MIRA INFORM REPORT

Report No. :	304022
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	ASTA CERAMIC PRIVATE LIMITED
Registered Office :	S. No.314/P2P, Opposite Bela Gam, Near Smile, Taluka Morbi, Rangpar – 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.04.2013
Com. Reg. No.:	04-074485
Capital Investment / Paid-up Capital :	Rs.49.500 Millions
CIN No.: [Company Identification No.]	U26933GJ2013PTC074485
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Digital Wall Tiles.
No. of Employees :	150 (Approximately) (In Office 50 + In Factory 100)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 142000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The rating is constrained on account of company’s short track record of business operation and low reserves of the company. However, the company has achieved decent sales turnover in its first year of business operation. However, trade relations are improving. Business is active. Payment terms are slow but correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 :	Mr. Malkesh Bavarava
Designation :	Director
Contact No.:	91-9879492244
Date :	24.01.2015

LOCATIONS

Registered Office :	S. No.314/P2P, Opposite Bela Gam, Near Smile, Taluka Morbi, Rangpar – 363642, Gujarat, India
Tel. No.:	91-2822-288088
Mobile No.:	91-9879492244 (Mr. Malkesh Bavarava)
Fax No.:	Not Available
E-Mail :	info@astaceramic.com astaceramic@ymail.com suvariyamahesh@yahoo.com bhaveshsanadiya@gmail.com bavaramalkesh@gmail.com dr.rjpatel91839183@yahoo.com
Website :	http://www.astaceramic.com
Location :	Owned
Factory :	Jetpar Road, Opposite Bela Village, At Rangpar, Morbi – 363642, Gujarat, India
Location :	Owned

DIRECTORS

As on 15.09.2014

Name :

Mr. Mahesh Balubhai Patel

Designation :

Director

Address :

201, Prasheel Apartmnent, Gautam Society, Ravapar Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

06.09.1985

Date of Appointment :

13.04.2013

DIN No.:

02658481

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	U26933GJ2007PTC052319	CORAL GRANITO PRIVATE LIMITED	Director	15/09/2009	01/04/2009	-	Active	NO
2	U26933GJ2013PTC074485	ASTA CERAMIC PRIVATE LIMITED	Director	13/04/2013	13/04/2013	-	Active	NO
3	U26933GJ2015PTC082063	CLAYSTONE GRANITO PRIVATE LIMITED	Director	28/01/2015	28/01/2015	-	Active	NO

Name :

Mr. Bhavesh Kumar Sanandiya

Designation :

Director

Address :

Chitranagar, Near P G Clock, Sanala Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

06.10.1981

Date of Appointment :

13.04.2013

DIN No.:

06527999

Name :

Mr. Rashmin Jayantilal Patel

Designation :

Director

Address :

102, Sattelite Tower, Opposite On Party Plot Ravapar Road, Morvi – 363641, Gujarat, India

Date of Birth/Age :

09.01.1983

Date of Appointment :

13.04.2013

DIN No.:

06528009

Name :

Mr. Malkeshbhai Durlabhajibhai Bavarava

Designation :

Director

Address :

Amrut, Alap Park Society, Plot No.120, Scientific Vadi Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

19.11.1980

Date of Appointment :

13.04.2013

DIN No.:

06528406

MAJOR SHAREHOLDERS

As on 15.09.2014

Names of Shareholders	No. of Shares
Malkesh Bavarava	221500
Mukesh Bavarava	162000
Bhavesh Sanandiya	247500
Yogesh Sanandiya	96000
Harsath Patel	3500
Mahesh Patel	9600
Rashmi Patel	270000
Jignesh Patel	300000
Govindbhai Maganbhai Patel	148500
Kailashben Yogeshbhai Sanandiya	102000
Madhvjibhai Balubhai Barasara	99000
Mansukhbhai Tribhovanbhai Panchotiya	99000
Narottambhai Prabhubhai Sanandiya	148500
Vashrambhai Maganbhai Patel	99000
Pintuben Bhaveshbhai Sanandiya	99000
Rajeshriben Bharatbhai Patel	49500
Bharatbhbai Balubhai Patel	99000
Ganeshbhai Arjanbhai Detroja	50000
Ganeshbhai Dharamshibhai Patel	155000
Hasmukh Ganeshbhai Patel	176400
Kantilal Ganeshbhai Patel	310000
Maganbhai Mabjibhai Kalola	122000
Manish Ganesh Bhai Patel	175000
Rajeshbhai Ganeshbhai Patel	50000
Alpaben Manilal Bavarva	136500
Durlabhjibhai Vittal Bhai Bavarava	252000
Gauriben Durlabhjibhai Bavarva	94000
Gitaben Mukeshbhai Bavarva	111000
Nitaben Malkeshb hai Bavarva	174000
Thakarsibhai Sundarjibhai Chadamiya	124000
Daxaben Jigneshbhai Patel	148500
Jayntilal Hiralal Patel	235000
Jignesh Jayntilal Patel	188000
Parulben Rashminbhai Patel	195000
Total	4950000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Digital Wall Tiles.
Products :	Digital Wall Tiles
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit (30 Days)
Purchasing :	Cash, L/C and Credit (30 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Bell Impex
• Indian Pack
• Iris Enterprise
• Jay Packaging
• Krishna Colour Chem
• Mahek Glazers Private Limited
• Omkar Electricals
• Ambika Electric Stores
• GSPC Gas Company Limited

Customers :

• Chainan Submercible Works
• King Tiles
• KTC Traders
• Ravi Stone Industries
• Sri Balahi Sanitary
• Santkrupa Builders and Developers
• Hiba Traders
• Heena Marbles
• Kittu Enterprise
• Om Traders

No. of Employees :

150 (Approximately) (In Office 50 + In Factory 100)

Bankers :

Banker Name	State Bank of India
Branch Address	Near Omkar Petroleum, 8-A, National Highway, Lalpar, Morbi – 363642, 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

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions
LONG TERM BORROWINGS
Term loan from bank	60.513
SHORT TERM BORROWINGS
Loans repayable on demand
From SBI Bank - CC	9.875
Total	70.388

Auditors :
Name :	Makwana and Associates Chartered Accountants
Address :	Akash Tower, Office No.5, 2nd Floor, Patel Kanya Chhatralaya Road, Morbi – 363641, Gujarat, India
PAN No.:	BGMPM9140E
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/- each	Rs.49.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.500
(b) Reserves & Surplus	0.153
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	49.653
(3) Non-Current Liabilities
(a) long-term borrowings	71.848
(b) Deferred tax liabilities (Net)	0.095
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	71.943
(4) Current Liabilities
(a) Short term borrowings	9.875
(b) Trade payables	32.956
(c) Other current liabilities	7.158
(d) Short-term provisions	0.105
Total Current Liabilities (4)	50.094
TOTAL	171.690
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.223
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	1.089
Total Non-Current Assets	101.312
(2) Current assets
(a) Current investments	0.000
(b) Inventories	17.523
(c) Trade receivables	38.210
(d) Cash and cash equivalents	7.617
(e) Short-term loans and advances	0.012
(f) Other current assets	7.016
Total Current Assets	70.378
TOTAL	171.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	79.349
		Other Income	0.204
		TOTAL (A)	79.553
Less	EXPENSES
		Cost of Materials Consumed	35.536
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(13.051)
		Employee Benefits Expenses	3.161
		Other Expenses	44.692
		TOTAL (B)	70.338
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.215
Less	FINANCIAL EXPENSES (D)		3.704
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.511
Less	DEPRECIATION/ AMORTISATION (F)		5.205
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.306
Less	TAX (H)		0.153
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.153
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		0.153
	Earnings / (Loss) Per Share (Rs.)		0.03

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	0.19
Operating Profit Margin (PBDIT/Sales)	(%)	11.61
Return on Total Assets (PBT/Total Assets}	(%)	0.18
Return on Investment (ROI) (PBT/Networth)		0.01
Debt Equity Ratio (Total Debt /Networth)		1.65
Current Ratio (Current Asset/Current Liability)		1.40

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 one year	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	Yes
18]	Major customers	Yes
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 LOANS:

Particulars	31.03.2014 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances related parties
from directors	0.616
From shareholders and relatives of others	10.719
Total	11.335

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10459407	14/10/2013	115,000,000.00	State Bank Of India	Nr. Omkar Petroleum,, 8-A, National Highway, Lalpar, Morbi, Gujarat - 363642, India	B89228498

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.43
UK Pound	1	Rs.95.02
Euro	1	Rs.70.63

INFORMATION DETAILS

Information Gathered by :	SJT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		28

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.