MIRA INFORM REPORT

Report No. :	330108
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	CERA SANITARYWARE LIMITED
Registered Office :	9, GIDC Industrial Estate, Kadi, District Mehsana - 382715, Gujarat
Tel. No.:	91-2764-242329
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.07.1998
Com. Reg. No.:	04-034400
Capital Investment / Paid-up Capital :	Rs.65.029 Million
CIN No.: [Company Identification No.]	L26910GJ1998PLC034400
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of Ceramic Sanitaryware and Faucetware.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Company possesses healthy financial risk profile marked by healthy net worth base along with comfortable leverage and good profitability. Rating also takes into consideration working capital intensity of its operations and presence of large number of unorganized players in the industry imparting high degree of competitive intensity. However, these rating weaknesses are partially offset by extensive experience of promoters along with its strong market position in the Indian Sanitary ware industry and long track record of operations of subject. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. In the view of vast experience of promoters long track record of operations and strong market position, the subject can be considered for business dealings 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

Rating Agency Name	CARE
Rating	Long term rating AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	15.06.2015

Rating Agency Name	CARE
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	15.06.2015

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-2764-242329 / 2764-262619)

LOCATIONS

Registered Office/ Factory :	9, GIDC Industrial Estate, Kadi, District Mehsana - 382715, Gujarat, India
Tel. No.:	91-2764-242329/ 262619/ 262638/ 263874/ 321949
Fax No.:	91-2764-242465
E-Mail :	kadi@cera-india.com nk_acharya@cera-india.com
Website :	http://www.cera-india.com
Marketing/ Head Office :	Madhusudan House, Opposite Navrangpura Telephone Exchange, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26449781/ 26449789
Fax No.:	91-79-26569259
E-Mail :	marketing@cera-india.com
Wind Farms :	· Village Lamba and Patelka, Tal. Kalyanpur, District Jamnagar, Gujarat, India · Village and Tal. Kalyanpur, District Jamnagar, Gujarat, India · Village Kadoli, Tal. Abdasa, District Kutchh, Gujarat, India · Village Jivapur (Anandpar), Tal. Chotila, Dist. Surendranagar, Gujarat, India · Village. Mota Gunda, Tal. Bhanwad, Dist. Devbhumi Dwarka, Gujarat, India · Village. Navagam, Tal. Bhanwad, Dist. Devbhumi Dwarka, Gujarat, India
Regional Offices :	Located at: · Ahmedabad · Bengaluru  · Chandigarh  · Chennai  · Delhi and NCR · Hyderabad  · Kolkata  · Kozhikode  · Mumbai  · Pune  · Thiruvananthapuram

DIRECTORS

As on 31.03.2015

Name :	Mr. Vikram Somany
Designation :	Chairman and Managing Director
Date of Birth/Age :	65 years
Qualification :	B.Sc., FCMI (U.K.)
Experience :	39 years
Date of Appointment :	13.08.2002
Name :	Mr. Sajan Kumar Pasari
Designation :	Director
Name :	Dr. K. N. Maiti
Designation :	Director
Date of Birth/Age :	23.09.1946
Date of Appointment	24.05.2008
Expertise in Specific Functional Areas	Ceramic Scientist
Name :	Mr. Ashok Chhajed
Designation :	Director
Name :	Mr. Lalit Lumar Bohania
Designation :	Director
Name :	Mr. Govindbhai P. Patel
Designation :	Director
Date of Birth/Age :	01.08.1933
Expertise in Specific Functional Areas :	Labour Matters and Administration
Date of Appointment :	16.07.2010
Name :	Ms. Deepshikha Khaitan
Designation :	Director
Date of Birth/Age :	Mr. Atul Sanghvi
Qualification :	Executive Director

KEY EXECUTIVES

Name :	Mr. Narendra N. Patel
Designation :	President and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2015

Category of Shareholders	Total No. of Shares	Total Shareholding as a % of Total No. Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2846809	21.89
Bodies Corporate	4265436	32.80
Sub Total	7112245	54.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7112245	54.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	315867	2.43
Financial Institutions / Banks	107254	0.82
Foreign Institutional Investors	1999054	15.37
Any Others (Specify)	351000	2.70
Foreign Bodies Corporate	351000	2.70
Sub Total	2773175	21.32
(2) Non-Institutions
Bodies Corporate	334089	2.57
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1686290	12.97
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	841333	6.47
Any Others (Specify)	258742	1.99
Non Resident Indians	133068	1.02
Hindu Undivided Families	79774	0.61
Trusts	45900	0.35
Sub Total	3120454	23.99
Total Public shareholding (B)	5893629	45.32
Total (A)+(B)	13005874	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	13005874	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholders	Details of Shares held
		No. of Shares held	As a %
1	Vikram Investment Company Limited	29,00,275	22.30
2	Madhusudan Holdings Limited	7,500	0.06
3	Vikram Somany	9,41,953	7.24
4	Rekha Commercial Limited	5,32,388	4.09
5	Trisure Promotions and Tradings Limited	4,84,400	3.72
6	Smiti Somany	15,42,240	11.86
7	Suvinay Trading and Investment Company Limited	2,59,420	1.99
8	Vikram Somany	1,00,000	0.77
9	Venugopal Holdings Limited	63,388	0.49
10	Deepshikha Khaitan	39,116	0.30
11	Ganga Somany	23,500	0.18
12	Pooja Jain Somany	2,00,000	1.54
13	Madhusudan Industries Limited	18,065	0.14
	Total	71,12,245	54.68

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholders	No. of Shares held	Shares as %
1	HSBC Bank (Mauritius) Limited A/c Jwalamukhi Investment Holdings	821296	6.31
2	Nalanda India Equity Fund Limited	371558	2.86
3	India 2020 Fund II Limited	351000	2.70
4	Vijay Kedia	253000	1.95
5	Sajan Kumar Pasari	245140	1.88
6	SteadView Capital Mauritius Limited	236120	1.82
7	Tata Balanced Fund	147000	1.13
8	LTR Focus Fund	132563	1.02
	Total	2557677	19.67

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as %
1	HSBC Bank (Mauritius) Ltd A/c Jwalamukhi Investment Holdings	821296	6.31
	Total	821296	6.31

Details of Locked-in Shares

Sl. No Sl. No.	Na Name(s) of the shareholder me of the Shareholder	No. of Shares	Shares as %
1	India 2020 Fund II, Ltd	3,51,000	2.70
	Total	3,51,000	2.70

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Ceramic Sanitaryware and Faucetware.
Products :	Not Divulged
Brand Names :	“CERA”
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

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 :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, 1st Floor, Neptune House, Near Gandhigram Railway Station, Ashram Road, Ahmedabad - 380009, 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 Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From State Bank of India	54.000	90.000
(Secured by mortgage of Fixed Assets situated at 9,GIDC Industrial Estate, Residential Colony at Kadi and charge by hypothecation of movable assets and Kadoli, Lamba, Patelka and Kalyanpur windmills), repayable in 20 quarterly installments, from November, 2012 to February, 2018.
From Kotak Mahindra Bank Limited	88.384	0.000
Secured on pledge of Debt Funds, (Repayable in 36 monthly installments, from December 2014 to November 2017).
Short-term borrowings
Working Capital Loans from Bank	450.202	333.610
From State Bank of India (Secured by hypothecation of Goods, Book-Debts, Movable assets and Kadoli, Lamba, Patelka and Kalyanpur Windmills, lien on Fixed Deposits and mortgage of Fixed Assets situated at 9, GIDC Industrial Estate and Residential Colony, Kadi
Total	592.586	426.610

Auditors :
Name :	H. V. Vasa and Company Chartered Accountants
Address :	B-2, "Usha Kiran", Opposite Khanpur Gate, Ahmedabad – 380001, Gujarat, India
Memberships :	--
Collaborators :	--
Associates :	Madhusudan Industries Limited Cera Foundation Madhusudan Holdings Limited Indian Council of Sanitaryware Manufactures Madhusudan Fiscal Limited Vikram Investment Company. Limited Swadeshi Fan Ind. Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.5/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13005874	Equity Shares	Rs.5/- each	Rs.65.029 Million

Terms / rights attached to Equity Shares :

The company has only one class of Equity Shares having a par value of Rs. 5/- per share. Each holder of Equity Shares is entitled to one vote per share and each equity share carries an equal right to dividend.

Issue of Bonus Shares

Particulars	As at 31st March, 2015	As at 31st March, 2014
	No. of Shares	No. of Shares
Equity Shares allotted as fully paid by way of Bonus Shares	6,327,437	6,327,437
During the year ended March 31, 2011 Company had issued 63,27,437 equity shares of Rs. 5/- each by way of fully paid up bonus shares by capitalisation of Securities Premium

Reconciliation of the number of Equity Shares outstanding is set out below:

Particulars	As at 31st March, 2015	As at 31st March, 2014
	No. of Shares	No. of Shares
Shares at the beginning of the year	12654874	12654874
Add : Issued during the year	351000	--
Shares outstanding at the end of the year	13005874	12654874

Details of shareholders holding more than 5% of the aggregate shares:

Name of Shareholder	As at 31st March, 2015
	No. of Shares held	% of Holding
Vikram Investment Company Limited	2900275 (2900275)	22.30
Vikram Somany	1041953 (1037953)	8.01 (8.20)
Smiti Somany	1542240 (1542240)	11.86 (12.18)
HSBC Bank (Mauritius) Limited A/c - Jwalamukhi Investment Holdings	821296 (1122769)	6.31 (8.87)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.029	63.274	63.274
(b) Reserves & Surplus	3452.039	2176.399	1731.762
(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)	3517.068	2239.673	1795.036
(3) Non-Current Liabilities
(a) long-term borrowings	142.384	90.000	148.917
(b) Deferred tax liabilities (Net)	278.241	201.986	162.182
(c) Other long term liabilities	92.694	79.109	70.646
(d) long-term provisions	255.891	274.745	197.480
Total Non-current Liabilities (3)	769.210	645.840	579.225
(4) Current Liabilities
(a) Short term borrowings	450.202	333.610	400.487
(b) Trade payables	486.551	376.880	276.102
(c) Other current liabilities	998.733	760.731	610.753
(d) Short-term provisions	220.606	175.338	135.005
Total Current Liabilities (4)	2156.092	1646.559	1422.347
TOTAL	6442.370	4532.072	3796.608
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2146.795	1517.029	1250.522
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	76.554	52.027	43.332
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.013	0.013	0.013
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	320.165	283.026	213.476
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2543.527	1852.095	1507.343
(2) Current assets
(a) Current investments	477.565	121.303	13.808
(b) Inventories	1258.914	1045.761	940.237
(c) Trade receivables	1612.230	1066.221	831.305
(d) Cash and cash equivalents	295.291	307.104	403.535
(e) Short-term loans and advances	252.189	134.601	93.621
(f) Other current assets	2.654	4.987	6.759
Total Current Assets	3898.843	2679.977	2289.265
TOTAL	6442.370	4532.072	3796.608

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	8216.677	6636.924	4878.671
	Other Income	65.871	61.521	89.936
	TOTAL (A)	8282.548	6698.445	4968.607
Less	EXPENSES
	Cost of Materials Consumed	708.707	649.140	496.757
	Purchases of Stock-in-Trade	3321.574	2519.579	1637.335
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(187.425)	(113.837)	4.451
	Employees benefits expense	917.365	743.490	579.840
	Other expenses	2281.167	1889.192	1406.977
	TOTAL (B)	7041.388	5687.564	4125.360
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1241.160	1010.881	843.247
Less	FINANCIAL EXPENSES (D)	77.289	64.416	70.924
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1163.871	946.465	772.323
Less/ Add	DEPRECIATION/ AMORTISATION (F)	154.609	122.470	94.223
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1009.262	823.995	678.100
Less	TAX (H)	332.617	304.939	216.041
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	676.645	519.056	462.059
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	63.660	46.802	53.271
	TOTAL EARNINGS	63.660	46.802	53.271
	IMPORTS
	Raw Materials and Chemicals	78.015	33.517	70.087
	Stores and Spare Parts & Fittings	31.806	25.583	4.730
	Capital Goods	73.699	0.190	59.969
	Purchases	637.061	630.394	759.579
	TOTAL IMPORTS	820.581	689.684	894.365
	Earnings / (Loss) Per Share (Rs.)	53.36	41.02	36.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	89.030	58.917	61.000
Cash generated from operations	701.131	867.302	624.090

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.24	7.82	9.47
Operating Profit Margin (PBIDT/Sales)	(%)	15.11	15.23	17.28
Return on Total Assets (PBT/Total Assets}	(%)	15.85	18.39	18.07
Return on Investment (ROI) (PBT/Networth)		0.29	0.37	0.38
Debt Equity Ratio (Total Debt /Networth)		0.19	0.22	0.34
Current Ratio (Current Asset/Current Liability)		1.81	1.63	1.61

STOCK PRICES

Face Value	Rs.5.00
Market Value	Rs.1963.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	63.274	63.274	65.029
Reserves & Surplus	1731.762	2176.399	3452.039
Net worth	1795.036	2239.673	3517.068
long-term borrowings	148.917	90.000	142.384
Short term borrowings	400.487	333.610	450.202
Current Maturities of Long-Term Debts	61.000	58.917	89.030
Total borrowings	610.404	482.527	681.616
Debt/Equity ratio	0.340	0.215	0.194

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4878.671	6636.924	8216.677
		36.040	23.802

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4878.671	6636.924	8216.677
Profit	462.059	519.056	676.645
	9.47%	7.82%	8.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

HIGHLIGHTS / PERFORMANCE OF THE COMPANY

Turnover of the Company for the year increased by 23.80% to Rs.8216.700 Million as compared to Rs. 6636.900 Million previous year. Profit before tax for the year increased by 22.48% to Rs.1009.300 Million as compared to Rs. 824.000 Million previous year.

Profit after tax for the year increased by 30.36% to Rs. 676.600 Million. As compared to Rs. 519.000 Million previous year.

The Directors are pleased to inform you that the Company has continued to grow despite adverse market conditions in 2014-15 due to its distribution strength, product quality, brand equity and after-sales service.

The well-entrenched distribution network of the Company is being supplemented with an array of CERA Style Studios and CERA Style Galleries in different towns, which showcase the Company’s products in an exclusive ambience.

MANAGEMENT DISCUSSION AND ANALYSIS

At CERA, the growth saga continues, despite not-so-conducive market conditions. The fact that CERA registered a healthy topline growth of 24% itself shows that the brand has gathered strength to wither any market upheavals.

The growth of the Company, much above the market growth, is largely on account of its continued efforts in leveraging the high brand value and product optimization besides deeper penetration in tier 2 markets. These efforts are further fortified by strong and structured marketing efforts, good product quality and after-sales service, and backed by a very loyal distribution network across India.

The Company’s initiative to provide touch and feel experience to its customers through its CERA Style Studios, has paid off well. CERA Style Studios are located in upmarket locations in Ahmedabad, Mumbai, Kochi, Bengaluru, Hyderabad, Gurgaon, Chandigarh, Chennai and Kolkata.

CERA Style Galleries, display and sales touch points of CERA, owned and managed by its trade partners, are increasing month after month. Soon the number of such CERA Style Galleries would touch 200.

For smaller trade retail partners, CERA encourages display in the form of CERA Style Centre. This will help further penetrate into smaller towns and outlets, thereby increasing the visibility of brand CERA.

The Company’s current brand ambassador, Bollywood style and fashion icon and acclaimed actress, Sonam Kapoor, has added the brands visibility. High decibel television campaigns were unleased on national and regional channels showcasing sanitaryware, faucets and tiles. The television campaign was supplemented by print advertisements in magazines.

The Company also strengthened CERA Care, its after-sales division with induction of technicians for taking care of its services in all key cities of the country.

Industry Structure and Developments

The Company’s growth continues by virtue of its brand power, customer loyalty, product quality and distribution strength, built over a period of 34 years. The Company’s brand extension to other related categories like faucets and tiles has helped in accelerating the growth.

The industry structure remains unchanged viz. Indian manufacturers in organized and unorganized sectors; International brands with or without manufacturing in India and imports from countries like China.

Outlook

The Company’s two-pronged aggressive marketing push of mass media advertising over television and print and partnering with industry organisations like CREDAI (Confederation of Real Estate Developers Associations of India), IIA (Indian Institute of Architects), IIID (Institute of Indian Interior Designers) and IPA (Indian Plumbing Association) has helped increase the value and equity of brand CERA. Also, the sales and distribution efforts to penetrate into tier 2 towns, supported by sales and after-sales teams, is certainly going to help the Company grow in the coming years also.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10547260	17/01/2015	47,500,000.00	State Bank of India	OVERSEAS BRANCH, 1ST FLOOR, ISCON ELEGANCE, NR S  UPATH V, OPP KARNAVATI CLUB, S G HIGHWAY, AHMEDABAD, Gujarat - 380015, INDIA	C42571794
2	10539323	18/11/2014	150,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C38461299
3	10039743	20/10/2012 *	1,108,800,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH 1ST FLOOR NEPTUNE HOUSE,  NR GANDHIGRAM RLY STATION ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B60932100

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the Company not acknowledged as debts (Net of Payments).	17.583	5.212
Estimated amount of contracts remaining to be executed on capital account not provided for (Net).	85.495	52.280
Letters of Credit opened and guarantees given by the Bank in favour of Parties and Government.	75.921	78.097

FIXED ASSETS

• Leasehold Land
• Freehold Land
• Buildings
• Plant & Machinery
• Furniture & Fixtures
• 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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SAN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.