MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	COTO CERAMICS PRIVATE LIMITED
Registered Office :	Survey No. 120/P1-120/P2, Taluka. Wankaner, B/H. Makansar Vid Panjrapole, Sartanpur – 363622, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.06.2009
Com. Reg. No.:	04-057305
Capital Investment / Paid-up Capital :	Rs. 14.000 Millions
CIN No.: [Company Identification No.]	U26933GJ2009PTC057305
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sanitary ware
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 30500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 :	Mr. Mayank
Designation :	Director
Contact No.:	91-9909908877
Date :	04.11.2014

LOCATIONS

Registered Office :	Survey No. 120/P1-120/P2, Taluka. Wankaner, B/H. Makansar Vid Panjrapole, Sartanpur – 363622, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9909908877 (Mr. Mayank)
Fax No.:	Not Available
E-Mail :	info@cotobathware.com
Website :
Head Office :	Behind Makansar Punjrapol Weed, N. H. 8A At Sartanpur, Morbi, Wankaner – 363621, Gujarat, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Devkaranbhai Vasrambhai Bhalodiya

Designation :

Director

Address :

3 Pavansut Apartment Ravapar Road, Kenal Cross, Morbi – 363641, Gujarat, India

Date of Birth/Age :

01.07.1959

Date of Appointment :

18.06.2009

DIN No.:

02334920

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	18/09/2008	18/09/2008	15/05/2010	Active	NO
2	U26933GJ2009PTC057305	COTO CERAMIC PRIVATE LIMITED	Director	18/06/2009	18/06/2009	-	Active	NO
3	U52100GJ2011PTC068097	SPENI IMPEX PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO
4	U28113GJ2012PTC072975	POWER TECHNOCAST (INDIA) PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO

Name :

Mr. Mayank Devkaranbhai Bhalodia

Designation :

Director

Address :

3^rd Floor, Pavansut Apartment, Near Ravapar Chowkadi, Morbi -363641, District Rajkot, Gujarat, India

Date of Birth/Age :

28.10.1986

Date of Appointment :

04.06.2011

DIN No.:

03549504

Name :

Mr. Chandrakantbhai Rugnathbhai Adroja

Designation :

Director

Address :

109, Galaxy Apartment, Somnath Society, Near Diamond Hall, Sanala Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

10.06.1966

Date of Appointment :

07.02.2012

DIN No.:

05180879

Name :

Mr. Naimish Sureshkumar Adesara

Designation :

Director

Address :

Santur, Yadunandan Park, Opposite New Bus Stand, Morbi – 363641, District Rajkot, Gujarat, India

Date of Birth/Age :

13.04.1987

Date of Appointment :

07.02.2012

DIN No.:

05180884

Name :

Mr. Amitkumar Harshuklal Dedania

Designation :

Director

Address :

Galaxy Apartment, Block – 9, Somnath Society, Ravapar Road, Morbi – 363641, Rajkot, Gujarat, India

Date of Birth/Age :

19.06.1979

Date of Appointment :

07.02.2012

DIN No.:

05182621

KEY EXECUTIVES

Name :	Mr. Dhara Patel
Designation :	Company Secretary
Address :	31, Raj Tower, Satadhar – Char Rasta, Sola Road, Ahmedabad – 380061, Gujarat, India
Tel No.:	91-79-27413573
Mobile No.:	91-9687416858

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Devkaran Vashrambhai Bhalodia	186200
Prabhaben Devkaranbhai Bhalodiya	37450
Mayank Devkaranbhai Bhalodiya	168350
Bachubhai Kuvarjibhai Dalsaniya	28000
Tribhovanbhai Rugnathbhai Adroja	97000
Deepaben Chandrajant Adroja	78000
Mansukhbhai Ramjibhai Vikani	28000
Chandrakant Rugnathbhai Adroja	217000
Dilip Bhanjibhai Marvaniya	17000
Mukesh Vrajlal Adesara	140000
Nimish Sureshbhai Adesara	140000
Ajaybhai Maganbhai Marvaniya (HUF)	49000
Nileshbhai Maganbhai Marvaniya	49000
Ashokumar Jadavjibhai Patel	28000
Binaben Amitkumar Dedaniya	70000
Amitkuamr Harsukhlal Dedaniya	42000
Girdharbhai Ganeshbhai Patel	25000
Total	1400000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sanitary ware
Products :	Couple Suite Table Top Pan and Urinal Wall Hung Water Closet Wash Basin
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

Not Divulged

Bankers :

Bank of India, Jail Road, Morbi Branch - 363641, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS
From banks
Bank of India – Term Loan	8.658	12.120
Bank of India – Car Loan	0.000	0.055
SHORT TERM BORROWINGS:
FROM BANKS
Cash Credit
Bank of India – Cash Credit	5.335	5.806
Total	13.993	17.981

Banking Relations :	--
Auditors :
Name :	B. B. Kalaria and Company Chartered Accountants
Address :	123- Shri Hari Commercial Complex, 6, Savsar Plot Near, Parth Hospital, Ayodhyapuri Main Road, Morbi – 363641, Gujarat, India
Tel. No.:	91-2822230134
Mobile No.:	91-9825130134
PAN No.:	AQNPK4272B

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
1400000	Equity Shares	Rs.10/- each	Rs. 14.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1400000	Equity Shares	Rs.10/- each	Rs. 14.000 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	14.000	14.000	14.000
(b) Reserves & Surplus	(3.306)	(4.923)	(4.323)
(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)	10.694	9.077	9.677
(3) Non-Current Liabilities
(a) long-term borrowings	20.107	20.395	25.716
(b) Deferred tax liabilities (Net)	0.164	0.135	0.082
(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)	20.271	20.530	25.798
(4) Current Liabilities
(a) Short term borrowings	5.335	5.806	6.287
(b) Trade payables	7.254	2.406	2.935
(c) Other current liabilities	5.847	4.894	0.678
(d) Short-term provisions	0.388	0.000	0.000
Total Current Liabilities (4)	18.824	13.106	9.900
TOTAL	49.789	42.713	45.375
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.536	28.083	31.859
(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	2.122	1.017	0.502
(e) Other Non-current assets	0.000	0.000	0.192
Total Non-Current Assets	26.658	29.100	32.553
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.078	8.658	6.997
(c) Trade receivables	4.935	1.766	3.361
(d) Cash and cash equivalents	0.225	0.568	0.643
(e) Short-term loans and advances	3.861	2.608	1.801
(f) Other current assets	0.032	0.013	0.020
Total Current Assets	23.131	13.613	12.822
TOTAL	49.789	42.713	45.375

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	53.189	29.837	19.601
		Other Income	0.108	0.119	0.123
		TOTAL (A)	53.297	29.956	19.724
Less	EXPENSES
		TOTAL (B)	47.573	26.294	19.157
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.724	3.662	0.567
Less	DEPRECIATION/ AMORTISATION (F)		3.690	4.209	4.808
	PROFIT BEFORE TAX (E-F) (G)		2.034	(0.547)	(4.241)
Less	TAX (H)		0.417	0.052	0.082
	PROFIT AFTER TAX (G-H) (I)		1.617	(0.599)	(4.323)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	1.875	0.000
	TOTAL EARNINGS		0.000	1.875	0.000
	Earnings Per Share (Rs.)		1.15	(0.43)	(3.09)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.04	(2.01)	(22.05)
Return on Total Assets (PBT/Total Assets}	(%)	4.09	(1.28)	(9.35)
Return on Investment (ROI) (PBT/Networth)		0.19	(0.060	(0.44)
Debt Equity Ratio (Total Debt/Networth)		2.38	2.89	3.31
Current Ratio (Current Asset/Current Liability)		1.23	1.04	1.30

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	14.000	14.000	14.000
Reserves & Surplus	(4.323)	(4.923)	(3.306)
Net worth	9.677	9.077	10.694
long-term borrowings	25.716	20.395	20.107
Short term borrowings	6.287	5.806	5.335
Total borrowings	32.003	26.201	25.442
Debt/Equity ratio	3.307	2.887	2.379

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	19.601	29.837	53.189
		52.222	78.265

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	19.601	29.837	53.189
Profit	(4.323)	(0.599)	1.617
	(22.05%)	(2.01%)	3.04%

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	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	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)	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	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From shareholders and their relatives	11.449	8.220
Total	11.449	8.220

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10190722	29/06/2013 *	35,500,000.00	BANK OF INDIA	MORBI BRANCH, JAIL ROAD, MORBI, GUJARAT - 363641,  INDIA	B81306979

COMPANYS PERFORMANCE

The Company has reported income from operation during the year is Rs. 53.189 Millions as compared to the previous year's income from operation of Rs. 29.837 Millions. The Company has earned net profit of Rs. 1.617 Millions as against previous year's net Loss of Rs. 0.599 Millions. With a view to conserve resources, your Directors do not recommend any dividend.

FIXED ASSETS:

• Land
• Building
• Electrification
• Refrigeration
• Plant and Machinery
• Car
• Computer

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 judgment 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.61.39
UK Pound	1	Rs.98.00
Euro	1	Rs.76.98

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.