MIRA INFORM REPORT

Report Date :

01.03.2013

IDENTIFICATION DETAILS

Name :	SPECIAL CERAMICS PRIVATE LIMITED
Registered Office :	906, 9^thFloor, Gopal Heights, Netaji Subhash Place, New Delhi – 110 034, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.11.1988
Com. Reg. No.:	55-033970
Capital Investment / Paid-up Capital :	Rs. 4.632 Millions
CIN No.: [Company Identification No.]	U26913DL1988PTC033970
TAN No.: [Tax Deduction & Collection Account No.]	DELS20838G
PAN No.: [Permanent Account No.]	AAFCS3145L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Refractories
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 for normal 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.

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.

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.

LOCATIONS

Registered Office :	906, 9^thFloor, Gopal Heights, Netaji Subhash Place, Pitampura, New Delhi – 110 034, Delhi, India
Tel. No.:	91-11-47701152 / 53 / 23379477
Fax No.:	91-11-47701154
E-Mail :	sjassociates@hotmail.com ska@specialceramics.in contact@specialceramics.org
Website:	www.specialceramics.in
Factory :	H – 607 – 609, RIICO Industrial Area, Distt. Alwar, Bhiwandi – 301019, Rajasthan, India
Tel. No.:	91-1493 221009 / 222419
Fax No.:	91-1493 222419
E-Mail :	Marketing@specialceramics.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Sushil Kumar Agarwal

Designation :

Director

Address :

C – 13 / 12, Sector – 3, Rohini, New Delhi – 110 085, Delhi

Date of Birth/Age :

15.12.1960

Date of Appointment :

22.11.1988

DIN No.:

00075430

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	U26913DL1988PTC033970	SPECIAL CERAMICS PRIVATE LIMITED	Director	22/11/1988	22/11/1988	-	Active	NO
2	U24299DL2005PTC135842	BHIWADI REFRACTORIES PRIVATE LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO

Name :

Mr. Anisul Hasan Rizvi

Designation :

Director

Address :

C – 13 / 12, Sector – 3, Rohini, New Delhi – 110 085, Delhi

Date of Birth/Age :

05.06.1956

Date of Appointment :

22.11.1988

DIN No.:

00085757

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	U26913DL1988PTC033970	SPECIAL CERAMICS PRIVATE LIMITED	Director	22/11/1988	22/11/1988	-	Active	NO
2	U24299DL2005PTC135842	BHIWADI REFRACTORIES PRIVATE LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares (Equity
Sushil Kumar Agarwal, Delhi	6384
Anisul Hasan Rizvi, Delhi	7361
Ajay Kumar Agarwal	700
Seema Agarwal	3370
Zaiul Hasan Rizvi	2665
Saidul Hasan Rizvi	185
G. S. Raja Shekher	227
Ruby Rizvi	200
C. S. Ready Naresh Babu	227
B. Pratap	227
B. Munikshmana	227
N. Ravindranath	227
N. Rajani	227
K. Vasu	227
K. Sundaramme	227
S. P. Sasirakha	227
S. Anand Lakshmi	227
Laxmi Devi Agarwal	600
Nasreen Rizvi	1800
Reena Agarwal	1450
Pawan Kumar Agarwal	6
Ajay Kumar HUF	1
Asha Agarwal	1
Nargis Rijvi	4811
Pawan Kumar Agarwal HUF	1
Sushil Kumar Agarwal HUF	2009
Vijay Kumar Agarwal HUF	1
Shikohi Agarwal	2501
Bhiwadi Refractories Private Limited, Delhi	10000
Deeba Rizvi	1
Sheeba Rizvi	1
Total	46318

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	21.59
Directors or relatives of Directors	78.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refractories

Products :

Product Description	Item Code No (ITC Code)
Refractories items Bricks, Shapes Mortars	69010090 38160000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda

Dr. Ram Manohar Lohia Hospital Branch, New Delhi – 110 001, Delhi, India

• Punjab National Bank

Tropical Building, Connaught Place, New Delhi – 110 001, Delhi, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Finance lease obligation*
From Bank Of Baroda Against
Hypothecation of Three(Two) Car	0.554	0.681
Term Loan from PNB**	0.616	3.850
Loans repayable on demand from banks:
Cash credit facilities**	6.211	6.688
OD facilities**	3.546	3.468
Total	10.927	14.687

NOTES:

* Secured by first charge on respective assets financed out of proceeds of loan and repayable over a period of 3 to 5 Yrs.

** Secured against first pari passu charge on current assets of the company, fixed assets of company and personal gurantees of directors, corporate guarantees of promoter group companies and other companies and fixed deposits.

Banking Relations :	--
Auditors :
Name :	Sharad Jain Associates Chartered Accountants
Address :	213, Hans Bhawan, 1, Bahadurshah Zafar Marg, Delhi – 110 002, India
Tel. No.:	91-11-23379477 / 23379588
PAN No.:	ABBFS3608L

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/-each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46318	Equity Shares	Rs.100/-each	Rs.4.632 Millions

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		4.632	4.632	4.632
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.687	21.456	19.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.319	26.088	24.521
LOAN FUNDS
1] Secured Loans		10.927	14.687	15.571
2] Unsecured Loans		4.667	0.565	0.453
TOTAL BORROWING		15.594	15.252	16.024
DEFERRED TAX LIABILITIES		1.628	1.434	0.768
TOTAL		45.541	42.774	41.313
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.077	29.425	15.456
Capital work-in-progress		12.452	6.346	5.222
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.468	17.879	9.908
	Sundry Debtors	11.828	7.895	12.369
	Cash & Bank Balances	1.966	0.093	1.780
	Other Current Assets	0.000	0.440	1.330
	Loans & Advances	4.507	3.877	0.932
Total Current Assets		35.769	30.184	26.319
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.134	7.967	5.720
	Other Current Liabilities	19.623	15.214	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		31.757	23.181	5.720
Net Current Assets		4.012	7.003	20.599
MISCELLANEOUS EXPENSES		0.000	0.000	0.036
TOTAL		45.541	42.774	41.313

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income		113.668	81.530
		TOTAL	N.A	113.668	81.530
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A	107.363	77.324
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.161	6.305	4.206
Less	FINANCIAL EXPENSES		1.688	1.791	1.318
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.473	4.514	2.888
Less/ Add	DEPRECIATION/ AMORTISATION		3.157	2.172	1.582
	PROFIT BEFORE TAX		3.316	2.342	1.306
Less	TAX		N.A	0.776	1.169
	PROFIT AFTER TAX		N.A	1.566	0.137
	CIF VALUE OF IMPORT		5.401	4.226	2.469
	Earnings Per Share (Rs.)		N.A	33.82	3.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A	1.38	0.17
Net Profit Margin (PBT/Sales)	(%)	N.A	2.06	1.60
Return on Total Assets (PBT/Total Assets}	(%)	9.27	7.76	4.96
Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.05
Debt Equity Ratio (Total Debt/Networth)		0.55	0.58	0.65
Current Ratio (Current Asset/Current Liability)		1.13	1.30	1.28

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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)
from Directors	1.278	0.062
From Shareholders	3.389	0.503
Total	4.667	0.565

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26913DL1988PTC033970
Name of the company	SPECIAL CERAMICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	906, 9^thFloor, Gopal Heights, Netaji Subhash Place, Delhi – 110 034
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Baroda Dr. Ram Manohar Lohia Hospital Branch, New Delhi – 110 001, Delhi, India Email: ca_rcg@yahoo.co.in
Nature of instrument creating charge	Instrument of Hypothecation of Vehicle dated 11.05.2011
Date of instrument Creating the charge	11.05.2011
Amount secured by the charge	Rs.0.400 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 2.50% p.a. over BPLR of the Bank with minimum of 12.50% p.a. at monthly rest or at such rate(s) as may be specified by the Bank from time to time. Terms of Repayment Repayable in 36 equated monthly instalments of Rs. 0.013 Million each commencing from 16.03.2011 till the entire loan with interest and other charges is repaid in full. Margin 32.96% Extent and Operation of the charge 100% Others To secure all amounts payable under Term Loan of Rs. 0.400 Million granted to the Company together with all interests, costs, charges, expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of the following vehicle purchased or to be purchased out of the Term Loan granted by the Bank:- Swift Dzire VXI Car

FIXED ASSETS

• Land
• Factory Building
• Computer
• Plant & Machinery
• Furniture
• Typewriter
• Vehicle
• Office Equipment
• Electrification
• Cycle
• Tools
• Forklift

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.53.77
UK Pound	1	Rs.81.56
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.