MIRA INFORM REPORT

Report No. :	317261
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	SARDA PIPES AND FITTINGS PRIVATE LIMITED
Registered Office :	A-01, 4^th Floor, 167 Sayed Ebrahim Mansion, Dr. D. B. Marg, Grant Road, Lamington Road, Mumbai – 400007, Maharashtra
Tel. No.:	91-22-23020665
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.2012
Com. Reg. No.:	11-233631
Capital Investment / Paid-up Capital :	Rs.12.080 Million
CIN No.: [Company Identification No.]	U27100MH2012PTC233631
IEC No.:	313010510
TAN No.: [Tax Deduction & Collection Account No.]	PNES40941F
PAN No.: [Permanent Account No.]	AARCS8226J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Ferrous and Non-Ferrous Metal.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 62000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a company with limited operational history incorporating in the year July 2012. It is has a moderate track record. The rating gets constrained due to inadequate information on management’s lack of co-operation, moderate liquidity and inadequate capital structure. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Babulal
Designation :	Director
Contact No.:	91-22-23020665
Date :	13.04.2015

LOCATIONS

Registered Office :	A-01, 4^th Floor, 167 Sayed Ebrahim Mansion, Dr. D. B. Marg, Grant Road, Lamington Road, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23020665
Fax No.:	Not Available
E-Mail :	info@sardaindustries.com
Works :	666, Building-A, Gala-9, Ground Floor, Madhusudan, Anjur, Bhiwandi, Thane – 421302, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jaikishan Kojaramji Bishnoi

Designation :

Director

Address :

1301, Sethana Co-Operative Housing Society Limited, 10^th Khetwadi Lane, Khetwadi Back Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

03.07.1979

Date of Appointment :

23.07.2012

DIN No.:

02542073

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH2005PTC153913	MATRIX TUBE AND FITTINGS PRIVATE LIMITED	Director	10/06/2005	10/06/2005	18/03/2009	Active	NO
2	U27100MH2012PTC233631	SARDA PIPES AND FITTINGS PRIVATE LIMITED	Director	23/07/2012	23/07/2012	-	Active	NO

Name :

Mr. Babulal Virdharam Bishnoi

Designation :

Director

Address :

Flat No. 301, 3^rd Floor, A Wing, Siddick Ibrahim, Mansion,166/178 Dr. D.B. Marg, Lamington Road, Grant Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

18.05.1979

Date of Appointment :

23.07.2012

DIN No.:

05247410

Name :

Mr. Srinivas Rao Nittala

Designation :

Director

Address :

104, B Wing, Veena Sursyam Complex,, New Link Road, Vasai (East), Thane – 401208, Maharashtra, India

Date of Birth/Age :

16.03.1969

Date of Appointment :

01.05.2013

DIN No.:

06553369

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH2012PTC233631	SARDA PIPES AND FITTINGS PRIVATE LIMITED	Director	25/11/2013	01/05/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Babulal Virdharam Bishnoi	800000	40.00
Jaikishan Kojaramji Bishnoi	1200000	60.00
Total	2000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader of Ferrous and Non-Ferrous Metal.
Products :	Ferrous and Non-Ferrous Metal
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Bhushan Tubes Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

· Goyal Pipe Fittings Company

· GSP International

· Guo Zhong International Limited

· Maha Fittings Private Limited

· Maharashtra Seamless Limited

· Mahaveer Extrusions Private Limited

· Suncity Alloys Private Limited

· Suncity Metal Private Limited

Customers :

Company Name :	Akash Steel Craft Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

· AMSI Engineers Private Limited

· Batliboi Limited

· Bend Joints Private Limited

· Bothra Metals and Alloys Limited

· Flash Forge Private Limited

· Greenesol Power Systems Private Limited

· Indcon Projects and Equipment Limited

· K. S. Pipe Fittings Private Limited

· Nuberg Engg. Limited

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	IndusInd Bank Limited
Branch :	2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra – 411001, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Bank of India Car Loan	0.456	0.000
Short Term Borrowings
From IndusInd Bank	9.538	0.000
Total	9.994	0.000

Auditors :
Name :	SSRV and Associates Chartered Accountants
Address :	No.103, Paran Kuti, 39/41, 4^th Kumbharwada, Grant Road – E, Mumbai – 400004, Maharashtra, India
PAN No.:	ACHFS8100Q
Collaborators :	Not Divulged
Membership :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Unpaid & Uncalled Capital :

No. of Shares	Type	Value	Amount
792000	Equity Shares	Rs.10/- each	Rs.7.920 Million

Issued & Paid-up Capital :

No. of Shares	Type	Value	Amount
1208000	Equity Shares	Rs.10/- each	Rs.12.080 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.080	0.200
(b) Reserves & Surplus	1.826	0.011
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	7.920	0.000
Total Shareholders’ Funds (1) + (2)	21.826	0.211
(3) Non-Current Liabilities
(a) long-term borrowings	0.456	0.000
(b) Deferred tax liabilities (Net)	0.024	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.480	0.000
(4) Current Liabilities
(a) Short term borrowings	25.105	0.000
(b) Trade payables	71.180	0.005
(c) Other current liabilities	2.932	0.000
(d) Short-term provisions	0.806	0.006
Total Current Liabilities (4)	100.023	0.011
TOTAL	122.329	0.222
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.072	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.072	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	62.666	0.000
(c) Trade receivables	51.967	0.000
(d) Cash and cash equivalents	0.585	0.012
(e) Short-term loans and advances	0.150	0.000
(f) Other current assets	4.889	0.210
Total Current Assets	120.257	0.222
TOTAL	122.329	0.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	213.359	0.000
		Other Income	0.000	0.075
		TOTAL (A)	213.359	0.075
Less	EXPENSES
		Cost of Materials Consumed	4.875	0.000
		Purchase of Stock-in-trade	226.027	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(27.508)	0.000
		Employee Benefits Expenses	1.420	0.000
		Administrative Expenses	3.905	0.005
		TOTAL (B)	208.719	0.005
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.640	0.070
Less	FINANCIAL EXPENSES (D)		1.698	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.942	0.070
Less	DEPRECIATION/ AMORTISATION (F)		0.304	0.053
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.638	0.017
Less	TAX (H)		0.824	0.006
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.814	0.011
	Earnings Per Share (Rs.)		1.50	0.57

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.85	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	2.17	0.00
Return on Total Assets (PBT/Total Assets)	(%)	2.16	7.66
Return on Investment (ROI) (PBT/Networth)		0.12	0.08
Debt Equity Ratio (Total Debt /Networth)		1.17	0.00
Current Ratio (Current Asset/Current Liability)		1.20	20.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.200	12.080
Reserves & Surplus	0.011	1.826
Share Application money pending allotment	0.000	7.920
Net worth	0.211	21.826
long-term borrowings	0.000	0.456
Short term borrowings	0.000	25.105
Total borrowings	0.000	25.561
Debt/Equity ratio	0.000	1.171

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	0.075	213.359
		284,378.667

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	0.075	213.359
Profit	0.011	1.814
	14.67%	0.85%

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	No
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
From others
Babulal V. Bishnoi (HUF)	1.180	0.000
Babulal V. Bishnoi	0.240	0.000
Bhagirath R. Bishnoi	0.778	0.000
Jaikishan K. Bishnoi (HUF)	1.119	0.000
Jaikishan K. Bishnoi	3.571	0.000
Kojaram B. Bishnoi	1.259	0.000
Ladhuram Valaram Bishnoi	0.364	0.000
Laruram Kojaram Bishnoi	0.846	0.000
Mohini B. Bishnoi	0.500	0.000
Prakash Kishan Bishnoi	0.050	0.000
Rajeshwari J Bishnoi	0.100	0.000
Sagar Sales Corporation	5.500	0.000
Suresh Kishan Bishnoi	0.060	0.000
Total	15.567	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490452	01/02/2014	30,000,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	C03853231

FIXED ASSETS:

· Plant and Machinery

· Computer

· Vehicles

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.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.