MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	RITIK CERAMICS PRIVATE LIMITED
Registered Office :	137, Daya Niwas, S. K. Bole Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.2000
Com. Reg. No.:	11-126124
Capital Investment / Paid-up Capital :	Rs.0.980 Million
CIN No.: [Company Identification No.]	U51432MH2000PTC126124
TAN No.: [Tax Deduction & Collection Account No.]	MUMR10347B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Bathroom Accessories.
No. of Employees :	20 (Approximately)

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 49000
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.

INFORMATION PARTED BY

Name :	Ms. Pallavi
Designation :	Accounts Departments
Contact No.:	91-22-24372468
Date :	19.10.2011

LOCATIONS

Registered Office :	137, Daya Niwas, S. K. Bole Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24372468
Fax No.:	91-22-24382224
E-Mail :	info@ritikceramics.com nitin@ritikceramics.com
Website :	www.ritikceramics.com
Area :	3500 Sq. Fts
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Ratanchand Khimraj Gandhi

Designation :

Director

Address :

A/501, Chitrakoot, S.K. Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

01.07.1945

Date of Appointment :

01.04.2004

DIN No.:

00230821

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	U51432MH2000PTC126124	RITIK CERAMICS PRIVATE LIMITED	Director	01-04-04	01-04-04	Active	NO
2	U85110MH2004PTC145919	DR GANDHI'S NURSING HOME PRIVATE LIMITED	Director	27-04-04	27-04-04	Active	NO

Name :

Mr. Nitin Gandhi

Designation :

Director

Address :

A/501, Chitrakoot, S.K. Road, Agar Bazar, Dadar (W0, Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

30.09.1973

Date of Appointment :

01.04.2004

DIN No.:

00230873

Other Directorship :

S.No.	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
1	U51432MH2000PTC126124	RITIK CERAMICS PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	NO
2	U85110MH2004PTC145919	DR GANDHI'S NURSING HOME PRIVATE LIMITED	Director	27-04-04	27-04-04	30-05-09	Active	NO

Name :

Mrs. Rinku Gandhi

Designation :

Director

Address :

A/501, Chitrakoot, S.K. Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

31.03.1975

Date of Appointment :

25.04.2000

DIN No.:

00230890

Name :

Mrs. Kanchan R Gandhi

Designation :

Director

Address :

A/501, Chitrakoot, S.K. Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

05.09.1952

Date of Appointment :

01.04.2001

DIN No.:

00263409

KEY EXECUTIVES

Name :	Ms. Pallavi
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Manoj Ratanchand Gandhi	1950
Tanuja Gandhi	1950
Rinku Gandhi	1950
Amit Ratanchand Gandhi	1950
Kanchan R Gandhi	2000
Total	9800

(AS ON 30.09.2011)

Equity Break up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Bathroom Accessories.
Products :	· Wellness Products · Bath Fittings · Sanitary Wares · Bath Accessories · Tiles – Wall and Floor · Laminated Wooden Flooring
Imports :
Products :	Raw Material
Countries :	· Thailand · Japan · Indonesia · Germany
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and Building Construction

Corporates

· Alkem Labs Private Limited 

· Bayer India Limited 

· Bharat Diamond Bourse

· Blue Foods Private Limited

· Cachet Pharmaceuticals

· Century Textiles and Inds. Limited 

· Comart Lithographers Limited 

· Daffodil Club

· Dorf Ketal Chemicals (India) Private Limited 

· Fariyas Hotel

· Global Telesystems Limited

· Grasim Inds. Limited

· Holy Family Hospitals

· Jayant Agro Organics Limited

· Kores India Limited

· Lilawati Hospital

· M.I.G. Cricket Club

· Mumbai Education Trust

· Oglivy and Mather Private Limited

· Paragon Mills Limited

· Paramount Mineral and Chemicals Limited

· Pyramid Retail and Merchandise Private Limited

· Raymond and

· Reliance Inds. Limited

· S.D. Fine Chem. Limited

Builders

· Akta Real Estate Private Limited

· Amit Construction Limited

· Ashford Corporation

· B. Raheja Builders

· Buildarch Land Developers Private Limited

· Crest Estate Developers

· H.V. Sanitation

· K.J. Construction

· Link Estate Developers

· Lokhandwala Builders

· Matoshree Realtors

· Prabhat Realtors

· Prestige Builders, Bangalore

· R.N.A. (A.A.) Builders

· Sterling Construction

· Vijayraj Developers

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Baroda,

Prabhadevi Branch, Shop No. 1,2,5 and 7, Kamna Society, Near Siddhivinayak Mandir, S.K. Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit from Bank of Baroda (Secured by hypothecation of stock in trade and book debts of the company and personal guarantee of directors)	19.667	18.227
Total	19.667	18.227
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.541	3.143
Total	0.541	3.143

Banking Relations :	--
Auditors :
Name :	Kantilal Jain and Company Chartered Accountants
Address :	402, Kapadia Chambers, 599, J.S.S Road, Marine Lines, Mumbai - 400002, Maharashtra, India
PAN No.:	ACFPJ0560K

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9800	Equity Share	Rs.100/- each	Rs.0.980 Million

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		0.980	0.980	0.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.194	9.433	7.858
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.174	10.413	8.838
LOAN FUNDS
1] Secured Loans		19.667	18.227	14.479
2] Unsecured Loans		0.541	3.143	1.837
TOTAL BORROWING		20.208	21.370	16.316
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		32.382	31.783	25.154
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.153	2.594	3.100
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	24.042	22.852	21.256
	Sundry Debtors	9.688	11.632	8.098
	Cash & Bank Balances	2.748	4.082	0.374
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.307	2.226	3.229
Total Current Assets		43.785	40.792	32.957
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.726	7.439	8.212
	Other Current Liabilities	7.879	3.363	1.865
	Provisions	0.951	0.801	0.827
Total Current Liabilities		13.556	11.603	10.904
Net Current Assets		30.229	29.189	22.053
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		32.382	31.783	25.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	84.250	78.231	74.631
		Other Income	0.515	1.162	2.345
		TOTAL (A)	84.765	79.393	76.976
Less	TOTAL EXPENSES (B)		79.436	74.192	72.042
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.329	5.201	4.934
Less	INTERESTS (D)		2.150	2.260	2.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.179	2.941	2.933
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.467	0.565	0.677
	PROFIT BEFORE TAX (E-F) (G)		2.712	2.376	2.256
Less	TAX (H)		0.951	0.801	0.828
	PROFIT AFTER TAX (G-H) (I)		1.761	1.575	1.428
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.433	7.858	6.430
	BALANCE CARRIED TO THE B/S		11.194	9.433	7.858
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.021	0.033	0.309
	TOTAL EARNINGS		0.021	0.033	0.309
	IMPORTS VALUE		7.440	5.695	2.707
	Earnings Per Share (Rs.)		179.69	160.71	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.08	1.98	1.86
Net Profit Margin (PBT/Sales)	(%)	3.22	3.04	3.02
Return on Total Assets (PBT/Total Assets}	(%)	5.90	5.48	6.26
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.26
Debt Equity Ratio (Total Liability/Networth)		2.77	3.17	3.08
Current Ratio (Current Asset/Current Liability)		3.23	3.52	3.02

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors for Goods	4.560	6.975	7.484
Sundry Creditors for Expenses	0.166	0.464	0.728
Total	4.726	7.439	8.212

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	--------
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

TRADE REFERENCE:

· Davavit India Private Limited

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10115383
Corporate identity number of the company	U51432MH2000PTC126124
Name of the company	RITIK CERAMICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	137, Daya Niwas, S.K. Bole Road, Rdagar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Prabhadevi Branch, Shop No. 1,2,5 and 7, Kamna Society, Near Siddhivinayak Mandir, S.K. Road, Dadar (W), Mumbai – 400028, Maharashtra, India shirishshetye@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Instruments of Hypothecation of Goods, Book debts, movable Machinery and Vehicles.
Date of instrument Creating the charge	15.03.2008
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on the Overdraft limit at the rate of 0.75% below Bench Lending Rate of the Bank p.a. with monthly rests. Terms of Repayment On Demand Margin 20% Cash Margin in respect of Letter of Credit (Inland / Foreign) facility. Extent and Operation of the charge The charge is created to secure Overdraft facility of Rs.20.000 Millions [with sub limit of Letter of Credit (Inland/ Foreign) of Rs.3.000 Millions] together with interest, additional interest, further interest by way of liquidated damages, compound interest, commitment charges, commission, premia on pre-payment, cost, charges, expenses and other moneys payable by the borrower to the Bank.
Short particulars of the property charged	All the borrower’s stock of RMs, SIP, FGs, consumable spares and packing materials, all the book debts in respect of supplies made to various Government Department or Limited companies, etc as evidenced by supply bills, receipted challans / receipted invoices deposited with the bank from time to time and all the movable machinery of the borrower including all stores and spare parts, both present and future, belonging to the borrower and all the vehicles.
Particulars of the Present Modification	The charge is increased up to Rs.20.000 Millions to cover overdraft facility (with sub limit – Letter of Credit (Inland/ Foreign) Facility of Rs.3.000 Millions].

FIXED ASSETS:

· Furniture and Fixtures

· Electrical Fittings

· Air Conditioner

· Office Equipment

· Computers

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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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	NO
--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.