MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	SANT VALVES PRIVATE LIMITED
Registered Office :	G T Road, Bye Pass, Jalandhar-144004, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.1992
Com. Reg. No.:	16-012760
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U27202PB1992PTC012760
TAN No.: [Tax Deduction & Collection Account No.]	JLDS00272G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Valves cocks, boiler mountings, pipes fittings, pumps, etc.
No. of Employees :	400 (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 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Rajesh Rathour
Designation :	Director
Contact No.:	91-9814061478
Date :	10.04.2012

LOCATIONS

Registered Office/ Factory :	G T Road, Bye Pass, Jalandhar-144004, Punjab, India
Tel. No.:	91-181-5084693/4/5/2602522/2603074
Fax No.:	91-181-2603308/5062270
E-Mail :	svpl@gla.vsnl.net.in csankitgandhi@gmail.com
Website :	www.santvalves.com
Area :	1700 Sq. ft
Location :	Owned

/DIRECTORS

As on 30.09.2011

Name :

Mr. Rakesh Rathour

Designation :

Director

Address :

20- Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India

Date of Birth/Age :

28.05.1959

Date of Appointment :

24.11.1992

DIN No.:

00083108

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U55101HP1992PTC012212	SHEDAR PROPERTIES PRIVATE LIMITED	Managing director	23/04/1992	23/04/1992	-	Active	NO
2	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Director	24/11/1992	24/11/1992	-	Active	NO
3	U27320PB1992PTC012759	PROXIMA STEEL FORGE PRIVATE LIMITED	Managing director	24/11/1992	24/11/1992	9/03/2011	Active	NO
4	U51101PB1994PTC014388	TGR DISTRIBUTORS PRIVATE LIMITED	Managing director	29/03/1994	29/03/1994	-	Strike off	NO
5	U00000PB2005PTC028468	T.G.R. INDUSTRIES PRIVATE LIMITED	Managing director	27/05/2005	27/05/2005	-	Active	NO
6	U70109PB2010PTC033625	ALPINE REALESTATE AND BUILDERS PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO
7	U51909PB2010PTC034030	SANT INTERNATIONAL PRIVATE LIMITED	Director	20/08/2010	20/08/2010	-	Active	NO

Name :

Mr. Rajesh Rathour

Designation :

Director

Address :

20- Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India

Date of Birth/Age :

20.04.1961

Date of Appointment :

01.05.1995

DIN No.:

00083153

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27320PB1992PTC012759	PROXIMA STEEL FORGE PRIVATE LIMITED	Director	24/11/1992	24/11/1992	9/03/2011	Active	NO
2	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Director	1/05/1995	1/05/1995	-	Active	NO
3	U51101PB1994PTC014388	TGR DISTRIBUTORS PRIVATE LIMITED	Director	1/05/1995	1/05/1995	-	Strike off	NO
4	U51909PB2010PTC034030	SANT INTERNATIONAL PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO

Name :

Mr. Naresh Kumar

Designation :

Director

Address :

62-Seth Hukum Chand Colony, Jalandhar-144004, Punjab, India

Date of Birth/Age :

06.01.1964

Date of Appointment :

01.05.1995

DIN No.:

00328418

Name :

Mr. Arvind Rup Singh Dhumal

Designation :

Director

Address :

Village Paragpur Backside Domeli Industries, Jalandhar Phagwara National Highway, Jal. Cantt, Punjab, India

Date of Birth :

05.02.1970

Date of Appointment :

01.04.2006

DIN No.:

00328543

Name :

Mr. Rup Singh Dhumal

Designation :

Managing Director

Address :

Village Paragpur Backside Domeli Industries, Jalandhar Phagwara National Highway, Jal. Cantt, Punjab, India

Date of Birth/Age :

02.02.1936

Date of Appointment :

24.11.1992

DIN No.:

00618353

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Managing director	24/11/1992	24/11/1992	-	Active	NO
2	U51909PB2010PTC034030	SANT INTERNATIONAL PRIVATE LIMITED	Managing director	18/06/2010	18/06/2010	-	Active	NO

Name :

Mr. Sukh Ram

Designation :

Director

Address :

46-Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India

Date of Birth/Age :

11.11.1937

Date of Appointment :

24.11.1992

DIN No.:

00618377

Name :

Mr. Mukesh Rathour

Designation :

Director

Address :

31, Garha Road, Hardiyal Nagar, Urban Estate, Phase-1, Jalandhar - 144004, Punjab, India

Date of Birth/Age :

08.10.1967

Date of Appointment :

01.05.1995

DIN No.:

00618421

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Director	1/05/1995	1/05/1995	-	Active	NO
2	U51909PB2010PTC034030	SANT INTERNATIONAL PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO

Name :

Mr. Pawan Sikka

Designation :

Director

Address :

449-Guru Teg Bahadur Nagar, Jalandhar-144004, Punjab, India

Date of Birth/Age :

01.02.1958

Date of Appointment :

01.08.2004

DIN No.:

00618452

Name :

Mr. Arun Singh Dhumal

Designation :

Director

Address :

Village Paragpur Backside Domeli Industries, Jalandhar Phagwara National Highway, Jal. Cantt, Punjab, India

Date of Birth/Age :

25.08.1975

Date of Appointment :

01.10.2002

DIN No.:

00618461

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Director	1/10/2002	1/10/2002	-	Active	NO
2	U67200PB2003PLC025925	NOVELTY INSURANCE BROKERS LIMITED	Director	10/08/2006	10/08/2006	14/04/2009	Active	NO

Name :

Mr. Praveen Sukh Ram Rathour

Designation :

Director

Address :

46, Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India

Date of Birth :

30.04.1969

Date of Appointment :

01.04.2006

DIN No.:

00618464

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U55101HP1992PTC012212	SHEDAR PROPERTIES PRIVATE LIMITED	Director	23/04/1992	23/04/1992	1/01/2009	Active	NO
2	U27202PB1992PTC012760	SANT VALVES PRIVATE LIMITED	Director	1/04/2006	1/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rup Singh Dhumal	13500
Sukh Ram	10500
Rakesh Rathour	15000
Rajesh Rathour	15000
Mukesh Rathour	8430
Naresh Kumar	13875
Rajkumar	4338
Arun Singh Dhumal	4680
Pawan Sikka	14250
Vikram Rathour	9945
Sunil Sikka	6000
Praveen Rathour	12375
Vijay Kumar Chouhan	4500
Paramjit Kumar	9000
Arvind Dhumal	4500
Kavita Rathour	4107
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Valves cocks, boiler mountings, pipes fittings, pumps, etc.
Exports :
Products :	Valves Cocks
Countries :	· Australia · South Africa
Imports :
Products :	Finished goods
Countries :	China
Terms :
Selling :	L/C/ Cash/ Credit (30 days)
Purchasing :	L/C/ Cash/ Credit (30 days)

GENERAL INFORMATION

Suppliers :	Satish Metal Company
Customers :	Retailers, End Users and Dealers · Reliance Energy
No. of Employees :	400 (Approximately)
Bankers :	· State Bank of India, SCB, Tanda Road, Jalandhar-144001, Punjab, India · ICICI Bank Limited · HDFC Bank Limited
Facilities :	Cash Credit – Rs.30.000 Millions

Banking Relations :	--
Auditors :
Name :	K Bhagat And Company Chartered Accountants
Address :	16 Brij Nagar, Jalandhar-144001, Punjab, India
Tel. No.:	91-181-2282829 / 2212471
Mobile No.:	91-9814203435
PAN.:	ABDHS4562U

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.293	34.074	33.799
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.293	49.074	48.799
LOAN FUNDS
1] Secured Loans		27.530	28.654	43.009
2] Unsecured Loans		65.601	48.339	45.793
TOTAL BORROWING		93.131	76.993	88.802
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		151.424	126.067	137.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.553	54.974	51.027
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.544	25.712	10.840
	Sundry Debtors	124.334	105.961	85.583
	Cash & Bank Balances	1.047	1.357	0.940
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.817	24.147	23.187
Total Current Assets		191.742	157.177	120.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			30.328
	Other Current Liabilities	99.871	86.084	3.648
	Provisions	0.000	0.000	0.000
Total Current Liabilities		99.871	86.084	33.976
Net Current Assets		91.871	71.093	86.574
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		151.424	126.067	137.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	331.772	279.005	237.305
		Other Income	29.088	19.803	32.457
		TOTAL	360.860	298.808	269.762
Less	EXPENSES
		Office Expenses
		Administrative Expenses	351.641	289.780	263.286
		Advertising Expenses
		TOTAL	351.641	289.780	263.286
	PROFIT BEFORE TAX		9.219	9.028	6.476
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	Earnings Per Share (Rs.)		NA	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	340.000

Expected Sales (2011-12): Rs.400.000 Millions

The above information has been parted by Mr. Rajesh Rathour.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	2.78	3.24	2.73
Return on Total Assets (PBT/Total Assets}	(%)	3.67	4.26	3.77
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.13
Debt Equity Ratio (Total Liability/Networth)		3.31	3.32	2.52
Current Ratio (Current Asset/Current Liability)		1.92	1.83	3.55

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

Corporation identity number or foreign company registrations number of the company	U27202PB1992PTC012760
Name of the company	Sant Valves Private Limited
Address	G T Road, Bye Pass, Jalandhar-144004, Punjab, India Email : csankitgandhi@gmail.com
This Form is for	Modification of Charge
Type of Charges	Movable Property Immovable Property
Particular of the charge holder	State Bank of India, SCB, Tanda Road, Jalandher-144001, Punjab, India E-mail: sbi04072@sbi.co.in
Nature or description of the instrument creating charge	Letter of arrangement and agreement of loan-cum-hypothecation dated 26.02.2010
Date of the instrument creating charge	26.02.2010
Amount Secure by the charge	Rs.44.300 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest 1. Working Capital:- ROI 1.50% Above SBAR (11.75% w.e.f. 29.06.2009) with a minimum of 13.25%. 2. Term Loan:- ROI 1.50% Above SBAR (11.75% w.e.f. 29.06.2009) with a minimum of 13.25%. Terms of Repayment Working Capital :- Repayable on Demand New Term Loan:- Repayable In 34 Monthly installments of Rs. 50000 each, from April 2010 To January 2013. Other loans as per original agreement. Margin Raw Material: Imported 25%, Raw Material: Indigenous 25%, Semi-Finished Goods 25%, Finished Goods 25%, Components/Consumables/Spares 25%, Domestic Receivables 50%, Term Loan 25%, Letter of Credit 25%, Bank Guarantees 25% Extent and operation of the charge 100%
Short Particulars of the Property charged	Hypothecation of entire current assets of the company present and future created out of bank finance. EM of factory land and building measuring 179 marlas on GT Road bye pass and 2 acres at Sarmastpur, Jalandhar
Date of last modification prior to the present modification	28.03.2009
Particulars of the present modification	Total fund based and non-fund based limit is decreased from Rs.53.400 millions to Rs. 44.300 millions. Rate of interest on working capital is decreased from 2% to 1.50% above SBAR(11.75% W.E.F. 29.06.2009) with a minimum of 13.25% p.a and on term loan increased from 4.25% below to 1.50% above SBAR(11.75% w.e.f. 29.06.2009) with a minimum of 13.25% p.a.

Fixed Assets

• Plant and Machinery
• Generator Set
• Office Equipment
• Cars
• Patterns
• Induction Melting Furnace
• Safe, Furniture and Fixtures
• Cycles
• Scooter
• Building
• Land
• Computers
• Air Conditioner
• Fan
• Photostate Machine
• Television

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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--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.