MIRA INFORM REPORT

Report No. :	344795
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	SIMS CERAMIC PRIVATE LIMITED
Registered Office :	Survey. No. 605/615, N.H. 8-A, Taluka Morbi, Ghuntu – 363642, Gujarat
Mobile. No.:	91-9998023847 (Ms. Kajal Pandya)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.12.2010
Com. Reg. No.:	04-063189
Capital Investment / Paid-up Capital :	Rs. 64.080 Million
CIN No.: [Company Identification No.]	U26933GJ2010PTC063189
IEC No.:	2410009514
TAN No.: [Tax Deduction & Collection Account No.]	RKTS07428B
PAN No.: [Permanent Account No.]	AAPCS3717A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of ceramic tiles.
No. of Employees :	Information declined by the management

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 Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It is a part of Simpolo Group. The rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable gearing in FY14. The company has reported significant growth in its revenue base along with decent profit margin in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of sound and healthy financial conditions, the company can be considered for business dealings with 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	CRISIL
Rating	Long term Rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 31, 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 31-03-2015.

INFORMATION DEINED BY

Name :	Ms. Kajal Pandya
Designation :	Chartered Accountant
Contact No.:	91-9998023847
Date :	12.10.2015

LOCATIONS

Registered Office :	Survey. No. 605/615, N.H. 8-A, Taluka Morbi, Ghuntu – 363642, Gujarat, India
Tel. No.:	91-2822-242122
Mobile No.:	91-9998023847 (Ms. Kajal Pandya)
Fax No.:	Not Available
E-Mail :	sims@simpolo.net
Factory :	Survey No. 596, Old Ghuntu Road Morbi Ghuntu – 363642, Gujarat India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Mansukhbhai Tribhovanbhai Kaila
Designation :	Director
Address :	New Plot, Taluka Morbi, District. Rajkot, Ghuntu - 363642, Gujarat, India
Date of Birth/Age :	13.09.1963
Date of Appointment :	08.12.2010
DIN No.:	00142699
Name :	Mr. Jitendra Thakershibhai Aghara
Designation :	Director
Address :	Sneh-Milan', Somnath Society, Near. Prannagar, Ravapar Road, District. Rajkot, Morbi - 363641, Gujarat, India
Date of Birth/Age :	28.08.1969
PAN No:	ABQPA4388A
Date of Appointment :	08.12.2010
DIN No.:	00211915
Name :	Mr. Bharat Thakershibhai Aghara
Designation :	Director
Address :	Sneh-Milan, Somnath Society, Ravapar Road, Morbi - 363641, Gujarat, India
Date of Birth/Age :	13.05.1979
PAN No :	ABQPA8651G
Date of Appointment :	08.12.2010
DIN No.:	01920820

KEY EXECUTIVES

Name :	Ms. Kajal Pandya
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDER FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing of ceramic tiles.
Products :	Ceramic Tiles
Brand Names :	Not Available
Agencies Held :	Not Available
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	Para Bazar Branch, Opposite Gandhi Baug, Morbi – 363641, 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	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	59.409	157.876
Other loans and advances	1.487	0.000
Short-term borrowings
Working capital loans from banks	193.427	143.549
Total	254.323	301.425

Auditors :
Name :	M.J. Rindani and Associates Chartered Accountants
Address :	205,Trade Center, Sardar Nagar, Main Road, Rajkot-360001, Gujarat, India
PAN. No.:	AADFM6993K
Memberships :	-----
Collaborators :	-----
Associates :	Simpolo Vitrified Private Limited (U26914GJ2007PTC051766) Silvenia Ceramic Private Limited (U26914GJ2003PTC042582)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Sonsil Ceramic Private Limited (U51909GJ1995PTC027115) Simpolo Ceramic

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6408000	Equity Shares	Rs.10/- each	Rs. 64.080 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	64.080	64.080	64.080
(b) Reserves & Surplus	621.800	341.758	250.693
(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)	685.880	405.838	314.773
(3) Non-Current Liabilities
(a) long-term borrowings	60.896	157.876	287.156
(b) Deferred tax liabilities (Net)	33.945	37.916	1.351
(c) Other long term liabilities	6.121	5.768	0.764
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	100.962	201.560	289.271
(4) Current Liabilities
(a) Short term borrowings	193.427	143.549	112.304
(b) Trade payables	467.416	456.278	437.002
(c) Other current liabilities	33.122	125.581	57.421
(d) Short-term provisions	88.285	39.109	1.211
Total Current Liabilities (4)	782.250	764.517	607.938
TOTAL	1569.092	1371.915	1211.982
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	823.343	829.663	874.937
(ii) Intangible Assets	0.081	0.022	0.039
(iii) Capital work-in-progress	1.208	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	0.006	0.181	0.206
(e) Other Non-current assets	8.720	111.072	115.018
Total Non-Current Assets	833.358	940.938	990.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	173.115	183.212	88.913
(c) Trade receivables	303.306	195.627	6.737
(d) Cash and cash equivalents	117.674	11.096	11.551
(e) Short-term loans and advances	141.467	40.920	114.459
(f) Other current assets	0.172	0.122	0.122
Total Current Assets	735.734	430.977	221.782
TOTAL	1569.092	1371.915	1211.982

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1780.059	1226.350	6.322
	Other Income	16.821	12.048	0.412
	TOTAL	1796.880	1238.398	6.734
Less	TOTAL EXPENSES	1312.285	941.294	4.544
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	484.595	297.104	(2.190)
Less/ Add	DEPRECIATION/ AMORTISATION	123.942	137.925	1.686
	PROFIT/ (LOSS) BEFORE TAX	360.653	159.179	(3.876)
Less	TAX	80.611	68.114	1.351
	PROFIT/ (LOSS) AFTER TAX	280.042	91.065	(5.227)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	17.178	NIL	NIL
	TOTAL EARNINGS	17.178	NIL	NIL
	Earnings / (Loss) Per Share (Rs.)	43.7	14.21	(0.81)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.822	109.094	54.391
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	15.73	7.43	(82.68)
Return on Total Assets (PBT/Total Assets}	(%)	23.00	11.60	(0.32)
Return on Investment (ROI) (PBT/Networth)		0.53	0.39	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.37	1.01	1.44
Current Ratio (Current Asset/Current Liability)		0.94	0.56	0.36

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	64.080	64.080	64.080
Reserves & Surplus	250.693	341.758	621.800
Share Application money pending allotment	0.000	0.000	0.000
Net worth	314.773	405.838	685.880
long-term borrowings	287.156	157.876	60.896
Short term borrowings	112.304	143.549	193.427
Current maturities of long-term debts	54.391	109.094	0.822
Total borrowings	453.851	410.519	255.145
Debt/Equity ratio	1.442	1.012	0.372

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6.322	1226.350	1780.059
		19,298.134	45.151

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6.322	1226.350	1780.059
Profit	(5.227)	91.065	280.042
	(82.68%)	7.43%	15.73%

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

COMPANY’S PERFORMANCE AND DIVIDEND:

The Company has reported income from operation during the year Rs. 1780.059 Million as compared to the previous year’s income from operation of Rs. 1226.350 Million. The Company has earned net profit of Rs. 280.042 Million as against previous year’s net profit of Rs. 91.065 Million. In a view of expansion, The Directors do not recommend any dividend for the financial year ended, 31 March, 2014.

INDEX OF CHARGES:

S.No.	Charge Id	Date Of Charge Creation/Modification	Charge Amount Secured	Charge Holder	Address	Service Request Number (Srn)
1	10291332	15/04/2015 *	1,157,100,000.00	State Bank of India	Lalpar Branch, Morbi - 363641, Gujarat India	C56223100

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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. 64.73
UK Pound	1	Rs. 99.30
Euro	1	Rs. 73.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--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 unfavorable 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.