MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	ASHIRWAD CERAMICS PRIVATE LIMITED (w.e.f. 13.07.2008)
Formerly Known As :	ASHIRWAD TILES PRIVATE LIMITED
Registered Office :	Navagam Road, At: Thangadh, Ta: Chotila Dist: Surendranagar – 363530, Gujarat
Country :	India
Financials (as on) :	31.03.2013
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 Ceramic Sanitary Wave.
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
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track record. Its scale of activities are limited. Management has failed to file latest financials of FY 14, with the statutory authorities. As per available, the management has reported minimal turnover from its operations along with high accrued payables during FY 13. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of lack of latest financials, the company can be considered for business dealings with caution.

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Husen Habibbhai Wadhavaniya
Designation :	Director
Contact No.:	91-9979852100
Date :	16.12.2014

LOCATIONS

Registered Office/ Factory :	Navagam Road, At: Thangadh, Ta: Chotila Dist: Surendranagar – 363530, Gujarat
Tel. No. :	91-2751-220123 / 220193
Mobile No. :	91-9979852100 (Husen Habibbhai Wadhavaniya)
Fax No. :	91-2751-222123 / 221313
E-Mail :	info@ashirwadceramic.com wadhvaniyanavroj@gmail.com precitsngr@gmail.com
Website :	www.ashirwadceramic.com
Area :	25000 Sq. Ft.
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2013

Name :

Mr. Husen Habibbhai Wadhavaniya

Designation :

Director

Address :

Dholeshwar Plot, Thangadh, Surendra Nagar - 363530, Gujarat, India

Date of Birth/Age :

15.11.1984

Qualification :

30 Years

Date of Appointment :

30.06.2008

DIN No. :

02241467

Name :

Mr. Navrojbhai Mubarakbhai Wadhawania

Designation :

Director

Address :

Hasanpara, At Thangadh, Surendra Nagar- 363530, Gujarat, India

Date of Birth/Age :

05.07.1970

Qualification :

Post Graduate

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 :

Dholeshwar Plot, Thangadh, Surendra Nagar- 363530, Gujarat, India

Date of Birth/Age :

22.10.1962

Qualification :

M.Com

Date of Appointment :

30.07.2009

DIN No. :

02643574

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Navroj M. Wadhwaniya	58150	14.53
Husen H. Wadhwaniya	69500	17.37
Habibhai N. Wadhwaniya	60000	14.99
Vahidaben N. Wadhwaniya	40000	9.99
Simal H. Wadhwaniya	40000	9.99
Rozina F. Pabani	90000	22.49
Anish A. Lalani	42070	10.51
Mahezbin M. Wahdwaniya	500	0.12
Total	400220	100.00

As on 30.09.2013

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 :	Manufacturer and Exporter of Ceramic Sanitary Wave.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Ceramic Sanitary Wave
Countries :	· Middle East · Sri Lanka · African Countries
Imports :	--
Terms :
Selling :	Cash, Advance Payment, L/C and Credit
Purchasing :	Cash, Advance Payment, L/C and Credit

PRODUCTION STATUS

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· Aggarwal Plaster Industries

· Apex Marmo Grani Private Limited

· Nice Ceramic

· GSPC Gas Company Limited

· Alstrong Traders

· Quadri Centre

· Raj Hardware

· SAB Enterprises

· Al Nada Import

· Shree Sai Mines and Minerals

· Shakti Freight Forwarders

Customers :

Wholesalers

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· Antique Ceramic

· Arrow Exports

· Pankaj Ceramic

· Poorna Ceramic

· Sonata Ceramic Ind.

· Sumit Traders

· Versha Enterprises

· Bhalla Traders

· Nazeer Trading Private Limited

· Intertek India Private Limited

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Thangadh Branch, Surendranagar, Gujarat, India
Name of the Person (with Designation):	NOT DIVULGED
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
State Bank of India Car Loan	0.806	0.000
Kotak Mahindra Prime Limited	0.191	0.000
(Secured by mortgage of Building of company)
SHORT TERM BORROWINGS
Loans repayable on demand From Bank State Bank of India	0.000	1.288
Total	0.997	1.288
PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred Payment Liabilities	0.000	7.344
Deposits – From Shareholders
Vahidaben N. Wadhvaniya	0.432	0.000
Simal H. Wadhavaniya	0.783	0.000
Anishbhai Lalani	0.011	0.000
Habibbhai M. Wadhvaniya	1.949	0.000
Husen H. Wadhvaniya	0.603	0.000
Navrojbhai M. Wadhvaniya	3.748	0.000
Mahezbinben H. Wadhvaniya	0.563	0.000
Total	8.089	7.344

Auditors :
Name :	Hitesh V Shah and Company Chartered Accountants
Address :	108, Dwarkesh, 108 Dwarkesh, Surendranagar – 363001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ADRPS4565L
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.002	4.002	4.002
(b) Reserves & Surplus	4.123	3.249	2.603
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8.125	7.251	6.605
(3) Non-Current Liabilities
(a) long-term borrowings	9.085	7.344	5.979
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	9.085	7.344	5.979
(4) Current Liabilities
(a) Short term borrowings	0.000	1.288	1.278
(b) Trade payables	9.043	2.375	1.191
(c) Other current liabilities	0.047	0.059	0.000
(d) Short-term provisions	0.699	1.119	0.351
Total Current Liabilities (4)	9.789	4.841	2.820
TOTAL	26.999	19.436	15.404
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.570	7.360	7.065
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.570	7.360	7.065
(2) Current assets
(a) Current investments	0.020	0.020	1.667
(b) Inventories	5.292	4.133	2.499
(c) Trade receivables	3.412	3.485	2.084
(d) Cash and cash equivalents	5.507	0.969	0.242
(e) Short-term loans and advances	4.061	3.332	1.710
(f) Other current assets	0.137	0.137	0.137
Total Current Assets	18.429	12.076	8.339
TOTAL	26.999	19.436	15.404

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	58.773	36.411	23.851
		Other Income	0.078	0.083	0.311
		TOTAL	58.851	36.494	24.162
Less	EXPENSES
		TOTAL	51.402	31.402	20.308
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.449	5.092	3.854
Less	FINANCIAL EXPENSES AND DEPRECIATION/ AMORTISATION		6.259	4.217	2.985
	PROFIT/ (LOSS) BEFORE TAX		1.190	0.875	0.869
Less	TAX		0.315	0.230	0.181
	PROFIT/ (LOSS) AFTER TAX		0.875	0.645	0.688
	Earnings / (Loss) Per Share (Rs.)		2.19	1.61	1.72

Particulars	31.03.2014
Sales Turnover (Approximately)	70.000

Expected Sales (2014-2015): Rs.90.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.49	1.77	2.88
Operating Profit Margin (PBDIT/Sales)	(%)	12.67	13.98	16.16
Return on Total Assets (PBT/Total Assets}	(%)	4.41	4.50	5.64
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.13
Debt Equity Ratio (Total Debt/Networth)		1.12	1.19	1.10
Current Ratio (Current Asset/Current Liability)		1.88	2.49	2.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.002	4.002	4.002
Reserves & Surplus	2.603	3.249	4.123
Net worth	6.605	7.251	8.125
long-term borrowings	5.979	7.344	9.085
Short term borrowings	1.278	1.288	0.000
Total borrowings	7.257	8.632	9.085
Debt/Equity ratio	1.099	1.190	1.118

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	23.851	36.411	58.773
		52.660	61.416

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	23.851	36.411	58.773
Profit	0.688	0.645	0.875
	2.88%	1.77%	1.49%

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	Yes
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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10190650	09/11/2009	4,500,000.00	STATE BANK OF INDIA	THANGADH BRANCH, THANGADH, DIST. SURENDRANAGAR, T HANGADH, GUJARAT - 363530, INDIA	A75489526

UNSECURED LOANS

PARTICULARS

31.03.2013 (Rs. In Millions)

31.03.2012 (Rs. In Millions)

FIXED ASSETS

· Land

· Computer

· Cycle

· Deepwell Pump

· Electric Installation

· Factory Building

· Fax Machine

· Plant and Machinery

· Portable Scale

· Tunnel Kiln

· Printer

· Computer

· Santro Car

· Air Conditioner

· Mobile Phone

· New Car

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.