MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	MILAGRO CERAMICA PRIVATE LIMITED
Registered Office :	CTS No. 1285 A/D, Old Bulb Factory, Nehru Nagar, Opposite Hanuman Temple, Kanjur Marg (East), Mumbai – 400042, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.07.2006
Com. Reg. No.:	11-163272
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U51432MH2006PTC163272
TAN No.: [Tax Deduction & Collection Account No.]	MUMM30228C
PAN No.: [Permanent Account No.]	AAECM733E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Ceramic Products.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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.

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. Lalit Jain
Designation :	Director
Contact No.:	91-22-25790686
Date :	10.06.2013

LOCATIONS

Registered Office :	CTS No. 1285 A/D, Old Bulb Factory, Nehru Nagar, Opposite Hanuman Temple, Kanjur Marg (East), Mumbai – 400042, Maharashtra, India
Tel. No.:	91-22-25790686 / 87 / 88
Fax No.:	91-22-25790684
E-Mail :	mhjain@vsnl.net info@milagroceramic.com jainmh@gmail.com
Website :	www.milagroceramic.com
Location:	Owned
Depot :	Located at · Bangalore · Hyderabad · Pune · Bhiwandi, Thane · Mumbai

DIRECTORS

As on 24.09.2012

Name :	Mr. Lalitkumar Nanalal Jain
Designation :	Director
Address :	G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Date of Birth/Age :	16.10.1970
Date of Appointment :	21.02.2007
DIN No.:	01263470
Name :	Mr. Suresh Kumar Nanalal Jain
Designation :	Director
Address :	G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Date of Birth/Age :	21.06.1963
Date of Appointment :	24.07.2006
DIN No.:	01383300
Name :	Mr. Happy Kumar Surya
Designation :	Director
Address :	C-7, Mini Land, Tank Road, Bhandup (West), Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	12.11.1979
Date of Appointment :	21.02.2007
DIN No.:	01474838
Name :	Mr. Tansukhlal Nanalal Jain
Designation :	Director
Address :	G-1, Hazari Baug, L B S Marg, Station Road, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Date of Birth/Age :	15.04.1966
Date of Appointment :	24.07.2006
DIN No.:	01502122
Name :	Ms. Priya Happy Kumar Surya
Designation :	Director
Address :	7/C, Pooja Villa, Mini Land, Tank Road, Bhandup (West), Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	02.02.1980
Date of Appointment :	30.09.2010
DIN No.:	02755816

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Aastha R. Jain	50
Happykumar K. Surya	500
Hulasben N. Jain	50
Kisanlal M. Surya	100
Kusum K. Surya	50
Lalitkumar Nanalal Jain	50
Nanalal S.Join	50
Nirmala S. Jain	50
Nitin C Kothari	90
Priya H. Surya	600
Puja Nitin Kolhari	110
Rishub S. Jain	50
Riya Sachin Surya	550
Sudha T. Jain	50
Sujata L. Jain	50
Sureshkumar N. Jain	1600
Tansukhlal N. Jain	1000
Total	5000

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Ceramic Products.
Imports :
Products :	Ceramic Products
Countries :	· Spain · Italy · Germany · Turkey · China · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

25 (Approximately)

Bankers :

The Saraswat Co-Operative Bank Limited, Small And Medium Enterprise Branch, Prabhat Bhavan, Block B,96 LBS Marg, Vikhroli (West), Mumbai - 400083, Maharashtra, India

Facilities :

Total : Rs. 60.000 millions (From The Saraswat Co-Operative Bank Limited)

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Bank
Tata Capital Limited	0.000	0.516
Saraswat Co-operative Bank Limited (Car Loan)	0.461	0.000
Total	0.461	0.516

Note :

Long term Borrowing:

· All unsecured loans are not repayable within a year as verified an identified by board of directors

· Cost of Debt is 12% p.a. to the company

Banking Relations :	--
Auditors :
Name :	M.H. Jain and Company Chartered Accountants
Address :	103, Kothari Niwas, Sanetorium Lane, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25125416
Fax No.:	91-22-23449097
PAN.:	AABFM0559R
Company in which KMP / Relatives of KMP can exercise significant influence :	· Vaisahli Sanitation Private Limited Address: CTS No. 1285 A/D, Old Bulb Factory, Nehru Nagar, Opposite Hanuman Temple. Kanjur Marg (East), Mumbai – 400042, Maharashtra, India Line of Business: Trader and Importer of Ceramic Products. · Ceramic Centre
Other Related Party :	· Milagro Universal (Showroom) Address: Chembur, Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

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		0.500	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.776	31.742	24.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.276	31.842	24.588
LOAN FUNDS
1] Secured Loans		0.461	0.516	1.663
2] Unsecured Loans		67.498	52.757	38.266
TOTAL BORROWING		67.959	53.273	39.929
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		107.235	85.115	64.517
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.171	8.166	5.171
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.113	0.100	0.025
DEFERRED TAX ASSETS		0.258	0.142	0.047
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.751	98.169	72.285
	Sundry Debtors	21.400	29.359	23.209
	Cash & Bank Balances	10.394	6.458	3.284
	Other Current Assets	7.893	4.004	2.227
	Loans & Advances	5.318	3.771	16.393
Total Current Assets		189.756	141.761	117.398
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.628	27.890	23.361
	Other Current Liabilities	71.415	37.164	23.699
	Provisions	0.020	0.000	11.102
Total Current Liabilities		93.063	65.054	58.162
Net Current Assets		96.693	76.707	59.236
MISCELLANEOUS EXPENSES		0.000	0.000	0.038
TOTAL		107.235	85.115	64.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	155.783	217.239	NA
		Other Income	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.092	22.802	21.915
Less	FINANCIAL EXPENSES (D)		15.607	10.438	6.978
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.485	12.364	14.937
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.048	1.481	0.658
	PROFIT BEFORE TAX (E-F) (G)		10.437	10.883	14.279
Less	TAX (H)		3.403	3.629	5.047
	PROFIT AFTER TAX (G-H) (I)		7.034	7.254	9.232
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.742	24.488	15.256
	BALANCE CARRIED TO THE B/S		38.776	31.742	24.488
	Earnings Per Share (Rs.)		1406.80	7254.00	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	300.000

Expected Sales (2013-2014): Rs. 350.000 millions

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

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	6.70	5.01	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.22	7.26	11.65
Return on Investment (ROI) (PBT/Networth)		0.27	0.34	0.58
Debt Equity Ratio (Total Debt/Networth)		1.73	1.67	1.62
Current Ratio (Current Asset/Current Liability)		2.04	2.18	2.02

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable
Creditors	10.542	21.154
Employee Related	9.987	0.000
Operating Expenses	1.099	6.736
Total	21.628	27.890	23.361

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	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

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related parties	67.498	52.757
Total	67.498	52.757

FIXED ASSETS

· Air Conditioner

· Borewell Pump

· Computer

· Furniture and Fixture

· Godown Shed

· Laptop

· Office Equipment

· Plant and Machinery

· Vehicle

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		47

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.