MIRA INFORM REPORT

Report No. :	355660
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	PUNAM TUBES PRIVATE LIMITED
Registered Office :	Stephen House , 56E Hemanta Basu Sarani, 6th Floor, Suite No.101, Kolkata – 700001, West Bengal
Mobile No.:	91-9830703200 (Mr. Bimal Kumar Sharma)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.04.2007
Com. Reg. No.:	21-115311
Capital Investment / Paid-up Capital :	Rs.5.685 Million
CIN No.: [Company Identification No.]	U25200WB2007PTC115311
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of MS Black (ERW) Pipes. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company, incorporated during the year 2007. It has satisfactory track record. The company has registered sizeable decline in sales turnover in the FY-15. However, it has maintain operational activity and increased its profit earnings. Further, the company has satisfactory financial base along with favourable gap between trade payables and receivables. However, the debt levels are high. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Bimal Kumar Sharma
Designation :	Director
Contact No.:	91-9830703200
Date :	21.12.2015

LOCATIONS

Registered Office :	Stephen House , 56E Hemanta Basu Sarani, 6th Floor, Suite No.101, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22315120/21
Mobile No.:	91-9830703200 (Mr. Bimal Kumar Sharma)
Fax No.:	Not Available
E-Mail :	bimal@skppipes.com punamtubes@gmail.com
Work:	8/6, Gopail Ram Pathak Road, Liluah, Horwah – 711204, West Bengal, India
Tel. No.:	91-33-22315120
Fax No.:	91-33-22315121

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Suresh Kumar Sharma

Designation :

Director

Address :

14 Khirod Ghosh Road, 13 Golabari, Howrah - 711101, West Bengal, India

Date of Birth/Age :

28.06.1964

Date of Appointment :

25.04.2007

DIN No.:

00657384

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	U74999WB2004PTC098762	KOSC INDUSTRIES PRIVATE LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
2	U25200WB2007PTC115311	PUNAM TUBES PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO

Name :

Mr. Bimal Kumar Sharma

Designation :

Director

Address :

14, Watkins Lane, Gokul Apartment, Block-A, Floor-4th, Flat No-4b, Howrah, Kolkata, 711101, West Bengal, India

Date of Birth/Age :

17.10.1981

Date of Appointment :

24.05.2008

DIN No.:

02184192

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Suresh Kumar Sharma	29000
Laxmi Devi Sharma	26000
Pankaj Kumar Sharma	106000
SKP Pipes Private Limited, India	95000
SR Engineering Corporation	103000
Bimal Kumar Sharma	85500
Kajal Agencies Private Limited, India	50650
Kusum Vinimay Private Limited, India	500
Boon Valley Financial Cons. Private Limited, India	1500
Bimal kumar sharma and Sons HUF	15350
Divya Sharma	56000
Total	568500

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	25.97
Directors or relatives of Directors	74.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of MS Black (ERW) Pipes. (Registered Activity)
Products :	MS Black (ERW) Pipes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

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 :

Information declined by the management

Bankers :

Banker Name	Bank of Baroda
Branch Address	India Exchange Place Branch, 4, India Exchange Place, Kolkata - 700001, West Bengal, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Bank of Baroda – CC	78.535	75.735
Total	78.535	75.735

Auditors :
Name :	A Tiwary and Company Chartered Accountants
Address :	866 Marshall House, 33/1 N S Road, Kolkata – 700001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AARFA5182C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
568500	Equity Shares	Rs.10/- each	Rs. 5.685 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.685	5.685	5.685
(b) Reserves & Surplus	0.000	0.000	30.908
(c) Money received against share warrants	33.773	32.593	0.000
(2) Share Application money pending allotment	0.055	0.000	0.000
Total Shareholders’ Funds (1) + (2)	39.513	38.278	36.593
(3) Non-Current Liabilities
(a) long-term borrowings	12.597	13.256	14.784
(b) Deferred tax liabilities (Net)	0.026	0.029	0.016
(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)	12.623	13.285	14.800
(4) Current Liabilities
(a) Short term borrowings	81.101	77.705	71.448
(b) Trade payables	11.709	16.657	0.563
(c) Other current liabilities	0.170	0.655	0.154
(d) Short-term provisions	3.810	3.283	2.530
Total Current Liabilities (4)	96.790	98.300	74.695
TOTAL	148.926	149.863	126.088
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.745	8.824	8.254
(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	0.483	0.483	0.483
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.419	0.597	0.775
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.647	9.904	9.512
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.688	51.568	38.637
(c) Trade receivables	70.710	71.126	64.388
(d) Cash and cash equivalents	7.624	11.074	5.153
(e) Short-term loans and advances	3.880	2.992	5.574
(f) Other current assets	0.377	3.199	2.824
Total Current Assets	140.279	139.959	116.576
TOTAL	148.926	149.863	126.088

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	421.112	477.556	NA
	Other Income	0.777	1.955	NA
	TOTAL (A)	421.889	479.511	NA
Less	EXPENSES
	Cost of Materials Consumed	411.689	475.170
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.121)	(12.931)
	Employees benefits expense	0.712	0.673
	Other expenses	2.177	2.416
	TOTAL (B)	408.457	465.328	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13.432	14.183
Less	FINANCIAL EXPENSES (D)	10.646	10.561
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.786	3.622
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.081	1.171
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.705	2.451	2.339
Less	TAX (H)	0.525	0.766	0.749
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.180	1.685	1.590
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.289	5.604	4.014
	Balance Carried to the B/S	8.469	7.289	5.604
	Earnings / (Loss) Per Share (Rs.)	7.08	2.96	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.28	0.35	NA
Operating Profit Margin (PBIDT/Sales)	(%)	3.19	2.97	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.15	1.64	1.86
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.06
Debt Equity Ratio (Total Debt /Networth)		2.37	2.38	2.36
Current Ratio (Current Asset/Current Liability)		1.45	1.42	1.56

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.685	5.685	5.685
Reserves & Surplus	30.908	0.000	0.000
Money received against share warrants	33.773	32.593	0.000
Share Application money pending allotment	0.000	0.000	0.055
Net worth	70.366	38.278	5.740
long-term borrowings	14.784	13.256	12.597
Short term borrowings	71.448	77.705	81.101
Total borrowings	86.232	90.961	93.698
Debt/Equity ratio	1.225	2.376	16.324

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	477.556	421.112
		-11.819

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	477.556	421.112
Profit	1.685	1.180
	0.35%	0.28%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 4, B.B. Bag (East), Stephen House, 6^th Floor, Unit – 101, Kolkata – 700001, West Bengal, India to the present address w.e.f. 02.02.2012

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Unsecured loan	12.597	13.256
SHORT TERM BORROWING
Tata Capital Financial Services Limited	0.517	0.904
Magma Fincorp Limited	2.049	1.066
Total	15.163	15.226

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10393441	24/12/2012	70,000,000.00	BANK OF BARODA	INDIA EXCHANGE PLACE, 4, INDIA EXCHANGE PLACE, KO LKATA, WEST BENGAL - 700001, INDIA	B64686983
2	10256013	11/01/2014 *	80,000,000.00	BANK OF BARODA	INDIA EXCHANGE PLACE BRANCH, 4, INDIA EXCHANGE PL ACE, KOLKATA, WEST BENGAL - 700001, INDIA	B93906071

* Date of charge modification

FIXED ASSETS

• Office Equipment’s
• Air Turbine Ventilator
• Computer
• Electric Installation
• Furniture
• Factory Shed and Building
• Land
• Motor Car
• Plant and Machinery
• Tubewell and Pump

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.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.