MIRA INFORM REPORT

Report No. :	318717
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	T.V. TRADING PRIVATE LIMITED

Registered Office :	12, Kahan Baugh Building, Ground Floor, 2nd Carpenter Street, Mumbai – 400004, Maharashtra
Tel. No.:	91-22-67496030

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.03.2007

Com. Reg. No.:	11-168838

Capital Investment / Paid-up Capital :	Rs.7.217 Million

CIN No.: [Company Identification No.]	U27104MH2007PTC168838

TAN No.: [Tax Deduction & Collection Account No.]	MUMT14268C

PAN No.: [Permanent Account No.]	AACCT6721C

Legal Form :	Private Limited Liability Company

Line of Business :	Trader, Exporter and Supplier of Stainless Steel Pipes, Stainless Steel Rods, Ferrous and Non Ferrous Metal etc.

No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track. Sales turnover and profitability have considerably declined during the financial year 2013-2014. Borrowings are huge. Further cash balance seem to be low probably due and management’s inability to convert its receivables into cash in time. 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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY

Name :	Mr. Devendra
Designation :	Accounts Department
Contact No.:	91-22-67496030
Date :	23.04.2015

LOCATIONS

Registered Office / Warehouse :	12, Kahan Baugh Building, Ground Floor, 2nd Carpenter Street, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-67496030
Fax No.:	Not Available
E-Mail :	ln1957@rediffmail.com prathicorpn@hotmail.com

DIRECTORS

AS ON 30.09.2014

Name :	Nikunj Arvindbhai Desai
Designation :	Director
Address :	303, Rajendra Vihar CHSL, 3rd Floor, 12th Khetwadi X Lane, Grant Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	10.02.1972
Date of Appointment :	16.03.2007
PAN No.:	ACJPD9611P
DIN No.:	01194110

Name :	Twinkle Nikunj Desai
Designation :	Director
Address :	303, Rajendra Vihar CHSL, 3rd Floor, 12th Khetwadi X Lane, Grant Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	04.07.1973
Date of Appointment :	16.03.2007
PAN No.:	AESPD1480P
DIN No.:	01915256

KEY EXECUTIVES

Name :	Mr. Devendra
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Nikunj Arvindbhai Desai	2,60,000	36.03
Twinkle Nikunj Desai	3,95,000	54.73
Prafulla Sumant Desai	66,700	9.24

Total	7,21,700	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Supplier of Stainless Steel Pipes, Stainless Steel Rods, Ferrous and Non Ferrous Metal etc.

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	L/C

Purchasing :	L/C and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Jindal Stainless Limited Jindal Steel 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

Customers :

Reference :	Not Divulged
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

No. of Employees :

8 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Geeta Building, Gamdevi, Mumbai - 400007, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	Kota Mahindra Bank Limited
Branch	Not Divulged
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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Bank of Baroda – CC [Secured against mortgage of Residential flat in the name of family member of directors and personal guarantee of directors family member]	5.309	11.004
Kota Mahindra Bank Limited [Cash Credit facility from Kotak Mahindra Bank Limited is charges on residential flat in the name of directors. The above stated property is common collateral for cash credit facility and home loan sanction by home finance division of Kotak Mahindra Bank Limited]	14.651	22.489
BMW Finance Services [Secured against hypothecation of motor car]	1.202	1.614
Total	21.162	35.107

Auditors :
Name :	N P Patwa and Company Chartered Accountants
Address :	103, Sudaive Plot No.97, Hindu Colony Road No. 3, Dadar (Cr), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24118146 / 24115870 / 24114590
E-Mail :	nppatwa@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFN2813E

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

721,700	Equity Shares	Rs.10/- each	Rs.7.217 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.217	7.217	7.217
(b) Reserves & Surplus	7.298	6.404	5.181
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.515	13.621	12.398

(3) Non-Current Liabilities
(a) long-term borrowings	87.462	91.357	24.511
(b) Deferred tax liabilities (Net)	0.122	0.099	0.055
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	87.584	91.456	24.566

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	21.061	158.813	25.245
(c) Other current liabilities	0.000	0.000	1.899
(d) Short-term provisions	0.424	0.550	0.356
Total Current Liabilities (4)	21.485	159.363	27.500

TOTAL	123.584	264.440	64.464

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.581	2.889	3.197
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.061	0.080	0.101
Total Non-Current Assets	2.642	2.969	3.298

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.301	17.173	9.610
(c) Trade receivables	115.325	241.579	44.458
(d) Cash and cash equivalents	0.058	0.128	0.296
(e) Short-term loans and advances	2.258	2.591	6.802
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	120.942	261.471	61.166

TOTAL	123.584	264.440	64.464

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	226.200	506.800	192.800
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	0.895	1.223	0.827

	Earnings / (Loss) Per Share (Rs.)	1.24	1.69	1.15

Particulars

31.03.2015

Sales Turnover (Approximately)

254.100

The above information has been parted by Mr. Devendra.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.40	0.24	0.43

Debt Equity Ratio (Total Debt /Networth)		6.03	6.71	1.98

Current Ratio (Current Asset/Current Liability)		5.63	1.64	2.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	7.217	7.217	7.217
Reserves & Surplus	5.181	6.404	7.298
Share Application money pending allotment	0.000	0.000	0.000
Net worth	12.398	13.621	14.515

long-term borrowings	24.511	91.357	87.462
Short term borrowings	0.000	0.000	0.000
Total borrowings	24.511	91.357	87.462
Debt/Equity ratio	1.977	6.707	6.026

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	192.800	506.800	226.200
		162.863	-55.367

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	192.800	506.800	226.200
Profit	0.827	1.223	0.895
	0.43%	0.24%	0.40%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from directors	28.300	0.000
Inter Corporate Deposit	38.000	56.250
Total	66.300	56.250

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Claims against the company not acknowledge as debt
Bank guarantees	0.000	0.000
Income tax dues disputed in appeal	0.000	0.000
Bill discounted with bank	8.382	0.000
Total	8.382	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION / MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10267786	28/01/2011	12,500,000.00	BANK OF BARODA	GEETA BUILDING, GAMDEVI, MUMBAI, MAHARASHTRA - 400 007, INDIA	B05618780

OPERATION AND OUTLOOK

During the year the company made an income of Rs.226.200 Million during the years as against Rs.506.800 Million earned during the corresponding period of previous year. After offsetting the expenses the company earns a profit (after tax) of Rs.0.895 Million during the year as against Rs.1.223 Million during the corresponding period of previous year. The directors are optimistic about the suture of the company.

FIXED ASSETS

Furniture and fixture
Office Equipment
Motor Car
Computer

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 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	SUC

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		30

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.

MIRA INFORM REPORT

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