MIRA INFORM REPORT

Report Date :

07.08.2013

IDENTIFICATION DETAILS

Name :	STANDARD CONDUITS PRIVATE LIMITED (w.e.f. 23.07.2002)
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) :	31.03.2012
Date of Incorporation :	27.06.1995
Com. Reg. No.:	11-89966
Capital Investment / Paid-up Capital :	Rs. 88.491 Millions
CIN No.: [Company Identification No.]	U25200MH1995PTC089966
TAN No.: [Tax Deduction & Collection Account No.]	MUMS28902G
PAN No.: [Permanent Account No.]	AADCS8686C
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is Engaged in the Business of Importers and Dealers in Iron and Steel.
No. of Employees :	Information Denied by Management.

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 1250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appear a decline in the company’s net profitability during 2012 due to large forex losses suffered by the company during last two years. The company’s debtor levels have tremendously increased which may negatively impact the liquidity. However, trade relations are fair. Business is active. Payment terms are usually correct. In view of the long experience of the promoters in the steel trading business and established relationships of the company with the steel mills, the subject 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 2013

Rating Agency Name	ICRA
Rating	Short term – Letter of credit limits : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May 2013

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 DENIED

Management Non Co-operative

Contact No.:	91-22-43430300
Date :	06.08.2013

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 / 663146878
Mobile No.:	91-9819911878 (Mr. Nagesh Pujari)
Fax No.:	91-22-23702548/ 23702648/ 43430333
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 : 29.09.2012

Name :	Mr. Nikunj Mansukhlal 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
PAN No :	AABPT1260A
DIN No.:	00082170
Name :	Mr. Mansukhlal Rughnath 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
Name :	Mrs. Heena Nikunj Turakhia
Designation :	Additional Director
Address :	141, Shan Apartment, Kashinath Dhuru Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	12.03.1966
Date of Appointment :	07.02.2011
PAN No :	AAAPT6542N
DIN No.:	00229623

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

SHAREHOLDIND DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	4.82
Directors or relatives of Directors	95.18
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is Engaged in the Business of Importers and Dealers in Iron and Steel.

GENERAL INFORMATION

No. of Employees :

Information Denied by Management.

Bankers :

Bank of India, Mandvi Branch Kanmoor, House, 281/287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Short term borrowings :
Term loans from Banks	31.318	12.379
Total	31.318	12.379

Note :

Secured Loan from Bank of India, Mandvi Branch, Mumbai (Cash Credit A/c) is primarily secured by hypothecation charge over Stock and Book Debts 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 – 400028, Maharashtra, India owned by Mahavir Corporation a partnership firm wherein 2 Directors of the company are interested as partners, Equitable Mortgage of Land and Building/hypothecation of Plant and Machinery in the name of Turakhia Steels Private Limited, Plot No. E/5, MIDC Industrial Area, Taloja, District Raigadh and Equitable mortgage of Residential premises at Prabhadevi, Mumbai in the name of Turakhia Infrastructure (India) Private Limited.

Auditors :
Name :	A.C. Kamdar and Company Chartered Accountants
Address :	6/7, Pearl Mansion, 91, Maharsh Karve Road, Marine Lines, Mumbai - 400020, Maharashtra, India
PAN No.:	AAAFA2793E
Parties where control exists :	v Mahavir Corporation v Standard Financial Advisors Private Limited, India v Turakhia Ferromet Private Limited, India v Turakhia Steel and Metal India Private Limited, India v Turakhia Steels Private Limited, India v Standard Galva Steels Private Limited, India v Standard Realtors Private Limited, India v Turakhia Infrastructure Private Limited, India

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8850000	Equity Shares	Rs.10/- each	Rs. 88.500 Millions
270000	Equity Shares	Rs.10/- each	Rs. 2.700 Millions
	Total		Rs. 91.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8849138	Equity Shares	Rs.10/- each	Rs. 88.491 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	88.491	10.747
(b) Reserves & Surplus	224.379	199.653
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	312.870	210.400
(3) Non-Current Liabilities
(a) long-term borrowings	51.707	63.903
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	48.555	40.333
Total Non-current Liabilities (3)	100.262	104.236
(4) Current Liabilities
(a) Short term borrowings	31.318	12.379
(b) Trade payables	1202.684	891.207
(c) Other current liabilities	18.308	27.509
(d) Short-term provisions	0.727	0.976
Total Current Liabilities (4)	1253.037	932.071
TOTAL	1666.169	1246.707
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.835	7.202
(ii) Intangible Assets	0.025	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.019	0.000
(c) Deferred tax assets (net)	0.421	0.337
(d) Long-term Loan and Advances	0.200	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.500	7.539
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	573.803	416.704
(c) Trade receivables	617.751	447.579
(d) Cash and cash equivalents	277.209	212.264
(e) Short-term loans and advances	183.543	160.201
(f) Other current assets	7.363	2.420
Total Current Assets	1659.669	1239.168
TOTAL	1666.169	1246.707

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.747
2] Share Application Money		58.950
3] Reserves & Surplus		166.616
4] (Accumulated Losses)		0.000
NETWORTH		236.313
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		10.000
TOTAL BORROWING		10.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		246.313
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.960
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.133
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	293.802
	Sundry Debtors	554.531
	Cash & Bank Balances	205.376
	Other Current Assets	0.537
	Loans & Advances	190.233
Total Current Assets		1244.479
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	957.449
	Other Current Liabilities	3.657
	Provisions	44.153
Total Current Liabilities		1005.259
Net Current Assets		239.220
MISCELLANEOUS EXPENSES		0.000
TOTAL		246.313

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	2307.553
Less	EXPENSES
		TOTAL	NA	NA	2252.290
	PROFIT BEFORE TAX		NA	NA	55.263
Less	TAX		NA	NA	19.215
	PROFIT AFTER TAX		24.725	3.304	36.048
	Earnings Per Share (Rs.)		19.53	30.74	33.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.56
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	4.44
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.23
Debt Equity Ratio (Total Liability/Networth)		0.27	0.36	0.04
Current Ratio (Current Asset/Current Liability)		1.32	1.33	1.24

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

SEGMENT INFORMATION :

The Company is engaged mainly in the business as an importers and dealers in Iron and Steel and is operating all the activities from its registered office only.

FINANCIAL PERFORMANCE :

During the year, the company has made profit (after tax) of Rs.24.725 Millions (Last year profit Rs.3.304 Millions)

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Long term Borrowings :
Loans and Advances from others	13.007	15.203
Other loans and advances	38.700	48.700
Total	51.707	63.903

NOTE :

CURRENT MATURITIES OF LONG TERM DEBT : NOT AVAILABLE

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10354050	20/04/2012	75,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE, 70/80, M.G. ROAD,, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT, MUMBAI, Maharashtra - 400001, INDIA	B39067327
2	10277760	21/03/2011	150,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, BOI BUILDING, 70/80, M. G. ROAD, FORT, MUMBAI, Maharashtra -400023, INDIA	B09753591
3	90158082	20/04/2013 *	2,050,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT, MUMBAI, Maharashtra - 400001, INDIA	B76856327

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 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. 61.54
UK Pound	1	Rs. 94.37
Euro	1	Rs. 81.58

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--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.