MIRA INFORM REPORT

Report No. :	315964
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	SWASTIK CERACON LIMITED (w.e.f 27.04.2010)

Formerly Known as :	MARBOLITE GRANITO INDIA LIMITED

Registered Office :	D/801-807, Ganesh Meridian, Opposite Amiraj Farm, Near. Gujarat High Court, S.G. Highway, Ahmedabad – 380060, Gujarat
Tel No :	91-79-40097072

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.01.2005

Com. Reg. No.:	04-045383

Capital Investment / Paid-up Capital :	Rs. 222.117 Million

CIN No.: [Company Identification No.]	U26920GJ2005PLC045383

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMM07596B

PAN No.: [Permanent Account No.]	AAFCM4519E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Trader Exporter and Importer of Tiles

No. of Employees :	350 (Approximately) (In Office and Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1600000

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory record. There seems some dip in the profit of the company during FY 2014 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 (General Detail)

Name :	Mr. Parth Shah
Designation :	Chartered Accountants
Contact No.:	91-9909964928
Date :	13.04.2015

LOCATIONS

Registered Office :	D/801-807, Ganesh Meridian, Opposite Amiraj Farm, Near. Gujarat High Court, S.G. Highway, Ahmedabad – 380060, Gujarat, India
Tel. No.:	91-79-40097072
Mobile No.:	91-9909964923 (Mr. Parth Shah)
Fax No.:	91-79-29299721
E-Mail :	cs@swastiktiles.in parthca@swastiktiles.com
Website :	http://www.swastiktiles.in
Area :	16000 sq. ft.
Location :	Owned

Factory 1:	Sr. No.249, At P.O. Palaj, Mehsana-Becharaji Road, Taluka: Mehsana – 384410, Gujarat, India

Factory 2:	25, Sobhasan Road, Mehsana – 384002, Gujarat, India

Factory 3:	At P.O. Nandasan, Ahmedabad-Mehsana Highway, Taluka: Kadi, Mehsana – 382706, Gujarat, India

Factory 4:	Ceramic Zone, St. At P.O. Dalpur, Katwad Road, Ahmedabad-Himatnagar Highway, District: Sabarkantha, Himatnagar – 383120, Gujarat, India

Regional Office / Showrooms:	Located at · Ahmedabad · New Delhi · Mumbai · Chennai · Cochin

DIRECTORS

As on : 30.09.2014

Name :

Girishkumar Jayantibhai Patel

Designation :

Managing Director

Address :

21, Sarnam Bunglow, Near Chandan Party Plot, Vejapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

04.04.1970

Qualification :

B.Com

Experience :

18 Years

Date of Appointment :

01.04.2013

PAN No.:

AGPPP6709C

DIN No.:

00426120

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	U26914GJ1996PLC029253	AKIK TILES LIMITED	Managing director	01/01/2010	30/11/2002	-	Amalgamated	NO
2	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Managing director	01/04/2013	31/01/2005	-	Active	NO
3	U26933GJ2002PLC041253	GLADDER CERAMICS LIMITED	Director	27/09/2008	15/04/2008	-	Amalgamated	NO

Name :

Pankaj Narayanbhai Patel

Designation :

Director

Address :

8, Rudravan Bunglows, Near Someshwar Park, Gulab Tower, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

10.06.1971

Qualification :

B.E.

Date of Appointment :

01.10.2014

PAN No. :

AGWPP2869E

DIN No. :

01320345

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	U26914GJ1996PLC029253	AKIK TILES LIMITED	Managing director	01/01/2010	30/11/2002	-	Amalgamated	NO
2	U26933GJ2002PLC041253	GLADDER CERAMICS LIMITED	Director	27/09/2008	15/04/2008	-	Amalgamated	NO
3	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Whole-time director	01/10/2014	03/01/2013	-	Active	NO

Name :

Mr. Jigar Patel Kodarlal

Designation :

Director

Address :

AT Nava Revas, Himmat Nagar – 383450, Gujarat, India

Date of Birth/Age :

10.12.1981

Date of Appointment :

01.10.2014

DIN No.:

00582237

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	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Whole-time director	01/10/2014	20/09/2005	-	Active	NO
2	U51100GJ2013PTC073766	CENGRES TRADELINK PRIVATE LIMITED	Director	28/09/2013	03/09/2013	10/03/2015	Active	NO

Name :

Mr. Chirag Kumar Maganbhai Patel

Designation :

Director

Address :

1 – 7, AT and Post – Voravan, TA – IDAR, Sabarkantha – 383450, Gujarat, India

Date of Birth/Age :

20.10.1984

Date of Appointment :

30.09.2014

DIN No.:

06677283

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	U51100GJ2013PTC073766	CENGRES TRADELINK PRIVATE LIMITED	Director	28/09/2013	03/09/2013	-	Active	NO
2	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Director	30/09/2014	01/08/2014	-	Active	NO

Name :

Mr. Nirav Chandravadan Patel

Designation :

Director

Address :

Javangadh, Ganthiol, Idar, Sabarkantha – 383410, Gujarat, India

Date of Birth/Age :

19.09.1986

Date of Appointment :

30.09.2014

DIN No.:

05295027

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	U74140GJ2012PTC070749	SHAMA EVENTS PRIVATE LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO
2	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Director	30/09/2014	01/08/2014	-	Active	NO

Name :

Mr. Ganpatbhai Dwarkadas Patel

Designation :

Director

Address :

36/2, Hill Nagar Society, Near Airodram, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

01.02.1950

Date of Appointment :

30.09.2014

DIN No.:

00186897

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	U74140GJ2005PTC046280	AKSHAR ADVISORS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO
2	U26933GJ2006PTC048961	GABON SERAMIK PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
3	U26933GJ2009PTC057372	VARUN GLASS & FRIT PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
4	U40300GJ1996PTC029694	VIMAL ENERGY PRIVATE LIMITED	Director	27/09/2014	14/07/2014	-	Active	NO
5	U26920GJ2005PLC045383	SWASTIK CERACON LIMITED	Director	30/09/2014	01/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Parth Shah
Designation :	Chartered Accountants

Name :	Mr. Parag Dhorajia
Designation :	Manager-International Trade
Mobile No.:	91-9925046704

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders		No. of Shares
Girishkumar J. Patel		3205223
Jayendrabhai Patel		5000
Pankajbhai N. Patel		617073
Rakeshbhai Kacharabhai Patel		406248
Ramananbhai M. Patel		9000
Sanjaybhai N. Patel		265190
Vijaybhai Dinkarrai Maniar		866218
Anilbhai Shankarlal Patel		269658
Arvindkumar Dwarkadas Patel		361810
Babubhai Shankarbhai Patel		278319
Bhagvatiben Ramanbhai Patel		90000
Bipinbhai Mulshankarbhai Patel		410474
Chandubhai Bhikhabhai Patel		214302
Dixitbhai Chandubhai Patel		55187
Hansaben Anilbhai Patel		13000
Himanshubhai Babulal Patel		632143
Jayaben Pankajbhai Patel		14000
Jigarbhai Kodarbhai Patel		325799
Kalugar Nagar Gosai		65486
Kiritbhai Bhikhabhai Patel		30000
Kodarbhai Shankarbhai Patel		570577
Mukeshbahi Patel		570784
Narayanbhai Mulshankar Patel		442734
Narendra Khodabhai Patel		180000
Nileshbhai K. Goswami		151594
Pinakin Babulal Patel		116886
Purvang Bipinbhai Patel		33600
Tinaben Sanjaybhai Patel		14000
Vimal Fiscal Private Limited		500000
Vipulbhai Ramanbhai Patel		79871
C K Patel		800000
Hansaben Girishbhai Patel		113489
Jayantibhai Lavjibhai Patel		289571
Jigishaben Pradipbhai Patel		260617
Kailashben Bipinbhai Patel		161093
Kalidas J Patel		100
Kantaben Chandubhai Patel		209286
Kodiben Ishwarbhai Patel		52471
Krishnaben Ramanbhai Patel		30000
Mulshankarbhai Patel		5900
Narayanbhai Kodarbhai Patel		209312
Pradip Chandubhai Patel		603079
Rajiben Narayanbhai Patel		170203
Ramanbhai Babadas Patel		48800
Ramanbhai Manchandbhai Patel		105979
Shardaben Pravinbhai Patel		177169
Savitaben N Patel		19600
Total		14050845

As on : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.41
Bodies corporate	13.03
Directors or relatives of Directors	27.76
Other top fifty shareholders	54.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Tiles

Products :

Glass tiles
Ceramic Tiles
Glass Tile Panels
Spiral Tiles
Plane Ceramic Tiles
Colored Ceramic Floor Tiles
Anti Skid Floor Tiles
Printed Ceramic Floor Tiles
Polished Ceramic Floor Tiles
Polish Tiles
Printed Ceramic Tiles
Rustic Tiles
Wall Tiles

Product Description	Item Code No. (ITC Code)
Ceramic and Vitrified Tiles	6908

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Tiles

Countries :

Poland
Argentina
Brazil

Imports :

Products :

Spare parts

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Siders India ceramics Private Limited - Ahmedabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	HN Safal - Ahmedabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

350 (Approximately) (In Office and Factory)

Bankers :

Banker Name	State Bank India
Branch Address	Industrial Finance Branch, 2^nd Floor, Neptune Annexe, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Dena Bank
Branch Address	Ahmedabad, India
Credit Facilities Enjoyed (If any)	CC-500.000 Million, Term Loan 150.000 Million

Banker Name	State Bank of India
Branch Address	Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Banker Name	The Mehsana Urban Co-Operative Bank Limited
Branch Address	Urban Bank Road, Highway, Mehsana – 384002, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from Bank	83.218	165.412

SHORT TERM BORROWING
Working capital loans from bank	498.622	490.115
Total	581.840	655.527

Auditors :
Name :	R.R.S. and Associates Chartered Accountants
Address :	211, Kamal Complex, Opp. State Bank Of India, Nr. Stadium Circle, Navarangpura, Ahmedabad – 380060, Gujarat, India
PAN No.:	AAFFR0472A

Financial Institutions :	Religare Finvest Limited - D3, P3B, District Centre, Saket, New Delhi – 110017, India The Mehsana Urban Co – Operative Bank Limited – Urban Bank Road, Highway, Mehsana – 384002, Gujarat, India

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

23500000	Equity Shares	Rs.10/- each	Rs.235.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

22211707	Equity Shares	Rs.10/- each	Rs.222.117 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	222.117	222.117	118.000
(b) Reserves & Surplus	345.013	295.999	89.656
(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)	567.130	518.116	207.656

(3) Non-Current Liabilities
(a) long-term borrowings	584.744	505.329	258.661
(b) Deferred tax liabilities (Net)	62.221	52.969	19.449
(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)	646.965	558.298	278.110

(4) Current Liabilities
(a) Short term borrowings	498.622	490.115	138.245
(b) Trade payables	363.249	311.849	136.759
(c) Other current liabilities	123.033	183.096	66.097
(d) Short-term provisions	15.216	20.984	7.138
Total Current Liabilities (4)	1000.120	1006.044	348.239

TOTAL	2214.215	2082.458	834.005

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1030.887	1002.399	448.060
(ii) Intangible Assets	1.441	0.513	0.129
(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	5.467	5.592	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	4.192	11.626	1.660
Total Non-Current Assets	1041.987	1020.130	449.849

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	662.268	470.264	173.765
(c) Trade receivables	352.561	462.116	151.366
(d) Cash and cash equivalents	33.580	26.533	8.433
(e) Short-term loans and advances	16.494	6.505	2.226
(f) Other current assets	107.325	96.910	48.366
Total Current Assets	1172.228	1062.328	384.156

TOTAL	2214.215	2082.458	834.005

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operation	1818.576	1716.878	769.378
	Other Income	8.082	15.271	1.527
	TOTAL	1826.658	1732.149	770.905

Less	EXPENSES
	Cost of Materials Consumed	550.116	584.890	219.217
	Purchases of Stock-in-Trade	217.655	8.203	42.985
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(165.962)	(36.832)	(25.020)
	Employees benefits expense	213.810	198.149	58.857
	Other expenses	725.803	738.361	350.863
	TOTAL	1541.422	1492.771	646.902

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	285.236	239.378	124.003

Less	FINANCIAL EXPENSES	152.244	143.044	61.472

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	132.992	96.334	62.531

Less/ Add	DEPRECIATION/ AMORTISATION	72.921	18.467	29.890

	PROFIT/ (LOSS) BEFORE TAX	60.071	77.867	32.641

Less	TAX	11.057	4.933	7.317

	PROFIT/ (LOSS) AFTER TAX	49.014	72.934	25.324

	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	38.842	5.744	0.000

	Earnings / (Loss) Per Share (Rs.)	2.21	3.28	1.14

Expected Sales (2014-15) : Rs.2420.000 Million

The above information has been parted by Mr. Parth Shah (Chartered Accountants)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2015
PARTICULARS
Net Profit Margin (PAT/Sales)	(%)	2.70	4.25	3.29

Operating Profit Margin (PBITD/Sales)	(%)	15.68	13.94	16.12

Return on Total Assets (PBT/Total Assets}	(%)	2.72	3.75	3.91

Return on Investment (ROI) (PBT/Networth)		0.11	0.15	0.16

Debt Equity Ratio (Total Debt /Networth)		1.91	1.92	1.91

Current Ratio (Current Asset/Current Liability)		1.17	1.06	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	118.000	222.117	222.117
Reserves & Surplus	89.656	295.999	345.013
Net worth	207.656	518.116	567.130

long-term borrowings	258.661	505.329	584.744
Short term borrowings	138.245	490.115	498.622
Total borrowings	396.906	995.444	1083.366
Debt/Equity ratio	1.911	1.921	1.910

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	770.905	1732.149	1826.658
		124.690	5.456

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	770.905	1732.149	1826.658
Profit	25.324	72.934	49.014
	3.28%	4.21%	2.68%

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	Yes
18]	Major customers	Yes
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

REVIEW OF OPERATIONS:

The Directors are pleased to inform you that as compared to the previous year, the turnover of the Company for the year under review increased from Rs. 1818.575 Million to Rs. 1716.877 Million. During the year under review the Company has earned Net Profit of Rs. 49.000 Million as against the Net Profit of Rs.72.900 Million in the previous year. Barring unforeseen circumstance, the Directors are hopeful to achieve better financial performance in the coming years.

FUTURE OUTLOOK

The Company has set up marketing network by appointing Dealers and Distributors in the major cities of the country and the Company has achieved better market shares. To strengthen the marketing network, the Company’s management is also putting its whole hearted efforts for advertising in Media like TV, News Papers, Magazine and also setting up to put of Company’s Hoardings in the Major Cities of the Countries. Barring unforeseen circumstance, the Directors are hopeful to achieve better financial performance in the coming years.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from others	501.525	339.917
Total	501.525	339.917

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10558744	25/03/2015	15,900,000.00	HDB FINANCIAL SERVICES LIMITED	Radhika, 2nd Floor, Law Garden Road,, Navrangpura ,, Ahmedabad, Gujarat - 380009, INDIA	C48841035
2	10543580	30/12/2014	50,000,000.00	The Mehsana Urban Co.-Operative Bank Limited	Main Branch, Urban Bank Road, Highway, Mehsana, G ujarat - 384001, INDIA	C40706327
3	10389565	26/03/2013 *	60,500,000.00	The Mehsana Urban Co-Operative Bank Limited	Urban Bank Road,, Highway, Mehsana, Gujarat - 384 002, INDIA	B72638661
4	10389562	31/03/2014 *	80,000,000.00	The Mehsana Urban Co.-Operative Bank Limited	The Mehsana Urban Co.-Operative Bank Limited, Urb an Bank Road, Highway, Mehsana, Gujarat - 384001, INDIA	C02853521
5	10208580	12/03/2012 *	249,100,000.00	State Bank of India	Industrial Finance Branch, Ahmedabad, 1st floor, Neptune Tower Annexe, Opp. Nehru Bridge,, Ahmedaba d, Gujarat - 380009, INDIA	B38816732
6	10141960	19/04/2012 *	253,500,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B38637872
7	10119736	17/04/2012 *	253,500,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, DENA LAXMI BUILDING, 188-A, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B38637641
8	10063494	04/07/2008 *	510,000,000.00	State Bank of India	Corporate Finance Branch,, 58, Shrimali Society, Navrangpura,, Ahmedabad, Gujarat - 380009, INDIA	A44365690
9	10063503	04/07/2008 *	510,000,000.00	State Bank of India	Corporate Finance Branch, 58, Shrimali Society, N avrangpura, Ahmedabad, Gujarat - 380009, INDIA	A44251429
10	10025475	24/03/2011 *	242,300,000.00	State Bank of India	Industrial Finance Branch, 2nd Floor, Neptune Ann exe, Ellisbridge, Ahmedabad, Gujarat - 380006, India	B11514635

* 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	RKA

Analysis Done by :	DIV

Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		42

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.

MIRA INFORM REPORT

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