MIRA INFORM REPORT

Report No. :	310754
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	TOPWORTH PIPES AND TUBES PRIVATE LIMITED (w.e.f. 21.08.2007)
Formerly Known As :	AKSHATA PIPE INDUSTRIES PRIVATE LIMITED
Registered Office :	Village – Hedavali, Khopoli Pali Road, Taluka-Sudhagad, Khopoli – 410205, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.11.2005
Com. Reg. No.:	11-157395
Capital Investment / Paid-up Capital :	Rs. 540.098 Million
CIN No.: [Company Identification No.]	U29120MH2005PTC157395
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 of H-SAW, ERW Pipes and Pipe Coating Capacity.
No. of Employees :	375 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 9200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by fair liquidity position and sound profitability margins of the company. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 30, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Faculties A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	April 30, 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. Rajesh Pandey
Designation :	Finance Head
Contact No.:	91-22-71500500
Date :	03.03.2015

LOCATIONS

Registered Office / Factory :	Village – Hedavali, Khopoli Pali Road, Taluka-Sudhagad, Khopoli – 410205, Maharashtra
Tel. No.:	91-2142-243150
Fax No.:	91-2142-243151
E-Mail :	secretarial@topworthgroup.com mailadmin@topworthgroup.com gssandhu@topworthgroup.com
Website :	www.topworthgroup.com
Corporate Office :	16^thFloor, Tower 3, Indiabulls Finance Center, Senapati Bapat Marg, Elphistone (West), Mumbai – 400013, India
Tel No.:	91-22-71500500
Fax No.:	91-22-71500520
E-Mail :	www.topworthgroup.com
Administration Office :	Office No 205, 2^nd Floor, Raheja Centre, Free press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Abhay Narendra Lodha

Designation :

Director

Address :

602, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharasahtra, India

Date of Birth/Age :

01.06.1971

Date of Appointment :

10.12.2014

DIN No.:

00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	NO
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	04/02/2013	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Additional director	10/12/2014	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	11/09/2014	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Director	26/04/2008	26/04/2008	20/10/2014	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	20/11/2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS & ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	18/09/2014	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	18/09/2014	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Director	01/08/2014	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	18/09/2014	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	11/09/2014	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	18/09/2014	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	11/09/2014	Active	NO
25	U93000DL2010NPL198079	ABHAY NARENDRA LODHA FOUNDATION	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	18/09/2014	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	20/11/2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	20/11/2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PVT.LTD.	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	30/09/2013	11/04/2012	20/11/2014	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	30/09/2013	19/04/2012	20/11/2014	Active	NO
38	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	20/11/2014	Active	NO

Name :

Mr. Shishir Shivaji Hiray

Designation :

Director

Address :

Opposite L.I.C., Camp Road, Malegaon – 423203, Maharashtra, India

Date of Appointment :

27.09.2014

DIN No. :

02032125

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	U33125MH2008PTC181822	MALEGAON MEDICAL RESEARCH FOUNDATION PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
2	U74990MH2010PLC211295	GIRANAMOSAM SUGAR AGRO AND ALLIED INDUSTRIES LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Director	30/09/2013	19/03/2013	-	Active	NO
4	U27310MH2012PTC235183	AURUM ISPAT PRIVATE LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO
5	U52300MH2012PTC235767	KARTIKA MULTITRADING PRIVATE LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO
6	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	29/09/2014	03/12/2013	-	Active	NO
7	U29120MH2005PTC157395	TOPWORTH PIPES & TUBES PRIVATE LIMITED	Director	27/09/2014	11/12/2013	-	Active	NO

Name :

Harshraj Shantilal Bagmar

Designation :

Director

Address :

Main Road Dhanraj Nagar, Dist. Amravati, Chandur Railway, 444904, Maharashtra, India

Date of Appointment :

13.11.2014

DIN No. :

06939529

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	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Additional director	11/09/2014	11/09/2014	-	Active	NO
2	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Additional director	11/09/2014	11/09/2014	-	Active	NO
3	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Additional director	11/09/2014	11/09/2014	-	Active	NO
4	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Additional director	18/09/2014	18/09/2014	-	Active	NO
5	U14200MH2008PTC182964	TOPWORTH METALS & ENERGY PRIVATE LIMITED	Additional director	18/09/2014	18/09/2014	-	Active	NO
6	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Additional director	13/11/2014	13/11/2014	-	Active	NO
7	U29120MH2005PTC157395	TOPWORTH PIPES & TUBES PRIVATE LIMITED	Additional director	13/11/2014	13/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Pandey
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Abhay Lodha	2749750	5.09
Ashwin Lodha	2333500	4.32
Vaibhav Lodha	3000	0.01
Akshata Realtors Private Limited	21625000	40.04
Phoenix Realtors Private Limited	14965000	27.71
Excel Global FZE	4833530	8.95
Riya Real Estate Private Limited	7500000	13.89
Total	54009780	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.95
Bodies corporate	81.63
Directors or relatives of Directors	9.42
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of H-SAW, ERW Pipes and Pipe Coating Capacity.
Products :	· H-SAW Pipes · ERW Black Pipes · Mild Steel Pipes · Galvanised Pipes · Carbon Steel Pipes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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
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 :

375 (Approximately)

Bankers :

Banker Name	State Bank of Patiala
Branch Address	Commercial Branch, Atlanta 1st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021, 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

• Punjab National Bank Foreshore Road Branch,1^st Floor, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

• Allahabad Bank, Industrial Finance Branch, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

• Bank of Baroda, Fort University Branch, Mumbai – 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1552.548	1994.920
Other loans and advances	8.202	2.771
SHORT TERM BORROWINGS
Other loans and advances	814.079	0.000
Working capital loans from banks	0.000	775.898
Total	2374.829	2773.589

Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59 GY Building 4^th Floor, 109 Yusuf Meher Ali Road, Masjid Bunser, Mumbai – 400003, Maharashtra, India
PAN No.:	AADFJ9495M
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Akshata Mercantile Private Limited TopWorth Urjaand Metals limited TopWorth Steel and Power Private Limited TopWorth Infra Private Limited TopWorth International Steel DMCC TopWorth Energy Private Limited TopWorth Aluminium Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54009780	Equity Shares	Rs.10/- each	Rs. 540.098 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	540.098	540.098	390.098
(b) Reserves & Surplus	2683.905	2379.939	1675.342
(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)	3224.003	2920.037	2065.440
(3) Non-Current Liabilities
(a) long-term borrowings	1560.750	1997.691	2350.207
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2313.295	1650.000	1300.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3874.045	3647.691	3650.207
(4) Current Liabilities
(a) Short term borrowings	814.079	775.898	801.820
(b) Trade payables	5976.978	4935.621	3536.001
(c) Other current liabilities	528.076	449.904	344.605
(d) Short-term provisions	225.373	175.989	87.783
Total Current Liabilities (4)	7544.506	6337.412	4770.209
TOTAL	14642.554	12905.140	10485.856
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4179.618	3990.591	4160.245
(ii) Intangible Assets	1.328	2.214	3.669
(iii) Capital work-in-progress	153.619	225.013	106.227
(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	4334.565	4217.818	4270.141
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3795.654	3465.389	2308.236
(c) Trade receivables	4840.128	3743.799	2541.887
(d) Cash and cash equivalents	11.626	9.313	662.131
(e) Short-term loans and advances	1660.493	1468.690	703.286
(f) Other current assets	0.088	0.131	0.175
Total Current Assets	10307.989	8687.322	6215.715
TOTAL	14642.554	12905.140	10485.856

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	17701.376	15614.897	10532.978
	Other Income	17.152	2.554	18.761
	TOTAL (A)	17718.528	15617.451	10551.739
Less	TOTAL EXPENSES (B)	16555.528	14549.948	9752.565
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1163.000	1067.503	799.174
Less	FINANCIAL EXPENSES (D)	562.324	532.953	542.647
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	600.676	534.550	256.527
Less/ Add	DEPRECIATION/ AMORTISATION (F)	220.682	216.273	203.167
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	379.994	318.277	53.360
Less	TAX (H)	76.027	63.680	10.676
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	303.967	254.597	42.684
	EARNINGS IN FOREIGN CURRENCY	1.155	88.528	174.188
	IMPORTS
	Raw Material	658.406	0.000	480.168
	Components, stores, spare parts and Consumables	28.343	53.579	15.148
	Capital Goods	0.000	0.000	3.017
	TOTAL IMPORTS	686.749	53.579	498.333
	Earnings / (Loss) Per Share (Rs.)	5.63	4.71	0.79

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	1.72	1.63	0.41
Operating Profit Margin (PBDIT/Sales)	(%)	6.57	6.84	7.59
Return on Total Assets (PBT/Total Assets}	(%)	2.62	2.51	0.51
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.03
Debt Equity Ratio (Total Debt /Networth)		0.74	0.95	1.53
Current Ratio (Current Asset/Current Liability)		1.37	1.37	1.30

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	390.098	540.098	540.098
Reserves & Surplus	1675.342	2379.939	2683.905
Net worth	2065.440	2920.037	3224.003
long-term borrowings	2350.207	1997.691	1560.750
Short term borrowings	801.820	775.898	814.079
Total borrowings	3152.027	2773.589	2374.829
Debt/Equity ratio	1.526	0.950	0.737

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10532.978	15614.897	17701.376
		48.248	13.362

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	10532.978	15614.897	17701.376
Profit	42.684	254.597	303.967
	0.41%	1.63%	1.72%

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 three 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	Yes

LITIGATION DETAILS
Bench:- Bombay
Presentation Date :- 05/02/2015
Lodging No. :	CPL/114/2015	Failing Date:-	05/02/2015
Petitioner:-	ABL INFRASTRUCTURE PRIVATE LIMITED		Respondent:-	TOPWORTH PIPES AND TUBES PRIVATE LIMITED
Petn.Adv:-	LAKSHYAVED R. ODHEKAR (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre- Admission		Stage:-
Last Date:-	12/02/2015
Last Coram:-	REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER
Act. :	Companies Act and Rules 1956			Under Section :- 433 434

REVIEW OF OPERATIONS

During the year, the Company's Net Income from operations stood at Rs. 17701.376 Million as compared to Rs. 15614.897 Million in the previous year. Profit before finance cost and taxation for the year stood at Rs.942.318 Million against Rs. 851.230 Million in the previous year. Profit after Tax increased from Rs.254.597 Million in previous year to Rs. 303.967 Million in the year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10526680	13/10/2014	150,000,000.00	ORIENTAL BANK OF COMMERCE	LARGE CORPORATE BRANCH MAKER TOWER-E, 14TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C30312433
2	10519735	26/08/2014	300,000,000.00	UNION BANK OF INDIA	LOWER PAREL BRANCH,YASHWANT BHAWAN, PANDURANG BHUDKAR MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	C20444022
3	10519251	23/05/2014	140,000,000.00	SYNDICATE BANK	PRABHADEVI BRANCH ,G-001,RAJAN HOUSE,A.S.MARATHE,  MARG ,PRABHADEVI -, MUMBAI, MAHARASHTRA - 400025, INDIA	C20013330
4	10495674	12/04/2014	900,000,000.00	UNION BANK OF INDIA	LOWER PAREL BRANCH, YASHWANT BHAVAN, PANDURANG BHUDKAR MARG,LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	C04574505
5	10502970	11/04/2014	640,000,000.00	BANK OF BARODA	FORT UNIVERSITY BRANCH, 119, MAHATMA GANDHI MARG,  AGRA BUILDING, MUMBAI, MAHARASHTRA - 400001, INDIA	C06134258
6	10467916	14/12/2013	700,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B92646090
7	10469520	17/12/2013 *	200,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B94218955
8	10434655	04/06/2013	100,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B78650926
9	10429620	16/05/2013	250,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 37,MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B76533330
10	10397963	29/12/2012	130,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 37,MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B66218405

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• 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. 61.82
UK Pound	1	Rs. 95.27
Euro	1	Rs. 69.14

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	TRU

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	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	YES
--LITIGATION	YES/NO	YES
--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		45

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.