MIRA INFORM REPORT

Report No. :	301474
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	SILVENIA CERAMICS PRIVATE LIMITED
Registered Office :	8-A National Highway, Old Ghuntu Road, Ghuntu, Taluka Morbi, District Rajkot - 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.2003
Com. Reg. No.:	04-042582
Capital Investment / Paid-up Capital :	Rs. 36.200 Millions
CIN No.: [Company Identification No.]	U26914GJ2003PTC042582
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 Ceramic Tiles, Glazes Tiles, Mosaics Tiles etc.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track record. Performance capability of the company is strong. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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.

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 DENIED BY

Name :	Mr. Mansukhbhai Tribhovanbhai Kaila
Designation :	Director
Contact No.:	91-9825269963
Date :	02.01.2015

LOCATIONS

Registered Office / Factory :	8-A national Highway, Old Ghuntu Road, Ghuntu, Taluka Morbi, District Rajkot - 363642, Gujarat, India
Tel. No.:	91-2822-243030
Mob No.:	91-9825269963 (Mr. Mansukhbhai Tribhovanbhai Kaila)
Fax No.:	91-2822-243031
E-Mail :	info@slivenia.com
Postal Address :	Patel Electric Stores, Guest House Road, Morbi, District Rajkot - 363641, Gujarat, India
Tel No.:	91-2822-231831

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Thobhanbhai Gandubhai Aghara

Designation :

Director

Address :

At Bhadiad, Tal Morbi, Bhadiad, District Rajkot – 363642, Rajkot, Gujarat, India

Date of Birth/Age :

05.03.1950

Date of Appointment :

08.07.2003

DIN No.:

00142439

Name :

Mr. Narshibhai Gandubhai Aghara

Designation :

Director

Address :

“Bansi“, Somnath Society, Ravapar Road, District. Rajkot, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

16.12.1961

Date of Appointment :

08.07.2003

DIN No.:

00142650

Name :

Mr. Mansukhbhai Tribhovanbhai Kaila

Designation :

Director

Address :

New Plot, Tal Morbi, District Rajkot, Ghuntu Rajkot – 363642, Gujarat, India

Date of Birth/Age :

13.09.1963

Date of Appointment :

08.07.2003

DIN No.:

00142699

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	U26914GJ2003PTC042582	SILVENIA CERAMIC PRIVATE LIMITED	Director	08-07-03	08-07-03	-	Active	NO
2	U26914GJ2007PTC051766	SIMPOLO VITRIFIED Private Limited	Whole-time director	01-04-09	18-09-07	-	Active	NO
3	U26933GJ2010PTC063189	SIMS CERAMIC PRIVATE LIMITED	Director	08-12-10	08-12-10	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	29-09-14	29-09-14	-	Active	NO

Name :

Mr. Bharat Thakershibhai Aghara

Designation :

Director

Address :

Sneh Millan, Somnath Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India

Date of Birth/Age :

13.05.1979

Date of Appointment :

08.07.2003

DIN No.:

01920820

Name :

Mr. Karamshibhai Gandubhai Aghara

Designation :

Director

Address :

Anupam Society, Nazarbaug Road, Morbi Rajkot – 363641, Gujarat, India

Date of Birth/Age :

16.02.1956

Date of Appointment :

10.09.2009

DIN No.:

02814414

Name :

Mr. Ileshbhai Nanjibhai Ardeshana

Designation :

Director

Address :

99, Rishabh Nagar – 3, B/H. GUJ. HOU. Board, Morbi, Rajkot – 363642, Gujarat, India

Date of Birth/Age :

29.08.1975

Date of Appointment :

10.09.2009

DIN No.:

02814439

Name :

Mr. Pankajbhai Govindbhai Aghara

Designation :

Director

Address :

B-72, Shrimad Society, Bhdiyad Road, Morbi – 363642, Gujarat, India

Date of Birth/Age :

10.10.1988

Date of Appointment :

10.09.2009

DIN No.:

02814456

Name :

Mr. Bharatbhai Gordhanbhai Aghara

Designation :

Director

Address :

At Bhadiad, Tal Morbi District Rajkot, Bhadiad, Rajkot -– 363642, Gujarat, India

Date of Birth/Age :

24.01.1978

Date of Appointment :

10.09.2009

DIN No.:

02814481

Name :

Mr. Jignesh Bharatbhai Kakdiya

Designation :

Director

Address :

Sai Krupa, Parshuram Society, Sama Kanthe, Morbi, Rajkot – 363642, Gujarat, India

Date of Birth/Age :

22.04.1974

Date of Appointment :

10.09.2009

DIN No.:

02814593

KEY EXECUTIVES

Name :	Mr. R. Y Gandhi
Designation :	Secretary
Address :	C3/204, Anushruti Tower, Near Muktidham Jain Derasar, Thaltej Cross Road, S.G. Highway, Ahmedabad – 380054, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHARE HOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ceramic Tiles, Glazes Tiles, Mosaics Tiles etc.
Products :	v Ceramic Tiles v Glazes Tiles v Mosaics Tiles v Floor Tiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Information denied by the management

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, 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)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans
HDFC Bank Limited	0.000	0.452
HDFC Bank limited ( Tractor)	0.000	0.164
HDFC Bank limited ( Innova)	0.468	1.170
Kotak Mahindra ( Audit)	1.257	0.000
Kotak Mahindra (Swift)	0.231	0.000
Kotak Mahindra (Swift Dezire)	0.229	0.000
Kotak Mahindra (Vento) (Car loans are repayable as per respective EMI schedule and are secured against hypothecation of respective cars.) (Current Maturity of car loans is shown )	0.000	0.151
Term loan from HDFC Bank (secured by hypothecation of all present and future current assets and Equitable mortgage on plant and machinery)	0.000	0.196
Term loans from HDFC Bank	0.000	2.832
SHORT TERM BORROWINGS
Cash Credit from HDFC Bank	53.951	44.167
Total	56.136	49.133

Auditors :
Name :	M.J. Rindani and Associates Chartered Account
Address :	205,Trade Center, Sardarnagar Main Road, Rajkot – 360001, Gujarat, India
PAN No.:	AADFM6993K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Related Parties :	v Simpolo Vetrified Private Limited, India v Sims Ceramic Private Limited, India v Sanjivani Ceramic v Patel Electric Stores v Patel Electronics

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs. 38.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3620000	Equity Shares	Rs.10/- each	Rs. 36.200 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	36.200	36.200	36.200
(b) Reserves & Surplus	75.598	64.574	50.502
(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)	111.798	100.774	86.702
(3) Non-Current Liabilities
(a) long-term borrowings	25.347	28.771	29.314
(b) Deferred tax liabilities (Net)	6.671	4.921	3.710
(c) Other long term liabilities	0.000	14.870	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	32.018	48.562	33.024
(4) Current Liabilities
(a) Short term borrowings	63.158	52.477	35.581
(b) Trade payables	68.861	26.587	29.453
(c) Other current liabilities	33.057	28.275	52.827
(d) Short-term provisions	7.145	5.609	1.592
Total Current Liabilities (4)	172.221	112.948	119.453
TOTAL	316.037	262.284	239.179
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.899	91.593	66.561
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	19.842
(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	6.006	5.676	5.145
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	122.905	97.269	91.548
(2) Current assets
(a) Current investments	14.869	10.395	0.000
(b) Inventories	60.073	57.230	63.824
(c) Trade receivables	104.937	86.372	70.454
(d) Cash and cash equivalents	1.837	1.722	9.870
(e) Short-term loans and advances	9.546	8.668	3.261
(f) Other current assets	1.870	0.628	0.222
Total Current Assets	193.132	165.015	147.631
TOTAL	316.037	262.284	239.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income from operation	463.559	456.164	366.788
		Other Income	4.827	4.309	3.629
		TOTAL	468.386	460.473	370.417
Less	EXPENSES				Including depreciation
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	434.668	426.247	354.035
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33.718	34.226	16.382
Less/ Add	DEPRECIATION/ AMORTISATION		17.504	13.334
	PROFIT BEFORE TAX		16.214	20.892	16.382
Less	TAX		5.190	6.820	5.615
	PROFIT AFTER TAX		11.024	14.072	10.767
	EARNINGS IN FOREIGN CURRENCY
		FOB VALUE	77.098	29.224	1.051
	Earnings Per Share (Rs.)		3.05	3.89	2.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.38	3.08	2.94
Operating Profit Margin (PBITD/Sales)	(%)	7.27	7.50	4.47
Return on Total Assets (PBT/Total Assets}	(%)	5.13	7.97	7.47
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.19
Debt Equity Ratio (Total Debt /Networth)		0.79	0.81	0.75
Current Ratio (Current Asset/Current Liability)		1.12	1.46	1.24

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	36.200	36.200	36.200
Reserves & Surplus	50.502	64.574	75.598
Net worth	86.702	100.774	111.798
long-term borrowings	29.314	28.771	25.347
Short term borrowings	35.581	52.477	63.158
Total borrowings	64.895	81.248	88.505
Debt/Equity ratio	0.748	0.806	0.792

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	366.788	456.164	463.559
		24.367	1.621

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	366.788	456.164	463.559
Profit	10.767	14.072	11.024
	2.94%	3.08%	2.38%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current maturities of long-term debt (car loan installment and term long from HDFC Bank payable within one year	2.019	7.688	NA
Total	2.019	7.688	NA

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	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	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

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from related parties
From Directors (There are no term and conditions stipulated as to repayment of above loans but are repayable beyond 12 month from reporting date )	12.066	11.865
From share Holders	11.096	11.939
SHORT TERM BORROWINGS
From Relative of Directors	9.207	8.310
Total	32.369	32.114

COMPANY’S PERFORMANCE:

The company has reported income from operation is of Rs. 463.559 Millions during the year as compare to previously year’s income from operation of Rs. 456.164 Millions. The company has earned net profit of Rs. 11.024 millions during the year as compare to previous year’s net profit of 14.072 Millions. In order to conserve resources, the directors do not recommend any dividend for the financial year ended, March 31, 2014.

FINANCE / DEPOSITS:

The company has not accepted deposits which attract the previsions of section – 58A of the companies Act, 1956 and rules framed there under

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10017772	24/06/2013 *	161,600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B79274510

* Date of charge modification

FIXED ASSETS

v Building

v Plant and Machinery

v Computer

v Vehicles

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.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SMT
Report Prepared by :	ANU

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	4
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.