MIRA INFORM REPORT

Report Date :

10.03.2012

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) :	31.03.2011
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 923000
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 – 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

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/ 43430300
Mobile No.:	91-9819911878 (Mr. Nagesh Pujari)
Fax No.:	91-22-23702548/ 23702648/ 434303330
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

As on 30.09.2011

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

DIN No.:

00082170

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	U63823MH1985PTC035018	TURAKHIA STEELS PRIVATE LIMITED (CN)	Director	18-01-95	18-01-95	-	Active	NO
2	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	27-06-95	27-06-95	-	Active	NO
3	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	31-01-02	31-01-02	-	Active	NO
4	U70100MH2004PTC150318	STANDARD REALTORS PRIVATE LIMITED	Director	31-12-04	31-12-04	-	Active	NO
5	U74900MH2005PTC150440	STANDARD FINANCIAL ADVISORS PRIVATE LIMITED	Director	05-01-05	05-01-05	-	Active	NO
6	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	01-05-05	01-05-05	-	Active	NO
7	U27106MH2008PTC179071	STANDARD GALVA STEELS PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
8	U28999MH2010PTC202779	STAN-PRO ROOFINGS PRIVATE LIMITED	Director	05-05-10	05-05-10	-	Active	NO
9	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	05-05-10	05-05-10	-	Active	NO

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

DIN No.:

00180243

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	U27200MH1994PTC078585	TURAKHIA FERROMET PRIVATE LIMITED	Director	24-11-94	24-11-94	-	Active	NO
2	U63823MH1985PTC035018	TURAKHIA STEELS PRIVATE LIMITED (CN)	Director	18-01-95	18-01-95	-	Active	NO
3	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	27-06-95	27-06-95	-	Active	NO
4	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	31-01-02	31-01-02	-	Active	NO
5	U51909MH1991PTC173982	TURAKHIA INTERNATIONAL PRIVATE LIMITED	Director	10-03-05	10-03-05	-	Active	NO
6	U28900MH2005PTC152644	TURAKHIA ENGINEERING COMPANY PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Active	NO
7	U99999MH1996PTC103035	SUPRAPTI FINVEST PRIVATE LIMITED	Director	01-03-08	01-03-08	-	Active	NO
8	U28910MH2011PTC224252	TURAKHIA ENGINEERING COMPANY (PATALGANGA) PRIVATE LIMITED	Director	22-11-11	22-11-11	-	Active	NO

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

DIN No.:

00229623

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	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	01-05-05	01-05-05	-	Active	NO
2	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	29-09-05	29-09-05	-	Active	NO
3	U27106MH2008PTC179071	STANDARD GALVA STEELS PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
4	U28999MH2010PTC202779	STAN-PRO ROOFINGS PRIVATE LIMITED	Director	05-05-10	05-05-10	-	Active	NO
5	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	05-05-10	05-05-10	-	Active	NO
6	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	30-09-11	07-02-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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, India	20000
Niyati Industries Limited, India	15000
Rishab Techno Tubes Limited, India	5000
Shree Granites Private Limited , India	10000
Rider Finance Limited, India	10000
Universal Multimedia Limited, India	20000
Marubhumi Consultancy Private Limited , India	10000
Sagar Tradelink Private Limited, India	12000
Unisys Software and Holding Industries Limited , India	15000
Sunshine Tracon Private Limited , India	10000
Prime Capital Market Limited , India	12000
Gananayak Securities Private Limited, India	9500
Warner Multimedia Limited , India	10000
Poonam Investment and Financial Cons. Limited ,India	8000
Geometric Trading Company Private Limited , India	10000
Kanoi Steels Limited , India	8500
Bestline Merchantile Company Private Limited , India	10000
Albright Consultants Private Limited , India	10000
Aryamaan Mercandise Private Limited , India	21500
D.R. Patel Investment Private Limited , India	12000
Harbhole Tradelink Private Limited , India	13300
Hiten Merchantile Private Limited , India	9000
H.N. Tradelink Private Limited , India	9000
M.T. Tradelink Private Limited , India	5650
Origin Management Consultants Private Limited , India	17000
paymaster Securities Private Limited , India	21000
R. Keshavlal Traders Private Limited , India	20000
Sharma Capital and Finance Private Limited , India	20000
Pooja Equiresearch Private Limited , India	16666
Clifton Securities Private Limited , India	16666
Total	1074722

Equity Share Break up (Percentage of Total Equity

As on 30.09.2011

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.

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

Bank of India, Mumbai MID Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	12.410	0.000
Total	12.410	0.000
Notes: Secured Loan from Bank of India, Mandvi Branch, Mumbai are secured as under :- Cash Credit Account :- Cash credit Account is primarily secured by hypothecation charge over Stock and book debt of the company and collaterally secured by way of Equitable Mortgage /hypothecation over Factory/Land and Bldg. and Plant and Machinery at E-13 Taloja Industrial Area, Dist. Raigadh. In the name of Turakhia Steel and Metal (I) Private Limited And Equitable Mortgage over Flat No.141, at Shan Apartment, Kashinath Dhruv Marg, Prabhadevi, Mumbai - 400 028 owned by Mahavir Corporation a partnership firm wherein 2 directors of the Company are interested as partners.
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Public deposits unsecured	15.203	0.000
Other debt unsecured	48.700	10.000
Total	63.903	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
PAN.:	AAAFA2793E
Parties where control exists :	Turakhia Steel & Metal India Private Limited Turakhia Steel Private Limited Mahavir Corporation Standard Financial Advisors Private Limited Standard Galva Steels Private Limited Standard Realtors Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.747	10.747	10.747
2] Share Application Money		20.250	58.950	58.575
3] Reserves & Surplus		199.657	166.616	130.568
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		230.654	236.313	199.890
LOAN FUNDS
1] Secured Loans		12.410	0.000	18.539
2] Unsecured Loans		63.903	10.000	0.000
TOTAL BORROWING		76.313	10.000	18.539
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		306.967	246.313	218.429
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.202	6.960	4.724
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.337	0.134	0.083
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	416.704	293.802	128.710
	Sundry Debtors	447.579	554.531	381.365
	Cash & Bank Balances	212.264	205.376	143.985
	Other Current Assets	2.718	0.537	0.816
	Loans & Advances	197.701	190.233	100.541
Total Current Assets		1276.966	1244.479	755.417
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	917.384	957.450	511.251
	Other Current Liabilities	2.956	3.657	5.656
	Provisions	57.198	44.153	24.888
Total Current Liabilities		977.538	1005.260	541.795
Net Current Assets		299.428	239.219	213.622
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		306.967	246.313	218.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2307.553	929.092
		Other Income			107.261
		TOTAL		2307.553	1036.353
Less	EXPENSES
		Office Expenses		2252.290	1031.345
		Administrative Expenses	NA
		Advertising Expenses
		TOTAL		2252.290	1031.345
	PROFIT BEFORE TAX			55.263	5.008
Less	TAX			19.215	1.644
	PROFIT AFTER TAX		33.037	36.048	3.364
	Earnings Per Share (Rs.)		--	33.54	14.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.56	0.32
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.54
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.42	0.66
Return on Investment (ROI) (PBT/Networth)		NA	0.23	0.03
Debt Equity Ratio (Total Liability/Networth)		4.57	4.30	2.80
Current Ratio (Current Asset/Current Liability)		1.31	1.24	1.39

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFOANMANCE

During the year company has made profit (after tax) of Rs.33.037 millions.

FORM 8

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
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90158082
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of India, Mumbai MID Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	22.07.2011
Amount secured by the charge	Rs.1850.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate of 3.5% above base rate presently 13.50% with monthly rests. Terms of Repayment On Demand. Margin Margin as may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of first charge on tangible movable properties, stocks, book debts, Plant and Machinery etc. as described in Column No.15, for the due payment of Rs.1850.000 millions, including the interest/commission, costs charges and expenses and all other moneys, whatsoever due owing and payable by the Company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable machinery and plant, both present and future whether installed or not and whether lying loose or in cases at site or in transit more All tangible movable properties and assets of whatsoever nature (other than movable and uninstalled machines) of the Borrower (both present and future) All the present and future book-debts, outstanding, money receivables, claims, bills which are not due and owing or which may at any time hereafter during the
Date of instrument modifying the charge	10.03.2010
Particulars of the present modification	The charge shall now stand increased from Rs.1230.000 millions to Rs.1850.000 millions in favour of the Bank, against the security of tangible movable properties, stocks, book debts, Plant and Machinery of the Company.

CONTINGENT LIABILITIES

Letter of Credit

Following balance is outstanding as on 31st March, 2010 under D. A. Letter of Credit facility granted by the Bank of India, Mandvi Branch against which Rs.188.029 millions (Previous year Rs.188.029 millions) have been kept in Fixed Deposit and Margin Account by the Bank of the Company

Liability for Employees Benefits

The Company has not determined the liability for employees benefits as at 31st March, 2010 in accordance with the revised Accounting Stnadard (AS) 15 (Revised 2005) issued by the Institute of Chartered Accountants of India and Accounting Standard 15 notified under the Companies Act, 1956.

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.50.57
UK Pound	1	Rs.79.57
Euro	1	Rs.66.50

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.