MIRA INFORM REPORT

Report No. :	320323
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	MARUTI AGENCY PRIVATE LIMITED

Registered Office :	C / 6 - Mira Park, Camp-Road, Shahibag, Ahmedabad – 380004, Gujarat
Tel. No.:	91-79-22165001

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.10.2008

Com. Reg. No.:	04-055319

Capital Investment / Paid-up Capital :	Rs.1.750 Million

CIN No.: [Company Identification No.]	U52342GJ2008PTC055319

IEC No.:	0406014841

TIN No.:	24070203868

TAN No.: [Tax Deduction & Collection Account No.]	AHMM09432D

PAN No.: [Permanent Account No.]	AAFCM7749E

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of MS pipe, PVC pipe, steel pipe, stainless steel pipe fitting, UPVC pipe, pipe fitting, CPVC pipe, and pipe galvanize.

No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. The company has fair profit margin. The rating also takes into consideration favorable gap between trade receivable and payables during FY2014. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. Subject can be considered normal 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

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. Rajeshbhai
Designation :	Director
Contact No.:	91-79-22165001
Date :	29.04.2015

LOCATIONS

Registered Office :	C / 6 - Mira Park, Camp-Road, Shahibag, Ahmedabad – 380004, Gujarat
Tel. No.:	91-79-22165001 / 22165002
Fax No.:	Not Available
E-Mail :	capradipgandhi@yahoo.co.in

Branch Office :	Blue Bunglow, Beside Asarva Mill, Opposite Phatak Asarva Road, Ahmedabad – 380016, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ishvarlal Mohanlal Patel

Designation :

Director

Address :

C6, Mira Park, Camp Road, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

19.02.1940

Date of Appointment :

03.09.2012

DIN No.:

02311481

Other Directorship:

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

U52342GJ2008PTC055319

MARUTI AGENCY PRIVATE LIMITED

Director

03/09/2012

24/10/2008

Active

U51109GJ2006PLC048173

SHREE UMIYA SANITARY LIMITED

Director

24/03/2010

Active

Name :

Mr. Rajeshkumar Ishwarbhai Patel

Designation :

Director

Address :

C6, Mira Park, Camp Road, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

07.02.1969

Date of Appointment :

03.09.2012

DIN No.:

02362172

Other Directorship:

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

U52342GJ2008PTC055319

MARUTI AGENCY PRIVATE LIMITED

Director

03/09/2012

24/10/2008

Active

U51109GJ2006PLC048173

SHREE UMIYA SANITARY LIMITED

Director

24/03/2010

Active

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajeshbhai I. Patel	627500
Ishvarlal Patel	100000
Apurv C. Patel	150000
Kamlaben M. Patel	110000
Amrutbhai Ambalal Patel	299999
Maheshbhai V. Patel	50000
Bharatbhai V. Patel	50000
Satishkumar P. Patel	66667
Rameshbhai P. Patel	66667
Sanjaykumr G. Patel	66667
Patel Renukaben Chandravadan	13100
Patel Natwarbhai Kacharabhai	10000
Patel Manilal Amtharambhai	7500
Patel Tusharbhai Bhikhabhai	10000
Patel Ambalal Hargovandas	4900
Patel Baldevbhai Hargovandas	20000
Patel Bhagyashree Kacharabhai	30000
Patel Jyotsnaben Ambalal	9100
Patel Jyotsnaben Rajeshbhai	16300
Sharadaben Ishwarlal Patel	41600

Total	1750000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category

Percentage

Directors or relatives of Directors

100.00

BUSINESS DETAILS

Line of Business :	Trader of MS pipe, PVC pipe, steel pipe, stainless steel pipe fitting, UPVC pipe, pipe fitting, CPVC pipe, and pipe galvanize.

Products :	· MS Pipe · PVC Pipe · Steel Pipe · Stainless Steel Pipe Fitting · UPVC Pipe · Pipe Fitting · CPVC Pipe · Pipe Galvanize

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash, Credit

Purchasing :	Cash, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Ashirwad Pipe Private Limited
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 :

Company Name :	Joy Enterprises – Ahmedabad
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 :

17 (Approximately)

Bankers :

Banker Name :	Punjab National Bank
Branch :	Shahi Baug Branch, Shahi Baug, Ahmedabad – 380004, Gujarat, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	CC= Rs.25.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From Banks
Punjab National Bank Tempo Loan – 1 (Secured by hypothecation of Vehicle)	0.000	0.109

Short Term Borrowings
Loans repayable on demand From bank
Working Capital Loan from Punjab National Bank	22.430	30.180
Other Loans and Advances
Kotak Mahindra Verna Car Loan	0.020	0.151
Sundaram Finance	0.000	0.064

Total	22.450	30.504


Auditors :
Name :	Pradip B.Gandhi and Company Chartered Accountants
Address :	314/315, Medicine Market, Opposite Shefali Centre, Paldi Char Rasta, Paldi, Ahmedabad – 380006, Gujarat, India
PAN No.:	AAHFP9279R

Collaborators :	Not Divulged

Membership :	Not Divulged

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1750000	Equity Shares	Rs.10/- each	Rs.1.750 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1750000	Equity Shares	Rs.10/- each	Rs.1.750 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	1.750	1.500	1.500
(b) Reserves & Surplus	10.481	6.218	4.546
(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)	12.231	7.718	6.046

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.109	0.228
(b) Deferred tax liabilities (Net)	0.833	0.698	0.529
(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)	0.833	0.807	0.757

(4) Current Liabilities
(a) Short term borrowings	33.469	36.835	35.112
(b) Trade payables	42.399	18.902	10.408
(c) Other current liabilities	3.305	5.239	3.999
(d) Short-term provisions	3.183	4.145	2.578
Total Current Liabilities (4)	82.356	65.121	52.097

TOTAL	95.420	73.646	58.900

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.329	9.681	10.061
(ii) Intangible Assets	0.006	0.011	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	0.007	0.007	0.007
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.342	9.699	10.068

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.544	29.179	22.223
(c) Trade receivables	56.966	33.763	26.406
(d) Cash and cash equivalents	0.657	0.032	0.121
(e) Short-term loans and advances	0.911	0.973	0.082
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	86.078	63.947	48.832

TOTAL	95.420	73.646	58.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	113.579	104.948
		Other Income	0.000	0.000
		TOTAL (A)	113.579	104.948	97.474

Less	EXPENSES
		Purchase of Stock-in-trade	91.652	96.622
		Changes in Inventories	1.636	(6.955)
		Employee Benefits Expenses	4.567	3.422
		Other Expenses	7.438	4.524
		TOTAL (B)	105.293	97.613	95.032

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.286	7.335

Less	FINANCIAL EXPENSES (D)		4.939	4.486

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.347	2.849	2.442

Less	DEPRECIATION/ AMORTISATION (F)		0.408	0.403	0.376

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.939	2.446	2.066

Less	TAX (H)		0.926	0.774	0.653

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.013	1.672	1.413

	Earnings Per Share (Rs.)		1.25	1.11	--

Expected Sales (2014-2015): Rs.130.000 Million

The above information has been parted by Mr. Rajesh

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.77	1.59	NA

Operating Profit Margin (PBDIT/Sales)	(%)	7.30	6.99	NA

Return on Total Assets (PBT/Total Assets)	(%)	3.08	3.32	3.51

Return on Investment (ROI) (PBT/Networth)		0.24	0.32	0.34

Debt Equity Ratio (Total Debt /Networth)		2.74	4.79	5.85

Current Ratio (Current Asset/Current Liability)		1.05	0.98	0.94

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	1.500	1.500	1.750
Reserves & Surplus	4.546	6.218	10.481
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6.046	7.718	12.231

long-term borrowings	0.228	0.109	0.000
Short term borrowings	35.112	36.835	33.469
Total borrowings	35.340	36.944	33.469
Debt/Equity ratio	5.845	4.787	2.736

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	97.474	104.948	113.579
		7.668	8.224

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	97.474	104.948	113.579
Profit	1.413	1.672	2.013
	1.45%	1.59%	1.77%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	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	No

WORKING RESULTS

The company has made a profit of Rs.2.013 Million. The directors are hopeful for better performance considering highly competitive market conditions.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Repayable on Demand
Loans and Advances from Related Parties	11.019	6.440

Total	11.019	6.440

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10195096	20/04/2012 *	25,335,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK,SHAHI BAUG BRANCH, SHAHI BAUG, AHMEDABAD, Gujarat - 380004, INDIA	B38949392
2	10195003	15/03/2012 *	25,335,000.00	PUNJAB NATIONAL BANK	SHAHI BAUG BRANCH, SHAHI BAUG, AHMEDABAD, GUJARAT - 380004, INDIA	B38949624

*Date of modification Charges

FIXED ASSETS:

· Building

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Computers

· Computer Software

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 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.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	REK

Analysis Done by :	SUM

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	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		43

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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