MIRA INFORM REPORT

Report No. :	307690
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	INDIAN VALVE (CALCUTTA) PRIVATE LIMITED
Registered Office :	76/21, Benares Road, Howrah – 711101, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.11.1972
Com. Reg. No.:	21-028600
Capital Investment / Paid-up Capital :	Rs. 0.849 Million
CIN No.: [Company Identification No.]	U25199WB1972PTC028600
IEC No.:	Not Available
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 :	Manufacturer and dealers in valves for process water, steam and other fluids.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – 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

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. Sajal Mitra
Designation :	Accountant
Contact No.:	91-33-25553501
Date :	12.01.2015

LOCATIONS

Registered Office :	76/21, Benares Road, Howrah – 711101, West Bengal, India
Tel. No.:	91-33-26517112
Fax No.:	91-33-25540629
E-Mail :	sks7576@dataone.in

DIRECTORS

AS ON 30.09.2014

Name :

Trun Mukherjee

Designation :

Whole Time Director

Address :

C 1 and 2, Serene Meadows, Anandv, Nasik – 422005, Maharashtra, India

Date of Birth/Age :

16.02.1952

Date of Appointment :

01.09.2002

DIN No.:

00203321

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	U74899DL1989PTC037372	MISTRAL AIRCONDITIONING SERVICES COMPANY PVT.LTD.	Director	14/08/1989	14/08/1989	-	Active	NO
2	U29100MH1970PTC014737	INDIAN VALVE PRIVATE LIMITED	Managing director	30/08/2012	29/12/2000	-	Active	NO
3	U25199WB1972PTC028600	INDIAN VALVE (CALCUTTA) PVT LTD	Director	01/09/2002	01/09/2002	-	Active	NO

Name :

Sengupta Raghupati

Designation :

Whole Time Director

Address :

84C, Bhupendra Bose Avenue, Kolkata – 700004, West Bengal, India

Date of Birth/Age :

15.10.1948

Date of Appointment :

01.09.2002

DIN No.:

00298358

Name :

Mahuya Sengupta

Designation :

Whole Time Director

Address :

84C, Bhupendra Bose Avenue, Kolkata – 700004, West Bengal, India

Date of Birth/Age :

07.12.1956

Date of Appointment :

01.08.2012

DIN No.:

05325697

Name :

Yashomati Mukherjee

Designation :

Whole Time Director

Address :

84C, Bhupendra Bose Avenue, Kolkata – 700004, West Bengal, India

Date of Birth/Age :

04.04.1956

Date of Appointment :

01.08.2012

DIN No.:

05325454

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	U25199WB1972PTC028600	INDIAN VALVE (CALCUTTA) PVT LTD	Director	01/08/2012	01/08/2012	-	Active	NO
2	U29100MH1970PTC014737	INDIAN VALVE PRIVATE LIMITED	Whole-time director	04/09/2014	30/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sajal Mitra
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Tarun Mukherjee	19565	32.93
Raghupati Sengupta	17822	30.00
Apurba Kanti Mukherjee	8400	14.14
Yashomati Mukherjee	13629	22.94
Total	59416	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and dealers in valves for process water, steam and other fluids.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

· Indian Bank, Shyam Bazar Branch, 3, Bhabanath Sen Street, Kolkata – 700004, West Bengal, India

· Standard Chartered Bank, 4 N S Road, Kolkata – 700001, West Bengal, India

Auditors :
Name :	Ghosal Basu and Ray Chartered Accountants
Address :	8/2, Kiran Sankar Roy Road, 2^nd Floor, Room No. 28, Kolkata – 700001, West Bengal, India
PAN No.:	AACFG0921E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8488	Equity Shares	Rs. 100/- each	Rs. 0.849 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 100/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59416	Equity Shares	Rs. 100/- each	Rs. 5.942 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.849	0.849	0.849
(b) Reserves & Surplus	127.318	106.076	94.257
(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)	128.167	106.925	95.106
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.692	0.690	0.409
(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)	0.692	0.690	0.409
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	1.045
(b) Trade payables	59.956	49.413	44.709
(c) Other current liabilities	17.833	12.542	11.915
(d) Short-term provisions	99.041	79.495	63.859
Total Current Liabilities (4)	176.830	141.450	121.528
TOTAL	305.689	249.065	217.043
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.801	13.361	9.906
(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	0.000	0.000	0.000
Total Non-Current Assets	12.801	13.361	9.906
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.664	24.012	14.281
(c) Trade receivables	48.344	32.008	42.468
(d) Cash and cash equivalents	120.462	100.066	91.664
(e) Short-term loans and advances	99.478	73.907	54.851
(f) Other current assets	5.940	5.711	3.873
Total Current Assets	292.888	235.704	207.137
TOTAL	305.689	249.065	217.043

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		1.66	1.67	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.849	0.849	0.849
Reserves & Surplus	94.257	106.076	127.318
Net worth	95.106	106.925	128.167
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1.045	0.000	0.000
Total borrowings	1.045	0.000	0.000
Debt/Equity ratio	0.011	0.000	0.000

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 three years	No
12]	Profitability for last three years	No
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	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	No
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

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS

· Land

· Building

· Plant and machinery

· Furniture and fixture

· Motor

· Computer

· Other equipments

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. 62.15
UK Pound	1	Rs. 94.72
Euro	1	Rs. 70.33

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		48

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.