MIRA INFORM REPORT

Report No. :	301251
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	JET GRANITO PRIVATE LIMITED
Registered Office :	Survey No. 119/P-1, 8-A, National Highway, Matel Char Rasta, Dhuva, Tal. Wankaner, Dhuva – 363622, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.2006
Com. Reg. No.:	04-048051
Capital Investment / Paid-up Capital :	Rs. 111.000 Millions
CIN No.: [Company Identification No.]	U26930GJ2006PTC048051
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 Vitrified Tiles and Ceramic Wall and Floor Tiles.
No. of Employees :	Not Available

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

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by thin profit margin and low reserves level of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	April 7, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	April 7, 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.

LOCATIONS

Registered Office :	Survey No. 119/P-1, 8-A, National Highway, Matel Char Rasta, Dhuva, Tal. Wankaner, Dhuva – 363622, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jetgranito@yahoo.com

DIRECTORS

AS ON 30.09.2014

Name :

Vansjaliya Jerambhai Govinbhai

Designation :

Director

Address :

B-7, Shiva Akash Appartment, Oswal Colony, Opposite D.V. Tower, Jamnagar – 361006, Gujarat, India

Date of Birth/Age :

07.08.1949

Date of Appointment :

30.03.2006

DIN No.:

00277648

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	U35117GJ1996PLC029759	KASAAR INNOVATIVE FOODS LIMITED	Director	07/02/1997	07/02/1997	15/02/2013	Active	NO
2	U26930GJ2006PTC048051	JET GRANITO PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO

Name :

Vansjaliya Naranbhai Govindbhai

Designation :

Director

Address :

A-35, Kamdar Main Road, Janta Society, Opposite Radhika Type Class, Jamnagar, Gujarat

Date of Birth/Age :

21.09.1956

Date of Appointment :

15.06.2006

DIN No.:

00482140

Name :

Savsani Ganeshbhai Mulibhai

Designation :

Director

Address :

Plot No.92, Alap Park Societyy, Scientific Vadi Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

04.05.1949

Date of Appointment :

15.06.2006

DIN No.:

00482021

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	U26930GJ2006PTC048051	JET GRANITO PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
2	U26955GJ2014PTC081337	PROTON GRANITO PRIVATE LIMITED	Director	25/11/2014	25/11/2014	-	Active	NO

Name :

Vasjaniya Amarshibhai Jerabhai

Designation :

Director

Address :

B-5, M.P. Shah Udoyg Nagar, Saru Section Road, Jamnagar – 361002, Gujarat, India

Date of Birth/Age :

10.06.1969

Date of Appointment :

28.03.2008

DIN No.:

02131558

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	U26930GJ2006PTC048051	JET GRANITO PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Active	NO
2	U26914GJ2011PTC065101	A G TILES PRIVATE LIMITED	Director	22/04/2011	22/04/2011	-	Active	NO
3	U26933GJ2010PTC062232	KEVIN CERAMIC PRIVATE LIMITED	Director	31/01/2012	31/01/2012	-	Active	NO

Name :

Savasani Vipul Dhanji

Designation :

Director

Address :

Alap Park Society, Block No.93, Scientific Vadi Road, Ravapar Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

06.09.1985

Date of Appointment :

01.02.2014

DIN No.:

06800889

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	U26930GJ2006PTC048051	JET GRANITO PRIVATE LIMITED	Director	01/02/2014	01/02/2014	-	Active	NO
2	U26955GJ2014PTC081337	PROTON GRANITO PRIVATE LIMITED	Director	25/11/2014	25/11/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Vitrified Tiles and Ceramic Wall and Floor Tiles.
Products :	Vitrified Tiles Ceramic Wall Floor Tiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

• State Bank of India, 8-A, National Highway, Opposite Omkar Petrolium, Lalpar, Morbi – 363642, Gujarat, India
• Centurion Bank of Punjab Limited, 2^nd Floor, Janakpuri Complex, Opposite, Imperial Palace Hotel, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	9.073	48.564
SHORT TERM BORROWINGS
Term loan form banks	116.427	153.136
Total	125.500	201.700

Auditors :
Name :	Nanalal P. Hadial Chartered Accountant
Address :	1^st Floor, Shakti Complex, Near Dr. Rupala Hospital, Savasar Plot, Gujarat, India
PAN No.:	AAHPH2014C
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	A G Tiles Private Limited Krishna Corporation Kevin Ceramic Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11,100,000	Equity Shares	Rs. 10/- each	Rs. 111.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,100,000	Equity Shares	Rs. 10/- each	Rs. 111.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	111.000	111.000	100.000
(b) Reserves & Surplus	65.101	57.946	51.211
(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)	176.101	168.946	151.211
(3) Non-Current Liabilities
(a) long-term borrowings	39.571	107.997	132.681
(b) Deferred tax liabilities (Net)	5.592	5.879	5.814
(c) Other long term liabilities	22.845	0.000	18.223
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	68.008	113.876	156.718
(4) Current Liabilities
(a) Short term borrowings	116.427	153.136	127.213
(b) Trade payables	70.769	111.555	140.623
(c) Other current liabilities	57.105	59.574	72.397
(d) Short-term provisions	13.482	5.333	13.561
Total Current Liabilities (4)	257.783	329.598	353.794
TOTAL	501.892	612.420	661.723
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	265.706	263.761	302.074
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	(1.715)	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	0.000	0.000	0.000
(e) Other Non-current assets	0.085	0.067	0.017
Total Non-Current Assets	264.076	263.828	302.091
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.616	160.743	177.580
(c) Trade receivables	135.021	159.426	142.342
(d) Cash and cash equivalents	15.216	10.153	23.360
(e) Short-term loans and advances	6.635	0.740	0.602
(f) Other current assets	26.328	17.530	15.748
Total Current Assets	237.816	348.592	359.632
TOTAL	501.892	612.420	661.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	706.597	645.905	728.577
		Other Income	14.291	2.439	3.719
		TOTAL	720.888	648.344	732.296
Less	EXPENSES
		TOTAL	665.605	596.471	677.875
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		55.283	51.873	54.421
Less/ Add	DEPRECIATION/ AMORTISATION		37.556	40.788	41.801
	PROFIT/ (LOSS) BEFORE TAX		17.727	11.085	12.620
	TAX		10.572	4.350	4.680
	PROFIT/ (LOSS) AFTER TAX		7.155	6.735	7.940
	Earnings / (Loss) Per Share (Rs.)		0.64	0.61	0.72

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.01	1.04	1.09
Return on Total Assets (PBT/Total Assets}	(%)	3.52	1.81	1.91
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.08
Debt Equity Ratio (Total Liability/Networth)		0.89	1.55	1.72
Current Ratio (Current Asset/Current Liability)		0.92	1.06	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	100.000	111.000	111.000
Reserves & Surplus	51.211	57.946	65.101
Net worth	151.211	168.946	176.101
long-term borrowings	132.681	107.997	39.571
Short term borrowings	127.213	153.136	116.427
Total borrowings	259.894	261.133	155.998
Debt/Equity ratio	1.719	1.546	0.886

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	728.577	645.905	706.597
		(11.347)	9.396

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	728.577	645.905	706.597
Profit	7.940	6.735	7.155
	1.09%	1.04%	1.01%

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	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No
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

NOTE: Registered address of the company has been shifted from 409, Komal Chambers, Opposite Choudhary Highschool, Kasturba Road, Rajkot – 360001, Gujarat, India to the present address w.e.f.30.09.2008.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10026941	30/01/2014 *	487,600,000.00	State Bank of India	8-A National Highway, Opp. Omkar Petrolium, Lalpar, Morbi, Gujarat - 363642, INDIA	B96170881

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	30.497	59.433
Total	30.497	59.433

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment

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. 63.29
UK Pound	1	Rs. 98.39
Euro	1	Rs. 76.31

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.