MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	SANT VALVES PRIVATE LIMITED
Registered Office :	G T Road, Bye Pass, Jalandhar-144004, Punjab
Country :	India
Financials (as on) :	31.03.2012
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 :	420 (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 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ravi
Designation :	Account Executive
Contact No.:	91-181-2602522
Date :	06.04.2013

LOCATIONS

Registered Office :	G T Road, Bye Pass, Jalandhar-144004, Punjab, India
Tel. No.:	91-181-5084693/94/95/2602522/2603074/2602106
Fax No.:	91-181-2603308/5062270
E-Mail :	svpl@gla.vsnl.net.in csankitgandhi@gmail.com
Website :	http://santvalves.com
Area :	1700 sq ft
Location :	Owned

DIRECTORS

As on : 29.09.2012

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
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
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/Age :	05.02.1970
Date of Appointment :	01.04.2006
Pan No :	AAKPD6542J
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
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
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
Name :	Mr. Praveen Sukh Ram Rathour
Designation :	Director
Address :	46, Deen Dayal Upadhaya Nagar, Jalandhar-144004, Punjab, India
Date of Birth/Age :	30.04.1969
Date of Appointment :	01.04.2006
Pan No :	AALPR1419F
DIN No.:	00618464

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Rup Singh Dhumal	13500
Rakesh Rathour	15000
Rajesh Rathour	15000
Mukesh Rathour	8805
Naresh Kumar	13875
Rajkumar	4338
Arun Singh Dhumal	4680
Pawan Sikka	8250
Vikram Rathour	9945
Sunil Sikka	4500
Praveen Rathour	20250
Vijay Kumar Chouhan	4500
Paramjit Kumar	9000
Arvind Dhumal	4500
Kavita Rathour	4107
Nipun Sikka	4500
Sonik Sikka	3000
Ravi Thakur	2250
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

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 :	Egypt, South Africa
Terms :
Selling :	Cash and Credit (30 and 60 days)
Purchasing :	Cash and Credit (30 and 60 days)

GENERAL INFORMATION

Customers :

End Users, Wholesalers and Retailers

· Reliance Energy

No. of Employees :

420 (Approximately)

Bankers :

· State Bank of India, SCB, Tanda Road, Jalandhar-144001, Punjab, India

· ICICI Bank Limited, India

· HDFC Bank Limited, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
HDFC bank car loan	0.378	0.662
ICICI bank car loan	2.545	3.076
State bank of India	0.349	1.077
Loan repayable on demand
State bank of India (CC bills)	2.272	2.478
State bank of India (CC stock)	16.434	20.237
State bank of India (SME A/C)	--	--
Total	21.978	27.530

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 No.:	ABDHS4562U

CAPITAL STRUCTURE

As on : 29.09.2012

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.388	43.293	34.074
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.388	58.293	49.074
LOAN FUNDS
1] Secured Loans		21.978	27.530	28.654
2] Unsecured Loans		67.294	65.601	48.339
TOTAL BORROWING		89.272	93.131	76.993
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		155.660	151.424	126.067
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.675	59.552	54.974
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.000	3.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.429	36.544	25.712
	Sundry Debtors	123.977	124.334	105.961
	Cash & Bank Balances	1.327	1.047	1.357
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.152	26.817	24.147
Total Current Assets		211.885	188.742	157.177
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.935	94.637
	Other Current Liabilities	2.641	2.267	86.084
	Provisions	3.324	2.966	0.000
Total Current Liabilities		119.900	99.870	86.084
Net Current Assets		91.985	88.872	71.093
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		155.660	151.424	126.067

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	377.896	331.771	279.005
		Other Income	0.509	29.088	19.803
		TOTAL	378.405	360.859	298.808
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	370.311	351.640	289.780
	PROFIT BEFORE TAX		8.094	9.219	9.028
Less	TAX		NA	0.000	NA
	PROFIT AFTER TAX		NA	9.219	NA
	Earnings Per Share (Rs.)		NA	NA	NA

Expected Sales (2012-2013): Rs.350.000 Millions

The above information has been parted by Mr. Ravi

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.78	NA
Net Profit Margin (PBT/Sales)	(%)	2.14	2.55	3.02
Return on Total Assets (PBT/Total Assets}	(%)	2.97	3.71	4.25
Return on Investment (ROI) (PBT/Networth)		0.12	0.16	0.18
Debt Equity Ratio (Total Debt /Networth)		1.34	1.59	1.57
Current Ratio (Current Asset/Current Liability)		1.77	1.88	1.82

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	---------------------
22]	Litigations that the firm / promoter involved in	---------------------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN :

Rs in Millions

Particulars	As on 31.03.2012	As on 31.03.2011
Sundry depositors	67.294	65.601
Total	67.294	65.601

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
• Photostat 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 exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.62
UK Pound	1	Rs. 83.69
Euro	1	Rs. 71.42

INFORMATION DETAILS

Report Prepared by :

NIS

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	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.