MIRA INFORM REPORT

Report No. :	304293
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	SAICON TILES PRIVATE LIMITED
Registered Office :	Plot No.13, Romer Estate, Village Mahendranagar, Talluka Morbi, District Rajkot – 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.06.2013
Com. Reg. No.:	04-075519
Capital Investment / Paid-up Capital :	Rs. 10.060 Millions
CIN No.: [Company Identification No.]	U26933GJ2013PTC075519
TAN No.: [Tax Deduction & Collection Account No.]	RKTS09382C
PAN No.: [Permanent Account No.]	AATCS2214E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of impeccable range of tiles including Ceramic Tiles, Wall Tiles, Floor Tiles, Digital Wall Tiles, Ceramic Wall Tiles, Kitchen Wall Tiles, etc.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 71000
Status :	Relatively New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company establishing itself gradually. The company is currently in the start-up phase. It has started in the year June 2013. However, trade relations seem to be fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with some great 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

Rating Agency Name	CRISIL
Rating	Long term rating = B
Rating Explanation	High risk of default
Date	October 31, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 31, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rakesh Patel
Designation :	Director
Contact No.:	91-9724106262
Date :	27.01.2015

LOCATIONS

Registered Office :	Plot No.13, Romer Estate, Village Mahendranagar, Talluka Morbi, District Rajkot – 363642, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9724106262 [Mr. Rakesh Patel]
Fax No.:	Not Available
E-Mail :	mirmehta@yahoo.com saicontiles@gmail.com
Website :	http://www.saicontiles.com http://www.saiconwalltiles.com
Location :	Owned
Locality :	Industrial
Factory :	Near KT Mill Morbi, Halwarad Road, At Charadva, Taluka Halvad, District Morbi - 363630, Gujarat India
Location :	Owned

DIRECTORS

AS ON 09.12.2014

Name :	Mr.. Prakashkumar Bachubhai Dalsaniya
Designation :	Director
Address :	Morbi – 363642, Gujarat, India
Date of Birth/Age :	01.04.1980
Qualification :	B. Com
Date of Appointment :	10.06.2013
DIN No.:	06599772
Name :	Mr. Jagdish Ratanshi Dadhaniya
Designation :	Director
Address :	14, Naseetpet Gam Grameea Vistar, Nashitpar, Tankara, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	01.01.1971
Qualification :	M. Com
Date of Appointment :	10.06.2013
DIN No.:	06599789
Name :	Mr. Pravinbhai Bhanjibhai Dalsaniya
Designation :	Director
Address :	168, Devipuar, Taluka Halvad, Surendranagar – 363330, Gujarat, India
Date of Birth/Age :	29.01.1973
Qualification :	MA
Date of Appointment :	10.06.2013
DIN No.:	06600556
Name :	Mr. Hareshbhai Trikubhai Sershiya
Designation :	Director
Address :	At Chachapar, Taluka Morbi, District Rajkot – 382330, Gujarat, India
Date of Birth/Age :	27.06.1971
Qualification :	B. Com
Date of Appointment :	14.09.2013
DIN No.:	06689669
Name :	Mr. Rakesh Patel
Designation :	Director
Qualification :	M. Com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.12.2014

Names of Shareholders	No. of Shares
Prakashbhai Dalsaniya	53300
Jagdishbhai Dadhaniya	17940
Pravinbhai Dalsaniya	78200
Kantilal Makasana	59760
Rakeshbhai Makasana	23904
Mansukhlal Makasana	84660
Samtaben Dethariya	49800
Mukeshbhai Dalasaniya	39840
Bhagvatiben Dadhaniya	14940
Hareshbhai Sherasiya	170340
Arunaben Sherasiya	93600
Rameshbhai Dalsaniya	64740
Jerambhai Dalsaniya	59760
Vasudevbhai Makasana	75696
Kantilal Patel	34860
Ashvinbhai Makasana	39840
Vasudevbhai Patel	29880
Madhuben Makasana	14940
Total	1006000

AS ON 09.12.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

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BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of impeccable range of tiles including Ceramic Tiles, Wall Tiles, Floor Tiles, Digital Wall Tiles, Ceramic Wall Tiles, Kitchen Wall Tiles, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Advance Payment and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Bank Name:	Dena Bank
Branch:	8A National Highway, Shakti Chambers – 2, Trajpar, Morbi - 363642, Gujarat, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Mr. Rakesh Patel [Director]
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	CC = Rs. 0.071 Million
Account Operation:	Savings
Remarks: Not Divulged

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)
LONG-TERM BORROWINGS
Dena Bank – Term Loans	35.683
Total	35.683

Banking Relations :	--
Auditors :
Name :	S.K. Mehta and Associates Chartered Accountants
Address :	118, Galaxy Complex, Opposite KK Steel, Sanala Road, Morbi – 363641, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ABPFS2842C
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,006,000	Equity Shares	Rs. 10/- each	Rs. 10.060 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	10.060
(b) Reserves & Surplus	14.940
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	25.000
(3) Non-Current Liabilities
(a) Long-term borrowings	41.402
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	41.402
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	13.323
(d) Short-term provisions	0.026
Total Current Liabilities (4)	13.349
TOTAL	79.751
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	69.344
(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	3.002
Total Non-Current Assets	72.346
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	1.242
(e) Short-term loans and advances	6.163
(f) Other current assets	0.000
Total Current Assets	7.405
TOTAL	79.751

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014
Sales Turnover (Approximately)	40.000

Expected Sales (2014-2015): Rs. 40.000 Millions

The above information has been parted by Mr. Rakesh Patel [Director]

KEY RATIOS

PARTICULARS	31.03.2014
Debt Equity Ratio (Total Debt/Networth)	1.66
Current Ratio (Current Asset/Current Liability)	0.55

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	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)	No
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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10474751	27/12/2013	83,500,000.00	DENA BANK	8A NATIONAL HIGHWAY, SHAKTI CHAMBERS-2, TRAJPAR, MORBI, GUJARAT - 363642, INDIA	B95150140

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors	0.201
From Shareholders	3.518
From Relatives, Body Corporates and Others	2.000
Total	5.719

PROJECT

The company is at the initial stage of the project for manufacturing of Ceramic Tiles Items and company will commence commercial production in this financial year i.e. 2014-15.

FINANCIAL YEAR

Company has been incorporated as Private limited company under Companies Act 1956 as on 10^th June 2013. So the financial year of the company shall be the period of 9 Months and Twenty One Days i.e. from 10th June 2013 to 31st March, 2014.

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

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. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	SUM
Report Prepared by :	BVA

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
--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	NO
--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		27

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.