MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	GRESCASA CERAMICS LIMITED (w.e.f. 04.05.2007)
Formerly Known As :	GRESCASA CERAMICS PRIVATE LIMITED (w.e.f. 26.04.2007) PADMA CERAMICS PRIVATE LIMITED
Registered Office :	5/E, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	24.03.2003
Com. Reg. No.:	11-139704
Capital Investment / Paid-up Capital :	Rs.14.713 millions
CIN No.: [Company Identification No.]	U51503MH2003PLC139704
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16900C
PAN No.: [Permanent Account No.]	AACCP9045R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importers of Ceramic Tiles, Sanitary Ware, Bath Fittings and Allied Products.
No. of Employees :	30 (Approximately)

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 300000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the latest financials of the company with the government department. However, trade relations are reported as fair. Business is active. Payments are unknown. 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.

INFORMATION PARTED BY

Name :	Mr. William B. Tusacno
Designation :	Accounts Department
Contact No.:	91-9881644095
Date :	29.09.2011

LOCATIONS

Registered Office :	5/E, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26313095 / 96
Mobile No.:	91-9821010992 (Mr. Rakesh Agarwal) 91-9881644095 (Mr. William B. Tusacno)
Fax No.:	91-22-26358170/ 26313096
E-Mail :	rva_ca@yahoo.co.in sparshtab2003@yahoo.com grescasa@vsnl.com sales.grescasa@mtnl.net.in
Website:	http://www.grescasa.com
Area :	2400 Sq. ft.
Location :	Owned
Warehouse :	Located at: · Bhiwandi at Markholi Naka
Branch Office 1 :	D-196, Mansarovar Garden, New Delhi – 110 015, India
Tel. No.:	91-11-32653471
Fax No.:	91-11-45530874
Branch Office 2 :	70, (Old No. F53), 4^th Main Road, KSSIDC Industrial Estate, Rajajinagar, Bangalore – 560 004, Karnataka, India
Tel. No.:	91-80-984409962

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Rakesh Agarwal

Designation :

Director

Address :

8^th Floor, Tenthavenue, 10^th Road, JVP Schme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

15.09.1963

Qualification:

Graduate

Date of Appointment :

24.03.2003

DIN No.:

00954728

PAN No.:

AABPA3090M

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	U51503MH2003PLC139704	GRESCASA CERAMICS LIMITED	Director	24-03-03	24-03-03	Active	YES
2	U45201WB2004PTC098568	HOPEWELL ENCLAVE MAKER PRIVATE LIMITED	Director	11-05-07	11-05-07	Active	YES

Name :

Mrs. Sangita Agarwal

Designation :

Director

Address :

8^th Floor, Tenthavenue, 10^th Road, JVP Schme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.02.1963

Qualification:

Graduate

Date of Appointment :

24.03.2003

DIN No.:

00954698

PAN No.:

AAIPA3190P

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	U51503MH2003PLC139704	GRESCASA CERAMICS LIMITED	Director	24-03-03	24-03-03	Active	YES
2	U45201WB2004PTC098568	HOPEWELL ENCLAVE MAKER PRIVATE LIMITED	Director	11-05-07	11-05-07	Active	YES

Name :

Mr. Agrim Agarwal

Designation :

Director

Address :

8^th Floor, Tenthavenue, 10^th Road, JVP Schme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.09.1989

Qualification :

B.Com

Date of Appointment :

25.02.2009

DIN No.:

02195185

PAN No.:

AKLPA3999F

Name :

Mrs. Padmavati Agarwal

Designation :

Additional Director

Address :

8^th Floor, Tenthavenue, 10^th Road, JVP Schme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

30.08.1935

Date of Appointment :

30.04.2007

KEY EXECUTIVES

Name :	Mr. William B. Tusacno
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Rakesh Agarwal	670000
Sangita Agarwal	700000
Padmavati Agarwal	100000
Mathuraprasad Agarwal	1000
William Tuscano	100
Madhura Pawar	100
Pooja Gawade	100
Total	1471300

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders and Importers of Ceramic Tiles, Sanitary Ware, Bath Fittings and Allied Products.
Imports :
Products :	CeramicTiles
Countries :	· Spain · Italy · China · European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

30 (Approximately)

Bankers :

· United Bank of India,

Shubham Co-Operative Housing Society Limited, 1^st Floor, Juhu Versova Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

· HDFC Bank

· ICICI Bank

· Axis Bank

Facilities :

Secured Loans	31.03.2009	31.03.2008
	(Rs. In Millions)
Bank Overdraft – United Bank (Secured against hypothecation of stocks and Book Debts and Land and Building)	15.449	17.538
United Bank Term Loan	6.688	0.000
HDFC Vehicle Loan	0.509	0.965
Axis Bank Vehicle Loan (secured against hypothecation of Car )	1.080	0.000
Total	23.726	18.503
Unsecured Loans	31.03.2009	31.03.2008
	(Rs. In Millions)
From Directors	15.685	25.093
From Others	7.193	7.525
Total	22.878	32.618

Banking Relations :	--
Auditors :
Name :	R.V.A. and Associates Chartered Accountants
Address :	17/18, Damji Shamji Udyog Bhawan, Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-26734955 / 26734882

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1471300	Equity Shares	Rs.10/- each	Rs.14.713 millions

(AS ON 31.03.2009)

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
1471300	Equity Shares	Rs.10/- each	Rs.14.713 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		14.713	14.713	9.700
2] Share Application Money		40.100	26.600	0.000
3] Reserves & Surplus		8.718	6.798	4.794
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.531	48.111	14.494
LOAN FUNDS
1] Secured Loans		23.727	18.503	15.671
2] Unsecured Loans		22.878	32.618	33.700
TOTAL BORROWING		46.605	51.121	49.371
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		110.136	99.232	63.865
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.862	3.453	4.241
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	146.865	143.326	110.847
	Sundry Debtors	42.115	38.087	32.232
	Cash & Bank Balances	4.008	4.357	3.922
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.804	6.197	3.377
Total Current Assets		199.792	191.967	150.378
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	85.388	86.077	82.088
	Other Current Liabilities	6.785	8.468	7.817
	Provisions	1.345	1.643	0.873
Total Current Liabilities		93.518	96.188	90.778
Net Current Assets		106.274	95.779	59.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.024
TOTAL		110.136	99.232	63.865

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	162.480	183.600	115.729
		Other Income	0.285	0.325	0.000
		TOTAL (A)	162.765	183.925	115.729
Less	EXPENSES
		Administrative Expenses	19.996	22.806	13.604
		Raw Material Consumed	125.062	142.956	93.170
		TOTAL (B)	145.058	165.762	106.774
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.707	18.163	8.955
Less	FINANCIAL EXPENSES (D)		13.478	13.256	6.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.229	4.907	2.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.898	1.201	0.392
	PROFIT BEFORE TAX (E-F) (G)		3.331	3.706	2.557
Less	TAX (H)		1.344	1.643	1.110
	PROFIT AFTER TAX (G-H) (I)		1.987	2.063	1.447
Less:	PROVISION FOR TAX – EARLIER YEARS		0.067	0.059	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.198	3.194	1.747
	BALANCE CARRIED TO THE B/S		7.118	5.198	3.194
	Earnings Per Share (Rs.)		1.30	1.36	1.49

Particulars	31.03.2011	31.03.2010
Sales Turnover	121.900	133.500
	(Due to recession turnover of 2011 is low.)

Expected Sales (2011-12): Rs.85.000 Millions.

The above information has been parted by Mr. William B. Tusacno.

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.22	1.12	1.25
Net Profit Margin (PBT/Sales)	(%)	2.05	2.02	2.21
Return on Total Assets (PBT/Total Assets}	(%)	1.63	1.90	1.65
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.18
Debt Equity Ratio (Total Liability/Networth)		2.20	3.06	9.67
Current Ratio (Current Asset/Current Liability)		2.14	1.99	1.66

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2009	31.03.2008	31.03.2007
	(Rs. In Millions)
Sundry Creditors
- For Goods	72.282	77.183	73.772
- For Expenses	13.106	8.894	8.316
Total	85.388	86.077	82.088

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
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%	Yes
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
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	----------

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U51503MH2003PLC139704
Name of the company	GRESCASA CERAMICS LIMITED
Address of the registered office or of the principal place of business in India of the company	5/E, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Type of charge	Immovable Property Movable Property
Particular of charge holder	United Bank of India, Shubham Co-Operative Housing Society Limited, 1^st Floor, Juhu Versova Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India bmvrs@unitedbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Deed of Declaration and Confirmation Dated 11.06.2007. 2. Hypothecation of Goods Dated 11.06.2007. 3. Hypothecation of Debts and Movable Assets Dated 11.06.2007
Date of instrument Creating the charge	11.06.2007
Amount secured by the charge	Rs.51.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.25% Terms of Repayment Repayment as per sanction letter Margin 25% on stocks and 40% on receivables Extent and Operation of the charge The charge to operate as security of repayment
Short particulars of the property charged	Hypothecation of Entire stock consists of ceramic tile and entire receivables. Additional security includes equitable mortgage of property as mentioned in deed of declaration and confirmation Dated 11.06.2007

FIXED ASSETS:

· Air Conditioner

· Computer

· Furniture and Fixtures

· Mobile Phones

· Motor Car – Honda - Accord

· Motor Car – Honda – Civic

· Motor Car – Skoda

· Motor Car – Indica

· Truck – I

· Truck – II

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

SCORE & RATING EXPLANATIONS

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