MIRA INFORM REPORT

Report No. :	302210
Report Date :	07.01.2015

IDENTIFICATION DETAILS

Name :	RAMOJI GRANITE LIMITED
Registered Office :	Survey No. 61, Sartanpar, Matel Road, 8 - A, National Highway, Wankaner – 360001, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.05.2003
Com. Reg. No.:	04-042424
Capital Investment / Paid-up Capital :	Rs. 18.478 Millions
CIN No.: [Company Identification No.]	U14102GJ2003PLC042424
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tiles
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 is constrained on account of loss incurred by the company during FY 2014. However, trade relations are reported as fair. Business is active. Payments 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	CARE
Rating	Long Term Bank Facilities (BB-)
Rating Explanation	Moderate risk of default.
Date	December 29, 2014

Rating Agency Name	CARE
Rating	Short Term Borrowing (A4)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	December 29, 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 DENIED

MANAGEMENT NON – CO-OPERATIVE (91-2828-287611)

LOCATIONS

Registered Office :	Survey No. 61, Sartanpar, Matel Road, 8 - A, National Highway, Wankaner – 360001, Gujarat, India
Tel. No.:	91-2828-287611/22
Mobile No.:	91-9879580858/9852257500/9909343743/9879873757
Fax No.:	91-2828+287644287614
E-Mail :	ramojigranite@gmail.com ramojigranite@yahoo.co.in ramcoceremic@yahoo.com
Website :	http://www.ramojigranite.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Rajeshkumar Ramjibhai Kundaria

Designation :

Whole-time director

Address :

New Adarsh Society, B/h Sardar Bag, Sanala Road, Morbi, Rajkot – 363641, Gujarat

Date of Birth/Age :

14.08.1979

Date of Appointment :

01.09.2008

DIN No.:

00434380

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	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Whole-time director	01/09/2008	23/05/2003	-	Active	NO
2	U51109GJ2009PTC058059	RAMCO GLOBAL TRADELINK PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO

Name :

Mr. Mahesh Ramjibhai Kundaria

Designation :

Whole-time director

Address :

New Adarsh Society, B/h Sardar Bag, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

26.04.1982

Date of Appointment :

01.09.2008

DIN No.:

01184865

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	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Whole-time director	01/09/2008	23/05/2003	-	Active	NO
2	U51109GJ2009PTC058059	RAMCO GLOBAL TRADELINK PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO

Name :

Mr. Ramji Bechar Kundariya

Designation :

Managing director

Address :

New Adarsh Society, B/h Sardar Bag, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

03.12.1955

Date of Appointment :

01.09.2008

DIN No.:

00434491

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	U26914GJ1999PLC036496	RAMCO CERAMIC LIMITED	Managing director	16/01/2012	27/08/1999	-	Active	NO
2	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Managing director	01/09/2008	23/05/2003	-	Active	NO

Name :

Mr. Virji Chhaganlal Kundariya

Designation :

Whole-time director

Address :

KRISHNA Yadunandan Park, Nr. Mahavir Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

11.10.1968

Date of Appointment :

01.09.2008

DIN No.:

00434636

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	U26914GJ1999PLC036496	RAMCO CERAMIC LIMITED	Whole-time director	16/01/2012	27/08/1999	-	Active	NO
2	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Whole-time director	01/09/2008	23/05/2003	-	Active	NO
3	U26913TN2006PLC061407	Aravind Ceramic Industries Limited	Whole-time director	01/02/2009	25/08/2007	27/06/2012	Active	NO
4	U51109GJ2009PTC058059	RAMCO GLOBAL TRADELINK PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO

Name :

Mr. Bhagvanji Chhaganbhai Kundariya

Designation :

Managing director

Address :

Plot No. 17, Jayraj Park, Ravapar Road,, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

04.03.1971

Date of Appointment :

01.09.2008

DIN No.:

00434752

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	U26914GJ1999PLC036496	RAMCO CERAMIC LIMITED	Managing director	16/01/2012	27/08/1999	-	Active	NO
2	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Managing director	01/09/2008	16/02/2007	-	Active	NO
3	U51109GJ2009PTC058059	RAMCO GLOBAL TRADELINK PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO

Name :

Mr. Ashokkumar Chhaganlal Kundariya

Designation :

Whole-time director

Address :

Yadunandan Park – 9, Opp. Ghanshyam Nivas, Morbi, Rajkot – 363641, Gujarat, India

Date of Birth/Age :

17.02.1975

Date of Appointment :

01.09.2008

DIN No.:

00434932

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	U14102GJ2003PLC042424	RAMOJI GRANITE LIMITED	Whole-time director	01/09/2008	23/05/2003	-	Active	NO
2	U51109GJ2009PTC058059	RAMCO GLOBAL TRADELINK PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	63.22
Directors or relatives of Directors	35.82
Other top fifty shareholders	0.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tiles
Products :	Ceramic Vitrified Tiles Wall Tiles Floor Tiles Digital Printed Tiles Double charges Tiles White Tiles
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Applicable
Imports :	Not Applicable
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

State Bank Of India, 8 - A, National Highway, Lalpar, Morbi - 363642, Gujarat, India

Auditors :
Name :	S. Sharda and Associates Chartered Accountants
Address :	8 - 13, Ashapura Tower, Sanala Road, Morbi – 363641, Gujarat, India
E-Mail :	s223141@yahoo.co.in
PAN :	AAAFZ3476D
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
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,847,800	Equity Shares	Rs.10/- each	Rs.18.478 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	18.478	18.478	18.478
(b) Reserves & Surplus	198.094	207.142	206.987
(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)	216.572	225.620	225.465
(3) Non-Current Liabilities
(a) long-term borrowings	209.628	205.758	171.429
(b) Deferred tax liabilities (Net)	10.281	11.124	12.006
(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)	219.909	216.882	183.435
(4) Current Liabilities
(a) Short term borrowings	53.626	61.449	81.645
(b) Trade payables	100.217	76.590	87.915
(c) Other current liabilities	73.690	60.257	49.184
(d) Short-term provisions	0.828	2.137	5.568
Total Current Liabilities (4)	228.361	200.433	224.312
TOTAL	664.842	642.935	633.212
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	272.410	309.550	345.526
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.638	11.546	8.755
(e) Other Non-current assets	0.000	0.000	0.010
Total Non-Current Assets	281.048	321.096	354.291
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	113.554	122.294	84.418
(c) Trade receivables	179.161	143.406	139.785
(d) Cash and cash equivalents	64.453	37.939	39.708
(e) Short-term loans and advances	26.123	17.589	14.584
(f) Other current assets	0.503	0.611	0.426
Total Current Assets	383.794	321.839	278.921
TOTAL	664.842	642.935	633.212

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	709.978	657.990	924.939
		Other Income	5.321	5.559	4.034
		TOTAL (A)	715.299	663.549	928.973
Less	EXPENSES
		Cost of Materials Consumed	242.509	253.586	372.683
		Purchases of Stock-in-Trade	0.618	2.096	10.260
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.577	(35.901)	2.260
		Employees benefits expense	10.799	12.495	28.702
		Other expenses	376.429	350.496	418.845
		TOTAL (B)	651.932	582.772	832.750
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		63.367	80.777	96.223
Less	FINANCIAL EXPENSES (D)		31.432	31.926	34.694
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.935	48.851	61.529
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.801	47.788	52.217
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(9.866)	1.063	9.312
Less	TAX (H)		(0.818)	0.909	3.393
	PROFIT/LOSS AFTER TAX (G-H) (I)		(9.048)	0.154	5.919
	Earnings Per Share (Rs.)		(4.90)	0.08	3.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.27)	0.02	0.64
Operating Profit Margin (PBIDT/Sales)	(%)	8.93	12.28	10.40
Return on Total Assets (PBT/Total Assets}	(%)	(1.48)	0.17	1.47
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.00	0.04
Debt Equity Ratio (Total Debt /Networth)		1.22	1.18	1.12
Current Ratio (Current Asset/Current Liability)		1.68	1.61	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	18.478	18.478	18.478
Reserves & Surplus	206.987	207.142	198.094
Net worth	225.465	225.620	216.572
long-term borrowings	171.429	205.758	209.628
Short term borrowings	81.645	61.449	53.626
Total borrowings	253.074	267.207	263.254
Debt/Equity ratio	1.122	1.184	1.216

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	924.939	657.990	709.978
		(28.861)	7.901

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	924.939	657.990	709.978
Profit/Loss	5.919	0.154	(9.048)
	0.64%	0.02%	(1.27%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
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	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	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

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10137555	26/06/2014 *	425,500,000.00	State Bank Of India	8 - A, National Highway, Lalpar, Morbi, Gujarat - 363642, India	C12517090

* 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.63.38
UK Pound	1	Rs.96.77
Euro	1	Rs.75.79

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SPR

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	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		29

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.