MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	SUDHIR SWITCHGEARS PRIVATE LIMITED
Registered Office :	305/306 Apeejay House 130, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.1981
Com. Reg. No.:	11-024854
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U31100MH1981PTC024854
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of light fittings and switch gears and authorized channel partner of Alstom protection relays.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating reflects sound financial risk profile marked by decent liquidity position and improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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. Ravi [Son of Director]
Contact No.:	91-9821012767
Date :	12.12.2014

LOCATIONS

Registered Office / Corporate Office :	305/306 Apeejay House 130, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-40460000 (100 lines)
Mobile No.:
Fax No.:	91-22-22049381 / 25821971
E-Mail :	md@sudhirswitchgears.com scud@vsnl.com works@sudhirswitchgears.com ssplthn@hotmail.com
Website :	http://www.sudhirswitchgears.com
Works (Unit 1) :	Sudhir House, Plot No.A-305, Road No. 32,  Wagle Industrial Estate , Thane - 400 604, Maharashtra, India
Works (Unit 2) :	Sudhir House, Gut No.144A,  Next to Om Aakash Fibres, Behind Sai Krippa Dhaba (Tambi Dhaba), Village Ghonsai (MET) Tal Wada, Thane - 421 312, Maharashtra, India
Branch Offices :	Located At : · Delhi · Madras

DIRECTORS

AS ON 30.09.2013

Name :

Ramprasad Agarwal

Designation :

Managing director

Address :

31, Satnam Apartment, 93, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

16.01.1955

Date of Appointment :

24.07.1981

DIN No.:

00338828

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	U31100MH1981PTC024854	SUDHIR SWITCHGEARS PRIVATE LIMITED	Managing director	24/07/1981	24/07/1981	-	Active	NO
2	U30007TN1991PTC020352	SCG EXD .TECH PRIVATE LIMITED	Additional director	23/07/2014	23/07/2014	-	Active	NO

Name :

Madhu Ramprasad Agarwal

Designation :

Director

Address :

31, Satnam Apartment, 93, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

09.01.1959

Date of Appointment :

01.08.2001

DIN No.:

00338860

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Ramprasad Agarwal	10080
Sharda Agarwal	1550
Ramprasad Agarwal C/o Khubchand Ramprasad Agarwal HUF	5
Ravi R Agarwal C/o Radheshyam Agarwal HUF	255
Sudhir S Agarwal C/o Sajjan Kumar K Agarwal HUF	215
Madhu Agarwal	4500
Rasiklal Bhatt	5
Ramprasad Agarwal C/o Ramprasad Agarwal HUF	10
Ramprasad Agarwal /o Khubchand Ramprasad Agarwal HUF	300
Sudhir Agarwal	10
Ravi Agarwal	5060
Akshay Agarwal	990
Shikha Agarwal	1010
Neha Agarwal	1010
Total	25000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of light fittings and switch gears and authorized channel partner of Alstom protection relays.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Alstom Protection Relays
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 :

Reference :	Chemtrols Industries Limited
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 :

35 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	Sahara Bazaar
Person Name (With Designation)	Mr. Vijay Rane
Contact Number	91-22-22652013
Name of Account Holder	Sudhir Switchgears Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	15 years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit = Rs.32.000 Millions
Account Operation	Very Good
Remarks (If any)	Mr. Vijay Rane informed that company having very good track record with the bank in payment behaviour.

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Vehicle loans from HDFC Bank Limited	0.359	1.209
Vehicle loans from ICICI Bank	0.760	0.000
Vehicle loans from Kotak Mahindra Bank	3.399	0.000
Vehicle loans from Cholamandlam Finance Limited	0.181	0.296
Short-term borrowings
Loans repayable on demand Cash credit facility from Dena Bank, is secured by book debts, hypothecation of stock of raw material, finished goods, stock in trade.	7.050	6.786
Total	11.749	8.291

Banking Relations :
Auditors :
Name :	Bhomavat Gupta and Company Chartered Accountants
Address :	R. No.10, 1^st Floor, Court House, L.T. Marg, Mumbai – 400002, Maharashtra, India
E-Mail :	AABCB1611Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2.500	2.500	2.500
(b) Reserves & Surplus	56.962	38.241	22.456
(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)	59.462	40.741	24.956
(3) Non-Current Liabilities
(a) long-term borrowings	4.700	1.505	2.283
(b) Deferred tax liabilities (Net)	0.109	0.020	0.054
(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)	4.809	1.525	2.337
(4) Current Liabilities
(a) Short term borrowings	23.450	6.786	5.604
(b) Trade payables	94.292	91.003	86.972
(c) Other current liabilities	24.043	17.248	7.682
(d) Short-term provisions	4.915	13.155	3.380
Total Current Liabilities (4)	146.700	128.192	103.638
TOTAL	210.971	170.458	130.931
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.019	18.799	16.568
(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	6.196	6.025	5.559
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	32.215	24.824	22.127
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.326	17.501	17.562
(c) Trade receivables	144.040	113.326	83.953
(d) Cash and cash equivalents	0.406	11.015	3.362
(e) Short-term loans and advances	1.681	1.734	1.490
(f) Other current assets	2.303	2.058	2.437
Total Current Assets	178.756	145.634	108.804
TOTAL	210.971	170.458	130.931

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	600.000 (Approximately)	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	18.721	15.785	5.813
	Earnings / (Loss) Per Share (Rs.)	748.84	631.40	232.52

Particulars	31.03.2014
Sales Turnover	650.000

The above information has been parted by Mr. Ravi

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.47	0.20	0.32
Current Ratio (Current Asset/Current Liability)	1.22	1.14	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.500	2.500	2.500
Reserves & Surplus	22.456	38.241	56.962
Net worth	24.956	40.741	59.462
long-term borrowings	2.283	1.505	4.700
Short term borrowings	5.604	6.786	23.450
Total borrowings	7.887	8.291	28.150
Debt/Equity ratio	0.316	0.204	0.473

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 two years	Yes
12]	Profitability for last three 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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90242617	31/12/2004	330,000.00	M/S SUNDARAM FINANCE LTD.	NO.21; PATULLOS ROAD, CHENNAI, Tamil Nadu, INDIA	-
2	90224981	05/11/2013 *	32,000,000.00	Dena Bank	Share Bazar Branch, Dena Bank House, Ambalal Dosh  i Marg, Mumbai, Maharashtra - 400023, INDIA	B90509639
3	90224256	06/06/1991	6,500,000.00	DENA BANK	SHARE BAZAR BRANCH, MUMBAI, Maharashtra - 400023,  INDIA	-
4	90224165	23/03/1991 *	700,000.00	DENA BANK	SHARE BAZAR BRANCH, MUMBAI, Maharashtra - 400023,  INDIA	-
5	90224018	08/11/1988	500,000.00	DENA BANK	INDUSTRAIA FIN E 9 MAKER TOWER, MUMBAI, Maharashtr  a - 400005, INDIA	-
6	90223935	21/09/1987	100,000.00	DENA BANK	SHARE BAZAR BRANCH, MUMBAI, Maharashtra - 400023,  INDIA	-
7	90223795	21/06/1984 *	700,000.00	DENA BANK	INDUSTRIALFINANACE E 9, MAKER TOWER CUFFE PARAD  E, MUMBAI, Maharashtra - 400005, INDIA	-
8	90223716	21/06/1981	60,000.00	DENA BANK	SHARE BAZAR BRANCH, MUMBAI, Maharashtra - 400023,  INDIA	-

* Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWING
Loans repayable on demand	16.400	0.000
Total	16.400	0.000

FINANCIAL RESULTS AND OPERATIONS

During the year, the company has achieved a net profit of Rs.18.721 Millions as compared to previous year Rs.15.785 Millions. The company has decided to focus on best quality services by way of automation and to expand the customer base in the coming years.

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.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	SNT

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	6
--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		47

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.