MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	SUNSHINE TILES COMPANY PRIVATE LIMITED
Registered Office :	S. No. 150 and 160/P1 , B/H. Sunhill Ceramics, Tal. Wankaner, Dhuva- 363622, Gujarat.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.2009
Com. Reg. No.:	04-057909
Capital Investment/ Paid-up Capital:	Rs. 20.200 Millions
CIN No.: [Company Identification No.]	U26933GJ2009PTC057909
TAN No.: [Tax Deduction & Collection Account No.]	RKTS06469B
PAN No.: [Permanent Account No.]	AANCS3264L
Legal Form :	Private Limited Liability Company
Line of Business :	The company exports, manufactures and supplies vitrified tiles, ceramic tiles , tiles etc
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 750000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Sunshine Tile Company, a partnership concern started in the year 1980. It 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.

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

LOCATIONS

Registered Office :	S. No. 150 and 160/P1 , B/H. Sunhill Ceramics, Tal. Wankaner, Dhuva- 363622, Gujarat.
Tel. No.:	Not Available
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@sunheart.in info@varmoratiles.com
Factory 1 :	Survey No. 150 and 160/ P1, 8-A, National Highway, Dhuva, Tal Wankaner, Rajkot – 363621, Gujarat, India
Factory 2 :	309, Sampad Building, B/H. L.G. Showroom, Mithakhali Six Road, Ahmedabad – 363641, Gujarat, India
Tel. No.:	91-79-40039851 / 2 / 3
Fax No.:	91-79-40039854
Mobile :	91-9099020384 ( Ms. Jenifer Macwan, Export Manager )

DIRECTORS

(As On 31.03.2011)

Name :

Mr. Govind Ganeshbhai Varmora

Designation :

Director

Address :

4, Shakti Society , Ravapar Road, Near Narshi Tekri, Morbi – 363641, Gujarat.

Date of Birth/Age :

25.01.1958

Date of Appointment :

28.08.2009

DIN No:

01935136

Other Directorships :

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	U26914GJ1996PTC029963	VARMORA CERAMICS PRIVATE LIMITED	Director	30-09-08	08-12-07	26-02-10	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
4	U26955GJ2007PTC049879	SUNRAY TILES PRIVATE LIMITED	Director	15-11-09	15-11-09	-	Active	NO

Name :

Mr. Jagjivanbhai Ganeshbhai Varmora

Designation :

Director

Address :

Avernew Park, Ravapar Road, Morbi – 363641, Gujarat

Date of Birth/Age :

05.03.1961

Date of Appointment :

28.08.2009

DIN No:

00095196

Other Directorships :

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	U26914GJ2003PTC043194	VARMORA GRANITO PRIVATE LIMITED	Director	18-11-03	18-11-03	01-07-09	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	17-06-10	17-06-10	-	Active	NO
5	U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	Director	14-12-10	14-12-10	-	Active	NO

Name :

Mr. Pravinbhai Narshibhai Patel

Designation :

Director

Address :

Block No. 30, Shri Ram Society, Opposite Gokuldham, Ravapar Road, Morbi – 363641, Gujarat.

Date of Birth/Age :

15.09.1961

Date of Appointment :

28.08.2009

DIN No:

01935034

Other Directorships :

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	U26914GJ1996PTC029963	VARMORA CERAMICS PRIVATE LIMITED	Director	30-09-08	08-12-07	26-02-10	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
4	U26914GJ2009PTC058762	SUNRAJ CERAMIC PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
5	U26933GJ2011PTC064789	SUNRAY PLUS TILES PRIVATE LIMITED	Director	05-04-11	05-04-11	-	Active	NO

Name :

Mr. Bhudarbhai Ganeshbhai Varmora

Designation :

Director

Address :

19, Jayraj Park, Ravapar Road, Morbi – 363641, Gujarat.

Date of Birth/Age :

26.10.1969

Date of Appointment :

28.08.2009

DIN No:

02530181

Other Directorships :

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	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	19-08-99	19-08-99	-	Active	NO
2	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
3	U26933GJ2011PTC066901	GRENIC TILES PRIVATE LIMITED	Director	15-11-11	15-11-11	-	Active	NO
4	U26900AS2010PTC010278	SUNSHINE GLOBAL CERATILES PRIVATE LIMITED	Director	29-11-11	29-11-11	-	Under Process of Striking off	NO

Name :

Mr. Manojkumar Govinbhai Patel

Designation :

Director

Address :

4, Shakti Society , Ravapar Road, Near Narshi Tekri, Morbi – 363641, Gujarat.

Date of Birth/Age :

18.04.1979

Date of Appointment :

28.08.2009

DIN No:

00095240

Other Directorships :

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	U26914GJ2003PTC043194	VARMORA GRANITO PRIVATE LIMITED	Director	18-11-03	18-11-03	01-07-09	Active	NO
2	U26914GJ1999PTC036444	SUNHILL CERAMICS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
3	U26933GJ2009PTC057909	SUNSHINE TILES COMPANY PRIVATE LIMITED	Director	28-08-09	28-08-09	-	Active	NO
4	U26914GJ2009PTC058762	SUNRAJ CERAMIC PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
5	U26900AS2010PTC010278	SUNSHINE GLOBAL CERATILES PRIVATE LIMITED	Director	16-11-10	16-11-10	-	Under Process of Striking off	NO
6	U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	Director	31-12-11	31-12-11	-	Active	NO
7	U26914GJ2012PTC068945	SUNGRACIA TILES PRIVATE LIMITED	Director	07-02-12	07-02-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Govindbhai Ganeshbhai Varrnora	31700
Dipesh Maganbhai Patel	2200
Shaileshbhai Valjibhai Patel	2200
Rugnathbhai Ambarambhai Patel	2200
Damjibhai Ambarambhai Patel	2200
Rameshbhai Bachubhai Fefar	2200
Manojkumar Govindbhai Patel	52900
Bhavinaben Hareshbhai Patel	36000
Bhudarbhai Ganeshbhai Patel	85000
Bhudarbhai Ganeshbhai Patel HUF	17200
Ganeshbhai Shivabhai Patel	86000
Hardik Hareshbhai Varmora	42100
Jagjivanbhai Ganeshbhai Varmora	70000
Jayaben Bhudarbhai Patel	34800
Kantaben Jagjivanbhai Varmora	59600
Vasantben Govinbhai Patel	87500
Sunhill Ceramics Private Limited	1053400
Lalitaben Pravinbhai Patel	22100
Mayank Kumar Pravinbhai Patel	25600
Pravinbhai Narshibhai Patel	42100
Daxitaben Jayrambhai Bhalodiya	6600
Jayantibhai Mavjibhai Bhalodiya	10000
Jayrambhai Mavjibhai Bhalodiya	23750
Krunal Jayrambhai Bhalodiya	13750
Shilp[Aben Jayantibhai Bhalodiya	5800
A.International Private Limited, India	140000
Govindbhai Ganeshbhai Patel HUF	24900
Jagjivanbhai Ganeshbhai Varmora HUF	6900
Jagrutiben Manojbhai Patel	31300
TOTAL	2020000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.000
Total	100.000

BUSINESS DETAILS

Line of Business :	The company exports, manufactures and supplies vitrified tiles, ceramic tiles , tiles etc
Products :	· Vitrified Tiles · Ceramic Tiles · Tiles

PRODUCTION STATUS

(As On 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
Ceramic Vitrified Tiles	MT.PA	Not Available	57000

(Quantity in Metres)

Particulars	Actual Production
Finished Goods	3635.936
Broken Goods	216.287

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, I F Branch , 1^st Floor, Naptune Tower Annexe, Gandhidham Railway Station, Ashram Road, Ahmedabad – 380006, Gujarat, India

· Union Bank of India, Jodhpur Tekra Branch, Moti Park society, satellite, Ahmedabad – 380015, Gujarat , India

Facilities :

Secured Debt	31.03.2011	31.03.2010
Rupee term loans banks secured	88.775	79.820
Loans taken for fixed assets secured	3.039	--
Loans taken for fixed assets secured	625.516	50.695
Total	717.330	130.515
Note: [a] Term Loan from Union Bank of India, (Jodhpur Tekra Branch), Ahmedabad & State Bank of India, Industrial Finance Branch, Ahmedabad is secured by first charge over Immovable property of the Company and Hypothecation of Plant & Machineries. (Both Present & Future). [b] Working Capital Limit (Cash Credit Limit) from State Bank of India, Industrial Finance Branch, Ahmedabad is secured by Hypothecation of all the tangible movable property such as Raw Materials, semi-Finished, Finished Goods, Stores and all other Goods of the company

Unsecured Debt	31.03.2011	31.03.2010
Other external commercial borrowings unsecured	25.415	52.475
Loans directors unsecured	43.702	--
Deposits related parties unsecured	69.101	20.746
Total	138.218	73.221

Banking Relations :	--
Auditors :
Name :	NANALAL P. HADIAL Chartered Accountant
Address :	1st Floor, Shakti Complex, Nr. Dr. Rupala Hospital, 15, Savsar Plot, Morbi-363641, Gujarat, India
PAN No:	AAHPH2014C

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2,100,000	Equity Share	Rs.10/- each	Rs. 21.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,020,000	Equity Share	Rs.10/- each	Rs.20.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.200	20.200
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		166.693	100.112
4] (Accumulated Losses)		0.000	0.000
NETWORTH		186.893	120.312
LOAN FUNDS
1] Secured Loans		717.330	130.515
2] Unsecured Loans		138.217	73.220
TOTAL BORROWING		855.547	203.735
DEFERRED TAX LIABILITIES		25.703	0.075
3] Other Liabilities		87.411	80.472
TOTAL		1155.555	404.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		494.168	296.896
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	305.251	34.713
	Sundry Debtors	350.253	15.163
	Cash & Bank Balances	197.735	50.559
	Other Current Assets	0.205	0.205
	Loans & Advances	77.611	48.527
Total Current Assets		931.055	149.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	229.043	41.061
	Other Current Liabilities	16.628	0.389
	Provisions	24.009	0.034
Total Current Liabilities		269.680	41.484
Net Current Assets		661.375	107.683
MISCELLANEOUS EXPENSES		0.012	0.015
TOTAL		1155.555	404.594

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		TOTAL (A)	1667.717	14.585
Less	EXPENSES
		TOTAL (B)	1480.181	11.143
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		187.536	3.442
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.121	3.188
	PROFIT BEFORE TAX (E-F) (G)		137.415	0.254
Less	TAX (H)		22.547	0.034
	PROFIT AFTER TAX (G-H) (I)		114.868	0.220
	Earnings Per Share (Rs.)		56.87	0.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	6.89	1.51
Return on Total Assets (PBT/Total Assets}	(%)	9.64	0.03
Return on Investment (ROI) (PBT/Networth)		0.74	0.002
Debt Equity Ratio (Total Liability/Networth)		6.02	2.04
Current Ratio (Current Asset/Current Liability)		3.45	3.60

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U26933GJ2009PTC057909
Name of the company	SUNSHINE TILES COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 150 and 160/P1 , B/H. Sunhill Ceramics, Tal. Wankaner, Dhuva- 363622, Gujarat.
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10244719
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, I F Branch , 1^st Floor, Naptune Tower Annexe, Gandhidham Railway Station, Ashram Road, Ahmedabad – 380006, Gujarat, India
Nature of instrument creating charge	Memo. relating to Deposit of Title Deeds
Date of instrument Creating the charge	02.01.2012
Amount secured by the charge	Rs. 1102.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST : As per sanction TERMS OF PAYMENT : As per sanction MARGIN : As per sanction EXTENT AND OPERATION OF CHARGE : As per sanction
Short Particulars of the property charged	EM of properties situated at 150 & 160/1, Village-Dhuva, Tal.-Wankaner, District. Rajkot pari passu charge by UBI and more particularly described in the copy of agreement attached herewith. EM of Properties situated at S. No. 145, Vill. - Dhuva, Tal.- Wankaner belonging to SUNHILL CERAMIC PRIVATE LIMITED, group company gave property to Sunshine Tiles Company Private Limited.
Particulars of the present modification	The bank has enhanced credit facilities by Rs. 2.528 Millions making total aggregating limits to Rs. 11.020 Millions

NOTE :

Subject started as a partnership concern , Started in the year 1980 by the name of ‘ Sunshine Tile Company’.

FINANCIAL RESULTS:

The total income of the Company during the full year of operations was Rs. 1667.717 Millions as against total income of Rs. 14.585 Millions during the previous year. The Company has earned net profit of Rs. 114.868 Millions during the year under report. With a view to conserve resources, the directors do not recommend any dividend.

FIXES ASSETS :

· Factory Land

· Factory Building

· Plant And Machinery

· Imported Plant And Machinery

· Electrifications

· Refrigerator

· Printer, Fax And Xerox

· Captiva Car

· Tata Indica

· Accent Car

· Air Conditioner

· Mobile

· Mumbai Office Air Conditioner

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.