MIRA INFORM REPORT

Report No. :	312554
Report Date :	25.03.2015

IDENTIFICATION DETAILS

Name :	H.M. PIPES PRIVATE LIMITED
Registered Office :	A-95, Suraj Nagar (East), Civil Lines, Jaipur – 302 006, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.06.2000
Com. Reg. No.:	17-016489
Capital Investment / Paid-up Capital :	Rs.85.000 million
CIN No.: [Company Identification No.]	U25203RJ2000PTC016489
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JPRH02325B
PAN No.: [Permanent Account No.]	AABCH2052B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Trader and Supplier of Poly Ethylene Pipes and HDPE Pipes.
No. of Employees :	36 (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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its latest financial with Government Department of the year 2014. As per available financial of 2013, the rating is constrained on account of company’s moderate financial risk profile and loss incurred from its operational activities. 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	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

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. Mahip Choudhary
Designation :	General Manager
Contact No.:	91-9414059338
Date :	20.03.2015

LOCATIONS

Registered Office :	A-95, Suraj Nagar (East), Civil Lines, Jaipur – 302 006, Rajasthan, India
Tel. No.:	91-141-2211552
Mobile No.:	91-9414059338 (Mr. Mahip Choudhary)
Fax No.:	91-141-2210033
E-Mail :	hmpipes@hotmail.com guptagajanand@indiatimes.com
Website :	www.hmpipes.com
Location :	Owned
Locality :	Industrial
Corporate Office/ Factory 1:	G-47-48, Bagru Industrial Area, Phase II, Jaipur – 302 006, Rajasthan, India
Tel. No.:	91-141-2168589/ 2864830
Fax No.:	91-141-5123830
Location :	Owned
Factory 2:	F-62, Kartarpura Industrial Area, Jaipur – 302 006, Rajasthan, India
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vivek Katiyar

Designation :

Managing Director

Address :

63, Patel Nagar, 22 Godam, Jaipur – 302 006, Rajasthan, India

Date of Birth/ Age :

28.12.1968

Qualification :

Graduate

Date of Appointment :

03.08.2010

DIN No.:

02247145

PAN No.:

ADCPK0640D

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	U25203RJ2000PTC016489	H.M. PIPES PRIVATE LIMITED	Managing director	03/08/2010	26/07/2010	-	Active	NO
2	U29100RJ2010PTC033627	HARIT INFRAIRRIGATION PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO

Name :

Mr. Chetan Choudhary

Designation :

Director

Address :

A-59, Suraj Nagar, Civil Lines, Jaipur – 302 006, Rajasthan, India

Qualification :

B. Com

Date of Appointment :

21.06.2000

DIN No.:

00419671

PAN No.:

ABDPC8547J

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	U25203RJ2000PTC016489	H.M. PIPES PRIVATE LIMITED	Director	21/06/2000	21/06/2000	-	Active	NO
2	U29100RJ2010PTC033627	HARIT INFRAIRRIGATION PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
3	AAD-2105	GARGI INFRASTRUCTURE LLP	Designated Partner	16/01/2015	16/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahip Choudhary
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kamla Singh	2726825
Vijay Narian Katiyar	22600
Chetan Choudhary	2689875
Anita Katiyar	4900
Vivek Katiyar	2768823
Vimal Katiyar	15000
Major Mohan Singh	70000
Moti Ram	10500
Rajesh Jakhad	10000
Manphool Ji	10000
Amar Godara	10000
Rajendra Ji	10000
Mangesh Ji	10384
Jaswant Jakhad	10000
Surendra Godara	10000
Ram Pratap	10000
Arun Ji	11325
S.S Gujar	10000
Meera Choudhary	2500
Vishal Kilak	9668
Mahaveer Ji	5600
Kulveer Ji	2000
Ram Niwas ji	5960
Shiv Ram Ji	4000
Prakash Latiyal	6300
Shob Raj Latiyal	4500
Ganesh Ji Jakhad	7200
Chaju Lal Kumawat	3000
Mohan Lal	10000
Vimal Katiyar	6000
Khiyaran Ram Ji	3000
Mewa Ram Ji`	3000
Aidan Jangid	10
Chandra Kumar	10
Bhaguram	10
Meera Choudhary	10
Chena Ram S/o Ramdin	1000
Chena Ram S/o Narsingh	1000
Ram Kishan	1000
Purkha Ram	1500
Ramesh Choudhary	2000
Rameshwar Lal	1000
Rampal Choudhary	1000
Jivan Ram S/o Ramdin	1000
Mangala Ram	1500
Satyanarain	2000
Shiv	2000
Sukh Ram	1000
Ugma Ram	1000
Total	8500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage of holding
Directors or relatives of Directors	96.36
Other top fifty shareholders	3.64
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Trader and Supplier of Poly Ethylene Pipes and HDPE Pipes.
Products :	HDPE Pipes MDPE Pipes PPR Pipes Irrigation Systems
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Sri Lanka Dubai
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2013):

Particulars	Unit	Licensed Capacity	Installed Capacity
HDPE Pipes	M Tonne.	21000	21000

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 :

Wholesalers and End Users

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 :

36 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Jaipur, Rajasthan, 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

· Andhra Bank, Brij Anukampa Building, Ashok Marg, C-Scheme, Jaipur – 302 001, Rajasthan, India

· Union Bank of India, Jagatpura Road Branch, Malviya Nagar, Jaipur – 302 021, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
Loans taken for vehicles	1.340	2.767
SHORT TERM BORROWINGS
Rupee term loans from others (Bank Guarantee)	27.691	27.591
Working capital loans from banks (Hypothecation of inventories, book debts, other current assets)	189.100	193.243
Total	218.131	223.601

Banking Relations :	--
Auditors :
Name :	R. Swaroop and Company Chartered Accountants
Address :	Above Shop No.27-28, Near Laxmi Dharma Kanta, Hawa Sarak, Jaipur – 302 006, Rajasthan, India
PAN No.:	AABFR2194R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	85.000	85.000	85.000
(b) Reserves & Surplus	44.488	47.469	41.090
(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)	129.488	132.469	126.090
(3) Non-Current Liabilities
(a) Long-term borrowings	28.164	20.541	18.859
(b) Deferred tax liabilities (Net)	7.030	6.650	5.917
(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)	35.194	27.191	24.776
(4) Current Liabilities
(a) Short term borrowings	233.212	239.385	300.151
(b) Trade payables	294.296	58.309	53.899
(c) Other current liabilities	11.176	8.760	92.453
(d) Short-term provisions	0.175	1.753	4.591
Total Current Liabilities (4)	538.859	308.207	451.094
TOTAL	703.541	467.867	601.960
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.247	60.531	62.086
(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	70.821	21.453	11.738
(e) Other Non-current assets	0.000	0.008	0.016
Total Non-Current Assets	126.068	81.992	73.840
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	171.232	83.898	99.418
(c) Trade receivables	325.140	220.001	347.810
(d) Cash and cash equivalents	22.971	26.422	26.024
(e) Short-term loans and advances	57.964	55.554	54.868
(f) Other current assets	0.166	0.000	0.000
Total Current Assets	577.473	385.875	528.120
TOTAL	703.541	467.867	601.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	588.184	1284.489	1305.763
		Other Income	NA	NA	2.639
		TOTAL	NA	NA	1308.402
Less	EXPENSES
		Increase/ Decrease in Stock	NA	NA	(10.476)
		Purchases	NA	NA	737.431
		Cost of Material Sold	NA	NA	513.976
		Administrative and Establishment Expenses	NA	NA	9.481
		TOTAL	NA	NA	1250.412
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	57.990
Less	FINANCIAL EXPENSES		NA	NA	36.826
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.015	13.290	21.164
Less/ Add	DEPRECIATION/ AMORTISATION		4.421	4.379	3.691
	PROFIT/ (LOSS) BEFORE TAX		(2.406)	8.911	17.473
Less	TAX		0.000	2.533	6.851
	PROFIT/ (LOSS) AFTER TAX		(2.406)	6.378	10.622
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	39.471	24.360
Less	APPROPRIATIONS
		Provision for Dividend	NA	NA	(3.837)
		Provision for Dividend Tax	NA	NA	(0.652)
	BALANCE CARRIED TO THE B/S		NA	NA	39.471
	Earnings / (Loss) Per Share (Rs.)		(0.28)	0.75	1.25

Particulars	31.03.2014
Sales Turnover (Approximately)	600.000

Expected Sales (2014-2015): Rs.800.000 million

The above information has been parted by Mr. Mahip Choudhary (General Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(0.41)	0.50	0.81
Operating Profit Margin (PBDIT/ Sales)	(%)	NA	NA	4.44
Return on Total Assets (PBT/Total Assets}	(%)	(0.34)	1.90	2.90
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.07	0.14
Debt Equity Ratio (Total Debt/Networth)		2.02	1.96	2.53
Current Ratio (Current Asset/Current Liability)		1.07	1.25	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	85.000	85.000	85.000
Reserves & Surplus	41.090	47.469	44.488
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	126.090	132.469	129.488
Long Term borrowings	18.859	20.541	28.164
Short Term borrowings	300.151	239.385	233.212
Total borrowings	319.010	259.926	261.376
Debt/Equity ratio	2.530	1.962	2.019

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1305.763	1284.489	588.184
		(1.629)	(54.209)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1,305.763	1,284.489	588.184
Profit	10.622	6.378	(2.406)
	0.81%	0.50%	(0.41%)

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	-----
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	No
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 LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
Other loans and advances	26.824	17.774
SHORT TERM BORROWINGS
Other loans and advances	16.421	18.551
Total	43.245	36.325

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10262429	10/04/2012 *	250,000,000.00	ANDHRA BANK	BRIJ ANUKAMPA BUILDING, ASHOK MARG,C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B38460325
2	10235414	30/06/2010	826,000.00	STATE BANK OF BIKANER AND JAIPUR	SMECCC, LIC UILDING,AMBEDKAR CIRCLE, JAIPUR, RAJASTHAN - 302001, INDIA	A92651033
3	90073369	20/08/2008 *	45,000,000.00	ALLAHABAD BANK	M.I. ROAD BRANCH, JAIPUR, RAJASTHAN - 302001, INDIA	A43620517

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

· 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 records 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.62.20
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	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		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.