MIRA INFORM REPORT

Report No. :	504522
Report Date :	18.04.2018

IDENTIFICATION DETAILS

Name :	TUBES AND PIPES (INDIA) PRIVATE LIMITED
Registered Office :	122, J. N. Mukherjee Road, Plot No. 116, Howrah – 711107, West Bengal
Mobile No.:	91-9330812751 (Mr. Tarun Goel)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	30.07.1991
Com. Reg. No.:	21-052493
Capital Investment / Paid-up Capital :	INR 8.995 Million
CIN No.: [Company Identification No.]	U26956WB1991PTC052493
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	19AABCT2214M1ZA
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT2214M
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor, trader and exporter of tubes and pipes. [Registered activity and also confirmed by management]
No. of Employees :	25 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1991. The company is a distributor, trader and exporter of tubes and pipes. As per the financial of 2017, the company has earned a low profitability margin of 0.31% and has achieved a favourable growth in its revenue as compared to the previous year’s revenue. The company possesses satisfactory financial position marked by adequate net worth base along with low debt balance sheet profile and average liquidity position. Business is active. Payment seems to be usually correct. In view of aforesaid, 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 18.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Tarun Goel
Designation :	Accountant
Contact No.:	91-9330812751
Date :	18.04.2018

LOCATIONS

Registered Office / Warehouse :	122, J. N. Mukherjee Road, Plot No. 116, Howrah – 711107, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9330812751 (Mr. Tarun Goel)
Fax No.:	Not Available
E-Mail :	tubepipe123@gmail.com tubepipe@sify.com
Sales Office :	615/616, 6^th Floor, Marshall House, 33/1, Netaji Subhas Road, Kolkata - 700001 West Bengal, India
Marketing Office :	CF-369, Sector-1, Salt Lake City, Kolkata-700064, West Bengal, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Mukesh Harbhajanka

Designation :

Director

Address :

26D, Upendra Chandra Banerjee Road, Flat No-4D, Kolkata-700054, West Bengal, India

Date of Appointment :

01.04.1996

DIN No.:

02042159

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120WB1984PTC037949	MODEST INVESTMENT CO PRIVATE LIMITED	13/06/2011	-
U51909WB2008PTC128424	MULBERRY DEALERS PRIVATE LIMITED	11/09/2009	-
U51909WB2009PTC136399	TPL STEEL PRIVATE LIMITED	30/06/2009	-
U70109WB2011PTC167551	EVAC ENGINEERING PROJECTS PRIVATE LIMITED	20/04/2012	-
U29253WB2012PTC180617	MHC CONVEYING SYSTEMS PRIVATE LIMITED	17/04/2012	-
U51909WB2012PTC180880	KSP PIPES PRIVATE LIMITED	21/01/2014	-
U45400WB2013PTC192643	TARANHAR LAND DEVELOPER PRIVATE LIMITED	09/09/2014	-
U70102WB2014PTC204206	CONFITECH PROMOTERS PRIVATE LIMITED	17/12/2014	-

Name :

Ms. Sweta Harbhajanka

Designation :

Director

Address :

RNR Tower, Flat No. A/13, 4th Floor 26D, Upendra Chandra Banerjee Road, Kaku Rgachi, Kolkata-700054, West Bengal, India

Date of Birth/Age :

09.06.1975

Date of Appointment :

20.01.2014

DIN No.:

03557061

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120WB1984PTC037949	MODEST INVESTMENT CO PRIVATE LIMITED	02/04/2012	-
U51909WB2008PTC128424	MULBERRY DEALERS PRIVATE LIMITED	01/04/2011	-
U51909WB2009PTC136399	TPL STEEL PRIVATE LIMITED	14/03/2012	-
U29253WB2012PTC180617	MHC CONVEYING SYSTEMS PRIVATE LIMITED	19/04/2012	-

KEY EXECUTIVES

Name :	Mr. Tarun Goel
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Mukesh Harbhajanka	344520	38.30
Mulberry Dealers (Private) Limited, India	255000	28.35
TPL Steel (Private) Limited, India	175000	19.45
Modest Investment Company (Private) Limited, India	125000	13.90
Total	899520	100.00

AS ON 30.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	38.30
Promoters - Bodies corporate	61.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor, trader and exporter of tubes and pipes. [Registered activity and also confirmed by management]

Products / Services :

Item Code No. (ITC Code)	Product Description
73061929	Wholesale Trade of Tubes and Pipes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Nepal
• Bhutan

Imports :

Not Divulged

Terms :

Selling :

L/C, Cheque and RTGS/NEFT

Purchasing :

L/C, Cheque and RTGS/NEFT

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

End Users and OEM’s

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

25 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	463. Ottar Kumrokhali NSC Bose Road, Narendrapur, Kolkata-700103, West Bengal, India
Person Name (With Designation)	--
Contact Number	91-9874253192 (Number is continuously ringing)
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• HDFC Bank

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
ICICI Bank Limited – CC account	7.281	8.558
HDFC Bank	0.450	0.848
ICICI Bank Car Loan	3.409	0.000
LCBD ICICI Bank	10.488	0.000
Total	21.628	9.406

Auditors :
Name :	Sitaram Agrawal and Associates Chartered Accountants
Address :	69, Ram Lochan Shire Street, Belurmath, Howrah-711102, West Bengal, India
Mobile No.:	91-9339951422
E-Mail :	sra8153@yahoo.co.in
PAN No.:	AASFS5367L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	INR 10/- each	INR 9.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
899520	Equity Shares	INR 10/- each	INR 8.995 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.995	8.995	8.995
(b) Reserves & Surplus	85.972	85.253	84.418
(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)	94.967	94.248	93.413
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.017	0.143
(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	0.017	0.143
(4) Current Liabilities
(a) Short term borrowings	49.161	35.293	28.407
(b) Trade payables	42.940	75.966	81.282
(c) Other current liabilities	3.350	3.394	6.546
(d) Short-term provisions	1.214	2.386	1.796
Total Current Liabilities (4)	96.665	117.039	118.031
TOTAL	191.632	211.304	211.587
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.079	2.246	2.264
(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	17.836	20.234	19.244
(c) Deferred tax assets (net)	0.127	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	24.042	22.480	21.508
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.405	26.069	26.035
(c) Trade receivables	117.941	139.443	138.448
(d) Cash and cash equivalents	3.353	0.259	3.425
(e) Short-term loans and advances	21.891	23.053	22.171
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	167.590	188.824	190.079
TOTAL	191.632	211.304	211.587

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	322.122	289.946	264.054
	Other Income	3.230	2.831	2.093
	TOTAL	325.352	292.777	266.147
Less	EXPENSES
	Purchases of Stock-in-Trade	286.544	260.972	246.616
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.665	(0.034)	(8.989)
	Employees benefits expense	4.934	4.104	3.227
	Other direct expenses	0.201	0.900	1.160
	Other administrative expenses	25.030	21.009	17.006
	TOTAL	318.374	286.951	259.020
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6.978	5.826	7.127
Less	FINANCIAL EXPENSES	4.139	3.293	5.217
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.839	2.533	1.910
Less	DEPRECIATION/ AMORTISATION	1.347	0.985	0.381
	PROFIT/ (LOSS) BEFORE TAX	1.492	1.548	1.529
Less	TAX	0.481	0.464	0.515
	PROFIT/ (LOSS) AFTER TAX	1.011	1.084	1.014
	Earnings / (Loss) Per Share (INR)	1.12	1.20	1.20

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
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

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	133.64	175.54	191.38
Account Receivables Turnover (Income / Sunday Debtors)	2.73	2.08	1.91
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	54.70	106.25	120.30
Inventory Turnover (Operating Income / Inventories)	0.29	0.22	0.27
Asset Turnover (Operating Income / Net Fixed Assets)	1.15	2.59	3.15

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.50	0.55	0.56
Debt Equity Ratio (Total Liability / Networth)	0.52	0.37	0.30
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.02	1.24	1.26
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.06	0.02	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	1.69	1.77	1.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	0.31	0.37	0.38
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.53	0.51	0.48
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.06	1.15	1.09

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.73	1.61	1.61
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.48	1.39	1.39
G-Score Ratio Financial (Networth / Total Assets)	0.50	0.45	0.44
G-Score Ratio Debt (Debts / Equity Capital)	5.47	3.92	3.16
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.73	1.61	1.61

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	8.995	8.995	8.995
Reserves & Surplus	84.418	85.253	85.972
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	93.413	94.248	94.967
long-term borrowings	0.000	0.000	0.000
Short term borrowings	28.407	35.293	49.161
Total borrowings	28.407	35.293	49.161
Debt/Equity ratio	0.304	0.374	0.518

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	264.054	289.946	322.122
		9.806	11.097

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	264.054	289.946	322.122
Profit	1.014	1.084	1.011
	0.38%	0.37%	0.31%

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Short-term borrowings
From directors	0.607	2.698
From body corporates	26.926	23.189
Total	27.533	25.887

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	C68459478	10599287	ICICI BANK LIMITED	15/10/2015	8500000.0	Landmark Race Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India

FIXED ASSETS:

• Air Conditioner
• Bike – Honda Unicorn
• Computer
• Car
• Mobile Phone
• Office machine
• Generator
• Furniture and fixtures
• Time attendance machine

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	INR
US Dollar	1	INR 65.61
UK Pound	1	INR 94.21
Euro	1	INR 81.32

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NYT
Report Prepared by :	BHG

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.