MIRA INFORM REPORT

Report Date :

10.08.2011

IDENTIFICATION DETAILS

Name :	STANDARD CONDUITS PRIVATE LIMITED
Formerly Known As :	STANDARD CONDUITS LIMITED
Registered Office :	2/3, Ashok Chambers, Devji Ratansi Marg, Broach Street, Masjid Bunder East, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.06.1995
Com. Reg. No.:	11-89966
Capital Investment / Paid-up Capital :	Rs.10.747 Millions
CIN No.: [Company Identification No.]	U25200MH1995PTC089966
TAN No.: [Tax Deduction & Collection Account No.]	MUMS28902G
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Automotive Components and Furniture Components.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company with satisfactory track. Trade relations are fair. Business is active. Directors are reported to be experienced and respectable businessmen. Payments are reported to be usually correct. The Company can be considered good for normal business dealings under 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nagesh Pujari
Designation :	Accounts Head
Contact No.:	91-9819911878
Date :	09.08.2011

LOCATIONS

Registered Office :	2/3, Ashok Chambers, Devji Ratansi Marg, Broach Street, Masjid Bunder East, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-66314687/ 23771482/ 23770902
Mobile No.:	91-9819911878 (Mr. Nagesh Pujari)
Fax No.:	91-22-23702548/ 23702648
E-Mail :	info@standardconduits.com turent@gmail.com accounts@standardconduits.com
Area :	3000 Sq. Ft.
Location :	Owned
Warehouse :	MIDC, Taloja Industrial Estate, Taloja, District Raigad, Maharashtra, India
Location :	Leased

DIRECTORS

Name :	Mr. Nikunj M Turhkia
Designation :	Director
Address :	141, Shan Apartment, Kashinath Dhurum Road, Dadar (W), Mumbai - 400028, Maharashtra, India
Date of Birth/ Age :	48 years
Qualification :	Metallurgical Engineer (B. Tech) from IIT, Mumbai
Date of Appointment :	27.06.1995
Name :	Mr. Mansukhlal R Turakhia
Designation :	Director
Address :	141, Shan Apartment, Kashinath Dhurum Road, Dadar (W), Mumbai - 400028, Maharashtra, India
Date of Appointment :	27.06.1995
Name :	Mrs. Heena Nikunj Turakhia
Designation :	Additional Director
Address :	141, Shaan Apartment, Kashinath Dhuru Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Date of Birth/ Age :	12.03.1966
Date of Appointment :	07.02.2011

KEY EXECUTIVES

Name :	Mr. Ramesh Shah
Designation :	Chief Executive Officer
Name :	Mr. Nagesh Pujari
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares
Nikunj Turakhia	100020
Manoj Turakhia	20020
Mansukhlal Turakhia	20020
Nutanben Turakhia	220020
Smita Turakhia	20020
Heena Turakhia	100000
Mansukhlal Turakhia	20
Manoj Turakhia	8
Nikunj Turakhia (HUF)	25808
Urmila Modi	4
Nikunj Turakhia	91000
Niyati Turakhia	91000
Pan India Drug and Chemical Limited	20000
Niyati Industries Limited	15000
Rishab Techno Tubes Limited	5000
Shree Granites Private Limited	10000
Rider Finance Limited	10000
Universal Multimedia Limited	20000
Marubhumi Consultancy Private Limited	10000
Sagar Tradelink Private Limited	12000
Unisys Software and Holding Industries Limited	15000
Sunshine Tracon Private Limited	10000
Prime Capital Market Limited	12000
Gananayak Securities Private Limited	9500
Warner Multimedia Limited	10000
Poonam Investment and Financial Cons. Limited	8000
Geometric Trading Company Private Limited	10000
Kanoi Steels Limited	8500
Bestline Merchantile Company Private Limited	10000
Albright Consultants Private Limited	10000
Aryamaan Mercandise Private Limited	21500
D.R. Patel Investment Private Limited	12000
Harbhole Tradelink Private Limited	13300
Hiten Merchantile Private Limited	9000
H.N. Tradelink Private Limited	9000
M.T. Tradelink Private Limited	5650
Origin Management Consultants Private Limited	17000
paymaster Securities Private Limited	21000
R. Keshavlal Traders Private Limited	20000
Sharma Capital and Finance Private Limited	20000
Pooja Equiresearch Private Limited	16666
Clifton Securities Private Limited	16666
Total	1074722

(AS ON 30.09.2009)

Category	Percentage
Bodies Corporate	35.99
Directors or Relatives of Directors	64.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Automotive Components and Furniture Components.
Products :	· Ron Steel · Wood Products · Lighting Products
Agencies Held : (As on 31.03.2009)	· Alanod Aluminium – Veredlung GMBH and Company Germany · Acrilux A.P.A., Italy · Palt. Gruppo Fantoni – Italy · A.L.P. Lighting Components, USA

GENERAL INFORMATION

Customers :

(As on 31.03.2009)

Wholesalers, Retailers, Dealers, Distributors and Manufacturer

· Abhishek Ispat Private Limited

· Adarsh Steel

· Advance Agrsearch Limited

· Allied Ispat Private Limited

· Bright Wires Private Limited

· Bhavin Steel Private Limited

· Capital Gears and Fans

· Castle Industries

· Concept Electronics

· Dalal and company

· FPCC Limted

· Gandhi Enterprises

· H M Enterprises

· Hitesh and Company

Suppliers :

(As on 31.03.2009)

· Arcelormittal International FZE

· A-DEL Trading Company Limited

· Asah Trading Company

· Cargill International Trading Pte Limited

· Inteco Steel Company Limited

· Shiv Paras Steel

· Turakhia Ferromet Private Limited

· Maharashtra Industries CRS

No. of Employees :

20 (Approximately)

Bankers :

· Bank of India

Mandvi Branch, Kanmoor House, 281/287, Narsi Natha Street, Masjid, Mumbai - 400009, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	Rs. In Millions
Cash Credit Account	--	18.539
Total	--	18.539
Unsecured Loans	31.03.2010	31.03.2009
	Rs. In Millions
From Shareholders	--	--
From Corporate Bodies	10.000	--
Total	10.000	--

Banking Relations :	--
Auditors :
Name :	A.C. Kamdar and Company Chartered Accountant
Address :	6/7, Pearl Mansion, 91, Maharsh Karve Road, Marine Lines, Mumbai - 400020, Maharashtra, India
Associates/Subsidiaries :	· Turakia Steel Private Limited - Taloja · Turakhia Steel and Metal India Private Limited - Taloja · Rekar Motors India Private Limited - Mumbai · Standard Realtors Private Limited · Mahavir Corporation · Turakia Ferromet Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1074722	Equity Shares	Rs.10/- each	Rs.10.747 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.747	10.747	10.747
2] Share Application Money		58.950	58.575	0.000
3] Reserves & Surplus		166.616	130.568	116.219
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		236.313	199.890	126.966
LOAN FUNDS
1] Secured Loans		0.000	18.539	15.777
2] Unsecured Loans		10.000	0.000	26.425
TOTAL BORROWING		10.000	18.539	42.202
DEFERRED TAX LIABILITIES		0.000	0.000	0.061
TOTAL		246.313	218.429	169.229
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.960	4.724	0.684
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.134	0.083	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	293.802	128.710	284.578
	Sundry Debtors	554.531	381.365	255.868
	Cash & Bank Balances	205.376	143.985	143.634
	Other Current Assets	0.537	0.816	0.414
	Loans & Advances	190.233	100.541	21.863
Total Current Assets		1244.479	755.417	706.357
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	961.107	511.251	519.459
	Other Current Liabilities		5.656	3.067
	Provisions	44.153	24.888	15.286
Total Current Liabilities		1005.260	541.795	537.812
Net Current Assets		239.219	213.622	168.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		246.313	218.429	169.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2307.553	929.092	1673.447
		Other Income		107.261	0.000
		TOTAL	2307.553	1036.353	1673.447
Less	EXPENSES
		TOTAL	2252.290	1031.345	1650.568
	PROFIT BEFORE TAX		55.263	5.008	22.879
Less	TAX		19.215	1.644	7.922
	PROFIT AFTER TAX		36.048	3.364	14.957
	Earnings Per Share (Rs.)		33.54	14.03	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.56	0.32	0.89
Net Profit Margin (PBT/Sales)	(%)	NA	0.54	1.37
Return on Total Assets (PBT/Total Assets}	(%)	4.42	0.66	3.24
Return on Investment (ROI) (PBT/Networth)		0.23	0.03	0.18
Debt Equity Ratio (Total Liability/Networth)		4.30	2.80	4.57
Current Ratio (Current Asset/Current Liability)		1.24	1.39	1.31

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE:

The company has made profit (After tax) of Rs.36.046 Millions.

FORM 8

Name of the company	STANDARD CONDUITS PRIVATE LIMITED
Presented By	The Manager, Bank of India, Mandvi Branch, Mumbai, Maharashtra, India
1) Date and description of instrument creating the change	Agreement of Hypothecation of Plant and Machinery, Stocks and Book Debts dated : 09.01.2003
2) Amount secured by the charge/amount owing on the securities of charge	Rs.60.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All tangible movable assets of the borrower including in particular all stock of raw materials, semi finished and finished goods such as Iron and Steel Products, wooden flooring, lighting equipment, etc. movable machinery, stores, spares, chemicals, furniture etc. wherever situated and / or in transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest for CC @ 4% over BOIPLR at present 15.5% p.a. with monthly commission as per RBI / Banks guidelines from time to time for Import Security to secure CC Rs.15.000 Millions and Import LC together with interest, cost, expenses, charges, commission, etc.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Mandvi Branch, Mumbai, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Supplementary Deed of Hypothecation dated: 10.03.2004.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The Original Charge dated 09.01.2003 for Rs.60.000 Millions was modified on 05.01.2004 enhancing the facilities from Rs.60.000 Millions to Rs.75.000 Millions consisting to CC Rs.15.000 Millions and Import LC Rs.60.000 Millions, Interest over BOI PlR which is at present 15% for CC and as per Banks guidelines from time to time. Further modified on 12.01.2004 realignment of total facilities of Rs.75.000 Millions as CC Rs.10.000 Millions and FLC/ILC Rs.65.000 Millions. Now further modified on 10.03.2004 enhancing the total facilities from Rs.90.000 Millions to Rs.105.000 Millions consisting to CC Rs.10.000 Millions and FLC/ILC Rs.95.000 Millions.

This form is for	Modification of charge
Charge identification number of the modified	90158082
Corporate identity number of the company	U25200MH1995PTC089966
Name of the company	STANDARD CONDUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2\3 Ashok Chambersdevji Ratanshi Marg, Mumbai – 400009, Maharashtra, India accounts@standardconduits.com
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India – Mandvi Branch, Kanmoor House, 281/287 Narsi Natha Street, Masjid, Mumbai - 400009, Maharashtra, India Mandvi.mumbaisouth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	1) BOI Letter Ref.MDV/ADV/KKR/09-10/Misc. 2) Supplemental Deed of Hypothecation of Plant and Machinery, Stocks and Book Debts, both dated 11/03/2010 constituting single modification to the charge.
Date of instrument Creating the charge	11.03.2010
Amount secured by the charge	Rs.1230.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – C/C Stocks/Book Debts:1% over BPLR presently 13% p.a. with monthly rests or as notified by Bank from time to time.; L/C DA/DP, Buyers Credit (360 days) :As per Norms. Terms of repayment – On Demand. Margin – As stipulated by Bank from time to time. Extent and operation of the charge – Security in favour of Bank as first charge for due payment of all monies including the principal sums/ interest/ commission, costs, charges and expenses and all other moneys, whatsoever due owing and payable by the borrower to Bank under or in respect of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and /or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future Continued in indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses. Others – Indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses. Revised Facilities and Limits : (1) FB: CC (Stocks/Book Debts)Rs.30.000 Millions, (2) NFB: a) L/C DA/DP Rs.1200.000 Millions b) Buyers Credit (360 days) Rs.600.000 Millions, Max.(a and b) Rs.1200.000 Millions Total Aggregate Rs.1230.000 Millions
Short particulars of the property charged	All tangible movable assets of the borrower including in particular all stock of raw materials, semi finished and finished goods such as Iron and Steel Products, Wooden flooring, lighting equipment etc. both present and future movable machinery, stores, spares, chemicals, Furnitures etc. wherever situated at Taloja Industrial Estate, Navi Mumbai, at Kalamboli, etc. present and future and/or in transit and all present and future book debts, outstandings, money receivables, claims, bills etc.
Particulars of the present modification	The Adhoc limit of Rs.75.000 Millions is vacated /satisfied thus charge is reduced from Rs.1055.000 Millions to Rs.980.000 Millions and the principal amount of charge on hypothecated assets is increased from Rs.980.000 Millions to Rs.1230.000 Millions. Revised Facilities and Limits :(1)FB: CC (Stocks/Book Debts) Rs.30.000 Millions, (2) NFB: a) L/C DA/DP Rs.1200.000 Millions. b)Buyers Credit (360 days) Rs.600.000 Millions, Max.(a& b) Rs.1200.000 Millions Total Aggregate Rs.1230.000 Millions

FIXED ASSETS:

· Office Equipments

· Computer

· Machine Tools

· Air Conditioner

· Motor Car

· Fax Machine

· Land

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.45.17
UK Pound	1	Rs.73.72
Euro	1	Rs.64.26

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
--PROFITABILIRY	1~10	5
--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
TOTAL		45

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.