MIRA INFORM REPORT

Report Date :

18.11.2012

IDENTIFICATION DETAILS

Name :	ASHIRWAD CERAMIC PRIVATE LIMITED (w.e.f.30.07.2008)
Formerly Known As :	ASHIRWAD TILES PRIVATE LIMITED
Registered Office :	Navagam Road, At Thangadh Taluka, Chotila, District Surendranagar - 363530, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.1995
Com. Reg. No.:	04-025693
Capital Investment / Paid-up Capital :	Rs. 4.002 Millions
CIN No.: [Company Identification No.]	U26921GJ1995PTC025693
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04078E
PAN No.: [Permanent Account No.]	AABCA7476L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of ceramics sanitary ware.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 26000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The financial position of the company is not healthy. However, trade relations are reported as fair. Business is active. Payments terms are slow. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Husen Wadhavaniya
Designation :	Director
Contact No.:	91-9979862100
Date :	16.11.2012

LOCATIONS

Registered Office/ Factory :	Navagam Road, At Thangadh Taluka, Chotila, District Surendranagar - 363530, Gujarat, India
Tel. No.:	91-2751-220123 / 220193
Mobile No.:	91-9979852100 (Mr. Husen Wadhvaniva)
Fax No.:	91-2751-222123 / 221313
E-Mail :	info@ashirwadceramic.com ashirwadceramics@hotmail.com wadhvaniyanavroj@gmail.com
Website :	www.ashirwadceramic.com
Area :	25000 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Husen Habibbhai Wadhavaniya

Designation :

Director

Address :

Hasanpara, At Thangadh, Surendranagar - 363530, Gujarat, India

Date of Birth/Age :

15.11.1984

Date of Appointment :

30.06.2008

DIN No.:

02241467

Name :

Mr. Navrojbhai Mubarakbhai Wadhawania

Designation :

Director

Address :

Hasanpara, At Thangadh, Surendranagar - 363530, Gujarat, India

Date of Birth/Age :

05.05.1970

Date of Appointment :

30.06.2008

DIN No.:

02000861

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101MH2007PTC168612	Y2S REALTY PRIVATE LIMITED	Director	16/04/2007	16/04/2007	16/05/2008	Active	NO
2	U26921GJ1995PTC025693	ASHIRWAD CERAMICS PRIVATE LIMITED	Director	30/06/2008	30/06/2008	-	Active	NO

Name :

Mr. Habib Mubarakbhai Wadhvaniya

Designation :

Director

Address :

Hasanpara, At Thangadh, Surendranagar - 363530, Gujarat, India

Date of Birth/Age :

22.10.1962

Date of Appointment :

30.07.2009

DIN No.:

02643574

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Navroj M. Wadhwaniya	58150
Husen H Wadhwaniya	69500
Habibbhaii Wadhwaniya	59990
Vahidaben N Wadhwaniya	40000
Simal H Wadhwaniya	40000
Rozina F Pabani	90000
Anish Amiralilalani	42070
Rafikbhai A Huda	10
Mahezbin M Wadhwaniya	500
Total	400220

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of all types of ceramics sanitary ware.
Exports :
Products :	Ceramics sanitary ware
Countries :	Ø Dubai Ø Africa Ø Tanzania Ø Srilanka Ø Iraq Ø Bangladesh Ø Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

Ø Ganpati Hardware

Ø Infinium Motors

Ø Shri Hariom Traders

Ø Pankaj Marble

Ø Prabhu Traders

Ø S.R. Enterprise

Ø Poorna Agencies

Ø Al Habib Trading LIC

Ø Alstrong Traders

Ø Versha Enterprises

Ø Sonu Traders

Ø T.C. Steel Centre

Ø Shiv Shakti Enterprise

Ø Gujarat Ceramic

No. of Employees :

20 (Approximately)

Bankers :

Ø State Bank of India, Surendranagar - 363530, Gujarat, India

Ø State Bank of Suarastra, Themgerh Branch, Surendranagar – 363530, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank Of India C/c	1.278	2.551
S. B. I. Car Loan	0.187	0.295
Total	1.465	2.846
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Vahidaben H. Wadhavaniya	0.428	0.197
Simal N. Wadhavaniya	0.462	0.176
Anishbhai Lalani	0.643	0.580
Habibbhai M. Wadhwaniya	0.824	0.139
Husen L. H. Wadhavaniya	0.130	0.008
Navrojbhai M. Wadhwaniya	2.010	0.569
Rafikbhai A. Huda	0.887	0.801
Shimalben H. Wadhavaniya	0.000	0.022
Mahezbinben H. Wadhavaniya	0.408	0.191
Total	5.792	2.683

Banking Relations :	--
Auditors :
Name :	Hitesh V. Shah and Company Chartered Accountants
Address :	108 Dwarkesh, Main Road, Surendranagar - 363001, Gujarat, India
PAN No.:	ADRPS4565L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400,220	Equity Shares	Rs.10/- each	Rs. 4.002 Millions

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		4.002	4.002	4.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.603	1.915	1.302
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.605	5.917	5.304
LOAN FUNDS
1] Secured Loans		1.465	2.846	0.000
2] Unsecured Loans		5.792	2.683	2.654
TOTAL BORROWING		7.257	5.529	2.654
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		13.862	11.446	7.958
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.065	7.250	7.122
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.667	1.387	1.329
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.499	2.924	0.832
	Sundry Debtors	2.084	2.412	1.834
	Cash & Bank Balances	0.242	0.191	0.693
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.710	1.225	0.765
Total Current Assets		6.535	6.752	4.124
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	1.191	3.856	4.324
	Provisions	0.351	0.223	0.429
Total Current Liabilities		1.542	4.079	4.753
Net Current Assets		4.993	2.673	(0.629)
MISCELLANEOUS EXPENSES		0.137	0.136	0.136
TOTAL		13.862	11.446	7.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	23.805	17.100	6.457
		Other Income	0.361	0.102	1.358
		TOTAL (A)	24.166	17.202	7.815
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	22.194	15.851	5.699
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.972	1.351	2.116
Less	FINANCIAL EXPENSES (D)		N.A.	N.A.	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		N.A.	N.A.	N.A.
Less/ Add	DEPRECIATION/ AMORTISATION (F)		N.A.	N.A.	N.A.
	PROFIT BEFORE TAX (E-F) (G)		0.869	0.726	1.761
Less	TAX (H)		N.A.	N.A.	N.A.
	PROFIT AFTER TAX (G-H) (I)		N.A.	N.A.	N.A.

Particulars	31.03.2012
Sales Turnover (Approximately)	32.500

Expected Sales ( 2012-2013 ) : Rs. 43.500 Millions

The above information has been parted by Mr. Husen (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	3.65	4.22	22.53
Return on Total Assets (PBT/Total Assets}	(%)	6.39	5.18	15.66
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.33
Debt Equity Ratio (Total Liability/Networth)		1.33	1.62	1.40
Current Ratio (Current Asset/Current Liability)		4.24	1.66	0.87

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

Ø Land

Ø Battery Casting

Ø Computer

Ø Cycle

Ø Deepwell Pump

Ø Electrical Installation

Ø Factory Building

Ø Fax Machine

Ø Plant and Machinery

Ø Portable Scale

Ø Tunnel Kiln

Ø Type Writer

Ø GSPC Gas Connection

Ø Printer

Ø Computer

Ø Santro Car

Ø Air Conditioner

Ø Mobile Phone

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 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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.