MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	SUNLAND ALLOYS
Registered Office :	2659, Sadar Thana Road, Sadar Bazar, Delhi - 110 006
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	15.12.2003
Capital Investment / Paid-up Capital :	Rs. 230.380 Millions
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Ferrous and Non Ferrous Metal.
No. of Employees :	75 (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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The concern can be considered for business dealings at usual trade terms and conditions.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	June 19, 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. Mukesh Chaturvedi
Designation :	Account Head
Contact No.:	91-9870992401
Date :	03.12.2014

LOCATIONS

Registered Office :	2659, Sadar Thana Road, Sadar Bazar, Delhi - 110006, India
Tel. No.:	91-11-23523263 / 23615512
Mobile No.:	91-9818482365 (Mr. Sanjeev K Aggarwal)
Fax No.:	91-11-23535076
E-Mail :	sushil_288@yahoo.com info@sunland.co.in
Web :	http://www.sunland.co.in
Location :	Rented
Factory :	Survey No. 116/2/1, Jawahar Road, Rudana Silvasa, Dadra and Nagar Haveli – 396230, India
Area :	12000 M.
Location :	Owned
Branch Office :	301/302, Virany House, Jambul Wadi, Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-40901601
Area :	1200 Sq. ft.
Location :	Rented

PARTNERS

Name :	Mr. Sanjeev K Aggarwal
Designation :	Partner
Qualification :	B.Com
Name :	Mr. Pravin K Ranka
Designation :	Partner
Qualification :	B.Com
Name :	Mr. Abhishek Kachhara
Designation :	Partner
Qualification :	MBA from Pune University
Name :	Master Anish Aggarwal
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Mukesh Chaturvedi
Designation :	Account Head

BUSINESS DETAILS

Line of Business :	Manufacturer of Ferrous and Non Ferrous Metal.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Aluminum Scrap
Countries :	v Middle East v UK v China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	v European Metal Recycling
Customers :	Wholesalers and Retailers v Maruti Suzuki
No. of Employees :	75 (Approximately)
Bankers :	v ICICI Bank, Bandra (East), Mumbai, Maharashtra, India v Standard Charted Bank, M. G. Road, Fort, Mumbai, Maharashtra, India

Auditors :
Name :	Himanshu Aggarwal Chartered Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2013

Capital Investment :
Owned :	Rs. 230.380 Millions
Borrowed :	--
Total :	Rs. 230.380 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	3800.000

The above information has been parted by Mr. Mr. Mukesh Chaturvedi.

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner’s Capital		230.380	251.686
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		230.380	251.686
LOAN FUNDS
1] Secured Loans		296.628	316.998
2] Unsecured Loans		145.011	126.750
TOTAL BORROWING		441.639	443.748
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		672.019	695.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.075	32.314
Capital work-in-progress		0.000	0.000
INVESTMENT		1.000	1.000
DEFERRED TAX ASSETS		0.685	0.628
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	275.843	316.113
	Sundry Debtors	270.851	203.051
	Cash & Bank Balances	26.262	63.473
	Other Current Assets	0.000	0.000
	Loans & Advances	117.685	126.216
Total Current Assets		690.641	708.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.919	17.020
	Other Current Liabilities	0.000	0.000
	Provisions	22.463	30.341
Total Current Liabilities		50.382	47.361
Net Current Assets		640.259	661.492
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		672.019	695.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	1437.865	1333.236
		Other Income	11.229	2.871
		TOTAL	1449.094	1336.107
Less	EXPENSES
		Cost of goods sold	1373.725	1288.259
		Advertisement	0.015	0.010
		Audit Fees	0.021	0.021
		Bank Charges	3.361	8.959
		Boarding and Loading Expenses	0.197	0.277
		Car Expenses	0.349	0.322
		Conveyance Expense	0.152	0.203
		Courier Charges	0.048	0.054
		Electricity Charges	0.122	0.091
		Festival Expenses	0.134	0.146
		Interest P/M Building, Stock	0.190	0.145
		Lab Charges	0.094	0.019
		Repairs & Maintenance – Building	0.936	4.007
		Repairs & Maintenance – Generator	0.076	0.040
		Repairs & Maintenance – Machinery	2.476	4.044
		Staff Kitchen Expenses	0.772	0.925
		Wages & Salary	4.733	5.886
		Waste Handling Charges	0.009	0.006
		Electric Power	2.222	2.387
		Other Expense	59.462	20.306
		TOTAL	1449.094	1336.107
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40.434	43.298
Less/ Add	DEPRECIATION/ AMORTISATION		1.090	1.265
	NET PROFIT		39.344	42.033

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.74	3.15
Return on Total Assets (PBT/Total Assets}	(%)	5.46	5.67
Return on Investment (ROI) (PBT/Networth)		0.17	0.17
Debt Equity Ratio (Total Debt/Networth)		1.92	1.76
Current Ratio (Current Asset/Current Liability)		1.08	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	251.686	230.380
Reserves & Surplus	0.000	0.000
Net worth	251.686	230.380
Secured Loans	316.998	296.628
Unsecured Loans	126.750	145.011
Total borrowings	443.748	441.639
Debt/Equity ratio	1.763	1.917

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	1333.236	1437.865
		7.848

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	1333.236	1437.865
Profit	42.033	39.344
	3.15%	2.74%

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 two 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

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. 61.92
UK Pound	1	Rs. 97.39
Euro	1	Rs. 77.21

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		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.