A BARGAIN SHARE FOR LONG TERM INVESTMENT

EURO CERAMICS LIMITED

ISSUE OF 56,21,500 EQUITY SHARES OF RS. 10/- EACH AT A PRICE OF RS. [_] PER EQUITY SHARE FOR CASH AGGREGATING RS. [_] (HEREINAFTER REFERRED TO AS THE “ISSUE”), INCLUDING EMPLOYEE RESERVATION OF 1,21,500 EQUITY SHARES OF FACE VALUE OF RS.10/- EACH AT A PRICE OF RS. [_] PER EQUITY SHARE FOR CASH AGGREGATING RS. [_] (HEREINAFTER REFERRED TO AS TH “EMPLOYEE RESERVATION PORTION”). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION SHALL BE 55,00,000 EQUITY SHARES OF RS. 10/- EACH (HEREINAFTER REFERRED TO AS THE “NET ISSUE TO THE PUBLIC”). THE ISSUE WILL CONSTITUTE 32.87% OF THE POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE NET ISSUE TO THE PUBLIC WILL CONSTITUTE 32.16% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF EURO CERAMICS LIMITED (“COMPANY”).

PRICE BAND: Rs. [150] TO Rs. [180] PER EQUITY SHARE

THE ISSUE PRICE IS [15] TIMES OF THE FACE VALUE AT THE LOWER END OF THE PRICE BAND AND [18] TIMES OF THE FACE VALUE AT THE HIGHER END OF THE PRICE BAND.

Company’s sales have grown at the highest rate in the last 3 years compared to industry and its earnings before interest, tax and depreciation have also grown at the highest rate in ceramic industry. Its EBIDA has improved from 20% to 26% in last three years and was 32% in the first half of current year. Share is attractively priced at a p/e of 12 compared to the industry average comprising of Nitco, Kajaria and Hindustan Sanitary ware. Company is expected to do exceedingly well in the current year which may further bring its p/e low thus making this share further attractive for investment.

ISSUE OPENS ON February 7, 2007

ISSUE CLOSES ON February 13, 2007

Company manufactures Vitrified Ceramic Tiles and Aluminum Extruded Sections. Currently,it has two lines for manufacturing Vitrified Ceramic Tiles with total installed capacity of 79,971 MTPA, whereas for Aluminum Extruded Sections total installed capacity is of 1,800 MTPA. The first line for manufacturing Vitrified Ceramic Tiles with an installed capacity of 35,880 MTPA commenced operations in October, 2003 alongwith manufacturing Aluminium Extruded Sections with installed capacity of 1,800 MTPA. The second line for manufacturing Vitrified Ceramic Tiles with an installed capacity of 44,091 MTPA commenced operations in December 2005.

Euro Ceramics Limited a professionally managed company in the ceramics and aluminum extruded sections domain, has entered capital market with an Initial Public Offering (IPO) of 56,21,500 equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process. The price band for the issue has been fixed between Rs 150 and Rs 180 per share. The issue has opened on February 7, 2007, and closes for subscription on February 13, 2007. The equity shares of the company are proposed to be listed on the BSE and NSE.

The issue consists of 56,21,500 equity shares, which includes employee reservation of 1,21,500 equity shares of face value of Rs 10 each for cash at a premium. Not more than 50 per cent of the net issue to the public will be available for allocation to Qualified Institutional Buyers (QIBs) on a proportionate basis (of which 5 per cent shall be allocated for mutual funds only). Further, not less than 15 per cent of the net issue to the public will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35 per cent of the net issue to the public will be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

The net issue to the public will constitute 32.16 per cent of the fully diluted post IPO paid-up capital of the Company. The promoters along with promoter group will continue to hold 55.01 per cent of the equity shares on a fully diluted basis and the balance 12.11 per cent is held by other investors

The company will use the issue proceeds to part finance the funds required for setting-up of manufacturing facilities for Sanitary Ware Products at Bhachau, Kutch. The total cost for setting-up of manufacturing facilities for Sanitary Ware Products is about Rs 7,700 lakh. The Company has already signed a contract with Sacmi Hong Kong Ltd, a part of Sacmi, Italy for the supply of the plant & machinery. The issue funds will also be used for general corporate purposes and for meeting the IPO expenses.

The book-running lead managers to the issue are UTI Securities Limited and Enam Financial Consultants Private Limited.

The total consolidated income of the company for FY 2006 was Rs 138.16 crore. The company’s consolidated profit after tax for FY 06 was Rs 20.31 crore. The company had an adjusted EPS (earning per share) of Rs 17.81 as of FY 06; a return on Net Worth (RONW) of 33.70 per cent in 2005-06; and a Net Asset Value of Rs 53.08 as of March 31, 2006. For the first half of FY07 ended September 2006, the consolidated income is Rs 91.73 crore and a profit after tax of Rs 13.12 crore.

Euro Ceramics Limited is currently engaged in the manufacturing of Vitrified Ceramic Tiles and Aluminum Extruded Sections at its manufacturing facilities located at Bhachau in Kutch District in Gujarat. Currently, it has two lines for manufacturing vitrified ceramic tiles with total installed capacity of 79,971 MTPA, whereas for aluminum extruded sections total installed capacity is of 1,800 MTPA.

In the Sanitary Ware domain, the Company proposes to have an installed capacity of 11,000 metric tonnes by 2007-08 with a proposed capacity utilisation of 80 per cent and the commercial production set to commence in October 2007. After the proposed expansion, it will manufacture water closet toilet bowls, water tanks for restrooms, wash basins, pedestals, squat pans and urinals, etc. Simultaneously, the company is in the midst of setting-up a project for manufacturing calcareous tiles, which will cater to the requirements of upper end segment of the tiles market.

The Company’s diversified product range gives customers better choice and range. Its design capabilities help it to stay abreast of the market trends and enhance share. It is capable of timely delivery capabilities, which is crucial for the business. It has developed skills to ensure timely delivery of multiple and large orders, complex sourcing and production planning capabilities. It follows a dual marketing strategy including direct sales and marketing as well as the dealers and distributors. The Company plans to set up retail outlets, which will be operated through franchisee agreements with various eligible parties.

The Company has access to tax benefits and exemptions as the plant is located in Kutch. The plant and machinery imported from Sacmi, Italy, one of the leading ceramics plant manufacturers, gives it better production efficiency. The Company creates and sells products under its own brand name. It has installed a lignite-based 10MW Captive Power Plant, which provides cost-effective and uninterrupted power supply due to the abundant supply of lignite in Kutch. It has also installed a gasifier for generating gas in order to reduce fuel costs and to achieve self-sufficiency. The Company is exporting Vitrified Ceramic Tiles in small quantities to the US, South Africa and the Middle-East.

MARKETING DIRECTLY TO CORPORATE HOUSES, BUILDERS, INSTITUTIONAL BUYERS
Company has set-up a separate full-fledged marketing department to procure orders and contracts. The marketing department is headed by one of the Promoter - Director, Mr. Paresh K. Shah, The Company follows dual marketing strategy. Company’s major sales are through direct marketing by the company’s own Sales Personnel. Company’s Marketing personnel approach directly to the large end users which include corporate houses, institutional Buyers, Builders, arcitects etc. Company’s major focus is on this direct marketing, which helps it in understanding the customer needs, trends, taste and flavour. Compny creates the long-term relations with the direct end users, which enhances the brand value. The manufacturing facility for Vitrified Ceramic Tiles is ISO: 9001 certified. Company’s Vitrified Ceramic Tiles have got the approval from reputed technical Institutions like Veermata Jijabai Technological Institute (VJTI), Mumbai and Applied Consumer Services Inc., Finland, U.S.A.

PROPOSAL TO ESTABLISH OWN CHAIN OF STORES
The wholesale market of company’s products comprises of dealers and distributors who stock company’s products for distribution to ultimate consumers and at the retail level, it comprises of households and other retail customers. While primarily company markets its products through its network of dealers and distributors, it proposes to enter into the retail market for our products by establishing its own chain of stores, which will exclusively market its products.
Company’s marketing strategy is based on the products type and the end user segment. Company has adopted hybrid marketing module comprising of direct customer approach and existing distributors network. Company is also in regular interaction with corporates in the construction sector to know their requirement of ceramic products for domestic and international markets. Company has a network of marketing persons based across the country to cater to the A B C D E (Architectures, Builders, Contractors, Dealers and Engineers). There are showrooms displaying its products in major cities like Ahmedabad, Surat, Hyderabad, Jaipur, Chennai and Udaipur etc. Further, more such display centres are proposed to be opened in various cities. Company has dedicated sales staff to serve the large corporates, institutions and big players of the construction industry.

EYEING GLOBAL MARKET FOR CERAMIC PRODUCTS
Company foresees potential to penetrate in the global market for ceramic products due to the growing demand in the construction segment and growing awareness & acceptance of quality products. In the global market for ceramic products, which include Vitrified Ceramic Tiles and Sanitary Ware, there is thrust for good quality and better designs at competitive rates.
As, company has procured its Vitrified Ceramic Tiles manufacturing plant from reputed suppliers; it has been able to manufacture standard quality products, which are accepted in international markets. Similarly, company proposes to continue the same trend for our proposed Sanitary Ware project as well, which also should have acceptability in international markets.

EURO MERCHANDISE (India) LTD. – 100% SUBSIDIARY
Company’s wholly owned subsidiary, Euro Merchandise (India) Limited (EMIL) is engaged in the business of trading of wall and floor tiles, which include varieties like ceramic, glazed porcelain and rustic tiles. It is engaged in trading of tiles, which are as per the international standards. Further, to build up a marketing base and to develop a brand presence for Sanitary Ware Products, EMIL has recently started trading of Sanitary Ware Products in the domestic market

EXCISE & SALES TAX BENEFITS
Company is availing certain excise tax, and sales tax exemption under Kutch Incentive Scheme, 2001 for Economic Development of Kutch District, Gujarat. The Government of India has announced excise duty exemption for new industries to promote large-scale investment in the district. The excise duty exemption will be available till 4th October 2008. Similarly, the State Government has also announced the scheme for sales tax incentives. In accordance with and subject to the provisions of the Government of Gujarat in Industries & Mines Department vide Government Resolution No. INC-10200-903-1 dated 9.11.2001 and as amended vide corrigendum dated 12.11.2001, Company is entitled to purchase the raw materials, packing materials and all the processing materials utilized for the purpose of manufacturing goods, without the payment of sales tax. In addition, the company shall also be entitled for sales tax exemption on sales of finished goods, intermediates, by-products, waste & scrap produced by it at the rate of 100% for a period of ten years from 5th October 2003 up to the eligible fixed capital investment.

TILES FOR UPPER END MARKET
Our Company is also exploring possibilities of setting-up a project for manufacturing Calcareous Tiles, which will cater to the requirements of upper end segment of the tiles market. We have made application to bank for funding of the said project.

STRONG GROWTH IN EARNINGS
Our Earnings per Equity Share and Return on Net Worth have been increasing over the years, details of which are given in the following table:
Financial Year Ending On Earnings per Equity Share Return on Net Worth (%)
March 31, 2004 0.70 7.11
March 31, 2005 11.76 27.67
March 31, 2006 17.81 33.70

OBJECTS OF THE ISSUE
The objects of the Issue are to raise capital for part financing the funds required for:
 Setting-up of Manufacturing Facilities for Sanitary Ware Products at Bhachau, Kutch
 General Corporate Purposes
 Meeting the Issue Expenses

The other objects of the Issue also include creating a public trading market for the Equity Shares of our Company by listing them on Stock Exchanges. Company believes that the listing of our Equity Shares will enhance our visibility and brand name and enable us to avail of future growth opportunities.

BASIS FOR ISSUE PRICE
The Issue Price will be determined by Company in consultation with the BRLMs on the basis of assessment of market demand for the equity shares offered by way of book building.

Qualitative Factors
Focused Management
Company’s management has been focused in identifying the products having better margins and business potential. This is evident from management’s decision to focus only on Vitrified Ceramic Tiles out of the total Ceramic Tiles Industry, which is comparatively more fragmented and unorganized.

Diversified Product Range
Within few years of company’s presence in the Industry, it has developed a diversified product range of Vitrified Ceramic Tiles, which has helped it to grow. A diversified product range gives more options to a customer to choose and finalize his selection.

Design Capabilities
Design is a vital factor of Ceramic Vitrified Ceramic Tiles Industry. Company’s capability to distinguish and stay abreast of evolving market trends that meet with customers’ requirements allows it to enhance its market share with existing buyers and develop new customers. Additionally, the ability to add value to the designs or design ideas, which the customers bring to Company, help company to develop stronger relationships with these customers and further strengthen competitive position vis-à-vis competitors.

Timely Delivery
Meeting customer deadlines on a regular basis is crucial for success of company’s business. Activities involved during construction are time bound and any delay in meeting these deadlines results in consequential losses, which may affect company’s sales and customer loyalty. To ensure timely deliveries, company always plans its schedules well in advance.

Capabilities to Manage Multiple and Large Orders
Multiple and large orders require capabilities to manage complex sourcing, production planning, large workforce and ability to ensure timely delivery to the customers. Within short span, Company has developed skills to manage multiple and large orders, and today it is serving better to its clientele, which has resulted into long-term relationship with them.

Global Sourcing Capabilities
Company sources its key raw material and certain consumables globally. To ensure uninterrupted supply of its key raw material, company imports the same in large quantities, which results into cost effectiveness due to bulk discounts. Similarly, for consumables, company has developed an efficient supply-chain, which allows it to reduce input costs and enhance competitiveness. This also allows company to reduce lead times, whenever required, by being able to source from suppliers who can meet delivery time schedules.

Marketing Strategy
Company follows dual marketing strategy. Its major sales are through direct marketing of its own Sales Personnel, who approach directly to the large end users which include corporate houses, institutional Buyers, Builders, architects etc. Company creates the long-term relations with the direct end users, which enhances the brand value. The wholesale market of company’s products comprises of dealers and distributors who stock its products for distribution to ultimate consumers and at the retail level, it comprises of households and other retail customers.

Tax Benefits
Company is availing certain excise and sales tax exemption under Kutch Incentive Scheme, 2001 for Economic Development of Kutch District, Gujarat. The Government of India has announced excise duty exemption for new industries to promote large-scale investment in the district. The excise duty exemption will be available till 4th October 2008. Similarly, the State Government has also announced the scheme for sales tax incentives, according to which Company is entitled to purchase the raw materials, packing materials and all the processing materials utilized for the purpose of manufacturing goods, without the payment of sales tax. In addition, the company shall also be entitled for sales tax exemption on sales of finished goods, intermediates, byproducts, waste & scrap produced by it at the rate of 100% for a period of ten years from 5th October 2003 up to the eligible fixed capital investment. These exemptions give the company a competitive edge over other competitors.

Technology
Company’s existing manufacturing facility for Vitrified Ceramic Tiles comprises of major plant & machinery imported from SACMI, Italy; which is one of the leading ceramics plant manufacturing company. It gives the company better production efficiency. Company intends to continue the same trend even for its proposed manufacturing facilities for Sanitary Ware Products.

Branded Products
Company manufactures and sells products under its own brand names, which generates loyalty of the customers and results into goodwill and brand value creation for the Company.

Captive Power Plant and Gasifier
Company has installed a lignite based 10 MW Captive Power Plant, which provides cost effective and uninterrupted power supply. The abundant availability of lignite in Kutch District, Gujarat is advantageous for company’s raw materials requirement for its Captive Power Plant. Company’s current cost of power generation is about Rs. 2.50 per unit against per unit average actual cost of Rs. 4.19 paid to GEB during FY 2006. Company has also installed Gasifier for generating gas in order to reduce fuel costs and to achieve self Sufficiency for gas.

Quantitative Factors

1. Adjusted Earning Per Share (EPS) EPS (Rs.) Weight
2003-04 0.70 1
2004-05 11.76 2
2005-06 17.81 3
Weighted Average 12.94

2. Price/ Earning Ratio (P/E) in relation to Issue Price of
Rs. [.]/- per share
At the lower
band of Rs. [.]
per share
At the upper
band of Rs. [.]
per share
Based on 2005-06 EPS of Rs. 17.81 [.] [.]
Industry P/E *
(i) Highest 20.2 20.2
(ii) Lowest 6.2 6.2
(iii) Average 13.3 13.3
(* Source: Capital Market Sep 11 – 24, 2006)
62
3. Return on Net Worth % Weight
2003-04 7.11 1
2004-05 27.67 2
2005-06 33.70 3

Weighted Average 27.26

4. Minimum Return on Increased Net Worth required to maintain Pre-Issue EPS i.e. Rs. 17.81
At the lower
and of Rs. [.]
per share
At the higher
band of Rs. [.]
per share
Total Net Worth After Issue (Rs. in Lacs) [.] [.]
No. of Equity Shares after the Issue 1,71,00,000 1,71,00,000
Profits required to get required EPS (Rs. in Lacs) 3045.51 3045.51
Minimum Required RONW for maintaining above EPS [.] [.]

5. Net Asset Value (NAV) Per Share
At the lower
band of Rs. [.]
per share
At the higher
band of Rs. [.]
per share
As at 31st March 2006 52.83 52.83
After Issue [.] [.]
Issue Price [.] [.]

Accounting Ratios of some of the Companies in the same Industry Group:
Name of the Company EPS (Rs.) P/E Ratio RONW% Book Value (Rs.)
Bell Ceramics 0.4 - 2.0 21.4
Cera Sanitary 10.9 8.6 23.1 52.5
Hind. Sanitary 5.5 16.9 17.3 27.7
Kajaria Ceramics 3.7 13.0 22.2 18.4
Murudeshwar Cer. 15.8 6.2 9.8 1 23.7
Nitco Tiles 8.9 20.2 11.7 115.8
Regency Ceramics - 13.5 -0.7 48.7
SPL 4.5 13.0 -2.2 7 3.2
(* Source: Capital Market Sep 11 – 24, 2006)

MOVING INTO RURAL, SEMI URBAN & UP COMING METROS
Due to boom in the construction sector and changing consumer behaviour, our existing as well as proposed products are widely accepted in domestic market. Markets for our products are also penetrating into rural areas, semi urban areas and up coming metro cities. Similarly, due to increased awareness among masses about sanitation facilities coupled with the efforts of government to increase sanitation in the urban and semi urban areas through the implementation of various projects, there is an ever growing demand for the Sanitary Ware products. In view of the above, Company proposes the following strategies for future growth:

TEAM OF PROFESSIONALS & TECHNOCRATS
Company has a team of professionals and technocrats to look after various stages of production, commercial and marketing divisions of our Company. Company believes in transparency, flow of information, commitment to the work among our work force and with our valuable customers, suppliers, investors, government authorities, banks and financial institutions etc. Over a period of time, company has been able to build an image that can be matched with its peers. The philosophy of professionalism is the foundation stone of its business strategy and company’s wish is to make it more sound and strong in times to come.

INCREASING CUSTOMER BASE
Company intends to grow business continuously by adding new customers both in existing as well as in the new countries. Company’s aim to do this by effective leveraging of its marketing skills & relationships and further enhancing customer satisfaction.

IMPROVING PRODUCT PORTFOLIO AND ADDITION OF NEW PRODUCTS
Company intends to extend existing range of ceramic and sanitary products to include a wider range of products with quality. The customers will be benefited by procuring various products under a single roof and company will be able to sell variety of products to its valued customers. Company’s multi-product portfolio also allows it to sustain the cost of high level of services, which it aims to give to its customers.

BETTER TECHNOLOGY FOR QUALITY PRODUCTS
Company intends to produce the best quality ceramic and Sanitary Ware Products and finely finished aluminium extruded sections, which are acceptable worldwide. For that, Company shall be deploying better technologies in Production as well as in R & D Departments. Company’s R & D Department will find out better avenues to enhance the quality of our products while at the same time reducing the cost of production.

FOCUS IS ON OPERATIONAL EFFICIENCIES AND COST COMPETITIVENESS
Company intends to maintain operational efficiencies to levels comparable with its peers in the industry. Further, company intends to reduce its operational costs to maintain competitiveness and offer the quality products at reasonable prices.

EXPANDING CAPACITIES
The proposed project is a part of company’s business strategy to expand its overall production capacity by setting up of a new Sanitary Ware division, to meet the increasing demand from customers. This diversification will enhance its product range and add one more segment in its business. Company’s aim is also to widen the existing products range, which will enable it to meet the growing demands of the existing market segments. Company has entered in to a contract with SACMI Hong Kong Ltd. for supply of major Plant & Machinery for our project

CONSTRUCTION BOOM TO TRIGGER THE FUTURE GROWTH
The future prospects of Company appear better considering the boom in the construction sector. Company has been expanding production base by undertaking periodical expansion and has become a sizeable player in the Vitrified Ceramic Tiles industry. The boom in construction sector has also brought new applications for the aluminium-extruded sections manufactured by the company in the form of window frames, doorframes, roofings, partitions, false ceilings and hardware. Also the use of aluminium extruded sections in the other sectors such as transport in the form of window frames and panels and Consumer durables such as electrical accessories, refrigerator, air conditioners etc. is increasing. With more usage of Aluminium extrusions in the constructions industry and consumer durables industry we foresee a rise in demand for aluminium extruded sections. Company will need to expand in future to meet this growing demand of use of aluminium extrusions. Company is also diversifying in manufacturing of Sanitary Ware. The Sanitary Ware segment in India also has a sizeable growth due to the overall boom in the construction sector. After this diversification in the Sanitary Ware, Company will have an added advantage to cater to vide range of customers and markets such as shopping malls, up coming airports, BPO’s Call centers, soft ware parks, hospitals, and housing sectors etc.

EXPORTING TO USA, SA & MIDDLE EAST
At present, Company is exporting Vitrified Ceramic Tiles in small quantities only to USA, South Africa and Middle East like United Arab Emirates, Bahrain, etc., due to limited production capacity. With the increase in the production capacity, company would be in a position to cater the needs of export market in a better way. With the proposed Project, Company would be geared to develop new markets and increase presence in the global scenario.

Captive power plant
Power is an important factor in every manufacturing facility. Considering the power requirements of company’s existing manufacturing facilities and the facilities to be created under the new project, company has completed the installation of a 10MW Lignite based captive power plant. This captive power plant uses lignite as a fuel to generate power. There is easy availability of lignite in Bhachau, which is used as fuel in the captive power plant and thus ensures continuous supply of the fuel to the captive power plant and thereby ensuring uninterrupted power to its manufacturing facilities. Uninterrupted power supply helps to maintain the kiln temperature during the production process and enables production of high quality Vitrified Ceramic Tiles and thereby avoiding losses from production of sub standard Vitrified Ceramic Tiles. In the case of Aluminium Extruded Sections, it enables the extrusion process and the ageing process to be carried out in a continuous manner without any loss of time. Similarly, the manufacturing process of Sanitary Ware will also require power, as in the case of vitrified ceramic tiles. The captive power plant will provide us cheaper power as compared to the state electricity board. The captive power plant will make company self sufficient in the power required both for the existing manufacturing facilities of Vitrified Ceramic Tiles and aluminium extruded sections and the proposed project of sanitary ware.

Proximity to Sources of Raw Materials
For the production of Vitrified Ceramic Tiles, raw materials such as Soda & Potash Feldspar are procured from Beawar, Rajasthan. Another raw material China clay is also available in abundance in nearby areas. Further, other materials, consumables, chemicals etc. are also available in nearby areas. For Aluminium Extruded Sections, the main raw material is Aluminium ingots or billets, which can either be purchased from the primary aluminium manufacturers in the domestic markets or we can make aluminium ingots or billets through the process of melting aluminium scrap which is freely traded item in the local market as well.

Proximity to Markets
The major local markets for ceramic products and Aluminium Extruded Sections are in Mumbai, Ahmedabad, Chennai, Hyderabad, Pune, Kolkata and Delhi. Our factory site is well connected to the major local markets by Rail or Road. The export markets for our products are in the Gulf region, USA, South Africa and Europe. The Kandla port is around 50 Km. from our factory site, whereas Bhuj and Rajkot airport are located at a distance of 65 Km. and 140 Km. respectively from our factory site.

COMPANY’S MILESTONES
April 2002 Incorporated as private limited company
June 2002 Entered into a contract for supply of major Plant & Machinery from SACMI, Italy
October 2003 Commencement of operations of first phase of Vitrified Ceramic Tiles and Aluminum
Extruded Sections
December 2003 Quality certificate for our product received from VJTI, Mumbai
April 2004 ISO 9001:2000 certification for our manufacturing facilities.
July 2004 Entered into a contract for supply of major Plant & Machinery and technical assistance from SACMI, Italy for expansion
November 2004 Quality approval of our product from Applied Consumer Services Inc. Finland, U.S.A.
November 2004 Converted into a public limited company
February 2005 Started operations of Jewellery Division.
June 2005 Accredited as One Star Export House by Joint Director General of Foreign Trade, government of India.
November 2005 Discontinued operation of Jewellery Division
December 2005 Commencement of Commercial Production of expanded capacity of Vitrified Ceramic Tiles
December 2005 Euro Merchandise (India) Limited became a subsidiary of our Company
March 2006 Commencement of 10 MW lignite based captive power plant.

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