MIRA INFORM REPORT

Report No. :	314196
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	MEGA VITRIFIED PRIVATE LIMITED
Registered Office :	Survey No. 27 and 29 of Village : Mahaedranagar, Old Ghuntu Road, 8-A, National Highway, Morbi – 363642, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.03.2007
Com. Reg. No.:	04-050285
Capital Investment / Paid-up Capital :	Rs. 67.000 Million
CIN No.: [Company Identification No.]	U26914GJ2007PTC050285
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RKTM02470G
PAN No.: [Permanent Account No.]	AAFCM0051P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of vitrified tiles.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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. The rating is constrained on account of declined sales turnover of the company during FY2014. Further, it has low reserves during year under review. However, trade relations are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = B
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	August 2014

Rating Agency Name	ICRA
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August 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 BY

Name :	Mr. Paresh Gopani
Designation :	Director
Contact No.:	91-9909955571
Date :	26.03.2015

LOCATIONS

Registered Office :	Survey No. 27 and 29 of Village : Mahaedranagar, Old Ghuntu Road, 8-A, National Highway, Morbi – 363642, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9909955571 (Mr. Paresh Gopani)
Fax No.:	Not Available
E-Mail :	info@megavitrified.com
Manufacturing Facility :	Located at: Morbi, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Gopani Pareshbhai Nathbhai

Designation :

Director

Address :

Plot No. 7, BL-201, Umiya Nagar Society, Near Kenai, Sanala Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

19.07.1975

Date of Appointment :

19.03.2007

DIN No.:

02054401

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	U26914GJ2007PTC050285	MEGA VITRIFIED PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
2	U26933GJ2014PTC078287	AUKLAND CERAMIC PRIVATE LIMITED	Director	16/01/2014	16/01/2014	-	Active	NO

Name :

Gopani Anilbhai Nathbhai

Designation :

Director

Address :

Plot No. 7, BL-301, Umiya Nagar Society, Near Kenal, Sanala Road, Morbi – 363641, Gujarat, India

Date of Birth/Age :

21.03.1972

Date of Appointment :

15.12.2007

PAN No.:

01982093

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	U26914GJ2007PTC050285	MEGA VITRIFIED PRIVATE LIMITED	Director	15/12/2007	20/03/2007	-	Active	NO
2	U26933GJ2014PTC078287	AUKLAND CERAMIC PRIVATE LIMITED	Director	16/01/2014	16/01/2014	-	Active	NO

Name :

Kanetiya Prakashbhai Bhavanbhai

Designation :

Director

Address :

Yogeshvar Nagar, Block No. 18, Ravapar Road, Morbi – 363641, Dist, Rajkot, Gujarat, India

Date of Birth/Age :

08.01.1975

Date of Appointment :

18.06.2011

PAN No.:

02564657

Name :

Kanetiya Narendrabhai Gordhanbhai

Designation :

Director

Address :

Yogeshvar Nagar, Block No. 18, Ravapar Road, Morbi – 363641, Dist, Rajkot, Gujarat, India

Date of Birth/Age :

08.01.1975

Date of Appointment :

18.06.2011

PAN No.:

03440241

Name :

Gopani Dharmendrakumar Maganlal

Designation :

Director

Address :

Shakti Society, Near Meghni School, Tal Morvi, Sakta Sanala – 363641, Rajkot, Gujarat, India

Date of Birth/Age :

27.06.1986

Date of Appointment :

18.06.2011

PAN No.:

03440299

Name :

Gopani Sunilbhai Narshibhai

Designation :

Director

Address :

At. Kalyanpar, Tal. Tankara, Dist. Rajkot, Kalyanpar – 363650, Gujarat, India

Date of Birth/Age :

28.03.1984

Date of Appointment :

18.06.2011

DIN No.:

03440316

Name :

Kanetiya Jaydeep Ghanshyambhai

Designation :

Director

Address :

Vishwakarma Soceity, Opposite Hanumanji Mandir, Ravapar Road, Morbi – 363641, Dist. Rajkot, Gujarat, India

Date of Birth/Age :

05.11.1989

Date of Appointment :

18.06.2011

DIN No.:

03440366

Name :

Kanetiya Kanjibhai Kuberbhai

Designation :

Director

Address :

Vishwakarma Soceity, Opposite Hanumanji Mandir, Ravapar Road, Morbi – 363641, Dist. Rajkot, Gujarat, India

Date of Birth/Age :

11.05.1941

Date of Appointment :

29.09.2012

DIN No.:

06407194

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
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of vitrified tiles.
Products :	Not Available
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 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 declined by the management.

Bankers :

State Bank of India, SME Branch, Opposite Omkar Petroleum, Lalpar, N.H. /-A, Morbi – 363642, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term loan from banks	0.000	8.934
SHORT TERM BORROWINGS
Term loan from banks	67.409	65.697
Total	67.409	74.631

Auditors :
Name :	Ashok Parmar and Associates Chartered Accountants
Address :	Jamnagar, Gujarat, India
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
6750000	Equity Shares	Rs. 10/- each	Rs. 67.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6700000	Equity Shares	Rs. 10/- each	Rs. 67.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	67.000	67.000	67.000
(b) Reserves & Surplus	36.013	32.417	26.761
(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)	103.013	99.417	93.761
(3) Non-Current Liabilities
(a) long-term borrowings	30.721	40.837	53.151
(b) Deferred tax liabilities (Net)	2.802	2.942	3.039
(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)	33.523	43.779	56.190
(4) Current Liabilities
(a) Short term borrowings	67.409	65.697	66.458
(b) Trade payables	41.815	54.232	45.894
(c) Other current liabilities	15.350	22.964	22.849
(d) Short-term provisions	5.754	7.235	4.724
Total Current Liabilities (4)	130.328	150.128	139.925
TOTAL	266.864	293.324	289.876
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	105.047	118.699	122.313
(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	0.000	0.000	0.000
(e) Other Non-current assets	1.330	1.330	1.641
Total Non-Current Assets	106.377	120.029	123.954
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.674	86.101	69.910
(c) Trade receivables	59.333	73.516	84.707
(d) Cash and cash equivalents	7.488	6.286	3.313
(e) Short-term loans and advances	0.375	1.195	1.685
(f) Other current assets	8.617	6.197	6.307
Total Current Assets	160.487	173.295	165.922
TOTAL	266.864	293.324	289.876

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	307.169	370.898	448.119
		Other Income	1.124	0.169	1.104
		TOTAL (A)	308.293	371.067	449.223
Less	EXPENSES
		TOTAL (B)	287.138	345.389	421.198
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.155	25.678	28.025
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.912	17.408	17.911
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.243	8.270	10.114
Less	TAX (H)		1.646	2.614	3.377
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.597	5.656	6.737
	Earnings / (Loss) Per Share (Rs.)		0.54	0.84	1.01

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.17	1.52	1.50
Return on Total Assets (PBT/Total Assets}	(%)	1.96	2.82	3.49
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.11
Debt Equity Ratio (Total Debts/Networth)		0.95	1.07	1.28
Current Ratio (Current Asset/Current Liability)		1.23	1.15	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	67.000	67.000	67.000
Reserves & Surplus	26.761	32.417	36.013
Net worth	93.761	99.417	103.013
long-term borrowings	53.151	40.837	30.721
Short term borrowings	66.458	65.697	67.409
Total borrowings	119.609	106.534	98.130
Debt/Equity ratio	1.276	1.072	0.953

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	448.119	370.898	307.169
		(17.232)	(17.182)

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	448.119	370.898	307.169
Profit	6.737	5.656	3.597
	1.50%	1.52%	1.17%

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	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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10072440	20/08/2014 *	245,500,000.00	State Bank of India	Lalpar Branch, Dharmjeet Complex, 8A National Highway, Morbi, Gujarat - 363642, INDIA	C20979191

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	30.721	31.903
Total	30.721	31.903

FIXED ASSETS

• Land
• Buildings
• Plant and Equpiments
• Furniture and Fixture
• Vehicle
• Office Equipments

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.67
UK Pound	1	Rs. 93.26
Euro	1	Rs. 68.85

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.