MIRA INFORM REPORT

Report No. :	341207
Report Date :	26.09.2015

IDENTIFICATION DETAILS

Name :	CENTURY TILES LIMITED
Registered Office :	Block No. 208 and 210, Near Sabar Dairy Talod Road, Gadhoda Taluka Himatnagar, District Sabarkantha – 383001, Gujarat
Tel. No.:	91-2772-226454-55-56
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.11.2003
Com. Reg. No.:	04-043186
Capital Investment / Paid-up Capital :	Rs.70.000 Million
CIN No.: [Company Identification No.]	U26933GJ2003PLC043186
IEC No.:	0803009909
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCC2531M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Porcelain tiles and glazed tiles in various shades and sizes.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 352000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in November 2003. It has satisfactory track record. The company possesses an acceptable financial profile marked by adequate networth base comprising of low reserves, comfortable capital structure along with modest scale of operations and high working capital intensive operations. The rating continue to derive strength from the promoter’s experience in the manufacturing and marketing of ceramic tiles. Tarde relations seems to be fair. Business is active. Payment terms are reported as usually correct. 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	CARE
Rating	Long Term Bank Facilities =“BBB-”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	February 05, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities “A3”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	February 05, 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 DENIED

Management non-cooperative (91-2772-226161)

LOCATIONS

Registered Office :	Block No.208 and 210 Near Sabar Dairy Talod Road, Gadhoda Taluka Himatnagar, District Sabarkantha – 383001, Gujarat, India
Tel. No.:	91-2772-226454-55-56
Fax No.:	91-2772-226457
E-Mail :	info@centurytiles.com
Website :	www.centurytiles.com
Factory 1 :	Located at Himatnagar (Near Ahmedabad) in Gujarat
Branches/ Office :	Located At Delhi Mumbai

DIRECTORS

As On : 30.09.2014

Name :

Mr. Kamlesh Amthabhiai Patel

Designation :

Director

Address :

At Prathvipura, PO Ankala, District Sabarkantha, Idar, 383430, Gujarat, India

Date of Birth/Age :

03.07.1970

PAN No:

AHZPP6525F

Date of Appointment :

30.09.2010

DIN No.:

02132120

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	U28999GJ1990PTC014023	MURLIMANOHAR MACHINES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
2	U26914GJ2007PLC052480	CENGRES TILES LIMITED	Director	01/04/2009	01/04/2009	23/06/2010	Active	NO
3	U26933GJ2003PLC043186	CENTURY TILES LIMITED	Director	30/09/2010	10/06/2010	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	17/06/2010	17/06/2010	01/10/2011	Active	NO
5	U26914GJ2011PLC063746	CENTURY QUARTZ INDIA LIMITED	Managing director	01/02/2012	20/01/2011	-	Active	NO
6	U26960GJ2014PLC079324	ARISTON TILES LIMITED	Director	24/03/2014	24/03/2014	-	Active	NO

Name :

Mr. Jayantibhai Ramabhai Patel

Designation :

Managing Director

Address :

Narsinhpura, Idar, Idar-383410, Gujarat, India

Date of Birth/Age :

31.05.1959

PAN No:

AJEPP2330F

Date of Appointment :

01.04.2015

DIN No.:

02160662

Name :

Mr. Vinodkumar Valjibhai Patel

Designation :

Director

Address :

Ganesh Ceramic, College Road, Motipura, Himmatnagar- 383001, Gujarat, India

Date of Birth/Age :

01.06.1970

Date of Appointment :

30.09.2010

DIN No.:

03111353

Name :

Mr. Akashkumar Vinodbhai Patel

Designation :

Director

Address :

Pruthivipura Ankala, Taluka- Idar, District Sabarkantha, Idar-383410, Gujarat, India

Date of Birth/Age :

31.01.1993

Date of Appointment :

30.09.2014

DIN No.:

06897242

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Bikhalal Keshavlal Patel	31800
Menaben Keshavlal Patel	19500
Sonalben Bhikhalal Patel	125800
Amichanbjhai Ramanbahi Patel	204010
Bharatbhai Dulabhai Patel	6500
Chandubhai Hirabhia Patel	9500
Dhanjibhai Mohanbhai Patel	40450
Dhanjibhai Rambhai Patel	229580
Ishwarbhai Valabhai Patel	17500
Jayantibhai Ramabha Patel	329550
Karshanbhai Hirabhai Patel	15184
Kodarbhai Dhulabhai Patel	13000
Manishaben Subhashbhai Patel	25220
Narsihbhai Dayabhai Patel	25800
Nathabhai Prabhubhai Patel	6000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	42.86
Directors or relatives of Directors	20.21
Other top fifty shareholders	29.48
Others	7.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Porcelain tiles and glazed tiles in various shades and sizes.

Products :

Item Code No. (ITC Code)	Product Description
69081010	Glazed 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	Commercial Branch, "Paramsiddhi Complex", Opposite V.S. Hospital, Elissbridge, Ahmedabad - 380006, 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
Term Loans From Banks (Secured by hypothecation of Plant and machinery and other fixed assets of the company)	5.273	9.444
Short-term borrowings
Working Capital Loans From Banks	75.697	88.937
Total	80.970	98.381

Auditors :
Name :	K.K Patel and Associates Chartered Accountants
Address :	F – 53, 2^nd Floor, Aaash Ganga Complex, Near. S.T. Bust Stand, Himmatnagar – 383001, Gujarat, India
PAN No:	AGPPP6687D
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
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 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	70.000	70.000	70.000
(b) Reserves & Surplus	53.269	48.256	44.765
(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)	123.269	118.256	114.765
(3) Non-Current Liabilities
(a) long-term borrowings	10.875	21.714	9.949
(b) Deferred tax liabilities (Net)	4.833	5.714	5.723
(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)	15.708	27.428	15.672
(4) Current Liabilities
(a) Short term borrowings	75.697	88.937	92.374
(b) Trade payables	60.718	69.324	59.403
(c) Other current liabilities	15.695	18.220	9.220
(d) Short-term provisions	2.700	2.250	4.331
Total Current Liabilities (4)	154.810	178.731	165.328
TOTAL	293.787	324.415	295.765
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.093	89.831	83.158
(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	11.872	10.876	10.189
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	90.965	100.707	93.347
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	99.305	108.078	104.512
(c) Trade receivables	95.443	109.448	89.565
(d) Cash and cash equivalents	1.884	0.593	1.643
(e) Short-term loans and advances	6.190	5.589	6.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	202.822	223.708	202.418
TOTAL	293.787	324.415	295.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	458.066	522.192	484.209
		Other Income	5.087	2.680	3.479
		TOTAL (A)	463.153	524.872	487.688
Less	EXPENSES
		Cost of Materials Consumed	355.823	427.722	373.650
		Purchases of Stock-in-Trade	18.322	17.777	40.913
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.773	(3.566)	(12.190)
		Employees benefits expense	13.697	14.735	15.660
		Other expenses	31.176	32.509	34.006
		TOTAL (B)	427.791	489.177	452.039
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.362	35.695	35.649
Less	FINANCIAL EXPENSES (D)		15.454	16.399	16.423
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.908	19.296	19.226
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.076	12.779	13.537
	PROFIT BEFORE TAX (E-F) (G)		6.832	6.517	5.689
Less	TAX (H)		1.819	2.242	1.046
	PROFIT AFTER TAX (G-H) (I)		5.013	4.275	4.643
	Foreign Exchange Earned		5.549	0.000	0.000
	TOTAL EARNINGS		5.549	0.000	0.000
	IMPORTS
		Raw Materials	1.531	0.000	0.000
	TOTAL IMPORTS		1.531	0.000	0.000
	Earnings Per Share (Rs.)		0.79	0.61	0.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2013
Current Maturities of Long term debt	4.128	4.128	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	41.816	24.910	18.809

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.09	0.82	0.96
Operating Profit Margin (PBIDT/Sales)	(%)	7.72	6.84	7.36
Return on Total Assets (PBT/Total Assets}	(%)	2.33	2.01	1.92
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		0.70	0.94	0.89
Current Ratio (Current Asset/Current Liability)		1.31	1.25	1.22

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	70.000	70.000	70.000
Reserves & Surplus	44.765	48.256	53.269
Net worth	114.765	118.256	123.269
long-term borrowings	9.949	21.714	10.875
Short term borrowings	92.374	88.937	75.697
Current Maturities Of Long-Term Debts	0.000	4.128	4.128
Total borrowings	102.323	114.779	90.700
Debt/Equity ratio	0.892	0.971	0.736

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)
Revenue from Operations	484.209	522.192	458.066
		7.844	(12.280)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	484.209	522.192	458.066
Profit	4.643	4.275	5.013
	0.96%	0.82%	1.09%

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	No
8	Designation of contact person	No
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	No
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

OPERATIONS:

During the year the Company have achieved a turnover of Rs. 458.066 Million as against Rs. 522.191 Million in the previous year. During the year the Company has earned Net Profit of Rs .5.014 Million as against the Net Profit of Rs. 4.276 Million in the previous year. Barring unforeseen circumstance, The Directors are hopeful to achieve better financial performance in the coming years.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Loans and advances from related parties
Loans and Advances From Directors	5.602	12.270
Total	5.602	12.270

Index of Charges:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90104374	17/10/2012 *	141,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, "PARAMSIDDHI COMPLEX",OPPOSITE V. S.HOSPITAL, ELISSBRIDGE,AHMEDABAD, Gujarat - 380006, INDIA	B60902491
2	90107153	17/10/2012 *	141,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, "PARAMSIDDHI COMPLEX", OPPOSITE V.S. HOSPITAL, ELISSBRIDGE,, AHMEDABAD, Gujarat - 38 0006, INDIA	B60898236

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and 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.65.96
UK Pound	1	Rs.101.19
Euro	1	Rs.73.37

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	HRS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.