MIRA INFORM REPORT

Report No. :	303313
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	STANDARD RETAIL PRIVATE LIMITED

Registered Office :	2/3, Ashok Chambers, Devji Ratansy Marg, Masjid (East), Mumbai – 400009, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	05.05.2010

Com. Reg. No.:	11-202778

Capital Investment / Paid-up Capital :	Rs. 0.100 Million

CIN No.: [Company Identification No.]	U51101MH2010PTC202778

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAOCS2064H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in trading and importing of a wide variety of steel products for over four decades.

No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Even though the company was incorporated on 5^th may 2010, it has recently commenced its business operations. It is having moderate track record. As claimed by Mr. Ramesh shah, Finance head that company has started its business operation from December 2013. Further he also claimed that company has achieved sales turnover of Rs. 690.000 Millions in its first year business operations which is not verified. As per registrar of companies the date of Balance Sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financial are not available for any source. As per available financial record of 2013, the company has incurred some pre-operating expenses which resulting into accumulated losses recorded by the company. However, trade relations are improving. Business is active. Payments are reported to be slow. 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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	ICRA
Rating	Long term fund based limits = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July, 2014

Rating Agency Name	ICRA
Rating	Short term fund based limits = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	July, 2014

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. Ramesh Shah
Designation :	Finance Head
Contact No.:	91-22-43430300
Date :	14.01.2015

LOCATIONS

Registered Office :	2/3, Ashok Chambers, Devji Ratansy Marg, Masjid (East), Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-43430300
Fax No.:	91-22-43430333
E-Mail :	accounts@standardconduits.com info@standardconduits.com k.sethuraman@standardconduits.com
Website :	http://www.standardconduits.com

DIRECTORS

As on 30.09.2014

Name :

Nikunj Mansukhlal Turakhia

Designation :

Director

Address :

141, Shaan Apartment, Kashinath Dhuru Road, Dadar (West), Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

18.08.1962

Date of Appointment :

05.05.2010

DIN No. :

00082170

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	U63823MH1985PTC035018	TURAKHIA STEELS PRIVATE LIMITED (CN)	Director	18/01/1995	18/01/1995	-	Active	NO
2	U25200MH1995PTC089966	STANDARD CONDUITS PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
3	U27100MH2002PTC134754	TURAKHIA STEEL AND METAL (INDIA ) PRIVATE LIMITED	Director	31/01/2002	31/01/2002	-	Active	NO
4	U70100MH2004PTC150318	STANDARD REALTORS PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
5	U74900MH2005PTC150440	STANDARD FINANCIAL ADVISORS PRIVATE LIMITED	Additional director	13/10/2013	05/01/2005	28/02/2014	Active	NO
6	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	01/05/2005	01/05/2005	28/03/2012	Active	NO
7	U27106MH2008PTC179071	STANDARD GALVA STEELS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
8	U28999MH2010PTC202779	STAN-PRO ROOFINGS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Converted to LLP and dissolved	NO
9	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO
10	AAB-1338	NAKSHATRA LIFE STYLES LLP	Designated Partner	25/09/2012	25/09/2012	-	Active	NO
11	AAC-0792	STAN-PRO ROOFINGS LLP	Designated Partner	12/02/2014	12/02/2014	-	Active	NO

Name :

Mr. Parth Nikunj Turakhia

Designation :

Director

Address :

Flat no. 141, shan Apartments, 14^th Floor, Kashinath Dhuru Street, Prabhadevi, Mumbai – 400028, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No. :

05253313

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	U70102MH2002PTC134961	TURAKHIA INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2012	28/03/2012	-	Active	NO
2	U51101MH2010PTC202778	STANDARD RETAIL PRIVATE LIMITED	Director	30/09/2014	20/08/2014	-	Active	NO
3	U70100MH2004PTC150318	STANDARD REALTORS PRIVATE LIMITED	Director	30/09/2014	20/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Shah
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Nikunj Mansukhlal Turakhia		181450
Heena n. Turakhia		95500
Nikunj Mansukhlal Turakhia - HUF		85950
Standard Conduits Private Limited, India		773550
Standards Galva Steels Private Limited, India		649400
Turakhia Steels Private Limited, India		124150

Total		1910000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	81.00
Directors or relatives of Directors	14.50
Other top fifty shareholders	4.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading and importing of a wide variety of steel products for over four decades.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Malaysia Singapore

Imports :
Products :	Raw Material
Countries :	South Africa China Japan Ukraine Europe

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Thyssnkrupp Steel, Europe
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 :

Wholesalers, Retailers and End Users

Reference :	Garg Inox, Mumbai
Name of the Person :	Mr. D. M. Prasad (Purchase Head)
Contact No.:	91-9671306620
Since How Long Known :	5 Years
Experience :	Product Quality = Good Delivery Behaviour = Good Overall = Good
Maximum Limit Dealt :	Not Divulged
Remark :	They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	70/80 MG Road, MID Corporate Branch, Fort, Mumbai
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

Auditors :
Name :	Manish Modi and Associates Chartered Accountants
Address :	Gita Building, 2nd Floor, Plot No. 92, Next To HP Petrol Pump, Sion Circle, Sion (East), Mumbai – 400022, Maharashtra, India
PAN No.:	AAOFM4644C
Tel. No.:	91-22-24026648 / 24085928
Fax No.:	91-22-24026648
Email :	info@mma.co.in
Website :	www.mma.co.in

Memberships :	Not Available

Collaborators :	Not Available

Related Parties :	Standard Conduits Private Limited, India Standard Galva Steels Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5,010,000	Equity Shares	Rs.10/- each	Rs.50.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,910,000	Equity Shares	Rs.10/- each	Rs.19.100 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(0.075)	(0.060)	(0.021)
(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)	0.025	0.040	0.079

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.037	0.026	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.001	0.000	0.007
(d) Short-term provisions	0.003	0.004	0.004
Total Current Liabilities (4)	0.041	0.030	0.011

TOTAL	0.066	0.070	0.090

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.029	0.029	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.025	0.025	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.054	0.054	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.012	0.016	0.035
(e) Short-term loans and advances	0.000	0.000	0.025
(f) Other current assets	0.000	0.000	0.030
Total Current Assets	0.012	0.016	0.090

TOTAL	0.066	0.070	0.090

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES
	TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX (I)	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	(0.015)	(0.039)	(0.021)

	Earnings / (Loss) Per Share (Rs.)	(1.53)	(3.90)	NA

Particulars

31.03.2014

Sales Turnover (Approximately)

697.900

The above information has been parted by Mr. Ramesh Shah

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	1.48	0.65	0.00

Current Ratio (Current Asset/Current Liability)	0.29	0.53	8.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.021)	(0.060)	(0.075)
Net worth	0.079	0.040	0.025

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.026	0.037
Total borrowings	0.000	0.026	0.037
Debt/Equity ratio	0.000	0.650	1.480

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 one year	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and Advances from related parties	0.036	0.026

Total	0.037	0.026

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515928	06/08/2014	300,000,000.00	Bank of India	Mumbai Mid Corporate Branch, Bank of India Bldg., Mezzanine Floor, 70-80 M. G. Road, Fort,, Mumbai , Maharashtra - 400001, INDIA	C17278896
2	10501631	08/05/2014	3,250,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower, 'E', Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	C05965454

* Date of charge modification

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.94.24
Euro	1	Rs.73.29

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAR

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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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