MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	GLOBAL CERAMICS PRIVATE LIMITED
Registered Office :	Church Road, Dimapur – 797 112, Nagaland
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.06.2008
Com. Reg. No.:	008249
Capital Investment / Paid-up Capital :	Rs.23.550 millions
CIN No.: [Company Identification No.]	U26914NL2008PTC008249
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sanitary Wares and Bathroom Cabinets Furniture.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 480000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track records. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

LOCATIONS

Registered Office/Factory :	Church Road, Dimapur – 797 112, Nagaland, India
Tel. No.:	91-3862-232737
E-Mail :	gcpl_2008@rediffmail.com
Corporate No.:	218-A, Rama Market, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-27011778 / 27017140 / 45088577
Fax No.:	91-11-45508708

DIRECTORS

As on 27.09.2010

Name :

Mr. Hariram Gupta

Designation :

Director

Address :

Church Road, Dimapur – 797 112, Nagaland, India

Date of Birth/Age :

22.01.1947

Date of Appointment :

10.06.2008

DIN No.:

02147752

Name :

Mr. Ved Prakash Gupta

Designation :

Director

Address :

158, Engineers Enclave, Pitampura, Delhi - 110 034, India

Date of Birth/Age :

11.07.1968

Date of Appointment :

10.06.2008

DIN No.:

02097483

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914NL2008PTC008249	Global Ceramics Private Limited	Director	10-06-08	10-06-08	Active	NO
2	U20296DL2010PTC203117	Shri Hindustan Timber Private Limited	Director	25-05-10	25-05-10	Active	NO

Name :

Mr. Manoj Gupta

Designation :

Director

Address :

158, Engineers Enclave, Pitampura, Delhi - 110 034, India

Date of Birth/Age :

11.07.1968

Date of Appointment :

10.06.2008

DIN No.:

02101594

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914NL2008PTC008249	Global Ceramics Private Limited	Director	10-06-08	10-06-08	Active	NO
2	U20296DL2010PTC203117	Shri Hindustan Timber Private Limited	Director	25-05-10	25-05-10	Active	NO
3	U51909AS2009PTC009205	Rameswar Iron and Steel Private Limited	Director	30-09-10	30-09-10	Active	NO

Name :

Mr. Niraj Kumar Gupta

Designation :

Director

Address :

158, Engineers Enclave, Pitampura, Delhi - 110 034, India

Date of Birth/Age :

11.07.1968

Date of Appointment :

10.06.2008

DIN No.:

02097089

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26914NL2008PTC008249	Global Ceramics Private Limited	Director	10-06-08	10-06-08	Active	NO
2	U20296DL2010PTC203117	Shri Hindustan Timber Private Limited	Director	25-05-10	25-05-10	Active	NO
3	U26900AS2010PTC010278	Sunshine Global Ceratiles Private Limited	Director	16-11-10	16-11-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Hariram Gupta	265000
Ved Prakash Gupta	275000
Manoj Gupta	305000
Niraj Kumar Gupta	305000
Piti Gupta	170000
Anita Gupta	170000
Poonam Gupta	170000
Vidhya Devi Gupta	55000
Shri Hindustan Timber Private Limited, India	640000
Total	2355000

List of Allottees (As on 31.03.2011)

Names of Allottees	No. of Shares
Novelty Traders Limited, India	4000
Gromore Fund Management Limited, India	8000
Clifton Pearson Exports and Agencies Private Limited, India	4000
Gyaneshwar Trading and Finance Company Limited	5000
One2E Solutions India Private Limited	10000
Stocknet International Limited, India	5000
Hukado Naga	50000
Puleyo Chakhesang	30000
Total	116000

As on 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	27.00
Directors or relatives of directors	73.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sanitary Wares and Bathroom Cabinets Furniture.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited

B-156, Lok Vihar, Road No. 44, Pitampura, Delhi – 110 034, India

· Axis Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Car Loan (Secured against Car)	0.391	0.000
Overdraft with The Federal Bank Limited	13.789	2.367
Overdraft with Axis Bank (Secured with hypothecation of book debts and stock of the company and also equitable mortgage of residential property owned by director)	29.183	0.000
Total	43.363	2.367

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Director	4.950	0.200
Others	1.750	0.000
Total	6.700	0.200

Banking Relations :	--
Auditors :
Name :	Bhageria and Associates Chartered Accountant
Address :	306, Munish Plaza, 20 Ansari Road, Daryaganj, Delhi – 110 002, India

CAPITAL STRUCTURE

After 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2471000	Equity Shares	Rs.10/- each	Rs.24.710 millions

As on 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2355000	Equity Shares	Rs.10/- each	Rs.23.550 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		23.550	17.150
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		95.810	36.565
4] (Accumulated Losses)		0.000	0.000
NETWORTH		119.360	53.715
LOAN FUNDS
1] Secured Loans		43.363	2.367
2] Unsecured Loans		6.700	0.200
TOTAL BORROWING		50.063	2.567
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		169.423	56.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.151	0.150
Capital work-in-progress		0.000	0.000
INVESTMENT		40.645	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.440	45.588
	Sundry Debtors	40.025	20.572
	Cash & Bank Balances	8.387	3.171
	Other Current Assets	0.000	0.000
	Loans & Advances	12.462	9.261
Total Current Assets		156.314	78.592
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.454	5.518
	Other Current Liabilities	10.618	17.456
	Provisions
Total Current Liabilities		29.072	22.974
Net Current Assets		127.242	55.618
MISCELLANEOUS EXPENSES		0.385	0.514
TOTAL		169.423	56.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	208.490	102.462
		Other Income	5.973	0.402
		TOTAL (A)	214.463	102.864
Less	EXPENSES
		Purchase	232.252	138.642
		Direct Expenses	1.814	0.268
		Employee Cost	3.489	2.204
		Administrative Expenses	22.675	5.750
		Preliminary Expenses Written Off	0.129	0.129
		Increase / (Decrease) in stock	(49.852)	(45.588)
		TOTAL (B)	210.507	101.405
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.956	1.459
Less	FINANCIAL EXPENSES (D)		1.325	0.544
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.631	0.915
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.249	0.044
	PROFIT BEFORE TAX (E-F) (G)		2.382	0.871
Less	TAX (H)		0.737	0.306
	PROFIT AFTER TAX (G-H) (I)		1.645	0.565
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.565	0.000
	BALANCE CARRIED TO THE B/S		2.210	0.565
	Earnings Per Share (Rs.)		0.70	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.77	0.55
Net Profit Margin (PBT/Sales)	(%)	1.14	0.85
Return on Total Assets (PBT/Total Assets}	(%)	1.51	1.11
Return on Investment (ROI) (PBT/Networth)		0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		0.66	0.48
Current Ratio (Current Asset/Current Liability)		5.38	3.42

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE AND PROSPECTUS

The company have achieved a turnover of Rs.208.489 millions during the year as against 102.462 millions during the preceding year. The company has also started its Guwahati operation and it hopes to do better in the coming years.

FORM 8

Corporate identity number of the company	U26914NL2008PTC008249
Name of the company	GLOBAL CERAMICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Church Road, Dimapur – 797 112, Nagaland, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Federal Bank Limited B-156, Lok Vihar, Road No. 44, Pitampura, Delhi – 110 034, India
Nature of instrument creating charge	Vechile Loan Brand Volkswagen
Date of instrument Creating the charge	14.07.2011
Amount secured by the charge	Rs.2.308 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.72% Per Annum Terms of Repayment 60 months, instalment of Rs.0.052 million Margin NIL Extent and Operation of the charge NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	NIL

FIXED ASSETS

· Scooter

· Car (SX4)

· Inverter

· Computer

· Mobile Phone

· Office Equipments

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] 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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		28

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.