MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	OLWIN TILES (INDIA) PRIVATE LIMITED
Registered Office :	Survey No. 107, 108p1, 108p2, 108p3, at Village Jambudia, Morbi – 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.08.2010
Com. Reg. No.:	04-062078
Capital Investment / Paid-up Capital :	Rs.50.640 Millions
CIN No.: [Company Identification No.]	U26933GJ2010PTC062078
TAN No.: [Tax Deduction & Collection Account No.]	RKTO00455A
PAN No.: [Permanent Account No.]	AABCO3548B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Vitrified Tiles.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company is gradually improving its performance marked by recording minimal net profitability during 2013 as against previous year losses. However, the financial position appears to be acceptable. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. 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.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 (GENERAL DETAILS)

Name :	Mr. Kiritkumar Nanjibhai Merja
Designation :	Director
Contact No.:	91-9979029000
Date :	16.01.2014

LOCATIONS

Registered Office / Factory 1 :	Survey No. 107, 108p1, 108p2, 108p3, at Village Jambudia, Morbi – 363642, Gujarat, India
Tel. No.:	91-2822-283116
Mobile No.:	91-9979029000 (Mr. Kiritkumar Nanjibhai Merja)
Fax No.:	Not Available
E-Mail :	sales@olwingranito.com ss223141@yahoo.com info@olwingranito.com
Website :	http://www.olwingranito.com
Area :	20,000 sq ft
Location :	Owned
Branch Office :	C/o. Design House, Shop No.26, 1^st Floor, Opposite New Bus Stand, Shanala Road, Morbi – 363 641, Gujarat, India
Area :	2000 sq ft
Location :	Owned
Factory 2 :	8-A, National Highway, New Jambudia, Morbi, District - Rajkot – 363 642, Gujarat, India
Tel. No.:	91-2822-283116/117
Area :	20000 sq ft
Location :	Owned

DIRECTORS

As on 31.08.2013

Name :

Mr. Chandubhai Devjibhai Koringa

Designation :

Director

Address :

Chandresh Nagar, Block No.21-4, Behind Patel Kaniya, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

14.08.1968

Date of Appointment :

23.08.2010

DIN No.:

03155236

Name :

Mr. Dipak Mavjibhai Gami

Designation :

Director

Address :

Avenue Park, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

16.07.1966

Date of Appointment :

23.08.2010

DIN No.:

03155245

Name :

Mr. Pravin Raghavjibhai Patel

Designation :

Director

Address :

13*2-235, Subhash Nagar, Ravapar Road, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

20.01.1967

Date of Appointment :

23.08.2010

DIN No.:

01841795

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	U26914GJ2007PTC052026	SORENTO GRANITO PRIVATE LIMITED	Director	31/08/2012	01/11/2007	-	Active	NO
2	U26933GJ2010PTC062078	OLWIN TILES (INDIA) PRIVATE LIMITED	Director	23/08/2010	23/08/2010	-	Active	NO

Name :

Mr. Kiritkumar Nanjibha Merja

Designation :

Director

Address :

Avenue Park, Ravapar Road, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

20.04.1980

Date of Appointment :

07.02.2011

DIN No.:

03157294

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2013

Names of Shareholders	No. of Shares
Chandubhai Devjibhai Koringa	175000
Dipak Mavjibhai Gami	200000
Pravin Raghavjibhai Patel	250000
Kiritkumar Nanjibha Merja	100000

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2013

Category	Percentage
Bodies corporate	2.25
Directors or relatives of Directors	97.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Vitrified Tiles.
Exports :
Products :	Finished Goods
Countries :	· Taiwan · Middle East
Imports :
Products :	Raw Material
Countries :	· China · Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

125 (Approximately)

Bankers :

· The Cosmos Co-Operative Bank Limited, Cosmos Bank House, Opposite Sales India, Ashram Road, Ahmedabad – 380 009, Gujarat, India

· HDFC Bank Limited, Morbi, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	136.878	135.527
Short-term borrowings
Working capital loans from banks	89.674	49.748
Total	226.552	185.275

Banking Relations :	--
Auditors :
Name :	S. Sharda and Associates Chartered Accountants
Address :	8-13, Ashapura Tower, Sanala Road, Morbi – 363 641, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAAFZ3476D

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5064000	Equity Shares	Rs.10/- each	Rs. 50.640 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.640	26.697	26.657
(b) Reserves & Surplus	53.402	45.752	59.400
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	23.543	1.290
Total Shareholders’ Funds (1) + (2)	104.042	95.992	87.347
(3) Non-Current Liabilities
(a) long-term borrowings	155.322	146.364	0.699
(b) Deferred tax liabilities (Net)	6.411	7.140	0.000
(c) Other long term liabilities	0.000	32.541	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	161.733	186.045	0.699
(4) Current Liabilities
(a) Short term borrowings	89.674	49.749	0.000
(b) Trade payables	88.815	33.501	0.000
(c) Other current liabilities	43.296	32.128	3.207
(d) Short-term provisions	6.528	5.781	0.016
Total Current Liabilities (4)	228.313	121.159	3.223
TOTAL	494.088	403.196	91.269
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	225.052	245.440	1.777
(ii) Intangible Assets	0.000	0.000	0.00
(iii) Capital work-in-progress	0.000	0.000	15.977
(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	0.152	0.153	0.176
(e) Other Non-current assets	0.028	0.037	1.339
Total Non-Current Assets	225.232	245.630	19.269
(2) Current assets
(a) Current investments	1.015	1.015	0.015
(b) Inventories	106.581	77.345	0.000
(c) Trade receivables	135.381	26.799	0.000
(d) Cash and cash equivalents	21.350	21.024	35.150
(e) Short-term loans and advances	4.098	31.381	36.812
(f) Other current assets	0.431	0.002	0.023
Total Current Assets	268.856	157.566	72.000
TOTAL	494.088	403.196	91.269

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income		35.996
		Other Income		1.181
		TOTAL	NA	37.177
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	47.645
	PROFIT/ (LOSS) BEFORE TAX		NA	(10.468)
Less	TAX		NA	7.140
	PROFIT/ (LOSS) AFTER TAX		7.650	(17.608)
	BALANCE CARRIED TO THE B/S		NA	(17.608)
	Earnings/ (Loss) Per Share (Rs.)		1.51	(6.61)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	(47.36)	NA
Net Profit Margin (PBT/Sales)	(%)	NA	(29.08)	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	(2.60)	NA
Return on Investment (ROI) (PBT/Networth)		NA	(0.11)	NA
Debt Equity Ratio (Total Debt /Networth)		2.35	2.04	0.01
Current Ratio (Current Asset/Current Liability)		1.18	1.30	22.34

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 one year	Yes
12]	Profitability for last two 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	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

Note: Registered office of the company has been shifted from C/o. Design House, Shop No.26, 1^st Floor, Opposite New Bus Stand, Shanala Road, Morbi – 363 641, Gujarat, India to the present address w.e.f 31.12.2013

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from others	18.443	10.838
Total	18.443	10.838

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10290442	13/05/2011	322,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	COSMOS BANK HOUSE, OPP. SALES INDIA, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B14361463

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer equipments

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.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	KVT

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	4
--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		44

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.