Relations :
Auditors :
Name :	Nanalal P. Hadial Chartered Accountant
Address :	1^st Floor, Shakti Complex, Near Dr. Rupala Hospital, 15, Savsar Plot, Morbi-363 641, Gujarat, India
PAN No.:	AAHPH2014C
Related Parties :	· Sunora Electric Industries · Sunora Ceramic Industries

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7350000	Equity Shares	Rs.10/- each	Rs.73.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs.47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4600000	Equity Shares	Rs.10/- each	Rs.46.000 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		46.000	46.000	0.100
2] Share Application Money		0.000	0.000	43.155
3] Reserves & Surplus		25.080	14.512	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.080	60.512	43.255
LOAN FUNDS
1] Secured Loans		103.511	114.784	79.393
2] Unsecured Loans		12.251	14.327	12.280
TOTAL BORROWING		115.762	129.111	91.673
DEFERRED TAX LIABILITIES		5.351	5.924	0.000
TOTAL		192.193	195.547	134.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.337	108.520	98.995
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	27.126	38.787	8.593
	Sundry Debtors	100.531	74.644	0.000
	Cash & Bank Balances	12.486	5.023	1.042
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.799	14.023	25.577
Total Current Assets		153.942	132.477	35.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.681	37.402	5.789
	Other Current Liabilities	9.290	5.563	0.000
	Provisions	6.210	2.611	0.193
Total Current Liabilities		59.181	45.576	5.982
Net Current Assets		94.761	86.901	29.230
MISCELLANEOUS EXPENSES		0.095	0.126	6.706
TOTAL		192.193	195.547	134.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
		TOTAL INCOME	357.942	245.673
Less	TOTAL EXPENSES		326.563	208.483
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		31.379	37.190
Less/ Add	DEPRECIATION/ AMORTISATION		14.937	14.143
	PROFIT BEFORE TAX		16.442	23.047
Less	TAX		6.210	2.611
	PROFIT AFTER TAX		10.232	20.436
	Earnings Per Share (Rs.)		2.22	4.44

Particulars	31.03.2011
Sales Turnover (Approximately)	420.000

Expected Sales ( 2011-2012) : Above Rs.500.000 Millions

The above information has been parted by Mr. Vishal Patel.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.86	5.91	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.54	9.56	NA
Return on Investment (ROI) (PBT/Networth)		0.23	0.38	NA
Debt Equity Ratio (Total Liability/Networth)		2.46	2.89	2.26
Current Ratio (Current Asset/Current Liability)		2.60	2.91	5.89

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	YES
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:

The company has earned net profit of Rs.16.442 millions on a total income of Rs.357.942 millions during the year. With a view to conserve reserves, the directors do not recommend any dividend during the year.

FORM 8:

Corporate identity number of the company	U26914GJ2007PTC049849
Name of the company	SUNORA TILES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.105/P, Kandla By- Pass N. H.8A, Taluka, Morbi, Mahendranagar-363642, Gujarat, India E-mail : sunoratiles@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	10062306
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, SME Branch, Opposite Omkar Petroleum, NH 8A, Taluka-Morbi, Lalpur-363 642, Gujarat, India E-Mail : sbi.10191@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memo. of Depo. of Title Deeds for further charge
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs.395.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest CC : 3.25 % above base rate, TL : 4% above base rate. Terms of repayment CC : On demand Margin 50 % : Receivables, 40 % : SG & SIP, 25 % : Others. Extent and operation of the charge First charge of SBI
Short particulars of the property charged	EM of factory land and building situated at S. No. 105/1, 105/4, Village Mahendranagar, Taluka Morbi
Particulars of the present modification	The bank enhanced credit facilities Rs.97.700 Millions aggregating total facilities to Rs.395.000 Millions.

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· D. G. Set

· Electrification

· Computer

· Coal Stove

· Forklift

· Gas Fire Plant

· Spray Drier

· Car

· Tractor

· Mobile

· Air Conditioner

· Weight Scale

· Dead Stock

· Gas line installation

· Television

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.