MIRA INFORM REPORT

Report Date :

14.05.2014

IDENTIFICATION DETAILS

Name :	COMET GRANITO PRIVATE LIMITED
Registered Office :	Survey no.118, National Highway No. 8-A, Taluka.Morbi, Nava Jambudia, Gujarat – 363642,
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	2006
Capital Investment / Paid-up Capital :	Rs. 32.644 Million
CIN No.: [Company Identification No.]	U26914GJ2006PTC049091
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter , Trader and Supplier Vitrified Tiles, Glazed Vifrified Tiles, Polished Glazed Vifrified
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded huge external borrowings which seems to be increasing over years. The rating also takes into consideration the delays by the company in repayment of its term debt and the delays were caused by the company’s weak liquidity. However, Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “D”
Rating Explanation	The company is in default or expected to be in default soon.
Date	Jan, 15, 2014

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. Prashant Patel
Designation :	Director
Contact No.:	91-9825215815
Date :	23.04.2014

LOCATIONS

Registered Office / Factory :	Survey No.118, National Highway No. 8-A, Taluka.Morbi, Nava Jambudia, Gujarat – 363642
Tel. No.:	91-2822-651315 / 294715 / 283717
Mobile No.:	91-9825215815 (Mr. Prashant Patel)
Fax No.:	91-2822-283717 / 294715
E-Mail :	marketing@cometindia.co.in info@granicer.in
Website :	http://www.granicer.in
Area :	Owned

DIRECTORS

As on: 31.08.2013

Name :

Mr. Pintukumar Shamjibhai Patel

Designation :

Director

Address :

Gautam Society, B/S Janta Society, Ravapar Road, Middle of Sanala Road, Morbi, Rajkot– 363641, Gujarat, India

Date of Birth/Age :

25.10.1975

Date of Appointment :

10.02.2007

DIN No.:

01285646

Name :

Mr. Prashant Virjibhai Bhalodiya

Designation :

Director

Address :

Prayag, New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

13.11.1982

Date of Appointment :

05.12.2007

DIN No.:

00711136

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	U26933GJ2003PTC042966	COMET CERAMIC PRIVATE LIMITED	Director	24/06/2005	24/06/2005	04/03/2008	Active	NO
2	U26914GJ2006PTC049091	COMET GRANITO PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
3	U26933GJ2010PTC062232	KEVIN CERAMIC PRIVATE LIMITED	Director	18/11/2010	18/11/2010	09/01/2012	Active	NO

Passport No.:

Voter ID No.:

Name :

Mr. Devshibhai Vasarambhai Bhalodiya

Designation :

Director

Address :

Diamond Nagar, Near. Water Tank, Amran, Jodia, Jamnagar – 363655, Gujarat, India

Date of Birth/Age :

27.05.1948

Date of Appointment :

18.09.2006

DIN No.:

01175716

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
1	U26914GJ2006PTC049091	COMET GRANITO PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active
2	U26933GJ2010PTC062232	KEVIN CERAMIC PRIVATE LIMITED	Director	18/11/2010	18/11/2010	09/01/2012	Active

Passport No.:

Voter ID No.:

Name :

Mr. Shaileshbhai Devshibhai Bhalodiya

Designation :

Director

Address :

Alap Park, Sintific Vadi, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

11.08.1973

Date of Appointment :

15.02.2010

DIN No.:

02976487

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	01.67
Directors or relatives of Directors	86.70
Other top fifty shareholders	11.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter , Trader and Supplier Vitrified Tiles, Glazed Vifrified Tiles, Polished Glazed Vifrified
Products :	Graincer Wood Strip Graincer Office Tiles Graincer Mall Tiles Polished Glazed Vitrified Tiles Hi-Resolution Digi Pixel Tiles
Brand Names :	GRANICER CERAMICA INDIANA
Exports :
Products :	Finished Goods
Countries :	Gulf Countries and European Countries
Imports :
Products :	Raw Material
Countries :	China and Italy
Terms :
Selling :	Cheque / Credit
Purchasing :	Cheque / Credit

GENERAL INFORMATION

No. of Employees :	300 (Approximately)
Bankers :	State Bank of India, 8 – A, National Highway, Lalpar, Morbi – 363641, Gujarat, India HDFC Bank, Morbi, Gujarat
Facilities :	---

Banking Relations :	---
Auditors :
Name :	S. Sharda and Associates, Chartered Accountant
Address :	8-13, Ashapura Tower, Sanala Road, Morbi – 363641, Gujarat, India
PAN No.:	AAAFZ3476D

CAPITAL STRUCTURE

As on: 31.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,264,460	Equity Shares	Rs.10/- each	Rs.32.644 Million

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	32.644	30.644	30.610
(b) Reserves & Surplus	134.331	129.944	124.930
(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)	166.975	160.588	155.540
(3) Non-Current Liabilities
(a) long-term borrowings	271.898	205.392	206.480
(b) Deferred tax liabilities (Net)	24.596	16.226	13.851
(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)	296.494	221.618	220.331
(4) Current Liabilities
(a) Short term borrowings	179.893	117.789	45.717
(b) Trade payables	152.040	143.350	57.721
(c) Other current liabilities	119.813	82.783	74.352
(d) Short-term provisions	1.620	6.779	1.034
Total Current Liabilities (4)	453.366	350.701	178.824
TOTAL	916.835	732.907	554.695
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	487.387	346.902	339.805
(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	4.132	15.747	15.747
(e) Other Non-current assets	0.000	0.000	0.071
Total Non-Current Assets	491.519	362.649	355.623
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	173.829	181.873	20.542
(c) Trade receivables	199.502	165.835	120.184
(d) Cash and cash equivalents	33.922	13.122	22.728
(e) Short-term loans and advances	18.063	9.428	35.618
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	425.316	370.258	199.072
TOTAL	916.835	732.907	554.695

Particulars	31.03.2014	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	800.000	700.000	600.000	NA

The above information has been parted by Mr. Shailesh Patel

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	2.71	2.01	1.62
Current Ratio (Current Asset/Current Liability)	0.94	1.06	1.11

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	30.610	30.644	32.644
Reserves & Surplus	124.930	129.944	134.331
Net worth	155.540	160.588	166.975
long-term borrowings	206.480	205.392	271.898
Short term borrowings	45.717	117.789	179.893
Total borrowings	252.197	323.181	451.791
Debt/Equity ratio	1.621	2.012	2.706

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales (Approximately)	600.000	700.000
		16.667

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	No
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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10054669	16/01/2014 *	462,400,000.00	State Bank of India	8 - A, National Highway, Lalpar, Morbi, Gujarat -  363641, INDIA	B96211222

* Date of charge modification

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.59.87
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	HRD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	--
--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		15

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.