MIRA INFORM REPORT

Report No. :	349346
Report Date :	13.11.2015

IDENTIFICATION DETAILS

Name :	R.A.K. CERAMICS INDIA PRIVATE LIMITED
Registered Office :	H. No. 9-1-164, Flat No.105, 1st Floor, Amsri Plaza, S. D. Road, Secunderabad – 500003, Telangana
Tel. No.:	91-884-2329344 / 5588334
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	09.01.2004
Com. Reg. No.:	36-042401
Capital Investment / Paid-up Capital :	Rs.830.516 Million
CIN No.: [Company Identification No.]	U26919TG2004PTC042401
IEC No.:	0904001610
TAN No.: [Tax Deduction & Collection Account No.]	HYDR02125E
PAN No.: [Permanent Account No.]	AACCR6424N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Ceramic wall and floor tiles, gres porcellanato and sanitaryware.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Ras Al Khaimah Ceramics Co., PSC. UAE”. It is an established company having satisfactory track. It was incorporated in the year 2004 and is the manufacturer, trader, exporter and importer of Ceramic and Vitrified tiles and sanitary wares. As per financial of the year 2014, company possesses decent financial risk profile marked by its healthy gearing and adequate debt protection measures. Further, rating also reflects company’s established market position and strong brand presence in the vitrified tiles and sanitary-ware segments in India and strong business and financial support that it receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of strong holding support, the company 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term bank facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.11.2014

Rating Agency Name	CRISIL
Rating	Short term bank facilities : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	20.11.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nataraj
Designation :	Senior Manager – Finance and Accounts
Contact No.:	91-884-2329344 / 5588334
Date :	10.11.2015

LOCATIONS

Registered Office :	H. No. 9-1-164, Flat No.105, 1st Floor, Amsri Plaza, S. D. Road, Secunderabad – 500003, Telangana, India
Tel. No.:	Not Available
Mobile No.:	91-9223050111 (Mr. Rohit Khandelwal)
Fax No.:	Not Available
E-Mail :	accounts@rakceramindia.com officemail@rakceramindia.com
Website :	http://www.rakceramics.com http://www.rakindia.com
Location:	Owned
Locality :	Residential
Corporate office :	325, Dheeraj Heritage, Junction of Milan Way, S.V. Road, Santacruz (West), Mumbai - 400 054
Tel. No.:	22-65205854, 022-26605704/06
Fax No.:	22-26614621
E-Mail :	info@rakindia.com
Factory :	P. B. No. 11, IDA Pedapuram, ADB Road, Samalkot - 533440, East Godavari District, Andhra Pradesh, India
Tel. No.:	91-884-2329344 / 5588334
Fax No.:	91-884-2329343
E-Mail :	officemail@rakceramindia.com
Warehouse :	A 0, 06 to 09, 11 to 13, 23 to 31, Shree Rajlaxmi Compound, Kalher Village, Bhiwandi, Thane, Maharashtra, India
Administrative Office :	H No.69-18-3, Road No.1, Plot No.27, Lalitha Nagar, Galgalapadu, Kakinada-533004, Andhra Pradesh, India
Marketing Office :	6, Dheeraj Heritage, 1st Floor, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel No. :	91-22-26605704 , 26605706

DIRECTORS

AS ON 20.09.2014

Name :

Mr. Abdallah Massaad

Designation :

Director

Address :

Villa No. D 41, Al Hamra Village, Al Jazeerah Al Hamar, Ras Al Khaima, UAE

Date of Birth/Age :

20.11.1971

Date of Appointment :

21.10.2014

DIN No. :

05238613

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	U51909MH2009PTC193734	KLUDIRAK INDIA PRIVATE LIMITED	Director	23/09/2010	24/04/2010	-	Active	NO
2	U26919TG2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Director	21/10/2014	01/01/2011	-	Active	NO
3	U10200TG2005PTC046041	CERAMIN INDIA PRIVATE LIMITED	Director	30/09/2013	01/10/2012	-	Active	NO
4	U60231AP2013PTC090835	R.A.K. LOGISTICS INDIA PRIVATE LIMITED	Director	05/11/2013	05/11/2013	-	Strike off	NO

Name :

Khaled Abdulla Yousef Aal Abdulla

Designation :

Director

Address :

Aya Complex, Khuzam,Ras Al Khaimah, UAE

Date of Birth/Age :

24.10.1970

Date of Appointment :

29.06.2013

DIN No. :

06432987

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	U26919TG2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Director	29/06/2013	13/09/2012	-	Active	NO
2	U10200TG2005PTC046041	CERAMIN INDIA PRIVATE LIMITED	Director	30/09/2013	01/10/2012	-	Active	NO

Name :

Mr. Pramod Kumar Chand

Designation :

Director

Address :

Mani Kanchan Apartments, Flat No.4EA, 5/1/1B Dr.Radha Kumud Mukherjee Sarani, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

20.11.1956

Date of Appointment :

20.09.2014

DIN No. :

00050106

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	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	01/12/1998	01/12/1998	05/07/2012	Active	NO
2	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	27/03/2000	27/03/2000	05/07/2012	Active	NO
3	U26922MH1995PLC085677	LOK CEMENT LIMITED	Director	26/09/2000	26/09/2000	05/07/2012	Active	NO
4	U17232WB1989PTC046562	BIRLA ODESSA INDUSTRIES PRIVATE LIMITED	Director	27/03/2002	27/03/2002	05/07/2012	Active	NO
5	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LTD	Director	16/03/2004	16/03/2004	05/07/2012	Active	NO
6	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	08/12/2004	08/12/2004	05/07/2012	Active	NO
7	U51224WB1930PLC006634	EXPRESS DAIRY COMPANY LTD	Director	22/03/2005	22/03/2005	05/07/2012	Active	NO
8	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16/04/2008	16/04/2008	10/07/2012	Active	NO
9	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16/04/2008	16/04/2008	-	Dissolved	NO
10	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17/04/2008	17/04/2008	-	Under liquidation	NO
11	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07/05/2008	07/05/2008	-	Dissolved	NO
12	U51109WB1945NPL012572	COAL CONSUMERS ASSOCIATION OF INDIA	Additional director	28/10/2011	28/10/2011	-	Active	NO
13	U26919TG2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Director	20/09/2014	30/09/2013	-	Active	NO

Name :

Mr. Ramesh Venkataraman

Designation :

Director

Address :

48 Drayton Gardens, London, Sw109sa, , United Kingdom

Date of Appointment :

29.06.2015

DIN No. :

03545080

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	L72200KA1973PLC002308	DYNAMATIC TECHNOLOGIES LIMITED	Director	14/08/2014	08/11/2013	-	Active	NO
2	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	30/07/2014	06/03/2014	-	Active	NO
3	U26919TG2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Director	29/06/2015	21/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nataraj
Designation :	Senior Manager – Finance and Accounts
Name :	Biswa Ranjan Subudhi
Designation :	Secretary
Address :	Vinjarapu Vihar, Flat No. F2/A, D. No. 10-3-4, Medurivari Street, Ramarao Pet, Kakinada – 533004, Andhra Pradesh, India
PAN No.:	BMVPS0152F
Date of Appointment :	29.01.2015

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2014

Names of Shareholders (Equity Shareholders)	No. of Shares
(Class - A )
RAK Ceramics Company, UAE	56598665
Al Hamara Real Estate Development Company	1
Sunil Kapoorchand Malesha	982871
Sudhir Kapoorchand Malesha	982870
Nirmala K. Malesha	982500
Sangita S. Malesha	786000
Mala S. Malesha	786000
Laxmi J. Malesha	1768500
(Class - B )
RAK Ceramics Company, UAE	20164154
Total	83051561

Equity Share Break up (Percentage of Total Equity)

AS ON 20.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	92.43
Directors or relatives of Directors	7.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Ceramic wall and floor tiles, gres porcellanato and sanitaryware.

Products :

Item Code No.	Product Description
99611621	Tiles and Sanitary Ware

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Ceramic Wall and Floor Tiles

Countries :

• Australia
• Thailand
• Sri Lanka

Imports :

Products :

Raw Material

Countries :

• China
• Italy
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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

End Users

No. of Employees :

400 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana 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

Bank of Baroda, Kakinada - 533001, Andhra Pradesh, India

State Bank of India, Kakinada - 533001, Andhra Pradesh, India

Abu Dhabi Commercial Bank, 75,Rehmat Manzil, Veer Nariman Road, Churchgate, Mumbai - 400020, Maharashtra, India

The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

Secured Loan	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Long-term Borrowings
Foreign currency term loans from banks	158.524	264.284
Other external commercial borrowings	0.000	4.062
Loans taken for fixed assets	0.554	0.903
Short-term borrowings
Working capital loans from banks (Charge on stock and book debts, all current assets and hypothecation of inventories and trade receivables)	1432.478	1092.878
Loans repayable on demand from banks (Charge on stock and book debts, all current assets and hypothecation of inventories and trade receivables)	69.840	20.192
Total	1661.396	1382.319

Auditors :
Name :	BSR and Associates LLP Chartered Accountants
Address :	8-2-618/2, Reliance Humsafar, 4^th Floor, Road No-11, Banjarahills, Hyderabad-500035, Telangana, India
PAN No.:	ACUPM8951C
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Ras Al Khaimah Ceramics Co., PSC UAE
Fellow Subsidiary Companies :	RAK (Gaoyao) Ceramics Company Limited Prestige Tiles Pty Limited RAK Ceramics Distribution KludiRAK India private Limited R.A.K. Ceramics GMBH
Associate Companies :	Ceramin India Private Limited [U10200AP2005PTC046041] Ceramin FZC Elegance Ceramics RAK Global Logistics LLC R.A.K. Logistics LLC UAE
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kapsons Ceramics (India) Private Limited [U26900MH2000PTC128025] R.K. Ceramics- India Sungracia Tiles Private Limited [U26914GJ2012PTC068945] KSPY Pack Private Limited [U74950MH2008PTC178304]

CAPITAL STRUCTURE

AS ON 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
85,000,000	Equity Shares	Rs.10/- each	Rs.850.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83,051,561	Equity Shares	Rs.10/- each	Rs.830.516 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	830.516	830.516	830.516
(b) Reserves & Surplus	1724.404	1684.393	1652.087
(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)	2554.920	2514.909	2482.603
(3) Non-Current Liabilities
(a) long-term borrowings	159.078	269.248	263.436
(b) Deferred tax liabilities (Net)	155.912	162.036	144.857
(c) Other long term liabilities	150.253	126.359	108.054
(d) long-term provisions	30.592	18.207	13.717
Total Non-current Liabilities (3)	495.835	575.850	530.064
(4) Current Liabilities
(a) Short term borrowings	1502.318	1113.071	1034.172
(b) Trade payables	1048.919	682.326	1135.317
(c) Other current liabilities	1402.686	1344.395	761.154
(d) Short-term provisions	20.499	37.433	34.879
Total Current Liabilities (4)	3974.422	3177.225	2965.522
TOTAL	7025.177	6267.984	5978.189
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2692.813	2627.429	2646.237
(ii) Intangible Assets	5.495	5.543	0.000
(iii) Capital work-in-progress	138.671	86.937	39.953
(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	143.766	181.936	363.838
(e) Other Non-current assets	92.216	87.847	2.042
Total Non-Current Assets	3072.961	2989.692	3052.070
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2154.043	1733.210	1632.609
(c) Trade receivables	1547.431	1065.688	985.182
(d) Cash and cash equivalents	83.750	112.291	98.171
(e) Short-term loans and advances	162.780	208.631	190.199
(f) Other current assets	4.212	158.472	19.958
Total Current Assets	3952.216	3278.292	2926.119
TOTAL	7025.177	6267.984	5978.189

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Sales	7970.700	7822.600	6175.000
	Other Income
	TOTAL	7970.700	7822.600	6175.000
Less	EXPENSES
	TOTAL	7910.900	7664.600	6060.000
	PROFIT/ (LOSS) BEFORE TAX	59.800	54.700	115.000
Less	TAX	19.800	17.200	36.000
	PROFIT/ (LOSS) AFTER TAX	40.000	37.500	79.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	483.400	592.000	454.000
	Others	0.000	0.000	5.000
	TOTAL EARNINGS	483.400	592.000	459.000
	Earnings / (Loss) Per Share (Rs.)	0.48	0.41	1.25

Expected Sales ( 2015) : Rs.8000.000 Million

The above information has been parted by Mr. Nataraj (Senior Manager – Finance and Accounts).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	291.220	406.689	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	328.919	400.205	361.075
Net cash flows from (used in) operating activities	314.285	383.781	352.759

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	0.50	0.48	1.86
Return on Total Assets (PBT/Total Assets}	(%)	0.87	0.88	1.97
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.05
Debt Equity Ratio (Total Debt /Networth)		0.76	0.71	0.52
Current Ratio (Current Asset/Current Liability)		0.99	1.03	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	830.516	830.516	830.516
Reserves & Surplus	1652.087	1684.393	1724.404
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2482.603	2514.909	2554.920
long-term borrowings	263.436	269.248	159.078
Short term borrowings	1034.172	1113.071	1502.318
Current Maturities of Long Term Debt	0.000	406.689	291.220
Total borrowings	1297.608	1789.008	1952.616
Debt/Equity ratio	0.523	0.711	0.764

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	6175.000	7822.600	7970.700
		26.682	1.893

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	6175.000	7822.600	7970.700
Profit	79.000	37.500	40.000
	1.28%	0.48%	0.50%

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	No
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)	Yes
16	No. of employees	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10506749	11/06/2014	230,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 M. G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C09729997
2	10412925	28/05/2015 *	300,000,000.00	ABU DHABI COMMERCIAL BANK	NO.28,CITI CENTRE, CHURCH STREET, BANGALORE - - 560001, KARNATAKA, INDIA	C56166515
3	10186761	05/11/2012 *	165,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORORATION LIMITED	52/60 M. G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B61633889
4	10127005	04/07/2012 *	162,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 M. G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B42990804
5	10086826	02/04/2007	80,000,000.00	STATE BANK OF INDIA	KAKINADA, KAKINADA - 533001, ANDHRA PRADESH , INDIA	A31787773
6	10038746	16/04/2015 *	650,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	52/60 M. G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C52137635
7	10032071	11/11/2013 *	400,000,000.00	THE ROYAL BANK OF SCOTLAND N.V.	4, NORTH AVENUE, LEVEL 3, MAKER MAXITY, BANDRA KU  RLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	B89345201
8	90263051	29/04/2013 *	1,055,000,000.00	STANDARD CHARTERED BANK	6-3-1090, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B75471086
9	80043427	07/02/2008 *	163,950,000.00	RAS AL KHAIMAH CERAMICS CO.	P. O. BOX 4714, RAS AL KHAIMAH, UNITED ARAB EMIRATES, - 4714, UNITED ARAB EMIRATES	A35051085

* Date of charge modification

FIXED ASSETS

· Land- freehold

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· 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 records 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.66.35
UK Pound	1	Rs.100.28
Euro	1	Rs.71.29

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.