MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	SHREE AMBICA DECOPRINTS PRIVATE LIMITED
Registered Office :	766,772, Rakanpur, Sola Santej Road, District: Gandhinagar (North Gujarat) Kalol Taluka – 382721, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.08.1992
Com. Reg. No.:	04-018125
Capital Investment / Paid-up Capital :	Rs. 11.170 Millions
CIN No.: [Company Identification No.]	U24299GJ1992PTC018125
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00145F
PAN No.: [Permanent Account No.]	AABCS5524R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Processor, Designer and Importer of Ceramic Tiles
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in sales and profitability during 2011-2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 :	Ms. Hetalt Shah
Designation :	Account Department
Contact No.:	91-2764-286962
Date :	16.04.2013

LOCATIONS

Registered Office / Factory :	766,772, Rakanpur, Sola Santej Road, District: Gandhinagar (North Gujarat) Kalol Taluka – 382721, Gujarat, India
Tel. No.:	91 2764 286961/2/3/4
Fax No.:	91-2764-286107
E-Mail :	bhavin@ceramicfashionstudio.com accounts@ceramicfashionstudio.com
Website :	www.ceramicfashionstudio.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Bhavin Mahasukhlal Shah
Designation :	Managing Director
Address :	304 Rajvi Tower Rajvansh Bodakdev , Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	12.12.1956
Date of Appointment :	07.07.1992
DIN No.:	00049524
Name :	Mr. Mahasukhlal Nathalal Shah
Designation :	Director
Address :	304 Rajvi Tower Rajvansh Bodakdev , Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	08.01.1939
Date of Appointment :	07.08.1992
DIN No.:	00051342
Name :	Mr. Kalpu Bhavin Shah
Designation :	Whole-Time Director
Address :	304 Rajvi Tower Rajvansh Bodakdev , Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	07.12.1968
Date of Appointment :	01.07.2011
DIN No.:	00051444

KEY EXECUTIVES

Name :	Ms. Hetalt Shah
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Kalpu Bhavin Shah	482000
Bhavin Mahasukhlal Shah	558750
Sohaan B. Shah	2250
Bhavin Mahasukhlal Shah (HUF)	74000
Total	1117000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Processor, Designer and Importer of Ceramic Tiles
Imports :
Products :	Raw materials
Countries :	· Italy · Europe
Terms :
Selling :	L/C / Cash / Credit (30 Days)
Purchasing :	L/C / Cash / Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

· Bank of Baroda, Bhadra Branch, Near Parekh Laldarwaja, Ahmedabad – 380 001, Gujarat, India

Tel. No.: 91-79-25506043

· Corporation Bank, Navrangpura Branch

· ICICI Bank

· ABN Amro Bank

· CITI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
From Bank of Baroda (Secured against land, Building, Plant and Machinery and Other productive project assets, Current assets and further secured by personal Guarantee of directors and charge on property)	12.763	0.000
Short Term Borrowing
Loans Repayable on demand form Bank (Secured against hypothecation of stock and book debts)	0.000	6.007
Total	12.763	6.007

Banking Relations :	--
Auditors :
Name :	Kashiparekh and Associates Chartered Accountants
Address :	Akshay Appartments, Old High Court Lane Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN.:	AADFK5903H
Enterprises that exercise significant influence over the company.	· Shree Ambica Fintrade corporation · Graffiti (India) Private Limited · CFS Enterprise · Shaleen Ceramics

CAPITAL STRUCTURE

As on 31.03.212

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions
50000	Preferences Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1117000	Equity Shares	Rs.10/- each	Rs.11.170 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period

Particular	Number of Shares	Rs. In Millions
Opening Balance	1,117,000	11.170 Millions
Closing Balance	1,117,000	11.170 Millions

Details of share held by each shareholder holding more than 5% share

Name of Shareholder	Number of share held	% holding in that class of shares
Equity shares with voting rights
Mrs. Pallavi Shah	187000	16.74%
Mr. Mahasukhlal Shah	202000	18.08%
M.N. Shah HUF	345000	30.89%
Mr. Mahasukhlal Shah	164250	14.70%
Mr. Sachin Shah	144750	12.96%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.170	11.170	11.170
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.645	21.761	9.772
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.815	32.931	20.942
LOAN FUNDS
1] Secured Loans		12.763	6.007	5.202
2] Unsecured Loans		1.200	0.429	0.493
TOTAL BORROWING		13.963	6.436	5.695
DEFERRED TAX LIABILITIES		1.715	1.528	1.882
TOTAL		52.493	40.895	28.519
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.862	35.979	20.489
Capital work-in-progress		0.000	0.000	0.000
Trade Mark Registration		0.000	0.000	0.018
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.321	7.643	9.234
	Sundry Debtors	19.894	18.044	14.076
	Cash & Bank Balances	0.774	0.548	0.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.040	10.916	7.760
Total Current Assets		42.029	37.151	31.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.057	6.810	13.536
	Other Current Liabilities	9.111	18.466	1.292
	Provisions	8.230	6.959	8.420
Total Current Liabilities		22.398	32.235	23.248
Net Current Assets		19.631	4.916	8.012
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.493	40.895	28.519

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	85.654 (Due to Market Recession)	100.568	88.922
		Other Income	0.513	0.640	NA
		TOTAL (A)	86.167	101.208	NA
Less	EXPENSES
		Cost of materials consumed	37.404	35.847
		Changes in position of inventories	(0.605)	0.166
		Employee benefits expenses	20.651	16.957	NA
		Other expenses	17.305	22.643
		Extraordinary Items	(0.359)	0.000
		TOTAL (B)	74.396	75.613	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.771	25.595	13.183
Less	FINANCIAL EXPENSES (D)		2.333	0.791	1.354
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.438	24.804	11.829
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.675	6.223	5.192
	PROFIT BEFORE TAX (E-F) (G)		5.763	18.581	6.637
Less	TAX (H)		1.871	6.584	1.779
	PROFIT AFTER TAX (G-H) (I)		3.892	11.997	4.858
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.165	1.545	(3.313)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.117	0.000
		Transfer to Expansion Reserve	0000	9.260	0.000
	BALANCE CARRIED TO THE B/S		7.057	3.165	1.545
	IMPORTS
		Raw Materials	5.043	5.966	4.544
		Stores & Spares	1.642	1.259	0.820
		Capital Goods	0.000	9.541	0.000
	TOTAL IMPORTS		6.685	16.766	5.364
	Earnings Per Share (Rs.)		3.48	10.74	4.15

Particulars	31.03.2013 (Unaudited)
Sales Turnover (Approximately)	97.500

The above information has been parted by Ms. Hetalt Shah

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.52	11.85	NA
Net Profit Margin (PBT/Sales)	(%)	6.73	18.48	7.46
Return on Total Assets (PBT/Total Assets}	(%)	7.70	25.41	12.83
Return on Investment (ROI) (PBT/Networth)		0.16	0.56	0.32
Debt Equity Ratio (Total Debt /Networth)		0.38	0.20	0.27
Current Ratio (Current Asset/Current Liability)		1.87	1.15	1.34

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors for goods and expenses	5.057	6.810	13.536
Total	5.057	6.810	13.536

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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	Yes
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

THE YEAR UNDER RETROSPECT

The Company has achieved a turnover of Rs.85.654 Millions as against Rs.100.568 Millions for previous year and earned a profit of Rs. 3.892 Millions after providing interest, depredation and tax as compared to profit of Rs. 11.997 Millions for previous year, showing some decreased In volume of business and overall financial strength of the company.

The Directors wish to report that the company Is in a process Of newly set up of an allied business vertical of entering Into direct retail the nature of activities and future marketing strategy. The company will continues to be a market leader and dominant and vibrant force with increasing popularity and niche customer base with continuous innovative efforts.

The operating profitability will be regained and achieved by continuous research and development work by introducing new range of designs at periodical Intervals of the International quality and selecting appropriate design mix yielding higher profitability,

GROWTH STRATEGY

The core strengths of the company are the popular brand name, excellent standards of Quality awareness, Market leadership and continued trust of the customers with Excellence In design images at par with International standards-

The Design studio is the backbone of the business of the Company. The expert designers of the company continuously develop new designs, create innovating images and offer wide range of selection to customers. The Design studio is fully computerized with requisite multimedia software and fully equipped to develop any product as per [he test of customer. Inspired by the success of the design studio, the company has accelerated the role and research base in the phased manner.

On the strength the company's overall performance and looking at the Inflow of new and repeat orders and optimum use of the productive capacity of the plant, the board has thought It prudent to undertake to enter Into an allied business vertical of direct retail market of high end designer tiles that envisages nearly 1Q0 % capacity utilization.

In addition to this the Directors of the company are paying concentration to constantly update the technology, quality and Introducing latest changes taking place at global level. This has proved to be strategic move for market leadership and Brand name development. The company has also effectively enforced costs controls at every locations and cost centers. The company has also made strategic changes in product mix to make the designs economically affordable. The directors are focusing to maintain acceptable level of safety and ensure that the growth of the company is not hampered by the adverse circumstances,.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short Term Borrowing
Loans from Directors and shareholders	1.200	0.429
Total	1.200	0.429

FIXED ASSETS

· Land

· Factory Building

· Office Building

· Electrical Appliances

· Spares of Machinery

· Dies and Tools

· Plant and Machinery

· Computer

· Furniture

· Electrical Fitting

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 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.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.