MIRA INFORM REPORT

Report No. :	350593
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	RHJ TUBES PRIVATE LIMITED
Formerly Known As :	RMS PRECI TECHNIQUE PRIVATE LIMITED
Registered Office :	281/2, GIDC Industrial Estate, Umbergaon, Valsad-396371, Gujarat
Tel. No.:	91-260-2562819
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.1981
Com. Reg. No.:	04-004646
Capital Investment / Paid-up Capital :	Rs. 9.937 Million
CIN No.: [Company Identification No.]	U32201GJ1981PTC004646
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	SRTR01493C
PAN No.: [Permanent Account No.]	AABCR4408H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Brass Tubes and Brass Rods.
No. of Employees :	Information declined by the Management

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1981 having satisfactory track record. For the financial year ended 2014, company possesses sound operational performance and it has maintained average profit margins at 1.54% during the year under a review. The Company possesses healthy operating efficiencies supported by its satisfactory financial profile along with sound net worth base and modest debt coverage indicators. 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 condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-260-2562819)

LOCATIONS

Registered Office :	281/2, GIDC Industrial Estate, Umbergaon, Valsad-396371, Gujarat, India
Tel. No.:	91-260-2562819
Fax No.:	91-260-2562819
E-Mail :	info@rhjmetals.com cbzmetals@gmail.com rhjtubes@gmail.com
Website :	http://www.surattrade.com
Factory :	J-281/2, 282/2, J-282/1, J282/3 and J-281/3, GIDC Estate, Umbergaon, District-Valsad-396171, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Naresh Ramesh Dhakad
Designation :	Director
Address :	8, Beach View, 3rd Floor, Girgaon Chowpaty, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	15.01.1977
Date of Appointment :	01.01.2013
DIN No.:	00979060
Name :	Mrs. Pooja Naresh Dhakad
Designation :	Director
Address :	FLAT No. 8, 3rd Floor, Beach View Chowpatty, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	06.05.1976
Date of Appointment :	01.06.2013
DIN No.:	05283478
Name :	Mrs. Kamla Ramesh Dhakad
Designation :	Director
Address :	Flat No. 8, 3rd Floor, Beach View, Chowpatty,, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	02.01.1953
Date of Appointment :	02.08.1999
DIN No.:	01060517

KEY EXECUTIVES

Name :	Mr. Avdesh Kumar Mishra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ramesh Dhakad	70000
Kamla R. Dhakad	70000
Naresh R. Dhakad	401800
Pooja Naresh Dhakad	291900
Nextgen Infotel Limited, India	160000
Total	993700

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.10
Directors or relatives of directors	83.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Brass Tubes and Brass Rods.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

Bank Name:	Jain Sahakari Bank Limited
Branch:	Hirabagh C.P. Tank, Bombay - 400004, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks (Secured By hypothecation of goods, book debts, other assets from other parties of the company alongwith Equitable mortgage of factory premises, hypothecation of machinery and other fixed assets of the company and personal guarantee of directors)	29.853	0.000
Total	29.853	0.000

Banking Relations :	--
Auditors :
Name :	Kamlesh and Associates Chartered Accountants
Address :	A/2 Poonam, 45/48 Lallubhai Park, Andheri (West), Mumbai-400058, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABPS3435L
Memberships :	--
Collaborators :	--
Associates :	· RHJ Industries Private Limited · RHJ Metals Private Limited · Dhakad Metal Corp · Bhavna Metal Company · KAD Ventures LLP

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
833,700	Equity Shares	Rs. 10/- each	Rs. 8.337 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
993700	Equity Shares	Rs. 10/- each	Rs. 9.937 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	9.937	9.937	9.937
(b) Reserves & Surplus	30.429	26.211	24.456
(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)	40.366	36.148	34.393
(3) Non-Current Liabilities
(a) Long-term borrowings	9.300	9.000	0.000
(b) Deferred tax liabilities (Net)	0.668	0.640	0.507
(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)	9.968	9.640	0.507
(4) Current Liabilities
(a) Short term borrowings	29.853	0.000	0.000
(b) Trade payables	67.064	20.028	4.325
(c) Other current liabilities	5.010	0.803	14.898
(d) Short-term provisions	0.465	0.427	0.461
Total Current Liabilities (4)	102.392	21.258	19.684
TOTAL	152.726	67.046	54.584
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.395	24.279	7.014
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	16.467
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.738	2.765	2.559
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.143	27.054	26.050
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.082	13.869	2.614
(c) Trade receivables	84.023	11.534	14.084
(d) Cash and cash equivalents	17.508	3.616	4.508
(e) Short-term loans and advances	16.970	10.973	7.328
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	127.583	39.992	28.534
TOTAL	152.726	67.046	54.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	272.193	45.247	46.796
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.712	5.441	4.716
Less/ Add	DEPRECIATION/ AMORTISATION		3.276	3.108	0.748
	PROFIT BEFORE TAX		6.436	2.333	3.968
Less	TAX		2.218	0.578	1.324
	PROFIT AFTER TAX		4.218	1.755	2.644
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.184	5.429	2.785
	BALANCE CARRIED TO THE B/S		11.402	7.184	5.429
	Earnings Per Share (Rs.)		4.24	1.77	2.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.55	3.88	5.65
Return on Total Assets (PBT/Total Assets}	(%)	4.21	3.48	10.41
Return on Investment (ROI) (PBT/Networth)		0.16	0.06	0.12
Debt Equity Ratio (Total Debt/Networth)		0.97	0.25	0.00
Current Ratio (Current Asset/Current Liability)		1.25	1.88	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.937	9.937	9.937
Reserves & Surplus	24.456	26.211	30.429
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34.393	36.148	40.366
Long-term borrowings	0.000	9.000	9.300
Short term borrowings	0.000	0.000	29.853
Total borrowings	0.000	9.000	39.153
Debt/Equity ratio	0.000	0.249	0.970

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)
Revenue from Operations	46.796	45.247	272.193
		(3.310)	501.571

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	46.796	45.247	272.193
Profit	2.644	1.755	4.218
	5.65%	3.88%	1.55%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10455156	25/05/2015 *	92,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C57140741
2	10379254	04/10/2012	252,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	B59196485
3	90111985	19/10/1988 *	250,000.00	BANK OF BARODA	SOLSUMBA BRANCH, UMBEFGAON, VALSAD, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Unsecured loans and advances	9.300	9.000
Total	9.300	9.000

FINANCIAL RESULTS:

The Company has earned revenue from operations of Rs. 272.193 Million for the year as against Rs. 45.247 Million in the previous year, an increase of 500% and earned a profit after tax of Rs. 4.218 as against profit after tax of Rs. 1.754 Million in the previous year. The directors are expecting a turnover of around 300.000 Million and above.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 281/2 J Type Shed Gride, Industrial Estate, Umbergaon, Valsad-396371, Gujarat, India to the present address w.e.f 01.04.2011

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against the company not acknowledged as debt demand on account of penalty by Excise department excluding interest.	0.000	0.407
Outstanding guarantees and counter guarantees in respect of the guarantees given by those banks in favour of various government authorities.	1.173	0.032
Total	1.173	0.439

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Electrical Installation

· Air Conditioner

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. 66.11
UK Pound	1	Rs. 100.51
Euro	1	Rs. 70.39

INFORMATION DETAILS

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

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
--PROFITABILIRY	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	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.